Document:

Gold  Run Inc. Directors
Attention: John Pritchard                             June 22, 2007
Gold Run Inc.
330 Bay St. Suite 820
Toronto, Ont M5H 2S8

Sirs,

In order to accommodate the revised IPO schedule, the following changes in the
underlying exploration financing obligation agreement are suggested and
approved by Dave Mathewson as per this letter:

      The August 11 and September 30, 2006 obligations are believed to have been
      fulfilled.

      The May 31, 2007 obligation of $500,000 is moved to August 1, 2007.

      The July 31, 2007 obligation, currently $1,900,000, is changed to $900,000
      October 1, 2007 and the remaining $1,000,000 is moved in two parts:
      $500,000 to January 31, 2009 for a total of $1,000,000 on that date, and
      $500,000 to April 30, 2009 for a total of $1,000,000 on that date, keeping
      the grand total obligation to $6,000,000 by April 30, 2009. Of course at
      the desire and benefit to Gold Run Inc. any portions of, or the entire
      obligation may be accelerated.

Please acknowledge acceptance of this revised obligation schedule. Thank you.

Sincerely,

/s/ DAVID C. MATHEWSON
----------------------
Dave Mathewson
775-835-6177
775-287-0969 (cell)
<PAGE>

GOLD RUN LOGO

June 24, 2007

David C. Mathewson                                          VIA FAX
265 Mesa Drive
Fernley, NV
89408

Dear Mr. Mathewson,

Please accept this letter as confirmation that Gold Run Inc. accepts the revised
funding obligation schedule as set forth in your letter of June 22, 2007.

Sincerely,
Gold Run Inc.

/s/ JOHN M. PRITCHARD
---------------------
John M. Pritchard
CEO

cc: Board of Directors

Executive Offices 330 Bay St., Suite 820, Toronto, ON, M5H 2S8
                                             Tel: 416.363.0151 Fax: 416.364.2292EXHIBIT 4.1

                     MERRILL LYNCH MORTGAGE INVESTORS, INC.
                                    Depositor

                                       and

                           MIDLAND LOAN SERVICES, INC.
                              Master Servicer No. 1

                                       and

                       WACHOVIA BANK, NATIONAL ASSOCIATION
                              Master Servicer No. 2

                                       and

                           MIDLAND LOAN SERVICES, INC.
                                Special Servicer

                                       and

                        LASALLE BANK NATIONAL ASSOCIATION
                              Trustee and Custodian

                         POOLING AND SERVICING AGREEMENT
                            Dated as of June 1, 2007

                         ------------------------------
                          $2,785,502,677 (approximate)

                     ML-CFC Commercial Mortgage Trust 2007-7
                  Commercial Mortgage Pass-Through Certificates

                                  Series 2007-7

<PAGE>

                                TABLE OF CONTENTS

                                   DEFINITIONS

  Section 1.01  Defined Terms........................................
  Section 1.02  Certain Adjustments to the Principal Distributions
                on the Certificates..................................
  Section 1.03  Calculation of LIBOR.................................

                                   ARTICLE II

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

  Section 2.01  Conveyance of Trust Mortgage Loans...................
  Section 2.02  Acceptance of the Trust Fund by Trustee; Receipt
                of the Mortgage Files by the Custodian...............
  Section 2.03  Mortgage Loan Seller's Repurchase or Substitution
                of Trust Mortgage Loans for Document Defects and
                Breaches of Representations and Warranties...........
  Section 2.04  Representations and Warranties of Depositor..........
  Section 2.05  Acceptance of REMIC I, Grantor Trust Y and Grantor
                Trust Z by Trustee...................................
  Section 2.06  Execution, Authentication and Delivery of Class
                R-I Certificates; Issuance of REMIC I Regular
                Interests............................................
  Section 2.07  Conveyance of REMIC I Regular Interests;
                Acceptance of REMIC II by Trustee....................
  Section 2.08  Execution, Authentication and Delivery of REMIC II
                Regular Certificates and Class R-II Certificates.....
  Section 2.09  Conveyance of Class A-2FL REMIC II Regular
                Interest, Class A-3FL REMIC II Regular Interest,
                Class A-4FL REMIC II Regular Interest, Class AM-FL
                REMIC II Regular Interest and Class AJ-FL REMIC II
                Regular Interest; Acceptance of Grantor Trust
                A-2FL, Grantor Trust A-3FL, Grantor Trust A-4FL,
                Grantor Trust AM-FL and Grantor Trust AJ-FL by
                Trustee..............................................
  Section 2.10  Execution, Authentication and Delivery of Class
                A-2FL Certificates, Class A-3FL Certificates,
                Class A-4FL Certificates, Class AM-FL Certificates
                and Class AJ-FL Certificates.........................
  Section 2.11  Execution, Authentication and Delivery of Class Y
                Certificates.........................................
  Section 2.12  Execution, Authentication and Delivery of Class Z
                Certificates.........................................

                                   ARTICLE III

             ADMINISTRATION AND SERVICING OF THE TRUST FUND

  Section 3.01  Administration of the Mortgage Loans.................
  Section 3.02  Collection of Mortgage Loan Payments.................
  Section 3.03  Collection of Taxes, Assessments and Similar
                Items; Servicing Accounts; Reserve Accounts..........
  Section 3.04  Collection Accounts, Interest Reserve Account,
                Additional Interest Accounts, Distribution
                Account, Floating Rate Account, Gain-on-Sale
                Reserve Account and Loan Combination Custodial
                Accounts.............................................
  Section 3.05  Permitted Withdrawals From the Collection
                Accounts, the Interest Reserve Account, the
                Additional Interest Accounts, the Palmilla
                Apartments Stabilization Fee Account, the Floating
                Rate Account, the Gain-on-Sale Reserve Account,
                the Distribution Account and the Loan Combination
                Custodial Accounts...................................
  Section 3.06  Investment of Funds in the Servicing Accounts, the
                Reserve Accounts, the Collection Accounts, the
                Distribution Account, the Palmilla Apartments
                Stabilization Fee Account, the Floating Rate
                Account, the Loan Combination Custodial Accounts,
                the Additional Interest Accounts, the Gain-on-Sale
                Reserve Account and the REO Accounts.................
  Section 3.07  Maintenance of Insurance Policies; Errors and
                Omissions and Fidelity Coverage......................
  Section 3.08  Enforcement of Alienation Clauses....................
  Section 3.09  Realization Upon Defaulted Mortgage Loans;
                Required Appraisals..................................
  Section 3.10  Trustee and Custodian to Cooperate; Release of
                Mortgage Files.......................................
  Section 3.11  Servicing Compensation...............................
  Section 3.12  Property Inspections; Collection of Financial
                Statements; Delivery of Certain Reports..............
  Section 3.13  Annual Statement as to Compliance....................
  Section 3.14  Reports on Assessment of Compliance with Servicing
                Criteria; Registered Public Accounting Firm
                Attestation Reports..................................
  Section 3.15  Access to Certain Information........................
  Section 3.16  Title to REO Property; REO Accounts..................
  Section 3.17  Management of REO Property...........................
  Section 3.18  Resolution of Defaulted Mortgage Loans and REO
                Properties...........................................
  Section 3.19  Additional Obligations of the Master Servicers.......
  Section 3.20  Modifications, Waivers, Amendments and Consents......
  Section 3.21  Transfer of Servicing Between the Master Servicers
                and the Special Servicer; Record Keeping.............
  Section 3.22  Sub-Servicing Agreements.............................
  Section 3.23  Representations and Warranties of the Master
                Servicers and the Special Servicer...................
  Section 3.24  Sub-Servicing Agreement Representation and
                Warranty.............................................
  Section 3.25  Designation of Controlling Class Representative......
  Section 3.26  Application of Default Charges.......................
  Section 3.27  Controlling Class Representative Contact with
                Servicer.............................................
  Section 3.28  Certain Matters Regarding the Loan Combinations......
  Section 3.29  The Swap Agreements..................................
  Section 3.30  Matters Relating to Certain Mortgage Loans...........

                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS

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

                                    ARTICLE V

                                THE CERTIFICATES

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

                                   ARTICLE VI

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

  Section 6.01  Liability of Depositor, Master Servicers and
                Special Servicer.....................................
  Section 6.02  Merger, Consolidation or Conversion of Depositor
                or Master Servicers or Special Servicer..............
  Section 6.03  Limitation on Liability of the Depositor, the
                Master Servicers, the Special Servicer and Others....
  Section 6.04  Resignation of Master Servicers and the Special
                Servicer.............................................
  Section 6.05  Rights of Depositor and Trustee in Respect of
                Master Servicers and the Special Servicer............
  Section 6.06  Depositor, Master Servicers and Special Servicer
                to Cooperate with Trustee............................
  Section 6.07  Depositor, Special Servicer and Trustee to
                Cooperate with Master Servicer.......................
  Section 6.08  Depositor, Master Servicers and Trustee to
                Cooperate with Special Servicer......................
  Section 6.09  Designation of Special Servicer by the Controlling
                Class................................................
  Section 6.10  Either Master Servicer or Special Servicer as
                Owner of a Certificate...............................
  Section 6.11  The Controlling Class Representative.................
  Section 6.12  Certain Matters with Respect to the MezzCap Loan
                Combinations.........................................
  Section 6.13  Certain Matters with Respect to the Commons at
                Calabasas Loan Combination...........................
  Section 6.14  Certain Matters with Respect to the
                Georgia-Alabama Retail Portfolio Loan Combination....
  Section 6.15  Certain Matters with Respect to the CFC Loan
                Combinations.........................................
  Section 6.16  Certain Matters with Respect to the Securitization
                of any A-Note Non-Trust Loan, the Georgia-Alabama
                Retail Portfolio B-Note Non-Trust Loan and a CFC
                B-Note Non-Trust Loan................................

                                   ARTICLE VII

                                     DEFAULT

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

                                  ARTICLE VIII

       CONCERNING THE TRUSTEE, THE CUSTODIAN AND THE FISCAL AGENT

  Section 8.01  Duties of Trustee and Custodian......................
  Section 8.02  Certain Matters Affecting Trustee and Custodian......
  Section 8.03  Trustee, Custodian and Fiscal Agent Not Liable for
                Validity or Sufficiency of Certificates or
                Mortgage Loans.......................................
  Section 8.04  Trustee, Custodian and Fiscal Agent May Own
                Certificates.........................................
  Section 8.05  Fees and Expenses of Trustee and Custodian;
                Indemnification of and by the Trustee and
                Custodian............................................
  Section 8.06  Eligibility Requirements for Trustee and Custodian...
  Section 8.07  Resignation and Removal of Trustee and Custodian.....
  Section 8.08  Successor Trustee and Custodian......................
  Section 8.09  Merger or Consolidation of Trustee or Custodian......
  Section 8.10  Appointment of Co-Trustee or Separate Trustee........
  Section 8.11  [RESERVED]...........................................
  Section 8.12  Appointment of Authenticating Agents.................
  Section 8.13  Access to Certain Information........................
  Section 8.14  Appointment of REMIC Administrators..................
  Section 8.15  Representations, Warranties and Covenants of the
                Trustee and the Custodian............................
  Section 8.16  Reports to the Commission............................
  Section 8.17  Maintenance of Mortgage File.........................
  Section 8.18  Appointment of Fiscal Agent..........................

                                   ARTICLE IX

                                   TERMINATION

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

                                    ARTICLE X

                            ADDITIONAL TAX PROVISIONS

  Section 10.01 REMIC Administration.................................
  Section 10.02 Grantor Trust Administration.........................

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

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

                             SCHEDULES AND EXHIBITS

   Schedule No.                       Schedule Description
------------------- ------------------------------------------------------------
Schedule I          Mortgage Loan Schedule
Schedule II         List of Mortgage Loans with Secured Creditor Environmental
                      Insurance Policies
Schedule III        [RESERVED]
Schedule IV         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

    Exhibit No.                       Exhibit Description
------------------- ------------------------------------------------------------
A-1                 Form of Class A-1, A-2, 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 A-2FL, A-3FL, A-4FL, AM-FL, AJ-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 Y and Z Certificates
B                   Form of Distribution Date Statement
C                   Form of Custodial Certification
D-1                 Form of Master Servicer Request for Release
D-2                 Form of Special Servicer Request for Release
E-1                 Form of Transferor Certificate for Transfers of Definitive
                      Non-Registered Certificates (Pursuant to Section 5.02(b))
E-2A                Form I of Transferee Certificate for Transfers of Definitive
                      Non-Registered
                      Certificates
                      (Pursuant to Section 5.02(b))
E-2B                Form II of Transferee Certificate for Transfers of
                      Definitive Non-Registered Certificates
                      (Pursuant to Section 5.02(b))
E-2C                Form of Transferee Certificate for Transfers of Interests in
                      Rule 144A Global Certificates
                      (Pursuant to Section 5.02(b))
E-2D                Form of Transferee Certificate for Transfers of Interests in
                      Regulation S Global Certificates
                      (Pursuant to Section 5.02(b))
F-1                 Form I of Transferee Certificate Regarding ERISA Matters
                      (Definitive Non-Registered Certificates) (Pursuant to
                      Section 5.02(c))
F-2                 Form II of Transferee Certificate Regarding ERISA Matters
                      (Book-Entry Non-Registered Certificates) (Pursuant to
                      Section 5.02(c))
G-1                 Form of Transfer Affidavit and Agreement Regarding Residual
                      Certificates
                      (Pursuant to Section 5.02(d)(i)(4))
G-2                 Form of Transferor Certificate for Transfers of Residual
                      Certificates
                      (Pursuant to Section 5.02(d)(i)(4))
H-1                 Form of Notice and Acknowledgment (Regarding Proposed
                      Special Servicer)
H-2                 Form of Acknowledgment of Proposed Special Servicer
I-1                 Form of Information Request from Certificateholder or
                      Certificate Owner
I-2                 Form of Information Request from Prospective Investor
J                   Form of Exchange Act Reportable Event Notification
K                   Form of S&P Defeasance Certification
L                   Relevant Servicing Criteria
M-1                 Form of Purchase Option Notice
M-2                 Form of Purchase Option Assignment by the Special Servicer
M-3                 Form of Purchase Option Assignment by Plurality Subordinate
                      Certificateholder or Controlling Class Representative
N                   [RESERVED]
O                   Form of Sarbanes-Oxley Certification by the Depositor
P-1                 Form of Certification to be Provided by the Master
                      Servicers to the Depositor
P-2                 Form of Certification to be Provided by the Trustee to the
                      Depositor
P-3                 Form of Certification to be Provided by the Special Servicer
                      to the Depositor
Q                   Broker Strip Loans

<PAGE>

                         POOLING AND SERVICING AGREEMENT

            This Pooling and Servicing Agreement is dated and effective as of
June 1, 2007, among MERRILL LYNCH MORTGAGE INVESTORS, INC., as Depositor,
MIDLAND LOAN SERVICES, INC., as Master Servicer No. 1, WACHOVIA BANK, NATIONAL
ASSOCIATION as Master Servicer No. 2, MIDLAND LOAN SERVICES, INC., as Special
Servicer, and LASALLE BANK NATIONAL ASSOCIATION, as Trustee and Custodian.

                             PRELIMINARY STATEMENT:

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

            As provided herein, the Trustee will elect to treat the segregated
pool of assets consisting of all of the Trust Mortgage Loans (exclusive of the
Excess Servicing Strip, that portion of the interest payments on the Trust
Mortgage Loans that constitutes Additional Interest and the Palmilla Apartments
Stabilization Fee) 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
REMIC II Regular Certificates and the REMIC II Regular Interests will be
designated as a separate "regular interest" in REMIC II for purposes of the
REMIC Provisions under federal income tax law.

            The following table sets forth: (i) the class designation of each
Class of Sequential Pay Certificates; (ii) the Original Class Principal Balance
or Notional Amount for each Class of Sequential Pay Certificates; (iii) the
corresponding REMIC I Regular Interest (the "Corresponding REMIC I Regular
Interest") for each Class of REMIC II Regular Certificates and the REMIC II
Regular Interests; and (iv) the initial REMIC I Principal Balance of each such
Corresponding REMIC I Regular Interest.

<TABLE>
<CAPTION>
        Class          Original Class Principal Balance      Corresponding REMIC I          Initial REMIC I
     Designation              or Notional Amount                Regular Interest           Principal Balance
-------------------- ------------------------------------- --------------------------- ------------------------
<S>                   <C>                                    <C>                         <C>
Class A-1                         $53,236,000                         LA-1                    $53,236,000
Class A-2                        $110,798,000                         LA-2                    $110,798,000
Class A-2FL(1)                    $30,000,000                        LA-2FL                   $30,000,000
Class A-SB                       $102,775,000                        LA-SB                    $102,775,000
Class A-3FL(2)                   $204,236,000                        LA-3FL                   $204,236,000
Class A-4                        $787,943,000                         LA-4                    $787,943,000
Class A-4FL(3)                    $55,000,000                        LA-4FL                   $55,000,000
Class A-1A                       $605,863,000                        LA-1A                    $605,863,000
Class AM                         $233,551,000                         LAM                     $233,551,000
Class AM-FL(4)                    $45,000,000                        LAM-FL                   $45,000,000
Class AJ                         $174,358,000                         LAJ                     $174,358,000
Class AJ-FL(5)                    $45,000,000                        LAJ-FL                   $45,000,000
Class B                           $55,710,000                          LB                     $55,710,000
Class C                           $27,855,000                          LC                     $27,855,000
Class D                           $45,264,000                          LD                     $45,264,000
Class E                           $27,856,000                          LE                     $27,856,000
Class F                           $34,818,000                          LF                     $34,818,000
Class G                           $27,855,000                          LG                     $27,855,000
Class H                           $24,373,000                          LH                     $24,373,000
Class J                           $10,446,000                          LJ                     $10,446,000
Class K                           $10,446,000                          LK                     $10,446,000
Class L                           $10,445,000                          LL                     $10,445,000
Class M                           $6,964,000                           LM                      $6,964,000
Class N                           $6,964,000                           LN                      $6,964,000
Class P                           $6,964,000                           LP                      $6,964,000
Class Q                           $41,782,676                          LQ                     $41,782,676
Class X                        $2,785,502,676(6)                      N/A                         N/A
</TABLE>

--------------------------
(1)   Represents the Class A-2FL REMIC II Regular Interest. The Class A-2FL
      Certificates will have the same Original Class Principal Balance as the
      Class A-2FL REMIC II Regular Interest.

(2)   Represents the Class A-3FL REMIC II Regular Interest. The Class A-3FL
      Certificates will have the same Original Class Principal Balance as the
      Class A-3FL REMIC II Regular Interest.

(3)   Represents the Class A-4FL REMIC II Regular Interest. The Class A-4FL
      Certificates will have the same Original Class Principal Balance as the
      Class A-4FL REMIC II Regular Interest.

(4)   Represents the Class AM-FL REMIC II Regular Interest. The Class AM-FL
      Certificates will have the same Original Class Principal Balance as the
      Class AM-FL REMIC II Regular Interest.

(5)   Represents the Class AJ-FL REMIC II Regular Interest. The Class AJ-FL
      Certificates will have the same Original Class Principal Balance as the
      Class AJ-FL REMIC II Regular Interest.

(6)   Original Notional Amount.

            The Commons at Calabasas Trust Mortgage Loan is part of a group of
loans comprised of that Commons at Calabasas Trust Mortgage Loan and one other
mortgage loan (upon the funding of such mortgage loan), namely the Commons at
Calabasas A-Note Non-Trust Mortgage Loan, that is secured (or, upon the funding
of the Commons at Calabasas A-Note Non-Trust Mortgage Loan, will be secured) by
the same Mortgage encumbering the Commons at Calabasas Mortgaged Property. The
Commons at Calabasas Trust Mortgage Loan and the Commons at Calabasas A-Note
Non-Trust Loan collectively constitute a Loan Combination. The relative rights
of the holder of the Commons at Calabasas Trust Mortgage Loan and the holder of
the Commons at Calabasas A-Note Non-Trust Loan are set forth in the Commons at
Calabasas Intercreditor Agreement. As and to the extent provided in the Commons
at Calabasas Intercreditor Agreement, the Commons at Calabasas A-Note Non-Trust
Loan is equal in priority in respect of payment with the Commons at Calabasas
Trust Mortgage Loan.

            The Georgia-Alabama Retail Portfolio Trust Mortgage Loan is part of
a group of loans comprised of that Georgia-Alabama Retail Portfolio Trust
Mortgage Loan and two other mortgage loans, namely the Georgia-Alabama Retail
Portfolio A-Note Non-Trust Mortgage Loan and the Georgia-Alabama Retail
Portfolio B-Note Non-Trust Mortgage Loan, that are secured by the same Mortgage
encumbering the Georgia-Alabama Retail Portfolio Mortgaged Property. The
Georgia-Alabama Retail Portfolio Trust Mortgage Loan, the Georgia-Alabama Retail
Portfolio A-Note Non-Trust Loan and the Georgia-Alabama Retail Portfolio B-Note
Non-Trust Mortgage Loan collectively constitute a Loan Combination. The
Georgia-Alabama Retail Portfolio Trust Mortgage Loan and the Georgia-Alabama
A-Note Non-Trust Loan are collectively referred to herein as the Georgia-Alabama
Retail Portfolio Senior Loans. The relative rights of the holder of the
Georgia-Alabama Retail Portfolio Trust Mortgage Loan, the holder of the
Georgia-Alabama Retail Portfolio A-Note Non-Trust Loan and the holder of the
Georgia-Alabama Retail Portfolio B-Note Non-Trust Mortgage Loan are set forth in
the Georgia-Alabama Retail Portfolio Intercreditor Agreement. As and to the
extent provided in the Georgia-Alabama Retail Portfolio Intercreditor Agreement,
the Georgia-Alabama Retail Portfolio A-Note Non-Trust Loan is equal in priority
in respect of payment with the Georgia-Alabama Retail Portfolio Trust Mortgage
Loan and the Georgia-Alabama Retail Portfolio B-Note Non-Trust Mortgage Loan is
junior in priority in respect of payment with the Georgia-Alabama Retail
Portfolio Senior Loans.

            The Ashton Lake Trust Mortgage Loan, Morehouse Portfolio Trust
Mortgage Loan, Hillwood Apartments Trust Mortgage Loan, Somerset Meadows Trust
Mortgage Loan, Super Center Plaza Trust Mortgage Loan, Town & Country Shopping
Center Trust Mortgage Loan, Quail Creek Plaza Trust Mortgage Loan and New
Sunshine Tech Center Trust Mortgage Loan are each a 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 of the above A-Note Trust
Mortgage Loans and the related B-Note Non-Trust Loan collectively constitute a
Loan Combination. The relative rights of the holders of one of the above A-Note
Trust Mortgage Loans and the holders 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.

            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 applicable Master Servicer and by the Special Servicer;
provided, however, that with respect to the Georgia-Alabama Retail Portfolio
Loan Combination, if Countrywide, as the related Mortgage Loan Seller exercises
its option for such Loan Combination to be serviced pursuant to the pooling and
servicing agreement related to the Georgia-Alabama Retail Portfolio A-Note
Non-Trust Loan pursuant to Section 6.14 hereof, then such Loan Combination will
no longer be serviced and administered in accordance with this Agreement.

            The portion of the Trust Fund consisting of (i) the Class A-2FL
REMIC II Regular Interest (and distributions thereon), the Class A-2FL Swap
Agreement (and payments by the Class A-2FL 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-2FL REMIC II Regular Interest and
payments by the Class A-2FL Swap Counterparty under the Class A-2FL Swap
Agreement, shall be treated as a grantor trust for federal income tax purposes
and shall be designated as "Grantor Trust A-2FL." 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-2FL 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-2FL Certificates shall represent undivided beneficial
interests in Grantor Trust A-2FL as described herein.

            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." 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 A-4FL
REMIC II Regular Interest (and distributions thereon), the Class A-4FL Swap
Agreement (and payments by the Class A-4FL 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-4FL REMIC II Regular Interest and
payments by the Class A-4FL Swap Counterparty under the Class A-4FL Swap
Agreement, shall be treated as a grantor trust for federal income tax purposes
and shall be designated as "Grantor Trust A-4FL." 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-4FL 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-4FL Certificates shall represent undivided beneficial
interests in Grantor Trust A-4FL as described herein.

            The portion of the Trust Fund consisting of (i) the Class AM-FL
REMIC II Regular Interest (and distributions thereon), the Class AM-FL Swap
Agreement (and payments by the Class AM-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 AM-FL REMIC II Regular Interest and
payments by the Class AM-FL Swap Counterparty under the Class AM-FL Swap
Agreement, shall be treated as a grantor trust for federal income tax purposes
and shall be designated as "Grantor Trust AM-FL"; provided that the initial up
front payment by the Class AM-FL Swap Counterparty to the Depositor under the
Class AM-FL Swap Agreement shall belong to the Depositor and shall not be part
of the Trust Fund or Grantor Trust AM-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 AM-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 AM-FL Certificates shall represent undivided beneficial interests in
Grantor Trust AM-FL as described herein.

            The portion of the Trust Fund consisting of (i) the Class AJ-FL
REMIC II Regular Interest (and distributions thereon), the Class AJ-FL Swap
Agreement (and payments by the Class AJ-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 AJ-FL REMIC II Regular Interest and
payments by the Class AJ-FL Swap Counterparty under the Class AJ-FL Swap
Agreement, shall be treated as a grantor trust for federal income tax purposes
and shall be designated as "Grantor Trust AJ-FL"; provided that the initial up
front payment by the Class AJ-FL Swap Counterparty to the Depositor under the
Class AJ-FL Swap Agreement shall belong to the Depositor and shall not be part
of the Trust Fund or Grantor Trust AJ-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 AJ-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 AJ-FL Certificates shall represent undivided beneficial interests in
Grantor Trust AJ-FL as described herein.

            The portion of the Trust Fund consisting of (i) the Additional
Interest on any Trust Converting Loan and related amounts held from time to time
in the Collection Accounts and/or the Trust Converting Loan Additional Interest
Account that represent Additional Interest on any Trust Converting Loan shall be
treated as a grantor trust for federal income tax purposes, and such grantor
trust will be designated as "Grantor Trust Y" and (ii) the Additional Interest
on any ARD Loan and related amounts held from time to time in the Collection
Accounts, the Trust ARD Loan Additional Interest Account that represent
Additional Interest on any ARD Loan and/or the Palmilla Apartments Stabilization
Fee Account that represent any Palmilla Apartments Stabilization Fee on the
Palmilla Apartments Mortgage Loan and related amounts held from time to time in
the Collection Accounts 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 each of the respective portions of the Trust Fund consisting of
Grantor Trust Y and Grantor Trust Z maintains its status as a "grantor trust"
under federal income tax law and is not treated as part of REMIC I or REMIC II.

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

                                    ARTICLE I

                                   DEFINITIONS

            Section 1.01 Defined Terms.

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

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

            "A-Note Non-Trust Mortgage Loan": The Commons and Calabasas A-Note
Non-Trust Loan and the Georgia-Alabama Retail Portfolio A-Note Non-Trust Loan.

            "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 an A-Note Non-Trust Loan and/or B-Note Non-Trust Loan, which A-Note
Non-Trust Loan and/or B-Note Non-Trust Loan will not be included in the Trust
Fund. The Ashton Lake A-Note Trust Mortgage Loan, the Commons at Calabasas
A-Note Trust Mortgage Loan, the Georgia-Alabama Retail Portfolio A-Note Trust
Mortgage Loan, the Morehouse Portfolio A-Note Trust Mortgage Loan, the Hillwood
Apartments A-Note Trust Mortgage Loan, the Somerset Meadows A-Note Trust
Mortgage Loan, Super Center Plaza A-Note Trust Mortgage Loan, the Town & Country
Shopping Center A-Note Trust Mortgage Loan, the Quail Creek Plaza A-Note Trust
Mortgage Loan and the New Sunshine Tech Center A-Note Trust Mortgage Loan are
the only A-Note Trust Mortgage Loans.

            "Acceptable Insurance Default": With respect to any Serviced
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 Floating Rate Certificates) or the
REMIC II Regular Interests for any Distribution Date, one month's interest at
the Pass Through Rate applicable to such Class of Certificates or 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
REMIC II Regular Certificates or REMIC II Regular Interests, 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 Component for any Distribution Date,
shall be deemed to accrue during the calendar month preceding the month in which
such Distribution Date occurs.

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

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

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

            "Additional Interest": (i) 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; and (ii) with respect to any Trust Converting Loan, the
Additional Interest in excess of the original fixed rate that may accrue with
respect to any such Mortgage Loan as a result of the conversion of such Mortgage
Loan from bearing interest at a fixed rate to bearing interest at a floating
rate.

            "Additional Interest Accounts": Each of (i) the Trust Converting
Loan Additional Interest Account and (ii) the Trust ARD Loan Additional Interest
Account.

            "Additional Interest Rate": (i) 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; (ii) with respect to any Trust Converting Loan, the
excess, if any, in the per annum rate at which such Mortgage Loan accrues
interest over the initial fixed rate for such Mortgage Loan, as a result of the
conversion of the Mortgage Loan from bearing interest at a fixed rate to bearing
interest at a floating rate.

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

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

            "Additional Trust Fund Expense": Any Special Servicing Fees, Workout
Fees, Principal Recovery Fees and, in accordance with Sections 3.03(d) and
4.03(d), interest payable to either 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 Accounts as
indicated in such clauses of Section 3.05(a), (y) pursuant to any of clauses
(ix), (xi), (xii), (xiii) and (xvi) of Section 3.05(e) out of collections on any
Loan Combination or any related Loan Combination REO Property on deposit in the
related Loan Combination Custodial Account as indicated in such clauses of
Section 3.05(e) (but only to the extent that such collections would have
otherwise been transferred to the applicable Collection Account with respect to
the related Trust Mortgage Loan or any successor Trust REO Loan with respect
thereto), or (z) pursuant to clause (ii) or any of clauses (iv) through (vi) of
Section 3.05(b) out of general collections on the Trust Mortgage Loans and any
REO Properties on deposit in the Distribution Account; provided that for
purposes of the allocations contemplated by Section 4.04 no such expense shall
be deemed to have been incurred by the Trust Fund until such time as the payment
thereof is actually made from the applicable Collection Account, the related
Loan Combination Custodial Account or the Distribution Account, as the case may
be.

            "Additional Yield and Prepayment Amount": With respect to any Class
of Sequential Pay Certificates (other than any Floating Rate Certificate or any
Excluded Class) or REMIC II Regular Interest, for any Distribution Date on which
distributions of principal are being made with respect to that Class of
Certificates or 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-2FL with respect to the Class A-2FL REMIC II Regular Interest,
Grantor Trust A-3FL with respect to the Class A-3FL REMIC II Regular Interest,
Grantor Trust A-4FL with respect to the Class A-4FL REMIC II Regular Interest,
Grantor Trust AM-FL with respect to the Class AM-FL REMIC II Regular Interest or
Grantor Trust AJ-FL with respect to the Class AJ-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 REMIC II Regular Certificates and to
reimburse the applicable sub-account of the Floating Rate Account with respect
to the Class A-2FL REMIC II Regular Interest, the Class A-3FL REMIC II Regular
Interest, the Class A-4FL REMIC II Regular Interest, the Class AM-FL REMIC II
Regular Interest and the Class AJ-FL REMIC II Regular Interest 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 REMIC II Regular Certificates or
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 REMIC II Regular Certificates or
REMIC II Regular Interest, as the case may be, on such Distribution Date (or,
for so long as any of the Class A-4 and the Class A-1A Certificates or the Class
A-4FL REMIC II Regular Interest are outstanding, principal distributable on the
subject Class of REMIC II Regular Certificates or REMIC II Regular Interest 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, for so long as any of
the Class A-4 and the Class A-1A Certificates or the Class A-4FL REMIC II
Regular Interest 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.

            "Administered REO Property": Any REO Property other than, after a
Georgia-Alabama Retail Portfolio Servicing Transfer Event, the Georgia-Alabama
Retail Portfolio REO Property.

            "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 Serviced Mortgage Loan, an
appraisal of the related Mortgaged Property from an Independent Appraiser
selected by the Special Servicer or the applicable Master Servicer, as the case
may be, prepared in accordance with 12 C.F.R. ss. 225.64 and conducted in
accordance with the standards of the Appraisal Institute by an Independent
Appraiser, which Independent Appraiser shall be advised to take into account the
factors specified in Section 3.09(a), any available environmental, engineering
or other third-party reports, and other factors that a prudent real estate
appraiser would consider. The applicable Master Servicer, the Special Servicer,
the Trustee and any Fiscal Agent may conclusively rely on any Appraisal obtained
in accordance with this Agreement and, following a Georgia-Alabama Retail
Portfolio Servicing Transfer Event, in the case of the Georgia-Alabama Retail
Portfolio Trust Mortgage Loan or any successor Trust REO Loan with respect
thereto, any appraisal obtained in accordance with the Georgia-Alabama Retail
Portfolio A-2 Note Pooling and Servicing Agreement.

            "Appraisal Reduction Amount": With respect to any Required Appraisal
Mortgage Loan, the excess, if any, of: (a) an amount, as calculated by the
Special Servicer in consultation with the Controlling Class Representative, as
of the first Determination Date immediately succeeding the date on which the
Special Servicer obtains knowledge of the subject Mortgage Loan becoming a
Required Appraisal Mortgage Loan, if no new Required Appraisal (or letter update
or internal valuation) is required, or otherwise the date on which a Required
Appraisal (or letter update or internal valuation, if applicable) is obtained,
and each anniversary of such Determination Date thereafter so long as the
subject Mortgage Loan remains a Required Appraisal Mortgage Loan, equal to the
sum (without duplication) of (i) the Stated Principal Balance of such Required
Appraisal Mortgage Loan, (ii) to the extent not previously advanced by or on
behalf of such Master Servicer, the Special Servicer, 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 such 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 the Georgia-Alabama Retail Portfolio Loan Combination
shall be allocated first to the Georgia-Alabama Retail Portfolio B-Note
Non-Trust Loan, and then, to the Georgia-Alabama Retail Portfolio Trust Mortgage
Loan and the Georgia-Alabama Retail Portfolio A-Note Non-Trust Loan, pro rata;
provided, that following a Georgia-Alabama Retail Portfolio Servicing Transfer
Event, any "Appraisal Reduction Account" (as defined under the Georgia-Alabama
Retail Portfolio A-2 Note Pooling and Servicing Agreement) shall be calculated
and allocated between the Mortgage Loans comprising the related Loan Combination
by the Georgia-Alabama Retail Portfolio Servicer pursuant to the Georgia-Alabama
Retail Portfolio A-2 Note Pooling and Servicing Agreement. Any Appraisal
Reduction Amount with respect to the Commons at Calabasas Loan Combination shall
be allocated to Commons at Calabasas Trust Mortgage Loan and the Commons at
Calabasas A-Note Non-Trust Loan, pro rata. Any Appraisal Reduction Amount with
respect to any of the MezzCap Loan Combinations 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 applicable Master Servicer, the Special
Servicer, the Trustee and any Fiscal Agent may conclusively rely; provided, that
the term "Appraised Value" shall include any value determined by the
Georgia-Alabama Retail Portfolio Servicer with respect to the Georgia-Alabama
Retail Portfolio Trust Mortgage Loan (upon which Master Servicer No. 2, the
Special Servicer and the Trustee 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.

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

            "Artesia Mortgage Loan Purchase Agreement": That certain mortgage
loan purchase agreement, dated as of June 13, 2007, between the Depositor and
Artesia and relating to the transfer of the Artesia Trust Mortgage Loans to the
Depositor.

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

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

            "Ashton Lake B-Note Non-Trust Noteholder": The holder of the Ashton
Lake B-Note Non-Trust Loan.

            "Ashton Lake Controlling Party" means the Controlling Class
Representative.

            "Ashton Lake Intercreditor Agreement": The Intercreditor and
Servicing Agreement, dated April 2, 2007, between the Trust as holder of the
Ashton Lake Trust Mortgage Loan and the holder of the Ashton Lake B-Note
Non-Trust Loan.

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

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

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

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

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

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

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

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

            "Available Distribution Amount": With respect to any Distribution
Date, an amount equal to (a) the sum, without duplication, of (i) the aggregate
of the amounts on deposit in the Collection Accounts and the Distribution
Account as of the close of business on the related Determination Date and the
amounts collected by or on behalf of the Master Servicers as of the close of
business on such Determination Date and required to be deposited in the
Collection Accounts (ii) the aggregate amount of any P&I Advances made by the
Master Servicers, 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 applicable Collection Account
after the Determination Date in the month of such Distribution Date, but on or
prior to the P&I Advance Date in such month, pursuant to Section 3.16(c) and/or
Section 3.05(e), as applicable, (iv) the aggregate amounts deposited by the
Master Servicers in their respective Collection Accounts for such Distribution
Date pursuant to Section 3.19(a) in connection with Prepayment Interest
Shortfalls and Casualty/Condemnation Interest Shortfalls, and (v) for each
Distribution Date occurring in March, the aggregate of the Interest Reserve
Amounts in respect of each Interest Reserve Loan deposited into the Distribution
Account pursuant to Section 3.05(c), net of (b) the portion of the amount
described in clause (a) of this definition that represents one or more of the
following: (i) collected Periodic Payments that are due on a Due Date following
the end of the related Collection Period, (ii) any amounts payable or
reimbursable to any Person from (A) a Collection Account pursuant to clauses
(ii)-(xvi), (xix) and (xxi) of Section 3.05(a) or (B) the Distribution Account
pursuant to clauses (ii)-(vi) and (ix) of Section 3.05(b), (iii) Prepayment
Premiums and Yield Maintenance Charges, (iv) Additional Interest (which is
separately distributed to the holders of the Class X and Class Y Certificates,
as applicable), (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 with respect to the Interest Reserve Loans to be withdrawn from
the Distribution Account and deposited in the Interest Reserve Account in
respect of such Distribution Date and held for future distribution, pursuant to
Section 3.04(c), and (vi) any amounts deposited in a Master Servicer's
Collection Account or the Distribution Account in error.

            "B-Note Loan Holder": The holder of (i) the Mortgage Note for 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, any 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(s) on the same
Mortgaged Property(ies) 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).

            "Broker Strip": With respect to each Broker Strip Loan, the right to
receive interest accrued on the principal balance of such Mortgage Loan at the
Broker Strip Rate for such Mortgage Loan.

            "Broker Strip Interest": With respect to each Broker Strip Loan,
interest accrued on the principal balance of such Mortgage Loan at the Broker
Strip Rate for such Mortgage Loan.

            "Broker Strip Loans": The Mortgage Loans listed on Exhibit Q hereto.

            "Broker Strip Payee": With respect to any Broker Strip Loan, the
"Broker Strip Payee" specified on Exhibit Q hereto with respect to such Mortgage
Loan.

            "Broker Strip Rate": With respect to each Broker Strip Loan, the
"Broker Strip Rate" specified on Exhibit Q hereto with respect to such Mortgage
Loan.

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

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

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

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

            "Certificate": Any one of the ML-CFC Commercial Mortgage Trust
2007-7, Commercial Mortgage Pass-Through Certificates, Series 2007-7, as
executed by the Certificate Registrar and authenticated and delivered hereunder
by the Authenticating Agent.

            "Certificate Factor": With respect to any Class of REMIC II Regular
Certificates or Floating Rate Certificates, as of any date of determination, a
fraction, expressed as a decimal carried to at least eight places, the numerator
of which is the then current Class Principal Balance or Notional Amount, as
applicable, of such Class of REMIC II Regular Certificates or Floating Rate
Certificates, 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 REMIC II Regular Certificates or Floating Rate Certificates, 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, either 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, either 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 Trustee,
either Master Servicer or the Special Servicer in determining whether a
Certificate is registered in the name of an Affiliate of such Person. All
references herein to "Holders" or "Certificateholders" shall reflect the rights
of Certificate Owners as they may indirectly exercise such rights through the
Depository and the Depository Participants, except as otherwise specified
herein; provided, however, that the parties hereto shall be required to
recognize as a "Holder" or "Certificateholder" only the Person in whose name a
Certificate is registered in the Certificate Register.

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

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

            "CFC B-Note Non-Trust Loan" means the Hillwood Apartments B-Note
Non-Trust Loan and the Somerset Meadows B-Note Non-Trust Loan.

            "CFC Loan Combinations" means the Hillwood Apartments Loan
Combination and the Somerset Meadows Loan Combination.

            "CFC Loan Combination Intercreditor Agreements" means the Hillwood
Apartments Intercreditor Agreement and the Somerset Meadows Intercreditor
Agreement.

            "CFC Loan Combination Major Action": Any Major Action as defined
under either of the CFC Loan Combination Intercreditor Agreements.

            "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-2FL, Class A-3FL, Class A-SB, Class A-4, Class A-4FL 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-2FL Additional Fixed Swap Payment": With respect to any
Distribution Date and the Class A-2FL Swap Payment Date to which it relates
based on the confirmation under the Class A-2FL Swap Agreement, the applicable
"Additional Fixed Amount" within the meaning of the confirmation under the Class
A-2FL Swap Agreement.

            "Class A-2FL 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
A-2FL REMIC II Regular Interest with respect to such Distribution Date and (ii)
the amounts, if any, received from the Class A-2FL Swap Counterparty pursuant to
the Class A-2FL Swap Agreement for such Distribution Date, less (b) any Class
A-2FL Net Fixed Swap Payment, Class A-2FL Additional Fixed Swap Payment and
Class A-2FL Fixed Payer Shortfall Reimbursement Payment required to be paid to
the Class A-2FL Swap Counterparty pursuant to the Class A-2FL Swap Agreement,
consistent with Section 3.29, for such Distribution Date.

            "Class A-2FL Certificate": Any one of the Certificates with a "Class
A-2FL" designation on the face thereof, substantially in the form of Exhibit A-1
hereto, and evidencing a proportionate interest in Grantor Trust A-2FL.

            "Class A-2FL Distribution Conversion": With respect to any
Distribution Date (i) immediately upon and during the continuation of a Swap
Payment Default under the Class A-2FL Swap Agreement while the Trustee is
pursuing remedies under the Class A-2FL Swap Agreement pursuant to Section 3.29,
or (ii) immediately upon and following the termination of the Class A-2FL Swap
Agreement until any replacement agreement is entered into, the conversion of
distributions with respect to the Class A-2FL Certificates from distributions
based, in part, on floating interest payments from the Class A-2FL Swap
Counterparty under the Class A-2FL Swap Agreement to distributions based solely
on distributions in respect of the Class A-2FL REMIC II Regular Interest, as
specified in Section 4.01(c).

            "Class A-2FL Fixed Swap Payment": With respect to any Distribution
Date and the Class A-2FL Swap Payment Date to which it relates based on the
confirmation under the Class A-2FL Swap Agreement, the applicable "Fixed Amount"
within the meaning of the confirmation under the Class A-2FL Swap Agreement.

            "Class A-2FL Fixed Payer Shortfall Reimbursement Payment": With
respect to any Distribution Date and the Class A-2FL Swap Payment Date to which
it relates based on the confirmation under the Class A-2FL Swap Agreement, the
applicable "Fixed Payer Shortfall Reimbursement Amount" within the meaning of
the confirmation under the Class A-2FL Swap Agreement.

            "Class A-2FL Floating Swap Payment": With respect to any
Distribution Date and the Class A-2FL Swap Payment Date to which it relates
based on the confirmation under the Class A-2FL Swap Agreement, the applicable
"Floating Amount" within the meaning of the confirmation under the Class A-2FL
Swap Agreement.

            "Class A-2FL 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-2FL REMIC II Regular Interest
for such Distribution Date and, to the extent not previously paid, for all prior
Distribution Dates, (ii) any Class A-2FL Net Floating Swap Payment received from
the Class A-2FL Swap Counterparty for distribution on such Distribution Date and
(iii) if the Class A-2FL Swap Agreement is terminated and a replacement Class
A-2FL Swap Agreement is not obtained, any related Swap Termination Payment
collected during the related Collection Period, less (b) any Class A-2FL Net
Fixed Swap Payment and/or Class A-2FL Fixed Payer Shortfall Reimbursement
Payment made to the Class A-2FL Swap Counterparty with respect to such
Distribution Date.

            "Class A-2FL Net Fixed Swap Payment": With respect to any
Distribution Date, the excess, if any of (i) the Class A-2FL Fixed Swap Payment
for that Distribution Date over (ii) the Class A-2FL Floating Swap Payment for
that Distribution Date.

            "Class A-2FL Net Floating Swap Payment": With respect to any
Distribution Date, the excess, if any of (i) the Class A-2FL Floating Swap
Payment for that Distribution Date over (ii) the Class A-2FL Fixed Swap Payment
for that Distribution Date.

            "Class A-2FL 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-2FL REMIC II Regular Interest on such
Distribution Date.

            "Class A-2FL REMIC II Regular Interest": The uncertificated interest
in REMIC II, designated as "Class A-2FL," constituting a "regular interest" in
REMIC II for purposes of the REMIC Provisions and having the characteristics
attributable thereto in this Agreement.

            "Class A-2FL Sub-Account": As defined in Section 3.04(f).

            "Class A-2FL Swap Agreement": With respect to the Class A-2FL
Certificates and the Class A-2FL REMIC II Regular Interest, the applicable
interest rate swap agreement consisting of the ISDA 1992 Master Agreement,
together with the related schedule, confirmation and any annexes thereto, dated
as of June 13, 2007, by and among the Class A-2FL 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-2FL Swap Counterparty": Merrill Lynch Capital Services,
Inc. or its successor in interest or any swap counterparty under a replacement
Class A-2FL Swap Agreement.

            "Class A-2FL Swap Payment Date": The "Payment Date" within the
meaning of the confirmation under the Class A-2FL Swap Agreement.

            "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 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 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.

            "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 1992 Master Agreement,
together with the related schedule, confirmation and any annexes thereto, dated
as of June 13, 2007, 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-4FL Additional Fixed Swap Payment": With respect to any
Distribution Date and the Class A-4FL Swap Payment Date to which it relates
based on the confirmation under the Class A-4FL Swap Agreement, the applicable
"Additional Fixed Amount" within the meaning of the confirmation under the Class
A-4FL Swap Agreement.

            "Class A-4FL 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
A-4FL REMIC II Regular Interest with respect to such Distribution Date and (ii)
the amounts, if any, received from the Class A-4FL Swap Counterparty pursuant to
the Class A-4FL Swap Agreement for such Distribution Date, less (b) any Class
A-4FL Net Fixed Swap Payment, Class A-4FL Additional Fixed Swap Payment and
Class A-4FL Fixed Payer Shortfall Reimbursement Payment required to be paid to
the Class A-4FL Swap Counterparty pursuant to the Class A-4FL Swap Agreement,
consistent with Section 3.29, for such Distribution Date.

            "Class A-4FL Certificate": Any one of the Certificates with a "Class
A-4FL" designation on the face thereof, substantially in the form of Exhibit A-1
hereto, and evidencing a proportionate interest in Grantor Trust A-4FL.

            "Class A-4FL Distribution Conversion": With respect to any
Distribution Date (i) immediately upon and during the continuation of a Swap
Payment Default under the Class A-4FL Swap Agreement while the Trustee is
pursuing remedies under the Class A-4FL Swap Agreement pursuant to Section 3.29,
or (ii) immediately upon and following the termination of the Class A-4FL Swap
Agreement until any replacement agreement is entered into, the conversion of
distributions with respect to the Class A-4FL Certificates from distributions
based, in part, on floating interest payments from the Class A-4FL Swap
Counterparty under the Class A-4FL Swap Agreement to distributions based solely
on distributions in respect of the Class A-4FL REMIC II Regular Interest, as
specified in Section 4.01(c).

            "Class A-4FL Fixed Swap Payment": With respect to any Distribution
Date and the Class A-4FL Swap Payment Date to which it relates based on the
confirmation under the Class A-4FL Swap Agreement, the applicable "Fixed Amount"
within the meaning of the confirmation under the Class A-4FL Swap Agreement.

            "Class A-4FL Fixed Payer Shortfall Reimbursement Payment": With
respect to any Distribution Date and the Class A-4FL Swap Payment Date to which
it relates based on the confirmation under the Class A-4FL Swap Agreement, the
applicable "Fixed Payer Shortfall Reimbursement Amount" within the meaning of
the confirmation under the Class A-4FL Swap Agreement.

            "Class A-4FL Floating Swap Payment": With respect to any
Distribution Date and the Class A-4FL Swap Payment Date to which it relates
based on the confirmation under the Class A-4FL Swap Agreement, the applicable
"Floating Amount" within the meaning of the confirmation under the Class A-4FL
Swap Agreement.

            "Class A-4FL 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-4FL REMIC II Regular Interest
for such Distribution Date and, to the extent not previously paid, for all prior
Distribution Dates, (ii) any Class A-4FL Net Floating Swap Payment received from
the Class A-4FL Swap Counterparty for distribution on such Distribution Date and
(iii) if the Class A-4FL Swap Agreement is terminated and a replacement Class
A-4FL Swap Agreement is not obtained, any related Swap Termination Payment
collected during the related Collection Period, less (b) any Class A-4FL Net
Fixed Swap Payment and/or Class A-4FL Fixed Payer Shortfall Reimbursement
Payment made to the Class A-4FL Swap Counterparty with respect to such
Distribution Date.

            "Class A-4FL Net Fixed Swap Payment": With respect to any
Distribution Date, the excess, if any of (i) the Class A-4FL Fixed Swap Payment
for that Distribution Date over (ii) the Class A-4FL Floating Swap Payment for
that Distribution Date.

            "Class A-4FL Net Floating Swap Payment": With respect to any
Distribution Date, the excess, if any of (i) the Class A-4FL Floating Swap
Payment for that Distribution Date over (ii) the Class A-4FL Fixed Swap Payment
for that Distribution Date.

            "Class A-4FL 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-4FL REMIC II Regular Interest on such
Distribution Date.

            "Class A-4FL REMIC II Regular Interest": The uncertificated interest
in REMIC II, designated as "Class A-4FL," constituting a "regular interest" in
REMIC II for purposes of the REMIC Provisions and having the characteristics
attributable thereto in this Agreement.

            "Class A-4FL Sub-Account": As defined in Section 3.04(f).

            "Class A-4FL Swap Agreement": With respect to the Class A-4FL
Certificates and the Class A-4FL REMIC II Regular Interest, the applicable
interest rate swap agreement consisting of the ISDA 1992 Master Agreement,
together with the related schedule, confirmation and any annexes thereto, dated
as of June 13, 2007, by and among the Class A-4FL 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-4FL Swap Counterparty": Merrill Lynch Capital Services,
Inc. or its successor in interest or any swap counterparty under a replacement
Class A-4FL Swap Agreement.

            "Class A-4FL Swap Payment Date": The "Payment Date" within the
meaning of the confirmation under the Class A-4FL Swap Agreement.

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

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

            "Class AJ-FL Certificate": Any one of the Certificates with a "Class
AJ-FL" designation on the face thereof, substantially in the form of Exhibit A-4
hereto, and evidencing a proportionate interest in Grantor Trust AJ-FL.

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

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

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

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

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

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

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

            "Class AJ-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 AJ-FL REMIC II Regular Interest on such
Distribution Date.

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

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

            "Class AJ-FL Swap Agreement": With respect to the Class AJ-FL
Certificates and the Class AJ-FL REMIC II Regular Interest, the applicable
interest rate swap agreement consisting of the ISDA 1992 Master Agreement,
together with the related schedule, confirmation and any annexes thereto, dated
as of June 13, 2007, by and among the Class AJ-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 AJ-FL Swap Counterparty": Merrill Lynch Capital Services,
Inc. or its successor in interest or any swap counterparty under a replacement
Class AJ-FL Swap Agreement.

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

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

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

            "Class AM-FL Certificate": Any one of the Certificates with a "Class
AM-FL" designation on the face thereof, substantially in the form of Exhibit A-4
hereto, and evidencing a proportionate interest in Grantor Trust AM-FL.

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

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

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

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

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

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

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

            "Class AM-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 AM-FL REMIC II Regular Interest on such
Distribution Date.

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

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

            "Class AM-FL Swap Agreement": With respect to the Class AM-FL
Certificates and the Class AM-FL REMIC II Regular Interest, the applicable
interest rate swap agreement consisting of the ISDA 1992 Master Agreement,
together with the related schedule, confirmation and any annexes thereto, dated
as of June 13, 2007, by and among the Class AM-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 AM-FL Swap Counterparty": Merrill Lynch Capital Services,
Inc. or its successor in interest or any swap counterparty under a replacement
Class AM-FL Swap Agreement.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

            "Class Principal Balance": The aggregate principal balance of any
Class of Sequential Pay Certificates or 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 or REMIC II
Regular Interests, as the case may be, 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
Floating Rate Certificates) and REMIC II Regular Interests 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 Floating Rate Certificates) and
REMIC II Regular Interests 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 (other
than the Floating Rate Certificates) and the REMIC II Regular Interests shall
not constitute distributions of principal and shall not result in reduction of
the related Class Principal Balance. The Class Principal Balances of the Class
A-2FL Certificates, the Class A-3FL Certificates, the Class A-4FL Certificates,
the Class AM-FL Certificates and the Class AJ-FL Certificates shall at all times
equal the Class Principal Balances of the Class A-2FL REMIC II Regular Interest,
the Class A-3FL REMIC II Regular Interest, the Class A-4FL REMIC II Regular
Interest, the Class AM-FL REMIC II Regular Interest and the Class AJ-FL REMIC II
Regular Interest, respectively.

            "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 26 components of the Class X
Certificates listed in the following table.

                                      Class Designation
                                      of Corresponding
            Class X               Certificates or REMIC II
           Component                  Regular Interest
    -----------------------  --------------------------------
             X-A-1                           A-1
             X-A-2                           A-2
            X-A-2FL                       A-2FL(1)
            X-A-3FL                       A-3FL(1)
            X-A-SB                          A-SB
             X-A-4                           A-4
            X-A-4FL                       A-4FL(1)
            X-A-1A                          A-1A
             X-AM                            AM
            X-AM-FL                       AM-FL(1)
             X-AJ                            AJ
            X-AJ-FL                       AJ-FL(1)
              X-B                             B
              X-C                             C
              X-D                             D
              X-E                             E
              X-F                             F
              X-G                             G
              X-H                             H
              X-J                             J
              X-K                             K
              X-L                             L
              X-M                             M
              X-N                             N
              X-P                             P
              X-Q                             Q

--------------------------
(1)   REMIC II Regular Interest.

            "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 for such Distribution Date. In
no event, however, shall any Class X Strip Rate be less than zero.

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

            "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": June 13, 2007.

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

            "CMSA Advance Recovery Report": A monthly 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 data file 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": The monthly data file 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 monthly 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 monthly 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": The monthly data file 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 Loan Modification and Corrected Mortgage Loan
Report": A monthly 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 Investor Reporting Package":

            (a) the following seven electronic files: (i) CMSA Loan Setup File,
(ii) CMSA Loan Periodic Update File, (iii) CMSA Property File, (iv) CMSA Bond
Level File, (v) CMSA Financial File, (vi) CMSA Collateral Summary File and (vii)
CMSA Special Servicer Loan File;

            (b) the following ten supplemental reports: (i) CMSA Delinquent Loan
Status Report, (ii) CMSA Historical Loan Modification and Corrected Mortgage
Loan Report, (iii) CMSA REO Status Report, (iv) CMSA Loan Level Reserve/LOC
Report, (v) CMSA Comparative Financial Status Report, (vi) CMSA Servicer Watch
List, (vii) CMSA Operating Statement Analysis Report, (viii) CMSA NOI Adjustment
Worksheet, (ix) CMSA Total Loan Report and (x) CMSA Advance Recovery Report; and

            (c) such other reports and data files as CMSA may designate as part
of the "CMSA Investor Reporting Package" from time to time generally.

            "CMSA Loan Level Reserve/LOC Report": A monthly 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 data file
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. Each CMSA Loan Periodic Update File prepared by a Master
Servicer shall be accompanied by a CMSA Advance Recovery Report and all
references herein to "CMSA Loan Periodic Update File" shall be construed
accordingly.

            "CMSA Loan Setup File": The data file 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 or less than 12 months 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": The monthly data file substantially in the
form of, and containing the information called for in, the downloadable form of
the "Property File" available as of the Closing Date on the CMSA Website, or
such other form for the presentation of such information and containing such
additional information as may from time to time be recommended by the CMSA for
commercial mortgage-backed securities transactions generally.

            "CMSA REO Status Report": A monthly 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": The monthly data file
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 Total Loan Report": A monthly report substantially in the form
of, and containing the information called for in, the downloadable form of the
"Total 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 securities transactions generally.

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

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

            "Collection Account": One or more segregated accounts created and
maintained by each Master Servicer pursuant to Section 3.04(a) on behalf of the
Trustee in trust for the Certificateholders, which shall be entitled
substantially as follows: in the case of Midland, "Midland Loan Services, Inc.,
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
2007-7, Commercial Mortgage Pass-Through Certificates, Series 2007-7," and in
the case of Wachovia, "Wachovia Bank, National Association, as Master Servicer
for LaSalle Bank National Association, as Trustee, on behalf of and in trust for
the registered holders of ML-CFC Commercial Mortgage Trust 2007-7, Commercial
Mortgage Pass-Through Certificates, Series 2007-7."

            "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 Countrywide Trust Mortgage Loans, the Artesia
Mortgage Loans, the Merrill Trust Mortgage Loans and/or the PNC Trust Mortgage
Loans, as applicable.

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

            "Commons at Calabasas A-Note Non-Trust Loan": Upon funding, the loan
that is (a) not part of the Trust Fund, (b) has been designated under the
Commons at Calabasas Intercreditor Agreement as a "Future Advance Note," with an
aggregate unpaid principal balance of $16,000,000 as of the Cut-off Date and (c)
is secured by the same mortgage encumbering the Commons at Calabasas Mortgaged
Property.

            "Commons at Calabasas A-Note Non-Trust Loan Pooling and Servicing
Agreement": The pooling and servicing agreement establishing the trust fund into
which has been deposited the Commons at Calabasas A-Note Non-Trust Loan.

            "Commons at Calabasas A-Note Non-Trust Loan Servicer": The master
servicer under the Commons at Calabasas A-Note Non-Trust Loan Pooling and
Servicing Agreement.

            "Commons at Calabasas Borrower": The Mortgagor under the Commons at
Calabasas Loan Combination.

            "Commons at Calabasas Controlling Party": The Controlling Class
Representative.

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

            "Commons at Calabasas Loan Combination": Collectively, the Commons
at Calabasas Trust Mortgage Loan and (upon funding) the Commons at Calabasas
A-Note Non-Trust Loan.

            "Commons at Calabasas Mortgaged Property": The Mortgaged Property
identified on Schedule I to this Agreement as Commons at Calabasas.

            "Commons at Calabasas Trust Mortgage Loan": That loan that (a) is
part of the Trust Fund, (b) has been designated under the Commons at Calabasas
Intercreditor Agreement, as the "Initial Note," with an unpaid principal balance
of $101,500,000 as of the Cut-off Date, and (c) is secured by the same mortgage
encumbering the Commons at Calabasas Mortgaged Property as each Commons at
Calabasas A Note Non-Trust Loan.

            "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.

            "Converting Loan": The Mortgage Loan secured by the Mortgage
Property identified on the Mortgage Loan Schedule as Debbie Manor that has (a) a
maturity date that is 30 years after the Mortgage Loan origination; (b) a fixed
interest rate for the first 10 years of the Mortgage Loan term, followed by an
adjustable interest rate period, during which period, the interest rate may
adjust, based on a specified index, every six months, provided that such
adjusted interest rate has a floor set at the related initial fixed interest
rate; (c) voluntary prepayment, in whole or in part, with a prepayment premium
percentage that reduces over the Prepayment Premium Period; and (d) open
prepayment (252 months) following the Prepayment Premium Period.

            "Corporate Trust Office": The principal corporate trust office of
the Trustee at which at any particular time its asset-backed securities trust
business with respect to this Agreement shall be administered, which office at
the date of the execution of this Agreement is located at 135 S. LaSalle St.,
Chicago, IL 60603, Attn: Global Securities and Trust Services - ML-CFC 2007-7,
Commercial Mortgage Pass-Through Certificates, Series 2007-7.

            "Corrected Mortgage Loan": Any Serviced 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." After a Georgia-Alabama Retail Portfolio Servicing Transfer Event, the
Georgia-Alabama Retail Portfolio Trust Mortgage Loan shall not constitute a
Corrected Mortgage Loan under this Agreement; provided, that the Special
Servicer shall be entitled to receive any earned Workout Fee for so long as the
Georgia-Alabama Retail Portfolio Trust Mortgage Loan does not become a
"specially serviced mortgage loan" (or similar term) under the Georgia-Alabama
Retail Portfolio A-2 Note Pooling and Servicing Agreement.

            "Corresponding Certificates": With respect to any REMIC I Regular
Interest, the Class of Sequential Pay Certificates (other than the Floating Rate
Certificates) or REMIC II Regular Interest 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 (other than the
Floating Rate Certificates) or REMIC II Regular Interest 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
(other than the Floating Rate Certificates) or REMIC II Regular Interest. 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 June 13, 2007, between the
Depositor and Countrywide and relating to the transfer of the Countrywide Trust
Mortgage Loans to the Depositor.

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

            "Countrywide Trust Mortgage Loans": Each Trust Mortgage Loan
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": LaSalle Bank National Association or its successor in
interest, or any successor custodian appointed as herein provided.

            "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 June 2007; or, with respect to any Mortgage Loan that has its
first Due Date in July 2007, June 1, 2007.

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

            "Debt Service Coverage Ratio": With respect to any Mortgage Loan
(other than any B-Note Non-Trust 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 (other than any B-Note Non-Trust Loan)) generated
by the related Mortgaged Property during the most recently ended period of not
less than six months and not more than twelve months for which financial
statements, if available (whether or not audited) have been received by or on
behalf of the related Mortgage Loan Seller (prior to the Closing Date or, in the
case of a Qualified Substitute Mortgage Loan, prior to the relevant date of
determination) or the applicable Master Servicer or the Special Servicer (or,
after a Georgia-Alabama Retail Portfolio Servicing Transfer Event in the case of
the Georgia-Alabama Retail Portfolio Trust Mortgage Loan, the Georgia-Alabama
Retail Portfolio Servicer) (following the Closing Date), to (y) twelve times the
amount of the Periodic Payment in effect for such Mortgage Loan (other than any
B-Note Non-Trust 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 Serviced Mortgage Loan: (i) that is (A)
delinquent 60 days or more in respect of a Periodic Payment (not including the
Balloon Payment) or (B) delinquent in respect of its Balloon Payment unless (x)
the related Mortgagor makes an Assumed Periodic Payment on each Due Date
(commencing with the Due Date of such Balloon Payment) during the period
contemplated in clause (y), and (y) the applicable Master Servicer receives,
within 60 days after the Due Date of such Balloon Payment, written evidence from
an institutional lender of such lender's binding commitment to refinance such
Mortgage Loan within 120 days after the Due Date of such Balloon Payment and
either such 120-day period has not expired or it has not been determined, in
accordance with the definition of "Specially Serviced Mortgage Loan" that the
refinancing could not reasonably be expected to occur, in either case such
delinquency to be determined without giving effect to any grace period permitted
by the related Mortgage or Mortgage Note and without regard to any acceleration
of payments under the related Mortgage and Mortgage Note; or (ii) as to which
the Special Servicer has, by written notice to the related Mortgagor,
accelerated the maturity of the indebtedness evidenced by the related Mortgage
Note.

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

            "Defeasance Collateral": With respect to any Defeasance Loan, the
United States government securities within the meaning of Treas. Reg.
1.860G-2(a)(8)(i) 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 the related Loan Combination that are senior to, or
pari passu with, such Mortgage Loan, which valuation results from a proceeding
initiated under the Bankruptcy Code.

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

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

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

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

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

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

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

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

            "Determination Date": The eighth day of each month, or if such
eighth day is not a Business Day, the Business Day immediately succeeding,
commencing in July 2007.

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

            "Directly Operate": With respect to any Administered REO Property,
the furnishing or rendering of services to the tenants thereof, the management
of such Administered 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 Administered 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 Administered 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 Floating Rate
Certificate or any Excluded Class thereof) and REMIC II Regular Interests, 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 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 (directly or
indirectly, other than through a U.S. corporation) are (or are permitted to be
under the applicable partnership agreement) Disqualified Non-United States Tax
Persons.

            "Distributable Certificate Interest": With respect to any Class of
REMIC II Regular Certificates or REMIC II Regular Interests for any Distribution
Date, the Accrued Certificate Interest in respect of such Class of Certificates
or REMIC II Regular Interests 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 or REMIC II Regular Interests 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 Floating Rate
Certificates) or REMIC II Regular Interests for such Distribution Date; provided
that, if the aggregate Class Principal Balance of the Sequential Pay
Certificates (exclusive of the Floating Rate Certificates) or REMIC II Regular
Interests 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 Floating Rate Certificates) or REMIC II Regular
Interests 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 REMIC II Regular Certificates
and/or the REMIC II Regular Interests 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 REMIC II Regular Certificates or 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 2007-7, Commercial
Mortgage Pass-Through Certificates, Series 2007-7."

            "Distribution Date": With respect to any Determination Date, the
fourth Business Day following such Determination Date.

            "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 "Aa3" by Moody's and
"AA-" by S&P (or "A-" by S&P provided the short-term unsecured debt obligations
of such institution or trust company 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 "P-1" by Moody's 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 so long
as PNC (1) has a long-term unsecured debt rating of at least "A" and a
short-term rating of at least "A-1" from S&P and (2) has a long-term unsecured
debt rating of at least "A1" and a short-term rating of at least "P-1" from
Moody's, (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.

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

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

            "Euroclear": The Euroclear System or any successor.

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

            "Excess Servicing Strip": With respect to each Trust Mortgage Loan
and Trust REO Loan, that portion of the Master Servicing Fee for such Mortgage
Loan or REO Loan that represents interest accrued at the related Excess
Servicing Strip Rate.

            "Excess Servicing Strip Rate": With respect to each Mortgage Loan
and REO Loan, the excess of (x) the Master Servicing Fee Rate for such Mortgage
Loan or REO Loan over (y) the sum of (i) 0.01% (one basis point) per annum, and
(ii) with respect to any Mortgage Loan and REO Loan that is not primary serviced
by the applicable Master Servicer, the primary servicing fee rate, if any, for
such Mortgage Loan or REO Loan; provided that the Excess Servicing Strip Rate
with respect to each Mortgage Loan and REO Loan shall be subject to reduction by
the Trustee pursuant to Section 3.11(a).

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

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

            "Exchange Act Reporting Year": Each of (a) the Trust's fiscal year
2007, 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-2FL, Class A-3FL, Class A-SB, Class A-4,
Class A-4FL, Class A-1A, Class AM, Class AM-FL, Class AJ, Class AJ-FL, Class B,
Class C, Class D, Class E, Class F, Class G and Class H Certificates.

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

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

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

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

            "Final Recovery Determination": A determination by the Special
Servicer with respect to any Specially Serviced Mortgage Loan, Corrected
Mortgage Loan or REO Property (other than a Mortgage Loan or REO Property, as
the case may be, that was purchased or replaced by any of the Mortgage Loan
Sellers pursuant to the applicable Mortgage Loan Purchase Agreement, or that was
purchased by the Plurality Subordinate Certificateholder or the Special Servicer
or any assignee of the foregoing pursuant to Section 3.18, or by the related
Non-Trust Noteholder (in the case of an A-Note Trust Mortgage Loan) pursuant to
the related Loan Combination Intercreditor Agreement, or by the applicable
Master Servicer, the Special Servicer or the Plurality Subordinate
Certificateholder pursuant to Section 9.01) that there has been a recovery of
all Insurance Proceeds, Liquidation Proceeds, REO Revenues and other payments or
recoveries that the Special Servicer has determined, in accordance with the
Servicing Standard, will be ultimately recoverable; provided that the term
"Final Recovery Determination" shall, after a Georgia-Alabama Retail Portfolio
Servicing Transfer Event, include any comparable determination made by the
Georgia-Alabama Retail Portfolio Servicer pursuant to the Georgia-Alabama Retail
Portfolio A-2 Note Pooling and Servicing Agreement with respect to the
Georgia-Alabama Retail Portfolio Trust Mortgage Loan or any related
Georgia-Alabama Retail Portfolio REO Property.

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

            "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-2FL Certificates and the Class A-2FL REMIC II Regular Interest, the
holders of Class A-2FL Certificates and the Class A-2FL 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 2007-7, Commercial Mortgage Pass Through
Certificates, Series 2007-7, Class A-2FL, and Merrill Lynch Capital Services,
Inc., as their interests may appear, Floating Rate Account"; (ii) 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 2007-7, Commercial Mortgage Pass Through
Certificates, Series 2007-7, Class A-3FL, and Merrill Lynch Capital Services,
Inc., as their interests may appear, Floating Rate Account"; (iii) in the case
of the Class A-4FL Certificates and the Class A-4FL REMIC II Regular Interest,
the holders of Class A-4FL Certificates and the Class A-4FL 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 2007-7, Commercial Mortgage Pass Through
Certificates, Series 2007-7, Class A-4FL, and Merrill Lynch Capital Services,
Inc., as their interests may appear, Floating Rate Account"; (iv) in the case of
the Class AM-FL Certificates and the Class AM-FL REMIC II Regular Interest, the
holders of Class AM-FL Certificates and the Class AM-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 2007-7, Commercial Mortgage Pass Through
Certificates, Series 2007-7, Class AM-FL, and Merrill Lynch Capital Services,
Inc., as their interests may appear, Floating Rate Account"; and (v) in the case
of the Class AJ-FL Certificates and the Class AJ-FL REMIC II Regular Interest,
the holders of the Class AJ-FL Certificates and the Class AJ-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 2007-7, Commercial
Mortgage Pass Through Certificates, Series 2007-7, Class AJ-FL, and Merrill
Lynch Capital Services, Inc., as their interests may appear, Floating Rate
Account."

            "Floating Rate Certificate": Any Class A-2FL, Class A-3FL, Class
A-4FL, Class AM-FL or Class AJ-FL Certificate.

            "Floating Rate Grantor Trust": Any of Grantor Trust A-2FL, Grantor
Trust A-3FL Grantor Trust A-4FL, Grantor Trust AM-FL or Grantor Trust AJ-FL.

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

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

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

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

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

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

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

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

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

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

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

            "Gain-on-Sale Reserve Account": A segregated custodial account
(which may be a sub-account of the Distribution Account) created and maintained
by the Trustee pursuant to Section 3.04(e) in trust for the Certificateholders,
which shall be entitled "LaSalle Bank National Association, as Trustee, in trust
for the registered holders of ML-CFC Commercial Mortgage Trust 2007-7,
Commercial Mortgage Pass-Through Certificates, Series 2007-7, Gain-on-Sale
Reserve Account."

            "Georgia-Alabama Retail Portfolio A-1/A-2 Intercreditor Agreement":
The co-lender agreement by and between the holder of the Georgia-Alabama Retail
Portfolio Trust Mortgage Loan and the holder of the Georgia-Alabama Retail
Portfolio A-Note Non-Trust Loan. Following the inclusion of the Georgia-Alabama
Retail Portfolio Trust Mortgage Loan in the Trust Fund, the Trust, acting
through the Trustee, will be the holder of that Mortgage Loan and a party to the
Georgia-Alabama Retail Portfolio A-1/A-2 Intercreditor Agreement.

            "Georgia-Alabama Retail Portfolio A-2 Note Pooling and Servicing
Agreement": The pooling and servicing agreement establishing the trust fund into
which the Georgia-Alabama Retail Portfolio A-Note Non-Trust Loan has been
deposited.

            "Georgia Alabama Retail Portfolio A/B Intercreditor Agreement": The
co-lender agreement by and between the holder of the Georgia Alabama Retail
Portfolio Senior Loans and the holder of the Georgia Alabama Retail Portfolio
B-Note Non Trust Loan. Following the inclusion of the Georgia Alabama Retail
Portfolio Trust Mortgage Loan in the Trust Fund, the Trust, acting through the
Trustee will be the holder of that Mortgage Loan and a party to the Georgia
Alabama Retail Portfolio A/B Intercreditor Agreement.

            "Georgia-Alabama Retail Portfolio Additional Action": Any
"Additional Action" as defined under the Georgia-Alabama Retail Portfolio
A-1/A-2 Intercreditor Agreement.

            "Georgia-Alabama Retail Portfolio A-Note Non-Trust Loan": The loan
that is (a) not part of the Trust Fund, (b) has been designated under the
Georgia-Alabama Retail Portfolio Intercreditor Agreement as "Note A-2," with an
aggregate unpaid principal balance of $33,000,000 as of the Cut-off Date and (c)
is secured by the same mortgages encumbering the Georgia-Alabama Retail
Portfolio Mortgaged Properties.

            "Georgia-Alabama Retail Portfolio B-Note Non-Trust Loan": The loan
that is (a) not part of the Trust Fund, (b) has been designated under the
Georgia-Alabama Retail Portfolio Intercreditor Agreement as "Note B," with an
aggregate unpaid principal balance of $14,000,000 as of the Cut-off Date, (c) is
secured by the same mortgages encumbering the Georgia-Alabama Retail Portfolio
Mortgaged Properties and (d) is subordinate in right of payment and other
respects to the Georgia-Alabama Retail Portfolio Senior Loans to the extent set
forth in the Georgia-Alabama Retail Portfolio A/B Intercreditor Agreement.

            "Georgia-Alabama Retail Portfolio Non-Trust Loan Servicer": The
master servicer under the Georgia-Alabama Retail Portfolio A-2 Note Pooling and
Servicing Agreement.

            "Georgia-Alabama Retail Portfolio Borrower": The Mortgagor under the
Georgia-Alabama Retail Portfolio Loan Combination.

            "Georgia-Alabama Retail Portfolio Companion Loans": The
Georgia-Alabama Retail Portfolio A-Note Non-Trust Loan and the Georgia-Alabama
Retail Portfolio B-Note Non-Trust Loan.

            "Georgia-Alabama Retail Portfolio Consulting Holder": (A) (i) Prior
to a Georgia-Alabama Retail Portfolio Retail Portfolio Control Appraisal Event,
the holder of greater than 50% of the interests in the Georgia-Alabama Retail
Portfolio A-Note Non-Trust Loan or (ii) after a securitization of the
Georgia-Alabama Retail Portfolio Retail Portfolio A-Note Non-Trust Loan, the
holder of certificates representing a majority interest in a designated
controlling class in accordance with the Georgia-Alabama Retail Portfolio Note
A-2 Pooling and Servicing Agreement and (B) after a Georgia-Alabama Retail
Portfolio Control Appraisal Event, the Controlling Class Representative.

            "Georgia-Alabama Retail Portfolio Controlling Party": The Holder of
the Georgia-Alabama Retail Portfolio B-Note Non-Trust Loan for so long as such
holder is not the Georgia-Alabama Retail Portfolio Borrower or an affiliate
thereof and no related Georgia-Alabama Retail Portfolio Control Appraisal Event
has occurred and is continuing, and upon a Georgia-Alabama Retail Portfolio
Control Appraisal Event, the Holder of the Georgia-Alabama Retail Portfolio
A-Note Non-Trust Loan.

            "Georgia Alabama Retail Portfolio Intercreditor Agreements":
Collectively, the Georgia Alabama Retail Portfolio A-1/A-2 Intercreditor
Agreement and the Georgia Alabama Retail Portfolio A/B Intercreditor Agreement.

            "Georgia-Alabama Retail Portfolio Loan Combination": Collectively,
the Georgia-Alabama Retail Portfolio Trust Mortgage Loan, the Georgia-Alabama
Retail Portfolio A-Note Non-Trust Loan and the Georgia-Alabama Retail Portfolio
B-Note Non-Trust Loan.

            "Georgia-Alabama Retail Portfolio Loan Combination Major Action":
Any "Major Action" as defined under the Georgia-Alabama Retail Portfolio
Intercreditor Agreements.

            "Georgia-Alabama Retail Portfolio Mortgaged Properties": The
Mortgaged Properties identified on Schedule I to this Agreement as
Georgia-Alabama Retail Portfolio.

            "Georgia-Alabama Retail Portfolio Senior Loans": Collectively, the
Georgia-Alabama Retail Portfolio Trust Mortgage Loan and the Georgia-Alabama
Retail Portfolio A-Note Non-Trust Loan.

            "Georgia-Alabama Retail Portfolio Servicing Fee Rate": With respect
to the Georgia-Alabama Retail Portfolio Trust Mortgage Loan after the occurrence
of a Georgia-Alabama Retail Portfolio Servicing Transfer Event, the primary
servicing fee rate payable to the Georgia-Alabama Retail Portfolio Servicer
pursuant to the Georgia-Alabama Retail Portfolio A-2 Note Pooling and Servicing
Agreement, which for the avoidance of doubt, shall equal 0.01% per annum with
respect to such Trust Mortgage Loan.

            "Georgia-Alabama Retail Portfolio Servicing Transfer Event": The
exercise by Countrywide of its right to cause the servicing of the
Georgia-Alabama Retail Portfolio Loan Combination (in accordance with the
Georgia-Alabama Retail Portfolio Intercreditor Agreements) to be governed by the
Georgia-Alabama Retail Portfolio A-2 Note Pooling and Servicing Agreement.

            "Georgia-Alabama Retail Portfolio Servicer": The master servicer or
special servicer, as applicable, under the Georgia-Alabama Retail Portfolio A-2
Note Pooling and Servicing Agreement.

            "Georgia-Alabama Retail Portfolio Trust Mortgage Loan": That loan
that (a) is part of the Trust Fund, (b) has been designated under the
Georgia-Alabama Retail Portfolio Intercreditor Agreement, as the "Note A-1,"
with an unpaid principal balance of $33,000,000 as of the Cut-off Date, and (c)
is secured by the same mortgages encumbering the Georgia-Alabama Retail
Portfolio Mortgaged Properties as the Georgia-Alabama Retail Portfolio A-Note
Non-Trust Loan and the Georgia-Alabama Retail Portfolio B-Note Non-Trust Loan.

            "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": Collectively, Grantor Trust A-2FL, Grantor Trust
A-3FL, Grantor Trust A-4FL, Grantor Trust AM-FL, Grantor Trust AJ-FL, Grantor
Trust Y and Grantor Trust Z.

            "Grantor Trust A-2FL": That certain "grantor trust" (within the
meaning of the Grantor Trust Provisions), the assets of which consist of (i) the
Class A-2FL REMIC II Regular Interest and distributions thereon, (ii) the Class
A-2FL Swap Agreement and payments by the Class A-2FL Swap Counterparty
thereunder and (iii) the Class A-2FL Sub-Account, intended to be treated as a
"grantor trust" within the meaning of the Grantor Trust Provisions.

            "Grantor Trust A-2FL Assets": The segregated pool of assets
comprising Grantor Trust A-2FL.

            "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 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 A-4FL": That certain "grantor trust" (within the
meaning of the Grantor Trust Provisions), the assets of which consist of (i) the
Class A-4FL REMIC II Regular Interest and distributions thereon, (ii) the Class
A-4FL Swap Agreement and payments by the Class A-4FL Swap Counterparty
thereunder and (iii) the Class A-4FL Sub-Account, intended to be treated as a
"grantor trust" within the meaning of the Grantor Trust Provisions.

            "Grantor Trust A-4FL Assets": The segregated pool of assets
comprising Grantor Trust A-4FL.

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

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

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

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

            "Grantor Trust Provisions": Subpart E of Part I of Subchapter J of
the Code (including Treasury Regulations thereunder) and Treasury Regulations
Section 301.7701-4(c).

            "Grantor Trust Y": 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 Converting Loan and any successor Trust REO
Loans accruing during its adjustable interest rate period and amounts held from
time to time in the Collection Accounts and/or the Trust Converting Loan
Additional Interest Account.

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

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

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

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

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

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

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

            "Holder": A Certificateholder.

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

            "Hillwood Apartments B-Note Non-Trust Noteholder": The holder of the
Hillwood Apartments B-Note Non-Trust Loan.

            "Hillwood Apartments Controlling Party" means the Controlling Class
Representative.

            "Hillwood Apartments Intercreditor Agreement": The Intercreditor and
Servicing Agreement, dated June 13, 2007, between the Trust as holder of the
Hillwood Apartments Trust Mortgage Loan and the holder of the Hillwood
Apartments B-Note Non-Trust Loan.

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

            "Hillwood Apartments Mortgaged Property": The Mortgaged Property
identified on the Mortgage Loan Schedule as Hillwood Apartments.

            "Hillwood Apartments REO Property": With respect to the Hillwood
Apartments Loan Combination, the related Loan Combination REO Property.

            "Hillwood Apartments Trust Mortgage Loan": The Trust Mortgage Loan
that is secured by the Hillwood Apartments Mortgaged Property and included in
the Trust Fund.

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

            "Independent": When used with respect to any specified Person, any
such Person who (i) is in fact independent of the Depositor, any Mortgage Loan
Seller, either Master Servicer, the Special Servicer, the Controlling Class
Representative, the Trustee, the Custodian, 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, any Mortgage Loan Seller, either Master
Servicer, the Special Servicer, the Controlling Class Representative, the
Trustee, the Custodian, 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, any
Mortgage Loan Seller, either Master Servicer, the Controlling Class
Representative, the Special Servicer, the Trustee, the Custodian, 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, either Master Servicer,
the Controlling Class Representative, the Special Servicer, the Trustee, the
Custodian, 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, either
Master Servicer, the Special Servicer, the Controlling Class Representative, the
Trustee, the Custodian, 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 either 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 either
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
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
Corporation.

            "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-2FL Certificates, the Class A-3FL
Certificates, the Class A-4FL Certificates, the Class AM-FL Certificates and the
Class AJ-FL Certificates prior to a Class A-2FL Distribution Conversion, Class
A-3FL Distribution Conversion, Class A-4FL Distribution Conversion, Class AM-FL
Distribution Conversion or a Class AJ-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-2FL Interest
Distribution Amounts and Class A-2FL Floating Swap Payments, Class A-3FL
Interest Distribution Amounts and Class A-3FL Floating Swap Payments, Class
A-4FL Interest Distribution Amounts and Class A-4FL Floating Swap Payments,
Class AM-FL Interest Distribution Amounts and Class AM-FL Floating Swap Payments
or Class AJ-FL Interest Distribution Amounts and Class AJ-FL Floating Swap
Payments, for any Distribution Date and any Class A-2FL Swap Payment Date, Class
A-3FL Swap Payment Date, Class A-4FL Swap Payment Date, Class AM-FL Swap Payment
Date or Class AJ-FL Swap Payment Date, as the case may be, related thereto based
upon the confirmation under the related Swap Agreement, the period from and
including the 12th day of the calendar month which precedes the calendar month
during which such Distribution Date occurs (or, in the case of the first
Distribution Date, will begin on and include the Closing Date) to, but
excluding, the 12th day of the calendar month during which such Distribution
Date occurs; provided that, if a Class A-2FL Distribution Conversion, Class
A-3FL Distribution Conversion, Class A-4FL Distribution Conversion, Class AM-FL
Distribution Conversion or a Class AJ-FL Distribution Conversion is in effect
with respect to the subject Distribution Date, then the Interest Accrual Period
applicable to the Class A-2FL Interest Distribution Amount, Class A-3FL Interest
Distribution Amount, Class A-4FL Interest Distribution Amount, Class AM-FL
Interest Distribution Amount or the Class AJ-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-2FL REMIC II Regular Interest, Class
A-3FL REMIC II Regular Interest, Class A-4FL REMIC II Regular Interest, Class
AM-FL REMIC II Regular Interest or the Class AJ-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 2007-7,
Commercial Mortgage Pass-Through Certificates, Series 2007-7."

            "Interest Reserve Amount": With respect to each Interest Reserve
Loan and each Distribution Date that occurs in February of each year subsequent
to 2007 and in January of each year subsequent to 2007 that is not a leap year
(unless the related Distribution Date is the final Distribution Date), an amount
equal to one day's interest at the related Net Mortgage Rate on the related
Stated Principal Balance as of the Due Date in the month in which such
Distribution Date occurs (but prior to the application of any amounts owed on
such Due Date), to the extent a Periodic Payment or P&I Advance is made in
respect thereof for such Due Date as of the related P&I Advance Date, in the
case of a Periodic Payment, or as of the related Distribution Date, in the case
of a P&I Advance.

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

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

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

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

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

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

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

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

            "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, if applicable, New York, New York, pursuant to
the definition of "LIBOR Determination Date" below..

            "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 pursuant to the
applicable Mortgage Loan Purchase Agreement; (iv) such Mortgage Loan is
purchased by the Plurality Subordinate Certificateholder, the Special Servicer
or any assignee thereof pursuant to Section 3.18 or by either Master Servicer,
the Special Servicer or the Plurality Subordinate Certificateholder pursuant to
Section 9.01; (v) in the case of the MezzCap Trust Mortgage Loans, any 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 either Master Servicer, the Special Servicer
or the Plurality Subordinate Certificateholder pursuant to Section 9.01; or (iv)
such REO Property is removed from the Trust Fund by the Sole Certificate Owner
in connection with an exchange of all of the outstanding Certificates owned by
the Sole Certificate Owner for all of the Trust Mortgage Loans and each REO
Property remaining in the Trust Fund pursuant to Section 9.01.

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

            "Loan Combination": Collectively, each A-Note Trust Mortgage Loan
and the related A-Note Non-Trust Loan and/or 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": With respect to the related
Loan Combination, the Commons at Calabasas Controlling Party, the
Georgia-Alabama Retail Portfolio Controlling Party, the Ashton Lake Controlling
Party, the Morehouse Portfolio Controlling Party, the Super Center Plaza
Controlling Party, the Town & Country Shopping Center Controlling Party, the
Quail Creek Plaza Controlling Party, the Hillwood Apartments Controlling Party,
the Somerset Meadows Controlling Party and the New Sunshine Tech Center
Controlling Party.

            "Loan Combination Custodial Account": With respect to any Serviced
Loan Combination, the separate account (which may be a sub-account of the
applicable Collection Account) created and maintained by the applicable Master
Servicer pursuant to Section 3.04(h) and held on behalf of the
Certificateholders and the related Non-Trust Noteholder, which shall be entitled
substantially as follows: in the case of the Midland, "Midland Loan Services,
Inc., 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 2007-7, Commercial Mortgage Pass-Through Certificates, Series 2007-7, and
[name of the related Non-Trust Noteholder(s)], as their interests may appear,"
and in the case of Wachovia, "Wachovia Bank, National Association, as Master
Servicer for LaSalle Bank National Association, as Trustee, on behalf of and in
trust for the registered holders of ML-CFC Commercial Mortgage Trust 2007-7,
Commercial Mortgage Pass-Through Certificates, Series 2007-7, and [name of the
related Non-Trust Noteholder(s)], as their interests may appear." Any such
account shall be an Eligible Account or a sub-account of an Eligible Account.

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

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

            "Loan Combination REO Account": With respect to each Serviced 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 2007-7, Commercial Mortgage Pass-Through Certificates,
Series 2007-7, and [name of the related Non-Trust Noteholder(s)], as their
interests may appear."

            "Loan Combination REO Property": With respect to each Serviced 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 Serviced Loan Combination.

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

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

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

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

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

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

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

            "Loan-to-Value Ratio": With respect to any Mortgage Loan (other than
any B-Note Non-Trust 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 (other than any B-Note Non-Trust Loan), as adjusted
in accordance with the considerations specified in Section 3.08(a)(i), and the
denominator of which is the Appraised Value of the related Mortgaged Property.

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

            "Master Servicer Indemnification Agreement": With respect to the
initial Master Servicer No. 1, that certain Master Servicer and Special Servicer
Indemnification Agreement, dated as of May 31, 2007, between such Master
Servicer, the Depositor, the Underwriters and the Initial Purchasers; and with
respect to the initial Master Servicer No. 2, that certain Master Servicer
Indemnification Agreement, dated as of May 31, 2007, between such Master
Servicer, the Depositor, the Underwriters and the Initial Purchasers.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

            provided that, in the case of clauses (ii), (iv), (ix) and (xii)
above, if a Servicing Representative is a Designated Sub-Servicer, the subject
event, condition, circumstance and/or matter shall constitute a Master Servicer
Reportable Event with respect to such Servicing Representative only if the
Master Servicer has knowledge thereof.

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

            "Master Servicing Fee Rate": With respect to each Trust Mortgage
Loan, the per annum rate equal to the sum of the rates set forth under the
columns "Master Servicing Fee Rate," "Primary Servicing Fee Rate" and
"Sub-Servicing Fee Rate" on the Mortgage Loan Schedule, and with respect to each
Non-Trust Loan, or any successor REO Loan with respect thereto, the per annum
rate at which any related Master Servicing Fee is permitted to be calculated
under the related Loan Combination Intercreditor Agreement. Notwithstanding the
foregoing, with respect to the Georgia-Alabama Retail Portfolio Trust Mortgage
Loan, in the event that such Trust Mortgage Loan is serviced under the
Georgia-Alabama Portfolio Companion Loan Pooling and Servicing Agreement, the
"Master Servicing Fee Rate" for such Trust Mortgage Loan shall equal 0.01% per
annum. With respect to each Non-Trust Loan related to any Countrywide Trust
Mortgage Loan, the "Master Servicing Fee Rate" for Master Servicer No. 2 for
such Mortgage Loans shall equal 0.01% per annum.

            "Material Debtor": Any of the following:

            (i) the Trust;

            (ii) each of the Mortgage Loan Sellers;

            (iii) each of the parties to this Agreement;

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

            (v) any Significant Obligor;

            (vi) any Enhancement/Support Provider; and

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

            "Material Litigant": Any of the following:

            (i) the Trust;

            (ii) each of the Mortgage Loan Sellers;

            (iii) the Depositor;

            (iv) the Trustee;

            (v) each Master Servicer;

            (vi) the Special Servicer; (vii) the Custodian;

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

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

            (x) 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 June 13, 2007, between the Depositor and
MLMLI and relating to the transfer of the Merrill Trust Mortgage Loans to the
Depositor.

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

            "MERS": Mortgage Electronic Registration Systems, Inc. or any
successor thereto.

            "MERS Mortgage Loan": Any Mortgage Loan registered with MERS on the
MERS(R) System, as to which MERS is acting as mortgagee, solely as nominee for
the originator of such Mortgage Loan and its successors and assigns.

            "MERS(R) System": The system of recording transfers of mortgages
electronically maintained by MERS.

            "MezzCap B-Note Non-Trust Mortgage Loans" means the Ashton Lake
B-Note Non-Trust Mortgage Loan, the Morehouse Portfolio B-Note Non-Trust
Mortgage Loan, the Super Center Plaza B-Note Non-Trust Mortgage Loan, the Town &
Country Shopping Center B-Note Non-Trust Mortgage Loan, the Quail Creek Plaza
B-Note Non-Trust Mortgage Loan and the New Sunshine Tech Center B-Note Non-Trust
Mortgage Loan.

            "MezzCap Intercreditor Agreements" means the Ashton Lake
Intercreditor Agreement, the Morehouse Portfolio Intercreditor Agreement, the
Super Center Plaza Intercreditor Agreement, the Town & Country Shopping Center
Intercreditor Agreement, the Quail Creek Plaza Intercreditor Agreement and the
New Sunshine Tech Center Intercreditor Agreement.

            "MezzCap Loan Combinations" means the Ashton Lake Loan Combination,
the Morehouse Portfolio Loan Combination, the Super Center Plaza Loan
Combination, the Town & Country Shopping Center Loan Combination, the Quail
Creek Plaza Loan Combination and the New Sunshine Tech Center Loan Combination.

            "MezzCap Material Default" means, with respect to a MezzCap Loan
Combination, one of the following events: (a) either of the related underlying
mortgage loan or B-Note Non-Trust Loan has been accelerated; (b) a continuing
monetary default; or (c) a bankruptcy action has been filed by or against the
related borrower.

            "MezzCap Trust Mortgage Loans" means the Ashton Lake Trust Mortgage
Loan, the Morehouse Portfolio Trust Mortgage Loan, the Super Center Plaza Trust
Mortgage Loan, the Town & Country Shopping Center Trust Mortgage Loan, the Quail
Creek Plaza Trust Mortgage Loan and the New Sunshine Tech Center Trust Mortgage
Loan.

            "Midland": Midland Loan Services, Inc., a Delaware corporation, or
its successor in interest.

            "MIN": The mortgage identification number for any MERS Mortgage
Loan.

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

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

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

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

            "Morehouse Portfolio B-Note Non-Trust Noteholder": The holder of the
Morehouse Portfolio B-Note Non-Trust Loan.

            "Morehouse Portfolio Controlling Party" means the Controlling Class
Representative.

            "Morehouse Portfolio Intercreditor Agreement": The Intercreditor and
Servicing Agreement, dated April 19, 2007, between the Trust as holder of the
Morehouse Portfolio Trust Mortgage Loan and the holder of the Morehouse
Portfolio B-Note Non-Trust Loan.

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

            "Morehouse Portfolio Mortgaged Property": The Mortgaged Property
identified on the Mortgage Loan Schedule as Morehouse Portfolio.

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

            "Morehouse Portfolio Trust Mortgage Loan": The Trust Mortgage Loan
that is secured by the Morehouse Portfolio Mortgaged Property and included in
the Trust Fund.

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

            (i) (A) the original executed Mortgage Note for such Serviced 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 2007-7, Commercial Mortgage
      Pass-Through Certificates, Series 2007-7, or in blank, and (B) in the case
      of a Serviced 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 or, in the case of a MERS Mortgage Loan, an original or a copy of
      the Mortgage, together with 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, with language noting the presence of the MIN
      of such Mortgage Loan and language indicating that such Mortgage Loan is a
      MERS Mortgage Loan;

            (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 or, in the case of a MERS Mortgage Loan, an
      original or copy of any related Assignment of Leases (if such item is a
      document separate from the Mortgage), together with any and all
      intervening assignments thereof, in each case with evidence of recording
      indicated thereon or certified by the applicable recording office, with
      language noting the presence of the MIN of such Mortgage Loan and language
      indicating that such Mortgage Loan is a MERS Mortgage Loan;

            (iv) an original executed assignment, in recordable form (except for
      completion of the assignee's name, if the assignment is delivered in
      blank, and any missing recording information) or a certified copy of that
      assignment as sent for recording, of (A) the Mortgage, (B) any related
      Assignment of Leases (if such item is a document separate from the
      Mortgage) and (C) any other recorded document relating to such Trust
      Mortgage Loan otherwise included in the Mortgage File, in favor of LaSalle
      Bank National Association, as trustee for the registered holders of ML-CFC
      Commercial Mortgage Trust 2007-7, Commercial Mortgage Pass-Through
      Certificates, Series 2007-7 (or, in the case of a Serviced Loan
      Combination, in favor of LaSalle Bank National Association, as Trustee for
      the registered holders of ML-CFC Commercial Mortgage Trust 2007-7,
      Commercial Mortgage Pass-Through Certificates, Series 2007-7, and in its
      capacity as lead lender on behalf of the holder of the related Non-Trust
      Loan(s)), or in blank; provided that, if the related Mortgage has been
      recorded in the name of Mortgage Electronic Registration Systems, Inc.
      ("MERS") or its designee, no assignment of Mortgage, Assignment of Leases
      or other recorded document in favor of the Trustee will be required to be
      prepared or delivered and instead, the Seller shall take all actions as
      are necessary to cause the Trustee to be shown as, and shall deliver
      evidence of any such transfers to the Master Servicers and the Special
      Servicer, and the Trustee shall take all actions necessary to confirm that
      it is shown as, the owner of the related Mortgage on the records of MERS
      for purposes of the system of recording transfers of beneficial ownership
      of mortgages maintained by MERS;

            (v) an original assignment of all unrecorded documents relating to
      the subject Trust Mortgage Loan (to the extent not already assigned
      pursuant to clause (iv) above), in favor of LaSalle Bank National
      Association, as trustee for the registered holders of ML-CFC Commercial
      Mortgage Trust 2007-7, Commercial Mortgage Pass-Through Certificates,
      Series 2007-7 (or, in the case of a Serviced Loan Combination, in favor of
      LaSalle Bank National Association, as trustee for the registered holders
      of ML-CFC Commercial Mortgage Trust 2007-7, Commercial Mortgage
      Pass-Through Certificates, Series 2007-7, 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 Serviced 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 2007-7, Commercial Mortgage
      Pass-Through Certificates, Series 2007-7, as assignee (or, in the case of
      a Serviced Loan Combination, in favor of LaSalle Bank National
      Association, as trustee for the registered holders of ML-CFC Commercial
      Mortgage Trust 2007-7, Commercial Mortgage Pass-Through Certificates,
      Series 2007-7, and in its capacity as lead lender on behalf of the holder
      of the related Non-Trust Loan(s)), or in blank; provided, if the related
      Mortgage Loan has been recorded in the name of MERS or its designee, no
      UCC Financing Statement in favor of the Trustee will be required to be
      prepared or delivered and instead, the Seller shall take all actions as
      are necessary to cause the Trustee, on behalf of the Certificateholders,
      to be shown as, and shall deliver evidence of any such transfers to the
      Master Servicers and the Special Servicer, and the Trustee shall take all
      actions necessary to confirm that it is shown as, the secured party on the
      related UCC Financing Statements on the records of MERS for purposes of
      the system of recording transfers of beneficial ownership of mortgages
      maintained by MERS;

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

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

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

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

            (b) after a Georgia Alabama Retail Portfolio Servicing Transfer
Event with respect to the Georgia Alabama Retail Portfolio Trust Mortgage Loan,
the following documents collectively:

            (i) 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 2007-7, Commercial Mortgage Pass
      Through Certificates, Series 2007-7, or in blank;

            (ii) an executed copy of the Georgia-Alabama Retail Portfolio
      Intercreditor Agreements; and

            (iii) an executed copy of the Georgia-Alabama Retail Portfolio A-2
      Note Pooling and Servicing Agreement;

provided that whenever the term "Mortgage File" is used to refer to documents
actually received by the Custodian, 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 Custodian for
documents described in clause (a)(vi) of this definition, shall be deemed to
include only such documents to the extent the 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": Each of the Countrywide Mortgage
Loan Purchase Agreement, the PNC Mortgage Loan Purchase Agreement, the Merrill
Mortgage Loan Purchase Agreement and the Artesia Mortgage Loan Purchase
Agreement.

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

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

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

            (iii) the Cut-off Date Balance;

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

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

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

            (vii) the original and remaining amortization term;

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

            (ix) the Master Servicing Fee Rate;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

            "Mortgage Loan Seller": Each of Countrywide, MLMLI, PNC and Artesia.

            "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 or, in
the case of the Georgia-Alabama Retail Portfolio Trust Mortgage Loan, any
modification after a Georgia-Alabama Retail Portfolio Servicing Transfer Event
thereof pursuant to the Georgia-Alabama Retail Portfolio A-2 Note Pooling and
Servicing Agreement; and (iii) any REO Loan, the annualized rate described in
clause (i) or (ii), as applicable, above determined as if the predecessor
Mortgage Loan had remained outstanding.

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

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

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

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

            "Net Investment Loss": With respect to each of the Collection
Accounts, any Servicing Account, any Reserve Account, any REO Account, the
Distribution Account, any Loan Combination Custodial Account, the Interest
Reserve Account, the Additional Interest Accounts 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); and

            (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 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 2007 (unless, in either case, the related Distribution Date is the
final Distribution Date), then the amount of interest referred to in the
fractional numerator described in clause (B)(1) above will be decreased to
reflect any Interest Reserve Amounts with respect to the subject Trust Mortgage
Loan (or Trust REO Loan) transferred from the Distribution Account to the
Interest Reserve Account in such calendar month. Furthermore, if the subject
Distribution Date occurs during March of any year subsequent to 2007 (or
February, if the related Distribution Date is the final Distribution Date), then
the amount of interest referred to in the fractional numerator described in
clause (B)(1) above will be increased to reflect any Interest Reserve Amounts
with respect to the subject Trust Mortgage Loan (or Trust REO Loan) transferred
from the Interest Reserve Account to the Distribution Account for distribution
on such Distribution Date.

            "Net Mortgage Rate": With respect to any Trust Mortgage Loan or any
Trust REO Loan, as of any date of determination, a rate per annum equal to the
related Mortgage Rate minus the sum of the Trust Administration Fee Rate, and
the applicable Master Servicing Fee Rate (and Broker Strip Rate, if any) and,
after a Georgia-Alabama Retail Portfolio Servicing Transfer Event with respect
to the Georgia-Alabama Retail Portfolio Trust Mortgage Loan or any successor
Trust REO Loan with respect thereto, the Georgia-Alabama Retail Portfolio
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.

            "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 Serviced Loan Combination, the related Non-Trust Noteholder(s).

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

            "New Sunshine Tech Center B-Note Non-Trust Noteholder": The holder
of the New Sunshine Tech Center B-Note Non-Trust Loan.

            "New Sunshine Tech Center Controlling Party" means the Controlling
Class Representative.

            "New Sunshine Tech Center Intercreditor Agreement": The
Intercreditor and Servicing Agreement, dated April 5, 2007, between the Trust as
holder of the New Sunshine Tech Center Trust Mortgage Loan and the holder of the
New Sunshine Tech Center B-Note Non-Trust Loan.

            "New Sunshine Tech Center Loan Combination": Collectively, the New
Sunshine Tech Center Trust Mortgage Loan and the New Sunshine Tech Center B-Note
Non-Trust Loan. The term "New Sunshine Tech Center Loan Combination" shall
include any successor REO Loans with respect to the New Sunshine Tech Center
Trust Mortgage Loan and the New Sunshine Tech Center B-Note Non-Trust Loan.

            "New Sunshine Tech Center Mortgaged Property": The Mortgaged
Property identified on the Mortgage Loan Schedule as New Sunshine Tech Center.

            "New Sunshine Tech Center REO Property": With respect to the New
Sunshine Tech Center Loan Combination, the related Loan Combination REO
Property.

            "New Sunshine Tech Center Trust Mortgage Loan": The Trust Mortgage
Loan that is secured by the New Sunshine Tech Center Mortgaged Property and
included in the Trust Fund.

            "NMWHFIT": A "Non-Mortgage Widely Held Fixed Investment Trust" as
that term is defined in Treasury Regulations Section 1.671-5(b)(12) or successor
provisions.

            "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 applicable Master Servicer, the Trustee or any Fiscal
Agent, as the case may be, that, as determined by the applicable Master
Servicer, the Special Servicer, the Trustee or any Fiscal Agent, as applicable,
in accordance with the Servicing Standard (in the case of the applicable Master
Servicer or the Special Servicer) or its good faith judgment (in the case of the
Trustee 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 applicable 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 applicable Master Servicer, the Trustee or any
Fiscal Agent is a Nonrecoverable P&I Advance and shall deliver notice of such
determination to the applicable 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 applicable 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
applicable Master Servicer and the applicable 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 any determination that any P&I Advance constitutes a
Nonrecoverable P&I Advance.

            "Nonrecoverable Servicing Advance": Any Servicing Advance previously
made or proposed to be made, including any previously made Servicing Advance
that constitutes a Workout-Delayed Reimbursement Amount, in respect of a
Mortgage Loan or REO Loan by the applicable Master Servicer, the Special
Servicer, the Trustee or any Fiscal Agent, as the case may be, that, as
determined by the applicable Master Servicer, the Special Servicer, the Trustee
or any Fiscal Agent, as the case may be, in accordance with the Servicing
Standard (in the case of the applicable Master Servicer or the Special Servicer)
or its good faith judgment (in the case of the Trustee 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 applicable 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 applicable Master Servicer, the Trustee or any Fiscal
Agent is a Nonrecoverable Servicing Advance and shall deliver notice of such
determination to the applicable 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. The applicable 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 applicable
Master Servicer and the applicable 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 any
determination that any Servicing Advance constitutes a Nonrecoverable P&I
Advance.

            "Non-Registered Certificate": Unless and until registered under the
Securities Act, any Class A-2FL, Class A-3FL, Class A-4FL, Class A-MFL, Class
A-JFL, Class X, Class E, Class F, Class G, Class H, Class J, Class K, Class L,
Class M, Class N, Class P, Class Q, Class Y, Class Z, Class R-I or Class R-II
Certificate.

            "Non-Trust Loan" Any Commons at Calabasas A-Note Non-Trust Loan,
Georgia-Alabama Retail Portfolio A-Note Non-Trust Loan or 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 either Master Servicer or the Special Servicer, as the case may be, or by a
Responsible Officer of the Trustee.

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

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

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

            "Original Class Principal Balance": With respect to any Class of
Sequential Pay Certificates or 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-2FL Certificates and the Class A-2FL
REMIC II Regular Interest will have the same Original Class Principal Balance,
the Class A-3FL Certificates and the Class A-3FL REMIC II Regular Interest will
have the same Original Class Principal Balance, the Class A-4FL Certificates and
the Class A-4FL REMIC II Regular Interest will have the same Original Class
Principal Balance, the Class AM-FL Certificates and the Class AM-FL REMIC II
Regular Interest will have the same Original Class Principal Balance, and the
Class AJ-FL Certificates and the Class AJ-FL REMIC II Regular Interest will have
the same original class Principal Balance.

            "Original Notional Amount": $2,785,502,676, the total original
notional amount of the Class X Certificates.

            "Other Securitization": A securitization of any of an A-Note
Non-Trust Loan, the Georgia-Alabama Retail Portfolio B-Note Non-Trust Loan or a
CFC B-Note Non-Trust Loan.

            "Other Securitization Pooling and Servicing Agreement": The pooling
and servicing agreement for the Other Securitization.

            "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.

            "Palmilla Apartments Stabilization Fee 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)(iii) with
respect to the Palmilla Apartments Mortgage Loan, which shall be entitled
"LaSalle Bank National Association, as Trustee, in trust for the registered
holders of ML-CFC Commercial Mortgage Trust 2007-7, Commercial Mortgage
Pass-Through Certificates, Series 2007-7, Palmilla Apartments Stabilization Fee
Account." The Palmilla Apartments Stabilization Fee Account shall not be an
asset of either REMIC I or REMIC II.

            "Palmilla Apartments Stabilization Fee": With respect to the
Palmilla Apartments Mortgage Loan, a fee payable quarterly by the related
Mortgagor to the lender equal to 0.25% of the original principal balance of the
Mortgage Loan commencing 12 months after the closing of such Mortgage Loan and
continuing until the related Mortgaged Property meets certain performance
related criteria set forth in the related Mortgage Loan documents.

            "Palmilla Apartments Mortgage Loan": The Mortgage Loan identified on
the Mortgage Loan Schedule as "Palmilla Apartments."

            "Pass-Through Rate": With respect to:

            (i) the Class A-1 Certificates for any Distribution Date, a per
      annum rate equal to 5.549%;

            (ii) the Class A-2 Certificates for any Distribution Date, a per
      annum rate equal to the lesser of (a) 5.693% and (b) the Weighted Average
      Net Mortgage Pass-Through Rate for such Distribution Date;

            (iii) with respect to the Class A-2FL Certificates, (A) for any
      Distribution Date on which a Class A-2FL 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 0.12% per annum, and (B) for any Distribution Date on
      which a Class A-2FL Distribution Conversion does exist, a per annum rate
      equal to the lesser of (x) 5.693% and (y) the Weighted Average Net
      Mortgage Pass-Through Rate for such Distribution Date, which is the Pass
      Through Rate for the Class A-2FL REMIC II Regular Interest for that
      Distribution Date;

            (iv) with respect to the Class A-3FL Certificates, (A) for any
      Distribution Date on 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 0.21% per annum, and (B) for any Distribution Date on
      which a Class A-3FL Distribution Conversion does exist, a per annum rate
      equal to the lesser of (x) 5.739% and (y) the Weighted Average Net
      Mortgage Pass-Through Rate for such Distribution Date, which is the Pass
      Through Rate for the Class A-3FL REMIC II Regular Interest for that
      Distribution Date;

            (v) the Class A-SB Certificates for any Distribution Date, a per
      annum rate equal to the lesser of (a) 5.745% and (b) the Weighted Average
      Net Mortgage Pass-Through Rate for such Distribution Date;

            (vi) the Class A-4 Certificates for any Distribution Date, a per
      annum rate equal to the lesser of (a) 5.810% and (b) the Weighted Average
      Net Mortgage Pass-Through Rate for such Distribution Date;

            (vii) with respect to the Class A-4FL Certificates, (A) for any
      Distribution Date on which a Class A-4FL 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 0.20% per annum, and (B) for any Distribution Date on
      which a Class A-4FL Distribution Conversion does exist, a per annum rate
      equal to the lesser of (x) 5.810% and (y) the Weighted Average Net
      Mortgage Pass-Through Rate for such Distribution Date, which is the Pass
      Through Rate for the Class A-4FL REMIC II Regular Interest for that
      Distribution Date;

            (viii) the Class A-1A Certificates for any Distribution Date, a per
      annum rate equal to the lesser of (a) 5.788% and (b) the Weighted Average
      Net Mortgage Pass-Through Rate for such Distribution Date;

            (ix) the Class AM Certificates for any Distribution Date, a per
      annum rate equal to the lesser of (a) 5.902% and (b) the Weighted Average
      Net Mortgage Pass-Through Rate for such Distribution Date;

            (x) with respect to the Class AM-FL Certificates, (A) for any
      Distribution Date on which a Class AM-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 0.23% per annum, and (B) for any Distribution Date on
      which a Class AM-FL Distribution Conversion does exist, a per annum rate
      equal to the lesser of (x) 5.902% and (y) the Weighted Average Net
      Mortgage Pass-Through Rate for such Distribution Date, which is the Pass
      Through Rate for the Class A-4FL REMIC II Regular Interest for that
      Distribution Date;

            (xi) the Class AJ Certificates for any Distribution Date, a per
      annum rate equal to the lesser of (a) 5.975% and (b) the Weighted Average
      Net Mortgage Pass-Through Rate for such Distribution Date;

            (xii) with respect to the Class AJ-FL Certificates, (A) for any
      Distribution Date on which a Class AJ-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 0.32% per annum, and (B) for any Distribution Date on
      which a Class AJ-FL Distribution Conversion does exist, the lesser of (x)
      5.975% and (y) the Weighted Average Net Mortgage Pass-Through Rate for
      such Distribution Date, which is the Pass Through Rate for the Class AJ-FL
      REMIC II Regular Interest for that Distribution Date;

            (xiii) 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;

            (xiv) 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;

            (xv) 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;

            (xvi) 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;

            (xvii) 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;

            (xviii) 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;

            (xix) 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;

            (xx) the Class J Certificates for any Distribution Date, a per annum
      rate equal to the lesser of (a) 5.392% and (b) the Weighted Average Net
      Mortgage Pass-Through Rate for such Distribution Date;

            (xxi) the Class K Certificates for any Distribution Date, a per
      annum rate equal to the lesser of (a) 5.392% and (b) the Weighted Average
      Net Mortgage Pass-Through Rate for such Distribution Date;

            (xxii) the Class L Certificates for any Distribution Date, a per
      annum rate equal to the lesser of (a) 5.392% and (b) the Weighted Average
      Net Mortgage Pass-Through Rate for such Distribution Date;

            (xxiii) the Class M Certificates for any Distribution Date, a per
      annum rate equal to the lesser of (a) 5.392% and (b) the Weighted Average
      Net Mortgage Pass-Through Rate for such Distribution Date;

            (xxiv) the Class N Certificates for any Distribution Date, a per
      annum rate equal to the lesser of (a) 5.392% and (b) the Weighted Average
      Net Mortgage Pass-Through Rate for such Distribution Date;

            (xxv) the Class P Certificates for any Distribution Date, a per
      annum rate equal to the lesser of (a) 5.392% and (b) the Weighted Average
      Net Mortgage Pass-Through Rate for such Distribution Date;

            (xxvi) the Class Q Certificates for any Distribution Date, a per
      annum rate equal to the lesser of (a) 5.392% and (b) the Weighted Average
      Net Mortgage Pass-Through Rate for such Distribution Date; and

            (xxvii) With respect to 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).

            "P&I Advance": As to any Trust Mortgage Loan or Trust REO Loan, any
advance made by the applicable 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, 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 REMIC II Regular
Certificate or Floating Rate Certificate, the portion of the relevant Class
evidenced by such Certificate, expressed as a percentage, the numerator of which
is the Certificate Principal Balance or Certificate Notional Amount, as the case
may be, of such Certificate as of the Closing Date, as specified on the face
thereof, and the denominator of which is the Original Class Principal Balance or
Original Notional Amount, as the case may be, of the relevant Class. With
respect to a Residual Certificate, Class Y 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 Mortgage Loan": Any Corrected Mortgage Loan and any
Mortgage Loan as to which a Servicing Transfer Event has never occurred.

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

            "Periodic Payment": With respect to any Mortgage Loan as of any Due
Date, the scheduled payment of principal and/or interest on such Mortgage Loan
(exclusive of Additional Interest), including any Balloon Payment, that is
actually payable by the related Mortgagor from time to time under the terms of
the related Mortgage Note (as such terms may be changed or modified in
connection with a bankruptcy or similar proceeding involving the related
Mortgagor or by reason of a modification, waiver or amendment granted or agreed
to by the Special Servicer pursuant to Section 3.20) or, after a Georgia-Alabama
Retail Portfolio Servicing Transfer Event in the case of the Georgia-Alabama
Retail Portfolio Trust Mortgage Loan, by the Georgia-Alabama Retail Portfolio
Servicer pursuant to the Georgia-Alabama Retail Portfolio A-2 Note Pooling and
Servicing Agreement.

            "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 Moody's and S&P or such
      lower rating as will not result in an Adverse Rating Event, as evidenced
      in writing by the Rating Agencies; in addition, it may not have a rating
      from S&P with an "r" highlighter and its terms must have a predetermined
      fixed dollar amount of principal due at maturity that cannot vary or
      change; interest may either be fixed or variable; if such interest is
      variable, interest must be tied to a single interest rate index plus a
      single fixed spread (if any), and move proportionately with that index;

            (iii) federal funds, unsecured uncertified certificates of deposit,
      time deposits, demand deposits and bankers' acceptances of any bank or
      trust company organized under the laws of the United States or any state
      thereof (having original maturities of not more than 365 days), the short
      term obligations of which are rated in the highest rating categories of
      S&P 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 Moody's and S&P 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 Moody's and S&P 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 applicable Master Servicer, the Special Servicer
      or the Trustee;

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

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

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

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

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

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

            "PNC": PNC Bank, National Association, a national banking
association, or its successor in interest.

            "PNC Mortgage Loan Purchase Agreement": That certain mortgage loan
purchase agreement, dated as of June 13, 2007, between the Depositor and PNC and
relating to the transfer of the PNC Trust Mortgage Loans to the Depositor.

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

            "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 2007-7, Commercial Mortgage Pass-Through Certificates, Series 2007-7."

            "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) the Trust Converting Loan is paid in
full on the first payment date when no prepayment charge is due, (iii) no Trust
Mortgage Loan will otherwise be paid prior to maturity and (iv) there will be no
extension of maturity for any Trust Mortgage Loan.

            "Prepayment Interest Excess": With respect to: (a) any Serviced
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); and (b) after a
Georgia-Alabama Retail Portfolio Servicing Transfer Event, the Georgia-Alabama
Retail Portfolio Trust Mortgage Loan, if it was subject to a voluntary Principal
Prepayment in full or in part, which Principal Prepayment was applied to such
Mortgage Loan following such Mortgage Loan's Due Date in the applicable
Collection Period, the amount of interest (net of the related Master Servicing
Fee, the Georgia-Alabama Retail Portfolio Servicing Fee Rate 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 to but not
including the date such Principal Prepayment was applied to such Mortgage Loan,
to the extent collected by, and to the extent received from, the Georgia-Alabama
Retail Portfolio Servicer.

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

            "Prepayment Premium Period": The time period over which the
prepayment premium percentage of the Converting Loan is reduced with respect to
voluntary prepayment.

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

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

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

            (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;

            (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
Servicers and/or Special Servicer (or, after a Georgia-Alabama Retail Portfolio
Servicing Transfer Event in case of the Georgia-Alabama Retail Portfolio Trust
Mortgage Loan, if applicable, by the Georgia-Alabama Retail Portfolio Servicer)
as recoveries of principal of the Trust Mortgage Loans, in each case net of any
portion of such amounts that represents a recovery of the principal portion of
any Periodic Payment (other than a Balloon Payment) due, or of the principal
portion of any Assumed Periodic Payment deemed due, in respect of the related
Trust Mortgage Loan on a Due Date during or prior to the related Collection
Period and included as part of the Principal Distribution Amount for such
Distribution Date or any prior Distribution Date pursuant to clause (a) above;

            (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 Servicers and/or Special Servicer (or,
after a Georgia-Alabama Retail Portfolio Servicing Transfer Event in the case of
the Georgia-Alabama Retail Portfolio Trust Mortgage Loan, if applicable, by the
Georgia-Alabama Retail Portfolio 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 Floating
Rate Certificates) and the REMIC II Regular Interests on such immediately
preceding Distribution Date pursuant to Section 4.01; provided that if any
Nonrecoverable Advance or Workout-Delayed Reimbursement Amount is reimbursed, or
interest on any Nonrecoverable Advance is paid, from collections on the Mortgage
Pool received during the related Collection Period that are allocable as
principal, as provided in Section 1.02(a), then the Principal Distribution
Amount for the subject Distribution Date shall be reduced (to not less than
zero) as and to the extent provided in Section 1.02(b); and provided, further,
that if any Recovered Amounts are received during the related Collection Period,
then the Principal Distribution Amount for the subject Distribution Date shall
be increased as and to the extent provided in Section 1.02(c).

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

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

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

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

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

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

            "Prospectus": The prospectus dated May 10, 2007, as supplemented by
the Prospectus Supplement, relating to the Registered Certificates.

            "Prospectus Supplement": The final prospectus supplement dated June
13, 2007 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 (or, in the case of
any Trust Mortgage Loan for which the Due Date occurs on a day other than the
first calendar day of the month, the Due Date occurring in the month in which
such Collection Period ends), (b) any accrued interest on P&I Advances (other
than Unliquidated Advances in respect of prior P&I Advances) made with respect
to such Trust Mortgage Loan (or Trust REO Loan), (c) all related and
unreimbursed (from collections on such Trust Mortgage Loan and, if such Trust
Mortgage Loan is part of a Loan Combination, any related Non-Trust Loan (or
Trust REO Loan and, if such Trust REO Loan is a successor to a Trust Mortgage
Loan that is part of a Loan Combination, any related REO Loan that is a
successor to a related Non-Trust Loan)) Servicing Advances (together with
Unliquidated Advances) plus any accrued and unpaid interest thereon (other than
on Unliquidated Advances), (d) any reasonable costs and expenses, including, but
not limited to, the cost of any enforcement action (including reasonable legal
fees), incurred by the applicable Master Servicer, the Special Servicer or the
Trust Fund in connection with any such purchase by a Mortgage Loan Seller (to
the extent not included in clause (c) above) and Principal Recovery Fees payable
(to the extent payable pursuant to Section 3.11(c)) with respect to such Trust
Mortgage Loan (or Trust REO Loan), and (e) any other Additional Trust Fund
Expenses in respect of such Trust Mortgage Loan (or Trust REO Loan) (including
any Additional Trust Fund Expenses (which includes Special Servicing Fees and
Workout Fees) previously reimbursed or paid by the Trust Fund but not so
reimbursed by the related Mortgagor or from related Insurance Proceeds or
Liquidation Proceeds); provided that the Purchase Price shall not be reduced by
any outstanding P&I Advance.

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

            "Quail Creek Plaza B-Note Non-Trust Noteholder": The holder of the
Quail Creek Plaza B-Note Non-Trust Loan.

            "Quail Creek Plaza Controlling Party" means the Controlling Class
Representative.

            "Quail Creek Plaza Intercreditor Agreement": The Intercreditor and
Servicing Agreement, dated April 30, 2007, between the Trust as holder of the
Quail Creek Plaza Trust Mortgage Loan and the holder of the Quail Creek Plaza
B-Note Non-Trust Loan.

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

            "Quail Creek Plaza Mortgaged Property": The Mortgaged Property
identified on the Mortgage Loan Schedule as Quail Creek Plaza.

            "Quail Creek Plaza REO Property": With respect to the Quail Creek
Plaza Loan Combination, the related Loan Combination REO Property.

            "Quail Creek Plaza Trust Mortgage Loan": The Trust Mortgage Loan
that is secured by the Quail Creek Plaza Mortgaged Property and included in the
Trust Fund.

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

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

            "Qualified Insurer": 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
S&P and "A3" by Moody's (if then rated by Moody's) (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), that has a claims paying
ability rated no lower than two rating categories (without regard to pluses or
minuses (in the case of S&P) or numerical designations (in the case of Moody's))
below the rating assigned to the then highest rated outstanding Certificate (in
the case of a rating assigned to the Certificates by Moody's, if then rated by
Moody's), but in no event lower than "A-" by S&P and "A3" by Moody's (if then
rated by Moody's) (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 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 June 2050.

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

            "Realized Loss": With respect to: (1) each Specially Serviced
Mortgage Loan or Corrected Mortgage Loan as to which a Final Recovery
Determination has been made, or with respect to any successor REO Loan as to
which a Final Recovery Determination has been made as to the related REO
Property and after a Georgia-Alabama Retail Portfolio Servicing Transfer Event
with respect to the Georgia-Alabama Retail Portfolio Trust Mortgage Loan or any
successor Trust REO Loan with respect thereto, if a Final Recovery Determination
has been made in respect thereof by the Georgia-Alabama Retail Portfolio
Servicer, 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 Serviced 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 Serviced 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 (or, after a
Georgia-Alabama Retail Portfolio Servicing Transfer Event in the case of the
Georgia-Alabama Retail Portfolio Trust Mortgage Loan, by the Georgia-Alabama
Retail Portfolio Servicer pursuant to the Georgia-Alabama Retail Portfolio A-2
Note Pooling and Servicing Agreement), 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 (or, after
a Georgia-Alabama Retail Portfolio Servicing Transfer Event in the case of the
Georgia-Alabama Retail Portfolio Trust Mortgage Loan, by the Georgia-Alabama
Retail Portfolio Servicer pursuant to the Georgia-Alabama Retail Portfolio A-2
Note Pooling and Servicing Agreement), the amount of the consequent reduction in
the interest portion of each successive Periodic Payment due thereon (each such
Realized Loss shall be deemed to have been incurred on the Due Date for each
affected Periodic Payment); (4) each Trust Mortgage Loan or Trust REO Loan as to
which there were any Nonrecoverable Advances, the amount of any such
Nonrecoverable Advance reimbursed (and/or interest thereon paid) from amounts
that would have otherwise been distributable as principal on the Certificates;
and (5) each Trust Mortgage Loan purchased from the Trust Fund at a price less
than the Purchase Price therefor, the amount of the deficiency.

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

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

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

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

            "Regular Certificate": Any REMIC II Regular Certificate and any
Floating Rate 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. 1,506-1,631 (Jan. 7, 2005)) or
by the staff of the Commission, or as may be provided by the Commission or its
staff from time to time.

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

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

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

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

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

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

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

            "REMIC I 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 Regular Certificate": Any Class A-1, Class A-2, 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 or Class X Certificate.

            "REMIC II Regular Interest": Any of the Class A-2FL REMIC II Regular
Interest, the Class A-3FL REMIC II Regular Interest, the Class A-4FL REMIC II
Regular Interest, the Class AM-FL REMIC II Regular Interest and the Class AJ-FL
REMIC II Regular Interest.

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

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

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

            "REO Acquisition": The acquisition of any REO Property pursuant to
Section 3.09 or, after a Georgia-Alabama Retail Portfolio Servicing Transfer
Event in the case of the Georgia-Alabama Retail Portfolio Mortgaged Property,
pursuant to the Georgia-Alabama Retail Portfolio A-2 Note Pooling and Servicing
Agreement.

            "REO Disposition": The sale or other disposition of any REO Property
pursuant to Section 3.18 or, after a Georgia-Alabama Retail Portfolio Servicing
Transfer Event in the case of the Georgia-Alabama Retail Portfolio Mortgaged
Property, pursuant to the Georgia-Alabama Retail Portfolio A-2 Note Pooling and
Servicing Agreement.

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

            "REO Loan": The Mortgage Loan (or, if a Serviced Loan Combination is
involved, any of the multiple Mortgage Loans comprising the subject Serviced
Loan Combination) deemed for purposes hereof to be outstanding with respect to
each REO Property. Each REO Loan shall be deemed to be outstanding for so long
as the related REO Property (or an interest therein) remains part of REMIC I and
shall be deemed to provide for periodic payments of principal and/or interest
equal to its Assumed Periodic Payment and otherwise to have the same terms and
conditions as its predecessor Mortgage Loan (such terms and conditions to be
applied without regard to the default on such predecessor Mortgage Loan and the
acquisition of the related REO Property as part of the Trust Fund or, if
applicable in the case of any Loan Combination REO Property, on behalf of the
Trust and the related Non-Trust Noteholder(s)). Each REO Loan shall be deemed to
have an initial unpaid principal balance and Stated Principal Balance equal to
the unpaid principal balance and Stated Principal Balance, respectively, of its
predecessor Mortgage Loan as of the date of the related REO Acquisition. All
Periodic Payments (other than a Balloon Payment), Assumed Periodic Payments (in
the case of a Balloon Loan delinquent in respect of its Balloon Payment) and
other amounts due and owing, or deemed to be due and owing, in respect of the
predecessor Mortgage Loan as of the date of the related REO Acquisition, shall
be deemed to continue to be due and owing in respect of an REO Loan. Collections
in respect of each REO Loan (after provision for amounts to be applied to the
payment of, or to be reimbursed to, the applicable Master Servicer, the Special
Servicer, 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 applicable 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 (in
the case of the Trust REO Loan that relates to the Georgia-Alabama Retail
Portfolio Trust Mortgage Loan, after a Georgia-Alabama Retail Portfolio
Servicing Transfer Event net of the Georgia-Alabama Retail Portfolio Servicing
Fee Rate) to but not including the Due Date in the Collection Period of receipt
(exclusive of any portion thereof that constitutes Additional Interest); second,
as a recovery of principal of such REO Loan to the extent of its entire unpaid
principal balance; and third, in accordance with the normal servicing practices
of the applicable Master Servicer, as a recovery of any other amounts due and
owing in respect of such REO Loan, including, without limitation, (i) Yield
Maintenance Charges, Prepayment Premiums and Penalty Interest and (ii)
Additional Interest and other amounts, in that order; provided, however, that if
the Mortgage Loans comprising a Serviced Loan Combination become REO Loans, then
amounts received with respect to such REO Loans shall be applied to amounts due
and owing in respect of such REO Loans as provided in the related Loan
Combination Intercreditor Agreement. Notwithstanding the foregoing, all amounts
payable or reimbursable to the applicable Master Servicer, the Special Servicer,
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 applicable
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 applicable 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 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
Serviced Loan Combination, the related Loan Combination REO Property; provided
that after a Georgia-Alabama Retail Portfolio Servicing Transfer Event the
Georgia-Alabama Retail Portfolio Mortgaged Property shall constitute an REO
Property if acquired under the Georgia-Alabama Retail Portfolio A-2 Note Pooling
and Servicing Agreement for the benefit of all the related Non Trust Noteholders
and the Trust, 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 a default or imminent default of the Georgia-Alabama Retail
Portfolio Loan Combination.

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

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

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

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

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

            "Required Appraisal Mortgage Loan": Each Trust Mortgage Loan (or, in
the case of clause (ii) below, any successor Trust REO Loan with respect
thereto) (i) that is 60 days or more delinquent in respect of any Periodic
Payments, (ii) that becomes an REO Loan, (iii) that has been modified by the
Special Servicer in a manner that affects the amount or timing of any Periodic
Payment (other than a Balloon Payment) (except, or in addition to, bringing
monthly Periodic Payments current and extending the Maturity Date for less than
six months), (iv) 60 days following the receipt by the Special Servicer of
notice that a receiver has been appointed and continues in such capacity in
respect of the related Mortgaged Property, (v) 60 days following the receipt by
the Special Servicer of notice that the related Mortgagor has become the subject
of a bankruptcy proceeding, or (vi) delinquent in respect of any Balloon Payment
unless (x) the related Mortgagor makes an Assumed Periodic Payment on each Due
Date (commencing with the Due Date of such Balloon Payment) during the period
contemplated in clause (y), and (y) the applicable Master Servicer receives,
within 60 days after the Due Date of such Balloon Payment, written evidence from
an institutional lender of such lender's binding commitment to refinance such
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

            (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, (iii) the Custodian, any officer
thereof, and (iv) 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.

            "Retained Amount": Each initial upfront payment, in the aggregate,
from the Swap Counterparty to the Depositor pursuant to each Swap Agreement.

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

            "S&P": Standard & Poor's Ratings Services, a Division of The
McGraw-Hill Companies, Inc., or its successor in interest. If neither such
Rating Agency nor any successor remains in existence, "S&P" shall be deemed to
refer to such other nationally recognized statistical rating organization or
other comparable Person designated by the Depositor, notice of which designation
shall be given to the Trustee, the Master Servicers, 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, after a Georgia-Alabama Retail Portfolio Trust Mortgage Loan by the
Georgia-Alabama Retail Portfolio Servicer pursuant to the Georgia-Alabama Retail
Portfolio Companion Loan Pooling and Servicing Agreement) 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-2FL, Class
A-3FL, Class A-SB, Class A-4, Class A-4FL, Class A-1A or Class X Certificate.

            "Sequential Pay Certificate": Any Class A-1, Class A-2, Class A-2FL,
Class A-3FL, Class A-SB, Class A-4, Class A-4FL, Class A-1A, Class AM, Class
AM-FL, Class AJ, Class AJ-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.

            "Serviced Loan Combination": Each Loan Combination, as the context
may require; provided, however, that the Georgia-Alabama Retail Portfolio Loan
Combination shall not constitute a "Serviced Loan Combination" if, pursuant to
and in accordance with the Georgia-Alabama Retail Portfolio Intercreditor
Agreement (and as set forth in Section 6.14 hereof), Countrywide exercises its
option to cause the servicing of such Loan Combination to be governed by the
Georgia-Alabama Retail Portfolio A-2 Note Pooling and Servicing Agreement.

            "Serviced Mortgage Loan": Each Mortgage Loan (including a Specially
Serviced Mortgage Loan, but excluding an REO Loan) other than, after a
Georgia-Alabama Retail Portfolio Servicing Transfer Event, any Mortgage Loan
constituting part of the Georgia-Alabama Retail Portfolio Loan Combination.

            "Serviced Mortgaged Property": The Mortgaged Property securing a
Serviced Mortgage Loan.

            "Serviced REO Loan": An REO Loan deemed to be outstanding in respect
of a Serviced Mortgaged Property.

            "Serviced Trust Defaulted Mortgage Loan": A Defaulted Mortgage Loan
that is a Trust Mortgage Loan and a Serviced Mortgage Loan.

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

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

            "Servicer Notice": As defined in Section 3.14.

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

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

            "Servicing Criteria": The "servicing criteria" set forth in Item
1122(d) of Regulation AB, as such may be amended from time to time.

            "Servicing Fees": With respect to each Serviced Mortgage Loan and
any successor REO Loan with respect thereto, the Master Servicing Fee and the
Special Servicing Fee. With respect to the Georgia-Alabama Retail Portfolio
Trust Mortgage Loan after a Georgia-Alabama Retail Portfolio Servicing Transfer
Event, the Master Servicing Fee and the Georgia-Alabama Retail Portfolio
Servicing Fee Rate.

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

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

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

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

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

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

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

            "Servicing Transfer Event": With respect to any Serviced 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 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(k)
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). There is no Significant Obligor with respect to the Mortgage
Pool.

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

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

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

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

            "Somerset Meadows B-Note Non-Trust Noteholder": The holder of the
Somerset Meadows B-Note Non-Trust Loan.

            "Somerset Meadows Controlling Party" means the Controlling Class
Representative.

            "Somerset Meadows Intercreditor Agreement": The Intercreditor and
Servicing Agreement, dated June 13, 2007, between the Trust as holder of the
Somerset Meadows Trust Mortgage Loan and the holder of the Somerset Meadows
B-Note Non-Trust Loan.

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

            "Somerset Meadows Mortgaged Property": The Mortgaged Property
identified on the Mortgage Loan Schedule as Somerset Meadows.

            "Somerset Meadows REO Property": With respect to the Somerset
Meadows Loan Combination, the related Loan Combination REO Property.

            "Somerset Meadows Trust Mortgage Loan": The Trust Mortgage Loan that
is secured by the Somerset Meadows Mortgaged Property and included in the Trust
Fund.

            "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": With respect to the
initial Special Servicer, that certain Master Servicer and Special Servicer
Indemnification Agreement, dated as of May 31, 2007, between the initial Special
Servicer, the Depositor, 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 (other than by expiration of the
      agreement on its stated termination date or as a result of all parties
      completing their obligations under such agreement), but only if the
      Special Servicer or any Servicing Representative of the Special Servicer
      is a party to such agreement or has entered into such agreement on behalf
      of the Trust [ITEM 1.02 ON FORM 8-K];

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

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

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

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

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

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

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

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

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

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

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

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

            "Specially Designated Mortgage Loan Documents": With respect to any
Trust Mortgage Loan, the following documents collectively:

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

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

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

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

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

provided that whenever the term "Specially Designated Mortgage Loan Documents"
is used to refer to documents actually received by the Custodian, such term,
with respect to any receipt or certification by the Custodian for documents
described in clauses (iv) and (v) of this definition, shall be deemed to include
such documents only to the extent the Custodian has actual knowledge of their
existence; and provided, further, that after a Georgia-Alabama Retail Portfolio
Servicing Transfer Event the only Specially Designated Mortgage Loan Document
with respect to the Georgia-Alabama Retail Portfolio Trust Mortgage Loan shall
be the document described in clause (i) of this definition.

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

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

            (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

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

provided, however, that a Serviced 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 Serviced Mortgage Loan to
continue to be characterized as a Specially Serviced Mortgage Loan.

            During any time an entire Serviced 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,
Massachusetts, Illinois, Delaware and by any other state or local taxing
authorities as may, by notice to the Trustee, assert jurisdiction over the Trust
Fund or any portion thereof, or which, according to an Opinion of Counsel
addressed to the Trustee, have such jurisdiction.

            "Stated Maturity Date": With respect to any Mortgage Loan, the Due
Date specified in the Mortgage Note (as in effect on the Closing Date) on which
the last payment of principal is due and payable under the terms of the Mortgage
Note (as in effect on the Closing Date), without regard to any change in or
modification of such terms in connection with a bankruptcy or similar proceeding
involving the related Mortgagor or a modification, waiver or amendment of such
Mortgage Loan granted or agreed to by the Special Servicer pursuant to Section
3.20 (or, after a Georgia-Alabama Retail Portfolio Servicing Transfer Event in
the case of a Mortgage Loan constituting part of the Georgia-Alabama Retail
Portfolio Loan Combination, by the Georgia-Alabama Retail Portfolio Servicer
pursuant to the Georgia-Alabama Retail Portfolio Companion Loan Pooling and
Servicing Agreement) 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 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 A-Note Non-Trust
Loan and B-Note Non-Trust Loan shall be (1) the Cut-off Date Balance of such
Mortgage Loan, as permanently reduced on each monthly remittance date under the
related Loan Combination Intercreditor Agreement to not less than zero, by (2)
the sum of (A) any amounts received during the related Collection Period that
are allocable as principal of such Non-Trust Loan or any successor REO Loan with
respect thereto and (B) any Realized Losses incurred with respect to such
Non-Trust Loan or any successor REO Loan during the related Collection Period
that represent a loss of principal with respect thereto (including as a result
of a Deficient Valuation).

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

            "Subordinated Certificate": Any Class AM, Class AM-FL (in respect of
the Class AM-FL Regular Interest), Class AJ, Class AJ-FL (in respect of the
Class AJ-FL Regular Interest), Class B, Class C, Class D, Class E, Class F,
Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class P, Class Q,
Class R-I or Class R-II Certificate.

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

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

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

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

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

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

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

            "Super Center Plaza B-Note Non-Trust Noteholder": The holder of the
Super Center Plaza B-Note Non-Trust Loan.

            "Super Center Plaza Controlling Party" means the Controlling Class
Representative.

            "Super Center Plaza Intercreditor Agreement": The Intercreditor and
Servicing Agreement, dated April 30, 2007, between the Trust as holder of the
Super Center Plaza Trust Mortgage Loan and the holder of the Super Center Plaza
B-Note Non-Trust Loan.

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

            "Super Center Plaza Mortgaged Property": The Mortgaged Property
identified on the Mortgage Loan Schedule as Super Center Plaza.

            "Super Center Plaza REO Property": With respect to the Super Center
Plaza Loan Combination, the related Loan Combination REO Property.

            "Super Center Plaza Trust Mortgage Loan": The Trust Mortgage Loan
that is secured by the Super Center Plaza Mortgaged Property and included in the
Trust Fund.

            "Swap Agreement": Any of the Class A-2FL Swap Agreement, the Class
A-3FL Swap Agreement, the Class A-4FL Swap Agreement, the Class AM-FL Swap
Agreement or the Class AJ-FL Swap Agreement.

            "Swap Counterparty": Any of the Class A-2FL Swap Counterparty, the
Class A-3FL Swap Counterparty, the Class A-4FL Swap Counterparty, the Class
AM-FL Swap Counterparty or the Class AJ-FL Swap Counterparty.

            "Swap Default": With respect to any 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 Collateral Event (as defined in such Swap
Agreement) has occurred, as required by such Swap Agreement, or (iii) find an
acceptable replacement Swap Counterparty after a Required Ratings Downgrade
Event (as defined in such Swap Agreement) has occurred, as required by 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 any 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-2FL, Grantor Trust A-3FL, Grantor Trust
A-4FL, Grantor Trust AM-FL, Grantor Trust AJ-FL, Grantor Trust Y 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.

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

            "Town & Country Shopping Center B-Note Non-Trust Noteholder": The
holder of the Town & Country Shopping Center B-Note Non-Trust Loan.

            "Town & Country Shopping Center Controlling Party" means the
Controlling Class Representative.

            "Town & Country Shopping Center Intercreditor Agreement": The
Intercreditor and Servicing Agreement, dated April 30, 2007, between the Trust
as holder of the Town & Country Shopping Center Trust Mortgage Loan and the
holder of the Town & Country Shopping Center B-Note Non-Trust Loan.

            "Town & Country Shopping Center Loan Combination": Collectively, the
Town & Country Shopping Center Trust Mortgage Loan and the Town & Country
Shopping Center B-Note Non-Trust Loan. The term "Town & Country Shopping Center
Loan Combination" shall include any successor REO Loans with respect to the Town
& Country Shopping Center Trust Mortgage Loan and the Town & Country Shopping
Center B-Note Non-Trust Loan.

            "Town & Country Shopping Center Mortgaged Property": The Mortgaged
Property identified on the Mortgage Loan Schedule as Town & Country Shopping
Center.

            "Town & Country Shopping Center REO Property": With respect to the
Town & Country Shopping Center Loan Combination, the related Loan Combination
REO Property.

            "Town & Country Shopping Center Trust Mortgage Loan": The Trust
Mortgage Loan that is secured by the Town & Country Shopping Center Mortgaged
Property and included in the Trust Fund.

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

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

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

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

            "Trust": The common law trust created hereunder.

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

            "Trust Administration Fee Rate": 0.00071% per annum.

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

            "Trust ARD Loan 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)(ii) with respect to the
Trust ARD Loans, which shall be entitled "LaSalle Bank National Association, as
Trustee, in trust for the registered holders of ML-CFC Commercial Mortgage Trust
2007-7, Commercial Mortgage Pass-Through Certificates, Series 2007-7, Trust ARD
Loan Additional Interest Account." The Trust ARD Loan Additional Interest
Account shall not be an asset of either REMIC I or REMIC II.

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

            "Trust Converting Loan": The Trust Mortgage Loan that is a
Converting Loan.

            "Trust Converting Loan 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)(i) with
respect to the Trust Converting Loan, which shall be entitled "Trustee, in trust
for the registered holders of ML-CFC Commercial Mortgage Trust 2007-7,
Commercial Mortgage Pass-Through Certificates, Series 2007-7, Trust Converting
Loan Additional Interest Account." The Trust Converting Loan Additional Interest
Account shall not be an asset of either REMIC I or REMIC II.

            "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 A-2FL Assets, (iii) the Grantor Trust A-3FL
Assets, (iv) the Grantor Trust A-4FL Assets, (v) the Grantor Trust AM-FL Assets,
(vi) the Grantor Trust AJ-FL Assets, (vii) the Grantor Trust Y Assets and (viii)
the Grantor Trust Z Assets.

            "Trust Mortgage Loan": Each Mortgage Loan, including the Commons at
Calabasas Trust Mortgage Loan, the Morehouse Portfolio Trust Mortgage Loan, the
Georgia-Alabama Retail Portfolio Trust Mortgage Loan, the Hillwood Apartments
Trust Mortgage Loan, the Somerset Meadows Trust Mortgage Loan, Super Center
Plaza Trust Mortgage Loan, the Town & Country Shopping Center Trust Mortgage
Loan, the Quail Creek Plaza Trust Mortgage Loan and the New Sunshine Tech Center
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, co-trustee or separate
trustee appointed or designated by the Trustee hereunder.

            "Trustee Indemnification Agreement": With respect to the initial
Trustee, that certain Trustee Indemnification Agreement, dated as of May 31,
2007, between the initial Trustee, the Depositor, the Underwriters and the
Initial Purchasers.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

            "Underwriter": Each of MLPF&S, Countrywide Securities Corporation,
Morgan Stanley & Co. Incorporated, PNC Capital Markets LLC 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": Any "United States person" within the
meaning of Section 7701(a)(30) of the Code.

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

            "Unrestricted Servicer Reports": Collectively, the CMSA Delinquent
Loan Status Report, the CMSA Historical Loan Modification and Corrected Mortgage
Loan Report, the CMSA Historical Liquidation Report, the CMSA REO Status Report,
the CMSA Advance Recovery Report and, if and to the extent filed with the
Commission, such reports and files as would, but for such filing, constitute
Restricted Servicer Reports.

            "Voting Rights": The portion of the voting rights of all of the
Certificates which is allocated to any Certificate. At all times during the term
of this Agreement, 100% of the Voting Rights shall be allocated among the
Holders of the Regular Certificates, the Class A-2FL Certificates, the Class
A-3FL Certificates, the Class A-4FL Certificates, the Class AM-FL Certificates
and the Class AJ-FL Certificates. Ninety-eight percent (98%) of the Voting
Rights shall be allocated among the Class A-1, Class A-2, Class A-2FL, Class
A-SB, Class A-4, Class A-4FL, Class A-1A, Class AM, Class AM-FL, Class AJ, Class
AJ, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J,
Class K, Class L, Class M, Class N, Class P and Class Q Certificates in
proportion to the respective Class Principal Balances of their Certificates. Two
percent (2%) in the aggregate of the Voting Rights shall be allocated to the
Class X Certificates. The Class Y, 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
either Master Servicer is the holder of any Certificates, such Master Servicer,
in its capacity as a Certificateholder, shall have no Voting Rights with respect
to matters concerning compensation affecting such Master Servicer.

            "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 (without regard to the Additional
Interest distributable to, and excluding amounts payable to, the Class Y or
Class Z Certificates), 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).

            "WHFIT": A "Widely Held Fixed Investment Trust" as that term is
defined in Treasury Regulations Section 1.671-5(b)(22) or successor provisions.

            "WHFIT Regulations": Treasury Regulations Section 1.671-5, as
amended.

            "Workout-Delayed Reimbursement Amounts": With respect to any Trust
Mortgage Loan, the amount of any Advance made with respect to such Trust
Mortgage Loan on or before the date such Trust Mortgage Loan becomes (or, but
for the making of three monthly payments under its modified terms, would then
constitute) a Trust Corrected Mortgage Loan, together with (to the extent
accrued and unpaid) interest on such Advances accruing before, on and after such
date, to the extent that (i) such Advance is not reimbursed to the Person who
made such Advance on or before the date, if any, on which such Trust Mortgage
Loan becomes a Trust Corrected Mortgage Loan and (ii) the amount of such Advance
becomes an obligation of the Mortgagor to pay such amount under the terms of the
modified loan documents. That any amount constitutes all or a portion of any
Workout-Delayed Reimbursement Amount shall not in any manner limit the right of
any Person hereunder to determine that such amount instead constitutes a
Nonrecoverable Advance.

            "Workout Fee": With respect to each Corrected Mortgage Loan, the fee
designated as such and payable to the Special Servicer pursuant to the second
paragraph of Section 3.11(c).

            "Workout Fee Rate": With respect to each Corrected Mortgage Loan,
1.00%.

            "Yield Maintenance Charge": Payments paid or payable, as the context
requires, on a Mortgage Loan as the result of a Principal Prepayment thereon,
not otherwise due thereon in respect of principal or interest, which have been
calculated (based on Scheduled Payments on such Mortgage Loan) to compensate the
holder for reinvestment losses based on the value of an interest rate index at
or near the time of prepayment. Any other prepayment premiums, penalties and
fees not so calculated will not be considered "Yield Maintenance Charges." In
the event that a Yield Maintenance Charge shall become due for any particular
Mortgage Loan, the applicable Master Servicer or the Special Servicer, as
applicable, shall be required to follow the terms and provisions contained in
the applicable Mortgage Note, provided, however, in the event the particular
Mortgage Note shall not specify the U.S. Treasuries which shall be used in
determining the discount rate or the reinvestment yield to be applied in such
calculation, the applicable Master Servicer or the Special Servicer, as
applicable, shall be required to use those U.S. Treasuries having maturity dates
most closely approximating the maturity of such Mortgage Loan. Accordingly if
either no U.S. Treasury issue, or more than one U.S. Treasury issue, shall
coincide with the term over which the Yield Maintenance Charge shall be
calculated (which depending on the applicable Mortgage Note is based on the
remaining average life of the Mortgage Loan or the actual term remaining through
the Maturity Date), the applicable Master Servicer or the Special Servicer, as
applicable, shall use the U.S. Treasury whose reinvestment yield is the lowest,
with such yield being based on the bid price for such issue as published in The
Wall Street Journal on the date that is 14 days prior to the date that the Yield
Maintenance Charge shall become due and payable (or, if such bid price is not
published on that date, the next preceding date on which such bid price is so
published) and converted to a monthly compounded nominal yield. The monthly
compounded nominal yield ("MEY") is derived from the reinvestment yield or
discount rate and shall be defined as MEY = 12X ({(1+"BEY"/2)^1/6}-1) where BEY
is defined as the U.S. Treasury Reinvestment Yield which is in decimal form and
not in percentage, and 1/6 is the exponential power to which a portion of the
equation is raised. For example, using a BEY of 5.50%, the MEY = 12 X ({(1+
..055/2)^0.16667}-1) where .055 is the decimal version of the percentage 5.5% and
0.16667 is the decimal version of the exponential power. The MEY in the above
calculation is 5.44%.

            Section 1.02 Certain Adjustments to the Principal Distributions on
the Certificates.

            (a) If any party hereto is reimbursed out of general collections on
the Mortgage Pool on deposit in a Collection Account for (i) any unreimbursed
Advance that has been or is determined to be a Nonrecoverable Advance (together
with interest accrued and payable thereon pursuant to Section 3.03(d) or Section
4.03(d), as applicable, to the extent such interest was paid hereunder from a
source other than related Default Charges) or (ii) any Workout-Delayed
Reimbursement Amount, then (for purposes of calculating distributions on the
Certificates) such reimbursement and payment of interest shall be deemed to have
been made:

            first, out of any amounts then on deposit in the Collection Accounts
that represent payments or other collections of principal received by the Trust
with respect to the Trust Mortgage Loans and/or Trust REO Loans in the Loan
Group that includes the Trust Mortgage Loan or Trust REO Loan in respect of
which such Nonrecoverable Advance was made or in respect of which such
Workout-Delayed Reimbursement Amount is outstanding, and which amounts, but for
their application to reimburse such Nonrecoverable Advance (and/or to pay
interest thereon) or to reimburse such Workout-Delayed Reimbursement Amount, as
the case may be, would be included in the Available Distribution Amount for the
related Distribution Date;

            second, out of any amounts then on deposit in the Collection
Accounts that represent payments or other collections of principal received by
the Trust with respect to the Trust Mortgage Loans or Trust REO Loans in the
Loan Group that does not include the Trust Mortgage Loan or Trust REO Loan in
respect of which such Nonrecoverable Advance was made or in respect of which
such Workout-Delayed Reimbursement Amount is outstanding, and which amounts, but
for their application to reimburse such Nonrecoverable Advance (and/or to pay
interest thereon) or to reimburse such Workout-Delayed Reimbursement Amount, as
the case may be, would be included in the Available Distribution Amount for the
related Distribution Date;

            third, solely in the case of the reimbursement of a Nonrecoverable
Advance and/or the payment of interest thereon, out of any amounts then on
deposit in the Collection Accounts that represent any other payments or other
collections received by the Trust with respect to the Trust Mortgage Loans or
Trust REO Loans in the Loan Group that includes the Trust Mortgage Loan or Trust
REO Loan in respect of which such Nonrecoverable Advance was made, and which
amounts, but for their application to reimburse a Nonrecoverable Advance and/or
to pay interest thereon, would be included in the Available Distribution Amount
for the related Distribution Date;

            fourth, solely in the case of the reimbursement of a Nonrecoverable
Advance and/or the payment of interest thereon, out of any amounts then on
deposit in the Collection Accounts that represent any other payments or other
collections received by the Trust with respect to the Trust Mortgage Loans or
Trust REO Loans in the Loan Group that does not include the Trust Mortgage Loan
or Trust REO Loan in respect of which such Nonrecoverable Advance was made, and
which amounts, but for their application to reimburse a Nonrecoverable Advance
and/or to pay interest thereon, would be included in the Available Distribution
Amount for the related Distribution Date; and

            fifth, solely in the case of the reimbursement of a Nonrecoverable
Advance and/or the payment of interest thereon, out of any other amounts then on
deposit in the Collection Accounts that may be available to reimburse the
subject Nonrecoverable Advance and/or to pay interest thereon.

            (b) If and to the extent that any payment or other collection of
principal received on the Mortgage Pool during any Collection Period is deemed
to be applied in accordance with clause first or second of Section 1.02(a) to
reimburse a Nonrecoverable Advance (or to pay interest thereon) or to reimburse
a Workout-Delayed Reimbursement Amount, then:

            (i) the Principal Distribution Amount for the related Distribution
      Date shall be reduced by the portion of such payment or other collection
      of principal that, but for the application of this Section 1.02(b), would
      constitute part of such Principal Distribution Amount; and

            (ii) depending on whether such payment or other collection of
      principal relates to Loan Group 1 or Loan Group 2, there shall be a
      corresponding reduction in the Loan Group 1 Principal Distribution Amount
      or the Loan Group 2 Principal Distribution Amount, as applicable, for the
      related Distribution Date.

            (c) If and to the extent that any Nonrecoverable Advance or
Workout-Delayed Reimbursement Amount is reimbursed or interest on any
Nonrecoverable Advance is paid out of payments or other collections of principal
received on the Mortgage Pool (with a corresponding reduction to the Principal
Distribution Amount, and to either or both of the Loan Group 1 Principal
Distribution Amount and the Loan Group 2 Principal Distribution Amount, for the
relevant Distribution Date), and further if and to the extent that the
particular item for which such Advance was originally made or such
Workout-Delayed Reimbursement Amount is outstanding is subsequently collected
out of payments or other collections in respect of the related Trust Mortgage
Loan or Trust REO Loan (such item, upon collection, a "Recovered Amount"), then
(without duplication of amounts already included therein):

            (i) the Principal Distribution Amount for the Distribution Date that
      corresponds to the Collection Period in which such Recovered Amount was
      received, shall be increased by an amount equal to the lesser of (A) such
      Recovered Amount and (B) any previous reduction in the Principal
      Distribution Amount for a prior Distribution Date pursuant to Section
      1.02(b) above resulting from the reimbursement of the subject
      Nonrecoverable Advance (and/or the payment of interest thereon) or the
      reimbursement of the subject Workout-Delayed Reimbursement Amount, as the
      case may be; and

            (ii) the Loan Group 1 Principal Distribution Amount and/or the Loan
      Group 2 Principal Distribution Amount for the Distribution Date that
      corresponds to the Collection Period in which such Recovered Amount was
      received, shall be increased by an amount equal to the lesser of (A) such
      Recovered Amount and (B) any previous reduction in the Loan Group 1
      Principal Distribution Amount and/or the Loan Group 2 Principal
      Distribution Amount, as applicable, for a prior Distribution Date pursuant
      to Section 1.02(b) above resulting from the reimbursement of the subject
      Nonrecoverable Advance (and/or the payment of interest thereon) or the
      reimbursement of the subject Workout-Delayed Reimbursement Amount, as the
      case may be;

provided that, if both the Loan Group 1 Principal Distribution Amount and the
Loan Group 2 Principal Distribution Amount for a prior Distribution Date were
reduced pursuant to Section 1.02(b) above as a result of the reimbursement of
the subject Nonrecoverable Advance (and/or the payment of interest thereon) or
the reimbursement of the subject Workout-Delayed Reimbursement Amount, as the
case may be, and if the subject Recovered Amount is not sufficient to cover the
full amount of such reductions, then such Recovered Amount shall be applied to
increase the Loan Group 1 Principal Distribution Amount and the Loan Group 2
Principal Distribution Amount in accordance with, and to the extent permitted
by, clause (ii) of this Section 1.02(c) in reverse order of the application of
payments and other collections of principal on the respective Loan Groups in
accordance with Section 1.02(a) to reimburse the subject Nonrecoverable Advance
(and/or pay interest thereon) or to reimburse the subject Workout-Delayed
Reimbursement Amount, as the case may be.

            (d) For purposes of making the adjustments to the Principal
Distribution Amount, the Loan Group 1 Principal Distribution Amount or the Loan
Group 2 Principal Distribution Amount, for any Distribution Date, as
contemplated by this Section 1.02, that amount shall be calculated in accordance
with the definition thereof (without regard to this Section 1.02) and shall
thereafter be adjusted as provided in this Section 1.02.

            (e) Nothing contained in this Section 1.02 is intended to limit the
ability of any party hereto that is entitled to reimbursement hereunder for any
unreimbursed Advances that have been or are determined to be Nonrecoverable
Advances (together with interest accrued and payable thereon pursuant to Section
3.03(d) or Section 4.03(d)) to collections of principal received by the Trust
with respect to the Mortgage Pool; instead the order of priority set forth in
Section 1.02(a) is a deemed allocation only for purposes of calculating
distributions on the Certificates.

            (f) For purposes of this Section 1.02, notwithstanding any other
provision of this Agreement, the terms "Nonrecoverable Advance" and "Workout
Delayed Reimbursement Amount" shall after a Georgia-Alabama Retail Portfolio
Servicing Transfer Event include any amounts paid by the applicable Master
Servicer pursuant to Section 3.05(a)(xviii) in reimbursement of "Nonrecoverable
Advances" and "Workout Delayed Reimbursement Amounts" (in each case within the
meaning of the Georgia-Alabama Retail Portfolio A-2 Note Pooling and Servicing
Agreement) in respect of the Georgia-Alabama Retail Portfolio Trust Mortgage
Loan, any successor Trust REO Loan with respect thereto or the Georgia-Alabama
Retail Portfolio Mortgaged Property.

            Section 1.03 Calculation of LIBOR.

            (a) The initial value of LIBOR shall be 5.32% per annum. Such value
of LIBOR shall be utilized in calculating: (i) with respect to the Class A-2FL
Certificates, (A) the Class A-2FL Floating Swap Payment to be made on the Class
A-2FL Swap Payment Date in July 2007 and (B) the Pass Through Rate with respect
to the Class A-2FL Certificates for the Distribution Date in July 2007, (ii)
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 July 2007 and (B) the
Pass Through Rate with respect to the Class A-3FL Certificates for the
Distribution Date in July 2007, (iii) with respect to the Class A-4FL
Certificates, (A) the Class A-4FL Floating Swap Payment to be made on the Class
A-4FL Swap Payment Date in July 2007 and (B) the Pass Through Rate with respect
to the Class A-4FL Certificates for the Distribution Date in July 2007, (iv)
with respect to the Class AM-FL Certificates, (A) the Class AM-FL Floating Swap
Payment to be made on the Class AM-FL Swap Payment Date in July 2007 and (B) the
Pass Through Rate with respect to the Class AM-FL Certificates for the
Distribution Date in July 2007 and (v) with respect to the Class AJ-FL
Certificates, (A) the Class AJ-FL Floating Swap Payment to be made on the Class
AJ-FL Swap Payment Date in July 2007 and (B) the Pass Through Rate with respect
to the Class AJ-FL Certificates for the Distribution Date in July 2007.

            (b) The value of LIBOR applicable to the calculation of the Class
A-2FL Floating Swap Payment to be made on the Class A-2FL Swap Payment Date, the
Class A-3FL Floating Swap Payment to be made on the Class A-3FL Swap Payment
Date, the Class A-4FL Floating Swap Payment to be made on the Class A-4FL Swap
Payment Date, the Class AM-FL Floating Swap Payment to be made on the Class
AM-FL Swap Payment Date and the Class AJ-FL Floating Swap Payment to be made on
the Class AJ-FL Swap Payment Date in any particular calendar month subsequent to
July 2007, as well as the calculation of the respective Pass Through Rates with
respect to the Class A-2FL Certificates, the Class A-3FL Certificates, the Class
A-4FL Certificates, the Class AM-FL Certificates and the Class AJ-FL
Certificates for the Distribution Date in such calendar month (provided that no
Class A-2FL Distribution Conversion, Class A-3FL Distribution Conversion, Class
A-4FL Distribution Conversion, Class AM-FL Distribution Conversion or Class
AJ-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
Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on the applicable
LIBOR Determination Date. If that rate does not appear on Reuters Screen LIBOR01
Page, LIBOR will be determined on the basis of the rates at 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 Distribution Date in each
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.

                                   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 2007-7" and consisting
of the Trust Fund, and does hereby assign, sell, transfer, set over and
otherwise convey to the Trustee, in trust, without recourse, for the benefit of
the Certificateholders (and for the benefit of the other parties to this
Agreement as their respective interests may appear) all the right, title and
interest of the Depositor, in, to and under (i) the Trust Mortgage Loans and all
documents included in the related Mortgage Files and Servicing Files, (ii) the
rights of the Depositor under Sections 2, 3, 8, 10, 11, 12, 13, 14, 15, 17, 18,
20 and 21 of each Mortgage Loan Purchase Agreement, (iii) the rights of the
Depositor under each Loan Combination Intercreditor Agreement and (iv) all other
assets included or to be included in the Trust Fund. Such assignment includes
all interest and principal received or receivable on or with respect to the
Trust Mortgage Loans and due after the Cut-off Date and, in the case of each
Trust Mortgage Loan that is part of a Loan Combination, is subject to the
provisions of the corresponding Loan Combination Intercreditor Agreement. The
Trustee, on behalf of the Trust, assumes the obligations of the related "A Note
Holder," "Note A Holder" or "Lead Lender," as the case may be, under the related
Loan Combination Intercreditor Agreement; provided that the applicable Master
Servicer shall, as further set forth in Article III, perform the servicing
obligations and exercise the related rights of the related "A Note Holder" or
"Lead Lender," as the case may be, under each Loan Combination Intercreditor
Agreement. 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. Notwithstanding the foregoing, in
connection with the securitization of the Georgia-Alabama Retail Portfolio
A-Note Non-Trust Loan, in the event the holder of the Georgia-Alabama Retail
Portfolio A-Note Non-Trust Loan has exercised its option to transfer the
servicing of the Mortgage Loan, then, with respect to the Georgia-Alabama Retail
Portfolio Loan Combination, all documents in the Mortgage File (other than the
note evidencing the Georgia-Alabama Retail Portfolio Trust Mortgage Loan) shall
be transferred from the Trustee to the trustee under the Georgia-Alabama Retail
Portfolio A-2 Note Pooling and Servicing Agreement.

            (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 Custodian (with a copy to the
applicable Master Servicer and the Special Servicer), before the Closing Date,
the Mortgage File for each Trust Mortgage Loan so assigned. The Special Servicer
may request the applicable Master Servicer to deliver a copy of the Servicing
File for any Trust Mortgage Loan (other than a Specially Serviced Mortgage Loan)
if such Master Servicer shall not have granted the Special Servicer electronic
access to such Servicing Files. Notwithstanding the foregoing sentence, the
delivery of a Servicing File by either Master Servicer to the Special Servicer
may be made by such other means agreed to by such Master Servicer and the
Special Servicer. None of the Custodian, the Trustee, any Fiscal Agent, the
Master Servicers or the Special Servicer shall be liable for any failure by any
Mortgage Loan Seller or the Depositor to comply with the document delivery
requirements of the related Mortgage Loan Purchase Agreement and this Section
2.01(b).

            (c) If any Mortgage Loan Seller cannot deliver, or cause to be
delivered, on the Closing Date, as to any Trust Mortgage Loan, any of the
documents and/or instruments referred to in clauses (a)(ii), (a)(iii), (a)(vi)
(if recorded) and (a)(viii) of the definition of "Mortgage File," with evidence
of recording thereon (except with respect to any Mortgage File document recorded
in the name of MERS or its designee), solely because of a delay caused by the
public recording office where such document or instrument has been delivered for
recordation, the delivery requirements of the related Mortgage Loan Purchase
Agreement and Section 2.01(b) shall be deemed to have been satisfied as to such
non-delivered document or instrument, and such non-delivered document or
instrument shall be deemed to have been included in the Mortgage File, if a
photocopy of such non-delivered document or instrument (certified by the
applicable Mortgage Loan Seller to be a true and complete copy of the original
thereof submitted for recording) is delivered to the Custodian on or before the
Closing Date, and either the original of such non-delivered document or
instrument, or a photocopy thereof, with evidence of recording or filing as
applicable, thereon, is delivered to the 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 (a)(ii), (a)(iii), (a)(vi)
(if recorded) and (a)(viii) of the definition of "Mortgage File," with evidence
of recording or filing as applicable, thereon (except with respect to any
Mortgage File document recorded in the name of MERS or its designee), for any
other reason, including, without limitation, that such non-delivered document or
instrument has been lost, the delivery requirements of the related Mortgage Loan
Purchase Agreement and Section 2.01(b) shall be deemed to have been satisfied as
to such non-delivered document or instrument and such non-delivered document or
instrument shall be deemed to have been included in the Mortgage File, provided
that a photocopy of such non-delivered document or instrument (with evidence of
recording in the proper office thereon and with respect to the item referred to
in clause (ii) of the definition of "Mortgage File," certified by the
appropriate county recorder's office to be a true and complete copy of the
original submitted for recording) is delivered to the Custodian on or before the
Closing Date.

            If, on the Closing Date as to any Serviced Trust Mortgage Loan
(other than any Mortgage Loan that has been recorded on the MERS(R) System), 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 (a)(iv)
or (a)(v) of the definition of "Mortgage File" (in the case of clause (a)(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 Serviced Trust Mortgage Loan on the Closing Date an omnibus assignment
of such Serviced Trust Mortgage Loan; provided that all required original
assignments with respect to such Serviced Trust Mortgage Loan in fully complete
and recordable form shall be delivered to the 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).

            If, on the Closing Date as to any MERS Mortgage Loan, the applicable
Mortgage Loan Seller does not deliver written evidence of the Trustee's
ownership of such Mortgage Loan on the MERS(R) System showing the Trustee as a
beneficiary of the assignment referred to in each of clause (a)(iv) and (a)(v)
of the definition of "Mortgage File" or the UCC Financing Statements referred to
in clause (a)(viii) of the definition of "Mortgage File", the applicable
Mortgage Loan Seller may satisfy the delivery requirements of the related
Mortgage Loan Purchase Agreement, as applicable, and Section 2.01(b) by
delivering such evidence of ownership within 45 days following the Closing Date;
provided that, during such time, the applicable Mortgage Loan Seller shall
execute any documents requested by the applicable Master Servicer or the Special
Servicer with respect to such MERS Mortgage Loan that, in the reasonable
discretion of the applicable Master Servicer or the Special Servicer (exercised
in accordance with the Servicing Standard), are necessary to evidence the
Trustee's ownership of, or are otherwise required for an immediate servicing
need with respect to, such Mortgage Loan.

            (d) The Depositor hereby represents and warrants that with respect
to the Countrywide Trust Mortgage Loans, the PNC Trust Mortgage Loans and the
Merrill Trust Mortgage Loans, the related Mortgage Loan Seller has covenanted in
the related Mortgage Loan Purchase Agreement that it shall retain or cause to be
retained, an Independent Person (such Person, the "Recording/Filing Agent") that
shall, as to each such Serviced Trust Mortgage Loan (other than any Mortgage
Loan with respect to which the Mortgage File documents were recorded in the name
of MERS or its designee), promptly (and in any event within 180 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 (a)(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 (a)(viii) of the definition of "Mortgage File," in each case
pursuant to Section 2(d) of the related Mortgage Loan Purchase Agreement.

            The Trustee shall, for a fee paid to the Trustee by Artesia on the
Closing Date as to each Serviced Trust Mortgage Loan that is an Artesia Mortgage
Loan (other than any Serviced Trust Mortgage Loan that has been recorded on the
MERS(R) System), promptly (and in any event within 180 days following the later
of the Closing Date or the delivery of each assignment and UCC Financing
Statement to the Trustee) cause to be submitted, for recording or filing, as the
case may be, in the appropriate public office for real property records or UCC
Financing Statements, as appropriate and to the extent timely delivered to the
Trustee in final, recordable form, each such assignment of Mortgage, each such
assignment of Assignment of Leases and, to the extent the Trustee has actual
knowledge that such documents are to be recorded, any other recordable documents
relating to each such Serviced Trust Mortgage Loan, in favor of the Trustee
referred to in clause (a)(iv) of the definition of "Mortgage File" and each such
UCC Financing Statement assignment in favor of the Trustee and so delivered to
the Trustee and referred to in clause (a)(viii) of the definition of "Mortgage
File." Each such assignment and UCC Financing Statement assignment shall reflect
that the recorded original should be returned by the public recording office to
the Trustee or its designee following recording, and each such assignment and
UCC Financing Statement assignment shall reflect that the file copy thereof
should be returned to the Trustee or its designee following filing; provided,
that in those instances where the public recording office retains the original
assignment of Mortgage or assignment of Assignment of Leases, the Trustee shall
obtain therefrom a certified copy of the recorded original, at Artesia's
expense. If any such document or instrument is lost or returned unrecorded or
unfiled, as the case may be, because of a defect therein, the Trustee shall
direct Artesia pursuant to the Artesia Mortgage Loan Purchase Agreement to
promptly prepare or cause to be prepared a substitute therefor or cure such
defect, as the case may be, and thereafter the Trustee shall upon receipt
thereof cause the same to be duly recorded or filed, as appropriate. Upon
request, the Trustee shall forward to Master Servicer No. 2 a copy of each of
the aforementioned recorded assignments following the Trustee's receipt thereof,
to the extent not previously provided.

            (e) All documents and records in the Servicing File (except draft
documents, privileged communications, credit underwriting or due diligence
analyses, credit committee briefs or memoranda or other internal approval
documents or data or internal worksheets, memoranda, communications or
evaluations of the Mortgage Loan Seller) in possession of the Depositor or the
Mortgage Loan Sellers that relate to the Serviced Trust Mortgage Loans and that
are not required to be a part of a Mortgage File in accordance with the
definition thereof (including any original letter of credit that is not part of
the Mortgage File because the applicable Master Servicer or any Sub-Servicer
therefor has possession thereof), together with all Escrow Payments and Reserve
Accounts in the possession thereof, shall be delivered to the applicable Master
Servicer or such other Person as may be directed by the applicable Master
Servicer (at the expense of the applicable Mortgage Loan Seller) on or before
the Closing Date and shall be held by the applicable Master Servicer on behalf
of the Trustee in trust for the benefit of the Certificateholders; provided,
however, the applicable Master Servicer shall have no responsibility for holding
documents created or maintained by the Special Servicer hereunder and not
delivered to such Master Servicer. The applicable Mortgage Loan Seller shall pay
any costs of assignment or amendment of any letter of credit related to the
Trust Mortgage Loans such Mortgage Loan Seller sold to the Depositor required in
order for the applicable Master Servicer to draw on such letter of credit.

            (f) In connection with the Depositor's assignment pursuant to
Section 2.01(a) above, the Depositor shall deliver to the Custodian, the
applicable Master Servicer and the Special Servicer on or before the Closing
Date and hereby represents and warrants that it has delivered a copy of a fully
executed counterpart of each of the Mortgage Loan Purchase Agreements, as in
full force and effect on the Closing Date.

            (g) The Depositor hereby consents to the filing of any UCC Financing
Statements contemplated by this Agreement without its consent.

            (h) The Trust Fund shall constitute the sole assets of the Trust.
Except as expressly provided herein, the Trust may not issue or invest in
additional securities, borrow money or make loans to other Persons. The fiscal
year end of the Trust shall be December 31.

            Section 2.02 Acceptance of the Trust Fund by Trustee; Receipt of the
Mortgage Files by the Custodian.

            (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 the Custodian, subject to the provisos in the
definition of "Mortgage File" and the provisions of Section 2.01 and subject to
the further limitations on review provided for in Section 2.02(b) and the
exceptions noted on the schedule of exceptions of (i) the Mortgage File
delivered to it for each Trust Mortgage Loan and (ii) a copy of a fully executed
counterpart of each Mortgage Loan Purchase Agreement, all in good faith and
without notice of any adverse claim, and declares that the Custodian 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
Serviced Loan Combination relates to the corresponding Non-Trust Loan, the
Custodian shall also hold such Mortgage File in trust for the use and benefit of
the related Non-Trust Noteholder(s). The Custodian hereby certifies to each of
the Depositor, the Trustee, the Master Servicers, the Special Servicer and each
Mortgage Loan Seller that, without regard to the proviso in the definition of
"Mortgage File," each of the Specially Designated Mortgage Loan Documents are in
its possession. In addition, within 90 days after the Closing Date, the
Custodian will review the Mortgage Files and certify (in a certificate
substantially in the form of Exhibit C) to each of the Depositor, the Trustee,
the Master Servicers, the Special Servicer, each Mortgage Loan Seller (with
copies to the Controlling Class Representative), that, with respect to each
Trust Mortgage Loan listed in the Mortgage Loan Schedule, except as specifically
identified in the schedule of exceptions annexed thereto, (i) without regard to
the proviso in the definition of "Mortgage File," all documents specified in
clauses (a)(i), (a)(ii), (a)(iv)(A), (a)(v) and (a)(vii), and to the extent
provided in the related Mortgage File and actually known by a Responsible
Officer of 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 (a)(iii), (a)(iv)(B),
(a)(iv)(C), (a)(vi), (a)(viii) through (a)(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 (a)(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 Custodian as part of the
Mortgage File indicating otherwise, the Custodian 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 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 Custodian 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 Custodian 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, either Master Servicer,
the Special Servicer or the 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 Custodian shall: (i) provide for the safekeeping and
preservation of the Mortgage Files with respect to the Trust Mortgage Loans;
(ii) segregate such Mortgage Files from its own assets and the assets retained
by it for others; (iii) maintain such Mortgage Files in secure and fire
resistant facilities in compliance with customary industry standard; (iv)
maintain disaster recovery protocols to ensure the preservation of such Mortgage
Files in the event of force majeure; and (v) track and monitor the receipt and
movement internally and externally of such Mortgage Files and any release and
reinstatement thereof.

            Section 2.03 Mortgage Loan Seller's Repurchase or Substitution of
Trust Mortgage Loans for Document Defects and Breaches of Representations and
Warranties.

            (a) If any party hereto discovers (without implying any duty of such
Person to make any inquiry or any duty of the Master Servicers or the Special
Servicer to monitor the receipt of the Custodian's certification as contemplated
by Section 2.02(a)) 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 Custodian, the Trustee, the Master Servicers or the Special Servicer to
provide notice of a Document Defect, shall be deemed given by the delivery of
the certificate as required by Section 2.02(a)) to the applicable Mortgage Loan
Seller and the other parties hereto. The Trustee shall then promptly deliver
such notice to the Controlling Class Representative and to the Rating Agencies
of such Document Defect or Breach. Promptly upon becoming aware of any Document
Defect or Breach (including through such written notice provided by any party
hereto or the Controlling Class Representative as provided above), if any party
hereto determines that such Document Defect or Breach materially and adversely
affects the value of the affected Trust Mortgage Loan or the interests of the
Certificateholders therein, such party shall notify the applicable Master
Servicer and, if the subject Trust Mortgage Loan is a Specially Serviced
Mortgage Loan, the Special Servicer, of such determination and promptly after
receipt of such notice, the applicable Master Servicer or the Special Servicer,
as applicable, shall request in writing that the applicable Mortgage Loan
Seller, not later than 90 days from receipt of such written request (or, in the
case of a Document Defect or Breach relating to a Trust Mortgage Loan not being
a "qualified mortgage" within the meaning of the REMIC Provisions, not later
than 90 days after any party to this Agreement discovers such Document Defect or
Breach) (i) cure such Document Defect or Breach, as the case may be, in
accordance with Section 3(c) of the related Mortgage Loan Purchase Agreement,
(ii) repurchase the affected Trust Mortgage Loan (which for purposes of this
clause (ii) shall include a Trust REO Loan) in accordance with Section 3(c) of
the related Mortgage Loan Purchase Agreement, or (iii) within two years of the
Closing Date, substitute a Qualified Substitute Mortgage Loan for such affected
Trust Mortgage Loan (which for purposes of this clause (iii) shall include a
Trust REO Loan) and pay the applicable Master Servicer for deposit into the
applicable Collection Account any Substitution Shortfall Amount in connection
therewith in accordance with Sections 3(c) and 3(d) of the related Mortgage Loan
Purchase Agreement; provided, however, that if such Document Defect or Breach is
capable of being cured but not within such 90 day period, such Document Defect
or Breach does not relate to the Trust Mortgage Loan not being treated as a
"qualified mortgage" within the meaning of the REMIC Provisions, and the
applicable Mortgage Loan Seller has commenced and is diligently proceeding with
the cure of such Document Defect or Breach within such 90 day period, the
applicable Mortgage Loan Seller shall have an additional 90 days to complete
such cure (or, failing such cure, to repurchase or (subject to clause (iii)
above) replace the related Trust Mortgage Loan (which for purposes of such
repurchase or substitution shall include a Trust REO Loan)); and provided,
further, with respect to such additional 90 day period the applicable Mortgage
Loan Seller shall have delivered an Officer's Certificate to the Trustee setting
forth the reasons such Document Defect or Breach is not capable of being cured
within the initial 90 day period and what actions the applicable Mortgage Loan
Seller is pursuing in connection with the cure thereof and stating that the
applicable Mortgage Loan Seller anticipates such Document Defect or Breach will
be cured within the additional 90 day period; and provided, further, that no
Document Defect (other than with respect to a Specially Designated Mortgage Loan
Document) shall be considered to materially and adversely affect the interests
of the Certificateholders or the value of the related Trust Mortgage Loan unless
the document with respect to which the Document Defect exists is required in
connection with an imminent enforcement of the mortgagee's rights or remedies
under the related Trust Mortgage Loan, defending any claim asserted by any
Mortgagor or third party with respect to the Trust Mortgage Loan, establishing
the validity or priority of any lien on any collateral securing the Trust
Mortgage Loan or for any immediate servicing obligations. In the event of a
Document Defect or Breach as to a Trust Mortgage Loan that is
cross-collateralized and cross-defaulted with one or more other Trust Mortgage
Loans (each a "Crossed Loan" and, collectively, a "Crossed Loan Group"), and
such Document Defect or Breach does not constitute a Document Defect or Breach,
as the case may be, as to any other Crossed Loan in such Crossed Loan Group
(without regard to this paragraph) and is not cured as provided for above, then
the applicable Document Defect or Breach, as the case may be, shall be deemed to
constitute a Document Defect or Breach, as the case may be, as to any other
Crossed Loan in the Crossed Loan Group for purposes of this paragraph and the
related Mortgage Loan Seller shall be required to repurchase or substitute for
all such Crossed Loans unless (1) the weighted average Debt Service Coverage
Ratio for all the remaining related Crossed Loans for the four calendar quarters
immediately preceding such repurchase or substitution is not less than the
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 any Grantor Trust to
fail to qualify as a grantor trust under Grantor Trust Provisions or cause
either of REMIC I or REMIC II to fail to qualify as a REMIC under the Code or
result in the imposition of any tax on "prohibited transactions" or
"contributions" after the Startup Day under the REMIC Provisions. In the event
that one or more of such other Crossed Loans satisfy the aforementioned
criteria, the related Mortgage Loan Seller may elect either to repurchase or
substitute for only the affected Crossed Loan as to which the related Document
Defect or Breach exists or to repurchase or substitute for all of the Crossed
Loans in the related Crossed Loan Group. All documentation relating to the
termination of the cross-collateralization provisions of each Crossed Loan being
repurchased or replaced is to be prepared at the expense of the applicable
Mortgage Loan Seller and, where required, with the consent of the applicable
Mortgagor. For a period of two years from the Closing Date, so long as there
remains any Mortgage File as to which there is any uncured Document Defect and
so long as the applicable Mortgage Loan Seller shall provide the Officer's
Certificate pursuant to Section 3(c) of the related Mortgage Loan Purchase
Agreement, the Trustee shall on a quarterly basis prepare and deliver
electronically to the other parties an updated exception report as to the status
of such uncured Document Defects as provided in Section 2.02(a). If the affected
Trust Mortgage Loan is to be repurchased or substituted, the applicable Master
Servicer shall designate its Collection Account as the account to which funds in
the amount of the Purchase Price or the Substitution Shortfall Amount, as
applicable, are to be wired. Any such repurchase or substitution of a Trust
Mortgage Loan shall be on a whole loan, servicing released basis.

            Pursuant to each Mortgage Loan Purchase Agreement, to the extent
that the related Mortgage Loan Seller is required to repurchase or substitute
for a Crossed Loan thereunder while the Trustee continues to hold any other
Crossed Loan(s) in the related Crossed Loan Group, the related Mortgage Loan
Seller and the Depositor have agreed that neither such party shall enforce any
remedies against the other party's Primary Collateral, but each is permitted to
exercise remedies against the Primary Collateral securing the Crossed Loan(s)
held thereby, so long as such exercise does not materially impair the ability of
the other party to exercise its remedies against the Primary Collateral securing
the Crossed Loan(s) held thereby. Notwithstanding the foregoing, each Mortgage
Loan Seller and the Depositor have agreed that if the exercise by one party
would materially impair the ability of the other party to exercise its remedies
with respect to the Primary Collateral securing the Crossed Loan(s) held by such
party, then each such party shall forbear from exercising such remedies until
the Mortgage Loan documents evidencing and securing the relevant Crossed Loans
can be modified in a manner consistent with the related Mortgage Loan Purchase
Agreement to remove the threat of material impairment as a result of the
exercise of remedies.

            (b) In connection with any repurchase or substitution of one or more
Trust Mortgage Loans contemplated by this Section 2.03, upon receipt of a
Request for Release (in the form of Exhibit D-1 attached hereto) of a Servicing
Officer of the applicable Master Servicer certifying as to the receipt of the
applicable Purchase Price(s) in its Collection Account (in the case of any such
repurchase) or the receipt of the applicable Substitution Shortfall Amount(s) in
its Collection Account and upon the delivery of the Mortgage File(s) and the
Servicing File(s) for the related Qualified Substitute Mortgage Loan(s) to the
Custodian and the applicable Master Servicer, respectively (in the case of any
such substitution), (i) the Trustee shall execute and deliver such endorsements
and assignments as are provided to it, in each case without recourse,
representation or warranty, as shall be necessary to vest in the applicable
Mortgage Loan Seller the legal and beneficial ownership of each repurchased
Trust Mortgage Loan or deleted Trust Mortgage Loan, as applicable, being
released pursuant to this Section 2.03, (ii) the Trustee, the Custodian, the
applicable Master Servicer, and the Special Servicer shall each tender to the
applicable Mortgage Loan Seller, upon delivery to each of them of a receipt
executed by the applicable Mortgage Loan Seller, all portions of the Mortgage
File and other documents pertaining to each such Mortgage Loan possessed by it;
(iii) the applicable Master Servicer and the Special Servicer shall release to
the applicable Mortgage Loan Seller any Escrow Payments and Reserve Funds held
by it in respect of such repurchased or deleted Trust Mortgage Loan and (iv) if
the Mortgage related to the Mortgage Loan to be repurchased or substituted has
been recorded in the name of MERS or its designee, the applicable Master
Servicer shall use commercially reasonable efforts (and the Trustee shall
cooperate with such efforts of such Master Servicer) to reflect the release of
such Mortgage on the records of MERS; provided that such tender by the Trustee
or the Custodian shall be conditioned upon its receipt from the applicable
Master Servicer or the Special Servicer of a Request for Release. Thereafter,
the Trustee, any Fiscal Agent, the Custodian, the applicable Master Servicer and
the Special Servicer shall have no further responsibility with regard to the
related repurchased Trust Mortgage Loan(s) or deleted Trust Mortgage Loan(s), as
applicable, and the related Mortgage File(s) and Servicing File(s). The
applicable Master Servicer shall, and is hereby authorized and empowered by the
Trustee to, prepare, execute and deliver in its own name, on behalf of the
Certificateholders and the Trustee or any of them, the endorsements and
assignments contemplated by this Section 2.03, and the Trustee shall execute any
powers of attorney that are prepared and delivered to the Trustee by the
applicable Master Servicer to permit the applicable Master Servicer to do so.
The applicable Master Servicer shall indemnify the Trustee for any reasonable
costs, fees, liabilities and expenses incurred by the Trustee in connection with
the negligent or willful misuse by the applicable Master Servicer of such powers
of attorney. At the time a substitution is made, the applicable Mortgage Loan
Purchase Agreement will provide that the applicable Mortgage Loan Seller shall
be required to deliver the related Mortgage File to the Custodian and certify
that the substitute Trust Mortgage Loan is a Qualified Substitute Mortgage Loan.

            (c) No substitution of a Qualified Substitute Mortgage Loan or Loans
may be made in any calendar month after the Determination Date for such month.
Periodic Payments due with respect to any Qualified Substitute Mortgage Loan
after the related date of substitution shall be part of REMIC I, 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 applicable
Master Servicer) be remitted by the applicable Master Servicer to the applicable
Mortgage Loan Seller promptly following receipt.

            (d) The Mortgage Loan Purchase Agreements and Section 2.03(a) of
this Agreement provide the sole remedies available to the Certificateholders, or
the Trustee on behalf of the Certificateholders, respecting any Document Defect
or Breach with respect to the Trust Mortgage Loans purchased by the Depositor
thereunder.

            (e) The Trustee with the cooperation of the Special Servicer (in the
case of Specially Serviced Mortgage Loans) shall, for the benefit of the
Certificateholders, enforce the obligations of each Mortgage Loan Seller under
Section 3 of the related Mortgage Loan Purchase Agreement.

            Notwithstanding anything contained herein or the related Mortgage
Loan Purchase Agreement, no delay in the discovery of a Defect or Breach or
delay on the part of any party to this Agreement in providing notice of such
Defect or Breach shall relieve the related Mortgage Loan Seller of its
obligations to repurchase or substitute if it is otherwise required to do so
under the related Mortgage Loan Purchase Agreement.

            If the applicable Mortgage Loan Seller incurs any expense in
connection with the curing of a Document Defect or a Breach which also
constitutes a default under the related Trust Mortgage Loan and is reimbursable
thereunder, such Mortgage Loan Seller shall have a right, and shall be
subrogated to the rights of the Trustee and the Trust Fund, as successor to the
mortgagee, to recover the amount of such expenses from the related Mortgagor;
provided, however, that such Mortgage Loan Seller's rights pursuant to this
paragraph shall be junior, subject and subordinate to the rights of the
applicable Master Servicer, the Special Servicer, the Trustee, 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 applicable Master Servicer or the Special Servicer allocable to such
Trust Mortgage Loan. The applicable Master Servicer or, with respect to a
Specially Serviced Mortgage Loan, the Special Servicer, at such Mortgage Loan
Seller's expense, shall use commercially reasonable efforts to recover such
expenses for such Mortgage Loan Seller to the extent consistent with the
Servicing Standard, but taking into account the subordinate nature of the
reimbursement to the Mortgage Loan Seller; provided, however, that such Master
Servicer or, with respect to a Specially Serviced Mortgage Loan, the Special
Servicer determines in the exercise of its sole discretion consistent with the
Servicing Standard that such actions by it will not impair such Master
Servicer's and/or the Special Servicer's collection or recovery of principal,
interest and other sums due with respect to the related Trust Mortgage Loan
which would otherwise be payable to such Master Servicer, the Special Servicer,
the Trustee, any Fiscal Agent, and the Certificateholders pursuant to the terms
of this Agreement.

            Section 2.04 Representations and Warranties of Depositor.

            (a) The Depositor hereby represents and warrants to the Trustee, for
its own benefit and the benefit of the Certificateholders, and to each Master
Servicer, the Special Servicer 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 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, Grantor Trust Y and Grantor
Trust Z by Trustee.

            The Trustee acknowledges the assignment to it of the Trust Mortgage
Loans and the other property comprising REMIC I, the Additional Interest, the
Palmilla Apartments Stabilization Fee and the other property comprising Grantor
Trust Y and Grantor Trust Z, as applicable, 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; in the case of Grantor Trust
Y, all present and future holders of the Class Y Certificates; 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
Regular Certificates and Class R-II Certificates.

            Concurrently with the assignment to the Trustee of the REMIC I
Regular Interests and in exchange therefor, the Class A-2FL REMIC II Regular
Interest, the Class A-3FL REMIC II Regular Interest, the Class A-4FL REMIC II
Regular Interest, the Class AM-FL REMIC II Regular Interest and the Class AJ-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 Regular
Certificates and Class R-II Certificates in authorized denominations,
evidencing, together with the Class A-2FL REMIC II Regular Interest, the Class
A-3FL REMIC II Regular Interest, the Class A-4FL REMIC II Regular Interest, the
Class AM-FL REMIC II Regular Interest and the Class AJ-FL REMIC II Regular
Interest, the entire beneficial ownership of REMIC II. The rights of the holders
of the respective Classes of REMIC II Regular Certificates and Class R-II
Certificates, Grantor Trust A-2FL as holder of the Class A-2FL REMIC II Regular
Interest, Grantor Trust A-3FL as holder of the Class A-3FL REMIC II Regular
Interest, Grantor Trust A-4FL as holder of the Class A-4FL REMIC II Regular
Interest, Grantor Trust AM-FL as holder of the Class AM-FL REMIC II Regular
Interest and Grantor Trust AJ-FL as holder of the Class AJ-FL REMIC II Regular
Interest, to receive distributions from the proceeds of REMIC II in respect of
their REMIC II Regular Certificates, Class R-II Certificates and REMIC II
Regular Interests and all ownership interests evidenced or constituted by the
respective Classes of REMIC II Regular Certificates, Class R-II Certificates and
REMIC II Regular Interests in such distributions, shall be as set forth in this
Agreement.

            Section 2.09 Conveyance of Class A-2FL REMIC II Regular Interest,
Class A-3FL REMIC II Regular Interest, Class A-4FL REMIC II Regular Interest,
Class AM-FL REMIC II Regular Interest and Class AJ-FL REMIC II Regular Interest;
Acceptance of Grantor Trust A-2FL, Grantor Trust A-3FL, Grantor Trust A-4FL,
Grantor Trust AM-FL and Grantor Trust AJ-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-2FL
REMIC II Regular Interest and Class A-2FL Swap Contract, the Class A-3FL REMIC
II Regular Interest and Class A-3FL Swap Contract, the Class A-4FL REMIC II
Regular Interest and Class A-4FL Swap Contract, the Class AM-FL REMIC II Regular
Interest and Class AM-FL Swap Contract and the Class AJ-FL REMIC II Regular
Interest and Class AJ-FL Swap Contract to the Trustee for the benefit of the
Holders of the Class A-2FL Certificates, the Holders of the Class A-3FL
Certificates, the Holders of the Class A-4FL Certificates, the Holders of the
Class AM-FL Certificates and the Holders of the Class AJ-FL Certificates,
respectively. The Trustee acknowledges the assignment to it of the Class A-2FL
REMIC II Regular Interest and Class A-2FL Swap Contract, the Class A-3FL REMIC
II Regular Interest and Class A-3FL Swap Contract, the Class A-4FL REMIC II
Regular Interest and Class A-4FL Swap Contract, the Class AM-FL REMIC II Regular
Interest and Class AM-FL Swap Contract and the Class AJ-FL REMIC II Regular
Interest and Class AJ-FL Swap Contract 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-2FL Certificates, all present and future Holders of the
Class A-3FL Certificates, all present and future Holders of the Class A-4FL
Certificates, all present and future Holders of the Class AM-FL Certificates and
all present and future Holders of the Class AJ-FL Certificates, respectively.

            Section 2.10 Execution, Authentication and Delivery of Class A-2FL
Certificates, Class A-3FL Certificates, Class A-4FL Certificates, Class AM-FL
Certificates and Class AJ-FL Certificates.

            Concurrently with the assignment to it of (i) the Class A-2FL REMIC
II Regular Interest and the other assets of Grantor Trust A-2FL, (ii) the Class
A-3FL REMIC II Regular Interest and the other assets of Grantor Trust A-3FL,
(iii) the Class A-4FL REMIC II Regular Interest and the other assets of Grantor
Trust A-4FL, (iv) the Class AM-FL REMIC II Regular Interest and the other assets
of Grantor Trust AM-FL and (v) the Class AJ-FL REMIC II Regular Interest and the
other assets of Grantor Trust AJ-FL, and in exchange therefor, and for the
Trustee's entering into the Class A-2FL Swap Agreement, the Class A-3FL Swap
Agreement, the Class A-4FL Swap Agreement, the Class AM-FL Swap Agreement and
the Class AJ-FL Swap Agremeent, 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 A-2FL Certificates, the Class A-3FL
Certificates, the Class A-4FL Certificates, the Class AM-FL Certificates and the
Class AJ-FL Certificates.

            Section 2.11 Execution, Authentication and Delivery of Class Y
Certificates.

            Concurrently with the assignment to it of the related Additional
Interest and the other assets of Grantor Trust Y 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 Y
Certificates.

            Section 2.12 Execution, Authentication and Delivery of Class Z
Certificates.

            Concurrently with the assignment to it of the related Additional
Interest, the Palmilla Apartments Stabilization Fee and the other assets of
Grantor Trust Z and in exchange therefor, the Certificate Registrar, pursuant to
the written request of the Depositor executed by an officer of the Depositor,
has executed, and the Authenticating Agent has authenticated, and delivered to
or upon the order of the Depositor, the Class Z Certificates.

                                   ARTICLE III

                 ADMINISTRATION AND SERVICING OF THE TRUST FUND

               Section 3.01 Administration of the Mortgage Loans.

            (a) Master Servicer No. 1 shall service and administer the Merrill
Trust Mortgage Loans and the PNC Trust Mortgage Loans (inclusive of the related
Serviced Loan Combinations, the Trust Mortgage Loans of which are Merrill Trust
Mortgage Loans or PNC Trust Mortgage Loans, respectively). Master Servicer No. 2
shall service and administer the Countrywide Trust Mortgage Loans and the
Artesia Trust Mortgage Loans (inclusive of the related Serviced Loan
Combinations, the Trust Mortgage Loans of which are Countrywide Trust Mortgage
Loans or Artesia Trust Mortgage Loans, respectively but exclusive of the
Georgia-Alabama Retail Portfolio Trust Mortgage Loan after a Georgia-Alabama
Retail Portfolio Servicing Transfer Event has occurred), in the case of each of
Master Servicer No. 1 and Master Servicer No. 2, pursuant to this Agreement on
behalf of the Trustee, for the benefit of the Certificateholders (or, in the
case of any Serviced 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 Serviced 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 Servicers shall service and administer all Serviced Mortgage Loans that
are not Specially Serviced Mortgage Loans, and (ii) the Special Servicer shall
service and administer each Specially Serviced Mortgage Loan and REO Property
and shall render such services with respect to all Mortgage Loans and REO
Properties as are specifically provided for herein; provided that the Master
Servicers shall continue to receive payments, and prepare, or cause to be
prepared, all reports required hereunder, except for the reports specified
herein, as prepared by the Special Servicer with respect to the Specially
Serviced Mortgage Loans, as if no Servicing Transfer Event had occurred and with
respect to the REO Properties (and the related REO Loans) as if no REO
Acquisition had occurred, and to render such incidental services with respect to
the Specially Serviced Mortgage Loans and REO Properties as are specifically
provided for herein; provided, further, that neither Master Servicer shall be
liable for its failure to comply with such duties insofar as such failure
results from a failure by the Special Servicer to provide sufficient information
to such Master Servicer to comply with such duties or failure by the Special
Servicer to otherwise comply with its obligations hereunder. All references
herein to the respective duties of the Master Servicers and the Special
Servicer, and to the areas in which they may exercise discretion, shall be
subject to Section 3.21.

            (b) Subject to Section 3.01(a) and Section 6.11, the Master
Servicers and the Special Servicer each shall have full power and authority,
acting alone (or, pursuant to Section 3.22, through one or more Sub-Servicers),
to do or cause to be done any and all things in connection with such servicing
and administration which it may deem necessary or desirable. Without limiting
the generality of the foregoing, each of the Master Servicers and the Special
Servicer, in its own name, with respect to each of the Serviced 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 applicable Master Servicer or the Special Servicer, promptly
execute any limited powers of attorney and other documents furnished by such
Master Servicer or the Special Servicer that are necessary or appropriate to
enable them to carry out their servicing and administrative duties hereunder;
provided, however, that the Trustee shall not be held liable for any misuse of
any such power of attorney by either Master Servicer or the Special Servicer.
Notwithstanding anything contained herein to the contrary, neither the Master
Servicers nor the Special Servicer shall without the Trustee's written consent:
(i) initiate any action, suit or proceeding solely under the Trustee's name (or,
in the case of a Non-Trust Loan, solely under the related Non-Trust Noteholder's
name) without indicating the applicable Master Servicer's or the Special
Servicer's as applicable, representative capacity; or (ii) take any action with
the intent to cause, and that actually does cause, the Trustee to be registered
to do business in any state.

            (c) The relationship of each of the Master Servicers, the Special
Servicer and the Custodian 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, except as set forth herein, agent. No Person acting in
any one or more of such capacities shall be responsible for the actions of or
failure to act by another Person acting in any one or more of such capacities.

            (d) Notwithstanding anything herein to the contrary, in no event
shall either Master Servicer, 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 Servicers nor the Special Servicer shall have
any liability for the failure of any Mortgage Loan Seller to perform its
obligations under the related Mortgage Loan Purchase Agreement.

            (f) The parties hereto acknowledge that each Loan Combination is
subject to the terms and conditions of the related Loan Combination
Intercreditor Agreement. The parties hereto further recognize the respective
rights and obligations of the related Non-Trust Noteholder(s) under the related
Loan Combination Intercreditor Agreement, including with respect to (i) the
allocation of collections on or in respect of the applicable Loan Combination,
and the making of payments, to such Non-Trust Noteholder(s) in accordance with
the related Loan Combination Intercreditor Agreement, (ii) the allocation of
expenses and/or losses relating to the subject Loan Combination to such
Non-Trust Noteholder(s) in accordance with the related Loan Combination
Intercreditor Agreement, and (iii) the right, if applicable, of a Non-Trust
Noteholder or its designee to purchase the related Trust Mortgage Loan in
accordance with the related Loan Combination Intercreditor Agreement.

            (g) With respect to any Serviced Loan Combination, in the event that
either the related Trust Mortgage Loan or the related Loan Combination REO
Property (or any interest therein) is no longer an asset of the Trust Fund and,
except as contemplated in the second paragraph of this Section 3.01(g), in
accordance with the related Loan Combination Intercreditor Agreement, the
servicing and administration of such Serviced 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 Serviced Loan
Combination or (ii) if expressly provided for in or pursuant to the related Loan
Combination Intercreditor Agreement) the applicable Master Servicer and, if such
Loan Combination is then being specially serviced hereunder or the related Loan
Combination Mortgaged Property has become a Loan Combination REO Property, the
Special Servicer, shall continue to act in such capacities under such separate
servicing agreement; provided that such separate servicing agreement shall be
reasonably acceptable to the applicable Master Servicer and/or the Special
Servicer, as the case may be, and shall contain servicing and administration,
limitation of liability, indemnification and servicing compensation provisions
substantially similar to the corresponding provisions of this Agreement, except
for the fact that such Serviced 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 Serviced Loan Combination, if at any
time neither the related Trust Mortgage Loan nor any related Loan Combination
REO Property (or any interest therein) is an asset of the Trust Fund, and if a
separate servicing agreement with respect to such Loan Combination or any
related Loan Combination REO Property, as applicable, has not been entered into
as contemplated by the related Loan Combination Intercreditor Agreement and the
prior paragraph (for whatever reason, including the failure to obtain any rating
agency confirmation required in connection therewith pursuant to the related
Loan Combination Intercreditor Agreement), and notwithstanding that neither the
related Trust Mortgage Loan nor any related Loan Combination REO Property (or
any interest therein) is an asset of the Trust Fund, then, unless directed
otherwise by the then current holders of the Mortgage Notes comprising such
Serviced Loan Combination, the applicable Master Servicer and, if applicable,
the Special Servicer shall continue to service and administer such Serviced Loan
Combination and/or any related Loan Combination REO Property, for the benefit of
the respective holders of such Serviced Loan Combination, under this Agreement
as if such Serviced Loan Combination or any related Loan Combination REO
Property were the sole assets subject hereto but shall not be required to make
any Advances with respect thereto.

            (h) Nothing contained in this Agreement shall limit the ability of
either Master Servicer to lend money to or accept deposits from or otherwise
generally engage in any kind of business or dealings with any Mortgagor as
though such Master Servicer was not a party to this Agreement or to the
transactions contemplated hereby; provided, however, that no such loan made by
such Master Servicer may be secured, in whole or in part by any Mortgaged
Property securing a Mortgage Loan or by ownership interests in a Mortgagor, and
provided, further, that the foregoing provision shall not act to modify, qualify
or limit a Master Servicer's obligation to act in accordance with the Servicing
Standard.

            (i) In clarification of, and neither in addition to nor in deletion
of the duties and obligations of the Master Servicers or the Special Servicer
pursuant to this Agreement, no provision herein contained shall be construed as
an express or implied guarantee by either Master Servicer or the Special
Servicer of the collectibility or recoverability of payments on the Mortgage
Loans or shall be construed to impair or adversely affect any rights or benefits
provided by this Agreement to such Master Servicer or the Special Servicer
(including with respect to Master Servicing Fees or the right to be reimbursed
for Advances). Any provision in this Agreement for any Advance by a Master
Servicer, the Special Servicer or the Trustee is intended solely to provide
liquidity for the benefit of the Certificateholders and, if applicable, the
Non-Trust Noteholders, and not as credit support or otherwise to impose on any
such Person the risk of loss with respect to one or more of the Mortgage Loans.
No provision hereof shall be construed to impose liability on either Master
Servicer or the Special Servicer for the reason that any recovery to the
Certificateholders (or, in the case of any Serviced Loan Combination, to the
Certificateholders and the related Non-Trust Noteholder(s)) in respect of a
Mortgage Loan at any time after a determination of present value recovery made
in its reasonable and good faith judgment in accordance with the Servicing
Standard by such Master Servicer or the Special Servicer hereunder at any time
is less than the amount reflected in such determination.

            (j) With respect to the Georgia-Alabama Retail Portfolio Loan
Combination, each Master Servicer and the Special Servicer acknowledge that,
pursuant to the related Loan Combination Intercreditor Agreement, the related
Mortgage Loan Seller has the right to cause such Loan Combination to be serviced
pursuant to the pooling and servicing agreement related to the Georgia-Alabama
Retail Portfolio A-Note Non-Trust Loan; provided that such Mortgage Loan Seller
causes the applicable Master Servicer to obtain a Rating Agency Confirmation and
satisfies such other requirements as are set forth in the related Loan
Combination Intercreditor Agreement. To the extent such Mortgage Loan Seller
exercises such options and satisfies such requirements, the Georgia-Alabama
Retail Portfolio Loan Combination shall no longer be serviced pursuant to this
Agreement except to the limited extent required pursuant to the related Loan
Combination Intercreditor Agreement, and the Master Servicers, Special Servicer
and Trustee shall cooperate with the servicing parties under such other pooling
and servicing agreement to effectuate the foregoing servicing transfer.

            (k) With respect to the Mortgage Loan identified on the Mortgage
Loan Schedule as Waterford Park Plaza, in the event that the related Mortgagor
commences making Rainbow Foods Sweep Deposits (as defined in the related
Mortgage Loan documents), the applicable Master Servicer shall not elect to
require monthly payments of interest only in accordance with Section 3(a)(iv) of
the related Mortgage Note unless those payments would commence on or after May
11, 2012.

            Section 3.02 Collection of Mortgage Loan Payments.

            (a) Each of the Master Servicers or the Special Servicer shall
undertake reasonable efforts consistent with the Servicing Standard to collect
all payments required under the terms and provisions of the Serviced 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 Serviced Mortgage Loans that have Anticipated Repayment Dates, so long as
the related Mortgagor is otherwise in compliance with each provision of the
related Mortgage Loan documents, the Master Servicers and Special Servicer
(including the Special Servicer in its capacity as a Certificateholder), shall
not take any enforcement action with respect to the failure of the related
Mortgagor to make any payment of Additional Interest or principal in excess of
the principal component of the constant Periodic Payment, other than requests
for collection, until the maturity date of the related Mortgage Loan; provided,
further, that either Master Servicer or the Special Servicer, as the case may
be, may take action to enforce the Trust Fund's right to apply excess cash flow
to principal in accordance with the terms of the Mortgage Loan documents. Either
Master Servicer may, in its discretion, with respect to Serviced Mortgage Loans
that have Anticipated Repayment Dates, waive any or all of the Additional
Interest accrued on any such Serviced Mortgage Loan if the Mortgagor is ready
and willing to pay all other amounts due under such Serviced Mortgage Loan in
full, including the Stated Principal Balance, provided that it acts in
accordance with the Servicing Standard and it has received the consent of the
Special Servicer and the Controlling Class Representative (which consent will be
deemed granted if not denied in writing within 10 Business Days after the
Special Servicer's receipt of the applicable Master Servicer's request for such
consent), and neither of the Master Servicers nor the Special Servicer will have
any liability to the Trust Fund, the Certificateholders or any other person for
any determination that is made in accordance with the Servicing Standard. The
applicable Master Servicer, with regard to a Serviced Mortgage Loan that is not
a Specially Serviced Mortgage Loan, may waive any Default Charges in connection
with any payment on such Mortgage Loan two (2) times during any period of 12
consecutive months and no more than four (4) times following the Closing Date,
except that such limitations shall not apply with respect to the portion of any
Default Charges that would otherwise be payable to such Master Servicer pursuant
to Section 3.26. A waiver of Default Charges that is prohibited under the prior
sentence shall nonetheless be permitted with the consent of the Controlling
Class Representative, which consent shall be deemed granted if not denied in
writing (which may be sent via facsimile transmission or electronic mail) within
five Business Days of such request. Notwithstanding any of the foregoing, in the
case of the Merrill Trust Mortgage Loans identified on Schedule VII, neither
Master Servicer nor the Special Servicer shall take any enforcement action with
respect to the failure of a Mortgagor to make any payment of a late payment
charge or demand payment of a late payment charge from a Mortgagor, in each case
prior to 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 Serviced 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 Serviced
Loan Combination, the related Loan Combination Intercreditor Agreement and the
documents evidencing and securing the related Non-Trust Loan(s)) except as
otherwise provided herein or, if required pursuant to the express provisions of
the related Mortgage or as determined by the applicable Master Servicer or the
Special Servicer in accordance with the Servicing Standard, to the repair or
restoration of the related Mortgaged Property, and, in the absence of such
express provisions, shall be applied (after reimbursement or payment, first, to
the Trustee and any Fiscal Agent, and second, to the applicable Master Servicer
or the Special Servicer, as applicable, for any unpaid Master Servicing Fee,
Special Servicing Fee, Principal Recovery Fee, liquidation expenses and related
Additional Trust Fund Expenses) for purposes of this Agreement: first, in
connection with Liquidation Proceeds or Insurance Proceeds as a recovery of
Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts with respect
to such Mortgage Loan that were paid from principal collections on the Serviced
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 Serviced 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 Serviced Mortgage Loan then due and owing,
including, without limitation, by reason of acceleration of such Mortgage Loan
following a default thereunder, to the extent such amounts have not been
previously advanced; fifth, as a recovery of Default Charges due and owing on
such Mortgage Loan; sixth, in accordance with the normal servicing practices of
the applicable Master Servicer, as a recovery of any other amounts then due and
owing under such Serviced 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 Serviced
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 or
the Converting Loan, as a recovery of any unpaid Additional Interest and with
respect to the Palmilla Apartments Mortgage Loan, as a recovery of the Palmilla
Apartments Stabilization Fee. 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 applicable Master Servicer or the Special Servicer, as applicable,
for any unpaid Master Servicing Fee, Special Servicing Fee, Principal Recovery
Fee, liquidation expenses and related Additional Trust Fund Expenses): first, as
a recovery of any related and unreimbursed Advances plus unpaid interest accrued
thereon; second, as a recovery of accrued and unpaid interest at the related
Mortgage Rate (net of the Master Servicing Fee Rate) on such Mortgage Loan to
but not including the Due Date in the Collection Period of receipt, to the
extent such amounts have not been previously advanced, and exclusive of any
portion thereof that constitutes Additional Interest; third, as a recovery of
principal of such Mortgage Loan up to its entire unpaid principal balance, to
the extent such amounts have not been previously advanced; and fourth, with
respect to any ARD Loan after its Anticipated Repayment Date or the Converting
Loan, as a recovery of any unpaid Additional Interest and with respect to the
Palmilla Apartments Mortgage Loan, as a recovery of the Palmilla Apartments
Stabilization Fee. Amounts collected on any REO Loan shall be deemed to be
applied in accordance with the definition thereof. The provisions of this
paragraph with respect to the application of amounts collected on any Mortgage
Loan shall not alter in any way the right of either Master Servicer, the Special
Servicer or any other Person to receive payments from the Collection Accounts as
set forth in Section 3.05(a) from amounts so applied.

            (c) To the extent consistent with the terms of the related Mortgage
Loan and applicable law, the applicable Master Servicer shall apply all
Insurance Proceeds and condemnation proceeds it receives on a day other than the
Due Date to amounts due and owing under the related Mortgage Loan as if such
Insurance Proceeds and condemnation proceeds were received on the Due Date
immediately succeeding the month in which such Insurance Proceeds and
condemnation proceeds were received.

            (d) In the event that a Master Servicer or the Special Servicer
receives Additional Interest in any Collection Period, or receives notice from
the related Mortgagor that it will be receiving Additional Interest in any
Collection Period, such Master Servicer or the Special Servicer, as applicable,
shall, to the extent not included in the related CMSA Loan Periodic Update File,
promptly notify the Trustee. Subject to the provisions of Section 3.02(a)
hereof, none of the Master Servicers, the Trustee, 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 applicable Master Servicer with respect to non-Specially
Serviced Mortgage Loans, or the Special Servicer, with respect to Specially
Serviced Mortgage Loans shall, to the extent the Mortgage Loan documents provide
for any discretion, 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.

            (f) Promptly following the Georgia-Alabama Retail Portfolio
Servicing Transfer Event, the Trustee shall send a copy of this Pooling and
Servicing Agreement fully executed by the parties hereto and written notice to
the Georgia-Alabama Retail Portfolio Servicer and the other parties to the
Georgia-Alabama Retail Portfolio A-2 Note Pooling and Servicing Agreement,
stating that, the Trustee is the holder of the Georgia-Alabama Retail Portfolio
Trust Mortgage Loan and directing the Georgia-Alabama Retail Portfolio Servicer
to remit to Master Servicer No. 2 all amounts payable to, and to forward,
deliver or otherwise make available to, Master Servicer No. 2 all reports,
statements, documents, communications and other information that are to be
forwarded, delivered or otherwise made available to, the holder of the
Georgia-Alabama Retail Portfolio Trust Mortgage Loan under the Georgia-Alabama
Retail Portfolio Intercreditor Agreements and the Georgia-Alabama Retail
Portfolio A-2 Note Pooling and Servicing Agreement. Master Servicer No. 2 shall,
within one Business Day of receipt thereof, deposit into the Collection Account
all amounts received by it from the Georgia-Alabama Retail Portfolio Servicer or
any other party under the Georgia-Alabama Retail Portfolio A-2 Note Pooling and
Servicing Agreement with respect to the Georgia-Alabama Retail Portfolio Trust
Mortgage Loan, or the Georgia-Alabama Retail Portfolio Mortgaged Property or any
Georgia-Alabama Retail Portfolio REO Property. In the event Master Servicer No.
2 fails to so receive any amounts due to the Trust Fund as holder of the
Georgia-Alabama Retail Portfolio Trust Mortgage Loan under the Georgia-Alabama
Retail Portfolio Intercreditor Agreements and the Georgia-Alabama Retail
Portfolio A-2 Note Pooling and Servicing Agreement by the Determination Date
occurring in such calendar month, Master Servicer No. 2 shall notify the
Georgia-Alabama Retail Portfolio Servicer, that such amounts due with respect to
the Georgia-Alabama Retail Portfolio Trust Mortgage Loan have not been received
(specifying the amount of such deficiency).

            Section 3.03 Collection of Taxes, Assessments and Similar Items;
Servicing Accounts; Reserve Accounts.

            (a) Each Master Servicer shall, as to all Serviced 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 Serviced Loan Combination, if the related
Servicing Account includes funds with respect to any Non-Trust Loan, then the
applicable Master Servicer shall transfer such funds to the applicable Loan
Combination Custodial Account. Each Servicing Account with respect to a Serviced
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 Serviced Mortgage Loan or, in the case of clauses (iv)
and (v) below, to the extent of interest or other income earned on such amounts)
only for the following purposes: (i) consistent with the related Mortgage Loan
documents, to effect the payment of real estate taxes, assessments, insurance
premiums (including premiums on any environmental insurance policy), ground
rents (if applicable) and comparable items in respect of the respective
Mortgaged Properties; (ii) insofar as the particular Escrow Payment represents a
late payment that was intended to cover an item described in the immediately
preceding clause (i) for which a Servicing Advance was made, to reimburse the
applicable Master Servicer, the Special Servicer, the Trustee or any Fiscal
Agent, as applicable, for any such Servicing Advance (provided that any interest
thereon may only be withdrawn from the applicable Collection Account), (iii) to
refund to Mortgagors any sums as may be determined to be overages; (iv) to pay
interest, if required by law or the related Mortgage Loan documents and as
described below, to Mortgagors on balances in the respective Servicing Accounts;
(v) to pay the applicable Master Servicer interest and investment income on
balances in the Servicing Accounts as described in Section 3.06(b), if and to
the extent not required by law or the terms of the related Mortgage Loan
documents to be paid to the Mortgagor; (vi) during an event of default under the
related Serviced Mortgage Loan, for any other purpose permitted by the related
Mortgage Loan documents, applicable law and the Servicing Standard; (vii) to
withdraw amounts deposited in error; (viii) to clear and terminate the Servicing
Accounts at the termination of this Agreement in accordance with Section 9.01;
or (ix) only as, when and to the extent permitted under the Mortgage Loan
documents, to effect payment of accrued and unpaid late charges, default
interest and other reasonable fees. To the extent permitted by law or the
applicable Mortgage Loan documents, funds in the Servicing Accounts may be
invested only in Permitted Investments in accordance with the provisions of
Section 3.06 and in accordance with the terms of the related Mortgage Loan
documents. Each Master Servicer shall pay or cause to be paid to the applicable
Mortgagors interest, if any, earned on the investment of funds in the related
Servicing Accounts maintained thereby, if required by law or the terms of the
related Mortgage Loan. If either Master Servicer shall deposit in a Servicing
Account any amount not required to be deposited therein, it may at any time
withdraw such amount from such Servicing Account, any provision herein to the
contrary notwithstanding. The Servicing Accounts shall not be considered part of
the segregated pool of assets constituting REMIC I, REMIC II or any Grantor
Trust. If for any reason any Escrow Payments or Reserve Funds are received by
the Special Servicer, then promptly after such receipt, and in any event within
one Business Day of such receipt, the Special Servicer shall remit such Escrow
Payments to the applicable Master Servicer for deposit in the applicable
Servicing Account(s).

            (b) Each Master Servicer, with respect to Serviced Mortgage Loans
serviced thereby that are not Specially Serviced Mortgage Loans, or the Special
Servicer with respect to Specially Serviced Mortgage Loans and Serviced REO
Loans, shall (i) maintain accurate records with respect to the related Mortgaged
Property reflecting the status of real estate taxes, assessments and other
similar items that are or may become a lien thereon and the status of insurance
premiums and any ground rents payable in respect thereof and (ii) use reasonable
efforts to obtain, from time to time, all bills for (or otherwise confirm) the
payment of such items (including renewal premiums) and, if the subject Mortgage
Loan required the related Mortgagor to escrow for such items, shall effect
payment thereof prior to the applicable penalty or termination date and, in any
event, prior to the institution of foreclosure or similar proceedings with
respect to the related Mortgaged Property for nonpayment of such items. For
purposes of effecting any such payment for which it is responsible, the
applicable Master Servicer shall apply Escrow Payments (at the direction of the
Special Servicer for Specially Serviced Mortgage Loans and Serviced REO Loans)
as allowed under the terms of the related Serviced Mortgage Loan or, if such
Serviced Mortgage Loan does not require the related Mortgagor to escrow for the
payment of real estate taxes, assessments, insurance premiums, ground rents (if
applicable) and similar items, the applicable Master Servicer shall, as to all
Serviced Mortgage Loans, use reasonable efforts consistent with the Servicing
Standard to cause the Mortgagor to comply with the requirement of the related
Mortgage that the Mortgagor make payments in respect of such items at the time
they first become due, and, in any event, prior to the institution of
foreclosure or similar proceedings with respect to the related Mortgaged
Property for nonpayment of such items.

            (c) Each Master Servicer shall, as to all Serviced 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 neither Master Servicer shall make any Servicing
Advance prior to the penalty date or cancellation date, as applicable, if the
applicable Master Servicer reasonably anticipates in accordance with the
Servicing Standard that the Mortgagor will pay such amount on or before the
penalty date or cancellation date, and provided, further, that neither Master
Servicer shall be obligated to make any Servicing Advance that would, if made,
constitute a Nonrecoverable Servicing Advance. All such Servicing Advances shall
be reimbursable in the first instance from related collections from the
Mortgagors, and in the case of REO Properties, from the operating revenues
related thereto, and further as provided in Section 3.05(a) and/or Section
3.05(e). No costs incurred by either Master Servicer in effecting the payment of
real estate taxes, assessments and, if applicable, ground rents on or in respect
of such Mortgaged Properties shall, for purposes of this Agreement, including,
without limitation, the Trustee's calculation of monthly distributions to
Certificateholders, be added to the unpaid Stated Principal Balances of the
related Serviced Mortgage Loans, notwithstanding that the terms of such Serviced
Mortgage Loans so permit. The foregoing shall in no way limit the applicable
Master Servicers' ability to charge and collect from the Mortgagor such costs
together with interest thereon.

            The Special Servicer shall give the applicable Master Servicer, the
Trustee and any Fiscal Agent, to the extent reasonably practicable, not less
than 10 Business Days' and in any event not less than five Business Days' notice
with respect to Servicing Advances to be made on any Specially Serviced Mortgage
Loan or Administered REO Property, before the date on which the applicable
Master Servicer is required to make any Servicing Advance with respect to a
given Serviced Mortgage Loan or Administered 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 Administered REO
Property as may be required on an urgent or emergency basis, as determined by
the Special Servicer. In addition, the Special Servicer shall provide the
applicable Master Servicer, the Trustee and any Fiscal Agent with such
information in its possession as the applicable Master Servicer, the Trustee or
any Fiscal Agent, as applicable, may reasonably request to enable the applicable
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 to whom the Special Servicer has given timely
notice (as contemplated above) regarding a Servicing Advance that is to be made,
will have the obligation to make any such Servicing Advance (other than a
Nonrecoverable Servicing Advance) that it is so requested by a Special Servicer
to make, within five Business Days after such Master Servicer's receipt of such
request. If the request is timely and properly made, the Special Servicer shall
be relieved of any obligations with respect to a Servicing Advance that it so
requests the applicable Master Servicer to make with respect to any Specially
Serviced Mortgage Loan or Administered REO Property (regardless of whether or
not the applicable Master Servicer shall make such Servicing Advance). The
applicable Master Servicer shall be entitled to reimbursement for any Servicing
Advance made by it at the direction of a Special Servicer, together with
interest accrued thereon, at the same time, in the same manner and to the same
extent as such Master Servicer is entitled with respect to any other Servicing
Advances made thereby. Any request by the Special Servicer that a Master
Servicer make a Servicing Advance shall be deemed to be a determination by the
Special Servicer that such requested Servicing Advance is not a Nonrecoverable
Servicing Advance, and the applicable Master Servicer shall be entitled to (but
shall have no obligation to) conclusively rely on such determination. On the
fourth Business Day before each Distribution Date, the Special Servicer shall
report to the applicable Master Servicer the Special Servicer's determination
that any Servicing Advance previously made with respect to a Specially Serviced
Mortgage Loan or REO Loan is a Nonrecoverable Servicing Advance. The applicable
Master Servicer shall act in accordance with such determination and shall be
entitled to rely conclusively on such determination. Notwithstanding the
foregoing, the applicable Master Servicer shall have the right to make its own
determination that any portion of any Servicing Advance is a Nonrecoverable
Servicing Advance.

            No more frequently than once per calendar month, the Special
Servicer may require an applicable Master Servicer to reimburse the Special
Servicer for any Servicing Advance made by the Special Servicer, subject to the
terms and provisions set forth below. The Special Servicer shall provide the
applicable Master Servicer an Officer's Certificate (via facsimile) setting
forth the details of the Servicing Advance, upon which such Master Servicer may
conclusively rely in reimbursing the Special Servicer. The applicable Master
Servicer shall be obligated, out of its own funds, to reimburse the Special
Servicer for any unreimbursed Servicing Advances (other than Nonrecoverable
Servicing Advances) made by the Special Servicer together with interest thereon
at the Reimbursement Rate from the date made to, but not including, the date of
reimbursement. Any such reimbursement, together with any accompanying payment of
interest, shall be made by the applicable Master Servicer, by wire transfer of
immediately available funds to an account designated by the Special Servicer, no
later than the first P&I Advance Date that is at least three (3) Business Days
after the date on which such Master Servicer receives the corresponding
Officer's Certificate contemplated by the prior sentence; provided that any such
Officer's Certificate received after 1:00 p.m., New York City time, on any
particular date shall, for purposes of any such reimbursement, be deemed
received on the next succeeding Business Day. Upon its reimbursement to the
Special Servicer of any Servicing Advance and payment to the Special Servicer of
interest thereon, the applicable Master Servicer shall for all purposes of this
Agreement be deemed to have made such Servicing Advance at the same time as the
Special Servicer actually made such Servicing Advance, and accordingly, such
Master Servicer shall be entitled to reimbursement for such Servicing Advance,
together with interest accrued thereon, at the same time, in the same manner and
to the same extent as such Master Servicer would otherwise have been entitled if
it had actually made such Servicing Advance at the time the Special Servicer
did.

            Notwithstanding the foregoing provisions of this Section 3.03(c), a
Master Servicer shall not be required to reimburse the Special Servicer for, or
to make at the direction of the Special Servicer, any Servicing Advance if such
Master Servicer determines in accordance with the Servicing Standard that such
Servicing Advance, although not characterized by the Special Servicer as a
Nonrecoverable Servicing Advance, is in fact a Nonrecoverable Servicing Advance.
The subject Master Servicer shall notify the Special Servicer in writing of such
determination and, if applicable, such Nonrecoverable Servicing Advance shall be
reimbursed to the Special Servicer pursuant to Section 3.05(a) or 3.05(e).

            If a Master Servicer is required under any provision of this
Agreement (including, but not limited to, this Section 3.03(c)) to make a
Servicing Advance, but does not do so within 15 days after such Advance is
required to be made, the Trustee shall, if a Responsible Officer of the Trustee
has actual knowledge of such failure on the part of such Master Servicer, give
written notice of such failure to such Master Servicer. If such Servicing
Advance is not made by the subject Master Servicer within five Business Days
after such notice then (subject to a determination that such Servicing Advance
would not be a Nonrecoverable Servicing Advance) the Trustee shall make such
Servicing Advance. 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 a Master Servicer to make a Servicing Advance hereunder
shall constitute an Event of Default by such Master Servicer subject to and as
provided in Section 7.01.

            (d) In connection with its recovery of any Servicing Advance from a
Collection Account pursuant to Section 3.05(a) or from a Loan Combination
Custodial Account pursuant to Section 3.05(e) or from a Servicing Account or
Reserve Fund pursuant to Section 3.03(a), as applicable, each of the Master
Servicers, the Special Servicer, the Trustee and any Fiscal Agent shall be
entitled to receive, out of amounts then on deposit in the applicable Collection
Account as provided in Section 3.05(a) or in such Loan Combination Custodial
Account as provided in Section 3.05(e), as applicable, any unpaid interest at
the Reimbursement Rate in effect from time to time, accrued on the amount of
such Servicing Advance (to the extent made with its own funds) from the date
made to but not including the date of reimbursement, such interest to be
payable: first, out of Default Charges received on the related Serviced Mortgage
Loans and Administered REO Properties during the Collection Period in which such
reimbursement is made, and then, to the extent that such Default Charges are
insufficient, but only after or at the same time the related Advance has been or
is reimbursed pursuant to this Agreement, from general collections on the Trust
Mortgage Loans then on deposit in the applicable Collection Account or in such
Loan Combination Custodial Account, as applicable; provided that interest on
Servicing Advances with respect to a Serviced Loan Combination or any related
Loan Combination Mortgaged Property shall, to the maximum extent permitted under
the related Loan Combination Intercreditor Agreement, be payable out of amounts
then on deposit in the related Loan Combination Custodial Account and otherwise
payable to the related Non-Trust Noteholder and/or payments having then been
received from the related Non-Trust Noteholder under the related Loan
Combination Intercreditor Agreement for such purpose. Subject to any exercise of
the option to defer reimbursement for Advances pursuant to Section 4.03(f), the
applicable Master Servicer shall reimburse itself, the Special Servicer, 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 such Master Servicer, and in no event shall
interest accrue in accordance with this Section 3.03(d) on any Servicing Advance
as to which the corresponding Escrow Payment or other similar payment by the
Mortgagor was received by the applicable Master Servicer on or prior to the date
the related Servicing Advance was made.

            (e) The determination by a Master Servicer or the Special Servicer
that either has made a Nonrecoverable Servicing Advance or that any proposed
Servicing Advance, if made, would constitute a Nonrecoverable Servicing Advance,
shall be made in accordance with the Servicing Standard and shall be evidenced
by an Officer's Certificate delivered promptly to the Trustee, any Fiscal Agent,
the Depositor and, in the case of a Serviced Loan Combination, the related
Non-Trust Noteholder(s), setting forth the basis for such determination,
together with a copy of any Appraisal (the cost of which may be paid out of the
applicable Collection Account pursuant to Section 3.05(a) or, in the case of a
Serviced Loan Combination, out of the related Loan Combination Custodial Account
pursuant to Section 3.05(e)) of the related Mortgaged Property or REO Property,
as the case may be, which Appraisal shall be obtained pursuant to Section
3.09(a) by the applicable Master Servicer, or by or on behalf of the Special
Servicer if the Mortgage Loan is a Defaulted Mortgage Loan (or, if no such
Appraisal has been performed, a copy of an Appraisal of the related Mortgaged
Property or REO Property, performed within the twelve months preceding such
determination and the party delivering such appraisal has no actual knowledge of
a material adverse change in the condition of the related Mortgaged Property
that would draw into question the applicability of such Appraisal) and further
accompanied by related Mortgagor operating statements and financial statements,
budgets and rent rolls of the related Mortgaged Property and any engineers'
reports, environmental surveys or similar reports that the applicable Master
Servicer or the Special Servicer may have obtained and that support such
determination. The Trustee and any Fiscal Agent shall act in accordance with any
determination made by the applicable Master Servicer or the Special Servicer
that a Servicing Advance, if made, would be a Nonrecoverable Advance and shall
be entitled to rely, conclusively, on such determination by such Master Servicer
or the Special Servicer; provided, however, that if such Master Servicer has
failed to make a Servicing Advance for reasons other than a determination by
such Master Servicer or the Special Servicer that such Servicing Advance would
be a Nonrecoverable Advance, the Trustee 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) Each Master Servicer shall, as to all Serviced 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 Serviced Loan Combination, if the
related Reserve Account includes funds with respect to any Non-Trust Loan, then
the applicable Master Servicer shall transfer such funds to the applicable Loan
Combination Custodial Account. Withdrawals of amounts so deposited may be made
(i) to pay for, or to reimburse the related Mortgagor in connection with, the
related environmental remediation, repairs, capital improvements, tenant
improvements and/or leasing commissions with respect to the related Mortgaged
Property if the repairs and/or capital improvements have been completed, and
such withdrawals are made in accordance with the Servicing Standard and the
terms of the related Mortgage Note, Mortgage and any agreement with the related
Mortgagor governing such Reserve Funds and any other items for which such
Reserve Funds were intended pursuant to the loan documents, (ii) to pay the
applicable Master Servicer interest and investment income earned on amounts in
the Reserve Accounts if not prohibited under the related Mortgage Loan
documents, (iii) during an event of default under the related Mortgage Loan, for
any other purpose permitted by the related Mortgage Loan documents, applicable
law and the Servicing Standard and (iv) to withdraw funds deposited in error. To
the extent permitted in the applicable Mortgage Loan documents, funds in the
Reserve Accounts to the extent invested may be only invested in Permitted
Investments in accordance with the provisions of Section 3.06. All Reserve
Accounts shall be Eligible Accounts unless not permitted by the related Mortgage
Loan documents. The Reserve Accounts shall not be considered part of the
segregated pool of assets comprising REMIC I, REMIC II or any Grantor Trust.
Consistent with the Servicing Standard, either Master Servicer may waive or
extend the date set forth in any agreement governing such Reserve Funds by which
the required repairs and/or capital improvements at the related Mortgaged
Property must be completed.

            (g) Notwithstanding anything to the contrary in this Agreement, but
subject to the limitations on reimbursements in Section 4.03, a Master Servicer
may (and, at the direction of the Special Servicer if a Specially Serviced
Mortgage Loan or an Administered REO Property is involved, shall) pay directly
out of its Collection Account or, with respect to a servicing expense relating
to a Non-Trust Loan or related to a Loan Combination Mortgaged Property, out of
the related Loan Combination Custodial Account any servicing expense that, if
paid by a Master Servicer or the Special Servicer, would constitute a
Nonrecoverable Servicing Advance for the subject Serviced Mortgage Loan or
Administered REO Property; provided that the applicable Master Servicer (or the
Special Servicer, if a Specially Serviced Mortgage Loan or an Administered 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 Serviced Loan Combination, if paid
out of the related Loan Combination Custodial Account, in the best interests of
the Certificateholders and the related Non-Trust Noteholder(s), as a collective
whole), as evidenced by an Officer's Certificate delivered promptly to the
Depositor, the Trustee and the Controlling Class Representative, setting forth
the basis for such determination and accompanied by any information that such
Person may have obtained that supports such determination. The applicable Master
Servicer and the Special Servicer shall deliver a copy of any such Officer's
Certificate (and accompanying information) promptly to the other such Person.

            (h) To the extent an operations and maintenance plan is required to
be established and executed pursuant to the terms of a Serviced Mortgage Loan
(each of which Mortgage Loans is listed on Schedule VI hereto), the applicable
Master Servicer shall request from the Mortgagor written confirmation thereof
within a reasonable time after the later of the Closing Date and the date as of
which such plan is required to be established or completed. To the extent any
repairs, capital improvements, actions or remediations are required to have been
taken or completed pursuant to the terms of the Serviced Mortgage Loan, the
applicable Master Servicer shall request from the Mortgagor written confirmation
of such actions and remediations within a reasonable time after the later of the
Closing Date and the date as of which such action or remediations are required
to be or to have been taken or completed. To the extent a Mortgagor shall fail
to promptly respond to any inquiry described in this Section 3.03(h), the
applicable Master Servicer shall determine whether the Mortgagor has failed to
perform its obligations under the respective Mortgage Loan and, to the extent
such failure materially and adversely affects the Mortgage Loan, report any such
failure to the Special Servicer within a reasonable time after the date as of
which such operations and maintenance plan is required to be established or
executed or the date as of which such actions or remediations are required to be
or to have been taken or completed.

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

            (a) Each Master Servicer shall establish and maintain one or more
accounts (collectively, as to each Master Servicer, a "Collection Account"),
held on behalf of the Trustee in trust for the benefit of the
Certificateholders. Each Collection Account shall be an Eligible Account. Each
Master Servicer shall deposit or cause to be deposited in its Collection
Account, within one Business Day of receipt of available funds (in the case of
payments by Mortgagors or other collections on the Trust Mortgage Loans) or as
otherwise required hereunder, the following payments and collections received or
made by such Master Servicer or on its behalf subsequent to the Cut-off Date
(other than in respect of principal and interest on the Trust Mortgage Loans due
and payable on or before the Cut-off Date, which payments shall be delivered
promptly to the applicable Mortgage Loan Seller or its designee, with negotiable
instruments endorsed as necessary and appropriate without recourse), other than
amounts received from Mortgagors which are to be used to purchase defeasance
collateral, or payments (other than Principal Prepayments) received by it on or
prior to the Cut-off Date but allocable to a period subsequent thereto:

            (i) all payments on account of principal of the Trust Mortgage Loans
      including Principal Prepayments;

            (ii) all payments on account of interest on the Trust Mortgage Loans
      including Additional Interest and Penalty Interest;

            (iii) all Prepayment Premiums, Yield Maintenance Charges and late
      payment charges received in respect of the Trust Mortgage Loans;

            (iv) all Insurance Proceeds and Liquidation Proceeds (other than
      Gain-on-Sale Proceeds) received in respect of any Trust Mortgage Loan, and
      together with any amounts representing recoveries of Workout-Delayed
      Reimbursement Amounts and/or Nonrecoverable Advances in respect of the
      related Trust Mortgage Loans, in each case to the extent not otherwise
      required to be applied to the restoration of the Mortgaged Property or
      released to the related Mortgagor;

            (v) any amounts required to be deposited by such Master Servicer
      pursuant to Section 3.06 in connection with losses incurred with respect
      to Permitted Investments of funds held in its Collection Account;

            (vi) any amounts required to be deposited by such Master Servicer or
      the Special Servicer pursuant to Section 3.07(b) in connection with losses
      resulting from a deductible clause in a blanket hazard policy;

            (vii) any amounts required to be transferred from an REO Account
      pursuant to Section 3.16(c);

            (viii) any amount in respect of Purchase Prices and Substitution
      Shortfall Amounts pursuant to Section 2.03(b);

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

            (x) any amount paid by or on behalf of a Mortgagor to cover items
      for which a Servicing Advance has been previously made, and payments
      collected in respect of Unliquidated Advances;

            (xi) any amounts representing a reimbursement, payment and/or
      contribution due and owing to the Trust from a Non-Trust Noteholder in
      accordance with the related Loan Combination Intercreditor Agreement;

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

            (xiii) after a Georgia-Alabama Retail Portfolio Servicing Transfer
      Event, all remittances to the Trust under the Georgia-Alabama Retail
      Portfolio A-2 Note Pooling and Servicing Agreement and/or the
      Georgia-Alabama Retail Portfolio Intercreditor Agreements with respect to
      the Georgia-Alabama Retail Portfolio Trust Mortgage Loan or any
      Georgia-Alabama Retail Portfolio REO Property.

provided that, in the case of a Trust Mortgage Loan that is part of a Serviced
Loan Combination, any amounts required to be deposited in the related Loan
Combination Custodial Account, pursuant to Section 3.04(h), shall first be so
deposited therein and shall thereafter be transferred to the applicable
Collection Account only to the extent provided in Section 3.05(e).

            Notwithstanding the foregoing requirements, neither Master Servicer
shall be obligated to deposit into the related Collection Account any amount
that such Master Servicer would be authorized to withdraw immediately from such
Collection Account in accordance with the terms of Section 3.05 and shall be
entitled to instead pay such amount directly to the Person(s) entitled thereto.

            The foregoing requirements for deposit in the Collection Accounts
shall be exclusive. Notwithstanding the foregoing, actual payments from
Mortgagors in the nature of Escrow Payments, amounts to be deposited in Reserve
Accounts, and amounts that the applicable Master Servicer and the Special
Servicer are entitled to retain as servicing compensation pursuant to Section
3.11, need not be deposited by such Master Servicer in its Collection Account.
If either Master Servicer shall deposit in its Collection Account any amount not
required to be deposited therein, it may at any time withdraw such amount from
its Collection Account, any provision herein to the contrary notwithstanding.
Each Master Servicer shall promptly deliver to the Special Servicer as
additional special servicing compensation in accordance with Section 3.11(d),
assumption fees, late payment charges (to the extent not applied to pay interest
on Advances or Additional Trust Fund Expenses as provided in Sections 3.03(d),
3.12 and 4.03(d) or otherwise applied pursuant to Section 3.26) and other
transaction fees or other expenses received by such Master Servicer to which the
Special Servicer is entitled pursuant to Section 3.11 upon receipt of a
certificate of a Servicing Officer of the Special Servicer describing the item
and amount, upon which the Master Servicers may conclusively rely. The
Collection Accounts shall be maintained as segregated accounts, separate and
apart from trust funds created for mortgage pass-through certificates of other
series and the other accounts of the Master Servicers.

            Upon receipt of any of the amounts described in clauses (i) through
(iv), (x) and (xi) of the second preceding paragraph with respect to any
Serviced Trust Mortgage Loan, the Special Servicer shall promptly, but in no
event later than one Business Day after receipt of available funds, remit such
amounts (net of any reimbursable expenses incurred by the Special Servicer) to
or at the direction of the applicable Master Servicer for deposit into its
Collection Account in accordance with the second preceding paragraph or any
related Loan Combination Custodial Account pursuant to Section 3.04(h), unless
the Special Servicer determines, consistent with the Servicing Standard, that a
particular item should not be deposited because of a restrictive endorsement.
Any such amounts received by the Special Servicer with respect to an
Administered REO Property shall be deposited by the Special Servicer into the
related REO Account and remitted to the applicable Master Servicer for deposit
into its Collection Account or any applicable Loan Combination Custodial
Account, as the case may be, pursuant to Section 3.16(c). With respect to any
such amounts paid by check to the order of the Special Servicer, the Special
Servicer shall endorse such check to the order of the applicable Master Servicer
and shall deliver promptly, but in no event later than two Business Days after
receipt, any such check to the applicable Master Servicer by overnight courier,
unless the Special Servicer determines, consistent with the Servicing Standard,
that a particular item cannot be so endorsed and delivered because of a
restrictive endorsement or other appropriate reason.

            (b) The Trustee shall establish and maintain one or more trust
accounts (collectively, the "Distribution Account") at its Corporate Trust
Office to be held in trust for the benefit of the Certificateholders. The
Distribution Account shall be an Eligible Account. Each Master Servicer shall
deliver to the Trustee each month on or before 3:00 p.m. (or 4:00 p.m. with
respect to any unscheduled principal payment on an Artesia Trust Mortgage Loan
received on the related Due Date) (New York City time) on the P&I Advance Date
therein, for deposit in the Distribution Account, an aggregate amount of
immediately available funds equal to that portion of the Available Distribution
Amount (calculated without regard to clauses (a)(ii), (a)(v), (b)(ii)(B) and
(b)(v) of the definition thereof) for the related Distribution Date then on
deposit in such Master Servicer's Collection Account, together with (i) any
Prepayment Premiums and/or Yield Maintenance Charges received on the related
Trust Mortgage Loans during the related Collection Period, and (ii) in the case
of the final Distribution Date, any additional amounts contemplated by the
second or third, as applicable, paragraph of Section 9.01.

            In addition, each Master Servicer shall, as and when required
hereunder, deliver to the Trustee for deposit in the Distribution Account:

            (i) any P&I Advances required to be made by such Master Servicer in
      accordance with Section 4.03(a); and

            (ii) the aggregate purchase price paid in connection with the
      purchase by such Master Servicer of all of the Trust Mortgage Loans and
      any REO Properties (net of any portion of such aggregate purchase price to
      be paid to any Non-Trust Noteholder(s)) pursuant to Section 9.01,
      exclusive of the portion of such amounts required to be deposited in such
      Master Servicer's Collection Account pursuant to Section 9.01.

            If, in connection with any Distribution Date, the Trustee has
reported the amount of an anticipated distribution to the Depository based on
information reported to it by each Master Servicer pursuant to Section 3.12, and
the funds (including, but not limited to, unscheduled payments, late payments,
Principal Prepayments or Balloon Payments) remitted to it by a Master Servicer
differ in amount from what was reported to the Trustee by such Master Servicer,
the Trustee shall use commercially reasonable efforts to cause the Depository to
revise the related distribution and make such revised distribution on a timely
basis on such Distribution Date, but there can be no assurance that the
Depository can do so. The Trustee, the Master Servicers, 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.

            (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 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 pursuant to Section 3.06 in connection with losses incurred with
respect to Permitted Investments of funds held in the Interest Reserve Account.

            (d) Additional Interest Accounts and Palmilla Apartments
Stabilization Fee Account.

            (i) The Trust Converting Loan Additional Interest Account. Prior to
      any Collection Period during which Additional Interest is received on the
      Trust Converting Loan, and upon notification from either Master Servicer
      or the Special Servicer pursuant to Section 3.02(d), the Trustee shall
      establish and maintain the Trust Converting Loan Additional Interest
      Account in trust for the benefit of the Class Y Certificateholders. The
      Trust Converting Loan Additional Interest Account shall be established and
      maintained as an Eligible Account. Prior to each Distribution Date, each
      Master Servicer shall remit to the Trustee for deposit in the Trust
      Converting Loan Additional Interest Account an amount equal to any
      Additional Interest received on the Trust Converting Loan serviced thereby
      and any successor Trust REO Loans with respect thereto during the
      applicable Collection Period. The Trustee shall also deposit into the
      Trust Converting Loan Additional Interest Account any amounts required to
      be deposited pursuant to Section 3.06 in connection with losses incurred
      with respect to Permitted Investments of funds held in the Trust
      Converting Loan Additional Interest Account.

            Following the distribution of Additional Interest on the Trust
Converting Loan to Holders of Class Y Certificates on the first Distribution
Date after which the Trust Converting Loan is no longer outstanding or any
successor Trust REO Loans with respect thereto, the Trustee shall terminate the
Trust Converting Loan Additional Interest Account.

            (ii) The Trust ARD Loan Additional Interest Account. Prior to any
      Collection Period during which Additional Interest is received on the
      Trust ARD Loans, and upon notification from either Master Servicer or the
      Special Servicer pursuant to Section 3.02(d), the Trustee shall establish
      and maintain the Trust ARD Loan Additional Interest Account in trust for
      the benefit of the Class Z Certificateholders, as applicable. The Trust
      ARD Loan Additional Interest Account shall be established and maintained
      as an Eligible Account. Prior to each Distribution Date, each Master
      Servicer shall remit to the Trustee for deposit in the Trust ARD Loan
      Additional Interest Account an amount equal to any Additional Interest
      received on the Trust ARD Loans serviced thereby and any successor Trust
      REO Loans with respect thereto during the applicable Collection Period.
      The Trustee shall also deposit into the Trust ARD Loan Additional Interest
      Account any amounts required to be deposited pursuant to Section 3.06 in
      connection with losses incurred with respect to Permitted Investments of
      funds held in the Trust ARD Loan Additional Interest Account.

            (iii) The Palmilla Apartments Stabilization Fee Account. Prior to
      any Collection Period during which any Palmilla Apartments Stabilization
      Fee is received on the Palmilla Apartments Mortgage Loan, and upon
      notification from either Master Servicer or the Special Servicer pursuant
      to Section 3.02(d), the Trustee shall establish and maintain the Palmilla
      Apartments Stabilization Fee Account in trust for the benefit of the Class
      Z Certificateholders, as applicable. The Palmilla Apartments Stabilization
      Fee Account shall be established and maintained as an Eligible Account.
      Prior to each Distribution Date, each Master Servicer shall remit to the
      Trustee for deposit in the Palmilla Apartments Stabilization Fee Account
      an amount equal to any Palmilla Apartments Stabilization Fee received on
      the Palmilla Apartments Mortgage Loan serviced thereby and any successor
      Trust REO Loans with respect thereto during the applicable Collection
      Period. The Trustee shall also deposit into the Palmilla Apartments
      Stabilization Fee Account any amounts required to be deposited pursuant to
      Section 3.06 in connection with losses incurred with respect to Permitted
      Investments of funds held in the Palmilla Apartments Stabilization Fee
      Account.

            Following the distribution of Additional Interest on the ARD Loans
and the Palmilla Apartments Stabilization Fee on the Palmilla Apartments
Mortgage Loan to Holders of Class Z Certificates on the first Distribution Date
after which there are no longer any Trust ARD Loans or the Palmilla Apartments
Mortgage Loan, as applicable, outstanding which pursuant to their terms could
pay Additional Interest or the Palmilla Apartments Stabilization Fee or any
successor Trust REO Loans with respect thereto, the Trustee shall terminate the
Trust ARD Loan Additional Interest Account and the Palmilla Apartments
Stabilization Fee Account, respectively.

            (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 or after a Georgia-Alabama Retail Portfolio Servicing Transfer Event the
liquidation of the Georgia-Alabama Retail Portfolio Trust Mortgage Loan or the
disposition of any Georgia-Alabama Retail Portfolio REO Property in accordance
with the Georgia-Alabama Retail Portfolio A-2 Note Pooling and Servicing
Agreement and/or the Georgia-Alabama Retail Portfolio Intercreditor Agreements,
the Special Servicer (or, in the case of the Georgia-Alabama Retail Portfolio
Trust Mortgage Loan or any Georgia-Alabama Retail Portfolio REO Property, Master
Servicer No. 2), 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 the following five sub-accounts: (i) a
sub-account (the "Class A-2FL Sub-Account") shall be held in trust for the
benefit of the Holders of the Class A-2FL Certificates and the Class A-2FL Swap
Counterparty, as their interests may appear, (ii) a sub-account (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, (iii) a sub-account (the "Class A-4FL Sub-Account") shall
be held in trust for the benefit of the Holders of the Class A-4FL Certificates
and the Class A-4FL Swap Counterparty, as their interests may appear, (iv) a
sub-account (the "Class AM-FL Sub-Account") shall be held in trust for the
benefit of the Holders of the Class AM-FL Certificates and the Class AM-FL Swap
Counterparty, as their interests may appear, and (v) a sub-account (the "Class
AJ-FL Sub-Account") shall be held in trust for the benefit of the Holders of the
Class AJ-FL Certificates and the Class AJ-FL Swap Counterparty, as their
interests may appear. The Floating Rate Account shall be established and
maintained as an Eligible Account consisting of the five sub-accounts described
in the preceding sentence or, subject to Section 3.04(g), five sub-accounts 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 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-2FL Sub-Account, in the case of clauses
(A) and (E) of this sentence, the Class A-3FL Sub-Account, in the case of
clauses (B) and (F) of this sentence, the Class A-4FL Sub-Account, in the case
of clauses (C) and (G) of this sentence, the Class AM-FL Sub-Account, in the
case of clauses (D) and (H) of this sentence, and the Class AJ-FL Sub-Account,
in the case of clauses (E) and (I) of this sentence): (A) all amounts
distributable with respect to the Class A-2FL REMIC II Regular Interest pursuant
to Sections 4.01 and 9.01 for each Distribution Date; (B) 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; (C) all amounts
distributable with respect to the Class A-4FL REMIC II Regular Interest pursuant
to Sections 4.01 and 9.01 for each Distribution Date; (D) all amounts
distributable with respect to the Class AM-FL REMIC II Regular Interest pursuant
to Sections 4.01 and 9.01 for each Distribution Date; (E) all amounts
distributable with respect to the Class AJ-FL REMIC II Regular Interest pursuant
to Sections 4.01 and 9.01 for each Distribution Date; (F) upon receipt, all
amounts received from the Class A-2FL Swap Counterparty under the Class A-2FL
Swap Agreement intended for distribution on the Class A-2FL Certificates; (G)
upon receipt, all amounts received from the Class A4-FL Swap Counterparty under
the Class A-4FL Swap Agreement intended for distribution on the Class A-4FL
Certificates; (H) upon receipt, all amounts received from the Class AM-FL Swap
Counterparty under the Class AM-FL Swap Agreement intended for distribution on
the Class AM-FL Certificates and (I) upon receipt, all amounts received from the
Class AJ-FL Swap Counterparty under the Class AJ-FL Swap Agreement intended for
distribution on the Class AJ-FL Certificates.

            (g) Notwithstanding that any of the Interest Reserve Account, the
Additional Interest Accounts, the Palmilla Apartments Stabilization Fee Account,
the Floating Rate Account or the Gain-on-Sale Reserve Account may be a
sub-account of the Distribution Account for reasons of administrative
convenience, each of the Interest Reserve Account, the Additional Interest
Accounts, the Palmilla Apartments Stabilization Fee Account, the Floating Rate
Account, the Gain-on-Sale Reserve Account and the Distribution Account shall,
for all purposes of this Agreement (including the obligations and
responsibilities of the Trustee hereunder), be considered to be and shall be
required to be treated as, separate and distinct accounts. The Trustee shall
indemnify and hold harmless the Trust Fund against any losses arising out of the
failure by the Trustee to perform its duties and obligations hereunder as if
such accounts were separate accounts. The provisions of this paragraph shall
survive any resignation or removal of the Trustee and appointment of a successor
trustee.

            (h) The applicable Master Servicer shall establish and maintain, or
cause to be established and maintained, one or more separate accounts for each
Serviced Loan Combination (collectively, as to each Serviced Loan Combination,
the related "Loan Combination Custodial Account") (which may be a sub-account of
such Master Servicer's Collection Account), into which, subject to the related
Loan Combination Intercreditor Agreement, such Master Servicer shall deposit or
cause to be deposited on a daily basis (and in no event later than the Business
Day following its receipt of available funds) the following payments and
collections received after the Closing Date:

            (i) all payments on account of principal, including Principal
      Prepayments, on such Serviced Loan Combination;

            (ii) all payments on account of interest, including Penalty
      Interest, on such Serviced Loan Combination;

            (iii) all Prepayment Premiums, Yield Maintenance Charges and late
      payment charges on such Serviced 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
      Serviced 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 such Master Servicer's
      Collection Account) received in respect of such Serviced Loan Combination
      and together with any amounts representing recoveries of Workout-Delayed
      Reimbursement Amounts or Nonrecoverable Advances in respect of such
      Serviced Loan Combination, in each case to the extent not otherwise
      required to be applied to the restoration of the Mortgaged Property or
      released to the related Mortgagor;

            (v) any amounts required to be deposited by such Master Servicer
      pursuant to Section 3.06 in connection with losses incurred with respect
      to Permitted Investments of funds held in such Loan Combination Custodial
      Account;

            (vi) any amounts required to be deposited by such Master Servicer or
      the Special Servicer pursuant to Section 3.07(b) in connection with losses
      resulting from a deductible clause in a blanket hazard policy;

            (vii) any amounts required to be transferred to such Loan
      Combination Custodial Account from the related REO Account pursuant to
      Section 3.16(c);

            (viii) insofar as they do not constitute Escrow Payments, any
      amounts paid by or on behalf of the related Mortgagor with respect to such
      Serviced 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.

            Notwithstanding the foregoing requirements, the applicable Master
Servicer need not deposit into the applicable Loan Combination Custodial Account
any amount that such Master Servicer would be authorized to withdraw immediately
from such Loan Combination Custodial Account in accordance with the terms of
Section 3.05 and shall be entitled to instead pay such amount directly to the
Person(s) entitled thereto).

            The foregoing requirements for deposit by the applicable Master
Servicer in a Loan Combination Custodial Account shall be exclusive, it being
understood and agreed that actual payments from the Mortgagor(s) in the nature
of Escrow Payments, charges for beneficiary statements or demands, assumption
fees, assumption application fees, modification fees, extension fees, defeasance
fees, earn-out fees, amounts collected for Mortgagor checks returned for
insufficient funds or other amounts that such Master Servicer or the Special
Servicer is entitled to retain as additional servicing compensation pursuant to
Section 3.11 need not be deposited by such Master Servicer in a Loan Combination
Custodial Account. If the applicable Master Servicer shall deposit in a Loan
Combination Custodial Account any amount not required to be deposited therein,
it may at any time withdraw such amount from such Loan Combination Custodial
Account. The applicable Master Servicer shall promptly deliver to the Special
Servicer, as additional special servicing compensation in accordance with
Section 3.11(d), all assumption fees and assumption application fees (or the
applicable portions thereof) and other transaction fees received by such Master
Servicer with respect to any Loan Combination, to which the Special Servicer is
entitled pursuant to such section, upon receipt of a certificate of a Servicing
Officer of the Special Servicer describing the item and amount, upon which the
Master Servicers may conclusively rely. Each Loan Combination Custodial Account
shall be maintained as a segregated account, separate and apart from trust funds
created for mortgage-backed securities of other series and the other accounts of
the applicable Master Servicer.

            Upon receipt of any of the amounts described in clauses (i) through
(iv), (viii) and (ix) of the second preceding paragraph with respect to a
Serviced Loan Combination, the Special Servicer shall promptly, but in no event
later than one Business Day after receipt, remit such amounts to the applicable
Master Servicer for deposit into the related Loan Combination Custodial Account
in accordance with the second preceding paragraph, unless the Special Servicer
determines, consistent with the Servicing Standard, that a particular item
should not be deposited because of a restrictive endorsement or other
appropriate reason. With respect to any such amounts paid by check to the order
of the Special Servicer, the Special Servicer shall endorse such check to the
order of the applicable Master Servicer, unless the Special Servicer determines,
consistent with the Servicing Standard, that a particular item cannot be so
endorsed and delivered because of a restrictive endorsement or other appropriate
reason. Any such amounts received by the Special Servicer with respect to a Loan
Combination REO Property shall initially be deposited by the Special Servicer
into the related REO Account and thereafter remitted to the applicable Master
Servicer for deposit into the related Loan Combination Custodial Account, all in
accordance with Section 3.16(c).

            (i) Notwithstanding that any Loan Combination Custodial Account may
be a sub-account of the applicable Master Servicer's Collection Account for
reasons of administrative convenience, each Loan Combination Custodial Account
and such Collection Account shall, for all purposes of this Agreement (including
the obligations and responsibilities of the applicable Master Servicer
hereunder), be considered to be separate and distinct accounts. The applicable
Master Servicer shall indemnify and hold harmless the Trust Fund and each
Non-Trust Noteholder against any losses arising out of the failure by such
Master Servicer to perform its duties and obligations hereunder as if such
accounts were separate accounts. The provisions of this paragraph shall survive
any resignation or removal of the applicable Master Servicer and appointment of
a successor Master Servicer.

            (j) Funds in the Collection Accounts, the Distribution Account, any
Loan Combination Custodial Account, the Gain-on-Sale Reserve Account, the
Interest Reserve Accounts, the Palmilla Apartments Stabilization Fee Account,
the Floating Rate Account and the Additional Interest Accounts may be invested
only in Permitted Investments in accordance with the provisions of Section 3.06.
Each Master Servicer shall give written notice to the Trustee, the Special
Servicer and the Rating Agencies of the location of the Collection Accounts and
any Loan Combination Custodial Account as of the Closing Date and of the new
location of each such account prior to any change thereof. The Trustee shall
give written notice to the Trustee, the Master Servicers, the Special Servicer
and the Rating Agencies of any new location of the Distribution Account prior to
any change thereof.

            Section 3.05 Permitted Withdrawals From the Collection Accounts, the
Interest Reserve Account, the Additional Interest Accounts, the Palmilla
Apartments Stabilization Fee Account, the Floating Rate Account, the
Gain-on-Sale Reserve Account, the Distribution Account and the Loan Combination
Custodial Accounts.

            (a) Each Master Servicer may, from time to time, make withdrawals
from their respective Collection Accounts for any of the following purposes (the
order set forth below not constituting an order of priority for such
withdrawals):

            (i) to remit to the Trustee for deposit in the Distribution Account
      the amounts required to be so deposited pursuant to the first paragraph of
      Section 3.04(b) and any amount that may be applied to make P&I Advances
      pursuant to Section 4.03(a);

            (ii) to reimburse 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 Serviced Trust Mortgage Loan that is
      part of a Serviced Loan Combination and any successor Trust REO Loan with
      respect thereto), any Fiscal Agent's, the Trustee's and such Master
      Servicer's right to reimbursement pursuant to this clause (ii) with
      respect to any P&I Advance (other than Nonrecoverable Advances, which are
      reimbursable pursuant to clause (vii) below) being limited to amounts that
      represent Late Collections of interest (net of related Master Servicing
      Fees and, after a Georgia-Alabama Retail Portfolio Servicing Transfer
      Event in the case of the Georgia-Alabama Retail Portfolio Trust Mortgage
      Loan, net of the related Georgia-Alabama Retail Portfolio Servicing Fee
      Rate) 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 Serviced Trust Mortgage Loan that is part of a
      Serviced Loan Combination or any successor Trust REO Loan with respect
      thereto) as to which such P&I Advance was made; provided, however, that if
      such P&I Advance becomes a Workout-Delayed Reimbursement Amount, then such
      P&I Advance shall thereafter be reimbursed from the portion of general
      collections and recoveries on or in respect of the Trust Mortgage Loans
      and related REO Properties on deposit in such Master Servicer's Collection
      Account from time to time that represent principal to the extent provided
      in clause (vii) below (to be allocated between the Loan Groups as set
      forth in Section 1.02);

            (iii) to pay to itself and/or the holder of the Excess Servicing
      Strip earned and unpaid Master Servicing Fees, as allocable between such
      Master Servicer and such holder (if different from such Master Servicer),
      in respect of each Trust Mortgage Loan and Trust REO Loan (other than a
      Serviced Trust Mortgage Loan that is part of a Serviced Loan Combination
      and any successor Trust REO Loan with respect thereto), and to pay the
      Broker Strip Interest to the Broker Strip Payees, such Master Servicer's,
      Excess Servicing Strip holder's and Broker Strip Payee'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
      Serviced Trust Mortgage Loan that is part of a Serviced 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 such Master Servicer to be made concurrently on a pro rata
      basis), for any unreimbursed Servicing Advances in respect of any Serviced
      Trust Mortgage Loan, Serviced Trust REO Loan or related Administered REO
      Property (other than a Serviced 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 such Master Servicer's respective rights to reimbursement
      pursuant to this clause (vi) with respect to any Servicing Advance (other
      than a Nonrecoverable Servicing Advance, which is reimbursable pursuant to
      clause (vii) below) being limited first to payments made by or on behalf
      of the related Mortgagor that are allocable to such Servicing Advance, and
      then to Liquidation Proceeds, Insurance Proceeds and, if applicable, REO
      Revenues received in respect of the particular Serviced Mortgage Loan or
      Administered REO Property as to which such Servicing Advance was made;
      provided, however, that if such Servicing Advance becomes a
      Workout-Delayed Reimbursement Amount, then such Servicing Advance shall
      thereafter be reimbursed from the portion of general collections and
      recoveries on or in respect of the Trust Mortgage Loans and related REO
      Properties on deposit in such Master Servicer's Collection Account from
      time to time that represent collections or recoveries of principal to the
      extent provided in clause (vii) below (to be allocated between the Loan
      Groups as set forth in Section 1.02);

            (vii) (A) to reimburse any Fiscal Agent, the Trustee, the Special
      Servicer or itself, in that order (except that reimbursements to the
      Special Servicer and such Master Servicer shall be made concurrently on a
      pro rata basis), for any unreimbursed Advances that have been or are
      determined to be (1) Nonrecoverable Advances with respect to any Trust
      Mortgage Loan or any related REO Property and the portion of any P&I
      Advance that would have been reimbursable from a Late Collection of
      principal under clause (ii) above but for the application of a Workout Fee
      or Principal Recovery Fee to such Late Collection, first, out of REO
      Revenues, Liquidation Proceeds and Insurance Proceeds received on the
      related Trust Mortgage Loan, then (including with respect to any
      Nonrecoverable Advance with respect to a Loan Combination as contemplated
      in Section 3.05(e) (viii)(C)), out of the principal portion of general
      collections on the Mortgage Pool (to be allocated between the Loan Groups
      as set forth in Section 1.02), then, to the extent the principal portion
      of general collections is insufficient and with respect to such excess
      only, subject to any exercise of the sole option to defer reimbursement
      thereof pursuant to Section 4.03(f), out of other collections on the Trust
      Mortgage Loans and related REO Properties, and/or (2) Workout-Delayed
      Reimbursement Amounts, out of the principal portion of the general
      collections on the Mortgage Pool (to be allocated between the Loan Groups
      as set forth in Section 1.02), net of such amounts being reimbursed
      pursuant to (1) above, together with, in the case of a Nonrecoverable
      Advance (including with respect to any Nonrecoverable Advance with respect
      to a Loan Combination as contemplated in Section 3.05(e) (viii)(C)),
      interest thereon being paid pursuant to clause (viii) below, or (B) to pay
      itself, with respect to any Trust Mortgage Loan or related REO Property
      (other than a Serviced Trust Mortgage Loan that is part of a Loan
      Combination or any successor Trust REO Loan or REO Property), any related
      earned Master Servicing Fee that remained unpaid in accordance with clause
      (iii) above following a Final Recovery Determination made with respect to
      such Trust Mortgage Loan or related REO Property and the deposit into such
      Master Servicer's Collection Account of all amounts received in connection
      therewith;

            (viii) at such time as it reimburses 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 such Master Servicer
      shall be made concurrently on a pro rata basis), any unpaid interest
      accrued and payable thereon in accordance with Section 3.03(c), 3.03(d) or
      4.03(d), as applicable; such Master Servicer's, the Special Servicer's,
      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 such Master Servicer's Collection Account;

            (ix) to pay for property inspection costs and expenses incurred by
      the Trust Fund as an Additional Trust Fund Expense pursuant to Section
      3.12(a);

            (x) (A) to pay itself, as additional servicing compensation in
      accordance with Section 3.11(b), (1) interest and investment income earned
      in respect of amounts held in such Master Servicer's Collection Account as
      provided in Section 3.06(b), but only to the extent of the Net Investment
      Earnings with respect to such Collection Account for any Investment
      Period; and (2) any Prepayment Interest Excesses (after deduction of the
      amounts required to be deposited by such Master Servicer in such
      Collection Account for the related Distribution Date pursuant to Section
      3.19(a) in connection with Prepayment Interest Shortfalls and
      Casualty/Condemnation Interest Shortfalls); and (B) to pay itself and the
      Special Servicer, as additional servicing compensation in accordance with
      Sections 3.11(b) and 3.11(d), respectively, Default Charges to the extent
      provided in clause seventh of Section 3.26(a);

            (xi) to pay for the cost of an independent appraiser or other expert
      in real estate matters retained pursuant to Section 3.03(e), 3.09(a), 3.18
      or 4.03(c), to the extent such cost is not required to be advanced
      hereunder;

            (xii) to pay itself, the Special Servicer, the Depositor, or any of
      their respective Affiliates, directors, partners, members, managers,
      shareholders, officers, employees or agents, as the case may be, any
      amounts payable to any such Person pursuant to Section 6.03;

            (xiii) to pay for (A) the advice of counsel and other experts
      contemplated by Section 3.17(a)(iii), (B) the cost of the Opinions of
      Counsel contemplated by Sections 3.09(b)(ii), 3.20(b) and 11.02(a), (C)
      the cost of an Opinion of Counsel contemplated by Section 11.01(a),
      11.01(b) or 11.01(c) in connection with any amendment to this Agreement
      requested by such Master Servicer or the Special Servicer that protects or
      is in furtherance of the rights and interests of Certificateholders, and
      (D) the cost of recording this Agreement in accordance with Section
      11.02(a);

            (xiv) to pay itself, the Special Servicer, any of the Mortgage Loan
      Sellers, the Plurality Subordinate Certificateholder or any other Person,
      as the case may be, with respect to each Trust Mortgage Loan, if any,
      previously purchased by such Person pursuant to this Agreement and/or a
      related Loan Combination Intercreditor Agreement or mezzanine
      intercreditor agreement, all amounts received thereon subsequent to the
      date of purchase;

            (xv) to pay, out of general collections on the Mortgage Pool on
      deposit in such Master Servicer's Collection Account, to a Non-Trust
      Noteholder, any amount (other than normal monthly payments) specifically
      payable or reimbursable to such party by the Trust, in its capacity as
      holder of the related Trust Mortgage Loan that is a part of the related
      Loan Combination or any successor REO Loan with respect thereto, pursuant
      to the terms of the related Loan Combination Intercreditor Agreement;

            (xvi) to reimburse any Fiscal Agent, the Trustee, such Master
      Servicer and/or the Special Servicer, as applicable, for unreimbursed
      Advances, unpaid Master Servicing Fees and/or any unpaid interest on any
      Advances, but only to the extent that such items relate to a Trust
      Mortgage Loan that is part of a Serviced Loan Combination or any successor
      Trust REO Loan, each such party's respective rights to reimbursement
      pursuant to this clause (xvi) being limited to amounts on deposit in such
      Master Servicer's Collection Account that represent Liquidation Proceeds
      described in clauses (iv) through (ix) of the definition thereof; provided
      that, such items may only be reimbursed to any party pursuant to this
      clause (xvi) if and to the extent that such items have not been or are not
      simultaneously being reimbursed to such party pursuant to Section 3.05(e);
      and provided, further, that the amount of any unpaid Master Servicing
      Fees, unreimbursed Advances and/or unpaid interest on Advances
      reimbursable to any party pursuant to this clause (xvi) shall be reduced
      by any related unpaid Master Servicing Fees, unreimbursed Advances and
      unpaid interest on Advances in respect of the subject Trust Mortgage Loan
      or Trust REO Loan which, following the purchase or sale from which the
      subject Liquidation Proceeds have been derived, will continue to be
      payable or reimbursable under the related Loan Combination Intercreditor
      Agreement and/or any successor servicing agreement with respect to the
      related Loan Combination to such Master Servicer and/or the Special
      Servicer (and which amounts shall no longer be payable hereunder) if such
      Master Servicer and/or the Special Servicer has agreed to continue acting
      as a master servicer or special servicer, as the case may be, of the
      related Serviced 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 Accounts and the Palmilla Apartments Stabilization Fee Account
      the amounts required to be deposited pursuant to Section 3.04(d);

            (xviii) to pay, out of general collections on the Mortgage Pool as
      are then on deposit in the Collection Account, to the Georgia-Alabama
      Retail Portfolio Servicer or any other party under the Georgia-Alabama
      Retail Portfolio A-2 Note Pooling and Servicing Agreement, any amount
      payable by the Trust, in its capacity as holder of the Georgia-Alabama
      Retail Portfolio Trust Mortgage Loan, pursuant to the terms of the
      Georgia-Alabama Retail Portfolio Intercreditor Agreements;

            (xix) to pay the cost of any Environmental Assessment (to the extent
      not otherwise advanced pursuant to Section 3.09(c)) or any remedial,
      corrective or other action pursuant to Section 3.09(c);

            (xx) to withdraw any amounts deposited in error;

            (xxi) to withdraw any other amounts that this Agreement expressly
      provides may be withdrawn from such Master Servicer's Collection Account;
      and

            (xxii) to clear and terminate such Master Servicer's Collection
      Account at the termination of this Agreement pursuant to Section 9.01.

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

            Each Master Servicer shall pay to the Special Servicer, the Trustee
or any Fiscal Agent, on each P&I Advance Date from its 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 Servicers may rely conclusively on any such certificate and
shall have no duty to re-calculate the amounts stated therein. The Special
Servicer shall keep and maintain separate accounting for each Specially Serviced
Mortgage Loan and REO Property, on a loan-by-loan and property-by-property
basis, for the purpose of substantiating any request for withdrawal from the
Collection Accounts. With respect to each Mortgage Loan for which it makes an
Advance, the Trustee 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 Accounts for reimbursements of Advances or
interest thereon.

            In addition, but subject to the preceding provisions of this Section
3.05(a), if at any time a Master Servicer is entitled to make a payment,
reimbursement or remittance from its Collection Account, and the payment,
reimbursement or remittance can be made from funds on deposit in such Collection
Account without any requirement that they be paid, reimbursed or remitted from
funds that relate to a particular Mortgage Loan and the amounts on deposit in
such Collection Account that are available to make such payment, reimbursement
or remittance are insufficient and the amounts on deposit in the other Master
Servicer's Collection Account are sufficient to make up any shortfall in the
requesting Master Servicer's Collection Account, then such other Master Servicer
shall withdraw such funds from its Collection Account and make such payment,
reimbursement or remittance within three (3) Business Days following a written
request therefore from the requesting Master Servicer, which request shall be
accompanied by an Officer's Certificate (1) either (x) stating that the
requesting Master Servicer, the Special Servicer, the Trustee, any Fiscal Agent
or another particular Person, as applicable, is entitled to such payment,
reimbursement or remittance (and setting forth the nature and amount of such
payment, reimbursement or remittance and the party entitled thereto) or (y)
forwarding a copy of any Officer's Certificate or other information provided by
the Special Servicer, the Trustee or any Fiscal Agent or any comparable
certification from another particular Person, as the case may be, that states
that such Person is entitled to such payment, reimbursement or remittance (and
the nature and amount of such payment, reimbursement or remittance and the party
entitled thereto) and (2) stating that the requesting Master Servicer does not
then have on deposit in its Collection Account funds sufficient for such
payment, reimbursement or remittance; provided, however, that prior to
determining whether there are sufficient funds available to make, and prior to
making such requested payment, reimbursement or remittance to the requesting
Master Servicer, such other Master Servicer shall be entitled to apply the
amounts on deposit in its Collection Account to make any payment, remittance or
reimbursement permitted to be made by such other Master Servicer pursuant to
clauses (ii)-(xxii) above. Each Master Servicer may conclusively rely on such
Officer's Certificate.

            In connection with any payments required to be made to a Non-Trust
Noteholder in accordance with Section 3.05(a)(xv), the applicable Master
Servicer may request a written statement from such Non-Trust Noteholder,
describing the nature and amount of the item for which such party is seeking
payment or reimbursement and setting forth the provision(s) of the related Loan
Combination Intercreditor Agreement pursuant to which such party believes it is
entitled to reimbursement; provided that such Master Servicer may not condition
payments required to be made to a Non-Trust Noteholder in accordance with
Section 3.05(a)(xv) upon receipt of such a written statement (unless not
prohibited from doing so under the related Loan Combination Intercreditor
Agreement); and provided, further, that to the extent such a written statement
from a Non-Trust Noteholder is received by such Master Servicer, such Master
Servicer may conclusively rely, absent manifest error and consistent with the
Servicing Standard, upon such statement as to the nature and amount of the item
for which reimbursement is sought. In connection with any payments required to
be made to the Georgia-Alabama Retail Portfolio Servicer or any other party
under the Georgia-Alabama Retail Portfolio A-2 Note Pooling and Servicing
Agreement in accordance with Section 3.05(a)(xviii), Master Servicer No. 2 may
request a written statement from a responsible officer of the Georgia-Alabama
Retail Portfolio Servicer and/or any other party under the Georgia-Alabama
Retail Portfolio A-2 Note Pooling and Servicing Agreement, as applicable,
describing the nature and amount of the item for which such party is seeking
reimbursement and setting forth the provision(s) of the Georgia-Alabama Retail
Portfolio Intercreditor Agreements pursuant to which such party believes it is
entitled to reimbursement; provided that Master Servicer No. 2 may not condition
payments required to be made to such party in accordance with Section
3.05(a)(xviii) upon receipt of such a written statement (other than as permitted
under the Georgia-Alabama Retail Portfolio Intercreditor Agreements); and
provided, further, that to the extent such a written statement from the
Georgia-Alabama Retail Portfolio Servicer or any other party under the
Georgia-Alabama Retail Portfolio A-2 Note Pooling and Servicing Agreement is
received by Master Servicer No. 2; Master Servicer No. 2 (unless it also acting
as the Georgia-Alabama Retail Portfolio 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 the Trustee as holder of the
      REMIC I Regular Interests and REMIC II Regular Interests, and to make
      distributions to Certificateholders (other than Holders of the Floating
      Rate Certificates) on each Distribution Date, pursuant to Section 4.01 or
      9.01, as applicable;

            (ii) to pay itself or any of its directors, officers, employees and
      agents, as the case may be, any amounts payable or reimbursable to any
      such Person pursuant to Section 8.05;

            (iii) to pay itself and the Custodian respective portions of the
      Trust Administration Fee as contemplated by Section 8.05(a) hereof with
      respect to the Mortgage Loans;

            (iv) to pay for the cost of the Opinions of Counsel sought by it (A)
      as provided in clause (iv) of the definition of "Disqualified
      Organization," (B) as contemplated by Section 3.20(b), 9.02(a) and
      10.01(h), or (C) as contemplated by Section 11.01(a), 11.01(b) or 11.01(c)
      in connection with any amendment to this Agreement requested by the
      Trustee which amendment is in furtherance of the rights and interests of
      Certificateholders;

            (v) to pay any and all federal, state and local taxes imposed on any
      of the REMICs created hereunder or on the assets or transactions of any
      such REMIC, together with all incidental costs and expenses, to the extent
      none of the Trustee, the REMIC Administrator, either Master Servicer or
      the Special Servicer is liable therefor pursuant to Section 10.01(i);

            (vi) to pay the REMIC Administrator any amounts reimbursable to it
      pursuant to Section 10.01(e);

            (vii) to pay to the applicable Master Servicer any amounts deposited
      by such Master Servicer in the Distribution Account not required to be
      deposited therein;

            (viii) to withdraw any Interest Reserve Amount and deposit such
      Interest Reserve Amount into the Interest Reserve Account pursuant to
      Section 3.04(c);

            (ix) to pay itself interest and investment income earned in respect
      of amounts held in the Distribution Account as provided in Section
      3.06(b), but only to the extent of the Net Investment Earnings with
      respect to the Distribution Account for any Investment Period; and

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

            (c) The Trustee shall on each Distribution Date to occur in March of
each year (or February, if such Distribution Date is the final Distribution
Date), prior to any distributions required to be made to Certificateholders on
such date, withdraw from the Interest Reserve Account and deposit into the
Distribution Account in respect of each Interest Reserve Loan, an amount equal
to the aggregate of the Interest Reserve Amounts deposited into the Interest
Reserve Account pursuant to Section 3.04(c) during February and, if applicable,
January of that year.

            (d) The Trustee shall, on any Distribution Date, make withdrawals
from the Additional Interest Accounts and the Palmilla Apartments Stabilization
Fee Account to the extent required to make the distributions of Additional
Interest and the Palmilla Apartments Stabilization Fee, respectively, required
by Section 4.01(b).

            (e) The applicable Master Servicer may, from time to time, make
withdrawals from each Loan Combination Custodial Account for any of the
following purposes (the order set forth below not constituting an order of
priority for such withdrawals):

            (i) to make remittances on each P&I Advance Date (or, with respect
      to a Non-Trust Noteholder, on such earlier or later date as provided for
      in the related Loan Combination Intercreditor Agreement) to the related
      Non-Trust Noteholder(s) and to the Trust in accordance with the related
      Loan Combination Intercreditor Agreements, such remittances to the Trust
      to be made to such Master Servicer's Collection Account;

            (ii) to reimburse 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 Serviced Loan Combination
      or any successor Trust REO Loan, any Fiscal Agent's, the Trustee's and
      such Master Servicer's right to reimbursement pursuant to this clause (ii)
      with respect to any P&I Advance (other than any P&I Advance that has been
      or is determined to be a Nonrecoverable Advance, which shall be reimbursed
      in the manner contemplated in Section 3.05(a)(vii)) being limited to
      amounts that represent Late Collections of interest (net of related Master
      Servicing Fees) and principal (net of any related Workout Fee or Principal
      Recovery Fee) received in respect of the related Trust Mortgage Loan that
      is part of the related Serviced 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 and/or the holder of the Excess Servicing
      Strip earned and unpaid Master Servicing Fees (as allocable between such
      Master Servicer and such holder (if different from such Master Servicer))
      in respect of the related Serviced Loan Combination (including, without
      limitation, any successor REO Loans comprising such), such Master
      Servicer's right to payment pursuant to this clause (iii) with respect to
      the related Loan Combination (including, without limitation, any successor
      REO Loans comprising such) being limited to amounts received on or in
      respect of such Mortgage Loans (whether in the form of payments,
      Liquidation Proceeds or Insurance Proceeds) or such REO Loans (whether in
      the form of REO Revenues, Liquidation Proceeds or Insurance Proceeds) that
      are allocable as a recovery of interest thereon;

            (iv) [RESERVED];

            (v) to pay the Special Servicer (or, if applicable, a predecessor
      Special Servicer) earned and unpaid Special Servicing Fees, Workout Fees
      and/or Principal Recovery Fees in respect of the related Serviced 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 such Master Servicer to be made concurrently on a pro rata
      basis), for any unreimbursed Servicing Advances in respect of the related
      Loan Combination or any related Loan Combination REO Property, any Fiscal
      Agent's, the Trustee's, the Special Servicer's and such Master Servicer's
      respective rights to reimbursement pursuant to this clause (vi) with
      respect to any Servicing Advance being limited to payments made by or on
      behalf of the related Mortgagor and cure payments that are allocable to
      such Servicing Advance, or to Liquidation Proceeds, Insurance Proceeds
      and, if applicable, REO Revenues received in respect of the related Loan
      Combination or any related Loan Combination REO Property; provided,
      however, that if such Servicing Advance becomes a Workout-Delayed
      Reimbursement Amount, then such Servicing Advance shall thereafter be
      reimbursed in the manner contemplated in Section 3.05(a)(vii);

            (vii) to reimburse any Fiscal Agent, the Trustee, the Special
      Servicer or itself, in that order (except that reimbursements to the
      Special Servicer and such Master Servicer shall be made concurrently on a
      pro rata basis), for any unreimbursed Servicing Advances in respect of the
      related Loan Combination or any related Loan Combination REO Property that
      have been or are determined to be Nonrecoverable Advances out of REO
      Revenues, Liquidation Proceeds and Insurance Proceeds received on such
      Loan Combination or any related Loan Combination REO Property; provided
      that if REO Revenues, Liquidation Proceeds and Insurance Proceeds received
      on the related Loan Combination or any related Loan Combination REO
      Property are insufficient, then such Servicing Advance shall be reimbursed
      in the manner contemplated in Section 3.05(a)(vii);

            (viii) at such time as it reimburses 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 such Master
      Servicer shall be made concurrently on a pro rata basis), any unpaid
      interest accrued and payable thereon in accordance with Section 3.03(d) or
      4.03(d), as applicable; such Master Servicer's, Special Servicer's,
      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 Serviced Loan
      Combination (after deduction of the amounts required to be deposited by
      such Master Servicer in its Collection Account for the related
      Distribution Date pursuant to Section 3.19(a) in connection with
      Prepayment Interest Shortfalls and Casualty/Condemnation Interest
      Shortfalls); and (B) to pay itself and the Special Servicer, as additional
      servicing compensation in accordance with Sections 3.11(b) and 3.11(d),
      respectively, Default Charges with respect to such Serviced 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 Serviced Loan
      Combination and/or the related Loan Combination Mortgaged Property;

            (xii) to pay itself, the Special Servicer, the Depositor, or any of
      their respective Affiliates, directors, partners, members, managers,
      shareholders, officers, employees or agents, as the case may be, any
      amounts payable to any such Person pursuant to Section 6.03, to the extent
      such amounts relate to such Serviced 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 Serviced 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 Serviced Loan Combination, if previously purchased by such Person
      pursuant to this Agreement and/or a related Loan Combination Intercreditor
      Agreement or mezzanine intercreditor agreement, all amounts received
      thereon subsequent to the date of purchase;

            (xv) [RESERVED];

            (xvi) to pay the cost of any Environmental Assessment (to the extent
      not otherwise advanced pursuant to Section 3.09(c)) or any remedial,
      corrective or other action pursuant to Section 3.09(c), to the extent such
      costs relate to such Serviced Loan Combination and/or the related Loan
      Combination Mortgaged Property;

            (xvii) to withdraw any amounts deposited in error;

            (xviii) to withdraw any other amounts that this Agreement expressly
      provides may be withdrawn from such Loan Combination Custodial Account;
      and

            (xix) to clear and terminate such Loan Combination Custodial Account
      at the termination of this Agreement pursuant to Section 9.01.

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

            The applicable Master Servicer shall, on or before 3:00 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 Serviced Loan Combination (or any successor REO Loan with
respect thereto) pursuant to the corresponding Loan Combination Intercreditor
Agreement, such remittances to the Trust to be made to its Collection Account
and such remittances to the related Non-Trust Noteholder(s) to be made by wire
transfer to the respective accounts designated by such Non-Trust Noteholder(s)
pursuant to the related Loan Combination Intercreditor Agreements.

            The applicable Master Servicer shall pay to the Special Servicer,
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 applicable Master Servicer may rely
conclusively on any such certificate and shall have no duty to re-calculate the
amounts stated therein. The Special Servicer shall keep and maintain separate
accounting for each Specially Serviced Mortgage Loan and REO Property, on a
loan-by-loan and property-by-property basis, for the purpose of substantiating
any request for withdrawal from a Loan Combination Custodial Account. With
respect to each Mortgage Loan for which it makes an Advance, 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 applicable Master
Servicer shall, consistent with the Servicing Standard, use commercially
reasonable efforts to seek payment from the related Non-Trust Noteholder 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 Serviced Loan Combination or any related REO Property that
is not (but, subject to available funds, would have been permitted to be) paid
out of amounts otherwise payable to such Non-Trust Noteholder.

            (f) In addition, the Trustee may from time to time, make withdrawals
from the Gain-on-Sale Reserve Account, the Palmilla Apartments Stabilization Fee
Account, the Additional Interest Accounts 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 Palmilla Apartments Stabilization Fee
Account, the Additional Interest Accounts 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 Palmilla Apartments Stabilization Fee Account, the Additional
Interest Accounts 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 only for the following purposes:

            (i) solely to the extent of amounts on deposit in the Class A-2FL
      Sub-Account, to make payments to the Class A-2FL Swap Counterparty
      pursuant to Section 3.29(d);

            (ii) solely to the extent of amounts on deposit in the Class A-2FL
      Sub-Account, to make distributions to the Holders of the Class A-2FL
      Certificates on each Distribution Date pursuant to Section 4.01(c);

            (iii) 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);

            (iv) 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);

            (v) solely to the extent of amounts on deposit in the Class A-4FL
      Sub-Account, to make payments to the Class A-4FL Swap Counterparty
      pursuant to Section 3.29(d);

            (vi) solely to the extent of amounts on deposit in the Class A-4FL
      Sub-Account, to make distributions to the Holders of the Class A-4FL
      Certificates on each Distribution Date pursuant to Section 4.01(c);

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

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

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

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

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

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

            (xiii) 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-2FL
Sub-Account as of any Distribution Date and available for such purposes shall be
applied to make any payments to the Class A-2FL 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-2FL
Certificates pursuant to Section 4.01(c).

            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 A-4FL
Sub-Account as of any Distribution Date and available for such purposes shall be
applied to make any payments to the Class A-4FL 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-4FL
Certificates pursuant to Section 4.01(c).

            It is hereby acknowledged that amounts on deposit in the Class AM-FL
Sub-Account as of any Distribution Date and available for such purposes shall be
applied to make any payments to the Class AM-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 AM-FL
Certificates pursuant to Section 4.01(c).

            It is hereby acknowledged that amounts on deposit in the Class AJ-FL
Sub-Account as of any Distribution Date and available for such purposes shall be
applied to make any payments to the Class AJ-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 AJ-FL
Certificates pursuant to Section 4.01(c).]

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

            (a) Each Master Servicer may direct in writing (pursuant to a
standing instruction or otherwise) any depository institution maintaining a
Servicing Account, a Reserve Account, its Collection Account or a Loan
Combination Custodial Account (each, for purposes of this Section 3.06, an
"Investment Account"), the Special Servicer may direct in writing (pursuant to a
standing instruction or otherwise) any depository institution maintaining an REO
Account (also, for purposes of this Section 3.06, an "Investment Account"), and
the Trustee may direct in writing (pursuant to a standing instruction or
otherwise) any depository institution maintaining the Distribution Account, the
Floating Rate Account, the Gain-on-Sale Reserve Account, the Palmilla Apartments
Stabilization Fee Account, the Additional Interest Accounts and the Interest
Reserve Account (each also, for purposes of this Section 3.06, an "Investment
Account"), to invest, or if it is such depository institution, may itself
invest, the funds held therein only in one or more Permitted Investments bearing
interest or sold at a discount, and maturing, unless payable on demand, no later
than the Business Day immediately preceding the next succeeding date on which
such funds are required to be withdrawn from such account pursuant to this
Agreement. All such Permitted Investments shall be held to maturity, unless
payable on demand. Any investment of funds in an Investment Account shall be
made in the name of the Trustee (in its capacity as such). The Master Servicers
(with respect to Permitted Investments of amounts in the Servicing Accounts, the
Reserve Accounts, the Collection Accounts or the Loan Combination Custodial
Accounts) and the Special Servicer (with respect to Permitted Investments of
amounts in the REO Accounts), on behalf of the Trustee (with respect to
Permitted Investments of amounts in the Distribution Account, the Gain-on-Sale
Reserve Account, the Palmilla Apartments Stabilization Fee Account, the
Additional Interest Accounts and the Interest Reserve Account) (and in the case
of the Master Servicers and the Special Servicer, the Trustee hereby designates
each 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. Possession of any such
Permitted Investment by either 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 Servicers (in the case of the
Collection Accounts, the Loan Combination Custodial Accounts, the Servicing
Accounts and the Reserve Accounts), the Special Servicer (in the case of the REO
Accounts) or the Trustee (in the case of the Distribution Account, the Floating
Rate Account, the Gain-on-Sale Reserve Account, the Palmilla Apartments
Stabilization Fee Account, the Additional Interest Accounts and the Interest
Reserve Account) shall:

            (i) consistent with any notice required to be given thereunder,
      demand that payment thereon be made on the last day such Permitted
      Investment may otherwise mature hereunder in an amount equal to the lesser
      of (1) all amounts then payable thereunder and (2) the amount required to
      be withdrawn on such date; and

            (ii) demand payment of all amounts due thereunder promptly upon
      determination by the applicable Master Servicer, 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 applicable Master Servicer directs the
investment of funds in any of the Servicing Accounts, the Reserve Accounts, its
Collection Account or the Loan Combination Custodial Accounts, interest and
investment income realized on funds deposited therein, to the extent of the
related Net Investment Earnings, if any, for each Investment Period and, in the
case of a Reserve Account or a Servicing Account, to the extent not otherwise
payable to the related Mortgagor in accordance with applicable law or the
related Mortgage Loan documents, shall be for the sole and exclusive benefit of
such Master Servicer and shall be subject to its withdrawal in accordance with
Section 3.03(a), 3.03(f) or 3.05(a), as applicable. Whether or not the Special
Servicer directs the investment of funds in any REO Account, interest and
investment income realized on funds deposited therein, to the extent of the Net
Investment Earnings, if any, for each Investment Period, shall be for the sole
and exclusive benefit of the Special Servicer and shall be subject to its
withdrawal in accordance with Section 3.16(b). Whether or not the Trustee
directs the investment of funds in the Distribution Account, the Gain-on-Sale
Reserve Account, the Palmilla Apartments Stabilization Fee Account, the
Additional Interest Accounts and the Interest Reserve Account, interest and
investment income realized on funds deposited therein, to the extent of the Net
Investment Earnings, if any, for each Investment Period, shall be for the sole
and exclusive benefit of the Trustee and shall be subject to its withdrawal in
accordance with Section 3.05(b) or 3.05(f), as applicable. If any loss shall be
incurred in respect of any Permitted Investment on deposit in any Investment
Account, the applicable Master Servicer (in the case of the Servicing Accounts,
the Reserve Accounts, its Collection Account and the Loan Combination Custodial
Accounts, excluding any accounts containing amounts invested solely for the
benefit of, and at the direction of, the Mortgagor under the terms of the
Mortgage Loan or applicable law), the Special Servicer (in the case of the REO
Accounts) and the Trustee (in the case of the Distribution Account, the
Gain-on-Sale Reserve Account, the Palmilla Apartments Stabilization Fee Account,
the Additional Interest Accounts and the Interest Reserve Account) shall
promptly deposit therein from its own funds, without right of reimbursement, no
later than the end of the Investment Period during which such loss was incurred,
the amount of the Net Investment Loss, if any, for such Investment Period
(except to the extent that (i) the loss amounts represent amounts that were
invested for the benefit of, and payable, to a Mortgagor under the terms of a
Mortgage Loan or applicable law or (ii) the loss results from the bankruptcy or
insolvency of the depository institution or trust company that holds such
Investment Account so long as such depository institution or trust company
satisfies the qualifications set forth in the definition of Eligible Account and
is not the party or an affiliate of the party maintaining the account).

            (c) Except as otherwise expressly provided in this Agreement, if any
default occurs in the making of a payment due under any Permitted Investment, or
if a default occurs in any other performance required under any Permitted
Investment and the Special Servicer or the applicable Master Servicer fails to
deposit any losses with respect to such Permitted Investment pursuant to Section
3.06(b), the Trustee may and, subject to Section 8.02, upon the request of
Holders of Certificates entitled to not less than 25% of the Voting Rights
allocated to any Class, shall take such action as may be appropriate to enforce
such payment or performance, including the institution and prosecution of
appropriate proceedings.

            (d) Notwithstanding the investment of funds held in any Investment
Account, for purposes of the calculations hereunder, including, without
limitation, the calculation of the Available Distribution Amount, the amounts so
invested shall be deemed to remain on deposit in such Investment Account.

            Section 3.07 Maintenance of Insurance Policies; Errors and Omissions
and Fidelity Coverage.

            (a) The Master Servicers, with respect to each of the Serviced
Mortgage Loans, including Specially Serviced Mortgage Loans, and the Special
Servicer, with respect to Administered REO Properties, shall use reasonable
efforts, consistent with the Servicing Standard, to cause the Mortgagor to
maintain, to the extent required by the terms of the related Mortgage Loan
documents, or if the Mortgagor does not maintain, shall itself maintain for each
Mortgaged Property all insurance coverage as is required under the related
Mortgage; provided that if and to the extent that any such Mortgage permits the
holder thereof any discretion (by way of consent, approval or otherwise) as to
the insurance coverage that the related Mortgagor is required to maintain, the
Master Servicers shall exercise such discretion in a manner consistent with the
Servicing Standard; and provided, further that, if and to the extent that a
Mortgage so permits, the applicable Master Servicer shall use reasonable efforts
(but shall not be required to institute any enforcement proceeding) to cause the
related Mortgagor to obtain the required insurance coverage from Qualified
Insurers and required insurance coverage obtained by the Master Servicers shall
be from Qualified Insurers. The cost of any such insurance coverage obtained by
either Master Servicer or the Special Servicer shall be a Servicing Advance to
be paid by the applicable Master Servicer pursuant to Section 3.03. If not
required under the terms of the Mortgage or the Mortgage Loan documents, the
Special Servicer may require that earthquake insurance be secured for one or
more Serviced 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 Administered REO Property no less insurance coverage than
was required of the Mortgagor under the related Mortgage as of the Closing Date;
provided that all such insurance shall be obtained from Qualified Insurers. All
such insurance policies maintained by either Master Servicer or the Special
Servicer (i) shall contain (if they insure against loss to property and do not
relate to an REO Property) a "standard" mortgagee clause, with loss payable to
(or naming as an additional insured) the Trustee or the applicable Master
Servicer on behalf of the Trustee (and, in the case of a Serviced 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 Administered
REO Properties), on behalf of the Trustee; (iii) shall be non-cancelable without
30 days' prior written notice to the insured party or with respect to
non-payment shall be non-cancelable without the insurer providing 10 days' prior
notice; (iv) in the case of a hazard insurance policy, shall include coverage in
an amount not less than the lesser of (x) the full replacement cost of the
improvements securing a Serviced Mortgaged Property or Administered REO
Property, as applicable, or (y) the outstanding principal balance owing on the
related Serviced Mortgage Loan or Administered 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 Default (upon which determination the applicable Master
Servicer may conclusively rely); and (viii) in each case such insurance shall be
issued by an insurer authorized under applicable law to issue such insurance.
Notwithstanding the foregoing, the Master Servicers and the Special Servicer
shall not be required to obtain, and shall not be in default hereunder for
failing to obtain, (A) any insurance coverage that was previously required of
the Mortgagor under the related Mortgage if (a) such insurance is not available
at any rate; (b) such insurance is not available from a Qualified Insurer
(provided that either Master Servicer or the Special Servicer, as applicable,
shall obtain such insurance from the next highest rated insurer offering such
insurance at commercially reasonable rates); (c) subject to the prior approval
of the Controlling Class Representative (which approval is in any such case
deemed granted if not denied within 10 Business Days after its receipt of the
applicable Master Servicer's or the Special Servicer's request for such
approval), such insurance is not available at commercially reasonable rates and,
as determined by the applicable Master Servicer or the Special Servicer
following due inquiry conducted in a manner consistent with the Servicing
Standard, the subject hazards are not commonly insured against by prudent owners
of similar real properties in similar locales (but only by reference to such
insurance that has been obtained by such owners at the then current market
rates); or (d) the Trustee does not have an insurable interest in the related
Mortgaged Property or Administered REO Property or (B) any earthquake or
environmental insurance policy on any Mortgaged Property unless such insurance
policy was in effect at the time of the origination of the related Mortgage Loan
or on the Closing Date pursuant to the terms of the related Mortgage Loan
documents and is available at commercially reasonable rates, which determination
shall be subject to the approval of the Controlling Class Representative, such
approval to be deemed granted if not rejected within 10 Business Days after its
receipt of the applicable Master Servicer's or the Special Servicer's request
for such approval and all reasonably requested information. In determining
whether any insurance coverage is available or is available at reasonable rates,
the applicable Master Servicer shall be entitled to rely, at its own expense, on
insurance consultants in making such determination and any such determinations
by the applicable Master Servicer must be made not less frequently (but need not
be made more frequently) than annually (or such other lesser period as may be
required by the Servicing Standard) but in any event shall be made at the
approximate date on which the applicable Master Servicer receives notice of the
renewal, replacement or cancellation of coverage. Any amounts collected by
either Master Servicer or the Special Servicer under any such policies (other
than amounts to be applied to the restoration or repair of the related Serviced
Mortgaged Property or Administered REO Property or amounts to be released to the
related Mortgagor, in each case subject to the rights of any tenants and ground
lessors, as the case may be, and in each case in accordance with the terms of
the related Mortgage and the Servicing Standard) shall be deposited in the
applicable Master Servicer's Collection Account, subject to withdrawal pursuant
to Section 3.05(a), in the case of amounts received in respect of a Serviced
Mortgage Loan (other than a Serviced 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 Serviced 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 Administered
REO Property. Any cost incurred by either Master Servicer or the Special
Servicer in maintaining any such insurance shall not, for purposes hereof,
including, without limitation, calculating monthly distributions to
Certificateholders, be added to the unpaid principal balance of the related
Mortgage Loan, notwithstanding that the terms of such Mortgage Loan so permit.

            Notwithstanding the foregoing, with respect to the Serviced 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 Serviced
Mortgage Loan reasonably requires from time to time in order to protect its
interests, the applicable Master Servicer will be required to (A) use reasonable
efforts to monitor whether the insurance policies for the related Mortgaged
Property contain Additional Exclusions, (B) request the Mortgagor to either
purchase insurance against the risks specified in the Additional Exclusions or
provide an explanation as to its reasons for failing to purchase such insurance
and (C) notify the Special Servicer if any insurance policy contains Additional
Exclusions or if any Mortgagor fails to purchase the insurance requested to be
purchased by such Master Servicer pursuant to clause (B) above. If the Special
Servicer determines in accordance with the Servicing Standard that such failure
is not an Acceptable Insurance Default, the Special Servicer shall notify the
applicable Master Servicer and such Master Servicer shall cause such insurance
to be maintained. Furthermore, the Special Servicer shall inform the Rating
Agencies as to such conclusions for those Serviced 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 Serviced Loan Combination satisfies clause (i) and/or
clause (ii), the Special Servicer shall also inform the related Non-Trust
Noteholder(s) as to such conclusion). During the period that the Special
Servicer is evaluating the availability of such insurance, the applicable Master
Servicer will not be liable for any loss related to its failure to require the
Mortgagor to maintain such insurance and will not be in default of its
obligations as a result of such failure and such Master Servicer will not itself
maintain such insurance or cause such insurance to be maintained.

            (b) If either Master Servicer or the Special Servicer shall obtain
and maintain, or cause to be obtained and maintained, a blanket policy or master
force-placed policy insuring against hazard losses on all of the Mortgage Loans
and/or Serviced REO Properties that it is required to service and administer,
then, to the extent such policy (i) is obtained from a Qualified Insurer and
(ii) provides protection equivalent to the individual policies otherwise
required, such Master Servicer or the Special Servicer, as the case may be,
shall conclusively be deemed to have satisfied its obligation to cause hazard
insurance to be maintained on the related Serviced Mortgaged Properties and/or
Administered REO Properties. In the event that the Special Servicer causes any
Administered REO Property to be covered by such blanket policy, the incremental
cost of such insurance applicable to such Administered REO Property (other than
any minimum or standby premium payable for such policy whether or not any
Administered REO Property is covered thereby) shall be paid by the applicable
Master Servicer as a Servicing Advance pursuant to Section 3.03. Such blanket
policy or master force-placed policy may contain a deductible clause (not in
excess of a customary amount), in which case the applicable Master Servicer or
the Special Servicer, as appropriate, shall, if there shall not have been
maintained on the related Serviced Mortgaged Property or Administered REO
Property a hazard insurance policy complying with the requirements of Section
3.07(a), and there shall have been one or more losses that would have been
covered by such policy, promptly deposit into its Collection Account (or, in the
case of a Loan Combination Mortgaged Property or any Loan Combination REO
Property, into the related Loan Combination Custodial Account) from its own
funds the amount not otherwise payable under the blanket policy or master
force-placed policy because of such deductible clause to the extent the amount
of such deductible exceeds the deductible permitted under the related Mortgage
Loan documents (or if the related Mortgage Loan documents are silent regarding a
permitted deductible, a deductible for an individual policy that is consistent
with the Servicing Standard). The applicable Master Servicer or the Special
Servicer, as appropriate, shall prepare and present, on behalf of itself, the
Trustee and the Certificateholders (and, in the case of a Serviced Loan
Combination, the related Non-Trust Noteholder(s)), claims under any such blanket
policy or master force-placed policy in a timely fashion in accordance with the
terms of such policy.

            (c) Each of the Master Servicers and the Special Servicer shall at
all times during the term of this Agreement (or, in the case of the Special
Servicer, at all times during the term of this Agreement in which Specially
Serviced Mortgage Loans or Administered REO Properties are part of the Trust
Fund) keep in force a fidelity bond with Qualified Insurers, such fidelity bond
to be commercially reasonable in the mortgage servicing industry and in an
amount not less than $10,000,000. Each of the Master Servicers and the Special
Servicer shall be deemed to have complied with the foregoing provision if an
Affiliate thereof has such fidelity bond coverage and, by the terms of such
fidelity bond, the coverage afforded thereunder extends to the subject Master
Servicer or the Special Servicer, as the case may be.

            Each of the Master Servicers and the Special Servicer shall at all
times during the term of this Agreement (or, in the case of the Special
Servicer, at all times during the term of this Agreement in which Specially
Serviced Mortgage Loans and/or Administered REO Properties exist as part of the
Trust Fund) also keep in force with Qualified Insurers, a policy or policies of
insurance covering loss occasioned by the errors and omissions of its officers
and employees in connection with its servicing obligations hereunder, which
policy or policies shall be commercially reasonable in the mortgage servicing
industry and in an amount not less than $10,000,000. Each of the Master
Servicers and the Special Servicer shall be deemed to have complied with the
foregoing provisions if an Affiliate thereof has such insurance and, by the
terms of such policy or policies, the coverage afforded thereunder extends to
the subject Master Servicer or the Special Servicer, as the case may be. Any
such errors and omissions policy shall provide for 10 days' written notice to
the Trustee prior to cancellation. Each Master Servicer and the Special Servicer
shall each cause the Trustee to be an additional loss payee on any policy
currently in place or procured pursuant to the requirements of this Section
3.07(c).

            For so long as the long-term debt obligations of either Master
Servicer or the Special Servicer (or in the case of each initial Master Servicer
and Special Servicer, their respective direct parent) are rated at least "A" or
the equivalent by all of the Rating Agencies (or such lower rating as will not
result in an Adverse Rating Event, as evidenced in writing by the Rating
Agencies), such Person may self-insure with respect to the risks described in
this Section 3.07.

            (d) Within 90 days of the Closing Date, with respect to each of the
Serviced Mortgage Loans identified on Schedule II as being covered by an
environmental insurance policy, the applicable Master Servicer (or the Special
Servicer in the case of a Specially Serviced Mortgage Loan) shall notify the
insurer under such environmental insurance policy and take all other action
necessary for the Trustee, on behalf of the Certificateholders (and in the case
of a Serviced Loan Combination, the related Non-Trust Noteholder(s)), to be an
insured (and for such Master Servicer (or the Special Servicer in the case of a
Specially Serviced Mortgage Loan), on behalf of the Trust Fund (and in the case
of a Loan Combination, the related Non-Trust Noteholder(s)), to make claims)
under such environmental insurance policy. In the event that the applicable
Master Servicer, in the case of a non-Specially Serviced Mortgage Loan, or the
Special Servicer, in the case of a Specially Serviced Mortgage Loan, has actual
knowledge of any event (an "Insured Environmental Event") giving rise to a claim
under any environmental insurance policy in respect of any Serviced Mortgage
Loan covered thereby, such Master Servicer (or the Special Servicer in the case
of a Specially Serviced Mortgage Loan) shall, in accordance with the terms of
such environmental insurance policy and the Servicing Standard, timely make a
claim thereunder with the appropriate insurer and shall take such other actions
in accordance with the Servicing Standard which are necessary under such
environmental insurance policy in order to realize the full value thereof for
the benefit of the Certificateholders (and in the case of a Serviced Loan
Combination, the related Non-Trust Noteholder(s)). Any legal fees, premiums or
other out-of-pocket costs incurred in connection with any such claim under an
environmental insurance policy shall be paid by the applicable Master Servicer
and shall be reimbursable to it as a Servicing Advance. With respect to each
environmental insurance policy that relates to one or more Serviced Mortgage
Loans, the applicable Master Servicer shall review and familiarize itself with
the terms and conditions relating to enforcement of claims and shall monitor the
dates by which any claim must be made or any action must be taken under such
policy to realize the full value thereof for the benefit of the
Certificateholders (and in the case of a Serviced Loan Combination, the related
Non-Trust Noteholder(s)) in the event such Master Servicer has actual knowledge
of an Insured Environmental Event giving rise to a claim under such policy.

            In the event that the applicable Master Servicer (or the Special
Servicer in the case of a Specially Serviced Mortgage Loan) receives notice of
any termination of any environmental insurance policy that relates to one or
more Serviced Mortgage Loans, such Master Servicer (or the Special Servicer in
the case of a Specially Serviced Mortgage Loan) shall, within five Business Days
after receipt of such notice, notify the Special Servicer, the Controlling Class
Representative, the Rating Agencies, the Trustee and, in the case of a Serviced
Loan Combination, the related Non-Trust Noteholder(s) of such termination in
writing. Upon receipt of such notice, the applicable Master Servicer with
respect to non-Specially Serviced Mortgage Loans, and the Special Servicer with
respect to Specially Serviced Mortgage Loans, shall address such termination in
accordance with Section 3.07(a) in the same manner as it would the termination
of any other Insurance Policy required under the related Mortgage Loan
documents. Any legal fees, premiums or other out-of-pocket costs incurred in
connection with a resolution of such termination of an environmental insurance
policy shall be paid by the applicable Master Servicer and shall be reimbursable
to it as a Servicing Advance.

            Section 3.08 Enforcement of Alienation Clauses.

            (a) The Master Servicers (with respect to Serviced Mortgage Loans
that are not Specially Serviced Mortgage Loans) and the Special Servicer (with
respect to Specially Serviced Mortgage Loans), on behalf of the Trustee as the
mortgagee of record, shall enforce any "due-on-sale" or "due-on-encumbrance"
clauses and any other restrictions contained in the related Mortgage or other
related loan document on transfers or further encumbrances of the related
Mortgaged Property and on transfers of interests in the related Mortgagor,
unless either Master Servicer or the Special Servicer, as the case may be, has
(i) determined, in its reasonable judgment (exercised in accordance with the
Servicing Standard and which, for the avoidance of doubt, would include a
determination that any required conditions to a transfer have been met), that
waiver of the lender's rights under such clauses or the waiver of such other
restrictions, as applicable, would be in accordance with the Servicing Standard
and (ii) complied with the applicable requirements, if any, of Section 6.11 and
Section 6.12; provided that:

            (i) subject to the related Mortgage Loan documents and applicable
      law, neither of the Master Servicers nor the Special Servicer shall waive
      any right it has, or grant any consent it is otherwise entitled to
      withhold, in accordance with any related "due-on-sale" clause under any
      Serviced Trust Mortgage Loan that is a Significant Mortgage Loan, or if,
      taking into account existing debt on the subject Mortgaged Property
      (including any related Non-Trust Loan(s)) and the proposed additional debt
      as if such total debt were a single mortgage loan, the Loan-to-Value Ratio
      is equal to or greater than 85% or the Debt Service Coverage Ratio is
      equal to or less than 1.2x, unless it receives prior written confirmation
      from each Rating Agency that such action would not result in an Adverse
      Rating Event (except that prior written confirmation from Moody's shall
      not be required unless the Trust Mortgage Loan is a Significant Mortgage
      Loan) ; provided that, with respect to a waiver of a due-on-sale
      provision, in the event that such Serviced Mortgage Loan is not a
      Significant Mortgage Loan, and the Mortgage Loan documents contain a
      requirement for Rating Agency approval, either Master Servicer or the
      Special Servicer, subject to Section 6.11 and Section 6.12 may waive such
      requirement without Rating Agency approval in accordance with the
      Servicing Standard; if the affected Serviced Trust Mortgage Loan is a
      Significant Mortgage Loan, then, subject to the related Mortgage Loan
      documents and applicable law, neither of the Master Servicers nor the
      Special Servicer shall waive any right it has, or grant any consent it is
      otherwise entitled to withhold, in accordance with any related
      "due-on-sale" clause under any Trust Mortgage Loan until it has received
      written confirmation from each Rating Agency that such action would not
      result in an Adverse Rating Event;

            (ii) subject to the related Mortgage Loan documents and applicable
      law, neither Master Servicer shall waive any right it has, or grant any
      consent it is otherwise entitled to withhold, in accordance with any
      related "due-on-encumbrance" clause under any Serviced 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 in writing within 10 Business Days (or, if the
      Controlling Class Representative is entitled to object pursuant to Section
      6.11, 15 Business Days, (which 15 Business Days shall be subject to the
      limitation to five Business Days specified in the proviso at the end of
      the first paragraph of Section 6.11) after receipt by the Special Servicer
      of the applicable Master Servicer's written recommendation and analysis
      and any additional information reasonably requested by the Special
      Servicer or the Controlling Class Representative);

            (iii) subject to the related Mortgage Loan documents and applicable
      law, neither Master Servicer shall waive any right it has, or grant any
      consent it is otherwise entitled to withhold, in accordance with any
      related "due-on-sale" clause under any Serviced 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, 15 Business Days, (which 15
      Business Days shall be subject to the limitation to five Business Days
      specified in the proviso at the end of the first paragraph of Section
      6.11) of receipt by the Special Servicer of the applicable Master
      Servicer's written recommendation and analysis and any additional
      information reasonably requested by the Special Servicer or the
      Controlling Class Representative);

            (iv) subject to the related Mortgage Loan documents and applicable
      law, neither of the Master Servicers nor the Special Servicer shall waive
      any right it has, or grant any consent it is otherwise entitled to
      withhold, in accordance with any related "due-on-sale" or
      "due-on-encumbrance" clause under any Serviced Mortgage Loan, or approve
      the assumption of any Mortgage Loan, unless in any such case, all
      associated costs and expenses are covered without any expense to the Trust
      (it being understood and agreed that, except as expressly provided herein,
      neither of the Master Servicers nor the Special Servicer shall be
      obligated to cover or assume any such costs or expenses); and

            (v) neither of the Master Servicers nor the Special Servicer shall
      (to the extent that it is within the control thereof to prohibit such
      event) consent to the transfer of any Serviced Mortgaged Property that
      secures a Crossed Loan Group unless (i) all of the Serviced Mortgaged
      Properties securing such Crossed Loan Group are transferred simultaneously
      by the respective Mortgagor or (ii) it obtains the consent of the
      Controlling Class Representative, which consent shall be deemed given if
      not denied in writing within 10 Business Days (or, if the Controlling
      Class Representative is entitled to object pursuant to Section 6.11, 15
      Business Days, which 15 Business Days shall include the five Business Days
      specified in the proviso at the end of the first paragraph of Section
      6.11) of receipt by the Controlling Class Representative of written notice
      of such action and all reasonably requested information related thereto
      (or, if no information is requested, within 10 Business Days (or, if
      applicable, 15 Business Days) of receipt of written notice).

            If, in connection with an assumption of any Serviced Mortgage Loan,
the applicable Mortgage Loan Seller bears the costs and expenses associated with
such assumption in accordance with the terms of the applicable Mortgage Loan
Purchase Agreement, any costs and expenses subsequently recovered by the
applicable Master Servicer from the related Mortgagor in respect of such
assumption shall be promptly remitted by such Master Servicer to the applicable
Mortgage Loan Seller.

            In the case of any Serviced Mortgage Loan, the applicable Master
Servicer and the Special Servicer shall each provide the other with all such
information as each may reasonably request in order to perform its duties under
this Section.

            In connection with any permitted assumption of any Serviced Mortgage
Loan or waiver of a "due-on-sale" or "due-on-encumbrance" clause thereunder, the
applicable Master Servicer, with respect to Mortgage Loans that are not
Specially Serviced Mortgage Loans, or the Special Servicer, with respect to the
Specially Serviced Mortgage Loans, shall prepare all documents necessary and
appropriate for such purposes and shall coordinate with the related Mortgagor
for the due execution and delivery of such documents.

            If either Master Servicer or the Special Servicer, as applicable,
consents subsequent to the Closing Date to the incurrence by the principal(s) of
a Mortgagor under a Serviced Trust Mortgage Loan of mezzanine financing or the
incurrence by a Mortgagor of subordinate debt and enters into an intercreditor
agreement, such servicer (to the extent it is permitted to do so under the
related loan documents and applicable law and in accordance with the Servicing
Standard) shall require the related mezzanine or subordinate lender to agree to
pay a Principal Recovery Fee in connection with any purchase right that arises
upon a loan default in the event such purchase occurs after the expiration of 60
days from the date the right to purchase arises under such intercreditor
agreement. The foregoing sentence shall not operate to modify the provisions of
the preceding paragraph of this Section 3.08(a) regarding due-on-sale and
due-on-encumbrance provisions.

            (b) Notwithstanding any other provisions of this Section 3.08,
either Master Servicer with respect to Serviced Mortgage Loans that are not
Specially Serviced Mortgage Loans (without the Special Servicer's or the
Controlling Class Representative's consent (and with respect to a Loan
Combination, subject to delivering prior notice to the related Non-Trust
Noteholder(s)) or the Special Servicer with respect to the Specially Serviced
Mortgage Loans, as applicable, may grant, without any Rating Agency confirmation
as otherwise provided in paragraph (a) above, a Mortgagor's request for consent
to subject the related Mortgaged Property to an easement, right-of-way or other
similar agreement for utilities, access, parking, public improvements or another
purpose, and may consent to subordination of the related Serviced Mortgage Loan
to such easement, right-of-way or other similar agreement provided the
applicable Master Servicer or the Special Servicer, as applicable, shall have
determined in accordance with the Servicing Standard that such easement,
right-of-way or other similar agreement shall not materially interfere with the
then-current use of the related Mortgaged Property, the security intended to be
provided by such Mortgage or the related Mortgagor's ability to repay the
Serviced Mortgage Loan, or materially and adversely affect the value of such
Mortgaged Property, or cause the Serviced 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 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 Serviced Mortgage Loans as come into
and continue in default and as to which no satisfactory arrangements can be made
for collection of delinquent payments, including, without limitation, pursuant
to Section 3.20. Subject to the second paragraph of Section 3.03(c), the
applicable Master Servicer shall advance all costs and expenses (other than
costs or expenses that would, if incurred, constitute a Nonrecoverable Servicing
Advance) incurred by the Special Servicer in any such proceedings, and shall be
entitled to reimbursement therefor as provided in Section 3.05(a) or Section
3.05(e), as applicable. Nothing contained in this Section 3.09 shall be
construed so as to require the Special Servicer, on behalf of the Trust Fund
(and, in the case of a Serviced Loan Combination, 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
Serviced Mortgage Loan, the occupancy level and physical condition of the
Mortgaged Property or REO Property, the state of the local economy, the
obligation to dispose of any REO Property within the time period specified in
Section 3.16(a) and the results of any appraisal obtained pursuant to the
following sentence, all such bids to be made in a manner consistent with the
Servicing Standard. If and when the applicable Master Servicer or the Special
Servicer deems it necessary and prudent for purposes of establishing the fair
market value of any Mortgaged Property securing a Defaulted Mortgage Loan or
other Specially Serviced 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 Serviced Loan Combination, at the expense of the related Non-Trust
Noteholder(s)), have an appraisal performed (upon which such party shall be
entitled to rely) 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 Serviced 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 Serviced 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 Serviced 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 Serviced Mortgage Loan
remains a Required Appraisal Mortgage Loan. Following its receipt of such
Required Appraisal or letter update or the completion of its internal valuation,
the Special Servicer may, but shall not be required to, reduce the Appraised
Value of the related Mortgaged Property based on its review of the Required
Appraisal (or letter update or internal valuation) and any other information
that the Special Servicer, consistent with the Servicing Standard, deems
appropriate. The Special Servicer shall deliver a copy of each Required
Appraisal (or letter update or internal valuation) to the applicable Master
Servicer, the Controlling Class Representative and the Trustee within 10
Business Days of obtaining or performing such Required Appraisal (or letter
update or internal valuation). Subject to Section 3.03, the applicable Master
Servicer shall advance the cost of such Required Appraisal; provided, however,
that such expense will be subject to reimbursement to such Master Servicer as a
Servicing Advance out of its Collection Account pursuant to Section 3.05(a)(vi)
and 3.05(a)(vii) or, in the case of a Serviced Loan Combination, out of the
related Loan Combination Custodial Account pursuant to Section 3.05(e)(vi) and
3.05(e)(vii).

            (b) Notwithstanding any other provision of this Agreement, no
Mortgaged Property shall be acquired by the Special Servicer on behalf of the
Certificateholders (and, in the case of a Loan Combination Mortgaged Property,
the related Non-Trust Noteholder) under such circumstances, in such manner or
pursuant to such terms as would, in the reasonable judgment of the Special
Servicer (exercised in accordance with the Servicing Standard), (i) cause such
Mortgaged Property to fail to qualify as "foreclosure property" within the
meaning of Section 860G(a)(8) of the Code (unless the portion of such Mortgaged
Property that is not treated as "foreclosure property" and that is held by REMIC
I at any given time constitutes not more than a de minimis amount of the assets
of REMIC I, within the meaning of Treasury Regulations Section 1.860D-1(b)(3)(i)
and (ii)), or (ii) except as permitted by Section 3.17(a), subject the Trust
Fund to the imposition of any federal income taxes under the Code. Subject to
the foregoing, however, a Mortgaged Property may be acquired through a single
member limited liability company if the Special Servicer determines that such an
action is appropriate to protect the Trust (and, in the case of a Loan
Combination Mortgaged Property, the related Non-Trust Noteholder(s)) from
potential liability. The Special Servicer shall not acquire any personal
property pursuant to this Section 3.09 unless either:

            (i) such personal property is incident to real property (within the
      meaning of Section 856(e)(1) of the Code) so acquired by the Special
      Servicer; or

            (ii) the Special Servicer shall have obtained an Opinion of Counsel
      (the cost of which may be withdrawn from the applicable Master Servicer's
      Collection Account pursuant to Section 3.05(a)) to the effect that the
      holding of such personal property as part of the Trust Fund will not cause
      the imposition of a tax on either REMIC I or REMIC II under the REMIC
      Provisions or cause either REMIC I or REMIC II to fail to qualify as a
      REMIC at any time that any Certificate is outstanding.

            (c) Neither Master Servicer (in such capacity) shall obtain title to
a Mortgaged Property. Notwithstanding the foregoing provisions of this Section
3.09, the Special Servicer shall not, on behalf of the Trust Fund (and, in the
case of a Loan Combination Mortgaged Property, on behalf of the related
Non-Trust Noteholder(s)), obtain title to a Serviced Mortgaged Property by
foreclosure, deed in lieu of foreclosure or otherwise, or take any other action
with respect to any Serviced Mortgaged Property, if, as a result of any such
action, the Trustee, on behalf of the Certificateholders (and, in the case of a
Loan Combination Mortgaged Property, on behalf of the related Non-Trust
Noteholder(s)), could, in the reasonable judgment of the Special Servicer
exercised in accordance with the Servicing Standard, be considered to hold title
to, to be a "mortgagee-in-possession" of, or to be an "owner" or "operator" of
such Serviced 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 Serviced Mortgaged Property performed by an
Independent Person who regularly conducts Environmental Assessments and
performed within six months prior to any such acquisition of title or other
action (a copy of which Environmental Assessment shall be delivered to the
Trustee, the Controlling Class Representative, the applicable Master Servicer
and, in the case of a Loan Combination Mortgaged Property, to the related
Non-Trust Noteholder(s)), that:

            (i) the Serviced 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 Serviced Mortgaged Property into compliance
      therewith in all material respects; and

            (ii) there are no circumstances or conditions present at the
      Serviced 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 Serviced Mortgaged Property and to
      take such actions with respect to the affected Serviced Mortgaged
      Property.

            The Special Servicer shall, in good faith, undertake reasonable
efforts to make the determination referred to in the preceding paragraph and may
conclusively rely on the Environmental Assessment referred to above in making
such determination. The cost of any such Environmental Assessment shall be
covered by, and reimbursable as, a Servicing Advance; and if any such
Environmental Assessment so warrants, the Special Servicer shall perform such
additional environmental testing as it deems necessary and prudent to determine
whether the conditions described in clauses (i) and (ii) of the preceding
paragraph have been satisfied (the cost of any such additional testing also to
be covered by, and reimbursable as, a Servicing Advance). The cost of any
remedial, corrective or other further action contemplated by clause (i) and/or
clause (ii) of the preceding paragraph shall be payable out of the applicable
Collection Account or the applicable Loan Combination Custodial Account pursuant
to Section 3.05(a) or 3.05(e) (or, in the case of a Loan Combination Mortgaged
Property, to the extent the funds in the related Loan Combination Custodial
Account are insufficient, shall be advanced by the applicable Master Servicer,
subject to Section 3.03(c)).

            (d) If the environmental testing contemplated by Section 3.09(c)
above establishes that any of the conditions set forth in clauses (i) and (ii)
thereof has not been satisfied with respect to any Mortgaged Property securing a
Defaulted Mortgage Loan and there is no breach of a representation or warranty
requiring repurchase under the applicable Mortgage Loan Purchase Agreement, the
Special Servicer shall take such action as is in accordance with the Servicing
Standard (other than proceeding against the Serviced Mortgaged Property). At
such time as it deems appropriate, the Special Servicer may, on behalf of the
Trust (and, if a Serviced Loan Combination is involved, the related Non-Trust
Noteholder(s)), if and as applicable, release all or a portion of such Serviced
Mortgaged Property from the lien of the related Mortgage; provided that, if such
Serviced Mortgage Loan (or such Serviced Loan Combination, if applicable) has a
then outstanding principal balance of greater than $1 million, then prior to the
release of all or a portion of the related Mortgaged Property from the lien of
the related Mortgage, (i) the Special Servicer shall have notified the Rating
Agencies, the Trustee, the Controlling Class Representative, the applicable
Master Servicer and, in the case of a Loan Combination Mortgaged Property, the
related Non-Trust Noteholder(s) in writing of its intention to so release all or
a portion of such Mortgaged Property and the bases for such intention and (ii)
the Trustee shall have notified the Certificateholders in writing of the Special
Servicer's intention to so release all or a portion of such Mortgaged Property.

            (e) The Special Servicer shall report to the applicable Master
Servicer, the Controlling Class Representative, the Trustee and, in the case of
a Loan Combination Mortgaged Property, the related Non-Trust Noteholder(s)
monthly in writing as to any actions taken by the Special Servicer with respect
to any Serviced 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
Serviced Mortgage on such Mortgaged Property.

            (f) The Special Servicer shall have the right to determine, in
accordance with the Servicing Standard, with respect to any Specially Serviced
Mortgage Loan, the advisability of seeking to obtain a deficiency judgment if
the state in which the related Mortgaged Property is located and the terms of
the Mortgage Loan permit such an action and shall, in accordance with the
Servicing Standard, seek such deficiency judgment if it deems advisable.

            (g) Annually in each January, the Special Servicer shall on a timely
basis forward to the Master Servicers, all information required to be reported
and the Master Servicers shall promptly prepare and file with the Internal
Revenue Service on a timely basis, the information returns with respect to the
reports of foreclosures and abandonments and reports relating to any
cancellation of indebtedness income with respect to any Serviced Mortgage Loan
or Serviced Mortgaged Property required by Sections 6050H (as applicable), 6050J
and 6050P of the Code. Each Master Servicer shall prepare and file the
information returns with respect to the receipt of any mortgage interest
received in a trade or business from individuals with respect to any Serviced
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
Serviced Mortgage Loan or Administered REO Property and the basis thereof. Each
Final Recovery Determination shall be evidenced by an Officer's Certificate
(together with the basis and back-up documentation for the determination)
delivered to the Trustee, the Controlling Class Representative, the applicable
Master Servicer and, in the case of any Serviced Loan Combination or any Loan
Combination REO Property, the related Non-Trust Noteholder(s) no later than the
third Business Day following such Final Recovery Determination.

            (i) Upon reasonable request of either Master Servicer, the Special
Servicer shall deliver to it and the related Sub-Servicer any other information
and copies of any other documents in its possession with respect to a Specially
Serviced Mortgage Loan or the related Mortgaged Property.

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

            (a) Upon the payment in full of any Serviced Trust Mortgage Loan, or
the receipt by the applicable Master Servicer of a notification that payment in
full shall be escrowed in a manner customary for such purposes, such Master
Servicer shall promptly notify the Trustee in writing and include a request in
the form of Exhibit D-1 attached hereto for the related Mortgage File. Upon
receipt of such notice and request the Trustee shall cause the Custodian to
release, the related Mortgage File to the applicable Master Servicer and shall
deliver to such Master Servicer any requested release or discharge, duly
executed. If the related Mortgage has been recorded in the name of MERS or its
designee, the applicable Master Servicer or a Sub-Servicer at its direction,
shall take all necessary action to reflect the release of such Mortgage on the
MERS(R) System. No expenses incurred in connection with any instrument of
satisfaction or deed of reconveyance shall be chargeable to the applicable
Master Servicer's Collection Account or the Distribution Account.

            Upon the payment in full of any Non-Trust Loan, or the receipt by
the applicable Master Servicer of a notification that payment in full shall be
escrowed in a manner customary for such purposes, such Master Servicer shall
promptly notify the related Non-Trust Noteholder in writing and shall request
delivery to it of the original Mortgage Note.

            (b) If from time to time, and as appropriate for servicing or
foreclosure of any Mortgage Loan, either Master Servicer or the Special Servicer
shall otherwise require any Mortgage File (or any portion thereof) (or the
original of the Mortgage Note for a Non-Trust Loan), the Custodian, upon request
of the applicable Master Servicer and receipt from such Master Servicer of a
Request for Release in the form of Exhibit D-1 attached hereto signed by a
Servicing Officer thereof, or upon request of the Special Servicer and receipt
from the Special Servicer of a Request for Release in the form of Exhibit D-2
attached hereto, shall release, or cause the Custodian to release, such Mortgage
File (or portion thereof) (and, in the case of a Non-Trust Loan, the applicable
Master Servicer shall request (and shall use commercially reasonably efforts to
cause) the related Non-Trust Noteholder to release the Mortgage Note for such
Mortgage Loan) to such Master Servicer or the Special Servicer, as the case may
be. Upon return of such Mortgage File (or portion thereof) to the 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 applicable Collection Account or the
applicable Loan Combination Custodial Account pursuant to Section 3.04(a) or
Section 3.04(h), as the case may be, have been or will be so deposited, or that
such Mortgage Loan has become an REO Property, a copy of the Request for Release
shall be released by the Custodian to the applicable Master Servicer or the
Special Servicer, as the case may be.

            (c) Within seven Business Days (or within such shorter period (but
no less than three Business Days) as execution and delivery can reasonably be
accomplished if the Special Servicer notifies the Trustee of an exigency) of the
Special Servicer's request therefor, the Trustee shall execute and deliver to
the Special Servicer (or the Special Servicer may execute and deliver in the
name of the Trustee (on behalf of the Certificateholders and, in the case of a
Loan Combination Mortgaged Property, the related Non-Trust Noteholder(s)) based
on a limited power of attorney issued in favor of the Special Servicer pursuant
to Section 3.01(b)), in the form supplied to the Trustee, any court pleadings,
requests for trustee's sale or other documents stated by the Special Servicer to
be reasonably necessary to the foreclosure or trustee's sale in respect of a
Serviced Mortgaged Property or Administered REO Property or to any legal action
brought to obtain judgment against any Mortgagor on the Mortgage Note or
Mortgage or to obtain a deficiency judgment, or any other document or agreement
that in the Special Servicer's reasonable judgment is required to be executed in
connection with the servicing of any Mortgage Loan or REO Property, or to
enforce any other remedies or rights provided by the Mortgage Note or Mortgage
or otherwise available at law or in equity or to defend any legal action or
counterclaim filed against the Trust Fund, either Master Servicer, the Special
Servicer or, if applicable, the related Non-Trust Noteholder. Together with such
documents or pleadings, the Special Servicer shall deliver to the Trustee (and,
if applicable, the related Non-Trust Noteholder(s)) a certificate of a Servicing
Officer requesting that such pleadings or documents be executed by the Trustee
and certifying as to the reason such documents or pleadings are required and
that the execution and delivery thereof by the Trustee (on behalf of the
Certificateholders and, in the case of a Serviced Loan Combination, also on
behalf of the related Non-Trust Noteholder(s)) will not invalidate or otherwise
affect the lien of the Mortgage, except for the termination of such a lien upon
completion of the foreclosure or trustee's sale.

            Section 3.11 Servicing Compensation.

            (a) As compensation for its activities hereunder, each Master
Servicer shall be entitled to receive the Master Servicing Fee with respect to
each Mortgage Loan (including each Specially Serviced Mortgage Loan) and each
REO Loan in respect of which it is the applicable Master Servicer. As to each
such Mortgage Loan and REO Loan, the Master Servicing Fee shall accrue at the
related Master Servicing Fee Rate and on the same principal amount respecting
which the related interest payment due on such Mortgage Loan or deemed to be due
on such REO Loan is computed and calculated on the same interest accrual basis
as that Mortgage Loan, which will be either a 30/360 Basis or an Actual/360
Basis (or, in the event of a Principal Prepayment in full or other Liquidation
Event with respect to a Mortgage Loan or an REO Loan, on the basis of the actual
number of days to elapse from and including the related Due Date to but
excluding the date of such Principal Prepayment or Liquidation Event in a month
consisting of 30 days). The Master Servicing Fee with respect to any Mortgage
Loan or any REO Loan shall cease to accrue if a Liquidation Event occurs in
respect thereof. Earned but unpaid Master Servicing Fees shall be payable
monthly on a loan-by-loan basis, from payments of interest on each Mortgage Loan
and REO Revenues allocable as interest on each REO Loan. Each Master Servicer
shall be entitled to recover unpaid Master Servicing Fees in respect of any
Mortgage Loan or any REO Loan out of that portion of related Insurance Proceeds,
condemnation proceeds or Liquidation Proceeds allocable as recoveries of
interest, to the extent permitted by Section 3.05(a)(iii) or Section 3.05(e), as
applicable, and in the case of a Trust Mortgage Loan or a Trust REO Loan, out of
such other amounts as may be permitted by Section 3.05(a). The right to receive
the Master Servicing Fee may not be transferred in whole or in part except in
connection with the transfer of all of either Master Servicer's responsibilities
and obligations under this Agreement or the transfer of all or a portion of
either Master Servicer's right to receive the Excess Servicing Strip.

            Notwithstanding anything herein to the contrary, either Master
Servicer (and its successors and assigns) may at its option assign or pledge to
any third party or retain for itself the Excess Servicing Strip (in any event,
in whole as to the entire portion of the Mortgage Pool serviced by it but not in
part); provided that any assignee or pledgee of the Excess Servicing Strip must
be a Qualified Institutional Buyer or Institutional Accredited Investor (other
than a Plan); and provided, further, that no transfer, sale, pledge or other
assignment of the Excess Servicing Strip shall be made unless that transfer,
sale, pledge or other assignment is exempt from the registration and/or
qualification requirements of the Securities Act and any applicable state
securities laws and is otherwise made in accordance with the Securities Act and
such state securities laws; and provided, further, that in the event of any
resignation or termination of Midland or Wachovia in its capacity as a Master
Servicer, all or any portion of the Excess Servicing Strip may be reduced by the
Trustee through a reduction in the Excess Servicing Strip Rate with respect to
one or more Mortgage Loans and REO Loans that were serviced by the resigned or
terminated Master Servicer to the extent reasonably necessary (in the sole
discretion of the Trustee) for the Trustee to obtain a qualified successor
Master Servicer (which successor may include the Trustee) that meets the
requirements of Section 6.04 and that requires market rate servicing
compensation (including compensation necessary to pay primary servicing fees)
that accrues at a per annum rate in excess of the sum of (i) 0.01% (one basis
point) per annum, and (ii) with respect to any Serviced Mortgage Loan or
Serviced REO Loan that is not primary serviced by Midland or Wachovia, as the
case may be, the primary servicing fee rate, if any, for such Mortgage Loan or
REO Loan. Midland or Wachovia, as the case may be, and each holder of the Excess
Servicing Strip desiring to effect a transfer, sale, pledge or other assignment
of the Excess Servicing Strip shall, and Midland and Wachovia hereby agrees, and
each such holder of the Excess Servicing Strip by its acceptance of the Excess
Servicing Strip shall be deemed to have agreed, in connection with any transfer
of the Excess Servicing Strip effected by such Person, to indemnify the
Certificateholders, the Trust, the Depositor, the Underwriters, the Trustee, the
Custodian, any Fiscal Agent, the other Master Servicer, the Certificate
Registrar and the Special Servicer against any liability that may result if such
transfer is not exempt from registration and/or qualification under the
Securities Act or other applicable federal and state securities laws or is not
made in accordance with such federal and state laws or in accordance with the
foregoing provisions of this paragraph. By its acceptance of the Excess
Servicing Strip, the holder thereof shall be deemed to have agreed (i) to keep
all information relating to the Trust and the Trust Fund and made available to
it by the applicable Master Servicer confidential (except as permitted pursuant
to clause (iii) below or, in the case of such Master Servicer, as contemplated
hereby in the performance of its duties and obligations hereunder), (ii) not to
use or disclose such information in any manner that could result in a violation
of any provision of the Securities Act or other applicable securities laws or
that would require registration of the Excess Servicing Strip or any
Non-Registered Certificate pursuant to the Securities Act, and (iii) not to
disclose such information, and to cause its officers, directors, partners,
employees, agents or representatives not to disclose such information, in any
manner whatsoever, in whole or in part, to any other Person other than such
holder's auditors, legal counsel and regulators, except to the extent such
disclosure is required by law, court order or other legal requirement or to the
extent such information is of public knowledge at the time of disclosure by such
holder or has become generally available to the public other than as a result of
disclosure by such holder; provided, however, that such holder may provide all
or any part of such information to any other Person who is contemplating an
acquisition of the Excess Servicing Strip if, and only if, such Person (x)
confirms in writing such prospective acquisition and (y) agrees in writing to
keep such information confidential, not to use or disclose such information in
any manner that could result in a violation of any provision of the Securities
Act or other applicable securities laws or that would require registration of
the Excess Servicing Strip or any Non-Registered Certificates pursuant to the
Securities Act and not to disclose such information, and to cause its officers,
directors, partners, employees, agents or representatives not to disclose such
information, in any manner whatsoever, in whole or in part, to any other Person
other than such Persons' auditors, legal counsel and regulators. From time to
time following any transfer, sale, pledge or assignment of the Excess Servicing
Strip, the Person then acting as the applicable Master Servicer shall pay, out
of each amount paid to such Master Servicer as Master Servicing Fees with
respect to any Mortgage Loan or REO Loan, as the case may be, the portion of the
Excess Servicing Strip attributable to such Mortgage Loan or REO Loan to the
holder of the Excess Servicing Strip within one Business Day following the
payment of such Master Servicing Fees to such Master Servicer, in each case in
accordance with payment instructions provided by such holder in writing to such
Master Servicer. The holder of the Excess Servicing Strip shall not have any
rights under this Agreement except as set forth in the preceding sentences of
this paragraph. Each Master Servicer shall pay the Excess Servicing Strip to the
holder of the Excess Servicing Strip (i.e., Midland or Wachovia, as the case may
be, or any such third party) at such time and to the extent such Master Servicer
is entitled to receive payment of its Master Servicing Fees hereunder,
notwithstanding any resignation or termination of Midland or Wachovia, as the
case may be, hereunder (subject to reduction as provided above and in the next
paragraph).

            In the event that Midland or Wachovia, as the case may be, is
terminated or resigns as a Master Servicer, it (and its successors and assigns)
will be entitled to retain the Excess Servicing Strip, except to the extent that
any portion of such Excess Servicing Strip is needed (as determined by the
Trustee in its sole discretion) to compensate any replacement Master Servicer
for assuming the duties of Midland or Wachovia, as the case may be, under this
Agreement.

            In respect of each Broker Strip Loan, the applicable Master Servicer
shall, on a monthly basis, by the last day of the month following the month in
which the Master Servicer collected any related Broker Strip Interest, remit to
the applicable Broker Strip Payee the amount of the Broker Strip Interest so
collected.

            (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 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 Serviced 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 applicable
      Master Servicer shall be entitled to receive 100% of such fees), 50% of
      any fees actually paid by a Mortgagor in connection with a defeasance of
      any Mortgage Loan that is a Specially Serviced Mortgage Loan and 100% of
      any and all assumption application fees actually paid by a Mortgagor with
      respect to a Mortgage Loan that is not a Specially Serviced Mortgage Loan;

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

            (v) interest or other income earned on deposits in the Investment
      Accounts maintained by either Master Servicer (but only to the extent of
      the Net Investment Earnings, if any, with respect to any such Investment
      Account for each Collection Period and, further, in the case of a
      Servicing Account or Reserve Account, only to the extent such interest or
      other income is not required to be paid to any Mortgagor under applicable
      law or under the related Mortgage Loan documents); and

            (vi) other customary charges;

may be retained by the Master Servicers (subject to Section 3.11(e) and are not
required to be deposited in the Collection Accounts; provided that either Master
Servicer's right to receive Default Charges pursuant to clause (i) above shall
be limited to the portion of such items that have not been applied to pay, or
reimburse the Trust for, interest on Advances, Additional Trust Fund Expenses
and property inspection costs in respect of the related Mortgage Loan or REO
Loan as provided in Sections 3.03(d), 3.12(a) and 4.03(d) or as otherwise
provided in Section 3.26. Any of the amounts described in clauses (i) through
(v) that are collected by the Special Servicer shall be promptly paid to the
applicable Master Servicer.

            Each Master Servicer shall be required to pay out of its own funds
all expenses incurred by it in connection with its servicing activities
hereunder (including, without limitation, payment of any amounts due and owing
to any of its Sub-Servicers and the premiums for any blanket policy insuring
against hazard losses pursuant to Section 3.07(b)), if and to the extent such
expenses are not payable directly out of its Collection Account or, with respect
to a Serviced Loan Combination, out of the related Loan Combination Custodial
Account, and the Master Servicers shall not be entitled to reimbursement
therefor except as expressly provided in this Agreement.

            (c) As compensation for its activities hereunder, the Special
Servicer shall be entitled to receive the Special Servicing Fee with respect to
each Specially Serviced Mortgage Loan and each Serviced REO Loan. As to each
Specially Serviced Mortgage Loan and Serviced 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 Serviced REO Loan is computed
and calculated on the same interest accrual basis as that Mortgage Loan, which
will be either a 30/360 Basis or an Actual/360 Basis (or, in the event of a
Principal Prepayment in full or other Liquidation Event with respect to a
Serviced Mortgage Loan or Serviced 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 Serviced REO Loan shall cease to accrue as of the date a
Liquidation Event occurs in respect thereof or it becomes a Corrected Mortgage
Loan. Subject to the penultimate paragraph of Section 3.11(c), earned but unpaid
Special Servicing Fees shall be payable monthly out of related Liquidation
Proceeds and then general collections on the Mortgage Loans and any REO
Properties on deposit in the Collection Accounts pursuant to Section 3.05(a).

            As further compensation for its activities hereunder, the Special
Servicer shall be entitled to receive the Workout Fee with respect to each
Corrected Mortgage Loan, so long as such loan remains a Corrected Mortgage Loan.
As to each Corrected Mortgage Loan, the Workout Fee shall be payable out of, and
shall be calculated by application of the Workout Fee Rate to, each collection
of interest (other than Additional Interest and Penalty Interest) and principal
received on such Mortgage Loan for so long as it remains a Corrected Mortgage
Loan. The Workout Fee with respect to any Corrected Mortgage Loan will cease to
be payable if a Servicing Transfer Event occurs with respect thereto or if the
related Mortgaged Property becomes an REO Property; provided that a new Workout
Fee would become payable if and when such Mortgage Loan again became a Corrected
Mortgage Loan. If the Special Servicer is terminated or resigns, it will retain
the right to receive any and all Workout Fees payable with respect to any
Specially Serviced Mortgage Loan that became a Corrected Mortgage Loan during
the period that it acted as Special Servicer and remained a Corrected Mortgage
Loan at the time of its termination or resignation or if the Special Servicer
resolved the circumstances and/or conditions (including by way of a modification
of the related Mortgage Loan documents) causing the Mortgage Loan to be a
Specially Serviced Mortgage Loan, but the Mortgage Loan had not as of the time
the Special Servicer is terminated or resigns become a Corrected Mortgage Loan
because the related Mortgagor had not made three consecutive monthly debt
service payments and subsequently becomes a Corrected Mortgage Loan as a result
of making such three consecutive payments. The successor Special Servicer will
not be entitled to any portion of those Workout Fees.

            In addition, subject to the following sentence, the Special Servicer
shall be entitled to a Principal Recovery Fee with respect to each Specially
Serviced Mortgage Loan (or Qualified Substitute Mortgage Loan substituted in
lieu thereof) for which it obtains a full or discounted payoff from the related
Mortgagor, and the Special Servicer shall also be entitled to the Principal
Recovery Fee with respect to any Specially Serviced Mortgage Loan or
Administered 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 Serviced REO Loan, the Principal
Recovery Fee shall be payable from, and will be calculated by application of the
Principal Recovery Fee Rate to the related payment or proceeds. Notwithstanding
the foregoing, no Principal Recovery Fee shall be payable in connection with, or
out of proceeds received in connection with: the repurchase or substitution of
any Mortgage Loan or REO Property by a Mortgage Loan Seller pursuant to the
related Mortgage Loan Purchase Agreement due to a Breach or a Document Defect
within (i) the time period (or extension thereof) provided for such repurchase
or substitution or (ii) if such repurchase or substitution occurs after such
time period (or extension thereof) and the Mortgage Loan Seller was acting in
good faith to resolve such Breach or Document Defect, within such further period
that will not end beyond the date that is 120 days following the end of the
initial time period (which is 90 days) provided for such repurchase or
replacement; 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 Non-Trust Noteholder pursuant to the related
Loan Combination Intercreditor Agreement unless the purchase price with respect
thereto includes the Principal Recovery Fee, or by a Master Servicer, the
Special Servicer or the Plurality Subordinate Certificateholder pursuant to
Section 9.01; or the purchase of any Mortgage Loan by a mezzanine lender
pursuant to the related mezzanine intercreditor agreement unless the purchase
price with respect thereto includes the Principal Recovery Fee; or the removal
of any Mortgage Loan or REO Property from the Trust by the Sole Certificate
Owner in connection with an exchange of all of the outstanding Certificates
owned by the Sole Certificate Owner for all of the Trust Mortgage Loans and each
REO Property remaining in the Trust Fund pursuant to Section 9.01; and further
no Principal Recovery Fee shall, with respect to any Serviced Mortgage Loan, be
payable (i) in connection with a Periodic Payment received in connection with
such Serviced 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 Serviced Loan Combination (including, without
limitation, any successor REO Loans comprising same) shall be paid from the
collections received on such Serviced 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.

            After a Georgia-Alabama Retail Portfolio Servicing Transfer Event,
the Special Servicer shall not be entitled to any Special Servicing Fees,
Workout Fees or Principal Recovery Fees with respect to the Georgia-Alabama
Retail Portfolio Trust Mortgage Loan or any related REO Property; provided, that
the Special Servicer shall be entitled to receive any earned Workout Fee for so
long as the Georgia-Alabama Retail Portfolio Trust Mortgage Loan does not become
a "specially serviced mortgage loan" (or similar term) under the Georgia-Alabama
Retail Portfolio A-2 Note Pooling and Servicing Agreement.

            (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 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 and
50% of fees paid in connection with defeasance actually paid by a Mortgagor with
respect to any Specially Serviced Mortgage Loan shall be retained by the Special
Servicer or promptly paid to the Special Servicer by the applicable Master
Servicer (subject to Section 3.11(e)) and shall not be required to be deposited
in the applicable Collection Account or any Loan Combination Custodial Account,
as the case may be; provided that the Special Servicer's right to receive
Default Charges pursuant to clause (i) above shall be limited to the portion of
such items that have not been applied to pay or reimburse the Trust for interest
on Advances, Additional Trust Fund Expenses and property inspection costs in
respect of the related Serviced Mortgage Loan as provided in Sections 3.03(d),
3.12(a) and 4.03(d) or as otherwise provided in Section 3.26. The Special
Servicer shall also be entitled to additional servicing compensation in the form
of: (i) interest or other income earned on deposits in the REO Accounts, if
established, in accordance with Section 3.06(b) (but only to the extent of the
Net Investment Earnings, if any, with respect to the REO Accounts for each
Collection Period); and (ii) to the extent not required to be paid to any
Mortgagor under applicable law, any interest or other income earned on deposits
in the Servicing Accounts maintained by the Special Servicer. The Special
Servicer shall be required to pay out of its own funds all general and
administrative expenses incurred by it in connection with its servicing
activities hereunder, and the Special Servicer shall not be entitled to
reimbursement therefor except as expressly provided in Section 3.05(a) and/or
Section 3.05(e) if and to the extent such expenses are not payable directly out
of either Collection Account, the Loan Combination Custodial Accounts or the REO
Accounts, as the case may be.

            (e) If either Master Servicer or the Special Servicer collects an
assumption fee or an assumption application fee in connection with any transfer
or proposed transfer of any interest in a Mortgagor or a Mortgaged Property in
respect of a Serviced Mortgage Loan, then (notwithstanding anything herein to
the contrary) such Master Servicer or the Special Servicer, as applicable, will
apply that fee to cover the costs and expenses associated with that transfer or
proposed transfer that are not otherwise paid by the related Mortgagor and that
would otherwise be payable or reimbursable out of the Trust Fund, including any
Rating Agency fees and expenses, to the extent such fees and expenses are
collectible under applicable law and such Master Servicer or the Special
Servicer, as appropriate, fails to enforce such requirement in accordance with
the related Mortgage Loan documents. Any remaining portion of such assumption
fee or of such assumption application fee will be applied as additional
compensation to such Master Servicer or the Special Servicer in accordance with
this Section 3.11. Neither of the Master Servicers nor the Special Servicer
shall waive any assumption fee or assumption application fee, to the extent it
would constitute additional compensation for the other such party, without the
consent of such other party.

            Section 3.12 Property Inspections; Collection of Financial
Statements; Delivery of Certain Reports.

            (a) The Special Servicer shall perform or cause to be performed a
physical inspection of a Serviced Mortgaged Property as soon as practicable
after a related Serviced Mortgage Loan becomes a Specially Serviced Mortgage
Loan, provided that such expense shall be reimbursable first out of Default
Charges otherwise payable to the Special Servicer and the Master Servicers, then
as an Additional Trust Fund Expense (other than an expense allocable to a
Non-Trust Loan, which shall be reimbursable from the related Loan Combination
Custodial Account). In addition, after a Serviced 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 Serviced Mortgage Loan remains a
Specially Serviced Mortgage Loan. Beginning in 2008, the applicable Master
Servicer for each Serviced 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 Serviced 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 each Master Servicer
shall each prepare (and, in the case of the Special Servicer, shall deliver to
the applicable Master Servicer) a written report of each such inspection
performed by it that sets forth in detail the condition of the Mortgaged
Property and that specifies the existence of: (i) any sale, transfer or
abandonment of the Mortgaged Property of which it is aware, (ii) any change in
the condition, occupancy or value of the Mortgaged Property of which such Master
Servicer or the Special Servicer, as applicable, is aware and considers
material, or (iii) any visible waste committed on the Mortgaged Property of
which such Master Servicer or the Special Servicer, as applicable, is aware and
considers material. Each Master Servicer shall, within 45 days of the related
inspection, deliver such reports complete with any photographs taken thereof in
an electronic format to the Trustee (upon request) and to the Controlling Class
Representative (and in the case of a Serviced Loan Combination, the related
Non-Trust Noteholder(s)), and the Trustee shall obtain from the applicable
Master Servicer and, subject to Section 3.15, make copies of all such inspection
reports available for review by any requesting Certificateholder and Certificate
Owner during normal business hours at the offices of the Trustee at all times
after Trustee's receipt thereof. Upon written request and at the expense of the
requesting party, the Trustee shall obtain from the applicable Master Servicer
and deliver copies of any such inspection reports to Certificateholders and
Certificate Owners. The Special Servicer shall have the right to inspect or
cause to be inspected (at its own expense) every calendar year any Serviced
Mortgaged Property related to a loan that is not a Specially Serviced Mortgage
Loan, provided that the Special Servicer obtains the approval of the applicable
Master Servicer prior to such inspection, and provides a copy of such inspection
to such Master Servicer; and provided, further, that such Master Servicer and
the Special Servicer shall not both inspect a Serviced Mortgaged Property that
is not securing a Specially Serviced Mortgage Loan in the same calendar year. If
the Special Servicer performs such inspection, such inspection shall satisfy the
applicable Master Servicer's inspection obligations pursuant to this paragraph
(a).

            (b) The Special Servicer shall from time to time (and, in any event,
upon request) provide the applicable Master Servicer with such information in
its possession regarding the Specially Serviced Mortgage Loans and Administered
REO Properties as may be necessary for such Master Servicer to prepare each
report and any supplemental information to be provided by such Master Servicer
to the Trustee. Without limiting the generality of the foregoing, not later than
12:00 p.m. (New York City time) on the Business Day following each Determination
Date, beginning in July 2007, the Special Servicer shall prepare and deliver or
cause to be delivered to the applicable Master Servicer the CMSA Special
Servicer Loan File that contains the information called for in, or that will
enable such Master Servicer to produce, the CMSA files and reports required to
be delivered by such Master Servicer to the Trustee as described below, in each
case with respect to all Specially Serviced Mortgage Loans and the REO
Properties.

            (c) Each Master Servicer shall deliver to the Trustee, no later than
3:00 p.m. New York City time on the second Business Day prior to each
Distribution Date beginning in July 2007, the CMSA Loan Periodic Update File
with respect to the subject Distribution Date. The Master Servicers'
responsibilities under this Section 3.12 with respect to information to be
provided by the Special Servicer with respect to Specially Serviced Mortgage
Loans and REO Properties shall be subject to the satisfaction of the Special
Servicer's obligations under Section 3.12(b), but the failure of the Special
Servicer to provide information required by it shall not relieve either Master
Servicer of its duties to provide the related reports, absent such information.
Notwithstanding the foregoing, because the Master Servicers will not receive the
Servicing Files until the Closing Date and will not have sufficient time to
review and analyze such Servicing Files before the initial Distribution Date,
the parties agree that the CMSA Loan Periodic Update File required to be
delivered by the Master Servicers in July 2007 will be based solely upon
information generated from actual collections received by the Master Servicers
and from information the Mortgage Loan Sellers deliver or cause to be delivered
to the Master Servicers (including but not limited to information prepared by
third-party servicers of the subject Mortgage Loans with respect to the period
prior to the Closing Date). If any Mortgage Loan Seller fails to deliver to the
applicable Master Servicer the information required by such Master Servicer to
prepare its initial CMSA Loan Periodic Update File, such Master Servicer shall
notify the Depositor and the Trustee of such failure. On or before 4:00 p.m.,
New York City time, on each P&I Advance Date beginning in July 2007, each Master
Servicer shall deliver or cause to be delivered to the Trustee the following
reports with respect to the Mortgage Loans (and, if applicable, the related REO
Properties, providing the required information as of the related Determination
Date): (i) a CMSA Comparative Financial Status Report; (ii) a CMSA Delinquent
Loan Status Report; (iii) a CMSA Historical Loan Modification and Corrected
Mortgage Loan Report; (iv) a CMSA Total Loan Report; (v) a CMSA REO Status
Report; (vi) a CMSA Servicer Watch List; (vii) a CMSA Property File; (viii) a
CMSA Loan Setup File (with respect to the initial P&I Advance Date only); (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 Servicers. Notwithstanding anything in this Agreement
that suggests otherwise, the Master Servicers shall not be required to deliver a
CMSA Advance Recovery Report (and no CMSA Loan Periodic Update File need be
accompanied by any such report) with respect to any Collection Period for which
all of the entries in the report would be "zero" or "not applicable." Each
Master Servicer shall make available promptly upon request of the other Master
Servicer a report setting forth each Advance then outstanding by such Master
Servicer. After a Georgia-Alabama Retail Portfolio Servicing Transfer Event,
Master Servicer No. 2 shall incorporate in the foregoing reports any information
and reports received (by the date in the month of such Distribution Date that
such information and reports are scheduled to be received in accordance with the
Georgia-Alabama Retail Portfolio A-2 Note Pooling and Servicing Agreement) from
the Georgia-Alabama Retail Portfolio Servicer with respect to the
Georgia-Alabama Retail Portfolio Trust Mortgage Loan.

            (d) The Special Servicer will deliver to the Master Servicers the
reports set forth in Section 3.12(b) and this Section 3.12(d), and the Master
Servicers shall deliver to the Trustee the reports set forth in Section 3.12(c)
in an electronic format reasonably acceptable to the Special Servicer, each
Master Servicer and the Trustee. Without limiting the generality of the
foregoing, not later than 2:00 p.m. (New York City time) on the Business Day
following each Determination Date, beginning in July 2007, the Special Servicer
shall prepare and deliver or cause to be delivered to the related Master
Servicer (on a computer readable medium reasonably acceptable to the Master
Servicer and the Special Servicer) the CMSA Special Servicer Loan File with
respect to the Specially Serviced Mortgage Loans and REO Properties. Each Master
Servicer may, absent manifest error, conclusively rely on the reports to be
provided by the Special Servicer pursuant to Section 3.12(b) and this Section
3.12(d) or upon a Georgia-Alabama Retail Portfolio Servicing Transfer Event, by
a Georgia-Alabama Retail Portfolio Non-Trust Loan Servicer pursuant to the
Georgia-Alabama Retail Portfolio A-2 Note Pooling and Servicing Agreement. The
Trustee may, absent manifest error, conclusively rely on the CMSA Loan Periodic
Update Files to be provided by the Master Servicers pursuant to Section 3.12(c).
In the case of information or reports to be furnished by the Master Servicers to
the Trustee pursuant to this Section 3.12, to the extent that such information
or reports are based on information or reports to be provided by the Special
Servicer pursuant to Section 3.12(b) and this Section 3.12(d) and, to the extent
that such reports are to be prepared and delivered by the Special Servicer
pursuant to Section 3.12(b) and this Section 3.12(d), or upon a Georgia-Alabama
Retail Portfolio Servicing Transfer Event, by a Georgia-Alabama Retail Portfolio
Non-Trust Loan Servicer pursuant to the Georgia-Alabama Retail Portfolio A-2
Note Pooling and Servicing Agreement, neither Master Servicer shall have an
obligation to provide such information to the Trustee until it has received such
information from the Special Servicer or upon a Georgia-Alabama Retail Portfolio
Servicing Transfer Event, received by a Georgia-Alabama Retail Portfolio
Non-Trust Loan Servicer, and neither Master Servicer shall be in default
hereunder due to a delay in providing information required by this Section 3.12
to the extent caused by the Special Servicer's failure to timely provide any
information or report required under Section 3.12(b) and this Section 3.12(d) of
this Agreement or upon a Georgia-Alabama Retail Portfolio Servicing Transfer
Event, a Georgia-Alabama Retail Portfolio Non-Trust Loan Servicer's failure to
provide any information or report required to be provided to the holder of the
Georgia-Alabama Retail Portfolio Trust Mortgage Loan pursuant to the
Georgia-Alabama Retail Portfolio A-2 Note Pooling and Servicing Agreement, but
neither Master Servicer shall be relieved of its obligation to timely provide
such reports absent the information not provided by the Special Servicer as
required by this Section 3.12 or by a Georgia-Alabama Retail Portfolio Non-Trust
Loan Servicer.

            Commencing with respect to the calendar quarter ended September 30,
2007, the Special Servicer, in the case of any Specially Serviced Mortgage Loan,
and the applicable Master Servicer, in the case of each Serviced Mortgage Loan
that is a non-Specially Serviced Mortgage Loan, shall make reasonable efforts to
collect promptly from each related Mortgagor quarterly and annual operating
statements, budgets and rent rolls of the related Mortgaged Property, and
quarterly and annual financial statements 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 Administered REO Property and shall collect all such items
promptly following their preparation. The Special Servicer shall deliver images
in suitable electronic media of all of the foregoing items so collected or
obtained by it to the applicable Master Servicer within 30 days of its receipt
thereof. Each Master Servicer shall deliver all items obtained by it, and all
items required to be delivered to it by the Special Servicer pursuant to the
immediately preceding sentence to the Controlling Class Representative (and in
the case of a Serviced Loan Combination, the related Non-Trust Noteholder(s)),
and the Trustee in an imaged format.

            Each Master Servicer shall maintain a CMSA Operating Statement
Analysis Report with respect to each Serviced Mortgaged Property and
Administered REO Property related to each Serviced Mortgage Loan that it is
servicing. Within 60 days after receipt by the applicable Master Servicer from
the related Mortgagor or otherwise, as to each non-Specially Serviced Mortgage
Loan and within 30 days after receipt by the applicable Master Servicer from the
Special Servicer or otherwise, as to a Specially Serviced Mortgage Loan or an
Administered REO Property, of any annual operating statements and rent rolls
with respect to any Serviced Mortgaged Property or Administered REO Property,
such Master Servicer shall, based upon such operating statements or rent rolls,
prepare (or, if previously prepared, update) the CMSA Operating Statement
Analysis Report for the subject Serviced Mortgaged Property or Administered REO
Property. Each Master Servicer shall remit a copy of each CMSA Operating
Statement Analysis Report prepared or updated by it (promptly following initial
preparation and each update thereof), together with, if not already provided
pursuant to this Section 3.12, the underlying operating statements and rent
rolls, to the Controlling Class Representative (and in the case of a Serviced
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 Administered REO Properties, 30 days) after receipt by the applicable Master
Servicer of any quarterly or annual operating statements with respect to any
Serviced Mortgaged Property or Administered REO Property, such Master Servicer
shall prepare or update and forward to the Trustee, the Special Servicer and the
Controlling Class Representative (and in the case of a Serviced Loan
Combination, the related Non-Trust Noteholder(s)) a CMSA NOI Adjustment
Worksheet for such Serviced Mortgaged Property or Administered REO Property,
together with, if so requested and not previously provided pursuant to this
Section 3.12, the related quarterly or annual operating statements.

            (e) Except with respect to delivery to the Special Servicer or the
Controlling Class Representative, which deliveries shall be made in electronic
format, if either Master Servicer or the Special Servicer is required to deliver
any statement, report or information under any provision of this Agreement, such
Master Servicer or the Special Servicer, as the case may be, may satisfy such
obligation by (x) physically delivering a paper copy of such statement, report
or information, (y) delivering such statement, report or information in a
commonly used electronic format or (z) making such statement, report or
information available on such Master Servicer's Internet Website or the
Trustee's Internet Website, unless this Agreement expressly specifies a
particular method of delivery. Notwithstanding the foregoing, the Trustee may
request delivery in paper format of any statement, report or information
required to be delivered to the Trustee.

            (f) Notwithstanding any other provision in this Agreement, the
failure or refusal of either Master Servicer or the Special Servicer to disclose
any information otherwise required to be disclosed by this Section 3.12, or that
may otherwise be disclosed pursuant to Section 3.15 or Section 4.02, shall not
constitute a breach of this Agreement to the extent such Master Servicer or
Special Servicer so fails or refuses because such disclosure, in the reasonable
belief of such Master Servicer or Special Servicer, as the case may be, would
violate any applicable law or any provision of a Mortgage Loan document
prohibiting disclosure of information with respect to the Mortgage Loans or
Mortgaged Properties or would constitute a waiver of the attorney-client
privilege on behalf of the Trust, such Master Servicer or the Special Servicer.
Either Master Servicer and the Special Servicer may disclose any such
information or any additional information to any Person so long as such
disclosure is consistent with applicable law, the related Mortgage Loan
documents and the Servicing Standard. Either Master Servicer or the Special
Servicer may affix to any information provided by it under this Agreement any
disclaimer it deems appropriate in its discretion (without suggesting liability
on the part of any other party hereto).

            (g) Each Master Servicer shall, contemporaneously with any related
delivery to the Trustee or the Special Servicer, as applicable, provide any
reports that contain information regarding a Loan Combination Mortgaged Property
or financial information regarding the related Mortgagor to the related
Non-Trust Noteholder(s).

            (h) For the purposes of the production by either Master Servicer or
the Special Servicer of any such report that is required to state information
with respect to any Serviced Mortgage Loan for any period prior to the related
Due Date in July 2007, such Master Servicer or the Special Servicer, as the case
may be, may conclusively rely (without independent verification), absent
manifest error, on information provided to it by the related Mortgage Loan
Seller, by the related Mortgagor or (x) in the case of such a report produced by
such Master Servicer, by the Special Servicer (if other than such Master
Servicer or an Affiliate thereof) and (y) in the case of such a report produced
by the Special Servicer, by either Master Servicer (if other than such Special
Servicer or an Affiliate thereof). Absent manifest error of which it has actual
knowledge, neither of the Master Servicers nor the Special Servicer shall be
responsible for the accuracy or completeness of any information supplied to it
by a Mortgage Loan Seller, any other party to this Agreement, a Mortgagor or
another third party that is included in any reports, statements, materials or
information prepared or provided by either such Master Servicer or the Special
Servicer, as the case may be. The Trustee shall not be responsible for the
accuracy or completeness of any information supplied to it for delivery pursuant
to this Section. Neither the Trustee, the Master Servicers nor the Special
Servicer shall have any obligation to verify the accuracy or completeness of any
information provided by a Mortgagor or third party. All reports provided
pursuant this Section 3.12 shall be in an electronic format reasonably
acceptable to both the Trustee and each Master Servicer.

            (i) The preparation and maintenance by each Master Servicer and the
Special Servicer of all the reports specified in this Section 3.12 with respect
to a Serviced Loan Combination, the corresponding Mortgaged Property and/or any
related REO Property, including the calculations made therein, shall be done in
accordance with CMSA standards, to the extent applicable thereto.

            (j) Master Servicer No. 2 shall, upon the request of Artesia,
deliver copies to Artesia (at Artesia's expense) of operating statements and
financial statements relating to Artesia Trust Mortgage Loans.

            Section 3.13 Annual Statement as to Compliance.

            Each of the Trustee, the Master Servicers and the Special Servicer
shall itself deliver (or, in the case of the Trustee, make available) and shall
cause each Additional Item 1123 Servicer retained or engaged by it to deliver
(but if the related Additional Item 1123 Servicer is a Designated Sub-Servicer,
then the applicable Master Servicer's sole duty shall be to use reasonable
efforts to cause such Designated Sub-Servicer to deliver), on or before May 1 of
each year, beginning in 2008 (provided that if the Trustee (or a securitization
trust of a securitized Non-Trust Loan that is part of a Serviced Loan
Combination that is subject to the reporting requirements of the Exchange Act)
requires the following statement in connection with any filing with the
Commission, each of the Trustee, the Master Servicers and the Special Servicer
shall deliver, and shall cause each Additional Item 1123 Servicer retained or
engaged by it to deliver (but if the related Additional Item 1123 Servicer is a
Designated Sub-Servicer, then the applicable Master Servicer's sole duty shall
be to use reasonable efforts to cause such Designated Sub-Servicer to deliver),
on or before March 15 of the subject year), to the Trustee (to whom delivery
shall be in EDGAR-compatible format (e.g., Microsoft Word or Microsoft Excel),
the Depositor, each Non-Trust Noteholder (or, if a Non-Trust Loan that is part
of a Serviced Loan Combination is deposited into another commercial mortgage
securitization that is subject to the reporting requirements of the Exchange Act
(and for so long as such securitization is subject to the reporting requirements
of the Exchange Act), the trustee of each other securitization), and, in the
case of the Special Servicer or an Additional Item 1123 Servicer, to each Master
Servicer, a statement of compliance (the "Annual Statement of Compliance") from
the Trustee, each Master Servicer, the Special Servicer or such Additional Item
1123 Servicer, as the case may be, signed by an authorized officer thereof, to
the effect that: (i) a review of the activities of the Trustee, each Master
Servicer, the Special Servicer or such Additional Item 1123 Servicer, as the
case may be, during the preceding calendar year (or, if applicable, the portion
of such year during which the Certificates were outstanding) and of its
performance under this Agreement (or, in the case of an Additional Item 1123
Servicer, under the applicable Sub-Servicing Agreement or primary servicing
agreement) has been made under such officer's supervision, and (ii) to the best
of such officer's knowledge, based on such review, the Trustee, each Master
Servicer, the Special Servicer or such Additional Item 1123 Servicer, as the
case may be, has fulfilled all of its obligations under this Agreement (or, in
the case of an Additional Item 1123 Servicer, under the applicable Sub-Servicing
Agreement or primary servicing agreement) in all material respects throughout
such year (or, if applicable, the portion of such year during which the
Certificates were outstanding) or, if there has been a failure to fulfill any
such obligation in any material respect, specifying each such failure known to
such officer and the nature and status thereof.

            In the event that either Master Servicer, the Special Servicer, or
the Trustee is terminated or resigns pursuant to the terms of this Agreement,
such party shall provide, and each such party shall use its reasonable efforts
to cause any Additional Item 1123 Servicer that resigns or is terminated under
any applicable servicing agreement to provide, an annual statement of compliance
pursuant to this Section 3.13 with respect to the period of time that such
Master Servicer, the Special Servicer, or the Trustee was subject to this
Agreement or the period of time that the Additional Item 1123 Servicer was
subject to such other servicing agreement.

            In the event the Trustee or the Depositor (or a securitization trust
of a securitized Non-Trust Loan that is part of a Serviced Loan Combination that
is subject to the reporting requirements of the Exchange Act) does not receive
the Annual Statement of Compliance with respect to any party hereto or, if the
Trustee has been notified of the existence thereof, any Additional Item 1123
Servicer contemplated to deliver such report pursuant to the preceding
paragraph, by March 15th of any year during which a Form 10-K Annual Report is
required to be filed with the Commission with respect to the Trust, then the
Trustee shall, and the Depositor may, forward a Servicer Notice to such Person
(or, in the case of an Additional Item 1123 Servicer known to the Trustee or the
Depositor, as the case may be, to the party hereto that retained or engaged such
Additional Item 1123 Servicer), with a copy of such Servicer Notice to the
Depositor (if the Trustee is sending the Servicer Notice) or the Trustee (if the
Depositor is sending the Servicer Notice), as applicable, within two (2)
Business Days of such failure. Any party hereto that retains or engages a
Servicing Representative (other than a Designated Sub-Servicer) that is, at the
time of appointment, or subsequently becomes an Additional Item 1123 Servicer
shall so notify the Trustee (unless such party is the Trustee) and the Depositor
in writing promptly following such party's becoming aware that such Servicing
Representative is or has become an Additional Item 1123 Servicer; and, further,
if such Servicing Representative does not deliver an Annual Statement of
Compliance with respect to itself by March 15th of any year during which a Form
10-K Annual Report is required to be filed with the Commission with respect to
the Trust (or a securitization trust of a securitized Non-Trust Loan that is
part of a Serviced Loan Combination that is subject to the reporting
requirements of the Exchange Act), the party hereto that retained or engaged
such Servicing Representative shall so notify the Trustee (unless such party is
the Trustee) and the Depositor (or a securitization trust of a securitized
Non-Trust Loan that is part of a Serviced Loan Combination that is subject to
the reporting requirements of the Exchange Act) in writing no later than the
second Business Day following such March 15th, together with an explanation
regarding such failure.

            Section 3.14 Reports on Assessment of Compliance with Servicing
Criteria; Registered Public Accounting Firm Attestation Reports.

            Each Servicing Function Participant shall itself deliver (or, in the
case of the Trustee, make available), and each party hereto shall cause any
Sub-Servicing Function Participant retained or engaged by it to deliver (but if
the related Sub-Servicing Function Participant is a Designated Sub-Servicer,
then the applicable Master Servicer's sole duty shall be to use reasonable
efforts to cause such Designated Sub-Servicer to deliver), on or before May 1 of
each year, beginning in 2008 (provided that if the Trustee (or a securitization
trust of a securitized Non-Trust Loan that is part of a Serviced Loan
Combination that is subject to the reporting requirements of the Exchange Act)
requires the following reports in connection with any filing with the
Commission, each Servicing Function Participant shall deliver (or, in the case
of the Trustee, make available), and each party hereto shall cause any
Sub-Servicing Function Participant retained or engaged by it to deliver (but if
the related Sub-Servicing Function Participant is a Designated Sub-Servicer,
then the applicable Master Servicer's sole duty shall be to use reasonable
efforts to cause such Designated Sub-Servicer to deliver), on or before March 15
of the subject year), at its own expense, to the Trustee (to whom delivery shall
be in EDGAR-compatible format (e.g., Microsoft Word or Microsoft Excel), the
Depositor, each Non-Trust Noteholder (or, if a Non-Trust Loan that is part of a
Serviced Loan Combination is deposited into another commercial mortgage
securitization that is subject to the reporting requirements of the Exchange Act
(and for so long as such securitization is subject to the reporting requirements
of the Exchange Act), and the trustee of each other securitization) the
following reports: (i) as required under Rule 13a-18 or Rule 15d-18 of the
Exchange Act and Item 1122 of Regulation AB, a report on an assessment of
compliance by it with the Servicing Criteria (an "Annual Assessment Report"),
signed by an authorized officer of such Servicing Function Participant or such
Sub-Servicing Function Participant, as the case may be, which report shall
contain (A) a statement by such Servicing Function Participant or such
Sub-Servicing Function Participant, as the case may be, of its responsibility
for assessing compliance with the Relevant Servicing Criteria, (B) a statement
that such Servicing Function Participant or such Sub-Servicing Function
Participant, as the case may be, used the Servicing Criteria to assess
compliance with the Relevant Servicing Criteria, (C) such Servicing Function
Participant's or such Sub-Servicing Function Participant's, as the case may be,
assessment of compliance with the Relevant Servicing Criteria as of and for the
period ending December 31st of the preceding calendar year, which discussion
must include any material instance of noncompliance with the Relevant Servicing
Criteria identified by such Servicing Function Participant or such Sub-Servicing
Function Participant, as the case may be, and (D) a statement that a registered
public accounting firm has issued an attestation report on such Servicing
Function Participant's or such Sub-Servicing Function Participant's, as the case
may be, assessment of compliance with the Relevant Servicing Criteria as of and
for such period ending December 31st of the preceding calendar year; and (ii) as
to each report delivered by a Servicing Function Participant or a Sub-Servicing
Function Participant pursuant to the immediately preceding clause (i), a report
from a registered public accounting firm (made in accordance with the standards
for attestation engagements issued or adopted by the PCAOB) (an "Annual
Attestation Report") that attests to, and reports on, the assessment made by the
asserting party in such report delivered pursuant to the immediately preceding
clause (i), together with (if required to be filed with the Commission) a
consent from such registered public accounting firm authorizing the filing of
the subject Annual Attestation Report with the Commission (an "Accountant's
Consent"). Each Annual Attestation Report must be available for general use and
may not contain restricted use language. Promptly after receipt of each such
report delivered pursuant to the second preceding sentence, the Depositor shall
review such report and, if applicable, shall be entitled to consult with the
appropriate party hereto as to the nature of any material instance of
noncompliance with the Relevant Servicing Criteria by such party or any
Sub-Servicing Function Participant retained or engaged by it.

            In the event that any Servicing Function Participant is terminated
or resigns pursuant to the terms of this Agreement, such party shall provide,
and each such party hereto shall cause any Sub-Servicing Function Participant
engaged by it to provide (but if the related Sub-Servicing Function Participant
is a Designated Sub-Servicer, then the applicable Master Servicer's sole duty
shall be to use reasonable efforts to cause such Designated Sub-Servicer to
deliver), an Annual Assessment Report pursuant to this Section 3.14, coupled
with an Annual Attestation Report pursuant to this Section with respect to the
period of time that the Servicing Function Participant was subject to this
Agreement or the period of time that the Sub-Servicing Function Participant was
subject to such other servicing agreement.

            In the event the Trustee or the Depositor (or a securitization trust
of a securitized Non-Trust Loan that is part of a Serviced Loan Combination that
is subject to the reporting requirements of the Exchange Act) does not receive
the Annual Assessment Report and/or the Annual Attestation Report with respect
to any Servicing Function Participant, or with respect to any Sub-Servicing
Function Participant retained or engaged by a party hereto that is known to the
Trustee or the Depositor, as the case may be, by March 15th of any year during
which a Form 10-K Annual Report is required to be filed with the Commission with
respect to the Trust, then the Trustee shall, and the Depositor may, forward a
Servicer Notice to such Servicing Function Participant or the party hereto that
retained or engaged such Sub-Servicing Function Participant, as the case may be,
with a copy of such Servicer Notice to the Depositor (if the Trustee is sending
the Servicer Notice) or the Trustee (if the Depositor is sending the Servicer
Notice), as applicable, within two (2) Business Days of such failure. For the
purposes of this Section 3.14, as well as Section 3.13 and clause (B) of Section
7.01(a)(v) of this Agreement, a "Servicer Notice" shall constitute either any
writing forwarded to such party or, in the case of the Master Servicers and the
Special Servicer, notwithstanding the provisions of Section 11.05, e-mail or fax
notice which, in the case of email transmission, shall be forwarded to all of
the following e-mail addresses: (1) in the case of the initial Master Servicer
No. 1 and the initial Special Servicer, askmidland@midlandls.com and
midlandlegal@midlandls.com; and (2) in the case of Master Servicer No. 2,
recmcres.compliance@wachovia.com and lars.carlsten@wachovia.com, or such other
e-mail address(es) as are provided in writing by either Master Servicer or the
Special Servicer to the Trustee and the Depositor; provided that any party to
this Agreement (or someone acting on their behalf) shall only be required to
forward any such notice to be delivered to each Master Servicer to no more than
three e-mail addresses in the aggregate in order to fulfill its notification
requirement as set forth in the preceding sentence and/or under the provisions
of clause (B) of Section 7.01(a)(v); and provided, further, that a copy of any
Servicer Notice to the Special Servicer shall be forwarded by the means provided
in Section 11.05. Any party hereto that retains or engages a Servicing
Representative (other than a Designated Sub-Servicer) that is, at the time of
appointment, or subsequently becomes a Sub-Servicing Function Participant shall
so notify the Trustee (unless such party is the Trustee) and the Depositor in
writing promptly following such party's becoming aware that such Servicing
Representative is or has become a Sub-Servicing Function Participant; and,
further, if such Servicing Representative does not deliver or cause the delivery
of an Annual Assessment Report, an Annual Attestation Report and/or, if required
to be filed with the Commission, an Accountant's Consent with respect to itself
by March 15th of any year during which a Form 10-K Annual Report is required to
be filed with the Commission with respect to the Trust (or a securitization
trust of a securitized Non-Trust Loan that is part of a Serviced Loan
Combination that is subject to the reporting requirements of the Exchange Act),
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 (or a securitization trust of a securitized Non-Trust Loan that is
part of a Serviced Loan Combination that is subject to the reporting
requirements of the Exchange Act) in writing no later than the second Business
Day following such March 15th, together with an explanation of such failure.

            The Master Servicers, the Special Servicer and the Trustee, in each
case, to the extent applicable, will reasonably cooperate with the Depositor in
conforming any reports delivered pursuant to this Section 3.14 to requirements
imposed by the Commission on the Depositor in connection with the Depositor's
reporting requirements in respect of the Trust pursuant to the Exchange Act,
provided that the Master Servicers, the Special Servicer and the Trustee shall
each be entitled to charge the Depositor for any reasonable additional costs and
expenses incurred by it in affording the Depositor such cooperation.

            Section 3.15 Access to Certain Information.

            (a) Upon 10 days' prior written notice, each Master Servicer (with
respect to the items in clauses (a), (b), (c), (d), (e), (f), (h) and (i) below,
to the extent such items are in its possession), the Special Servicer (with
respect to the items in clauses (d), (e), (f), (g), (h) and (i) below, to the
extent those items are in its possession) and the Trustee (with respect to the
items in clauses (a) through (j) below in the case of the Trustee, to the extent
those items are in their 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 in either case having
certified to the applicable Master Servicer, the Special Servicer or the
Trustee, as applicable, in accordance with (a) and (b) in the following
paragraph, as appropriate, at the expense of such requesting party (unless
otherwise provided in this Agreement), for review by any Certificate Owner or
Certificateholder or any prospective transferee of any Certificate or interest
therein, the Trustee, the Rating Agencies, the Underwriters and the Depositor
originals or copies of the following items: (a) this Agreement and any
amendments thereto, (b) all Distribution Date Statements delivered to holders of
the relevant Class of Certificates since the Closing Date and all reports,
statements and analyses delivered by the Master Servicers since the Closing Date
pursuant to Section 3.12(c), (c) all Officer's Certificates delivered by the
Master Servicers or the Special Servicer since the Closing Date pursuant to
Section 3.13, (d) all accountants' reports delivered to the Master Servicers in
respect of itself or the Special Servicer since the Closing Date as described in
Section 3.14, (e) the most recent property inspection report prepared by or on
behalf of the applicable Master Servicer in respect of each Serviced Mortgaged
Property and any Environmental Assessments prepared pursuant to Section 3.09,
(f) the most recent Serviced Mortgaged Property annual operating statements and
rent roll, if any, collected by or on behalf of the applicable Master Servicer,
(g) any and all modifications, waivers and amendments of the terms of a Serviced
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 Serviced
Mortgage Loan, (i) any and all Officer's Certificates and other evidence
delivered by either Master Servicer or the Special Servicer, as the case may be,
to support its determination that any Advance was, or if made, would be, a
Nonrecoverable Advance including appraisals affixed thereto and any Required
Appraisal prepared pursuant to Section 3.09(a), (j) all reports filed with the
Commission with respect to the Trust pursuant to Sections 13(a), 13(c), 14 or
15(d) of the Exchange Act, and (k) after a Georgia-Alabama Retail Portfolio
Servicing Transfer Event Georgia-Alabama Retail Portfolio A-2 Note Pooling and
Servicing Agreement, and any reports, statements, documents and other written
information delivered under this Agreement to Master Servicing No. 2 for the
Trust on behalf of the Trustee, or to the Trustee, as holder of the
Georgia-Alabama Retail Portfolio Trust Mortgage Loan. Copies of any and all of
the foregoing items will be available from the Trustee, either Master Servicer,
the Special Servicer or the Trustee, as the case may be, upon request and
payment of reasonable copying costs but shall be provided to any of the Rating
Agencies and the Controlling Class Representative (and with respect to a
Serviced Loan Combination, the related Non-Trust Noteholder(s) (or, if a
Non-Trust Loan that is part of a Serviced Loan Combination is deposited into
another commercial mortgage securitization that is subject to the reporting
requirements of the Exchange Act (and for so long as such securitization is
subject to the reporting requirements of the Exchange Act), the trustee of each
other securitization)) at no cost pursuant to their reasonable requests. The
Master Servicers, the Special Servicer and the Trustee may each satisfy its
obligations under this Section 3.15(a) by making such items available for review
on its Internet Website with the use of a password.

            In connection with providing access to or copies of the items
described in the preceding paragraph pursuant to this Section 3.15, or with
respect to the Controlling Class Representative (and in the case of a Serviced
Loan Combination, the related Non-Trust Noteholder(s) (or, if a Non-Trust Loan
that is part of a Serviced Loan Combination is deposited into another commercial
mortgage securitization that is subject to the reporting requirements of the
Exchange Act (and for so long as such securitization is subject to the reporting
requirements of the Exchange Act), the trustee of each other securitization)),
in connection with providing access to or copies of any items in accordance with
this Agreement, either Master Servicer, the Special Servicer or the Trustee, as
applicable, shall require: (a) in the case of Certificate Owners,
Certificateholders and the Controlling Class Representative (and in the case of
a Serviced Loan Combination, the related Non-Trust Noteholder(s) (or, if a
Non-Trust Loan that is part of a Serviced Loan Combination is deposited into
another commercial mortgage securitization that is subject to the reporting
requirements of the Exchange Act (and for so long as such securitization is
subject to the reporting requirements of the Exchange Act), the trustee of each
other securitization)), 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 applicable Master Servicer, the
Special Servicer or the Trustee, as applicable, and which may provide
indemnification for such Master Servicers, the Special Servicer and the Trustee)
generally to the effect that such Person is a beneficial holder of Book-Entry
Certificates, or a representative of a beneficial holder of Book-Entry
Certificates, and, subject to the last sentence of this paragraph, will keep
such information confidential (except that any such Certificate Owner, any such
Certificateholder and the Controlling Class Representative (and in the case of a
Serviced Loan Combination, the related Non-Trust Noteholder(s) (or, if a
Non-Trust Loan that is part of a Serviced Loan Combination is deposited into
another commercial mortgage securitization that is subject to the reporting
requirements of the Exchange Act (and for so long as such securitization is
subject to the reporting requirements of the Exchange Act), the trustee of each
other securitization)) 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, either Master Servicer or the Special
Servicer, as applicable, and which may provide indemnification for the subject
Master Servicer, the Special Servicer or the Trustee, as applicable) generally
to the effect that such Person is a prospective purchaser of a Certificate or an
interest therein, is requesting the information for use in evaluating a possible
investment in Certificates and, subject to the last sentence of this paragraph,
will otherwise keep such information confidential. The Certificate Owners and
Holders of the Certificates, by their acceptance thereof, and the Controlling
Class Representative (and in the case of a Serviced Loan Combination, the
related Non-Trust Noteholder(s) (or, if a Non-Trust Loan that is part of a
Serviced Loan Combination is deposited into another commercial mortgage
securitization that is subject to the reporting requirements of the Exchange Act
(and for so long as such securitization is subject to the reporting requirements
of the Exchange Act), the trustee of each other securitization)), by its
acceptance of its appointment, will be deemed to have agreed, subject to the
last sentence of this paragraph, to keep such information confidential (except
that any Holder may provide such information obtained by it to any other Person
that holds or is contemplating the purchase of any Certificate or interest
therein, provided that such other Person confirms in writing such ownership
interest or prospective ownership interest and agrees to keep such information
confidential) and agrees not to use such information in any manner that would
violate federal, state or local securities laws. Notwithstanding the foregoing,
no Certificateholder, Certificate Owner or prospective Certificateholder or
Certificate Owner shall be obligated to keep confidential any information
received from the Trustee or the Master Servicer, as applicable, pursuant to
this Section 3.15 that has previously been made available on an unrestricted
basis and without a password via the Trustee's or either Master Servicer's, as
applicable, Internet Website or has previously been filed with the Commission,
and the Trustee or either Master Servicer, as applicable, shall not require
either of the certifications contemplated by the second preceding sentence in
connection with providing any information pursuant to this Section 3.15 that has
previously been made available without a password via the Trustee's or either
Master Servicer's, as applicable, Internet Website or has previously been filed
with the Commission.

            Each of the Master Servicers and the Special Servicer shall afford
to the Trustee, the Rating Agencies and the Depositor, and to the OTS, the FDIC,
the Federal Reserve Board and any other banking or insurance regulatory
authority that may exercise authority over any Certificateholder, access to any
records regarding the Mortgage Loans and the servicing thereof within its
control, except to the extent it is prohibited from doing so by applicable law
or contract or to the extent such information is subject to a privilege under
applicable law to be asserted on behalf of the Certificateholders. Such access
shall be afforded only upon reasonable prior written request and during normal
business hours at the offices of either Master Servicer or the Special Servicer,
as the case may be, designated by it.

            The Trustee, the Master Servicers, the Special Servicer and the
Underwriters may require payment from the Certificateholder or Certificate Owner
of a sum sufficient to cover the reasonable costs and expenses of providing any
such information or access pursuant to this Section 3.15 to, or at the request
of, the Certificateholders or Certificate Owners or prospective transferees,
including, without limitation, copy charges and, in the case of
Certificateholders or Certificate Owners requiring on site review in excess of
three Business Days, reasonable fees for employee time and for space.

            (b) The Trustee shall, and the Master Servicers may but are not
required to, make available each month to any interested party on their
respective Internet Websites (i) the Distribution Date Statement and (ii) this
Agreement, the Prospectus and the Prospectus Supplement. In addition, on each
Distribution Date, the Trustee shall make available to any interested party via
the Trustee's Internet Website the Unrestricted Servicer Reports, the CMSA Loan
Periodic Update File, the CMSA Loan Setup File, the CMSA Bond Level File and the
CMSA Collateral Summary File, in each case for such Distribution Date, and any
other information at the request of the Depositor. The Trustee shall make
available on each Distribution Date (i) the Restricted Servicer Reports and (ii)
the CMSA Property File to any Privileged Person via Trustee's Internet Website
with the use of a password (or other comparable restricted access mechanism)
provided by the Trustee.

            Either Master Servicer may, but is not required to, make available
each month via its Internet Website to any Privileged Person, with the use of a
password provided by such Master Servicer, the reports and files comprising the
CMSA Investor Reporting Package.

            (c) In connection with providing access to Trustee's Internet
Website or either Master Servicer's Internet Website, the Trustee or either
Master Servicer, as applicable, may require registration and the acceptance of a
disclaimer and may otherwise adopt reasonable rules and procedures that may
include, to the extent either Master Servicer or Trustee, as applicable, deems
necessary or appropriate, conditioning access on the execution and delivery of
an agreement (which may be in the form of Exhibit I-1 or I-2 (or such other form
as may be reasonably acceptable to the Trustee or either Master Servicer, as
applicable)) governing the availability, use and disclosure of such information
and providing indemnification to either Master Servicer or Trustee, as
applicable, for any liability or damage that may arise therefrom.

            Each Master Servicer and the Trustee may, in accordance with such
reasonable rules and procedures as each may adopt (including conditioning access
on the execution and delivery of an agreement (which may be in the form of
Exhibit I-1 or I-2 (or such other form as may be reasonably acceptable to the
Trustee or either Master Servicer, as applicable)) governing the availability,
use and disclosure of information and providing indemnification to either Master
Servicer or the Trustee, as applicable, for any liability or damage that may
arise therefrom), also make available, through its Internet Website or
otherwise, any additional information relating to the Mortgage Loans, the
Mortgaged Properties or the Mortgagors for review by any Persons to whom either
Master Servicer or the Trustee, as applicable, believes such disclosure is
appropriate, in each case except to the extent doing so is prohibited by
applicable law or by the related Mortgage Loan (in the case of the Trustee, if
it has actual knowledge of such prohibition by the related Mortgage Loan).

            Notwithstanding anything in this Agreement to the contrary, the
Master Servicers and the Trustee may withhold (other than with respect to items
required to be delivered under this Agreement to the Controlling Class
Representative (and, in the case of a Serviced Loan Combination, the related
Non-Trust Noteholder(s) (or, if a Non-Trust Loan that is part of a Serviced Loan
Combination is deposited into another commercial mortgage securitization that is
subject to the reporting requirements of the Exchange Act (and for so long as
such securitization is subject to the reporting requirements of the Exchange
Act), the trustee of each other securitization)) any information not yet
included in a Form 8-K Current Report filed with the Commission or otherwise
made publicly available with respect to which the Trustee or either Master
Servicer has determined that such withholding is appropriate.

            Any transmittal of information by either Master Servicer or the
Trustee to any Person other than the Rating Agencies or the Depositor may be
accompanied by a letter containing the following provision:

            "By receiving the information set forth herein, you hereby
            acknowledge and agree that the United States securities laws
            restrict any person who possesses material, non-public information
            regarding the Trust that issued ML-CFC Commercial Mortgage Trust
            2007-7, Commercial Mortgage Pass-Through Certificates, Series
            2007-7, from purchasing or selling such Certificates in
            circumstances where the other party to the transaction is not also
            in possession of such information. You also acknowledge and agree
            that such information is being provided to you for the purposes of,
            and such information may be used only in connection with, evaluation
            by you or another Certificateholder or prospective purchaser of such
            Certificates or beneficial interest therein."

            (d) If three or more Holders or the Controlling Class Representative
(hereinafter referred to as "Applicants" with a single Person which (together
with its Affiliates) is the Holder of more than one Class of Certificates being
viewed as a single Applicant for these purposes) apply in writing to the
Trustee, and such application states that the Applicants' desire to communicate
with other Holders with respect to their rights under this Agreement or under
the Certificates and is accompanied by a copy of the communication which such
Applicants propose to transmit, then the Trustee shall, within five Business
Days after the receipt of such application, send, at the Applicants' expense,
the written communication proffered by the Applicants to all Certificateholders
at their addresses as they appear in the Certificate Register.

            (e) The Master Servicers and the Special Servicer shall not be
required to confirm, represent or warrant the accuracy or completeness of any
other Person's information or report included in any communication from either
Master Servicer or the Special Servicer under this Agreement. None of the Master
Servicers, the Special Servicer or the Trustee shall be liable for the
dissemination of information in accordance with the terms of this Agreement. The
Trustee makes no representations or warranties as to the accuracy or
completeness of any report, document or other information made available on the
Trustee's Internet Website and assumes no responsibility therefor. In addition,
the Trustee, the Master Servicers and the Special Servicer may disclaim
responsibility for any information distributed by the Trustee, either Master
Servicer or the Special Servicer, respectively, for which it is not the original
source.

            Section 3.16 Title to REO Property; REO Accounts.

            (a) If title to any Serviced Mortgaged Property is acquired, the
deed or certificate of sale shall be issued to the Trustee or its nominee on
behalf of the Certificateholders and, in the case of a Loan Combination
Mortgaged Property, on behalf of the related Non-Trust Noteholder(s). If,
pursuant to Section 3.09(b), the Special Servicer formed or caused to be formed,
at the expense of the Trust, a single member limited liability company (of which
the Trust is the sole member) for the purpose of taking title to one or more
Administered 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 member-managed limited liability company, with the Special Servicer
acting on behalf of the Trust as member-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 Administered 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 Administered 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 Administered REO Property or (ii)
obtains for the Trustee an Opinion of Counsel, addressed to the Trustee, the
Special Servicer and the applicable Master Servicer, to the effect that the
holding by REMIC I of such Administered 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 Administered REO Property within such extended period as is
permitted by such REO Extension or such Opinion of Counsel, as the case may be.
Any expense incurred by the Special Servicer in connection with its obtaining
the REO Extension contemplated by clause (i) of the second preceding sentence or
its obtaining the Opinion of Counsel contemplated by clause (ii) of the second
preceding sentence, or for the creation of and the operating of a single member
limited liability company, shall be covered as, and reimbursable as, a Servicing
Advance. In the case of the Trust Fund's beneficial interest in any REO Property
acquired by the trustee under the Georgia-Alabama Retail Portfolio A-2 Note
Pooling and Servicing Agreement after a Georgia-Alabama Retail Portfolio
Servicing Transfer Event pursuant to such agreement, the Special Servicer shall
coordinate with the special servicer under the Georgia-Alabama Retail Portfolio
A-2 Note Pooling and Servicing Agreement with respect to any REO Extension on
behalf of the Trust Fund.

            (b) The Special Servicer shall segregate and hold all funds
collected and received in connection with any Administered REO Property separate
and apart from its own funds and general assets. If an REO Acquisition shall
occur in respect of any Serviced 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 Administered 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 Administered REO Property within 2 Business Days of receipt.
Funds in the REO Accounts may be invested in Permitted Investments in accordance
with Section 3.06. The Special Servicer shall be entitled to make withdrawals
from each REO Account to pay itself, as additional special servicing
compensation in accordance with Section 3.11(d), interest and investment income
earned in respect of amounts held in such REO Account as provided in Section
3.06(b) (but only to the extent of the Net Investment Earnings with respect to
such REO Account for any Collection Period). The Special Servicer shall give
written notice to the Trustee and the Master Servicers of the location of each
REO Account, and shall give notice to the related Non-Trust Noteholder(s) of the
location of any Loan Combination REO Account, in each case when first
established and of the new location of any such REO Account prior to any change
thereof.

            (c) The Special Servicer shall withdraw from the related REO Account
funds necessary for the proper operation, management, leasing, maintenance and
disposition of any Administered REO Property, but only to the extent of amounts
on deposit in such REO Account relating to such Administered REO Property
(including any monthly reserve or escrow amounts necessary to accumulate
sufficient funds for taxes, insurance and anticipated capital expenditures (the
"Impound Reserve")). On each Determination Date, the Special Servicer shall
withdraw from the Pool REO Account and deposit into the applicable Collection
Account, or deliver to the applicable Master Servicer or such other Person as
may be designated by such Master Servicer (which shall deposit such amounts into
the applicable Collection Account) the aggregate of all amounts received in
respect of the related Administered REO Property during the Collection Period
ending on such Determination Date, net of any withdrawals made out of such
amounts pursuant to the preceding sentence. On each Determination Date, the
Special Servicer shall withdraw from each Loan Combination REO Account and
deposit into the related Loan Combination Custodial Account, or deliver to the
applicable Master Servicer or such other Person as may be designated by such
Master Servicer (which shall deposit such amounts into the related Loan
Combination Custodial Account) the aggregate of all amounts then on deposit
therein that were received in respect of the related Loan Combination REO
Property during the Collection Period ending on such Determination Date, net of
any withdrawals made out of such amounts pursuant to the second preceding
sentence. Notwithstanding the foregoing, in addition to the Impound Reserve, the
Special Servicer may retain in the applicable REO Account such portion of
proceeds and collections in respect of any Administered REO Property as may be
necessary to maintain a reserve of sufficient funds for the proper operation,
management, leasing, maintenance and disposition of such Administered REO
Property (including, without limitation, the creation of a reasonable reserve
for repairs, replacements, necessary capital improvements and other related
expenses), such reserve not to exceed an amount reasonably estimated to be
sufficient to cover such items estimated to be incurred during the following
twelve-month period.

            (d) The Special Servicer shall keep and maintain separate records,
on a property-by-property basis, for the purpose of accounting for all deposits
to, and withdrawals from, each REO Account pursuant to Section 3.16(b) or (c).
The Special Servicer shall provide the applicable Master Servicer any
information with respect to each REO Account as is reasonably requested by such
Master Servicer.

            Section 3.17 Management of REO Property.

            (a) Prior to the acquisition by it of title to a Serviced Mortgaged
Property, the Special Servicer shall review the operation of such Serviced
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 Serviced
      Mortgaged Property would be subject to tax as "net income from foreclosure
      property" within the meaning of the REMIC Provisions or would be subject
      to the tax imposed on "prohibited transactions" under Section 860F of the
      Code (either such tax referred to herein as an "REO Tax"), then such
      Mortgaged Property may be Directly Operated by the Special Servicer as REO
      Property (other than performing any construction work on such REO Property
      or selling all or any portion of such REO Property to customers in the
      ordinary course of a trade or business);

            (ii) Directly Operating such Serviced Mortgaged Property as an
      Administered REO Property could result in income from such property that
      would be subject to an REO Tax, but that a lease of such property to
      another party to operate such property, or the performance of some
      services by an Independent Contractor with respect to such property, or
      another method of operating such property would not result in income
      subject to an REO Tax, then the Special Servicer may (provided that in the
      reasonable judgment of the Special Servicer (exercised in accordance with
      the Servicing Standard), such alternative is commercially reasonable)
      acquire such Serviced Mortgaged Property as Administered REO Property and
      so lease or operate such Administered 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
      Administered 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 Administered 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 Serviced Mortgaged
      Property as Administered 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 Administered 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 Serviced 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 Administered REO Property is acquired, the
Special Servicer shall manage, conserve, protect and operate such Administered
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 Administered REO Property to fail to qualify as
"foreclosure property" within the meaning of Section 860G(a)(8) of the Code for
purposes of Section 860D(a) of the Code; or (ii) except as contemplated by
Section 3.17(a), either result in the receipt by any REMIC of any "income from
non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or
result in an Adverse REMIC Event or an Adverse Grantor Trust Event. Subject to
the foregoing, however, the Special Servicer shall have full power and authority
to do any and all things in connection therewith as are consistent with the
Servicing Standard and, consistent therewith, shall withdraw from the related
REO Account, to the extent of amounts on deposit therein with respect to any
Administered REO Property, funds necessary for the proper operation, management,
maintenance and disposition of such Administered REO Property, including without
limitation:

            (i) all insurance premiums due and payable in respect of such
      Administered REO Property;

            (ii) all real estate taxes and assessments in respect of such
      Administered REO Property that may result in the imposition of a lien
      thereon;

            (iii) any ground rents in respect of such Administered REO Property;
      and

            (iv) all costs and expenses necessary to maintain, lease, sell,
      protect, manage and restore such Administered REO Property.

            To the extent that amounts on deposit in the applicable REO Account
in respect of any Administered REO Property are insufficient for the purposes
set forth in the preceding sentence with respect to such Administered REO
Property, the applicable Master Servicer, subject to Section 3.03(c), shall make
Servicing Advances in such amounts as are necessary for such purposes unless (as
evidenced by an Officer's Certificate delivered to the Trustee) such Master
Servicer determines, in accordance with the Servicing Standard, that such
payment would be a Nonrecoverable Advance; provided, however, that such Master
Servicer may make any such Servicing Advance without regard to recoverability if
it is a necessary fee or expense incurred in connection with the defense or
prosecution of legal proceedings.

            (a) Without limiting the generality of the foregoing, the Special
Servicer shall not, with respect to any Administered REO Property:

            (i) enter into, renew or extend any New Lease with respect to such
      Administered 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 Administered 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 Administered REO Property
      on any date more than 90 days after the related REO Acquisition;

unless, in any such case, the Special Servicer has obtained an Opinion of
Counsel (the cost of which shall be paid by the applicable Master Servicer, at
the direction of the Special Servicer, and shall be reimbursable as a Servicing
Advance) to the effect that such action would not cause such Administered 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.

            (c) Unless Section 3.17(a)(i) applies, the Special Servicer shall
contract with any Independent Contractor for the operation and management of any
Administered 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 Administered 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 Administered 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 Administered 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
      Administered 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 Administered REO
      Property.

The Special Servicer shall be entitled to enter into any agreement with any
Independent Contractor performing services for it related to its duties and
obligations under Section 3.16 and this Section 3.17 for indemnification of the
Special Servicer by any such Independent Contractor, and nothing in this
Agreement shall be deemed to limit or modify such indemnification. No agreement
entered into pursuant to this Section 3.17(d) shall be deemed a Sub-Servicing
Agreement for purposes of Section 3.22.

            Section 3.18 Resolution of Defaulted Mortgage Loans and REO
Properties.

            (a) Either Master Servicer, the Special Servicer or the Trustee may
sell or purchase, or permit the sale or purchase of, a Trust Mortgage Loan or an
REO Property related thereto only on the terms and subject to the conditions set
forth in this Section 3.18 or as otherwise expressly provided in or contemplated
by Section 2.03(a), Section 9.01 and/or any related co-lender, intercreditor or
similar agreement to which the Trust is a party.

            (b) After a Trust Serviced Mortgage Loan becomes a Serviced Trust
Defaulted Mortgage Loan, the Special Servicer shall determine the fair value of
the Serviced 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 Serviced Trust Mortgage
Loan contained herein may have on the value of such Serviced Trust Defaulted
Mortgage Loan; provided, further, that the Special Servicer shall use reasonable
efforts promptly to obtain an Appraisal with respect to the related Mortgaged
Property unless it has an Appraisal that is less than 12 months old and has no
actual knowledge of, or notice of, any event which in the Special Servicer's
judgment would materially affect the validity of such Appraisal. The Special
Servicer shall make its fair value determination as soon as reasonably
practicable (but in any event within 30 days) after its receipt of such new
Appraisal, if applicable. The Special Servicer will be permitted, from time to
time, to adjust its fair value determination based upon changed circumstances,
new information and other relevant factors, in each instance in accordance with
the Servicing Standard; provided, however, that the Special Servicer shall
update its fair value determination at least once every 90 days; and provided,
further, that absent the Special Servicer having actual knowledge of a material
change in circumstances affecting the value of the related Mortgaged Property,
the Special Servicer shall not be obligated to update such determination. The
Special Servicer shall notify the Trustee, the applicable Master Servicer, each
Rating Agency, the Plurality Subordinate Certificateholder and the Controlling
Class Representative promptly upon its fair value determination and any
adjustment thereto. The Special Servicer shall also deliver to the applicable
Master Servicer, the Plurality Subordinate Certificateholder and the Controlling
Class Representative, the most recent Appraisal of the related Mortgaged
Property then in the Special Servicer's possession, together with such other
third-party reports and other information then in the Special Servicer's
possession that the Special Servicer reasonably believes to be relevant to the
fair value determination with respect to such Serviced Trust Mortgage Loan (such
materials are, collectively, the "Determination Information"). Notwithstanding
the foregoing, the Special Servicer shall not be required to deliver the
Determination Information to the applicable Master Servicer, and shall instead
deliver the Determination Information to the Trustee, if such Master Servicer
will not be determining whether the Option Price represents fair value for the
Serviced Trust Defaulted Mortgage Loan, pursuant to this Section 3.18.

            In determining the fair value of any Serviced Trust Defaulted
Mortgage Loan, the Special Servicer shall take into account, among other
factors, the period and amount of the delinquency on such Serviced 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 Serviced 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
Serviced Trust Mortgage Loan becomes a Serviced 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 Serviced Loan Combination, subject to the related Loan
Combination Intercreditor Agreement and Section 3.18(o)) to purchase such
Serviced Trust Defaulted Mortgage Loan from the Serviced 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 Serviced Trust Defaulted Mortgage Loan as determined
by the Special Servicer in the manner described in Section 3.18(b) and in
accordance with the Servicing Standard, if the Special Servicer has made such
fair value determination; provided that, if (A) the Purchase Option is being
exercised by an Option Holder that is an assignee of the Special Servicer or the
Plurality Subordinate Certificateholder that is not an Affiliate of the Special
Servicer or the Plurality Subordinate Certificateholder, (B) the assignment of
the Purchase Option was to such Option Holder for no material consideration, and
(C) the Purchase Option is exercised by such Option Holder more than 90 days
following a determination of the fair value of the subject Serviced Trust
Defaulted Mortgage Loan, the Special Servicer shall be entitled to receive a
Principal Recovery Fee, which Principal Recovery Fee shall be deducted from the
Option Price received. The Special Servicer shall, promptly after a Serviced
Trust Mortgage Loan becomes a Serviced 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 Serviced Trust Defaulted Mortgage Loan to any party
at any time after the related Serviced Trust Mortgage Loan becomes a Serviced
Trust Defaulted Mortgage Loan. The transferor of any Purchase Option shall
notify the Trustee and the applicable Master Servicer of such transfer and such
notice shall include (i) in the case of the Plurality Subordinate
Certificateholder, an assignment substantially in the form of Exhibit M-3, or
(ii) in the case of the Special Servicer, an assignment substantially in the
form of Exhibit M-2. Notwithstanding the foregoing, the Plurality Subordinate
Certificateholder (or its assignee) shall have the right to exercise its
Purchase Option prior to any exercise of the Purchase Option by the Special
Servicer; provided, however, if the Purchase Option is not exercised by the
Plurality Subordinate Certificateholder or any assignee thereof within 60 days
of the fair value determination being made with respect to the subject Trust
Defaulted Mortgage Loan, then the Special Servicer (or its assignee) shall have
the right to exercise its Purchase Option prior to any exercise by the Plurality
Subordinate Certificateholder and the Special Servicer or its assignee may
exercise such Purchase Option at any time during the 15 day period immediately
following the expiration of such 60-day period. Following the expiration of such
15 day period, the Plurality Subordinate Certificateholder (or its assignee)
shall again have the right to exercise its Purchase Option prior to any exercise
of the Purchase Option by the Special Servicer. If not exercised earlier, the
Purchase Option with respect to any Serviced Trust Defaulted Mortgage Loan will
automatically terminate (i) once the related Trust Defaulted Mortgage Loan is no
longer a Serviced Trust Defaulted Mortgage Loan; provided, however, that if such
Serviced Trust Mortgage Loan subsequently becomes a Serviced 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 Serviced 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 Serviced Trust Mortgage Loan has become a Serviced Trust Defaulted Mortgage
Loan, the holder (whether the original grantee of such option or any subsequent
transferee) of the Purchase Option may exercise the Purchase Option by providing
the applicable Master Servicer, the Trustee and the Controlling Class
Representative, written notice thereof (the "Purchase Option Notice"), which
notice shall identify the Person that, on its own or through an Affiliate, will
acquire the related Trust Mortgage Loan upon closing and shall specify a cash
exercise price at least equal to the Option Price. The Purchase Option Notice
shall be delivered in the manner specified in Section 11.05. The exercise of any
Purchase Option pursuant to this clause (e) shall be irrevocable; provided that
the assignor of the Purchase Option shall have no liability to the Trust Fund or
any other party hereto for the failure of its third party assignee to close the
sale of the Serviced Trust Defaulted Mortgage Loan after its exercise of the
Purchase Option and upon such failure, the Purchase Option shall revert to the
Option Holder as provided herein as if the Purchase Option had not been
exercised, and the Special Servicer shall pursue against such assignee whatever
remedies it may have against the assignee.

            (f) If the Special Servicer or the Plurality Subordinate
Certificateholder, or any of their respective Affiliates, is identified in the
Purchase Option Notice as the Person expected to acquire the related Serviced
Trust Mortgage Loan, and the Option Price is based upon the Special Servicer's
fair value determination, then the applicable Master Servicer (or, if such
Master Servicer and the Special Servicer are the same Person, the Trustee) shall
determine whether the Special Servicer's determination of the Option Price
represents fair value for the Serviced Trust Defaulted Mortgage Loan, in the
manner set forth in Section 3.18(b). In such event, the Special Servicer shall
promptly deliver to the applicable Master Servicer (or the Trustee, if the
Trustee is making the determination as contemplated in the preceding sentence)
the Determination Information, including information regarding any change in
circumstance regarding the Serviced Trust Defaulted Mortgage Loan known to the
Special Servicer that has occurred subsequent to, and that would materially
affect the value of the related Mortgaged Property reflected in, the most recent
related Appraisal. Notwithstanding the foregoing, and if the Special Servicer
has not already done so, the applicable Master Servicer (or the Trustee, if the
Trustee is making the determination as contemplated in the preceding sentences)
may (at its option) designate an Independent Appraiser or other Independent
expert of recognized standing having experience in evaluating the value of
defaulted mortgage loans, selected with reasonable care by such Master Servicer
or the Trustee, as the case may be, to confirm that the Special Servicer's
determination of the Option Price represents fair value for the Serviced Trust
Defaulted Mortgage Loan (which opinion shall be based on a review, analysis and
evaluation of the Determination Information, and to the extent such an
Independent Appraiser or third party deems any such Determination Information to
be defective, incorrect, insufficient or unreliable, such Person may base its
opinion on such other information it deems reasonable or appropriate). In that
event, the applicable Master Servicer or the Trustee, as the case may be, absent
manifest error, may conclusively rely on the opinion of any such Person. The
costs of all appraisals, inspection reports and opinions of value incurred by
the Special Servicer, the applicable Master Servicer, the Trustee or any such
third party pursuant to this paragraph shall be advanced by such Master Servicer
(or the Trustee, if applicable) and shall constitute, and be reimbursable as,
Servicing Advances. In addition, the applicable Master Servicer (or, if
applicable, the Trustee) shall be entitled to receive out of its Collection
Account a fee in the amount of $2,500, for the initial confirmation of the
Special Servicer's Option Price determination (but no fee for any subsequent
confirmation) that is made by it with respect to any Serviced 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 Serviced Trust Mortgage
Loan, and the Option Price is based upon the Special Servicer's fair value
determination, and the applicable Master Servicer and the Special Servicer are
Affiliates, the Trustee shall determine whether the Option Price represents fair
value for the Serviced 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 Serviced Trust Defaulted Mortgage Loan, the Trustee may obtain an
opinion as to the fair value of such Serviced Trust Defaulted Mortgage Loan,
taking into account the factors set forth in Section 3.18(b), from an
Independent Appraiser or other Independent expert of recognized standing having
experience in evaluating the value of defaulted mortgage loans which opinion
shall be based on a review, analysis and evaluation of the Determination
Information, and to the extent such an Independent Appraiser or third party
deems any such Determination Information to be defective, incorrect,
insufficient or unreliable, such Person may base its opinion on such other
information it deems reasonable or appropriate, and absent manifest error, the
Trustee may conclusively rely on the opinion of any such Person which was chosen
by the Trustee with reasonable care. Notwithstanding the 30 day time period
referenced above in this paragraph, the Trustee will have an additional 15 days
to make a fair value determination if the Person referenced in the immediately
preceding sentence has determined that the Determination Information is
defective, incorrect, insufficient or unreliable. The reasonable costs of all
appraisals, inspection reports and opinions of value, reasonably incurred by the
Trustee or any such third party pursuant to this paragraph shall be advanced by
the applicable Master Servicer and shall constitute, and be reimbursable as,
Servicing Advances. In connection with the Trustee's determination of fair value
the Special Servicer shall deliver to the Trustee the Determination Information
for the use of the Trustee or any such third party.

            In the event a designated third party determines that the Option
Price is less than the fair value of the Trust Defaulted Mortgage Loan, such
party shall provide its determination, together with all information and reports
it relied upon in making such determination, to the Special Servicer, the
applicable Master Servicer or the Trustee, as the case may be, and the Special
Servicer shall then adjust its fair value determination and, consequently, the
Option Price, pursuant to Section 3.18(b). The Special Servicer shall promptly
provide written notice of any adjustment of the Option Price to the Option
Holder whose Purchase Option has been declared effective pursuant to Section
3.18(e) above. Upon receipt of such notice, such Option Holder shall have three
(3) Business Days to (i) accept the Option Price as adjusted and proceed in
accordance with Section 3.18(g) below, or (ii) reject the Option Price as
adjusted, in which case such Option Holder shall not be obligated to close the
purchase of the Serviced Trust Defaulted Mortgage Loan. Upon notice from such
Option Holder, that it rejects the Option Price as adjusted, the Special
Servicer and the Trustee shall provide the notices described in Section 3.18(h)
below and thereafter any Option Holder may exercise its purchase option in
accordance with this Section 3.18, at the Option Price as adjusted.

            (g) The Option Holder whose Purchase Option is declared effective
pursuant to Section 3.18(e) above shall be required to pay the purchase price
specified in its Purchase Option Notice to the applicable Master Servicer within
10 Business Days of its receipt of such Master Servicer's notice confirming that
the exercise of its Purchase Option is effective. Upon receipt of a Request for
Release from the applicable Master Servicer specifying the date for closing the
purchase of the related Serviced 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 Serviced Trust Mortgage Loan. In connection with any such
purchase by any Person other than it, the Special Servicer shall deliver the
related Mortgage File to or at the direction of the purchaser. In any case, the
applicable Master Servicer shall deposit the purchase price (except that portion
of any purchase price constituting Gain-on-Sale Proceeds which shall be
deposited in the Gain-on-Sale Reserve Account) into its Collection Account
within one (1) Business Day following receipt.

            (h) The Special Servicer shall immediately notify the Trustee and
the applicable Master Servicer upon the holder of the effective Purchase
Option's failure to remit the purchase price specified in its Purchase Option
Notice pursuant to this Section 3.18(h). Thereafter, the Trustee shall notify
each Option Holder of such failure and any Option Holder may then exercise its
purchase option in accordance with this Section 3.18.

            (i) Unless and until the Purchase Option with respect to a Serviced
Trust Defaulted Mortgage Loan is exercised, the Special Servicer shall pursue
such other resolution strategies available hereunder with respect to such
Serviced 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 Serviced 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 Serviced Trust Defaulted Mortgage Loan, the deed or
certificate of sale shall be issued to the Trust, the Trustee or to its
nominees. The Special Servicer, after notice to the Controlling Class
Representative, shall use its reasonable best efforts to sell any REO Property
as soon as practicable in accordance with Section 3.16(a). If the Special
Servicer on behalf of the Trustee has not received an REO Extension or an
Opinion of Counsel described in Section 3.16(a) and the Special Servicer is not
able to sell such REO Property within the period specified above, or if an REO
Extension has been granted and the Special Servicer is unable to sell such REO
Property within the extended time period, the Special Servicer shall, after
consultation with the Controlling Class Representative, before the end of such
period or extended period, as the case may be, auction the REO Property to the
highest bidder (which may be the Special Servicer) in accordance with the
Servicing Standard. The Special Servicer shall give the Controlling Class
Representative, the applicable Master Servicer and the Trustee (and, in the case
of a Loan Combination Mortgaged Property, the related Non-Trust Noteholder(s))
not less than five days' prior written notice of its intention to sell any
Administered REO Property, and in respect of such sale, the Special Servicer
shall offer such Administered 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
Administered REO Property at a price less than the Purchase Price; and provided,
further, that if the Special Servicer intends to bid on any Administered 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 Administered 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 Administered 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 Administered REO Property or purchase any Serviced Trust
Defaulted Mortgage Loan. Any sale of a Serviced Trust Defaulted Mortgage Loan
(pursuant to a Purchase Option) or an Administered REO Property shall be without
recourse to, or representation or warranty by, the Trustee, any Fiscal Agent,
the Depositor, the Special Servicer, the applicable Master Servicer, any
Mortgage Loan Seller or the Trust. None of the Special Servicer, the applicable
Master Servicer, the Depositor, the Trustee or any Fiscal Agent shall have any
liability to the Trust or any Certificateholder with respect to the price at
which a Serviced 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 Serviced Trust Defaulted Mortgage
Loan, after deduction of the expenses of such sale incurred in connection
therewith, shall be deposited by the Special Servicer in the applicable Master
Servicer's Collection Account.

            (m) Notwithstanding anything herein to the contrary, the Special
Servicer shall not take or refrain from taking any action pursuant to
instructions from the Controlling Class Representative that would cause it to
violate applicable law or any term or provision of this Agreement, including the
REMIC Provisions and the Servicing Standard.

            (n) The amount paid for a Serviced Trust Defaulted Mortgage Loan or
related Administered REO Property purchased under this Agreement shall be
deposited into the applicable Master Servicer's Collection Account. Upon receipt
of notice from the applicable Master Servicer 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 Serviced Trust Defaulted
Mortgage Loan or related Administered REO Property ownership of the Serviced
Trust Defaulted Mortgage Loan or Administered REO Property. The Custodian, upon
receipt of a Request for Release, shall release or cause to be released to the
applicable Master Servicer or the Special Servicer the related Mortgage File. In
connection with any such purchase, the Special Servicer shall deliver the
related Servicing File to the purchaser of a Trust Defaulted Mortgage Loan or
related Administered REO Property.

            Section 3.19 Additional Obligations of the Master Servicers.

            (a) Each Master Servicer shall deposit in its Collection Account on
each P&I Advance Date (prior to any transfer of funds from such Collection
Account to the Distribution Account on such date and without any right of
reimbursement therefor) with respect to those Trust Mortgage Loans for which it
is the Master Servicer that were, in each such case, subject to a voluntary
Principal Prepayment during the most recently ended Collection Period (other
than Principal Prepayments made on any Specially Serviced Mortgage Loans or made
out of Insurance Proceeds or Liquidation Proceeds, other than
Casualty/Condemnation Principal Prepayments and other than subsequent to a
material default) creating a Prepayment Interest Shortfall, an aggregate amount
equal to the lesser of (i) the amount of the related Prepayment Interest
Shortfalls in respect of such Trust Mortgage Loans and (ii) the sum of (A) that
portion of such Master Servicer's Master Servicing Fees on the portion of the
Mortgage Pool for which it is the applicable Master Servicer that represents an
accrual at a rate of 0.01% per annum and (B) the total amount of Prepayment
Interest Excesses that were collected on the portion of the Mortgage Pool for
which it is the Master Servicer during the related Collection Period; provided,
however, that if a Prepayment Interest Shortfall occurs as a result of the
applicable Master Servicer's allowing the related Mortgagor to deviate from the
terms of the related Mortgage Loan documents regarding principal prepayments
(other than (x) subsequent to a material default under the related Mortgage Loan
documents, (y) pursuant to applicable law or a court order or (z) at the request
or with the consent of the Special Servicer or the Controlling Class
Representative), then, for purposes of determining the payment that such 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 such Master Servicer
with respect to the related Collection Period, inclusive of any portion payable
to a third-party primary servicer and inclusive of any portion thereof that
constitutes the related Excess Servicing Strip and (2) the amount of any
investment income earned by such Master Servicer on the related Principal
Prepayment while on deposit in its Collection Account.

            Following the payments made by the applicable Master Servicer
pursuant to the preceding paragraph (excluding the payments contemplated by the
proviso to the sole sentence of the preceding paragraph), such Master Servicer
shall apply any remaining Prepayment Interest Excesses to offset any
Casualty/Condemnation Interest Shortfall incurred with respect to any Trust
Mortgage Loan during the subject Collection Period.

            Except as provided in the preceding paragraphs, no other
compensation to the Master Servicers shall be available to cover Prepayment
Interest Shortfalls. Each Master Servicer's obligation to make any particular
deposit in respect of any Collection Period as set forth in this Section 3.19(a)
shall not, in the absence of default under this Section 3.19(a), carry over to
any subsequent Collection Period.

            With respect to each Artesia Trust Mortgage Loan, Master Servicer
No. 2 shall, out of its own funds, deposit into its Collection Account on each
P&I Advance Date (prior to any transfer of funds from such Collection Account to
the Distribution Account on such date), without any right of reimbursement
therefor, with respect to those Artesia Trust Mortgage Loans that were, in each
such case, subject to a Delayed Principal Payment during the Collection Period
prior to the Collection Period to which such P&I Advance Date relates, an amount
equal to the amount of the related Delayed Principal Payment Interest Shortfall.

            (b) The applicable Master Servicer shall, as to each Serviced
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 Serviced
Mortgage Loan to the Trust Fund pursuant to this Agreement and inform such
ground lessor that any notices of default under the related Ground Lease should
thereafter be forwarded to such Master Servicer. The costs and expenses of any
modifications to Ground Leases shall be paid by the related Mortgagor.

            (c) Each Master Servicer shall deliver to each Mortgage Loan Seller
upon request, without charge, no more than twice per calendar year a current
list of the Mortgagors relating to the Mortgage Loans (as identified on the
Mortgage Loan Schedule) sold by such Mortgage Loan Seller to the Depositor and
their respective billing addresses and telephone numbers; provided, however,
that neither Master Servicer shall be under an obligation to provide any such
information not in its possession.

            (d) The Master Servicers and the Special Servicer shall each be
responsible for providing (i) to each Non-Trust Noteholder such notices
regarding defaults and events of default with respect to the related Serviced
Loan Combination as are required from the holder of the related Trust Mortgage
Loan that is part the related Loan Combination under the related Loan
Combination Intercreditor Agreement, and (ii) to any lender of related mezzanine
debt as may be required from the Trust, as holder of a Trust Mortgage Loan,
under any related co-lender, intercreditor or similar agreement.

            Section 3.20 Modifications, Waivers, Amendments and Consents.

            (a) The Master Servicers (with respect to any Mortgage Loan that is
not a Specially Serviced Mortgage Loan) and the Special Servicer (with respect
to any Specially Serviced Mortgage Loan) each may (consistent with the Servicing
Standard) agree to any modification, waiver or amendment of any term of, extend
the maturity of (in the case of either Master Servicer, subject to a maximum of
two separate one-year extensions without the consent of the Special Servicer),
defer or forgive interest (including Penalty Interest and Additional Interest)
on and principal of, defer or forgive late payment charges, Prepayment Premiums
and Yield Maintenance Charges on, permit the release, addition or substitution
of collateral securing, and/or permit the release, addition or substitution of
the Mortgagor on or any guarantor of, any Serviced Mortgage Loan, and/or provide
consents with respect to any leasing activity at a Mortgaged Property securing
any Serviced Mortgage Loan without the consent of the Trustee or any
Certificateholder; provided, that the Master Servicers' and the Special
Servicer's rights to do so shall be subject to Section 3.08, Section 6.11 and
Section 6.12 (and, in the case of a Serviced Loan Combination, subject to the
terms of the related Loan Combination Intercreditor Agreement) and, further, to
the following subsections of this Section 3.20; and provided, further, that
other than as provided in Sections 3.02(a) (relating to waivers of Default
Charges), 3.08, 3.20(d) and 3.20(e), neither Master Servicer shall agree to any
modification, waiver, forbearance or amendment of any term of, or take any of
the other acts referenced in this Section 3.20(a) with respect to, any Mortgage
Loan, unless such Master Servicer has obtained the consent of the Special
Servicer (it being understood and agreed that (A) such Master Servicer will
promptly provide the Special Servicer with notice of any Mortgagor request for
such modification, waiver, forbearance or amendment, such Master Servicer's
written recommendations and analysis, and all information reasonably available
to such Master Servicer that the Special Servicer may reasonably request in
order to withhold or grant any such consent, (B) the Special Servicer shall
decide whether to withhold or grant such consent in accordance with the
Servicing Standard and Section 6.11 and 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, 15 Business
Days, which 15 Business Days shall be subject to the limitation to five Business
Days specified in the proviso at the end of the first paragraph of Section 6.11)
after the Special Servicer's receipt from such Master Servicer of such Master
Servicer's recommendations and analysis and all information reasonably requested
thereby and reasonably available to such Master Servicer in order to make an
informed decision (or, if the Special Servicer did not request any information,
within 10 Business Days (or 15 Business Days, if applicable) after such notice),
such consent shall be deemed to have been granted).

            (b) All modifications, waivers or amendments of any Serviced
Mortgage Loan shall be in writing and shall be considered and effected in
accordance with the Servicing Standard. Neither of the Master Servicers nor the
Special Servicer, as applicable, shall make or permit or consent to, as
applicable, any modification, waiver or amendment of any term of any Serviced
Mortgage Loan that would result in an Adverse REMIC Event. Either Master
Servicer or the Special Servicer shall determine and may conclusively rely on an
Opinion of Counsel (which Opinion of Counsel shall be an expense of the Trust
Fund to the extent not paid by the related Mortgagor) to the effect that such
modification, waiver or amendment would not (1) effect an exchange or reissuance
of the Serviced 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 Floating Rate Grantor
Trust, Grantor Trust Y or Grantor Trust Z under the Code.

            (c) The Special Servicer, on behalf of the Trust Fund, may agree or
consent to (or permit either Serviced Master Servicer to agree or consent to)
any modification, waiver or amendment of any term of any Serviced 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 Serviced Mortgage Loan has occurred or, in
the Special Servicer's judgment, a material default on the Serviced 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 Serviced Loan Combination, the related
Non-Trust Noteholder(s)), as a collective whole, on a present value basis, than
would liquidation.

            In addition, subject to the third paragraph of this Section 3.20(c),
the Special Servicer may extend the date on which any Balloon Payment is
scheduled to be due in respect of a Specially Serviced Mortgage Loan if the
conditions set forth in the proviso to the prior paragraph are satisfied and the
Special Servicer has obtained an Appraisal of the related Mortgaged Property in
connection with such extension, which Appraisal supports the determination of
the Special Servicer contemplated by clause (B) of the proviso to the
immediately preceding paragraph.

            In no event will either Master Servicer or the Special Servicer (i)
extend the maturity date of a Serviced Mortgage Loan beyond a date that is two
years prior to the Rated Final Distribution Date and (ii) if the Serviced
Mortgage Loan is secured by a Ground Lease (and not by the corresponding fee
simple interest), extend the maturity date of such Serviced Mortgage Loan beyond
a date which is less than 20 years (or, to the extent consistent with the
Servicing Standard, giving due consideration to the remaining term of the Ground
Lease, and with the consent of the Controlling Class Representative, 10 years)
prior to the expiration of the term of such Ground Lease including any
unilateral options to extend such term.

            The determination of the Special Servicer contemplated by clause (B)
of the proviso to the first paragraph of this Section 3.20(c) shall be evidenced
by an Officer's Certificate to such effect delivered to the Trustee, the
applicable Master Servicer and, in the case of a Serviced Loan Combination, the
related Non-Trust Noteholder(s) and describing in reasonable detail the basis
for the Special Servicer's determination. The Special Servicer shall append to
such Officer's Certificate any information including but not limited to income
and expense statements, rent rolls, property inspection reports and appraisals
that support such determination.

            (d) Except as expressly contemplated by the related Mortgage Loan
documents, the Special Servicer shall not consent to either Master Servicer
releasing, which consent shall be deemed given if not denied in writing within
10 Business Days (or, if the Controlling Class Representative is entitled to
object pursuant to Section 6.11, 15 Business Days, which 15 Business Days shall
be subject to the limitation to 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 Serviced Mortgage Loan, except as provided in Section
3.09 or 3.20(e), or except in connection with a permitted defeasance or a
pending or threatened immaterial condemnation, or except where a Serviced
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 Serviced 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 Serviced 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 Serviced 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 and Section 6.12 to the contrary, neither Master Servicer shall be
required to seek the consent of, or provide prior notice to, the Special
Servicer, any Certificateholder or the Controlling Class Representative or
obtain any confirmation of the Certificate ratings from the Rating Agencies in
order to approve the following modifications, waivers or amendments of the
Mortgage Loans (but, in the case of the actions described in clauses (iii) and
(iv) of this sentence, shall notify the Controlling Class Representative
thereof): (i) waivers of non-material covenant defaults (other than financial
covenants), including late financial statements; (ii) waivers of Default
Charges, to the extent allowed under Section 3.02; (iii) releases of unimproved
parcels of a Mortgaged Property; (iv) grants of easements, rights-of-way or
other similar agreements in accordance with Section 3.08(b); (v) approval of
routine leasing activities (including any subordination, stand still and
attornment agreements) 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 Floating Rate Grantor Trust,
Grantor Trust Y or Grantor Trust Z, (y) would be consistent with the Servicing
Standard.

            (f) Any payment of interest that is deferred pursuant to any
modification, waiver or amendment permitted hereunder, shall not, for purposes
hereof, including, without limitation, calculating monthly distributions to
Certificateholders, be added to the unpaid principal balance or Stated Principal
Balance of the related Serviced Mortgage Loan, notwithstanding that the terms of
such modification, waiver or amendment so permit. The foregoing shall in no way
limit the Special Servicer's ability to charge and collect from the Mortgagor
costs otherwise collectible under the terms of the related Mortgage Note and
this Agreement together with interest thereon.

            (g) The Special Servicer or, either Master Servicer may, as a
condition to granting any request by a Mortgagor for consent, modification,
waiver or indulgence or any other matter or thing, the granting of which is
within its discretion pursuant to the terms of the instruments evidencing or
securing the related Serviced Mortgage Loan and is permitted by the terms of
this Agreement, require that such Mortgagor pay to it (i) as additional
servicing compensation, a reasonable or customary fee for the additional
services performed in connection with such request, provided such fee would not
itself be a "significant modification" pursuant to Treasury Regulations Section
1.1001-3(e)(2) and (ii) any related costs and expenses incurred by it. In no
event shall the Special Servicer be entitled to payment for such fees or
expenses unless such payment is collected from the related Mortgagor.

            (h) The Master Servicers and Special Servicer shall notify each
other, the Trustee, the Controlling Class Representative and, in the case of a
Serviced Loan Combination, the related Non-Trust Noteholder(s), in writing, of
any modification, waiver or amendment of any term of any Serviced 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 applicable Master Servicer), an original
counterpart of the agreement relating to such modification, waiver or amendment,
promptly (and in any event within 10 Business Days) following the execution
thereof. Copies of each agreement whereby any such modification, waiver or
amendment of any term of any Serviced Mortgage Loan is effected shall be made
available for review upon prior request during normal business hours at the
offices of the applicable Master Servicer pursuant to Section 3.15(a) hereof.

            (i) With respect to each Serviced Mortgage Loan (including each
Specially Serviced Mortgage Loan) that provides for defeasance and is to be
defeased in accordance with its terms pursuant to a mortgagor's exercise of its
rights to defease such Serviced Mortgage Loan, each Master Servicer shall, to
the extent permitted by the terms of such Serviced 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 Serviced 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 Serviced Mortgage Loan matures on its Anticipated
Repayment Date), (ii) to deliver a certificate from an independent certified
public accounting firm certifying that the replacement collateral is sufficient
to make such payments, (iii) at the option of such Master Servicer, to designate
a single purpose entity (which may be a subsidiary of such Master Servicer and
may be established for the purpose of assuming all defeased Serviced Mortgage
Loans) to assume the Serviced 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 Serviced Mortgage Loan, to
defease a principal amount equal to at least 125% (or such lower percentage as
the related Mortgagor is entitled to partially defease a principal amount
pursuant to the related Mortgage Loan documents, it being understood that the
Master Servicers are not authorized to modify such terms) of the allocated loan
amount for the Serviced Mortgaged Property or Properties to be released. If the
subject Serviced Mortgage Loan is not a Significant Mortgage Loan and if either
the terms of the subject Serviced Mortgage Loan permit the applicable Master
Servicer to impose the foregoing requirements or such Master Servicer satisfies
such requirements on its own, then confirmation that such defeasance will not
result in an Adverse Rating Event is not required from Moody's and is not
required from S&P so long as such Master Servicer delivers to S&P a
certification substantially in the form attached hereto as Exhibit K. In such
case, the applicable Master Servicer shall provide the Rating Agencies and the
Controlling Class Representative with notice that the foregoing requirements
have been met with respect to the subject Serviced Mortgage Loan. However, if
the subject Mortgage Loan is a Significant Mortgage Loan or if the terms of the
subject Serviced Mortgage Loan do not permit the applicable Master Servicer to
impose such requirements and such Master Servicer does not satisfy such
requirements on its own, then such Master Servicer shall so notify the Rating
Agencies and the Controlling Class Representative (and, in the case of a
Serviced Loan Combination, the related Non-Trust Noteholder(s), as applicable)
and, so long as such a requirement would not violate applicable law or the
Servicing Standard, obtain a confirmation from each Rating Agency that such
defeasance will not result in an Adverse Rating Event. Subject to the related
Mortgage Loan documents and applicable law, the applicable Master Servicer shall
not execute a defeasance unless (a) the subject Serviced Mortgage Loan requires
the Mortgagor to pay all Rating Agency fees associated with defeasance (if
Rating Agency confirmation of the absence of an Adverse Rating Event is a
specific condition thereto) and all expenses associated with defeasance or other
arrangements for payment of such costs are made at no expense to the Trust Fund
or such Master Servicer (provided, however, that in no event shall such proposed
"other arrangements" result in any liability to the Trust Fund including any
indemnification of such Master Servicer or the Special Servicer which may result
in legal expenses to the Trust Fund), and (b) the Mortgagor is required to
provide or such Master Servicer receives from Independent counsel at the
Mortgagor's expense all Opinions of Counsel, including Opinions of Counsel that
the defeasance will not cause an Adverse REMIC Event or an Adverse Grantor Trust
Event and that the Mortgage Loan documents are fully enforceable in accordance
with their terms (subject to bankruptcy, insolvency and similar standard
exceptions), and any applicable rating confirmations. In addition, if in
connection with a defeasance of any Serviced Mortgage Loan the applicable
Mortgage Loan Seller bears the costs and expenses associated with such
defeasance in accordance with the terms of the applicable Mortgage Loan Purchase
Agreement, any costs and expenses subsequently recovered by the applicable
Master Servicer from the related Mortgagor in respect of such defeasance shall
be promptly remitted by such Master Servicer to the applicable Mortgage Loan
Seller.

            Subsequent to the second anniversary of the Closing Date, to the
extent that the applicable Master Servicer can, in accordance with the related
Mortgage Loan documents, require defeasance of any Serviced Mortgage Loan in
lieu of accepting a prepayment of principal thereunder, including a prepayment
of principal accompanied by a Prepayment Premium or Yield Maintenance Charge,
such Master Servicer shall, to the extent it is consistent with the Servicing
Standard, require such defeasance, provided that the conditions set forth in
clauses (i) through (vi) of the first sentence of the immediately preceding
paragraph have been satisfied. Notwithstanding the foregoing, if at any time, a
court with jurisdiction in the matter shall hold that the related Mortgagor may
obtain a release of the subject Mortgaged Property but is not obligated to
deliver the full amount of the defeasance collateral contemplated by the related
Mortgage Loan documents (or cash sufficient to purchase such defeasance
collateral), then the applicable Master Servicer shall (i) if consistent with
the related Mortgage Loan documents, refuse to allow the defeasance of the
Serviced Mortgage Loan or (ii) if such Master Servicer cannot so refuse and if
the related Mortgagor has delivered cash to purchase defeasance collateral, such
Master Servicer shall either (A) to the extent of the cash delivered by the
Mortgagor, purchase defeasance collateral or (B) apply the cash to a prepayment
of the Serviced 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 Serviced Mortgage Loans (or, in the case of a
Serviced Loan Combination, the Serviced 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 Serviced Mortgage Loan (or the Serviced Loan Combination, if applicable).

            (j) To the extent that either Master Servicer or the Special
Servicer waives any Default Charges in respect of any Serviced Mortgage Loan,
whether pursuant to Section 3.02(a) or this Section 3.20, the respective amounts
of additional servicing compensation payable to such Master Servicer and the
Special Servicer under Section 3.11 out of such Default Charges shall be reduced
proportionately, based upon the respective amounts that had been payable thereto
out of such Default Charges pursuant to Section 3.26 immediately prior to such
waiver.

            (k) Notwithstanding anything to the contrary in this Agreement,
neither of the Master Servicers nor the Special Servicer, as applicable, shall
give any consent, approval or direction regarding the termination of the related
property manager or the designation of any replacement property manager with
respect to any Mortgaged Property that secures a Significant Mortgage Loan
unless it has received prior written confirmation (the cost of which shall be
paid by the related Mortgagor, if so allowed by the terms of the related loan
documents, and if not so allowed, paid as an Additional Trust Fund Expense) from
the Rating Agencies that such action will not result in an Adverse Rating Event.

            (l) Notwithstanding anything in this Section 3.20 to the contrary:

            (i) the limitations, conditions and restrictions set forth in this
      Section 3.20 shall not apply to any act or event (including, without
      limitation, a release of collateral) in respect of any Mortgage Loan that
      is required under the Mortgage Loan documents or that either occurs
      automatically or results from the exercise of a unilateral option by the
      related Mortgagor within the meaning of Treasury Regulations Section
      1.1001-3(c)(2)(iii), in any event under the terms of such Mortgage Loan in
      effect on the Closing Date (or, in the case of a Qualified Substitute
      Mortgage Loan, on the related date of substitution); and

            (ii) neither of the Master Servicers nor the Special Servicer shall
      be required to oppose the confirmation of a plan in any bankruptcy or
      similar proceeding involving a Mortgagor if, in its reasonable judgment,
      such opposition would not ultimately prevent the confirmation of such plan
      or one substantially similar.

            (m) Neither the Special Servicer nor the Master Servicers shall have
any liability to the Trust, the Certificateholders, any Non-Trust Noteholder or
any other Person if its analysis and determination that the modification,
waiver, amendment or other action contemplated by this Section 3.20 is
reasonably likely to produce a greater recovery to Certificateholders on a
present value basis than would liquidation should prove to be wrong or
incorrect, so long as the analysis and determination were made on a reasonable
basis by the Special Servicer and/or the subject Master Servicer, and consistent
with the Servicing Standard.

            Section 3.21 Transfer of Servicing Between the Master Servicers and
the Special Servicer; Record Keeping.

            (a) Upon determining that a Servicing Transfer Event has occurred
with respect to any Serviced Mortgage Loan, the applicable Master Servicer shall
promptly notify the Trustee, the Special Servicer and the Controlling Class
Representative (and with respect to a Serviced Loan Combination, the related
Non-Trust Noteholder(s)), and if such Master Servicer is not also the Special
Servicer, such Master Servicer shall promptly deliver or cause to be delivered a
copy of the related Servicing File, to the Special Servicer and shall use
reasonable efforts to provide the Special Servicer with all information,
documents (or copies thereof) and records (including records stored
electronically on computer tapes, magnetic discs and the like) relating to the
Serviced Mortgage Loan, either in such Master Servicer's or any of its
directors', officers', employees', affiliates' or agents' possession or control
or otherwise available to such Master Servicer without undue burden or expense,
and reasonably requested by the Special Servicer to enable it to assume its
functions hereunder with respect thereto. The applicable Master Servicer shall
use reasonable efforts to comply with the preceding sentence within five
Business Days of the occurrence of each related Servicing Transfer Event;
provided, however, if the information, documents and records requested by the
Special Servicer are not contained in the Servicing File, such Master Servicer
shall have such period of time as reasonably necessary to make such delivery.
After the occurrence of a Servicing Transfer Event, the Special Servicer shall
collect payments on such Mortgage Loan and make remittances to the applicable
Master Servicer in accordance with Section 3.04

            Upon determining that a Specially Serviced Mortgage Loan has become
a Corrected Mortgage Loan and if the applicable Master Servicer is not also the
Special Servicer, the Special Servicer shall immediately give notice thereof to
such Master Servicer and the Controlling Class Representative (and with respect
to a Serviced Loan Combination, the related Non-Trust Noteholder(s)), and shall
return the related Servicing File and all other information, documents and
records that were not part of the Servicing File when it was delivered to the
Special Servicer within five Business Days of the occurrence, to such Master
Servicer (or such other Person as may be directed by such Master Servicer) and
upon giving such notice, and returning such Servicing File, to such Master
Servicer (or such other Person as may be directed by such Master Servicer), the
Special Servicer's obligation to service such Mortgage Loan, and the Special
Servicer's right to receive the Special Servicing Fee with respect to such
Mortgage Loan, shall terminate, and the obligations of such Master Servicer to
service and administer such Mortgage Loan shall resume.

            (b) In servicing any Specially Serviced Mortgage Loans, the Special
Servicer shall provide to the 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 applicable Master Servicer), and
copies of any additional related Mortgage Loan information, including
correspondence with the related Mortgagor.

            (c) No later than 60 days after a Serviced Mortgage Loan becomes a
Specially Serviced Mortgage Loan (or, in the case of any Serviced Loan
Combination, such other number of days provided in the related Loan Combination
Intercreditor Agreement), the Special Servicer shall deliver to each Rating
Agency, the Trustee, the applicable Master Servicer, the Controlling Class
Representative and, if applicable, the related Loan Combination Controlling
Party, a report (the "Asset Status Report") with respect to such Mortgage Loan
and the related Mortgaged Property. Such Asset Status Report shall set forth the
following information to the extent reasonably determinable:

            (i) summary of the status of such Specially Serviced Mortgage Loan
      and negotiations with the related Mortgagor;

            (ii) a discussion of the legal and environmental considerations
      reasonably known to the Special Servicer, consistent with the Servicing
      Standard, that are applicable to the exercise of remedies as aforesaid and
      to the enforcement of any related guaranties or other collateral for the
      related Specially Serviced Mortgage Loan and whether outside legal counsel
      has been retained;

            (iii) the most current rent roll and income or operating statement
      available for the related Mortgaged Property;

            (iv) the Appraised Value of the Mortgaged Property together with the
      assumptions used in the calculation thereof;

            (v) summary of the Special Servicer's recommended action with
      respect to such Specially Serviced Mortgage Loan; and

            (vi) such other information as the Special Servicer deems relevant
      in light of the Servicing Standard;

provided, however, that if a Serviced Loan Combination is involved, the Asset
Status Report shall be in respect of the entire Serviced Loan Combination and
shall also contain any additional information required to be contained in such
Asset Status Report pursuant to the related Loan Combination Agreement.

            With respect to any Mortgage Loan (excluding any Mortgage Loan that
is part of a Serviced Loan Combination (as to which the related Loan Combination
Intercreditor Agreement provides a different process for the review and approval
of Asset Status Reports)), within 10 Business Days of receiving an Asset Status
Report which relates to a recommended action as to which the Controlling Class
Representative is entitled to object under Section 6.11, the Controlling Class
Representative does not disapprove such Asset Status Report in writing, the
Special Servicer shall implement the recommended action as outlined in such
Asset Status Report; provided, however, that the Special Servicer may not take
any action that is contrary to applicable law, the Servicing Standard, or the
terms of the applicable Mortgage Loan documents. If, subject to Section 6.11,
the Controlling Class Representative disapproves such Asset Status Report, the
Special Servicer will revise such Asset Status Report and deliver to the
Controlling Class Representative, the Rating Agencies, the Trustee and the
applicable Master Servicer a new Asset Status Report as soon as practicable, but
in no event later than 30 days after such disapproval.

            With respect to any Mortgage Loan (excluding any Mortgage Loan that
is part of a Serviced Loan Combination (as to which the related Loan Combination
Intercreditor Agreement provides a different process for the review and approval
of Asset Status Reports)), the Special Servicer shall revise such Asset Status
Report as described above in this Section 3.21(c) until the Controlling Class
Representative shall fail to disapprove such revised Asset Status Report in
writing within 10 Business Days of receiving such revised Asset Status Report or
until the Special Servicer makes one of the determinations described below. With
respect to any Mortgage Loan (excluding any Mortgage Loan that is part of a
Serviced Loan Combination (as to which the related Loan Combination
Intercreditor Agreement provides a different process for the review and approval
of Asset Status Reports)), the Special Servicer may, from time to time, modify
any Asset Status Report it has previously delivered and implement such modified
report, provided such modified report shall have been prepared, reviewed and not
rejected pursuant to the terms of this Section. Notwithstanding the foregoing,
the Special Servicer (i) may, following the occurrence of an extraordinary event
with respect to the related Mortgaged Property, take any action set forth in
such Asset Status Report (and consistent with the terms hereof) before the
expiration of a 10 Business Day period if the Special Servicer has reasonably
determined that failure to take such action would materially and adversely
affect the interests of the Certificateholders (and, if applicable, the related
Non-Trust Noteholder) and it has made a reasonable effort to contact the
Controlling Class Representative and (ii) in any case, shall determine whether
such affirmative disapproval is not in the best interest of all the
Certificateholders (and, if applicable, the related Non-Trust Noteholder)
pursuant to the Servicing Standard.

            In the event the Controlling Class Representative and the Special
Servicer have been unable to agree upon an Asset Status Report with respect to a
Specially Serviced Mortgage Loan (excluding any Mortgage Loan that is part of a
Serviced Loan Combination (as to which the related Loan Combination
Intercreditor Agreement provides a different process for the review and approval
of Asset Status Reports)) within 90 days of the Controlling Class
Representative's receipt of the initial Asset Status Report, the Special
Servicer shall implement the actions directed by the Controlling Class
Representative unless doing so would result in any of the consequences set forth
in the last paragraph of this Section 3.21, in which case the Special Servicer
shall implement the actions described in the most recent Asset Status Report
submitted to the Controlling Class Representative by the Special Servicer.

            In the case of each of the Serviced Loan Combinations, the review
and approval of Asset Status Reports shall be conducted in accordance with the
provisions of the related Loan Combination Intercreditor Agreement.

            The Special Servicer shall have the authority to meet with the
Mortgagor for any Specially Serviced Mortgage Loan and take such actions
consistent with the Servicing Standard, the terms hereof and the related Asset
Status Report. The Special Servicer shall not take any action inconsistent with
the related Asset Status Report, unless such action would be required in order
to act in accordance with the Servicing Standard.

            Notwithstanding the fact that an Asset Status Report has been
prepared and/or approved, the Controlling Class Representative (or in the case
of the Georgia-Alabama Retail Portfolio Loan Combination, the Georgia-Alabama
Retail Portfolio Controlling Party) 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 a Serviced Loan Combination, the related Loan Combination
Controlling Party, if any) in connection with any Asset Status Report shall (w)
require or cause the Special Servicer to violate the terms of a Specially
Serviced Mortgage Loan, applicable law or any provision of this Agreement,
including the Special Servicer's obligation to act in accordance with the
Servicing Standard and to maintain the REMIC status of each REMIC, (x) result in
the imposition of a "prohibited transaction" or "prohibited contribution" tax
under the REMIC Provisions or (y) expose the applicable Master Servicer, the
Special Servicer, the Depositor, any of the Mortgage Loan Sellers, the Trust
Fund, the Trustee, the Custodian 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
applicable 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), each Master
Servicer and the Special Servicer may enter into Sub-Servicing Agreements to
provide for the performance by third parties of any or all of their respective
obligations hereunder, provided that, in each case, the Sub-Servicing Agreement:
(i) is consistent with this Agreement in all material respects, requires the
Sub-Servicer to comply with all of the applicable conditions of this Agreement
and includes events of default with respect to the Sub-Servicer substantially
similar to the Events of Default set forth in Section 7.01(a) hereof (other than
Section 7.01(a) (x) and (xi)) to the extent applicable (modified to apply to the
Sub-Servicer instead of the applicable Master Servicer); (ii) provides that, if
the Sub-Servicer constitutes an Additional Item 1123 Servicer, then it will
deliver to the applicable parties an Annual Statement of Compliance in respect
of the Sub-Servicer as and when contemplated by Section 3.13 and, if the
Sub-Servicer constitutes a Sub-Servicing Function Participant, then it will
deliver, or cause to be delivered, to the applicable parties, an Annual
Assessment Report in respect of the Sub-Servicer and a corresponding Annual
Attestation Report (and the consent of the applicable registered public
accounting firm to file it with the Commission) as and when contemplated by
Section 3.14; (iii) provides that if the applicable Master Servicer or the
Special Servicer, as the case may be, shall for any reason no longer act in such
capacity hereunder (including, without limitation, by reason of an Event of
Default), the Trustee or its designee may thereupon (1) assume all of the rights
and, except to the extent such obligations arose prior to the date of
assumption, obligations of the applicable Master Servicer or the Special
Servicer, as the case may be, under such agreement or (2) (except with respect
only to the Sub-Servicing Agreements in effect as of the date of this Agreement
(the Sub-Servicers that are party to such agreements are indicated on Schedule V
hereto) (such Sub-Servicers, "Designated Sub-Servicers")) may terminate such
sub-servicing agreement without cause and without payment of any penalty or
termination fee (other than the right of reimbursement and indemnification);
(iv) provides that the Trustee, for the benefit of the Certificateholders and,
in the case of a Sub-Servicing Agreement relating to a Serviced Loan
Combination, the related Non-Trust Noteholder(s), shall each be a third party
beneficiary under such agreement, but that (except to the extent the Trustee or
its designee assumes the obligations of applicable Master Servicer or the
Special Servicer, as the case may be, thereunder as contemplated by the
immediately preceding clause (ii)) none of the Trustee, 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, without the prior
consent of the applicable Master Servicer, to enter into or consent to any
modification, extension, waiver or amendment or otherwise take any action on
behalf of the applicable Master Servicer or the Special Servicer contemplated by
Section 3.08, Section 3.09 and Section 3.20 hereof that requires the prior
consent of the applicable Master Servicer or the Special Servicer or conduct any
sale of a Mortgage Loan or REO Property contemplated by Section 3.18; and (vii)
does not permit the Sub-Servicer any direct rights of indemnification that may
be satisfied out of assets of the Trust Fund. In addition, each Sub-Servicing
Agreement entered into by either Master Servicer (including any with an
effective date on or before the Closing Date) shall provide that such agreement
shall, with respect to any Mortgage Loan serviced thereunder, terminate at the
time such Mortgage Loan becomes a Specially Serviced Mortgage Loan (or,
alternatively, be subject to the Special Servicer's rights to service such
Mortgage Loan for so long as such Mortgage Loan continues to be a Specially
Serviced Mortgage Loan), and each Sub-Servicing Agreement entered into by the
Special Servicer shall relate only to Specially Serviced Mortgage Loans and
shall terminate with respect to any such Mortgage Loan that ceases to be a
Specially Serviced Mortgage Loan. The Master Servicers and the Special Servicer
shall each be solely liable for all fees owed by it to any Sub-Servicer with
which it has entered into a Sub-Servicing Agreement, irrespective of whether its
compensation under this Agreement is sufficient to pay those fees. The Master
Servicers and the Special Servicer each shall deliver to the Trustee and each
other copies of all Sub-Servicing Agreements, as well as any amendments thereto
and modifications thereof, entered into by it promptly upon its execution and
delivery of such documents. References in this Agreement to actions taken or to
be taken by a Master Servicer or the Special Servicer include actions taken or
to be taken by a Sub-Servicer on behalf of such Master Servicer or the Special
Servicer, as the case may be; and, in connection therewith, all amounts advanced
by any Sub-Servicer to satisfy the obligations of such Master Servicer hereunder
to make P&I Advances or Servicing Advances shall be deemed to have been advanced
by such Master Servicer out of its own funds and, accordingly, such P&I Advances
or Servicing Advances shall be recoverable by such Sub-Servicer in the same
manner and out of the same funds as if such Sub-Servicer were such Master
Servicer. For so long as they are outstanding, Advances shall accrue interest in
accordance with Sections 3.03(d) and 4.03(d), as applicable, such interest to be
allocable between the applicable Master Servicer or the Special Servicer, as the
case may be, and such Sub-Servicer as they may agree. For purposes of this
Agreement, the applicable Master Servicer and the Special Servicer each shall be
deemed to have received any payment when a Sub-Servicer retained by it receives
such payment. The applicable Master Servicer and the Special Servicer each shall
notify the other, the Trustee, the Depositor and, if a Serviced Loan Combination
is involved, the related Non-Trust Noteholder(s), in writing promptly of the
appointment by it of any Sub-Servicer after the date of this Agreement. The
applicable Master Servicer and the Special Servicer shall each notify the
Trustee and the Depositor in writing, promptly upon becoming aware thereof,
whether any Sub-Servicer constitutes an Additional Item 1123 Servicer (other
than with respect to Designated Sub-Servicers as of the Closing Date and whether
they constitute an Additional Item 1123 Servicer with respect to the Trust Fund
as of the Closing Date) or a Sub-Servicing Function Participant. Notwithstanding
the foregoing, the Master Servicers and the Special Servicer may enter into
arrangements with Servicing Representatives (in addition to the Designated
Sub-Servicers) to perform particular services (e.g., inspections) on a
loan-by-loan basis that would not cause such Servicing Representatives to be
Additional Item 1123 Servicers. Each of the initial Master Servicers and the
initial Special Servicer hereby represents and warrants that, as of the Closing
Date, it has not retained and does not expect to retain any particular Person or
group of affiliated Persons to act as a Servicer with respect to 10% or more of
the Mortgage Pool (by balance); provided that neither Master Servicer nor the
Special Servicer makes the preceding representation with respect to any
Designated Sub-Servicers.

            (b) Each Sub-Servicer shall be authorized to transact business in
the state or states in which the related Mortgaged Properties it is to service
are situated, if and to the extent required by applicable law. In addition, the
applicable Master Servicer shall use reasonable efforts to ensure that any
Sub-Servicer of a MERS Mortgage Loan is registered with MERS if the applicable
Master Servicer is not so registered.

            (c) The Master Servicers and the Special Servicer, for the benefit
of the Trustee and the Certificateholders and, in the case of a Serviced Loan
Combination, also for the benefit of the related Non-Trust Noteholder(s), shall
(at no expense to the Trustee, the Certificateholders, the subject Serviced Loan
Combination, any related Non-Trust Noteholder or the Trust Fund) monitor the
performance and enforce the obligations of their respective Sub-Servicers under
the related Sub-Servicing Agreements. Such enforcement, including, without
limitation, the legal prosecution of claims, termination of Sub-Servicing
Agreements in accordance with their respective terms and the pursuit of other
appropriate remedies, shall be in such form and carried out to such an extent
and at such time as either Master Servicer or the Special Servicer, as
applicable, in its good faith business judgment, would require were it the owner
of the subject Mortgage Loans. Subject to the terms of the related Sub-Servicing
Agreement, the Master Servicers and the Special Servicer may each have the right
to remove a Sub-Servicer at any time it considers such removal to be in the best
interests of Certificateholders.

            (d) In the event of the resignation, removal or other termination of
Midland or Wachovia or any successor Master Servicer to such Person hereunder
for any reason, the Trustee or other Person succeeding such resigning, removed
or terminated party as Master Servicer, shall elect, with respect to any
Sub-Servicing Agreement in effect as of the date of this Agreement: (i) to
assume the rights and obligations of the departing Master Servicer under such
Sub-Servicing Agreement and continue the sub-servicing arrangements thereunder
on the same terms (including without limitation the obligation to pay the same
sub-servicing fee); (ii) to enter into a new Sub-Servicing Agreement with such
Sub-Servicer on such terms as the Trustee or other successor Master Servicer and
such Sub-Servicer shall mutually agree (it being understood that such
Sub-Servicer is under no obligation to accept any such new Sub-Servicing
Agreement or to enter into or continue negotiations with the Trustee or other
successor Master Servicer in which case the existing Sub-Servicing Agreement
shall remain in effect); or (iii) to terminate the Sub-Servicing Agreement if
(but only if) an event of default (within the meaning of such Sub-Servicing
Agreement) has occurred and is continuing (that is not subject to any applicable
grace or cure period under the Sub-Servicing Agreement), in each case without
paying any sub-servicer termination fee.

            (e) Notwithstanding any Sub-Servicing Agreement, the Master
Servicers and the Special Servicer shall remain obligated and liable to the
Trustee, the Certificateholders and any Non-Trust Noteholder for the performance
of their respective obligations and duties under this Agreement in accordance
with the provisions hereof to the same extent and under the same terms and
conditions as if each alone were servicing and administering the Mortgage Loans
and/or REO Properties for which it is responsible. The foregoing sentence shall
not operate to impose on either Master Servicer or the Special Servicer a
greater obligation than, as set forth herein, to use reasonable efforts to cause
a Designated Sub-Servicer to deliver any Annual Statement of Compliance, any
Annual Assessment Report or any Annual Attestation Report.

            In addition, the Special Servicer may not enter into any
Sub-Servicing Agreement without the approval of the Controlling Class
Representative, and the rights and obligations of each Master Servicer and the
Special Servicer to appoint a Sub-Servicer with respect to a Loan Combination
shall be subject to the related Loan Combination Intercreditor Agreement.
Furthermore, notwithstanding anything herein to the contrary, until the Trustee
files a Form 15 with respect to the Trust in accordance with Section 8.16,
neither of the Master Servicers nor the Special Servicer shall retain or engage
any Sub-Servicer or other Servicing Representative that, in any case, would
constitute an Additional Item 1123 Servicer or a Sub-Servicing Function
Participant, without the express written consent of the Depositor.

            Section 3.23 Representations and Warranties of the Master Servicers
and the Special Servicer.

            (a) Each Master Servicer, in such capacity, hereby represents and
warrants to the Trustee, for its own benefit and the benefit of the
Certificateholders, the Depositor, the Special Servicer, the Custodian, any
Fiscal Agent and each Non-Trust Noteholder, as of the Closing Date, that:

            (i) In the case of Master Servicer No. 1, it is a corporation duly
      organized and validly existing under the laws of Delaware, and, in the
      case of Master Servicer No. 2, it is a national banking association duly
      organized and validly existing under the laws of the United States, and in
      each case, it is in compliance with the laws of each State in which any
      Mortgaged Property is located to the extent necessary to perform its
      obligations under this Agreement, except where the failure to so qualify
      or comply would not have a material adverse effect on its ability to
      perform its obligations hereunder.

            (ii) The execution and delivery of this Agreement by such Master
      Servicer, and the performance and compliance with the terms of this
      Agreement by such Master Servicer, will not violate such Master Servicer's
      articles of incorporation or by-laws or constitute a default (or an event
      which, with notice or lapse of time, or both, would constitute a default)
      under, or result in the breach of, any material agreement or other
      material instrument to which it is a party or by which it is bound.

            (iii) Such Master Servicer has the full power and authority to enter
      into and consummate all transactions contemplated by this Agreement, has
      duly authorized the execution, delivery and performance of this Agreement,
      and has duly executed and delivered this Agreement.

            (iv) This Agreement, assuming due authorization, execution and
      delivery by each of the other parties hereto, constitutes a valid, legal
      and binding obligation of the Master Servicer, enforceable against such
      Master Servicer in accordance with the terms hereof, subject to (A)
      applicable bankruptcy, liquidation, receivership, insolvency,
      reorganization, moratorium and other laws affecting the enforcement of
      creditors' rights generally and the rights of creditors of banks, and (B)
      general principles of equity, regardless of whether such enforcement is
      considered in a proceeding in equity or at law.

            (v) Such Master Servicer is not in violation of, and its execution
      and delivery of this Agreement and its performance and compliance with the
      terms of this Agreement will not constitute a violation of, any law, any
      order or decree of any court or arbiter, or any order, regulation or
      demand of any federal, state or local governmental or regulatory
      authority, which violation, in such Master Servicer's good faith
      reasonable judgment, is likely to affect materially and adversely either
      the ability of such Master Servicer to perform its obligations under this
      Agreement or the financial condition of such Master Servicer.

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

            (vii) Each officer, director, or employee of such Master Servicer
      with responsibilities concerning the servicing and administration of
      Mortgage Loans is covered by errors and omissions insurance and a fidelity
      bond in the amounts and with the coverage as, and to the extent, required
      by Section 3.07(c).

            (viii) Any consent, approval, authorization or order of any court or
      governmental agency or body required for the execution, delivery and
      performance by such Master Servicer of or compliance by such Master
      Servicer with this Agreement or the consummation of the transactions
      contemplated by this Agreement has been obtained and is effective, or if
      any such consent, approval, authorization or order has not been or cannot
      be obtained prior to the actual performance by such Master Servicer of its
      obligations under this Agreement, the lack of such item would not have a
      materially adverse effect on the ability of such Master Servicer to
      perform its obligations under this Agreement.

            (b) The Special Servicer, in such capacity, hereby represents and
warrants to the Trustee, for its own benefit and the benefit of the
Certificateholders, the Depositor, the Master Servicers, the Custodian, 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 (A)
      applicable bankruptcy, insolvency, reorganization, moratorium and other
      laws affecting the enforcement of creditors' rights generally, and (B)
      general principles of equity, regardless of whether such enforcement is
      considered in a proceeding in equity or at law.

            (v) The Special Servicer is not in violation of, and its execution
      and delivery of this Agreement and its performance and compliance with the
      terms of this Agreement will not constitute a violation of, any law, any
      order or decree of any court or arbiter, or any order, regulation or
      demand of any federal, state or local governmental or regulatory
      authority, which violation, in the Special Servicer's good faith
      reasonable judgment, is likely to affect materially and adversely either
      the ability of the Special Servicer to perform its obligations under this
      Agreement or the financial condition of the Special Servicer.

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

            (vii) Each officer, director and employee of the Special Servicer
      and each consultant or advisor of the Special Servicer with
      responsibilities concerning the servicing and administration of Mortgage
      Loans is covered by errors and omissions insurance in the amounts and with
      the coverage required by Section 3.07(c).

            (viii) Any consent, approval, authorization or order of any court or
      governmental agency or body required for the execution, delivery and
      performance by the Special Servicer of or compliance by the Special
      Servicer with this Agreement or the consummation of the transactions
      contemplated by this Agreement has been obtained and is effective.

            (ix) The Special Servicer possesses all insurance required pursuant
      to Section 3.07(c) of this Agreement.

            (c) The representations and warranties of the Master Servicers and
the Special Servicer, set forth in Section 3.23(a) (with respect to the Master
Servicers) and Section 3.23(b) (with respect to the Special Servicer),
respectively, shall survive the execution and delivery of this Agreement and
shall inure to the benefit of the Persons for whose benefit they were made for
so long as the Trust Fund remains in existence. Upon discovery by any party
hereto of any breach of any of the foregoing representations and warranties, the
party discovering such breach shall give prompt written notice to the other
parties hereto.

            Section 3.24 Sub-Servicing Agreement Representation and Warranty.

            Each Master Servicer, in such capacity, hereby represents and
warrants to the Trustee, for its own benefit and the benefit of the
Certificateholders, and to the Depositor, 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.

            Section 3.25 Designation of Controlling Class Representative

            (a) The Holders (or, in the case of Book-Entry Certificates, the
Certificate Owners) of Certificates representing more than 50% of the Class
Principal Balance of the Controlling Class shall be entitled in accordance with
this Section 3.25 to select a representative (the "Controlling Class
Representative") having the rights and powers specified in this Agreement
(including those specified in Section 6.11) or to replace an existing
Controlling Class Representative. Upon (i) the receipt by the Trustee of written
requests for the selection of a Controlling Class Representative from the
Holders (or, in the case of Book-Entry Certificates, the Certificate Owners) of
Certificates representing more than 50% of the Class Principal Balance of the
Controlling Class, (ii) the resignation or removal of the Person acting as
Controlling Class Representative or (iii) a determination by the Trustee that
the Controlling Class has changed, the Trustee shall promptly notify the
Depositor and the Holders (and, in the case of Book-Entry Certificates, to the
extent actually known to a Responsible Officer of the Trustee or identified
thereto by the Depository or the Depository Participants, the Certificate
Owners) of the Controlling Class that they may select a Controlling Class
Representative. Such notice shall set forth the process for selecting a
Controlling Class Representative, which shall be the designation of the
Controlling Class Representative by the Holders (or Certificate Owners) of
Certificates representing more than 50% of the Class Principal Balance of the
Controlling Class by a writing delivered to the Trustee. No appointment of any
Person as a Controlling Class Representative shall be effective until such
Person provides the Trustee, the Master Servicers and the Special Servicer with
written confirmation of its acceptance of such appointment, an address and
facsimile number for the delivery of notices and other correspondence and a list
of officers or employees of such Person with whom the parties to this Agreement
may deal (including their names, titles, work addresses and facsimile numbers);
provided that the initial Controlling Class Representative shall be CRES
Investments NO, I, LP and no further notice shall be required for such
appointment to be effective.

            (b) Within 10 Business Days (or as soon thereafter as practicable if
the Controlling Class consists of Book-Entry Certificates) of receiving a
request therefor from either Master Servicer or the Special Servicer, the
Trustee shall deliver to the requesting party the identity of the Controlling
Class Representative and a list of each Holder (or, in the case of Book-Entry
Certificates, to the extent actually known to a Responsible Officer of the
Trustee or identified thereto by the Depository or the Depository Participants,
each Certificate Owner) of the Controlling Class, including, in each case, names
and addresses. With respect to such information, the Trustee shall be entitled
to conclusively rely on information provided to it by the Depository, and the
Master Servicers and the Special Servicer shall be entitled to conclusively rely
on such information provided by the Trustee with respect to any obligation or
right hereunder that the Master Servicers and the Special Servicer may have to
deliver information or otherwise communicate with the Controlling Class
Representative or any of the Holders (or, if applicable, Certificate Owners) of
the Controlling Class. In addition to the foregoing, within two (2) Business
Days of the selection, resignation or removal of a Controlling Class
Representative, the Trustee shall notify the other parties to this Agreement of
such event. The expenses incurred by the Trustee in connection with obtaining
information from the Depository or Depository Participants with respect to any
Book-Entry Certificate shall be expenses of the Trust Fund payable out of the
Collection Accounts pursuant to Section 3.05(a).

            (c) The Controlling Class Representative may at any time resign as
such by giving written notice to the Trustee and to each Holder (or, in the case
of Book-Entry Certificates, Certificate Owner) of the Controlling Class. The
Holders (or, in the case of Book-Entry Certificates, the Certificate Owners) of
Certificates representing more than 50% of the Class Principal Balance of the
Controlling Class shall be entitled to remove any existing Controlling Class
Representative by giving written notice to the Trustee and to such existing
Controlling Class Representative.

            (d) Once a Controlling Class Representative has been selected
pursuant to this Section 3.25 each of the parties to this Agreement and each
Certificateholder (or Certificate Owner, if applicable) shall be entitled to
rely on such selection unless a majority of the Holders (or, in the case of
Book-Entry Certificates, the Certificate Owners) of the Controlling Class, by
aggregate Certificate Principal Balance, or such Controlling Class
Representative, as applicable, shall have notified the Trustee and each other
Holder (or, in the case of Book-Entry Certificates, Certificate Owner) of the
Controlling Class, in writing, of the resignation or removal of such Controlling
Class Representative.

            (e) Any and all expenses of the Controlling Class Representative
shall be borne by the Holders (or, if applicable, the Certificate Owners) of
Certificates of the Controlling Class, pro rata among such Holders (or
Certificate Owners) according to their respective Percentage Interests in such
Class, and not by the Trust. Notwithstanding the foregoing, if a claim is made
against the Controlling Class Representative or a Loan Combination Controlling
Party by a Mortgagor with respect to this Agreement or any particular Mortgage
Loan, the Controlling Class Representative or the applicable Loan Combination
Controlling Party shall immediately notify the Trustee, the Master Servicers and
the Special Servicer, whereupon (if the Special Servicer or the Trust Fund are
also named parties to the same action and, in the sole judgment of the Special
Servicer, (i) the Controlling Class Representative or the applicable Loan
Combination Controlling Party, as the case may be, had acted in good faith,
without negligence or willful misfeasance with regard to the particular matter,
and (ii) there is no potential for the Special Servicer or the Trust Fund to be
an adverse party in such action as regards the Controlling Class Representative
or applicable Loan Combination Controlling Party, as the case may be) the
Special Servicer on behalf of the Trust Fund shall, subject to Section 6.03,
assume the defense of any such claim against the Controlling Class
Representative or the applicable Loan Combination Controlling Party. This
provision shall survive the termination of this Agreement and the termination or
resignation of the Controlling Class Representative.

            Section 3.26 Application of Default Charges.

            (a) Any and all Default Charges that are actually received with
respect to any Mortgage Loan or REO Loan (but, in the case of the
Georgia-Alabama Retail Portfolio Trust Mortgage Loan or any successor Trust REO
Loan with respect thereto, only to the extent of the Default Charges, if any,
remitted to the Trust in accordance with Georgia-Alabama Retail Portfolio A-2
Note Pooling and Servicing Agreement and/or the Georgia-Alabama Retail Portfolio
Intercreditor Agreements) 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 applicable
Master Servicer or the Special Servicer, in that order (except that payments to
the Special Servicer and the applicable Master Servicer shall be made
concurrently on a pro rata and pari passu basis), any interest due and owing to
such party on outstanding Advances made thereby with respect to such Mortgage
Loan or REO Loan, as the case may be;

            second, to reimburse the Trust for any interest on Advances paid to
any Fiscal Agent, the Trustee, the applicable Master Servicer or the Special
Servicer since the Closing Date with respect to such Mortgage Loan or REO Loan,
as the case may be, which interest was paid from a source other than Default
Charges collected on such Mortgage Loan or REO Loan, as the case may be;

            third, to pay any outstanding expense incurred by the Special
Servicer in connection with inspecting the related Mortgaged Property or REO
Property, as applicable, pursuant to Section 3.12;

            fourth, to reimburse the Trust for any expenses reimbursed to the
Special Servicer since the Closing Date in connection with inspecting the
related Mortgaged Property or REO Property, as applicable, pursuant to Section
3.12, which expenses were previously paid from a source other than Default
Charges collected on such Mortgage Loan or REO Loan, as the case may be;

            fifth, to pay the appropriate party for any other outstanding
expense incurred thereby with respect to such Mortgage Loan or REO Loan, as the
case may be, which expense, if not paid out of Default Charges collected on such
Mortgage Loan or REO Loan, as the case may be, will likely become an Additional
Trust Fund Expense;

            sixth, to reimburse the Trust for any other Additional Trust Fund
Expense paid to the appropriate party since the Closing Date with respect to
such Mortgage Loan or REO Loan, as the case may be, which Additional Trust Fund
Expense was paid from a source other than Default Charges collected on such
Mortgage Loan or REO Loan, as the case may be; and

            seventh, to pay (A) if such Mortgage Loan is a Non-Trust Loan, any
remaining portion of such Default Charges that is comprised of late payment
charges and (B) if such Mortgage Loan is a Trust Mortgage Loan or such REO Loan
is a Trust REO Loan, as the case may be, any remaining portion of such Default
Charges, in each case as additional master servicing compensation to the
applicable Master Servicer, if such Default Charges (or portion thereof
comprised of late payment charges) 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 Serviced Loan Combination,
they shall be transferred from the related Loan Combination Custodial Account to
the applicable Collection Account. Default Charges applied to reimburse the
Trust pursuant to any of clause second, clause fourth or clause sixth of Section
3.26(a) shall be deemed to offset payments of interest on Advances, costs of
property inspections or other Additional Trust Fund Expenses (depending on which
clause is applicable) in the chronological order in which they were made or
incurred with respect to the subject Mortgage Loan or REO Loan (whereupon such
interest on Advances, costs of property inspections or other Additional Trust
Fund Expenses (depending on which clause is applicable) shall thereafter be
deemed to have been paid out of Default Charges).

            (c) The portion of any Default Charges with respect to a Non-Trust
Loan that is not applied as provided for above in this Section 3.26, shall be
applied pursuant to the related Loan Combination Intercreditor Agreement.

            Section 3.27 Controlling Class Representative Contact with Servicer.

            No less often than on a monthly basis, each of the Master Servicers
and the Special Servicer shall, without charge, make a knowledgeable Servicing
Officer via telephone available to verbally answer questions from the
Controlling Class Representative regarding the performance and servicing of the
Mortgage Loans and/or REO Properties for which such Master Servicer or the
Special Servicer, as the case may be, is responsible. Any such telephone contact
shall be conditioned on the Controlling Class Representative's delivery to the
applicable Master Servicer of an agreement substantially in the form of Exhibit
I-1 (or such other form as may be reasonably acceptable to such Master Servicer
or the Special Servicer, as applicable).

            Section 3.28 Certain Matters Regarding the Loan Combinations.

            (a) In the event the Special Servicer, in connection with a
modification, waiver or amendment in respect of a Trust Mortgage Loan that is
part of a Serviced Loan Combination, modifies, waives or amends the terms
thereof such that (i) the Stated Principal Balance is decreased, (ii) the
Mortgage Rate is reduced, (iii) payments of interest or principal are waived,
reduced or deferred or (iv) any other adjustment is made to any of the terms of
such Mortgage Loan, all payments made in respect of such Mortgage Loan shall be
applied as though such modification, waiver or amendment did not occur, with the
payment terms of such Mortgage Loan remaining the same as they are on the
related Cut-Off Date, and the related Non-Trust Loans that are junior thereto
shall bear (to the extent possible) the full economic effect of all waivers,
reductions or deferrals of amounts due on such Trust Mortgage Loan attributable
to such modification, waiver or amendment, in each case only to the extent
permitted by the related Loan Combination Intercreditor Agreement.

            (b) The parties hereto, the Controlling Class Representative by its
acceptance of its rights and obligations set forth herein, and each
Certificateholder by its acceptance of a Certificate, hereby acknowledge the
right of an applicable Non-Trust Noteholder, 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.

            (c) In connection with any purchase of a Trust Mortgage Loan that is
part of a Serviced Loan Combination by a related Non-Trust Noteholder pursuant
to the related Loan Combination Intercreditor Agreement, the applicable Master
Servicer or the Special Servicer shall (i) if it receives the applicable
purchase price provided for in the related Loan Combination Intercreditor
Agreement and/or any other amounts payable in connection with the purchase,
deposit same, or remit same to such Master Servicer for deposit, as applicable,
into the applicable Collection Account or the related Loan Combination Custodial
Account, as applicable; and (ii) deliver the related Servicing File to the
Person effecting the purchase or its designee. In addition, upon its receipt of
a Request for Release from the applicable Master Servicer, the Custodian 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.

            (d) The parties hereto acknowledge that each Non-Trust Noteholder
shall not (1) owe any fiduciary duty to the Trustee, the applicable Master
Servicer, the Special Servicer or any Certificateholder or (2) have any
liability to the Trustee or the Certificateholders for any action taken, or for
refraining from the taking of any action pursuant to the related Loan
Combination Intercreditor Agreement or the giving of any consent or for errors
in judgment. Each Certificateholder, by its acceptance of a Certificate, shall
be deemed to have confirmed its understanding that each Non-Trust Noteholder (i)
may take or refrain from taking actions that favor its interests or the
interests of its affiliates over the Certificateholders, (ii) may have special
relationships and interests that conflict with the interest of the
Certificateholders and shall be deemed to have agreed to take no action against
a Non-Trust Noteholder or any of its officers, directors, employees, principals
or agents as a result of such special relationships or conflicts, and (iii)
shall not be liable by reason of its having acted or refrained from acting
solely in its interest or in the interest of its affiliates.

            (e) 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 Non-Trust Noteholder (if the Non-Trust Noteholder is a
Controlling Party) with respect to each of the Serviced Loan Combinations to
cure certain events of default by the Mortgagor with respect to the related
Serviced 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 Trustee, the applicable 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 Non-Trust Noteholder as a default for the purposes
specified in the related Loan Combination Intercreditor Agreement.

            (f) To the extent not otherwise expressly provided for herein, the
Special Servicer shall provide to each Non-Trust Noteholder or its designee,
with respect to the related Non-Trust Loan or any related Loan Combination REO
Property, subject to the same conditions and restrictions on the distribution of
information as apply with respect to reports, documents and other information
with respect to the Trust Mortgage Loans, the same reports, documents and other
information that the Special Servicer provides to the Trustee with respect to
the related Trust Mortgage Loan or the related Loan Combination REO Property,
and on a concurrent basis. The Trustee and the Special Servicer shall each
provide or make available to each Non-Trust Noteholder or its designee, with
respect to the related Non-Trust Loan or any related Loan Combination REO
Property, the same reports, documents and other information that the Trustee,
the applicable Master Servicer or the Special Servicer, as the case may be,
provides to the Controlling Class Representative, in so far as they relate to
the related Trust Mortgage Loan or the related Loan Combination REO Property,
and on a concurrent basis. In addition, the Trustee, the applicable Master
Servicer or the Special Servicer, as applicable, shall, upon receipt of a
written request, provide to a Non-Trust Noteholder or its designee (at such
holder's cost) all other documents and information that such holder or its
designee may reasonably request with respect to the related Non-Trust Loan or
any Loan Combination REO Property, to the extent such documents and information
are in its possession. Notwithstanding the foregoing, none of the Trustee, the
Master Servicers or the Special Servicer shall be required to deliver to any
Non-Trust Noteholder or its designee any particular report, document or other
information pursuant to this Section 3.28(f) if and to the extent that (but only
if and to the extent that) such particular report, document or other information
is otherwise delivered to such Non-Trust Noteholder 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-2FL Swap
Counterparty pursuant to Section 3.29(d) shall be made out of amounts allocable
as interest (or, in the case of Class A-2FL Additional Fixed Swap Payments,
Yield Maintenance Charges and Prepayment Premiums) distributable on or with
respect to the Class A-2FL REMIC II Regular Interest, (ii) 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,
(iii) payments to be made to the Class A-4FL Swap Counterparty pursuant to
Section 3.29(d) shall be made out of amounts allocable as interest (or, in the
case of Class A-4FL Additional Fixed Swap Payments, Yield Maintenance Charges
and Prepayment Premiums) distributable on or with respect to the Class A-4FL
REMIC II Regular Interest, (iv) payments to be made to the Class AM-FL Swap
Counterparty pursuant to Section 3.29(d) shall be made out of amounts allocable
as interest (or, in the case of Class AM-FL Additional Fixed Swap Payments,
Yield Maintenance Charges and Prepayment Premiums) distributable on or with
respect to the Class AM-FL REMIC II Regular Interest; (v) payments to be made to
the Class AJ-FL Swap Counterparty pursuant to Section 3.29(d) shall be made out
of amounts allocable as interest (or, in the case of Class AJ-FL Additional
Fixed Swap Payments, Yield Maintenance Charges and Prepayment Premiums)
distributable on or with respect to the Class AJ-FL REMIC II Regular Interest
and (vi) 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, (net of any costs or expenses incurred by the
Trust in connection therewith) 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
Retained Amount shall not be a part of any of the Class A-2FL Grantor Trust, the
Class A-3FL Grantor Trust, the Class A-4FL Grantor Trust, the Class AM-FL
Grantor Trust or the Class AJ-FL Grantor Trust or the Trust Fund, 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 Retained Amount.

            (c) The Swap Counterparty 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-2FL Swap Counterparty in writing of (i) the Class
Principal Balance of the Class A-2FL 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-2FL REMIC II
Regular Interest for the related Distribution Date, and (iii) the amount of
interest distributable with respect to the Class A-2FL 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 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 A-4FL Swap Counterparty in writing of (i) the Class
Principal Balance of the Class A-4FL 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-4FL REMIC II
Regular Interest for the related Distribution Date, and (iii) the amount of
interest distributable with respect to the Class A-4FL 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 AM-FL Swap Counterparty in writing of (i) the Class
Principal Balance of the Class AM-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 AM-FL REMIC II
Regular Interest for the related Distribution Date, and (iii) the amount of
interest distributable with respect to the Class AM-FL 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 AJ-FL Swap Counterparty in writing of (i) the Class
Principal Balance of the Class AJ-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 AJ-FL REMIC II
Regular Interest for the related Distribution Date, and (iii) the amount of
interest distributable with respect to the Class AJ-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-2FL Net Fixed Swap Payment, the Class A-2FL
Additional Fixed Swap Payment and the Class A-2FL Fixed Payer Shortfall
Reimbursement Payment, in each case if any, to the Class A-2FL 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-2FL Additional Fixed Swap Payments, Yield Maintenance Charges and
Prepayment Premiums) in respect of the Class A-2FL REMIC II Regular Interest;
(ii) 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; (iii) remit
the Class A-4FL Net Fixed Swap Payment, the Class A-4FL Additional Fixed Swap
Payment and the Class A-4FL Fixed Payer Shortfall Reimbursement Payment, in each
case if any, to the Class A-4FL 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-4FL Additional Fixed Swap
Payments, Yield Maintenance Charges and Prepayment Premiums) in respect of the
Class A-4FL REMIC II Regular Interest; (iv) remit the Class AM-FL Net Fixed Swap
Payment, the Class AM-FL Additional Fixed Swap Payment and the Class AM-FL Fixed
Payer Shortfall Reimbursement Payment, in each case if any, to the Class AM-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 AM-FL Additional Fixed Swap Payments, Yield Maintenance Charges and
Prepayment Premiums) in respect of the Class AM-FL REMIC II Regular Interest;
and (v) remit the Class AJ-FL Net Fixed Swap Payment, the Class AJ-FL Additional
Fixed Swap Payment and the Class AJ-FL Fixed Payer Shortfall Reimbursement
Payment, in each case if any, to the Class AJ-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 AJ-FL
Additional Fixed Swap Payments, Yield Maintenance Charges and Prepayment
Premiums) in respect of the Class AJ-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-2FL Swap Payment Date the Trustee has not received any Class A-2FL Net
Floating Swap Payment payable by the Class A-2FL Swap Counterparty on such date,
the Trustee shall, consistent with the Class A-2FL Swap Agreement, in order to,
among other things, cause the commencement of the applicable grace period,
promptly notify the Class A-2FL Swap Counterparty that the Trustee has not
received such Class A-2FL Net Floating Swap Payment. 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 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 A-4FL Swap Payment Date the Trustee
has not received any Class A-4FL Net Floating Swap Payment payable by the Class
A-4FL Swap Counterparty on such date, the Trustee shall, consistent with the
Class A-4FL Swap Agreement, in order to, among other things, cause the
commencement of the applicable grace period, promptly notify the Class A-4FL
Swap Counterparty that the Trustee has not received such Class A-4FL Net
Floating Swap Payment. If by 3:00 p.m. New York City time on any Class AM-FL
Swap Payment Date the Trustee has not received any Class AM-FL Net Floating Swap
Payment payable by the Class AM-FL Swap Counterparty on such date, the Trustee
shall, consistent with the Class AM-FL Swap Agreement, in order to, among other
things, cause the commencement of the applicable grace period, promptly notify
the Class AM-FL Swap Counterparty that the Trustee has not received such Class
AM-FL Net Floating Swap Payment. If by 3:00 p.m. New York City time on any Class
AJ-FL Swap Payment Date the Trustee has not received any Class AJ-FL Net
Floating Swap Payment payable by the Class AJ-FL Swap Counterparty on such date,
the Trustee shall, consistent with the Class AJ-FL Swap Agreement, in order to,
among other things, cause the commencement of the applicable grace period,
promptly notify the Class AJ-FL Swap Counterparty that the Trustee has not
received such Class AJ-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-2FL Swap Agreement. In the event of
a Swap Default under the Class A-2FL Swap Agreement, the Trustee shall (i)
provide notice of such Swap Default on the date of such default to the Class
A-2FL Swap Counterparty and (ii) promptly provide written notice to the Holders
of the Class A-2FL 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-2FL Swap Agreement), unless otherwise directed
in writing by the Holders or Certificate Owners of Class A-2FL Certificates
representing at least 51% of the Class Principal Balance of the Class A-2FL
Certificates, to enforce such rights of the Trust under the Class A-2FL Swap
Agreement as may be permitted by the terms thereof, including termination
thereof, and use any Swap Termination Fees received from the Class A-2FL 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-2FL Swap
Agreement). If the costs attributable to entering into a replacement interest
rate swap agreement with respect to the Class A-2FL Certificates would exceed
the amount of any Swap Termination Fees received from the Class A-2FL Swap
Counterparty, a replacement interest rate swap agreement with respect to the
Class A-2FL Certificates shall not be entered into and any such proceeds will
instead be distributed, pro rata, to the Holders of the Class A-2FL Certificates
on the immediately succeeding Distribution Date as part of the Class A-2FL
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-2FL Certificates with the
Trust, the Trustee shall distribute such fee: first, to the Class A-2FL Swap
Counterparty in respect of the terminated Class A-2FL Swap Agreement, up to the
amount of any termination payment owing to the terminated Class A-2FL 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-2FL Swap Counterparty
in respect of the terminated Class A-2FL 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-2FL Swap Agreement shall be
payable and/or reimbursable solely out of indemnification payments made by Class
A-2FL Certificateholders.

            Any Class A-2FL 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-2FL Certificates representing at least 51% of the Class
Principal Balance of the Class A-2FL Certificates not to enter into a
replacement interest rate swap agreement and distribution of any Swap
Termination Fees paid by the Class A-2FL Swap Counterparty to the Holders of the
Class A-2FL Certificates. Any Swap Default under, or termination of, the Class
A-2FL Swap Agreement and the consequent Class A-2FL 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-2FL
Certificates, including as a result of a Class A-2FL Distribution Conversion,
termination of a Class A-2FL Distribution Conversion, a Swap Default under the
Class A-2FL Swap Agreement or the cure of a Swap Default under the Class A-2FL
Swap Agreement, the Trustee shall promptly notify the Depository and each Holder
of Class A-2FL Certificates 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 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 51% 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 51% 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, 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 and each Holder
of Class A-3FL Certificates of the change in payment terms.

            (g) Subject to Section 8.02(iii), the Trustee shall at all times
enforce the Trust's rights under the Class A-4FL Swap Agreement. In the event of
a Swap Default under the Class A-4FL Swap Agreement, the Trustee shall (i)
provide notice of such Swap Default on the date of such default to the Class
A-4FL Swap Counterparty and (ii) promptly provide written notice to the Holders
of the Class A-4FL 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-4FL Swap Agreement), unless otherwise directed
in writing by the Holders or Certificate Owners of Class A-4FL Certificates
representing at least 51% of the Class Principal Balance of the Class A-4FL
Certificates, to enforce such rights of the Trust under the Class A-4FL Swap
Agreement as may be permitted by the terms thereof, including termination
thereof, and use any Swap Termination Fees received from the Class A-4FL 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-4FL Swap
Agreement). If the costs attributable to entering into a replacement interest
rate swap agreement with respect to the Class A-4FL Certificates would exceed
the amount of any Swap Termination Fees received from the Class A-4FL Swap
Counterparty, a replacement interest rate swap agreement with respect to the
Class A-4FL Certificates shall not be entered into and any such proceeds will
instead be distributed, pro rata, to the Holders of the Class A-4FL Certificates
on the immediately succeeding Distribution Date as part of the Class A-4FL
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-4FL Certificates with the
Trust, the Trustee shall distribute such fee: first, to the Class A-4FL Swap
Counterparty in respect of the terminated Class A-4FL Swap Agreement, up to the
amount of any termination payment owing to the terminated Class A-4FL 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-4FL Swap Counterparty
in respect of the terminated Class A-4FL 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-4FL Swap Agreement shall be
payable and/or reimbursable solely out of indemnification payments made by Class
A-4FL Certificateholders.

            Any Class A-4FL 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-4FL Certificates representing at least 51% of the Class
Principal Balance of the Class A-4FL Certificates not to enter into a
replacement interest rate swap agreement and distribution of any Swap
Termination Fees paid by the Class A-4FL Swap Counterparty to the Holders of the
Class A-4FL Certificates. Any Swap Default under, or termination of, the Class
A-4FL Swap Agreement and the consequent Class A-4FL 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-4FL
Certificates, including as a result of a Class A-4FL Distribution Conversion,
termination of a Class A-4FL Distribution Conversion, a Swap Default under the
Class A-4FL Swap Agreement or the cure of a Swap Default under the Class A-4FL
Swap Agreement, the Trustee shall promptly notify the Depository and each Holder
of Class A-4FL Certificates of the change in payment terms.

            (h) Subject to Section 8.02(iii), the Trustee shall at all times
enforce the Trust's rights under the Class AM-FL Swap Agreement. In the event of
a Swap Default under the Class AM-FL Swap Agreement, the Trustee shall (i)
provide notice of such Swap Default on the date of such default to the Class
AM-FL Swap Counterparty and (ii) promptly provide written notice to the Holders
of the Class AM-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 AM-FL Swap Agreement), unless otherwise directed
in writing by the Holders or Certificate Owners of Class AM-FL Certificates
representing at least 51% of the Class Principal Balance of the Class AM-FL
Certificates, to enforce such rights of the Trust under the Class AM-FL Swap
Agreement as may be permitted by the terms thereof, including termination
thereof, and use any Swap Termination Fees received from the Class AM-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 AM-FL Swap
Agreement). If the costs attributable to entering into a replacement interest
rate swap agreement with respect to the Class AM-FL Certificates would exceed
the amount of any Swap Termination Fees received from the Class AM-FL Swap
Counterparty, a replacement interest rate swap agreement with respect to the
Class AM-FL Certificates shall not be entered into and any such proceeds will
instead be distributed, pro rata, to the Holders of the Class AM-FL Certificates
on the immediately succeeding Distribution Date as part of the Class AM-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 AM-FL Certificates with the
Trust, the Trustee shall distribute such fee: first, to the Class AM-FL Swap
Counterparty in respect of the terminated Class AM-FL Swap Agreement, up to the
amount of any termination payment owing to the terminated Class AM-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 AM-FL Swap Counterparty
in respect of the terminated Class AM-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 AM-FL Swap Agreement shall be
payable and/or reimbursable solely out of indemnification payments made by Class
AM-FL Certificateholders.

            Any Class AM-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 AM-FL Certificates representing at least 51% of the Class
Principal Balance of the Class AM-FL Certificates not to enter into a
replacement interest rate swap agreement and distribution of any Swap
Termination Fees paid by the Class AM-FL Swap Counterparty to the Holders of the
Class AM-FL Certificates. Any Swap Default under, or termination of, the Class
AM-FL Swap Agreement and the consequent Class AM-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 AM-FL
Certificates, including as a result of a Class AM-FL Distribution Conversion,
termination of a Class AM-FL Distribution Conversion, a Swap Default under the
Class AM-FL Swap Agreement or the cure of a Swap Default under the Class AM-FL
Swap Agreement, the Trustee shall promptly notify the Depository and each Holder
of Class AM-FL Certificates of the change in payment terms.

            (i) Subject to Section 8.02(iii), the Trustee shall at all times
enforce the Trust's rights under the Class AJ-FL Swap Agreement. In the event of
a Swap Default under the Class AJ-FL Swap Agreement, the Trustee shall (i)
provide notice of such Swap Default on the date of such default to the Class
AJ-FL Swap Counterparty and (ii) promptly provide written notice to the Holders
of the Class AJ-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 AJ-FL Swap Agreement), unless otherwise directed
in writing by the Holders or Certificate Owners of Class AJ-FL Certificates
representing at least 51% of the Class Principal Balance of the Class AJ-FL
Certificates, to enforce such rights of the Trust under the Class AJ-FL Swap
Agreement as may be permitted by the terms thereof, including termination
thereof, and use any Swap Termination Fees received from the Class AJ-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 AJ-FL Swap
Agreement). If the costs attributable to entering into a replacement interest
rate swap agreement with respect to the Class AJ-FL Certificates would exceed
the amount of any Swap Termination Fees received from the Class AJ-FL Swap
Counterparty, a replacement interest rate swap agreement with respect to the
Class AJ-FL Certificates shall not be entered into and any such proceeds will
instead be distributed, pro rata, to the Holders of the Class AJ-FL Certificates
on the immediately succeeding Distribution Date as part of the Class AJ-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 AJ-FL Certificates with the
Trust, the Trustee shall distribute such fee: first, to the Class AJ-FL Swap
Counterparty in respect of the terminated Class AJ-FL Swap Agreement, up to the
amount of any termination payment owing to the terminated Class AJ-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 AJ-FL Swap Counterparty
in respect of the terminated Class AJ-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 AJ-FL Swap Agreement shall be
payable and/or reimbursable solely out of indemnification payments made by Class
AJ-FL Certificateholders.

            Any Class AJ-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 AJ-FL Certificates representing at least 51% of the Class
Principal Balance of the Class AJ-FL Certificates not to enter into a
replacement interest rate swap agreement and distribution of any Swap
Termination Fees paid by the Class AJ-FL Swap Counterparty to the Holders of the
Class AJ-FL Certificates. Any Swap Default under, or termination of, the Class
AJ-FL Swap Agreement and the consequent Class AJ-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 AJ-FL
Certificates, including as a result of a Class AJ-FL Distribution Conversion,
termination of a Class AJ-FL Distribution Conversion, a Swap Default under the
Class AJ-FL Swap Agreement or the cure of a Swap Default under the Class AJ-FL
Swap Agreement, the Trustee shall promptly notify the Depository and each Holder
of Class AJ-FL Certificates of the change in payment terms.

            Section 3.30 Matters Relating to Certain Mortgage Loans.

            (a) With respect to the Georgia-Alabama Retail Portfolio Loan
Combination and the $224,090 reserve amount that was established by Countrywide
in connection with the payment of renewal premiums, such reserve amount shall be
retained by Countrywide in the Countrywide Mortgage Loan Purchase Agreement and
shall not be additional collateral for the related Trust Mortgage Loan.

            (b) With respect to the Mortgage Loan identified as Beverly
Boulevard Retail Center, in the event there is a breach of a restrictive
covenant that causes the related Mortgagor to be obligated to sell the Mortgaged
Property, the Master Servicer shall not release the lien of the related Mortgage
until the Mortgage Loan has been (i) paid in full with the Yield Maintenance
Charge, and if such payment is on a date that is not the related Due Date for
such Mortgage Loan, with interest that would have accrued on such amount through
the next Due Date for such Mortgage Loan or (ii) defeased pursuant to the terms
of the related Mortgage Loan documents and this Agreement.

                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS

            Section 4.01 Distributions.

            (a) On each Distribution Date, the Trustee shall (except as
otherwise provided in Section 9.01), based on, among other things, information
provided by the Master Servicers and the Special Servicer, apply amounts on
deposit in the Distribution Account, after payment of amounts payable from the
Distribution Account in accordance with Section 3.05(b)(ii) through (ix) and
deemed distributions from REMIC I pursuant to Section 4.01(i), for the following
purposes and in the following order of priority, in each case to the extent of
the remaining portion of the Loan Group 1 Available Distribution Amount and/or
the Loan Group 2 Available Distribution Amount, as applicable:

            (i) to make distributions of interest to the Holders of the Class
      A-1, Class A-2, Class A-SB and Class A-4 Certificates and to the Floating
      Rate Account with respect to the Class A-2FL REMIC II Regular Interest,
      the Class A-3FL REMIC II Regular Interest and the Class A-4FL 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-2FL REMIC II Regular Interest, the Class
      A-3FL REMIC II Regular Interest and the Class A-4FL REMIC II Regular
      Interest in accordance with, all Distributable Certificate Interest in
      respect of each such Class of Senior Certificates and the Class A-2FL
      REMIC II Regular Interest, Class A-3FL REMIC II Regular Interest and Class
      A-4FL 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 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-2FL REMIC II Regular
      Interest, Class A-3FL REMIC II Regular Interest or Class A-4FL 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-2FL Certificates, the Class
      A-3FL Certificates and the Class A-4FL Certificates) and the Class A-2FL
      REMIC II Regular Interest, the Class A-3FL REMIC II Regular Interest and
      the Class A-4FL REMIC II Regular Interest, up to an amount equal to, and
      pro rata as among such Classes of Senior Certificates, the Class A-2FL
      REMIC II Regular Interest, the Class A-3FL REMIC II Regular Interest and
      the Class A-4FL REMIC II Regular Interest in accordance with, the
      Distributable Certificate Interest in respect of each such Class of Senior
      Certificates and the Class A-2FL REMIC II Regular Interest, Class A-3FL
      REMIC II Regular Interest and Class A-4FL 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 and the Floating Rate Account with respect
      to the Class A-2FL 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 the related
      Class Principal Balance is reduced to zero, fourth, to the Floating Rate
      Account with respect to the Class A-3FL REMIC II Regular Interest, until
      the related Class Principal Balance is reduced to zero, fifth, 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
      sixth, to the Holders of the Class A-4 Certificates and the Floating Rate
      Account with respect to the Class A-4FL 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 the
      related Class Principal Balance is reduced to zero, in that order, in an
      aggregate amount for sub-clauses first through fifth above (not to exceed
      the aggregate of the Class Principal Balances of those Classes of Senior
      Certificates, the Class A-2FL REMIC II Regular Interest, the Class A-3FL
      REMIC II Regular Interest and the Class A-4FL 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-SB and Class A-4 Certificates, Grantor Trust A-2FL with respect to the
      Class A-2FL REMIC II Regular Interest, Grantor Trust A-3FL with respect to
      the Class A-3FL REMIC II Regular Interest and Grantor Trust A-4FL with
      respect to the Class A-4FL 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-SB and Class A-4 Certificates, Grantor Trust A-2FL with
      respect to the Class A-2FL REMIC II Regular Interest, Grantor Trust A-3FL
      with respect to the Class A-3FL REMIC II Regular Interest and Grantor
      Trust A-4FL with respect to the Class A-4FL 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 AM-FL REMIC II Regular Interest and the Class
      AJ-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-SB, Class A-4 and Class A-1A Certificates, the Class
      A-2FL REMIC II Regular Interest, the Class A-3FL REMIC II Regular Interest
      and the Class A-4FL REMIC II Regular Interest to pursuant to this clause
      (ii) up to an amount equal to, and pro rata as among such Classes of
      Senior Certificates, the Class A-2FL REMIC II Regular Interest, the Class
      A-3FL REMIC II Regular Interest and the Class A-4FL 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
      and the Floating Rate Account with respect to the Class A-2FL 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 the related Class Principal Balance (after taking
      into account any distributions of principal with respect to the Class A-2
      Certificates and the Class A-2FL REMIC II Regular Interest on such
      Distribution Date pursuant to the immediately preceding clause (ii)) is
      reduced to zero, fourth, to the Floating Rate Account with respect to the
      Class A-3FL REMIC II Regular Interest, until the related Class Principal
      Balance (after taking into account any distributions of principal with
      respect to the Class A-3FL REMIC II Regular Interest on such Distribution
      Date pursuant to the immediately preceding clause (ii)) is reduced to
      zero, fifth, 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 sixth, to the Holders of the Class A-4 Certificates
      and the Floating Rate Account with respect to the Class A-4FL 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 the related Class Principal Balance (after taking
      into account any distributions of principal with respect to the Class A-4
      Certificates and the Class A-4FL REMIC II Regular Interest 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 sixth above (not to exceed the aggregate of the Class
      Principal Balances of those Classes of Senior Certificates, the Class
      A-2FL REMIC II Regular Interest, the Class A-3FL REMIC II Regular Interest
      and the Class A-4FL 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, the Class A-2FL
      REMIC II Regular Interest, the Class A-3FL REMIC II Regular Interest and
      the Class A-4FL 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-SB and Class A-4 Certificates, the Class
      A-2FL REMIC II Regular Interest, the Class A-3FL REMIC II Regular Interest
      and the Class A-4FL 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-SB and/or Class A-4 Certificates, the Class A-2FL REMIC
      II Regular Interest, the Class A-3FL REMIC II Regular Interest and/or the
      Class A-4FL 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-SB, Class A-4 and Class A-1A Certificates and to the Floating
      Rate Account with respect to the Class A-2FL REMIC II Regular Interest,
      the Class A-3FL REMIC II Regular Interest and the Class A-4FL 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, the Class A-2FL REMIC II Regular Interest, the Class A-3FL
      REMIC II Regular Interest and the Class A-4FL REMIC II Regular Interest
      and not previously reimbursed;

            (vi) to make distributions of interest to the Holders of the Class
      AM Certificates and the Floating Rate Account with respect to the Class
      AM-FL REMIC II Regular Interest, in an amount equal to, and pro rata as
      between that Class of Certificates and the Class AM-FL REMIC II Regular
      Interest in accordance with, all Distributable Certificate Interest in
      respect of such Class of Certificates and the Class AM-FL REMIC II Regular
      Interest for such Distribution Date and, to the extent not previously
      paid, for all prior Distribution Dates;

            (vii) after the Class Principal Balances of the Class A-1, Class
      A-2, Class A-SB, Class A-4 and Class A-1A Certificates, the Class A-2FL
      REMIC II Regular Interest, the Class A-3FL REMIC II Regular Interest
      and/or the Class A-4FL REMIC II Regular Interest have been reduced to
      zero, to make distributions of principal to the Holders of the Class AM
      Certificates and the Floating Rate Account with respect to the Class AM-FL
      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, in an amount (not to exceed the aggregate Class
      Principal Balance of the Class AM Certificates and the Class AM-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 (other than the Floating Rate Certificates) and/or to the
      Floating Rate Account with respect to the Class A-2FL REMIC II Regular
      Interest, the Class A-3FL REMIC II Regular Interest and/or the Class A-4FL
      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 and the Floating Rate Account with respect to the Class AM-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 AM Certificates
      and the Class AM-FL REMIC II Regular Interest, respectively, and not
      previously reimbursed;

            (ix) to make distributions of interest to the Holders of the Class
      AJ Certificates and the Floating Rate Account with respect to the Class
      AJ-FL REMIC II Regular Interest, in an amount equal to, and pro rata as
      between that Class of Certificates and the Class AJ-FL REMIC II Regular
      Interest in accordance with, all Distributable Certificate Interest in
      respect of such Class of Certificates and the Class AJ-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 Balances of the Class AM Certificates
      and the Class AM-FL REMIC II Regular Interest have 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 AJ-FL
      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, in an amount (not to exceed the aggregate Class
      Principal Balance of the Class AJ Certificates and the Class AJ-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 (other than the Floating Rate Certificates) and/or to the
      Floating Rate Account with respect to the Class A-2FL REMIC II Regular
      Interest, the Class A-3FL REMIC II Regular Interest, the Class A-4FL REMIC
      II Regular Interest and/or the Class AM-FL 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 the Floating Rate Account with respect to the Class AJ-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 AJ-FL REMIC II Regular Interest, respectively, 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 AJ-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 Sequential Pay
      Certificates (other than the Floating Rate Certificates) and/or to the
      Floating Rate Account with respect to the Class A-2FL REMIC II Regular
      Interest, the Class A-3FL REMIC II Regular Interest, the Class A-4FL REMIC
      II Regular Interest, the Class AM-FL REMIC II Regular Interest and/or the
      Class AJ-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 (other than the Floating Rate Certificates)
      and/or to the Floating Rate Account with respect to the Class A-2FL REMIC
      II Regular Interest, the Class A-3FL REMIC II Regular Interest, the Class
      A-4FL REMIC II Regular Interest, the Class AM-FL REMIC II Regular Interest
      and/or the Class AJ-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 (other than the Floating Rate Certificates)
      and/or to the Floating Rate Account with respect to the Class A-2FL REMIC
      II Regular Interest, the Class A-3FL REMIC II Regular Interest, the Class
      A-4FL REMIC II Regular Interest, the Class AM-FL REMIC II Regular Interest
      and/or the Class AJ-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;

            (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-2FL REMIC II Regular Interest, the Class A-3FL
      REMIC II Regular Interest, the Class A-4FL REMIC II Regular Interest, the
      Class AM-FL REMIC II Regular Interest and/or the Class AJ-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-2FL REMIC II Regular Interest, the Class A-3FL
      REMIC II Regular Interest, the Class A-4FL REMIC II Regular Interest, the
      Class AM-FL REMIC II Regular Interest and/or the Class AJ-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-2FL REMIC II Regular Interest, the Class A-3FL
      REMIC II Regular Interest, the Class A-4FL REMIC II Regular Interest, the
      Class AM-FL REMIC II Regular Interest and/or the Class AJ-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;

            (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-2FL REMIC II Regular Interest, the Class A-3FL
      REMIC II Regular Interest, the Class A-4FL REMIC II Regular Interest, the
      Class AM-FL REMIC II Regular Interest and/or the Class AJ-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-2FL REMIC II Regular Interest, the Class A-3FL
      REMIC II Regular Interest, the Class A-4FL REMIC II Regular Interest, the
      Class AM-FL REMIC II Regular Interest and/or the Class AJ-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-2FL REMIC II Regular Interest, the Class A-3FL
      REMIC II Regular Interest, the Class A-4FL REMIC II Regular Interest, the
      Class AM-FL REMIC II Regular Interest and/or the Class AJ-FL REMIC II
      Regular Interest pursuant to any prior clause of this Section 4.01(a));

            (xxxviii) to make distributions to the Holders of the Class K
      Certificates, in an amount equal to, and in reimbursement of, all Realized
      Losses and Additional Trust Fund Expenses, if any, previously allocated to
      the Class K Certificates and not previously reimbursed;

            (xxxix) to make distributions of interest to the Holders of the
      Class L Certificates, in an amount equal to all Distributable Certificate
      Interest in respect of the Class L Certificates for such Distribution Date
      and, to the extent not previously paid, for all prior Distribution Dates;

            (xl) after the Class Principal Balance of the Class K Certificates
      has been reduced to zero, to make distributions of principal to the
      Holders of the Class L Certificates, in an amount (not to exceed the Class
      Principal Balance of the Class L Certificates outstanding immediately
      prior to such Distribution Date) equal to the entire Principal
      Distribution Amount for such Distribution Date (net of any portion thereof
      distributed on such Distribution Date to the Holders of any other Class of
      Sequential Pay Certificates and/or to the Floating Rate Account with
      respect to the Class A-2FL REMIC II Regular Interest, the Class A-3FL
      REMIC II Regular Interest, the Class A-4FL REMIC II Regular Interest, the
      Class AM-FL REMIC II Regular Interest and/or the Class AJ-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-2FL REMIC II Regular Interest, the Class A-3FL
      REMIC II Regular Interest, the Class A-4FL REMIC II Regular Interest, the
      Class AM-FL REMIC II Regular Interest and/or the Class AJ-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 Holders of any other Class of
      Sequential Pay Certificates and/or to the Floating Rate Account with
      respect to the Class A-2FL REMIC II Regular Interest, the Class A-3FL
      REMIC II Regular Interest, the Class A-4FL REMIC II Regular Interest, the
      Class AM-FL REMIC II Regular Interest and/or the Class AJ-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-2FL REMIC II Regular Interest, the Class A-3FL
      REMIC II Regular Interest, the Class A-4FL REMIC II Regular Interest, the
      Class AM-FL REMIC II Regular Interest and/or the Class AJ-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-2FL REMIC II Regular Interest, the Class A-3FL
      REMIC II Regular Interest, the Class A-4FL REMIC II Regular Interest, the
      Class AM-FL REMIC II Regular Interest and/or the Class AJ-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 on
      such Distribution Date pursuant to clauses (i) through (liii) above; and

            (lv) to make distributions to the Holders of the Class R-I
      Certificates of the excess, if any, of (A) the Available Distribution
      Amount for such Distribution Date, over (B) the aggregate distributions
      made in respect of the REMIC I Certificates on such Distribution Date
      pursuant to clauses (i) through (liv) above.

            Distributions in reimbursement of Realized Losses and Additional
Trust Fund Expenses previously allocated to a Class of Sequential Pay
Certificates (other than the Floating Rate Certificates), the Class A-2FL REMIC
II Regular Interest, the Class A-3FL REMIC II Regular Interest, the Class A-4FL
REMIC II Regular Interest, the Class AM-FL REMIC II Regular Interest and the
Class AJ-FL REMIC II Regular Interest shall not constitute distributions of
principal and shall not result in reduction of the related Class Principal
Balance.

            (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 (other than the Floating Rate
Certificates) and/or to the Floating Rate Account with respect to the Class
A-2FL REMIC II Regular Interest, the Class A-3FL REMIC II Regular Interest, the
Class A-4FL REMIC II Regular Interest, the Class AM-FL REMIC II Regular Interest
and/or the Class AJ-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 the Floating Rate Certificates or any
      Excluded Class) 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-2FL
      REMIC II Regular Interest, the Class A-3FL REMIC II Regular Interest, the
      Class A-4FL REMIC II Regular Interest, the Class AM-FL REMIC II Regular
      Interest and/or the Class AJ-FL REMIC II Regular Interest (if
      distributions of principal are being made with respect thereto on such
      Distribution Date pursuant to Section 4.01(a) 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-2FL REMIC II Regular Interest (if
      applicable), the Class A-3FL REMIC II Regular Interest (if applicable),
      the Class A-4FL REMIC II Regular Interest (if applicable), the Class AM-FL
      REMIC II Regular Interest (if applicable) and/or the Class AJ-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 (other than the Floating Rate Certificates)
      and/or to the Floating Rate Account with respect to the Class A-2FL REMIC
      II Regular Interest, the Class A-3FL REMIC II Regular Interest, the Class
      A-4FL REMIC II Regular Interest, the Class AM-FL REMIC II Regular Interest
      and/or the Class AJ-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 Trust
Converting Loan Additional Interest Account any amounts that represent
Additional Interest actually collected during the related Collection Period on
the Trust Converting Loan and any successor Trust REO Loan with respect thereto
and shall distribute such amounts among the Holders of the Class Y Certificates
pro rata in accordance with their respective Percentage Interests of such Class.

            On each Distribution Date, the Trustee shall withdraw from the Trust
ARD Loans 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.

            On each Distribution Date, the Trustee shall withdraw from the
Palmilla Apartments Stabilization Fee Account any amounts that represent a
Palmilla Apartments Stabilization Fee actually collected during the related
Collection Period on the Palmilla Apartments Mortgage Loan and any successor
Trust REO Loan 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-2FL Sub-Account for the following
purposes and in the following order of priority, in each case to the extent of
the Class A-2FL 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-2FL Certificates, up to the Class A-2FL Interest Distribution Amount for
      such Distribution Date;

            (ii) to make distributions of principal to the Holders of the Class
      A-2FL Certificates, in reduction of the Class Principal Balance thereof,
      up to the Class A-2FL 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-2FL Certificates,
      until all Realized Losses and Additional Trust Fund Expenses previously
      allocated to the Class A-2FL Certificates, but not previously reimbursed,
      have been reimbursed in full; and

            (iv) to make distributions to the Holders of the Class A-2FL
      Certificates of any remaining amount.

            For so long as the Class A-2FL Swap Agreement is in effect and there
is no continuing payment default thereunder on the part of the Class A-2FL Swap
Counterparty, all Prepayment Premiums and Yield Maintenance Charges allocable to
the Class A-2FL REMIC II Regular Interest shall be payable to the Class A-2FL
Swap Counterparty pursuant to the terms of the Class A-2FL Swap Agreement.
However, during the occurrence of a payment default on the part of the Class
A-2FL Swap Counterparty under the Class A-2FL Swap Agreement or if the Class
A-2FL Swap Agreement is terminated and a replacement Class A-2FL 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-2FL REMIC
II Regular Interest shall be distributed by the Trustee to the Holders of the
Class A-2FL 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 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 AM-FL Sub-Account for the following
purposes and in the following order of priority, in each case to the extent of
the Class AM-FL 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
      AM-FL Certificates, up to the Class AM-FL Interest Distribution Amount for
      such Distribution Date;

            t 12 6 (ii) to make distributions of principal to the Holders of the
      Class AM-FL Certificates, in reduction of the Class Principal Balance
      thereof, up to the Class AM-FL 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 AM-FL Certificates,
      until all Realized Losses and Additional Trust Fund Expenses previously
      allocated to the Class AM-FL Certificates, but not previously reimbursed,
      have been reimbursed in full; and

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

            For so long as the Class AM-FL Swap Agreement is in effect and there
is no continuing payment default thereunder on the part of the Class AM-FL Swap
Counterparty, all Prepayment Premiums and Yield Maintenance Charges allocable to
the Class AM-FL REMIC II Regular Interest shall be payable to the Class AM-FL
Swap Counterparty pursuant to the terms of the Class AM-FL Swap Agreement.
However, during the occurrence of a payment default on the part of the Class
AM-FL Swap Counterparty under the Class AM-FL Swap Agreement or if the Class
AM-FL Swap Agreement is terminated and a replacement Class AM-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 AM-FL REMIC
II Regular Interest shall be distributed by the Trustee to the Holders of the
Class AM-FL 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 AJ-FL Sub-Account for the following
purposes and in the following order of priority, in each case to the extent of
the Class AJ-FL 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
      AJ-FL Certificates, up to the Class AJ-FL Interest Distribution Amount for
      such Distribution Date;

            (ii) to make distributions of principal to the Holders of the Class
      AJ-FL Certificates, in reduction of the Class Principal Balance thereof,
      up to the Class AJ-FL 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 AJ-FL Certificates,
      until all Realized Losses and Additional Trust Fund Expenses previously
      allocated to the Class AJ-FL Certificates, but not previously reimbursed,
      have been reimbursed in full; and

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

            For so long as the Class AJ-FL Swap Agreement is in effect and there
is no continuing payment default thereunder on the part of the Class AJ-FL Swap
Counterparty, all Prepayment Premiums and Yield Maintenance Charges allocable to
the Class AJ-FL REMIC II Regular Interest shall be payable to the Class AJ-FL
Swap Counterparty pursuant to the terms of the Class AJ-FL Swap Agreement.
However, during the occurrence of a payment default on the part of the Class
AJ-FL Swap Counterparty under the Class AJ-FL Swap Agreement or if the Class
AJ-FL Swap Agreement is terminated and a replacement Class AJ-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 AJ-FL REMIC
II Regular Interest shall be distributed by the Trustee to the Holders of the
Class AJ-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 having taken such
reasonable steps, located the related Holder by the second anniversary of the
initial sending of a check, the Trustee shall, subject to applicable law,
distribute the unclaimed funds to the Holders of the Class R-II Certificates.

            (e) Each distribution with respect to a Book-Entry Certificate shall
be paid to the Depository, as Holder thereof, and the Depository shall be
responsible for crediting the amount of such distribution to the accounts of its
Depository Participants in accordance with its normal procedures. Each
Depository Participant shall be responsible for disbursing such distribution to
the related Certificate Owners that it represents and to each indirect
participating brokerage firm (a "brokerage firm" or "indirect participating
firm") for which it acts as agent. Each brokerage firm shall be responsible for
disbursing funds to the related Certificate Owners that it represents. None of
the Trustee, the Certificate Registrar, the Depositor, the Master Servicers, 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 (without giving effect to the proviso in the
definition of "Determination Date"), mail to each Holder of record on such date
of such Class of Certificates a notice to the effect that:

            (i) the Trustee expects that the final distribution with respect to
      such Class of Certificates will be made on such Distribution Date but only
      upon presentation and surrender of such Certificates at the office of the
      Certificate Registrar or at such other location therein specified, and

            (ii) no interest shall accrue on such Certificates from and after
      such Distribution Date.

Any funds not distributed to any Holder or Holders of Certificates of such Class
on such Distribution Date because of the failure of such Holder or Holders to
tender their Certificates shall, on such date, be set aside and held uninvested
in trust and credited to the account or accounts of the appropriate
non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to this Section 4.01(g) shall not have been surrendered for
cancellation within six months after the time specified in such notice, the
Trustee shall mail a second notice to the remaining non-tendering
Certificateholders to surrender their Certificates for cancellation in order to
receive the final distribution with respect thereto. If within one year after
the second notice all such Certificates shall not have been surrendered for
cancellation, the Trustee, directly or through an agent, shall take such steps
to contact the remaining non-tendering Certificateholders concerning the
surrender of their Certificates as it shall deem appropriate. The costs and
expenses of holding such funds in trust and of contacting such
Certificateholders following the first anniversary of the delivery of such
second notice to the non-tendering Certificateholders shall be paid out of such
funds. No interest shall accrue or be payable to any former Holder on any amount
held in trust pursuant to this paragraph. If all of the Certificates shall not
have been surrendered for cancellation by the second anniversary of the delivery
of the second notice, the Trustee shall, subject to applicable law, distribute
to the Holders of the Class R-II Certificates all unclaimed funds and other
assets which remain subject thereto.

            (h) Notwithstanding any other provision of this Agreement, the
Trustee shall comply with all federal income tax withholding requirements
respecting payments made or received under the Swap Agreements and payments to
Certificateholders of interest or original issue discount that the Trustee
reasonably believes are applicable under the Code. The Certificate Registrar
shall promptly provide the Trustee with any IRS Form W-9 or W-8 (including Form
W-8ECI, W-8BEN or W-8IMY) upon its receipt thereof. The consent of
Certificateholders shall not be required for such withholding. If the Trustee
does withhold any amount from interest or original issue discount payments or
advances thereof to any Certificateholder pursuant to federal income tax
withholding requirements, the Trustee shall indicate the amount withheld to such
Certificateholders.

            (i) All distributions of interest, principal and reimbursements of
previously allocated Realized Losses and Additional Trust Fund Expenses made in
respect of any Class of Sequential Pay Certificates (other than the Floating
Rate Certificates) or REMIC II Regular Interests 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 relative
Class X Strip Rates, shall be deemed to have first been distributed from REMIC I
to REMIC II in respect of such Component's Corresponding REMIC I Regular
Interest. In each case, if such distribution on any such Class of REMIC II
Regular Certificates or REMIC II Regular Interests 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, 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
Floating Rate Certificates) and to reimburse the Floating Rate Account with
respect to the Class A-2FL REMIC II Regular Interest, the Class A-3FL REMIC II
Regular Interest, the Class A-4FL REMIC II Regular Interest, the Class AM-FL
REMIC II Regular Interest and the Class AJ-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-2FL REMIC II Regular
Interest, the Class A-3FL REMIC II Regular Interest, the Class A-4FL REMIC II
Regular Interest, the Class AM-FL REMIC II Regular Interest and/or the Class
AJ-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 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 Floating Rate
Certificates) or REMIC II Regular Interests 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
Floating Rate Certificates) and to reimburse the Floating Rate Account with
respect to the Class A-2FL REMIC II Regular Interest, the Class A-3FL REMIC II
Regular Interest, the Class A-4FL REMIC II Regular Interest, the Class AM-FL
REMIC II Regular Interest and the Class AJ-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 or REMIC II Regular
Interests.

            Section 4.02 Statements to Certificateholders.

            (a) On each Distribution Date, the Trustee shall make available
electronically via its Internet Website or, upon written request, by first class
mail, to each Certificateholder, each initial Certificate Owner and (upon
written request made to the Trustee) each subsequent Certificate Owner (as
identified to the reasonable satisfaction of the Trustee), the Depositor, the
Trustee, the Master Servicers, the Special Servicer, the Underwriters, each
Rating Agency and any other Person designated in writing by the Depositor, a
statement (a "Distribution Date Statement"), as to the distributions made on
such Distribution Date, based solely on information provided to it by the Master
Servicers and the Special Servicer. Each Distribution Date Statement shall be in
the form set forth on Exhibit B hereto and, in any event, shall set forth:

            (i) the amount of the distribution on such Distribution Date to the
      Holders of each Class of Sequential Pay Certificates in reduction of the
      Class Principal Balance thereof;

            (ii) the amount of the distribution on such Distribution Date to the
      Holders of each Class of Regular Certificates allocable to Distributable
      Certificate Interest, the Class A-2FL Interest Distribution Amount, the
      Class A-3FL Interest Distribution Amount, the Class A-4FL Interest
      Distribution Amount, the Class AM-FL Interest Distribution Amount and/or
      the Class AJ-FL Interest Distribution Amount;

            (iii) the amount of the distribution on such Distribution Date to
      the Holders of each Class of Regular Certificates allocable to Prepayment
      Premiums and/or Yield Maintenance Charges;

            (iv) the amount of the distribution on such Distribution Date to the
      Holders of each Class of Sequential Pay Certificates in reimbursement of
      previously allocated Realized Losses and Additional Trust Fund Expenses;

            (v) the total payments and other collections received by the Trust
      during the related Collection Period, the fees and expenses paid therefrom
      (with an identification of the general purpose of such fees and expenses
      and the party receiving such fees and expenses), the Available
      Distribution Amount for such Distribution Date and the respective portions
      of such Available Distribution Amount attributable to each Loan Group;

            (vi) payments made to and by the swap counterparty with respect to
      the Class A-2FL, Class A-4FL, Class AM-FL and Class AJ-FL Certificates;

            (vii) (a) the aggregate amount of P&I Advances made with respect to
      the entire Mortgage Pool, and made with respect to each Loan Group, for
      such Distribution Date pursuant to Section 4.03(a), including, without
      limitation, any amounts applied pursuant to Section 4.03(a)(ii), and the
      aggregate amount of unreimbursed P&I Advances with respect to the entire
      Mortgage Pool, and with respect to each Loan Group, that had been
      outstanding at the close of business on the related Determination Date and
      the aggregate amount of interest accrued and payable to the Master
      Servicers, 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;

            (viii) 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;

            (ix) the aggregate Stated Principal Balance of the Mortgage Pool and
      of each Loan Group outstanding immediately before and immediately after
      such Distribution Date;

            (x) 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;

            (xi) the number, aggregate unpaid principal balance (as of the close
      of business on the related Determination Date) and aggregate Stated
      Principal Balance (immediately after such Distribution Date) of the Trust
      Mortgage Loans (A) delinquent 30-59 days, (B) delinquent 60-89 days, (C)
      delinquent more than 89 days, (D) as to which foreclosure proceedings have
      been commenced, and (E) to the actual knowledge of either Master Servicer
      or the Special Servicer, in bankruptcy proceedings;

            (xii) 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;

            (xiii) 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;

            (xiv) 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;

            (xv) with respect to any Trust Mortgage Loan as to which an uncured
      and unresolved Breach or Document Defect that materially and adversely
      affects the value of such Trust Mortgage Loan or the interests of the
      Certificateholders, is alleged to exist, (A) the loan number thereof, (B)
      the unpaid principal balance thereof, (C) a brief description of such
      Breach or Document Defect, as the case may be, and (D) the status of such
      Breach or Document Defect, as the case may be, including any actions known
      to the Trustee that are being taken by or on behalf of the applicable
      Mortgage Loan Seller with respect thereto;

            (xvi) 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;

            (xvii) 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;

            (xviii) 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;

            (xix) the Accrued Certificate Interest and Distributable Certificate
      Interest in respect of each Class of Regular Certificates, the Class A-2FL
      REMIC II Regular Interest, the Class A-3FL REMIC II Regular Interest, the
      Class A-4FL REMIC II Regular Interest, the Class AM-FL REMIC II Regular
      Interest and the Class AJ-FL REMIC II Regular Interest, as well as the
      Class A-2FL Interest Distribution Amount, the Class A-3FL Interest
      Distribution Amount, the Class A-4FL Interest Distribution Amount, the
      Class AM-FL Interest Distribution Amount and the Class AJ-FL Interest
      Distribution Amount, for such Distribution Date;

            (xx) any unpaid Distributable Certificate Interest in respect of
      each Class of Regular Certificates, the Class A-2FL REMIC II Regular
      Interest, the Class A-3FL REMIC II Regular Interest, the Class A-4FL REMIC
      II Regular Interest, the Class AM-FL REMIC II Regular Interest and the
      Class AJ-FL REMIC II Regular Interest, as well as any unpaid portion of
      the Class A-2FL Interest Distribution Amount, the Class A-3FL Interest
      Distribution Amount, the Class A-4FL Interest Distribution Amount, the
      Class AM-FL Interest Distribution Amount and the Class AJ-FL Interest
      Distribution Amount, respectively, after giving effect to the
      distributions made on such Distribution Date;

            (xxi) the Pass-Through Rate for each Class of Regular Certificates,
      the Class A-2FL REMIC II Regular Interest, the Class A-3FL REMIC II
      Regular Interest, the Class A-4FL REMIC II Regular Interest, the Class
      AM-FL REMIC II Regular Interest and the Class AJ-FL REMIC II Regular
      Interest, for such Distribution Date;

            (xxii) 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);

            (xxiii) the aggregate of all Realized Losses incurred during the
      related Collection Period and all Additional Trust Fund Expenses incurred
      during the related Collection Period;

            (xxiv) the aggregate of all Realized Losses and Additional Trust
      Fund Expenses that were allocated on such Distribution Date;

            (xxv) the Class Principal Balance or Notional Amount, as applicable,
      of each Class of Regular Certificates, outstanding immediately before and
      immediately after such Distribution Date, separately identifying any
      reduction therein due to the allocation of Realized Losses and Additional
      Trust Fund Expenses on such Distribution Date;

            (xxvi) the Certificate Factor for each Class of Regular Certificates
      immediately following such Distribution Date;

            (xxvii) the aggregate amount of interest on P&I Advances in respect
      of the Mortgage Pool and in respect of each Loan Group paid to the Master
      Servicers, the Trustee and any Fiscal Agent during the related Collection
      Period in accordance with Section 4.03(d);

            (xxviii) the aggregate amount of interest on Servicing Advances in
      respect of the Mortgage Pool and in respect of each Loan Group paid to the
      Master Servicers, the Special Servicer, the Trustee and any Fiscal Agent
      during the related Collection Period in accordance with Section 3.03(d);

            (xxix) the aggregate amount of servicing compensation (separately
      identifying the amount of each category of compensation) paid to the
      Master Servicers and the Special Servicer during the related Collection
      Period;

            (xxx) the loan number for each Trust Required Appraisal Mortgage
      Loan and any related Appraisal Reduction Amount as of the related
      Determination Date;

            (xxxi) the original and then current credit support levels for each
      Class of Regular Certificates;

            (xxxii) the original and then current ratings known to the Trustee
      for each Class of Regular Certificates;

            (xxxiii) the aggregate amount of Prepayment Premiums and Yield
      Maintenance Charges collected during the related Collection Period;

            (xxxiv) 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;

            (xxxv) the amounts, if any, actually distributed with respect to the
      Class Y Certificates, the Class Z Certificates, the Class R-I Certificates
      and the Class R-II Certificates, respectively, on 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

            In the case of information to be furnished pursuant to clauses (i)
through (iv) above, the amounts shall be expressed as a dollar amount in the
aggregate for all Certificates of each applicable Class and per Single
Certificate. In the case of information provided to the Trustee as a basis for
information to be furnished pursuant to clauses (x) through (xvii), (xxviii),
(xxxiii) and (xxxv) above, insofar as the underlying information is solely
within the control of the Special Servicer, the Trustee and the Master Servicers
may, absent manifest error, conclusively rely on the reports to be provided by
the Special Servicer.

            Each Distribution Date Statement shall identify the Distribution
Date to which it relates and the Record Date, the Interest Accrual Period, the
Determination Date and the Collection Period that correspond to such
Distribution Date.

            The Trustee may conclusively rely on and shall not be responsible
absent manifest error for the content or accuracy of any information provided by
third parties for purposes of preparing the Distribution Date Statement and may
affix thereto any disclaimer it deems appropriate in its reasonable discretion
(without suggesting liability on the part of any other party hereto).

            On each Distribution Date, the Trustee shall make available via its
Internet Website the information specified in Section 3.15(b) to the Persons
specified therein. Absent manifest error, none of the Master Servicers or the
Special Servicer shall be responsible for the accuracy or completeness of any
information supplied to it by a Mortgagor or third party that is included in any
reports, statements, materials or information prepared or provided by either
Master Servicer or the Special Servicer, as applicable. The Trustee shall not be
responsible absent manifest error for the accuracy or completeness of any
information supplied to it for delivery pursuant to this Section. None of the
Trustee, the Master Servicers or the Special Servicer shall have any obligation
to verify the accuracy or completeness of any information provided by a
Mortgagor or third party.

            Within a reasonable period of time after the end of each calendar
year, the Trustee shall send to each Person who at any time during the calendar
year was a Certificateholder of record, a report summarizing on an annual basis
(if appropriate) the items provided to Certificateholders pursuant to clauses
(i), (ii), (iii), (iv), (vi), (xix) and (xx) of the description of "Distribution
Date Statement" above and such other information as may be required to enable
such Certificateholders to prepare their federal income tax returns. Such
information shall include the amount of original issue discount accrued on each
Class of Certificates and information regarding the expenses of the Trust Fund.
Such requirement shall be deemed to be satisfied to the extent such information
is provided pursuant to applicable requirements of the Code from time to time in
force.

            If any Certificate Owner does not receive through the Depository or
any of its Depository Participants any of the statements, reports and/or other
written information described above in this Section 4.02(a) that it would
otherwise be entitled to receive if it were the Holder of a Definitive
Certificate evidencing its ownership interest in the related Class of Book Entry
Certificates, then the Trustee shall mail or cause the mailing of, or provide
electronically or cause the provision electronically of, such statements,
reports and/or other written information to such Certificate Owner upon the
request of such Certificate Owner made in writing to the Corporate Trust Office
(accompanied by current verification of such Certificate Owner's ownership
interest). Such portion of such information as may be agreed upon by the
Depositor and the Trustee shall be furnished to any such Person via overnight
courier delivery or facsimile from the Trustee; provided that the cost of such
overnight courier delivery or facsimile shall be an expense of the party
requesting such information.

            The Trustee shall only be obligated to deliver the statements,
reports and information contemplated by this Section 4.02(a) to the extent it
receives the necessary underlying information from the Special Servicer or
either Master Servicer, as applicable, and shall not be liable for any failure
to deliver any statement, report or information on the prescribed due dates, to
the extent caused by failure to receive timely such underlying information.
Nothing herein shall obligate the Trustee or either Master Servicer to violate
any applicable law prohibiting disclosure of information with respect to any
Mortgagor and the failure of the Trustee, either Master Servicer or the Special
Servicer to disseminate information for such reason shall not be a breach
hereof.

            (b) In the performance of its obligations set forth in Section 4.05
and its other duties hereunder, the Trustee may, absent bad faith, conclusively
rely on reports provided to it by the Master Servicers, and the Trustee shall
not be responsible to recompute, recalculate or verify the information provided
to it by the Master Servicers.

            Section 4.03 P&I Advances; Reimbursement of P&I Advances and
Servicing Advances.

            (a) On or before 3:00 p.m. (New York City time) on each P&I Advance
Date, each Master Servicer shall (i) apply amounts in its Collection Account
received after the end of the related Collection Period or otherwise held for
future distribution to Certificateholders in subsequent months in discharge of
its obligation to make P&I Advances or (ii) subject to Section 4.03(c) below,
remit from its own funds to the Trustee for deposit into the Distribution
Account an amount equal to the aggregate amount of P&I Advances, if any, to be
made in respect of the related Distribution Date. The Master Servicers may also
make P&I Advances in the form of any combination of clauses (i) and (ii) above
aggregating the total amount of P&I Advances to be made. Any amounts held in a
Collection Account for future distribution and so used to make P&I Advances
shall be appropriately reflected in the applicable Master Servicer's records and
replaced by such Master Servicer by deposit in such Collection Account on or
before the next succeeding Determination Date (to the extent not previously
replaced through the deposit of Late Collections of the delinquent principal and
interest in respect of which such P&I Advances were made). If, as of 4:00 p.m.
(New York City time) on any P&I Advance Date, the applicable Master Servicer
shall not have made any P&I Advance required to be made on such date pursuant to
this Section 4.03(a) (and shall not have delivered to the Trustee the requisite
Officer's Certificate and documentation related to a determination of
nonrecoverability of a P&I Advance), then the Trustee shall provide notice of
such failure to a Servicing Officer of such Master Servicer by facsimile
transmission sent to the facsimile number set forth in Section 11.05 (or such
alternative number provided by such Master Servicer to the Trustee in writing)
as soon as possible, but in any event before 5:00 p.m. (New York City time) on
such P&I Advance Date. If the Trustee does not receive the full amount of such
P&I Advances by 11:00 a.m. (New York City time) on the related Distribution
Date, then, subject to Section 4.03(c), (i) the Trustee shall, no later than
12:00 p.m., 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 applicable
Master Servicer on such P&I Advance Date, and (ii) with respect to such Master
Servicer, the provisions of Sections 7.01 and 7.02 shall apply.

            (b) The aggregate amount of P&I Advances to be made by either Master
Servicer, 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 (and, after a
Georgia-Alabama Retail Portfolio Servicing Transfer Event in the case of the
Georgia-Alabama Retail Portfolio Trust Mortgage Loan, net of the Georgia-Alabama
Retail Portfolio Servicing Fee Rate), 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 (in the case of each Master
Servicer, to the extent it is the applicable Master Servicer) 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, after a Georgia-Alabama Retail Portfolio Servicing
Transfer Event in the case of the Georgia-Alabama Retail Portfolio Trust
Mortgage Loan, by the Georgia-Alabama Retail Portfolio Servicer pursuant to the
Georgia-Alabama Retail Portfolio Companion Pooling and Servicing Agreement), 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 (or, after a Georgia-Alabama Retail Portfolio Servicing
Transfer Event in the case of the Georgia-Alabama Retail Portfolio Trust
Mortgage Loan, by the Georgia-Alabama Retail Portfolio Servicer pursuant to the
Georgia-Alabama Retail Portfolio Companion Pooling and Servicing Agreement), and
the Periodic Payment due and owing during the extension period is less than the
related Assumed Periodic Payment, then the applicable 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 and, after a
Georgia-Alabama Retail Portfolio Servicing Transfer Event in the case of the
Georgia-Alabama Retail Portfolio Trust Mortgage Loan, net of the Georgia-Alabama
Retail Portfolio Servicing Fee Rate) 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 or, after a Georgia-Alabama Retail Portfolio Servicing Transfer
Event in the case of the Georgia-Alabama Retail Portfolio Trust Mortgage Loan,
the Georgia-Alabama Retail Portfolio Servicer has determined that an Appraisal
Reduction Amount exists under the Georgia-Alabama Retail Portfolio A-2 Note
Pooling and Servicing Agreement, then, with respect to the Distribution Date
immediately following the date of such determination and with respect to each
subsequent Distribution Date for so long as such Appraisal Reduction Amount
exists, the applicable Master Servicer, 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
Trust Mortgage Loan that is part of a Serviced Loan Combination or any successor
Trust REO Loan with respect thereto, the reference to "Appraisal Reduction
Amount" in clause (y) of the proviso to the preceding sentence means the portion
of any Appraisal Reduction Amount with respect to the related Serviced Loan
Combination that is allocable, in accordance with the definition of "Appraisal
Reduction Amount," to such Trust Mortgage Loan or any successor Trust REO Loan
with respect thereto, as the case may be.

            (c) Notwithstanding anything herein to the contrary, no P&I Advance
shall be required to be made hereunder if such P&I Advance would, if made,
constitute a Nonrecoverable P&I Advance. The determination by the applicable
Master Servicer or the Special Servicer that a prior P&I Advance (or, assuming
that it was still outstanding, any Unliquidated Advance in respect thereof) that
has been made constitutes a Nonrecoverable P&I Advance or that any proposed P&I
Advance, if made, would constitute a Nonrecoverable P&I Advance, shall be
evidenced by an Officer's Certificate delivered to the Trustee, 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 applicable Master
Servicer's Collection Account pursuant to Section 3.05(a)) (or, if no such
Appraisal has been performed pursuant to this Section 4.03(c), a copy of an
Appraisal of the related Mortgaged Property performed within the twelve months
preceding such determination), related Mortgagor operating statements and
financial statements, budgets and rent rolls of the related Mortgaged
Properties, engineers' reports, environmental surveys and any similar reports
that the applicable Master Servicer may have obtained consistent with the
Servicing Standard and at the expense of the Trust Fund, that support such
determination by such Master Servicer. As soon as practical after making such
determination, the Special Servicer shall report to the applicable Master
Servicer, the Trustee 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 applicable 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. Notwithstanding the
foregoing, the applicable Master Servicer shall have the right to make its own
subsequent determination that any portion of any such previously made or
proposed P&I Advance is a Nonrecoverable P&I Advance. The Trustee and any Fiscal
Agent shall be entitled to rely, conclusively, on any determination by the
applicable Master Servicer that a P&I Advance, if made, would be a
Nonrecoverable Advance (and the Trustee and any Fiscal Agent) shall rely on such
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 such
Master Servicer has failed to make a P&I Advance for reasons other than a
determination by such Master Servicer or the Special Servicer that such P&I
Advance would be a Nonrecoverable Advance, the Trustee 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 each Master Servicer hereunder.

            Notwithstanding the foregoing, if the Georgia-Alabama Retail
Portfolio Servicer provides Master Servicer No. 2 with written notice to the
effect that it has determined that a proposed P&I Advance, if made, would be
Nonrecoverable P&I Advance or that an outstanding P&I Advance is a
Nonrecoverable P&I Advance, Master Servicer No. 2 shall not make any P&I
Advances with respect to the Georgia-Alabama Retail Portfolio Trust Mortgage
Loan until it has consulted with the Georgia-Alabama Retail Portfolio Servicer
and agreed that circumstances with respect to the Georgia-Alabama Retail
Portfolio Loan Combination have changed such that it is not expected that a
proposed future P&I Advance would be a Nonrecoverable P&I Advance.

            (d) In connection with the recovery by either Master Servicer, the
Trustee or any Fiscal Agent of any P&I Advance out of the applicable Master
Servicer's Collection Account pursuant to Section 3.05(a), subject to the
following sentence, such Master Servicer shall be entitled to pay itself, the
Trustee or any Fiscal Agent, as the case may be, out of any amounts then on
deposit in its Collection Account, interest at the Reimbursement Rate in effect
from time to time, accrued on the amount of such P&I Advance (to the extent made
with its own funds) from the date made to but not including the date of
reimbursement, such interest to be payable first out of Default Charges received
on the related Trust Mortgage Loan or Trust REO Loan during the Collection
Period in which such reimbursement is made, then from general collections on the
Trust Mortgage Loans then on deposit in such Master Servicer's Collection
Account; provided, however, that no interest shall accrue on any P&I Advance
made with respect to a Trust Mortgage Loan if the related Periodic Payment is
received on or prior to the Due Date of such Trust Mortgage Loan, prior to the
expiration of any applicable grace period or prior to the related P&I Advance
Date; and provided, further, that, if such P&I Advance was made with respect to
a Trust Mortgage Loan that is part of a Loan Combination or any successor Trust
REO Loan with respect thereto, then such interest on such P&I Advance shall
first be payable out of amounts on deposit in the related Loan Combination
Custodial Account in accordance with Section 3.05(e). Subject to Section
4.03(f), the applicable Master Servicer shall reimburse itself, 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 such
Master Servicer, and in no event shall interest accrue in accordance with this
Section 4.03(d) on any P&I Advance as to which the corresponding Late Collection
was received by such Master Servicer on or prior to the related P&I Advance
Date.

            (e) In no event shall either Master Servicer, 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 Accounts, the applicable 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 applicable 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 applicable
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, such 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 applicable 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 such 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 such 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
applicable 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 applicable 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 applicable Master Servicer or the Special Servicer, constitute a violation
of the Servicing Standard nor, with respect to the Trustee 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 applicable
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 Accounts are sufficient to
reimburse such Nonrecoverable Advances pursuant to Section 3.05(a)(vii).

            Section 4.04 Allocation of Realized Losses and Additional Trust Fund
Expenses.

            (a) On each Distribution Date, following all distributions to be
made on such date pursuant to Section 4.01, the Trustee shall allocate to the
respective Classes of Sequential Pay Certificates (exclusive of the Floating
Rate Certificates) and the REMIC II Regular Interests 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 Floating Rate Certificates) and the REMIC II Regular Interests
as of such Distribution Date (after taking into account all of the distributions
made on such Distribution Date pursuant to Section 4.01), exceeds (ii) the
aggregate Stated Principal Balance of, and any Unliquidated Advances with
respect to, the Mortgage Pool that will be outstanding immediately following
such Distribution Date: first, sequentially, to the Class Q, Class P, Class N,
Class M, Class L, Class K, Class J, Class H, Class G, Class F, Class E, Class D,
Class C and Class B Certificates, in that order; then the Class AJ Certificates
and Class AJ-FL REMIC II Regular Interest (on a pro rata and pari passu basis);
then the Class AM Certificates and Class AM-FL REMIC II Regular Interest (on a
pro rata and pari passu basis), in each case until the remaining Class Principal
Balance thereof is reduced to zero; and then, pro rata (based on remaining Class
Principal Balances) to the Class A-1, Class A-2, Class A-SB, Class A-4 and Class
A-1A Certificates, the Class A-2FL REMIC II Regular Interest, the Class A-3FL
REMIC II Regular Interest and the Class A-4FL 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-2FL
REMIC II Regular Interest shall, in turn, be deemed allocated to the Class A-2FL
Certificates. 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 A-4FL REMIC II Regular Interest shall, in turn,
be deemed allocated to the Class A-4FL Certificates. Any Realized Losses and
Additional Trust Fund Expenses allocated to the Class AM-FL REMIC II Regular
Interest shall, in turn, be deemed allocated to the Class AM-FL Certificates.
Any Realized Losses and Additional Trust Fund Expenses allocated to the Class
AJ-FL REMIC II Regular Interest shall, in turn, be deemed allocated to the Class
AJ-FL Certificates. Any allocation of Realized Losses and Additional Trust Fund
Expenses to a Class of Sequential Pay Certificates shall be made by reducing the
Class Principal Balance thereof by the amount so allocated. All Realized Losses
and Additional Trust Fund Expenses, if any, allocated to a Class of Sequential
Pay Certificates shall be allocated among the respective Certificates of such
Class in proportion to the Percentage Interests evidenced thereby. All Realized
Losses and Additional Trust Fund Expenses, if any, that have not been allocated
to the Sequential Pay Certificates as of the Distribution Date on which the
aggregate of the Class Principal Balances of the Sequential Pay Certificates has
been reduced to zero, shall be deemed allocated to the Residual Certificates.

            If and to the extent any Nonrecoverable Advances (and/or interest
thereon) that were reimbursed from principal collections on the Mortgage Pool
and previously resulted in a reduction of the Principal Distribution Amount are
subsequently recovered on the related Trust Mortgage Loan or Trust REO Loan,
then, on the Distribution Date immediately following the Collection Period in
which such recovery occurs, the Class Principal Balances of the respective
Classes of Sequential Pay Certificates (exclusive of the Floating Rate
Certificates) or REMIC II Regular Interests 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 Floating Rate
Certificates) or REMIC II Regular Interests 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 Floating Rate Certificates) or
REMIC II Regular Interests 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 Floating Rate Certificates) or REMIC II Regular Interests 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 Floating Rate Certificates) or REMIC II Regular Interests 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. Any increase in the Class Principal Balance of the Class A-2FL
REMIC II Regular Interest shall result in a corresponding increase in the Class
Principal Balance of the Class A-2FL Certificates. Any increase in the Class
Principal Balance of the Class A-3FL REMIC II Regular Interest shall result in a
corresponding increase in the Class Principal Balance of the Class A-3FL
Certificates. Any increase in the Class Principal Balance of the Class A-4FL
REMIC II Regular Interest shall result in a corresponding increase in the Class
Principal Balance of the Class A-4FL Certificates. Any increase in the Class
Principal Balance of the Class AM-FL REMIC II Regular Interest shall result in a
corresponding increase in the Class Principal Balance of the Class AM-FL
Certificates. Any increase in the Class Principal Balance of the Class AJ-FL
REMIC II Regular Interest shall result in a corresponding increase in the Class
Principal Balance of the Class AJ-FL Certificates.

            If the Class Principal Balance of any Class of Sequential Pay
Certificates (exclusive of the Floating Rate Certificates) or REMIC II Regular
Interests 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 Floating Rate Certificates) or REMIC II
Regular Interests is increased pursuant to the second paragraph of Section
4.04(a), the REMIC I Principal Balance of its Corresponding REMIC I Regular
Interest shall be increased by the exact same amount.

            Section 4.05 Calculations.

            The Trustee shall, provided it receives the necessary information
from the Master Servicers and the Special Servicer, be responsible for
performing all calculations necessary in connection with the actual and deemed
distributions and allocations to be made pursuant to Section 4.01, Section
5.02(d) and Article IX and the actual and deemed allocations of Realized Losses,
Additional Trust Fund Expenses and other items to be made pursuant to Section
4.04. The Trustee shall calculate the Available Distribution Amount for each
Distribution Date and shall allocate such amount among Certificateholders in
accordance with this Agreement, and the Trustee shall have no obligation to
recompute, recalculate or verify any information provided to it by the Special
Servicer or either Master Servicer. The calculations by the Trustee of such
amounts shall, in the absence of manifest error, be presumptively deemed to be
correct for all purposes hereunder.

                                    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 (other than any portion
of which is represented by a Definitive Certificate) 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, the Class Y 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 Y Certificates shall have no minimum denomination and shall be
represented by a single Definitive Certificate. The Class Z Certificates shall
have no minimum denomination and shall be represented by a single Definitive
Certificate.

            (b) The Certificates shall be executed by manual or facsimile
signature on behalf of the Trustee by the Certificate Registrar hereunder by an
authorized signatory. Certificates bearing the manual or facsimile signatures of
individuals who were at any time the authorized officers or signatories of the
Certificate Registrar shall be entitled to all benefits under this Agreement,
subject to the following sentence, notwithstanding that such individuals or any
of them have ceased to hold such offices prior to the authentication and
delivery of such Certificates or did not hold such offices at the date of such
Certificates. No Certificate shall be entitled to any benefit under this
Agreement, or be valid for any purpose, however, unless there appears on such
Certificate a certificate of authentication substantially in the form provided
for herein executed by the Authenticating Agent by manual signature, and such
certificate of authentication upon any Certificate shall be conclusive evidence,
and the only evidence, that such Certificate has been duly authenticated and
delivered hereunder. All Certificates shall be dated the date of their
authentication.

            Section 5.02 Registration of Transfer and Exchange of Certificates.

            (a) At all times during the term of this Agreement, there shall be
maintained at the office of the Certificate Registrar a Certificate Register in
which, subject to such reasonable regulations as the Certificate Registrar may
prescribe, the Certificate Registrar (located as of the Closing Date at the
Corporate Trust Office of the Trustee shall provide for the registration of
Certificates and of transfers and exchanges of Certificates as herein provided.
The Trustee is hereby initially appointed (and hereby agrees to act in
accordance with the terms hereof) as Certificate Registrar for the purpose of
registering Certificates and transfers and exchanges of Certificates as herein
provided. The Certificate Registrar may appoint, by a written instrument
delivered to the Depositor, the Master Servicers, the Special Servicer and the
Trustee, any other bank or trust company to act as Certificate Registrar under
such conditions as the predecessor Certificate Registrar may prescribe, provided
that the predecessor Certificate Registrar shall not be relieved of any of its
duties or responsibilities hereunder by reason of such appointment. If the
Trustee resigns or is removed in accordance with the terms hereof, the successor
certificate administrator shall immediately succeed to its duties as Certificate
Registrar. The Depositor, the Trustee, the Certificate Registrar (if it is no
longer the Certificate Registrar) the Master Servicers and the Special Servicer
shall have the right to inspect the Certificate Register or to obtain a copy
thereof at all reasonable times, and to rely conclusively upon a certificate of
the Certificate Registrar as to the information set forth in the Certificate
Register.

            Upon written request of any Certificateholder made for purposes of
communicating with other Certificateholders with respect to their rights under
this Agreement, the Certificate Registrar shall promptly furnish such
Certificateholder with a list of the other Certificateholders of record
identified in the Certificate Register at the time of the request.

            (b) No Transfer of any Non-Registered Certificate or interest
therein shall be made unless that Transfer is exempt from the registration
and/or qualification requirements of the Securities Act and any applicable state
securities laws, or is otherwise made in accordance with the Securities Act and
such state securities laws.

            If a Transfer of any Definitive Non-Registered Certificate is to be
made without registration under the Securities Act (other than in connection
with the initial issuance of the Non-Registered Certificates or a Transfer of
such Certificate by the Depositor, Merrill Lynch, Pierce, Fenner & Smith
Incorporated or any of their respective Affiliates or, in the case of a Global
Certificate for any Class of Book-Entry Non-Registered Certificates, a Transfer
thereof to a successor Depository or to the applicable Certificate Owner(s) in
accordance with Section 5.03), then the Certificate Registrar shall refuse to
register such Transfer unless it receives (and, upon receipt, may conclusively
rely upon) either: (i) a certificate from the Certificateholder desiring to
effect such Transfer substantially in the form attached hereto as Exhibit E-1
and a certificate from such Certificateholder's prospective Transferee
substantially in the form attached hereto either as Exhibit E-2A or, except in
the case of the Class R-I, Class R-II, Class Y 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, Class Y or Class Z
Certificates, an Institutional Accredited Investor, and such Transfer may be
made without registration under the Securities Act (which Opinion of Counsel
shall not be an expense of the Trust Fund or of the Depositor, the Master
Servicers, the Special Servicer, the REMIC Administrator, the Trustee or the
Certificate Registrar in their respective capacities as such), together with the
written certification(s) as to the facts surrounding such Transfer from the
Certificateholder desiring to effect such Transfer and/or such
Certificateholder's prospective Transferee on which such Opinion of Counsel is
based.

            No beneficial interest in the Rule 144A Global Certificate for any
Class of Book-Entry Non-Registered Certificates may be held by any Person that
is not a Qualified Institutional Buyer. If a Transfer of any interest in the
Rule 144A Global Certificate for any Class of Book-Entry Non-Registered
Certificates is to be made without registration under the Securities Act (other
than in connection with the initial issuance of the Book-Entry Non-Registered
Certificates or a Transfer of any interest therein by the Depositor, Merrill
Lynch, Pierce, Fenner & Smith Incorporated or any of their respective
Affiliates), then the Certificate Owner desiring to effect such Transfer shall
be required to obtain either (i) a certificate from such Certificate Owner's
prospective Transferee substantially in the form attached hereto as Exhibit
E-2C, or (ii) an Opinion of Counsel to the effect that the prospective
Transferee is a Qualified Institutional Buyer and such Transfer may be made
without registration under the Securities Act. If any Transferee of an interest
in the Rule 144A Global Certificate for any Class of Book-Entry Non-Registered
Certificates does not, in connection with the subject Transfer, deliver to the
Transferor the Opinion of Counsel or the certification described in the
preceding sentence, then such Transferee shall be deemed to have represented and
warranted that all the certifications set forth in Exhibit E-2C hereto are, with
respect to the subject Transfer, true and correct.

            Notwithstanding the preceding paragraph, any interest in the Rule
144A Global Certificate for a Class of Book-Entry Non-Registered Certificates
may be transferred to any Non-United States Securities Person who takes delivery
in the form of a beneficial interest in the Regulation S Global Certificate for
such Class of Certificates, provided that the Certificate Owner desiring to
effect such Transfer (i) complies with the requirements for Transfers of
interests in such Regulation S Global Certificate set forth in the following
paragraph and (ii) delivers or causes to be delivered to the Certificate
Registrar and the Trustee (A) a certificate from such Certificate Owner
confirming its ownership of the beneficial interests in the subject Class of
Book-Entry Non-Registered Certificates to be transferred, (B) a copy of the
certificate to be obtained by such Certificate Owner from its prospective
Transferee in accordance with the second sentence of the following paragraph and
(C) such written orders and instructions as are required under the applicable
procedures of the Depository, Clearstream and Euroclear to direct the Trustee,
as transfer agent for the Depository, to approve the debit of the account of a
Depository Participant by a denomination of interests in such Rule 144A Global
Certificate, and approve the credit of the account of a Depository Participant
by a denomination of interests in such Regulation S Global Certificate, that is
equal to the denomination of beneficial interests in the subject Class of
Book-Entry Non-Registered Certificates to be transferred. Upon delivery to the
Certificate Registrar and the Trustee of such certifications and such orders and
instructions, the Trustee, subject to and in accordance with the applicable
procedures of the Depository, shall reduce the denomination of the Rule 144A
Global Certificate in respect of the subject Class of Book-Entry Non-Registered
Certificates, and increase the denomination of the Regulation S Global
Certificate for such Class of Certificates, by the denomination of the
beneficial interest in such Class of Certificates specified in such orders and
instructions.

            No beneficial interest in the Regulation S Global Certificate for
any Class of Book-Entry Non-Registered Certificates may be held by any Person
that is a United States Securities Person. Any Certificate Owner desiring to
effect any Transfer of a beneficial interest in the Regulation S Global
Certificate for any Class of Book-Entry Non-Registered Certificates shall be
required to obtain from such Certificate Owner's prospective Transferee a
certificate substantially in the form set forth in Exhibit E-2D hereto to the
effect that such Transferee is not a United States Securities Person. If any
Transferee of an interest in the Regulation S Global Certificate for any Class
of Book-Entry Non-Registered Certificates does not, in connection with the
subject Transfer, deliver to the Transferor the certification described in the
preceding sentence, then such Transferee shall be deemed to have represented and
warranted that all the certifications set forth in Exhibit E-2D hereto are, with
respect to the subject Transfer, true and correct.

            Notwithstanding the preceding paragraph, any interest in the
Regulation S Global Certificate for a Class of Book-Entry Non-Registered
Certificates may be transferred to any Qualified Institutional Buyer that takes
delivery in the form of a beneficial interest in the Rule 144A Global
Certificate for such Class of Certificates, provided that the Certificate Owner
desiring to effect such transfer (i) complies with the requirements for
Transfers of interests in such Rule 144A Global Certificate set forth in the
third paragraph of this Section 5.02(b) and (ii) delivers or causes to be
delivered to the Certificate Registrar and the Trustee (A) a certificate from
such Certificate Owner confirming its ownership of the beneficial interests in
the subject Class of Book-Entry Non-Registered Certificates to be transferred,
(B) a copy of the certificate or Opinion of Counsel to be obtained by such
Certificate Owner from its prospective Transferee in accordance with the second
sentence of the third paragraph of this Section 5.02(b) and (C) such written
orders and instructions as are required under the applicable procedures of the
Depository, Clearstream and Euroclear to direct the Trustee to debit the account
of a Depository Participant by a denomination of interests in such Regulation S
Global Certificate, and credit the account of a Depository Participant by a
denomination of interests in such Rule 144A Global Certificate, that is equal to
the denomination of beneficial interests in the subject Class of Book-Entry
Non-Registered Certificates to be transferred. Upon delivery to the Certificate
Registrar and the Trustee of such certification(s) and/or Opinion of Counsel and
such orders and instructions, the Trustee, subject to and in accordance with the
applicable procedures of the Depository, shall reduce the denomination of the
Regulation S Global Certificate in respect of the subject Class of Book-Entry
Non-Registered Certificates, and increase the denomination of the Rule 144A
Global Certificate for such Class of Certificates, by the denomination of the
beneficial interest in such Class of Certificates specified in such orders and
instructions.

            Also notwithstanding the foregoing, any interest in a Global
Certificate with respect to any Class of Book-Entry Non-Registered Certificates
may be transferred by any Certificate Owner holding such interest to any
Institutional Accredited Investor (other than a Qualified Institutional Buyer)
that takes delivery in the form of a Definitive Certificate of the same Class as
such Global Certificate upon delivery to the Certificate Registrar and the
Trustee of (i) such certifications and/or opinions as are contemplated by the
second paragraph of this Section 5.02(b) and (ii) such written orders and
instructions as are required under the applicable procedures of the Depository
to direct the Trustee to debit the account of a Depository Participant by the
denomination of the transferred interests in such Global Certificate. Upon
delivery to the Certificate Registrar and the Trustee of the certifications
and/or opinions contemplated by the second paragraph of this Section 5.02(b),
the Trustee, subject to and in accordance with the applicable procedures of the
Depository, shall reduce the denomination of the subject Global Certificate by
the denomination of the transferred interests in such Global Certificate, and
shall cause a Definitive Certificate of the same Class as such Global
Certificate, and in a denomination equal to the reduction in the denomination of
such Global Certificate, to be executed, authenticated and delivered in
accordance with this Agreement to the applicable Transferee.

            Conversely, notwithstanding the foregoing, any interest in a
Definitive Certificate with respect to any Class of Non-Registered Certificates
may be transferred by any Certificate Owner holding such interest to: (a) a
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 interests in the Definitive Certificate to be transferred, (B) a copy of
the certificate or Opinion of Counsel to be obtained by such Certificate Owner
from its prospective Transferee in accordance with the second sentence of the
third paragraph of this Section 5.02(b) and (C) such written orders and
instructions as are required under the applicable procedures of the Depository
to direct the Trustee to 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 the subject Definitive Certificate to be transferred; or (b)
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 fifth 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 interests in the Definitive Certificate 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 fifth
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, as transfer agent for the Depository, to
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 the interests in the subject Definitive Certificate 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, increase the denomination of the Rule 144A Global Certificate or
Regulation S Global Certificate, as applicable, for such Class of Certificates,
by the denomination of the beneficial interest in such Class of Certificates
specified in such orders and instructions and cancel the related Definitive
Certificate.

            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 Servicers, the Special Servicer, the REMIC
Administrator and the Certificate Registrar against any liability that may
result if such Transfer is not exempt from the registration and/or qualification
requirements of the Securities Act and any applicable state securities laws or
is not made in accordance with such federal and state laws.

            (c) No Transfer of a Certificate or any interest therein shall be
made (i) to any employee benefit plan or other retirement arrangement, including
individual retirement accounts and annuities, Keogh plans and collective
investment funds and separate accounts in which such plans, accounts or
arrangements are invested, including insurance company general accounts, that is
subject to ERISA or the Code or any other federal, state, local or foreign law
("Similar Law") that is substantially similar to Section 406 or 407 of ERISA or
Section 4975 of the Code (each, a "Plan"), or (ii) to any Person who is directly
or indirectly purchasing such Certificate or interest therein on behalf of, as
named fiduciary of, as trustee of, or with assets of a Plan, if the purchase and
holding of such Certificate or interest therein by the prospective Transferee
would result in a non-exempt violation of Section 406 or 407 of ERISA or Section
4975 of the Code or Similar Law or would result in the imposition of an excise
tax under Section 4975 of the Code. The foregoing sentence notwithstanding, no
Transfer of the Class Y, 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 Y, Class Z, Class R-I and Class R-II Certificates, a
certification to the effect that the purchase and holding of such Certificate or
interest therein by such prospective Transferee is exempt from the prohibited
transaction provisions of Sections 406 and 407 of ERISA and the excise taxes
imposed on such prohibited transactions by Section 4975 of the Code, by reason
of Sections I and III of Prohibited Transaction Class Exemption 95-60; or (iii)
alternatively, but only in the case of a Non-Registered Certificate that is an
Investment Grade Certificate that is being acquired by or on behalf of a Plan in
reliance on the Exemption, a certification to the effect that such Plan (X) is
an accredited investor as defined in Rule 501(a)(1) of Regulation D of the
Securities Act, (Y) is not sponsored (within the meaning of Section 3(16)(B) of
ERISA) by the Trustee, the Depositor, any Mortgage Loan Seller, either Master
Servicer, the Special Servicer, any Sub-Servicer, any Fiscal Agent, any
Exemption-Favored Party, or any Mortgagor with respect to Trust Mortgage Loans
constituting more than 5% of the aggregate unamortized principal balance of all
the Trust Mortgage Loans determined as of the Closing Date, or by any Affiliate
of such Person, and (Z) agrees that it will obtain from each of its Transferees
that is a Plan a written representation that such Transferee satisfies the
requirements of the immediately preceding clauses (iii)(X) and (iii)(Y),
together with a written agreement that such Transferee will obtain from each of
its Transferees that is a Plan a similar written representation regarding
satisfaction of the requirements of the immediately preceding clauses (iii)(X)
and (iii)(Y); or (iv) alternatively, except in the case of the Class 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 and, in the
case of a Class A-2FL Certificate (prior to a Class A-2FL Distribution
Conversion becoming permanent as contemplated in Section 3.29(e)), in the case
of a Class A-3FL Certificate (prior to a Class A-3FL Distribution Conversion
becoming permanent as contemplated in Section 3.29(e)), in the case of a Class
A-4FL Certificate (prior to a Class A-4FL Distribution Conversion becoming
permanent as contemplated in Section 3.29(e)), in the case of a Class AM-FL
Certificate (prior to a Class AM-FL Distribution Conversion becoming permanent
as contemplated in Section 3.29(e)), in the case of a Class AM-FL Certificate
(prior to a Class AM-FL Distribution Conversion becoming permanent as
contemplated in Section 3.29(e)) or a Class AJ-FL Certificate (prior to the
Class AJ-FL Distribution Conversion becoming permanent as contemplated in
Section 3.29(e)), a certification that the purchase and holding of such
Certificate satisfies the requirements for exemptive relief under Prohibited
Transaction Class Exemption ("PTCE") 84-14, PTCE 90-1, PTCE 91-38, Section I of
PTCE 95-60, PTCE 96-23 or a similar exemption. It is hereby acknowledged that
the forms of certification attached hereto as Exhibit F-1 (in the case of
Definitive Non-Registered Certificates) and Exhibit F-2 (in the case of
ownership interests in Book-Entry Non-Registered Certificates) are acceptable
for purposes of the preceding sentence. If any Transferee of a Certificate
(including a Registered Certificate) or any interest therein does not, in
connection with the subject Transfer, deliver to the Certificate Registrar (in
the case of a Definitive Certificate) or the Transferor (in the case of
ownership interests in a Book-Entry Certificate) any certification and/or
Opinion of Counsel contemplated by the second preceding sentence, then such
Transferee shall be deemed to have represented and warranted that either: (i)
such Transferee is not a Plan and is not directly or indirectly purchasing such
Certificate or interest therein on behalf of, as named fiduciary of, as trustee
of, or with assets of a Plan; or (ii) the purchase and holding of such
Certificate or interest therein by such Transferee is exempt from the prohibited
transaction provisions of Sections 406 and 407 of ERISA and the excise taxes
imposed on such prohibited transactions by Section 4975 of the Code.

            (d) (i) Each Person who has or who acquires any Ownership Interest
in a Residual Certificate shall be deemed by the acceptance or acquisition of
such Ownership Interest to have agreed to be bound by the following provisions
and to have irrevocably authorized the Trustee under clause (ii)(A) below to
deliver payments to a Person other than such Person and to have irrevocably
authorized the Trustee under clause (ii)(B) below to negotiate the terms of any
mandatory disposition and to execute all instruments of Transfer and to do all
other things necessary in connection with any such disposition. The rights of
each Person acquiring any Ownership Interest in a Residual Certificate are
expressly subject to the following provisions:

                  (A) Each Person holding or acquiring any Ownership Interest in
            a Residual Certificate shall be a Permitted Transferee and shall
            promptly notify the REMIC Administrator and the Trustee of any
            change or impending change in its status as a Permitted Transferee.

                  (B) In connection with any proposed Transfer of any Ownership
            Interest in a Residual Certificate, the Certificate Registrar shall
            require delivery to it, and shall not register the Transfer of any
            Residual Certificate until its receipt, of an affidavit and
            agreement substantially in the form attached hereto as Exhibit G-1
            (a "Transfer Affidavit and Agreement"), from the proposed
            Transferee, representing and warranting, among other things, that
            such Transferee is a Permitted Transferee, that it is not acquiring
            its Ownership Interest in the Residual Certificate that is the
            subject of the proposed Transfer as a nominee, Trustee or agent for
            any Person that is not a Permitted Transferee, that for so long as
            it retains its Ownership Interest in a Residual Certificate, it will
            endeavor to remain a Permitted Transferee and that it has reviewed
            the provisions of this Section 5.02(d) and agrees to be bound by
            them.

                  (C) Notwithstanding the delivery of a Transfer Affidavit and
            Agreement by a proposed Transferee under clause (B) above, if a
            Responsible Officer of either the Trustee or the Certificate
            Registrar has actual knowledge that the proposed Transferee is not a
            Permitted Transferee, no Transfer of an Ownership Interest in a
            Residual Certificate to such proposed Transferee shall be effected.

                  (D) Each Person holding or acquiring any Ownership Interest in
            a Residual Certificate shall agree (1) to require a Transfer
            Affidavit and Agreement from any prospective Transferee to whom such
            Person attempts to Transfer its Ownership Interest in such Residual
            Certificate and (2) not to Transfer its Ownership Interest in such
            Residual Certificate unless it provides to the Certificate Registrar
            a certificate substantially in the form attached hereto as Exhibit
            G-2 stating that, among other things, it has no actual knowledge
            that such prospective Transferee is not a Permitted Transferee.

                  (E) Each Person holding or acquiring an Ownership Interest in
            a Residual Certificate, by purchasing such Ownership Interest,
            agrees to give the REMIC Administrator and the Trustee written
            notice that it is a "pass-through interest holder" within the
            meaning of temporary Treasury regulations Section
            1.67-3T(a)(2)(i)(A) immediately upon acquiring an Ownership Interest
            in a Residual Certificate, if it is, or is holding an Ownership
            Interest in a Residual Certificate on behalf of, a "pass-through
            interest holder."

            (ii) (A) If any purported Transferee shall become a Holder of a
      Residual Certificate in violation of the provisions of this Section
      5.02(d), then the last preceding Holder of such Residual Certificate that
      was in compliance with the provisions of this Section 5.02(d) shall be
      restored, to the extent permitted by law, to all rights as Holder thereof
      retroactive to the date of registration of such Transfer of such Residual
      Certificate. None of the Depositor, the Trustee or the Certificate
      Registrar shall be under any liability to any Person for any registration
      of Transfer of a Residual Certificate that is in fact not permitted by
      this Section 5.02(d) or for making any payments due on such Certificate to
      the Holder thereof or for taking any other action with respect to such
      Holder under the provisions of this Agreement.

                  (B) If any purported Transferee shall become a Holder of a
            Residual Certificate in violation of the restrictions in this
            Section 5.02(d), then, to the extent that the retroactive
            restoration of the rights of the preceding Holder of such Residual
            Certificate as described in clause (ii)(A) above shall be invalid,
            illegal or unenforceable, the Trustee shall have the right but not
            the obligation, to cause the Transfer of such Residual Certificate
            to a Permitted Transferee selected by the Trustee on such terms as
            the Trustee may choose, and the Trustee shall not be liable to any
            Person having an Ownership Interest in such Residual Certificate as
            a result of the Trustee's exercise of such discretion. Such
            purported Transferee shall promptly endorse and deliver such
            Residual Certificate in accordance with the instructions of the
            Trustee. Such Permitted Transferee may be the Trustee itself or any
            Affiliate of the Trustee.

            (iii) The REMIC Administrator shall make available to the Internal
      Revenue Service and to those Persons specified by the REMIC Provisions all
      information furnished to it by the other parties hereto that is necessary
      to compute any tax imposed (A) as a result of the Transfer of an Ownership
      Interest in a Residual Certificate to any Person who is a Disqualified
      Organization, including the information described in Treasury Regulations
      Sections 1.860D-1(b)(5) and 1.860E-2(a)(5) with respect to the "excess
      inclusions" of such Residual Certificate and (B) as a result of any
      regulated investment company, real estate investment trust, common trust
      fund, partnership, trust, estate or organization described in Section 1381
      of the Code that holds an Ownership Interest in a Residual Certificate
      having as among its record holders at any time any Person which is a
      Disqualified Organization, and each of the other parties hereto shall
      furnish to the REMIC Administrator all information in its possession
      necessary for the REMIC Administrator to discharge such obligation. The
      Person holding such Ownership Interest shall be responsible for the
      reasonable compensation of the REMIC Administrator for providing such
      information thereto pursuant to this subsection (d)(iii) and Section
      10.01(g)(i).

            (iv) The provisions of this Section 5.02(d) set forth prior to this
      clause (iv) may be modified, added to or eliminated, provided that there
      shall have been delivered to the Trustee and the REMIC Administrator the
      following:

                  (A) written confirmation from each Rating Agency to the effect
            that the modification of, addition to or elimination of such
            provisions will not cause an Adverse Rating Event; and

                  (B) an Opinion of Counsel, in form and substance satisfactory
            to the Trustee and the REMIC Administrator, obtained at the expense
            of the party seeking such modification of, addition to or
            elimination of such provisions (but in no event at the expense of
            the Trustee, the REMIC Administrator or the Trust Fund), to the
            effect that doing so will not (1) cause REMIC I or REMIC II to cease
            to qualify as a REMIC or be subject to an entity-level tax caused by
            the Transfer of any Residual Certificate to a Person which is not a
            Permitted Transferee, or (2) cause a Person other than the
            prospective Transferee to be subject to a REMIC-related tax caused
            by the Transfer of a Residual Certificate to a Person that is not a
            Permitted Transferee.

                  (e) If a Person is acquiring any Non-Registered Certificate or
            interest therein as a fiduciary or agent for one or more accounts,
            such Person shall be required to deliver to the Certificate
            Registrar (or, in the case of an interest in a Book-Entry
            Non-Registered Certificate, to the Certificate Owner that is
            transferring such interest) a certification to the effect that, and
            such other evidence as may be reasonably required by the Trustee (or
            such Certificate Owner) to confirm that, it has (i) sole investment
            discretion with respect to each such account and (ii) full power to
            make the applicable foregoing acknowledgments, representations,
            warranties, certifications and agreements with respect to each such
            account as set forth in subsections (b), (c) and/or (d), as
            appropriate, of this Section 5.02.

                  (f) Subject to the preceding provisions of this Section 5.02,
            upon surrender for registration of transfer of any Certificate at
            the offices of the Certificate Registrar maintained for such
            purpose, the Certificate Registrar shall execute and the
            Authenticating Agent shall authenticate and deliver, in the name of
            the designated transferee or transferees, one or more new
            Certificates of the same Class evidencing a like aggregate
            Percentage Interest in such Class.

                  (g) At the option of any Holder, its Certificates may be
            exchanged for other Certificates of authorized denominations of the
            same Class evidencing a like aggregate Percentage Interest in such
            Class upon surrender of the Certificates to be exchanged at the
            offices of the Certificate Registrar maintained for such purpose.
            Whenever any Certificates are so surrendered for exchange, the
            Certificate Registrar shall execute and the Authenticating Agent
            shall authenticate and deliver the Certificates which the
            Certificateholder making the exchange is entitled to receive.

                  (h) Every Certificate presented or surrendered for transfer or
            exchange shall (if so required by the Certificate Registrar) be duly
            endorsed by, or be accompanied by a written instrument of transfer
            in the form satisfactory to the Certificate Registrar duly executed
            by, the Holder thereof or his attorney duly authorized in writing.

                  (i) No service charge shall be imposed for any transfer or
            exchange of Certificates, but the Certificate Registrar may require
            payment of a sum sufficient to cover any tax or other governmental
            charge that may be imposed in connection with any transfer or
            exchange of Certificates.

                  (j) All Certificates surrendered for transfer and exchange
            shall be physically canceled by the Certificate Registrar, and the
            Certificate Registrar shall dispose of such canceled Certificates in
            accordance with its standard procedures.

                  (k) Upon request, the Certificate Registrar shall provide to
            the Master Servicers, the Special Servicer and the Depositor notice
            of each transfer of a Certificate and shall provide to each such
            Person with an updated copy of the Certificate Register.

                  (l) With respect to any Floating Rate Certificate that is a
            Definitive Certificate, no transfers of such Certificate presented
            or surrendered for registration of transfer or exchange shall be
            made unless the transfer or exchange is accompanied by a written
            instrument of transfer and accompanied by IRS Form W-8ECI, W-8BEN,
            W-8IMY (and all appropriate attachments) or W-9 in form satisfactory
            to the Trustee, duly executed by such Certificateholder or his
            attorney duly authorized in writing (with copies directly from such
            Certificateholder to the Swap Counterparty). If requested, the
            Trustee shall promptly forward any such IRS Form received by the
            Trustee to the applicable Swap Counterparty. Each holder of such a
            Floating Rate Certificate by its purchase of such Certificate shall
            be deemed to consent to any IRS Form being so forwarded.

            Section 5.03 Book-Entry Certificates.

            (a) Each Class of Regular Certificates (other than any portion of
which is represented by a Definitive Certificate) shall initially be issued as
one or more Certificates registered in the name of the Depository or its nominee
and, except as provided in Section 5.03(c) and Section 5.02(b), a Transfer of
such Certificates may not be registered by the Certificate Registrar unless such
transfer is to a successor Depository that agrees to hold such Certificates for
the respective Certificate Owners with Ownership Interests therein. Such
Certificate Owners shall hold and Transfer their respective Ownership Interests
in and to such Certificates through the book-entry facilities of the Depository
and, except as provided in Section 5.03(c) and Section 5.02(b), shall not be
entitled to definitive, fully registered Certificates ("Definitive
Certificates") in respect of such Ownership Interests. The Class X, Class E,
Class F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class P
and Class Q Certificates initially sold to Qualified Institutional Buyers in
reliance on Rule 144A or in reliance on another exemption from the registration
requirements of the Securities Act shall, in the case of each such Class, be
represented by the Rule 144A Global Certificate for such Class, which shall be
deposited with the Trustee as custodian for the Depository and registered in the
name of Cede & Co. as nominee of the Depository. The Class X, Class E, Class F,
Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class O, Class P
and Class Q Certificates initially sold in offshore transactions in reliance on
Regulation S shall, in the case of each such Class, be represented by the
Regulation S Global Certificate for such Class, which shall be deposited with
the Trustee as custodian for the Depository and registered in the name of Cede &
Co. as nominee of the Depository. All Transfers by Certificate Owners of their
respective Ownership Interests in the Book-Entry Certificates shall be made in
accordance with the procedures established by the Depository Participant or
brokerage firm representing each such Certificate Owner. Each Depository
Participant shall only transfer the Ownership Interests in the Book-Entry
Certificates of Certificate Owners it represents or of brokerage firms for which
it acts as agent in accordance with the Depository's normal procedures. Each
Certificate Owner is deemed, by virtue of its acquisition of an Ownership
Interest in the applicable Class of Book-Entry Certificates, to agree to comply
with the transfer requirements provided for in Section 5.02.

            (b) The Trustee, the Master Servicers, the Special Servicer, the
Depositor and the Certificate Registrar may for all purposes, including the
making of payments due on the Book-Entry Certificates, deal with the Depository
as the authorized representative of the Certificate Owners with respect to such
Certificates for the purposes of exercising the rights of Certificateholders
hereunder. The rights of Certificate Owners with respect to the Book-Entry
Certificates shall be limited to those established by law and agreements between
such Certificate Owners and the Depository Participants and brokerage firms
representing such Certificate Owners. Multiple requests and directions from, and
votes of, the Depository as Holder of the Book-Entry Certificates with respect
to any particular matter shall not be deemed inconsistent if they are made with
respect to different Certificate Owners. The Trustee may establish a reasonable
record date in connection with solicitations of consents from or voting by
Certificateholders and shall give notice to the Depository of such record date.

            (c) If (i)(A) the Depositor advises the Trustee and the Certificate
Registrar in writing that the Depository is no longer willing or able to
properly discharge its responsibilities with respect to a Class of the
Book-Entry Certificates, and (B) the Depositor is unable to locate a qualified
successor, or (ii) the Depositor at its option advises the Trustee and the
Certificate Registrar in writing that it elects to terminate the book-entry
system through the Depository with respect to a Class of Book-Entry
Certificates, the Certificate Registrar shall notify all affected Certificate
Owners, through the Depository, of the occurrence of any such event and of the
availability of Definitive Certificates to such Certificate Owners requesting
the same. Upon surrender to the Certificate Registrar of the Book-Entry
Certificates of any Class thereof by the Depository, accompanied by registration
instructions from the Depository for registration of transfer, the Certificate
Registrar shall execute, and the Authenticating Agent shall authenticate and
deliver, the Definitive Certificates in respect of such Class to the Certificate
Owners identified in such instructions. None of the Depositor, the Master
Servicers, the Special Servicer, the Trustee or the Certificate Registrar shall
be liable for any delay in delivery of such instructions, and each of them may
conclusively rely on, and shall be protected in relying on, such instructions.
Upon the issuance of Definitive Certificates for purposes of evidencing
ownership of any Class of Registered Certificates, the registered holders of
such Definitive Certificates shall be recognized as Certificateholders hereunder
and, accordingly, shall be entitled directly to receive payments on, to exercise
Voting Rights with respect to, and to transfer and exchange such Definitive
Certificates.

            (d) Notwithstanding any other provisions contained herein, neither
the Trustee nor the Certificate Registrar shall have any responsibility
whatsoever to monitor or restrict the Transfer of ownership interests in any
Certificate (including but not limited to any Non-Registered Certificate or any
Subordinated Certificate) which interests are transferable through the
book-entry facilities of the Depository.

            Section 5.04 Mutilated, Destroyed, Lost or Stolen Certificates.

            If (i) any mutilated Certificate is surrendered to the Certificate
Registrar, or the Certificate Registrar receives evidence to its satisfaction of
the destruction, loss or theft of any Certificate, and (ii) there is delivered
to the Trustee and the Certificate Registrar such security or indemnity as may
be reasonably required by them to save each of them harmless, then, in the
absence of actual notice to the Trustee or the Certificate Registrar that such
Certificate has been acquired by a bona fide purchaser, the Certificate
Registrar shall execute and the Authenticating Agent shall authenticate and
deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or
stolen Certificate, a new Certificate of the same Class and like Percentage
Interest. Upon the issuance of any new Certificate under this Section, the
Trustee and the Certificate Registrar may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other expenses (including the fees and expenses of the
Trustee and the Certificate Registrar) connected therewith. Any replacement
Certificate issued pursuant to this Section shall constitute complete and
indefeasible evidence of ownership in the applicable REMIC created hereunder, as
if originally issued, whether or not the lost, stolen or destroyed Certificate
shall be found at any time.

            Section 5.05 Persons Deemed Owners.

            Prior to due presentment for registration of transfer, the
Depositor, the Master Servicers, the Special Servicer, the Trustee, the
Certificate Registrar and any agent of any of them may treat the Person in whose
name any Certificate is registered as of the related Record Date as the owner of
such Certificate for the purpose of receiving distributions pursuant to Section
4.01 and may treat the person in whose name each Certificate is registered as of
the relevant date of determination as owner of such Certificate for all other
purposes whatsoever and none of the Depositor, the Master Servicers, the Special
Servicer, the Trustee, the Certificate Registrar or any agent of any of them
shall be affected by notice to the contrary.

                                   ARTICLE VI

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

            Section 6.01 Liability of Depositor, Master Servicers and Special
Servicer.

            The Depositor, the Master Servicers and the Special Servicer shall
be liable in accordance herewith only to the extent of the respective
obligations specifically imposed upon and undertaken by the Depositor, the
Master Servicers and the Special Servicer herein.

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

            Subject to the following paragraph, the Depositor, the Master
Servicers and the Special Servicer shall each keep in full effect its existence,
rights and franchises as an entity under the laws of the jurisdiction of its
incorporation or organization, and each will obtain and preserve its
qualification to do business as a foreign entity in each jurisdiction in which
such qualification is or shall be necessary to protect the validity and
enforceability of this Agreement, the Certificates or any of the Trust Mortgage
Loans and to perform its respective duties under this Agreement.

            The Depositor, either Master Servicer or the Special Servicer may be
merged or consolidated with or into any Person (other than the Trustee), or
transfer all or substantially all of its assets (which, in the case of either
Master Servicer or the Special Servicer, may be limited to all or substantially
all of its assets related to commercial mortgage loan servicing) to any Person,
in which case any Person resulting from any merger or consolidation to which the
Depositor, either Master Servicer or the Special Servicer shall be a party, or
any Person succeeding to the business (which, in the case of either Master
Servicer or the Special Servicer, may be limited to the commercial mortgage loan
servicing business) of the Depositor, the subject Master Servicer or the Special
Servicer, shall be the successor of the Depositor, the subject Master Servicer
or the Special Servicer, as the case may be, hereunder, without the execution or
filing of any paper or any further act on the part of any of the parties hereto,
anything herein to the contrary notwithstanding; provided, however, that no
successor or surviving Person shall succeed to the rights of either Master
Servicer or the Special Servicer unless (i) as evidenced in writing by the
Rating Agencies, such succession will not result in an Adverse Rating Event and
(ii) such successor or surviving Person makes the applicable representations and
warranties set forth in Section 3.23.

            Section 6.03 Limitation on Liability of the Depositor, the Master
Servicers, the Special Servicer and Others.

            (a) None of the Depositor, the Master Servicers, the Special
Servicer nor any of the Affiliates, directors, partners, members, managers,
shareholders, officers, employees or agents of any of them shall be under any
liability to the Trust Fund, the Underwriters, the parties hereto, the
Certificateholders or any other Person for any action taken, or for refraining
from the taking of any action, in good faith pursuant to this Agreement, or for
errors in judgment; provided, however, that this provision shall not protect the
Depositor, either Master Servicer, the Special Servicer nor any of the
Affiliates, directors, partners, members, managers, shareholders, officers,
employees or agents of any of them against any liability to the Trust Fund, the
Trustee, the Certificateholders or any other Person for the breach of warranties
or representations made herein by such party, or against any expense or
liability specifically required to be borne by such party without right of
reimbursement pursuant to the terms hereof, or against any liability which would
otherwise be imposed by reason of willful misfeasance, bad faith or negligence
in the performance of its obligations or duties hereunder or negligent disregard
of such obligations or duties. The Depositor, the Master Servicers, the Special
Servicer and any director, officer, employee or agent of the Depositor, either
Master Servicer or the Special Servicer may rely in good faith on any document
of any kind which, prima facie, is properly executed and submitted by any Person
respecting any matters arising hereunder.

            The Depositor, the Master Servicers, the Special Servicer, and any
Affiliate, director, shareholder, member, partner, manager, officer, employee or
agent of any of the foregoing shall be indemnified and held harmless by the
Trust Fund out of the Collection Accounts or the Distribution Account, as
applicable in accordance with Section 3.05, against any loss, liability or
expense (including reasonable legal fees and expenses) incurred in connection
with any legal action or claim relating to this Agreement, the Mortgage Loans or
the Certificates (including, without limitation, the distribution or posting of
reports or other information as contemplated by this Agreement), other than any
loss, liability or expense: (i) specifically required to be borne thereby
pursuant to the terms hereof or that would otherwise constitute a Servicing
Advance; (ii) incurred in connection with any breach of a representation or
warranty made by it herein; (iii) incurred by reason of bad faith, willful
misconduct or negligence in the performance of its obligations or duties
hereunder or negligent disregard of such obligations or duties; or (iv) incurred
in connection with any violation by any of them of any state or federal
securities law; provided, however, that if and to the extent that a Loan
Combination and/or a related Non-Trust Noteholder is involved, such expenses,
costs and liabilities shall be payable out of the related Loan Combination
Custodial Account pursuant to Section 3.05(e) and, if and to the extent not
solely attributable to a related Non-Trust Loan (or any successor REO Loan with
respect thereto), shall also be payable out of the Collection Accounts if
amounts on deposit in the related Loan Combination Custodial Account are
insufficient therefor; and provided, further, that in making a determination as
to whether any such indemnity is solely attributable to a Non-Trust Loan (or any
successor REO Loan with respect thereto), the fact that any related legal action
was instituted by such Non-Trust Noteholder shall not create a presumption that
such indemnity is solely attributable thereto.

            (b) None of the Depositor, the Master Servicers or the Special
Servicer shall be under any obligation to appear in, prosecute or defend any
legal or administrative action, proceeding, hearing or examination that is not
incidental to its respective duties under this Agreement and, unless it is
specifically required to bear the costs thereof, that in its opinion may involve
it in any expense or liability for which it is not reasonably assured of
reimbursement by the Trust; provided, however, that the Depositor, either Master
Servicer or the Special Servicer may in its discretion undertake any such
action, proceeding, hearing or examination that it may deem necessary or
desirable with respect to the enforcement and/or protection of the rights and
duties of the parties hereto and the interests of the Certificateholders
hereunder. In such event, the reasonable legal fees, expenses and costs of such
action, proceeding, hearing or examination and any liability resulting therefrom
shall be expenses, costs and liabilities of the Trust Fund, and the Depositor,
the applicable Master Servicer and the Special Servicer shall be entitled to be
reimbursed therefor out of amounts attributable to the Mortgage Pool on deposit
in the Collection Accounts as provided by Section 3.05(a); provided, however,
that if a Loan Combination is involved, such expenses, costs and liabilities
shall be payable out of the related Loan Combination Custodial Account pursuant
to Section 3.05(e) and, if and to the extent not solely attributable to a
related Non-Trust Loan (or any successor REO Loan with respect thereto), shall
also be payable out of the Collection Accounts if amounts on deposit in the
related Loan Combination Custodial Account are insufficient therefor, and
provided, further, that in making a determination as to whether any such
expenses, costs and liabilities are solely attributable to a Non-Trust Loan (or
any successor REO Loan with respect thereto), the fact that any related legal
action was instituted by such Non-Trust Noteholder shall not create a
presumption that such expenses, costs and liabilities are solely attributable
thereto.

            In no event shall either Master Servicer or the Special Servicer be
liable or responsible for any action taken or omitted to be taken by the other
of them or by the Depositor, the Trustee or any Certificateholder, subject to
the provisions of Section 8.05(b).

            (c) Each Master Servicer and the Special Servicer agrees to
indemnify the Depositor, the Trust Fund, the Trustee and the Custodian and any
Affiliate, shareholder, director, officer, employee or agent thereof, and hold
it harmless, from and against any and all claims, losses, penalties, fines,
forfeitures, reasonable legal fees and related out-of-pocket costs, judgments,
and any other out-of-pocket costs, liabilities, fees and expenses that any of
them may sustain arising from or as a result of any willful misfeasance, bad
faith or negligence of such Master Servicer or the Special Servicer, as the case
may be, in the performance of its obligations and duties under this Agreement or
by reason of negligent disregard by such Master Servicer or the Special
Servicer, as the case may be, of its duties and obligations hereunder or by
reason of breach of any representations or warranties made by it herein. The
Master Servicers and the Special Servicer may consult with counsel, and any
written advice or Opinion of Counsel shall be full and complete authorization
and protection with respect to any action taken or suffered or omitted by it
hereunder reasonably and in good faith in accordance with the Servicing Standard
and in accordance with such advice or Opinion of Counsel relating to (i) tax
matters, (ii) any amendment of this Agreement under Article XI, (iii) the
defeasance of any Trust Defeasance Mortgage Loan or (iv) any matter involving
legal proceedings with a Mortgagor.

            The Trustee shall immediately notify the applicable Master Servicer
or the Special Servicer, as applicable, if a claim is made by a third party with
respect to this Agreement or the Mortgage Loans entitling the Trust Fund or the
Trustee to indemnification hereunder, whereupon either Master Servicer or the
Special Servicer, as the case may be, shall assume the defense of such claim and
pay all expenses in connection therewith, including counsel fees, and promptly
pay, discharge and satisfy any judgment or decree which may be entered against
it or them in respect of such claim. Any failure to so notify the applicable
Master Servicer or the Special Servicer, as the case may be, shall not affect
any rights that the Trust Fund or the Trustee, as the case may be, may have to
indemnification under this Agreement or otherwise, unless the applicable 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 applicable Master
Servicer or the Special Servicer, as applicable, if a claim is made by a third
party with respect to this Agreement or the Mortgage Loans entitling the
Depositor to indemnification hereunder, whereupon the applicable Master Servicer
or the Special Servicer, as the case may be, shall assume the defense of such
claim and pay all expenses in connection therewith, including counsel fees, and
promptly pay, discharge and satisfy any judgment or decree which may be entered
against it or them in respect of such claim. Any failure to so notify the
applicable Master Servicer or the Special Servicer, as the case may be, shall
not affect any rights that the Depositor may have to indemnification under this
Agreement or otherwise, unless the applicable 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 Trustee shall immediately notify the applicable Master Servicer
or the Special Servicer, as applicable, if a claim is made by a third party with
respect to this Agreement or the Mortgage Loans entitling the Trustee to
indemnification hereunder, whereupon the applicable Master Servicer or the
Special Servicer, as the case may be, shall assume the defense of such claim and
pay all expenses in connection therewith, including counsel fees, and promptly
pay, discharge and satisfy any judgment or decree which may be entered against
it or them in respect of such claim. Any failure to so notify the applicable
Master Servicer or the Special Servicer, as the case may be, shall not affect
any rights that the Trustee may have to indemnification under this Agreement or
otherwise, unless the applicable 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 Custodian shall immediately notify the applicable Master
Servicer or the Special Servicer, as applicable, if a claim is made by a third
party with respect to this Agreement or the Mortgage Loans entitling the
Custodian to indemnification hereunder, whereupon the applicable Master Servicer
or the Special Servicer, as the case may be, shall assume the defense of such
claim and pay all expenses in connection therewith, including counsel fees, and
promptly pay, discharge and satisfy any judgment or decree which may be entered
against it or them in respect of such claim. Any failure to so notify the
applicable Master Servicer or the Special Servicer, as the case may be, shall
not affect any rights that the Custodian may have to indemnification under this
Agreement or otherwise, unless the applicable Master Servicer's or Special
Servicer's, as the case may be, defense of such claim is materially prejudiced
thereby. The indemnification provided herein shall survive the termination of
this Agreement and the termination or resignation of the indemnifying party.

            The Depositor agrees to indemnify the Master Servicers, the Special
Servicer, the Trustee, the Custodian and any Affiliate, director, shareholder,
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, negligence or negligent disregard of the Depositor in
the performance of the Depositor's obligations and duties under this Agreement.
Each Master Servicer, the Special Servicer, the Custodian or the Trustee, as
applicable, shall immediately notify the Depositor if a claim is made by a third
party with respect to this Agreement or the Mortgage Loans entitling it to
indemnification under this paragraph, whereupon the Depositor shall assume the
defense of such claim and pay all expenses in connection therewith, including
counsel fees, and promptly pay, discharge and satisfy any judgment or decree
which may be entered against it or them in respect of such claim. Any failure to
so notify the Depositor shall not affect any rights that any of the foregoing
Persons may have to indemnification under this Agreement or otherwise, unless
the Depositor's defense of such claim is materially prejudiced thereby. The
indemnification provided herein shall survive the termination of this Agreement.

            The Trustee agrees to indemnify the Master Servicers, the Special
Servicer, the Custodian and the Depositor and any Affiliate, director,
shareholder, 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, Custodian, either Master Servicer, or the
Special Servicer, as applicable, shall immediately notify the Trustee if a claim
is made by a third party with respect to this Agreement or the Mortgage Loans
entitling it to indemnification under this paragraph, whereupon the Trustee
shall assume the defense of such claim and pay all expenses in connection
therewith, including reasonable counsel fees, and promptly pay, discharge and
satisfy any judgment or decree which may be entered against it or them in
respect of such claim. Any failure to so notify the Trustee shall not affect any
rights that any of the foregoing Persons may have to indemnification under this
Agreement or otherwise, unless the Trustee's defense of such claim is materially
prejudiced thereby. The indemnification provided herein shall survive the
termination of this Agreement and the termination or resignation of the
indemnifying party.

            The Custodian agrees to indemnify the Master Servicers, the Special
Servicer, the Trustee, the Depositor and any Affiliate, director, shareholder,
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 Custodian in the performance of the
Custodian's obligations and duties under this Agreement or the negligent
disregard by the Custodian of its duties and obligations hereunder. The
applicable Master Servicer, the Special Servicer, the Depositor or the Trustee,
as applicable, shall immediately notify the Custodian if a claim is made by a
third party with respect to this Agreement or the Mortgage Loans entitling it to
indemnification under this paragraph, whereupon the Custodian shall assume the
defense of such claim and pay all expenses in connection therewith, including
reasonable counsel fees, and promptly pay, discharge and satisfy any judgment or
decree which may be entered against it or them in respect of such claim. Any
failure to so notify the Custodian shall not affect any rights that any of the
foregoing Persons may have to indemnification under this Agreement or otherwise,
unless the Custodian's defense of such claim is materially prejudiced thereby.
The indemnification provided herein shall survive the termination of this
Agreement.

            Notwithstanding anything herein to the contrary, no indemnifying
party shall be liable under this Section 6.03 for any settlement or compromise
or consent to the entry of any judgment with respect to any litigation, or any
investigation or proceeding by any governmental agency or body, commenced or
threatened, or any claim whatsoever in respect of which indemnification could be
sought under this Section 6.03, effected without its written consent, unless (i)
at any time an indemnified party shall have in writing requested the
indemnifying party to reimburse such indemnified party for fees and expenses of
counsel for which the indemnifying party is obligated under this Section 6.03,
(ii) such settlement is entered into more than 30 days after receipt by the
indemnifying party of the aforesaid request, (iii) the indemnifying party shall
not have reimbursed the indemnified party in accordance with such request prior
to the date of such settlement and (iv) such settlement or compromise or consent
does not include an express statement as to, or an express admission of, fault,
culpability or negligence on the part of the indemnifying party or an agent
thereof.

            Section 6.04 Resignation of Master Servicers and the Special
Servicer.

            The Master Servicers and, subject to Section 6.09, the Special
Servicer may each resign from the obligations and duties hereby imposed on it,
upon a determination that its duties hereunder are no longer permissible under
applicable law or are in material conflict by reason of applicable law with any
other activities carried on by it (the other activities of either Master
Servicer or the Special Servicer, as the case may be, so causing such a conflict
being of a type and nature carried on by either Master Servicer or the Special
Servicer, as the case may be, at the date of this Agreement). Any such
determination requiring the resignation of either Master Servicer or the Special
Servicer, as applicable, shall be evidenced by an Opinion of Counsel to such
effect which shall be delivered to the Trustee. Unless applicable law requires
either Master Servicer's or Special Servicer's resignation to be effective
immediately, and the Opinion of Counsel delivered pursuant to the prior sentence
so states, no such resignation shall become effective until the Trustee or other
successor shall have assumed the responsibilities and obligations of the
resigning party in accordance with Section 6.09 or Section 7.02 hereof. The
Master Servicers and, subject to the rights of the Controlling Class under
Section 6.09 to appoint a successor special servicer, the Special Servicer shall
each have the right to resign at any other time provided that (i) a willing
successor thereto has been found by either Master Servicer or the Special
Servicer, as applicable, (ii) each of the Rating Agencies confirms in writing
that the resignation and the successor's appointment will not result in an
Adverse Rating Event, (iii) the resigning party pays all costs and expenses in
connection with such resignation and the resulting transfer of servicing, and
(iv) the successor accepts appointment prior to the effectiveness of such
resignation and agrees in writing to be bound by the terms and conditions of
this Agreement. Neither Master Servicer nor the Special Servicer shall be
permitted to resign except as contemplated above in this Section 6.04.

            Consistent with the foregoing, neither Master Servicer nor the
Special Servicer shall, except as expressly provided herein, assign or transfer
any of its rights, benefits or privileges hereunder (except for the assignment
or other transfer of the right to receive the Excess Servicing Strip) to any
other Person, or, except as provided in Section 3.22, delegate to or subcontract
with, or authorize or appoint any other Person to perform any of the duties,
covenants or obligations to be performed by it hereunder. If, pursuant to any
provision hereof, the duties of either Master Servicer or the Special Servicer
are transferred to a successor thereto, the applicable Master Servicing Fee
(except as expressly contemplated by Section 3.11(a)), the Special Servicing
Fee, any Workout Fee (except as expressly contemplated by Section 3.11(c))
and/or any Principal Recovery Fee, as applicable, that accrues pursuant hereto
from and after the date of such transfer shall be payable to such successor.

            Section 6.05 Rights of Depositor and Trustee in Respect of Master
Servicers and the Special Servicer.

            The Master Servicers and the Special Servicer shall each afford the
Depositor, the Underwriters and the Trustee, upon reasonable notice, during
normal business hours access to all records maintained thereby in respect of its
rights and obligations hereunder and access to officers thereof responsible for
such obligations. Upon reasonable request, the Master Servicers and the Special
Servicer shall each furnish the Depositor, the Underwriters and the Trustee with
its most recent publicly available audited financial statements and such other
information as it possesses, and which it is not prohibited by applicable law or
contract from disclosing, regarding its business, affairs, property and
condition, financial or otherwise, except to the extent such information
constitutes proprietary information or is subject to a privilege under
applicable law. The Depositor may, but is not obligated to, enforce the
obligations of the Master Servicers and the Special Servicer hereunder and may,
but is not obligated to, perform, or cause a designee to perform, any defaulted
obligation of either Master Servicer or the Special Servicer hereunder or
exercise the rights of the Master Servicers and the Special Servicer hereunder;
provided, however, that neither Master Servicer nor the Special Servicer shall
be relieved of any of its obligations hereunder by virtue of such performance by
the Depositor or its designee and, provided, further, that the Depositor may not
exercise any right pursuant to Section 7.01 to terminate either Master Servicer
or the Special Servicer as a party to this Agreement. The Depositor shall not
have any responsibility or liability for any action or failure to act by either
Master Servicer or the Special Servicer and is not obligated to supervise the
performance of either Master Servicer or the Special Servicer under this
Agreement or otherwise.

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

            The Depositor, the Master Servicers and the Special Servicer shall
each (to the extent not already furnished under this Agreement) furnish such
reports, certifications and information (including, with regard to either Master
Servicer, the identity of any Non-Trust Noteholder that holds a Non-Trust Loan
that is part of a Serviced Loan Combination as to which such Master Servicer is
the applicable Master Servicer) as are reasonably requested by the Trustee in
order to enable it to perform its duties hereunder.

            Section 6.07 Depositor, Special Servicer and Trustee to Cooperate
with Master Servicer.

            The Depositor, the Special Servicer and the Trustee shall each (to
the extent not already furnished under this Agreement) furnish such reports,
certifications and information as are reasonably requested by the Master
Servicers in order to enable it to perform its duties hereunder.

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

            The Depositor, the Master Servicers and the Trustee shall each (to
the extent not already furnished under this Agreement) furnish such reports,
certifications and information as are reasonably requested by the Special
Servicer in order to enable it to perform its duties hereunder.

            Section 6.09 Designation of Special Servicer by the Controlling
Class.

            The Holder or Holders (or, in the case of Book-Entry Certificates,
the Certificate Owner or Certificate Owners) of the Certificates evidencing a
majority of the Voting Rights allocated to the Controlling Class may at any time
and from time to time designate a Person meeting the requirements set forth in
Section 6.04 (including, without limitation, Rating Agency confirmation) to
serve as Special Servicer hereunder and to replace any existing Special Servicer
or any Special Servicer that has resigned or otherwise ceased to serve as
Special Servicer; provided that such Holder or Holders (or such Certificate
Owner or Certificate Owners, as the case may be) shall pay all costs related to
the transfer of servicing if the Special Servicer is replaced other than due to
an Event of Default. Such Holder or Holders (or such Certificate Owner or
Certificate Owners, as the case may be) of the Certificates evidencing a
majority of the Voting Rights allocated to the Controlling Class shall so
designate a Person to serve as replacement Special Servicer by the delivery to
the Trustee, the Master Servicers and the existing Special Servicer of a written
notice stating such designation. The Trustee shall, promptly after receiving any
such notice, deliver to the Rating Agencies an executed Notice and
Acknowledgment in the form attached hereto as Exhibit H-1. If such Holder or
Holders (or such Certificate Owner or Certificate Owners, as the case may be) of
the Certificates evidencing a majority of the Voting Rights allocated to the
Controlling Class have not replaced the Special Servicer within 30 days of such
Special Servicer's resignation or the date such Special Servicer has ceased to
serve in such capacity, the Trustee shall designate a successor Special Servicer
meeting the requirements set forth in Section 6.04. Any designated Person shall
become the Special Servicer, subject to satisfaction of the other conditions set
forth below, on the date that the Trustee shall have received written
confirmation from all of the Rating Agencies that the appointment of such Person
will not result in an Adverse Rating Event. The appointment of such designated
Person as Special Servicer shall also be subject to receipt by the Trustee of
(1) an Acknowledgment of Proposed Special Servicer in the form attached hereto
as Exhibit H-2, executed by the designated Person, and (2) an Opinion of Counsel
(at the expense of the Person designated to become the Special Servicer) to the
effect that the designation of such Person to serve as Special Servicer is in
compliance with this Section 6.09 and all other applicable provisions of this
Agreement, that upon the execution and delivery of the Acknowledgment of
Proposed Special Servicer the designated Person shall be bound by the terms of
this Agreement, and subject to customary limitations, that this Agreement shall
be enforceable against the designated Person in accordance with its terms. Any
existing Special Servicer shall be deemed to have resigned simultaneously with
such designated Person's becoming the Special Servicer hereunder; provided,
however, that the resigning Special Servicer shall continue to be entitled to
receive all amounts accrued or owing to it under this Agreement on or prior to
the effective date of such resignation, and it shall continue to be entitled to
the benefits of Section 6.03 notwithstanding any such resignation. Such
resigning Special Servicer shall cooperate with the Trustee and the replacement
Special Servicer in effecting the termination of the resigning Special
Servicer's responsibilities and rights hereunder, including, without limitation,
the transfer (within two Business Days of the terminated Special Servicer
receiving notice from the Trustee that all conditions to the appointment of the
replacement Special Servicer hereunder have been satisfied) to the replacement
Special Servicer for administration by it of all cash amounts that shall at the
time be or should have been credited by the Special Servicer to the Collection
Accounts or the applicable REO Account or should have been delivered to the
Master Servicers or that are thereafter received with respect to Specially
Serviced Mortgage Loans and REO Properties.

            Section 6.10 Either Master Servicer or Special Servicer as Owner of
a Certificate.

            Either Master Servicer or an Affiliate of either Master Servicer or
the Special Servicer or an Affiliate of the Special Servicer may become the
Holder of (or, in the case of a Book-Entry Certificate, Certificate Owner with
respect to) any Certificate with (except as set forth in the definition of
"Certificateholder") the same rights it would have if it were not a Master
Servicer or the Special Servicer or an Affiliate thereof. If, at any time during
which either Master Servicer or the Special Servicer or an Affiliate of either
Master Servicer or the Special Servicer is the Holder of (or, in the case of a
Book-Entry Certificate, Certificate Owner with respect to) any Certificate, the
subject Master Servicer or the Special Servicer proposes to take action
(including for this purpose, omitting to take action) that (i) is not expressly
prohibited by the terms hereof and would not, in such Master Servicer's or the
Special Servicer's good faith judgment, violate the Servicing Standard, and (ii)
if taken, might nonetheless, in such Master Servicer's or the Special Servicer's
reasonable, good faith judgment, be considered by other Persons to violate the
Servicing Standard, then such Master Servicer or the Special Servicer may (but
need not) seek the approval of the Certificateholders to such action by
delivering to the Trustee a written notice that (a) states that it is delivered
pursuant to this Section 6.10, (b) identifies the Percentage Interest in each
Class of Certificates beneficially owned by such Master Servicer or the Special
Servicer or an Affiliate of such Master Servicer or the Special Servicer, as
appropriate, and (c) describes in reasonable detail the action that such Master
Servicer or the Special Servicer proposes to take. The Trustee, upon receipt of
such notice, shall forward it to the Certificateholders (other than the subject
Master Servicer and its Affiliates or the Special Servicer and its Affiliates,
as appropriate), together with such instructions for response as the Trustee
shall reasonably determine. If at any time Certificateholders holding greater
than 50% of the Voting Rights of all Certificateholders (calculated without
regard to the Certificates beneficially owned by the subject Master Servicer or
its Affiliates or the Special Servicer or its Affiliates, as appropriate) shall
have failed to object in writing to the proposal described in the written
notice, and if such Master Servicer or the Special Servicer shall act as
proposed in the written notice within 30 days, such action shall be deemed to
comply with, but not modify, the Servicing Standard. The Trustee shall be
entitled to reimbursement from the applicable Master Servicer or the Special
Servicer, as applicable, for the reasonable expenses of the Trustee incurred
pursuant to this paragraph. It is not the intent of the foregoing provision that
a Master Servicer or the Special Servicer be permitted to invoke the procedure
set forth herein with respect to routine servicing matters arising hereunder,
but rather in the case of unusual circumstances.

            Section 6.11 The Controlling Class Representative.

            (a) Subject to Section 6.11(b), the Controlling Class Representative
will be entitled to advise the Special Servicer with respect to the following
actions of the Special Servicer with respect to the Trust Mortgage Loans and any
Administered REO Properties (other than the MezzCap Loan Combinations and any
related Loan Combination REO Property to the extent the related Loan Combination
Intercreditor Agreement gives the right to approve the following actions to the
related Non-Trust Noteholder), and notwithstanding anything herein to the
contrary except as necessary or advisable to avoid an Adverse REMIC Event and
except as set forth in, and in any event subject to, Section 6.11(b), the
Special Servicer will not be permitted to take (or permit the applicable Master
Servicer to take) any of the following actions with respect to the Trust
Mortgage Loans and any REO Properties (other than the MezzCap Loan Combinations
and any related Loan Combination REO Property to the extent the related Loan
Combination Intercreditor Agreement gives the right to approve the following
actions to the related Non-Trust Noteholder) as to which the Controlling Class
Representative has objected in writing within 10 Business Days of being notified
in writing thereof, which notification with respect to the action described in
clauses (vi) and (viii) below shall be copied by the Special Servicer to the
applicable Master Servicer (provided that if such written objection has not been
received by the Special Servicer within such 10 Business Day period, then the
Controlling Class Representative's approval will be deemed to have been given):

            (i) any foreclosure upon or comparable conversion (which may include
      acquisitions of an REO Property) of the ownership of properties securing
      such of the Trust Specially Serviced Mortgage Loans as come or have come
      into and continue in default;

            (ii) any modification or consent to a modification of a material
      term of a Serviced 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 Serviced Trust Mortgage Loan;

            (iii) any proposed sale of any Serviced Trust Defaulted Mortgage
      Loan or any Administered REO Property (other than in connection with the
      termination of the Trust Fund or, in the case of a Serviced 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 Administered REO Property into
      compliance with applicable environmental laws or to otherwise address
      Hazardous Materials located at an Administered REO Property;

            (v) any release of material real property collateral for any
      Serviced 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 Serviced 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
      Serviced Trust Mortgage Loan;

            (vi) any acceptance of substitute or additional real property
      collateral for any Serviced 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 Serviced 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 Serviced
      Mortgaged Property or any termination or change, or consent to the
      termination or change, of the franchise for any Serviced Mortgaged
      Property operated as a hospitality property (other than where the action
      is not conditioned upon obtaining the consent of the lender, in which case
      only prior notice to the Controlling Class Representative will be
      required);

            (x) any determination that an insurance-related default in respect
      of a Serviced 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 Serviced Trust Mortgage Loan (except as contemplated
      in clause (x) above);

provided that, with respect to any Trust Mortgage Loan (other than a Trust
Specially Serviced Mortgage Loan), the 10 Business Days within which the
Controlling Class Representative must object to any such action shall not exceed
by more than five Business Days the 10 Business Day period the Special Servicer
has to object to the applicable Master Servicer taking such action as set forth
in Sections 3.02, 3.08 and 3.20.

            In addition, subject to Section 6.11(b), the Controlling Class
Representative may direct the Special Servicer to take, or to refrain from
taking, any such actions as the Controlling Class Representative may deem
advisable or as to which provision is otherwise made herein.

            (b) Notwithstanding anything herein to the contrary, no advice,
direction or objection given or made, or consent withheld, by the Controlling
Class Representative, contemplated by Section 6.11(a) or any other section of
this Agreement, may (i) require or cause the applicable Master Servicer or the
Special Servicer to violate any applicable law, the terms of any Serviced Trust
Mortgage Loan or any related intercreditor agreement, any provision of this
Agreement, including without limitation such Master Servicer's or the Special
Servicer's obligation to act in accordance with the Servicing Standard or the
Mortgage Loan documents for any Trust Mortgage Loan, (ii) result in an Adverse
REMIC Event with respect to REMIC I or REMIC II or otherwise violate the REMIC
Provisions or result in an Adverse Grantor Trust Event or have adverse tax
consequences for the Trust Fund, (iii) expose the Depositor, the applicable
Master Servicer, the Special Servicer, the Trust Fund, the Trustee, 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 applicable Master Servicer's or the Special
Servicer's responsibilities hereunder or (v) cause the applicable Master
Servicer or the Special Servicer to act, or fail to act, in a manner which
violates the Servicing Standard. The applicable Master Servicer and the Special
Servicer shall disregard any action, direction or objection on the part of the
Controlling Class Representative that would have any of the effects described in
clauses (i) through (v) of the prior sentence. In addition, if the applicable
Master Servicer or the Special Servicer determines that immediate action is
necessary to protect the interests of the Certificateholders (as a collective
whole), it may take such action without waiting for a response from the
Controlling Class Representative.

            The Special Servicer shall not be obligated to seek approval from
the Controlling Class Representative under Section 6.11(a) for any actions to be
taken by the Special Servicer with respect to any particular Trust Specially
Serviced Mortgage Loan if (i) the Special Servicer has, as set forth in the
first paragraph of Section 6.11(a), notified the Controlling Class
Representative in writing of various actions that the Special Servicer proposes
to take with respect to the work-out or liquidation of that Trust Specially
Serviced Mortgage Loan and (ii) for 60 days following the first such notice, the
Controlling Class Representative has objected to all of the proposed actions and
has failed to suggest any alternative actions that the Special Servicer
considers to be consistent with the Servicing Standard.

            (c) The Controlling Class Representative will have no duty or
liability to the Certificateholders (other than the Controlling Class) for any
action taken, or for refraining from the taking of any action pursuant to this
Agreement, or for errors in judgment. By its acceptance of a Certificate, each
Certificateholder confirms its understanding that the Controlling Class
Representative may take actions that favor the interests of one or more Classes
of the Certificates over other Classes of the Certificates, and that the
Controlling Class Representative may have special relationships and interests
that conflict with those of Holders of some Classes of the Certificates, that
the Controlling Class Representative may act solely in the interests of the
Holders of the Controlling Class, that the Controlling Class Representative does
not have any duties to the Holders of any Class of Certificates other than the
Controlling Class, that the Controlling Class Representative shall have no
liability by reason of its having acted solely in the interests of the Holders
of the Controlling Class, and no Certificateholder may take any action
whatsoever against the Controlling Class Representative or any director,
officer, employee, agent or principal thereof for having so acted.

            Section 6.12 Certain Matters with Respect to the MezzCap Loan
Combinations

            Pursuant to the terms of each MezzCap Intercreditor Agreement, it is
contemplated that the Mortgagor under the MezzCap Trust Mortgage Loans and the
MezzCap B-Note Non-Trust Mortgage Loans will remit payments on the related
MezzCap Trust Mortgage Loans to the applicable Master Servicer hereunder, and
for the MezzCap B-Note Non-Trust Mortgage Loans that have been securitized or if
it is securitized in the future, the related Mortgagor will remit payments on
the related MezzCap B-Note Non-Trust Mortgage Loans directly to the servicer for
such securitizations; provided, however, that under certain default or trigger
events identified in each MezzCap Intercreditor Agreement, the Mortgagor under
the MezzCap B-Note Non-Trust Mortgage Loan (even after the MezzCap B-Note
Non-Trust Mortgage Loan has been securitized) will be required to remit payments
on such MezzCap B-Note Non-Trust Mortgage Loan directly to the applicable Master
Servicer under this Agreement.

            Section 6.13 Certain Matters with Respect to the Commons at
Calabasas Loan Combination

            (a) If Master Servicer No. 2 or the Commons at Calabasas A-Note
Non-Trust Loan Servicer (in connection with any back-up P&I Advance made by the
Commons at Calabasas A-Note Non-Trust Loan Servicer) determines that a proposed
P&I Advance, if made, or any outstanding P&I Advance previously made, would be,
or is, as applicable, a Nonrecoverable Advance, such servicer shall provide the
other servicers written notice of such determination within 2 Business Days
after such determination was made. Once notice of such determination has been
delivered by Master Servicer No. 2 or Master Servicer No. 2 receives written
notice of such determination by the Commons at Calabasas A-Note Non-Trust Loan
Servicer, none of the applicable Master Servicer, the Trustee or the Fiscal
Agent, the Commons at Calabasas A-Note Non-Trust Loan Servicer or any other
party to the Commons at Calabasas A-Note Non-Trust Loan Pooling and Servicing
Agreement shall make any additional P&I Advances with respect to the Commons at
Calabasas Loan Combination until Master Servicer No. 2 has consulted with the
Commons at Calabasas A-Note Non-Trust Loan Servicer and they agree that
circumstances with respect to the Commons at Calabasas Loan Combination have
changed such that a proposed future P&I Advance would not be a Nonrecoverable
Advance.

            (b) In the event the holder of the Commons at Calabasas A-Note
Non-Trust Loan is responsible for its proportionate share of any Nonrecoverable
Advances (or, pursuant to the second paragraph of Section 17 of the Commons at
Calabasas Intercreditor Agreement, any other portion of a Nonrecoverable
Advance) (and advance interest thereon) or other fee or expense pursuant to
Section 17 of the Commons at Calabasas Intercreditor Agreement, and that in the
event that the funds received with respect to the Commons at Calabasas Loan
Combination are insufficient to cover such amounts, (x) the Commons at Calabasas
A-Note Non-Trust Loan Servicer will be required to reimburse Master Servicer No.
2 , Special Servicer or Trustee, as applicable, out of general funds in the
collection account (or equivalent account) established under the Commons at
Calabasas A-Note Non-Trust Loan Pooling and Servicing Agreement, and (y) Master
Servicer No. 2, Special Servicer or Trustee, as applicable may reimburse itself
from the Trust Fund's Collection Account and the Commons at Calabasas A-Note
Non-Trust Loan Servicer will be required to reimburse the Trust Fund out of
general funds in the collection account (or equivalent account) established
under the Commons at Calabasas A-Note Non-Trust Loan Pooling and Servicing
Agreement.

            (c) Each of Master Servicer No. 2 and the Special Servicer shall be
indemnified against any claims, losses, penalties, fines, forfeitures, legal
fees and related costs, judgments and any other costs, liabilities, fees and
expenses, incurred in connection with this Agreement and the Commons at
Calabasas A-Note Non-Trust Loan Pooling and Servicing Agreement that relate
solely to its servicing of the Commons at Calabasas Loan Combination, as
applicable, and the Commons at Calabasas A-Note Non-Trust Loan Servicer will be
required to reimburse Master Servicer No. 2, Special Servicer or Trustee, as
applicable, out of general funds in the collection account (or equivalent
account) established under the Commons at Calabasas A-Note Non-Trust Loan
Pooling and Servicing Agreement.

            (d) Master Servicer No. 2 agrees that it shall remit all payments
received (or advanced) with respect to the Commons at Calabasas A-Note Non-Trust
Loan, net of its Master Servicing Fee and any other applicable fees and
reimbursements payable to Master Servicer No. 2, the Special Servicer and the
Trustee, to the holder of the Commons at Calabasas A-Note Non-Trust Loan not
later than 3:00 p.m. (New York City time) on the Distribution Date.

            (e) Master Servicer No. 2 and the Special Servicer agree to deliver
to the holder of the Commons at Calabasas A-Note Non-Trust Loan (with respect to
the Note A-2 only) all reports required to be delivered by Master Servicer No. 2
or Special Servicer to the Trustee on the date such reports are required to be
delivered to the Trustee; including such information in Master Servicer No. 2's
possession as is reasonably necessary for the holder of the Commons at Calabasas
A-Note Non-Trust Loan or the Commons at Calabasas A-Note Non-Trust Loan Servicer
to determine the recoverability of P&I Advances.

            (f) Each of Master Servicer No. 2 and the Special Servicer
acknowledges that upon the securitization of the Commons at Calabasas A-Note
Non-Trust Loan, the trustee under the Commons at Calabasas A-Note Non-Trust Loan
Pooling and Servicing Agreement will be the owner of the Commons at Calabasas
A-Note Non-Trust Loan and that, pursuant to the Commons at Calabasas A-Note
Non-Trust Loan Pooling and Servicing Agreement, the Commons at Calabasas A-Note
Non-Trust Loan Servicer will be entitled to enforce the rights of the trustee
under the Commons at Calabasas A-Note Non-Trust Loan Pooling and Servicing
Agreement with respect to the Commons at Calabasas A-Note Non-Trust Loan under
this Agreement. Under this Agreement, the servicing duties of each of Master
Servicer No. 2 and the Special Servicer shall include the duty to service the
Commons at Calabasas A-Note Non-Trust Loan on behalf of the trustee under the
Commons at Calabasas A-Note Non-Trust Loan Pooling and Servicing Agreement (on
behalf of the related subsequent certificateholders) in accordance with the
terms and provisions of this Agreement.

            (g) Countrywide or any successor that has assumed the Future Advance
Obligations (as defined in the Commons at Calabasas Loan Intercreditor
Agreement) in accordance with Commons at Calabasas Loan Intercreditor Agreement
(in such capacity the "Indemnifying Party") has agreed to remit to the Commons
at Calabasas Borrower the Future Advance, provided it has determined that the
conditions to the Future Advance have been satisfied. Subject to the provisions
in the Commons at Calabasas Loan Intercreditor Agreement, Master Servicer No. 2
or the Special Servicer, as applicable, shall deal with the Commons at Calabasas
Borrower in connection with all construction-related activities pertaining to
the related Mortgaged Property and, in connection with an Advance Request (as
such term is defined in the Commons at Calabasas Loan Intercreditor Agreement),
the Commons at Calabasas Borrower shall provide Master Servicer No. 2 or the
Special Servicer, as applicable, with evidence that the conditions to the Future
Advance have been satisfied. Upon receipt of an Advance Request from the Commons
at Calabasas Borrower, Master Servicer No. 2 or the Special Servicer shall
within two Business Days of receipt, deliver the documentation evidencing the
satisfaction of the conditions precedent to the making of the Future Advance to
the Indemnifying Party, which party shall approve or disapprove the Advance
Request as described in the Commons at Calabasas Intercreditor Agreement.

            (h) If there are any conflicts between this Section 6.13 and any of
the Mortgage Loan documents relating to the Commons at Calabasas Loan
Combination or between this Section 6.13 and the Commons at Calabasas Loan
Intercreditor Agreement, then such Mortgage Loan documents or such Commons at
Calabasas Loan Intercreditor Agreement shall control. The parties hereto
recognize and acknowledge the respective rights of the holder of the Commons at
Calabasas Loan A-Note Non-Trust Loans under the Commons at Calabasas Loan
Intercreditor Agreement.

            Section 6.14 Certain Matters with Respect to the Georgia-Alabama
Retail Portfolio Loan Combination

            (a) In connection with the securitization of the Georgia-Alabama
Retail Portfolio A-Note Non-Trust Loan, in the event the holder of the
Georgia-Alabama Retail Portfolio A-Note Non-Trust Loan has exercised its option
to have the servicing of the Georgia-Alabama Retail Portfolio Loan Combination
governed under the Georgia-Alabama Retail Portfolio A-2 Note Pooling and
Servicing Agreement (and has received written confirmation from each Rating
Agency for the Rated Certificates that the exercise of such option would not
result in an Adverse Rating Event), then the master servicer under the
Georgia-Alabama Retail Portfolio A-2 Note Pooling and Servicing Agreement (or if
the Georgia-Alabama Retail Portfolio Loan Combination is a specially serviced
loan under the Georgia-Alabama Retail Portfolio A-2 Note Pooling and Servicing
Agreement, the special servicer under the Georgia-Alabama Retail Portfolio A-2
Note Pooling and Servicing Agreement) shall service and administer the
Georgia-Alabama Retail Portfolio Loan Combination in a manner consistent with
the Georgia-Alabama Retail Portfolio Intercreditor Agreements and the REMIC
Provisions and, unless another party is expressly responsible hereunder and
thereunder, shall (subject to the servicing standard under the Georgia-Alabama
Retail Portfolio A-2 Note Pooling and Servicing Agreement) satisfy all of the
obligations required to be performed by the "Lead Note Holder" or contemplated
to be performed by a "Servicer" under the Georgia-Alabama Retail Portfolio
Intercreditor Agreements and Master Servicer No. 2 shall have no servicing
obligations with respect thereto;

            (b) Master Servicer No. 2 and the Special Servicer each hereby agree
that, (i) prior to taking any Georgia-Alabama Retail Portfolio Loan Combination
Major Action 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 Georgia-Alabama Retail Portfolio Retail Portfolio
Controlling Party as and to the extent required by the Georgia-Alabama Retail
Portfolio Intercreditor Agreements and (ii) prior to taking any Georgia-Alabama
Retail Portfolio Loan Combination Major Action or Georgia-Alabama Retail
Portfolio Additional Action, it shall consult with, provide notices and
information to the Georgia-Alabama Retail Portfolio Retail Portfolio Consulting
Party, in each case, subject to, and to the extent required by, the
Georgia-Alabama Retail Portfolio Intercreditor Agreements;

            (c) Notwithstanding anything herein to the contrary, Master Servicer
No. 2 or Special Servicer may ignore and act without regard to any advice,
direction or objection from or by the Georgia-Alabama Retail Portfolio
Controlling Party or the Georgia-Alabama Retail Portfolio Retail Portfolio
Consulting Party, as contemplated by the foregoing provisions, that Master
Servicer No. 2 or such Special Servicer, as the case may be, has determined, in
its reasonable, good faith judgment, will require or cause Master Servicer No. 2
or the Special Servicer or the Trustee to take any action or refrain from taking
any action which would violate any law of any applicable jurisdiction, be
inconsistent with the Servicing Standard or violate the REMIC Provisions or
violate any other provisions of the Pooling and Servicing Agreement, the
Mortgage Loan documents, or any provisions of the Georgia-Alabama Retail
Portfolio Intercreditor Agreements;

            (d) If Master Servicer No. 2 or the Georgia-Alabama Retail Portfolio
Non-Trust Loan Servicer (in connection with any back-up P&I Advance made by the
Georgia-Alabama Retail Portfolio Non-Trust Loan Servicer) determines that a
proposed P&I Advance, if made, or any outstanding P&I Advance previously made,
would be, or is, as applicable, a Nonrecoverable Advance, such servicer shall
provide the other servicers written notice of such determination within 2
Business Days after such determination was made. Once notice of such
determination has been delivered by Master Servicer No. 2 or Master Servicer No.
2 receives written notice of such determination by the Georgia-Alabama Retail
Portfolio Servicer, none of Master Servicer No. 2, the Trustee or the Fiscal
Agent, the Georgia-Alabama Retail Portfolio Non-Trust Loan Servicer or any other
party to the Georgia-Alabama Retail Portfolio A-2 Note Pooling and Servicing
Agreement shall make any additional P&I Advances with respect to the
Georgia-Alabama Retail Portfolio Loan Combination until Master Servicer No. 2
has consulted with the Georgia-Alabama Retail Portfolio Servicer and they agree
that circumstances with respect to the Georgia-Alabama Retail Portfolio Loan
Combination have changed such that a proposed future P&I Advance would not be a
Nonrecoverable Advance.

            (e) In the event Georgia-Alabama Retail Portfolio Servicer is
responsible for its proportionate share of any Nonrecoverable Advances (or,
pursuant to the Georgia-Alabama Retail Portfolio Intercreditor Agreements, any
other portion of a Nonrecoverable Advance) (and advance interest thereon) or
other fee or expense pursuant to Georgia-Alabama Retail Portfolio Intercreditor
Agreements, and that in the event that the funds received with respect to the
Georgia-Alabama Retail Portfolio Loan Combination are insufficient to cover such
amounts, (x) the Georgia-Alabama Retail Portfolio Non-Trust Loan Servicer will
be required to reimburse the applicable Master Servicer, Special Servicer or
Trustee, as applicable, out of general funds in the collection account (or
equivalent account) established under the Georgia-Alabama Retail Portfolio A-2
Note Pooling and Servicing Agreement, and (y) Master Servicer No. 2, the Special
Servicer or the Trustee shall reimburse itself from the Trust Fund's Collection
Account and the Georgia-Alabama Retail Portfolio Servicer will be required to
reimburse the Trust Fund out of general funds in the collection account (or
equivalent account) established under the Georgia-Alabama Retail Portfolio A-2
Note Pooling and Servicing Agreement.

            (f) Each of Master Servicer No. 2 and the Special Servicer shall be
indemnified against any claims, losses, penalties, fines, forfeitures, legal
fees and related costs, judgments and any other costs, liabilities, fees and
expenses, incurred in connection with this Agreement and the Georgia-Alabama
Retail Portfolio A-2 Note Pooling and Servicing Agreement that relate solely to
its servicing of the Georgia-Alabama Retail Portfolio Loan Combination, as
applicable, and the Georgia-Alabama Retail Portfolio Servicer will be required
to reimburse Master Servicer No. 2, the Special Servicer or the Trustee, as
applicable, out of general funds in the collection account (or equivalent
account) established under the Georgia-Alabama Retail Portfolio A-2 Note Pooling
and Servicing Agreement.

            (g) Master Servicer No. 2 agrees that it shall remit all payments
received (or advanced, if applicable) with respect to the Georgia-Alabama Retail
Portfolio Companion Loans, net of its Master Servicing Fee and any other
applicable fees and reimbursements payable to Master Servicer No. 2, the Special
Servicer and the Trustee, to the holders of the Georgia-Alabama Retail Portfolio
Companion Loans not later than 3:00 p.m. (New York City time) on the
Distribution Date.

            (h) Master Servicer No. 2 and the Special Servicer agrees to deliver
to the holders of the Georgia-Alabama Retail Portfolio Companion Loans all
reports required to be delivered by Master Servicer No. 2 or Special Servicer to
the Trustee pursuant to the terms of this Agreement on the date such reports are
required to be delivered to the Trustee; including such information in Master
Servicer No. 2's possession as is reasonably necessary for the Georgia-Alabama
Retail Portfolio Servicer to determine the recoverability of P&I Advances.

            (i) Each of Master Servicer No. 2 and the Special Servicer
acknowledges that upon the securitization of Georgia-Alabama Retail Portfolio
Non-Trust Loan, the trustee under the Georgia-Alabama Retail Portfolio A-2 Note
Pooling and Servicing Agreement will be the owner of the Georgia-Alabama Retail
Portfolio Non-Trust Loan and that, pursuant to the Georgia-Alabama Retail
Portfolio A-2 Note Pooling and Servicing Agreement, the Georgia-Alabama Retail
Portfolio Servicer will be entitled to enforce the rights of the trustee under
the Georgia-Alabama Retail Portfolio A-2 Note Pooling and Servicing Agreement
with respect to the Georgia-Alabama Retail Portfolio Non-Trust Loan under this
Agreement. In connection therewith, the servicing duties of each of Master
Servicer No. 2 and Special Servicer under this Agreement shall include the duty
to service the Georgia-Alabama Retail Portfolio Non-Trust Loan, on behalf of the
trustee under the Georgia-Alabama Retail Portfolio A-2 Note Pooling and
Servicing Agreement (on behalf of the related certificateholders) in accordance
with the terms and provisions of this Agreement.

            (j) If there are any conflicts between this Section 6.14 and any of
the Mortgage Loan documents relating to the Georgia-Alabama Retail Portfolio
Loan Combination or between this Section 6.14 and the Georgia-Alabama Retail
Portfolio Intercreditor Agreements, then such Mortgage Loan documents or such
Georgia-Alabama Retail Portfolio Intercreditor Agreements shall control. The
parties hereto recognize and acknowledge the respective rights of the holders of
the Georgia-Alabama Retail Portfolio Companion Loans under the Georgia-Alabama
Retail Portfolio Intercreditor Agreements.

            Section 6.15 Certain Matters with Respect to the CFC Loan
Combinations

            (a) Any Late Collections received by the applicable Master Servicer
from the Mortgagor on the CFC Loan Combinations for which a debt service advance
has already been paid by a service provider of another securitization shall be
remitted by the applicable Master Servicer to such other service provider for
the CFC B-Note Non-Trust Loan within one Business Day of receipt thereof.

            (b) The holder of the CFC B-Note Non-Trust Loan and any related
"directing certificateholder" shall be entitled to receive any information
relating to the CFC Loan Combinations, the related Mortgagor or the related
Mortgaged Property as such person may reasonably request and the applicable
Master Servicer and the Special Servicer, as applicable, shall provide to the
service provider of a CFC B-Note Non-Trust Loan in a timely fashion the reports
that such party provides under this Agreement with respect to the CFC Loan
Combinations.

            (c) The applicable Master Servicer and the Special Servicer each
hereby agree that prior to taking any CFC Loan Combination Major Action, it
shall consult with and provide notices and information to the holder of the CFC
B-Note Non-Trust Loan, subject to and to the extent required by the CFC Loan
Combination Intercreditor Agreements.

            (d) If there are any conflicts between this Section 6.15 and any of
the Mortgage Loan documents relating to the CFC Loan Combination or between this
Section 6.15 and the CFC Loan Combination Intercreditor Agreements, then such
Mortgage Loan documents or such CFC Loan Combination Intercreditor Agreements
shall control. The parties hereto recognize and acknowledge the respective
rights of the holder of the CFC B-Note Non-Trust Loans under the CFC Loan
Combination Intercreditor Agreements.

            Section 6.16 Certain Matters with Respect to the Securitization of
any A-Note Non-Trust Loan, the Georgia-Alabama Retail Portfolio B-Note Non-Trust
Loan and a CFC B-Note Non-Trust Loan.

            In connection with the securitization of any A-Note Non-Trust Loan,
the Georgia-Alabama Retail Portfolio B-Note Non-Trust Loan (unless a
Georgia-Alabama Retail Portfolio Servicing Transfer Event has occurred) or a CFC
B-Note Non-Trust Loan a CFC B-Note Non-Trust Loan:

            (i) the applicable Master Servicer and Special Servicer shall be
      required to deliver the reports, certifications and other materials
      delivered by the applicable Master Servicer or the Special Servicer
      pursuant to Section 8.16 as the parties to the Other Securitization may
      require in order to comply with their obligations under the Other
      Securitization Pooling and Servicing Agreement, the Securities Act of
      1933, as amended, and the Securities Exchange Act of 1934, as amended,
      subject to the terms and conditions of the related intercreditor
      agreement, including without limitation, that (A) the holder of the
      related Non-Trust Loan shall pay or cause to be paid any and all
      reasonable out-of-pocket expenses incurred by the applicable Master
      Servicer in connection with the provision and/or review of such
      disclosure, opinion of counsel and indemnification agreement; (B) the
      holder of the related Non-Trust Loan shall have invoked its rights under
      this sentence by means of a notice delivered to the applicable Master
      Servicer within a reasonable period prior to the date when the relevant
      securities to be issued in the Other Securitization are first offered
      publicly; and (C) the applicable Master Servicer shall not be required to
      provide any such disclosure, opinion of counsel or indemnification
      agreement unless the holder of the related Non-Trust Loan (together with
      such other loans included in such securitization for which Master Servicer
      is the applicable master servicer or primary servicer) constitutes 20% or
      more of the cut-off date balance of the Other Securitization and shall not
      be required to address items other than Items under Regulation AB covered
      by the related Master Servicer Indemnification Agreement or Special
      Servicer Indemnification Agreement; and

            (ii) each master servicer and special servicer under the Other
      Pooling and Servicing Agreement shall be a third party beneficiary of this
      Agreement with respect to all provisions therein expressly relating to
      compensation, reimbursement or indemnification of such master servicer or
      special servicer, as the case may be, and the provisions regarding
      coordination of Advances.

                                   ARTICLE VII

                                     DEFAULT

            Section 7.01 Events of Default.

            (a) "Event of Default," wherever used herein, means any one of the
following events:

            (i) any failure by either Master Servicer to deposit into its
      Collection Account or a Loan Combination Custodial Account any amount
      required to be so deposited by it under this Agreement, which failure
      continues unremedied for two Business Days following the date on which the
      deposit was required to be made; or

            (ii) any failure by either Master Servicer to deposit into, or to
      remit to the Trustee for deposit into, the Distribution Account or any
      other account maintained by the Trustee hereunder, any amount required to
      be so deposited or remitted by it under this Agreement, which failure
      continues unremedied until 11:00 a.m. New York City time on the Business
      Day following the date on which the remittance was required to be made,
      provided that to the extent such Master Servicer does not timely make such
      remittances, such Master Servicer shall pay the Trustee (for the account
      of the Trustee) interest on any amount not timely remitted at the Prime
      Rate from and including the applicable required remittance date to but not
      including the date such remittance is actually made; or

            (iii) any failure by the Special Servicer to deposit into the
      applicable REO Account or to deposit into, or to remit to the applicable
      Master Servicer for deposit the applicable Collection Account, any amount
      required to be so deposited or remitted by it under this Agreement
      provided, however that the failure to deposit or remit such amount shall
      not be an Event of Default if such failure is remedied within one Business
      Day and in any event on or prior to the related P&I Advance Date; or

            (iv) any failure by either Master Servicer to timely make any
      Servicing Advance required to be made by it hereunder, which Servicing
      Advance remains unmade for a period of five Business Days following the
      date on which notice shall have been given to such Master Servicer by the
      Trustee as provided in Section 3.03(c); or

            (v) any failure on the part of either Master Servicer or the Special
      Servicer duly to observe or perform in any material respect any other of
      the covenants or agreements on the part of such Master Servicer or the
      Special Servicer, as the case may be, contained in this Agreement, which
      failure continues unremedied for a period of 30 days after the date on
      which written notice of such failure, requiring the same to be remedied,
      shall have been given to such Master Servicer or the Special Servicer, as
      the case may be, by any other party hereto (with a copy to each other
      party hereto) or by the Holders of Certificates entitled to at least 25%
      of the Voting Rights, provided, however, that (A) with respect to any such
      failure (other than a failure referred to in clause (v)(B) below) which is
      not curable within such 30-day period, such Master Servicer or the Special
      Servicer, as the case may be, shall have an additional cure period of 30
      days to effect such cure so long as such Master Servicer or the Special
      Servicer, as the case may be, has commenced to cure the subject failure
      within the initial 30-day period and has provided the Trustee and any
      affected Non-Trust Noteholder(s) with an Officer's Certificate certifying
      that it has diligently pursued, and is diligently continuing to pursue, a
      full cure, or (B) in the case of a failure to deliver to the Trustee and
      the Depositor the Annual Statement of Compliance, the Annual Assessment
      Report, the Annual Attestation Report and/or, if required to be filed with
      the Commission, the Accountant's Consent with respect to such Master
      Servicer (or any Additional Item 1123 Servicer or Sub-Servicing Function
      Participant, as applicable, engaged thereby that is not a Designated
      Sub-Servicer) or the Special Servicer (or any Additional Item 1123
      Servicer or Sub-Servicing Function Participant, as applicable, engaged
      thereby), as applicable, pursuant to Section 3.13 or Section 3.14, as
      applicable, which is required to be part of or incorporated in a
      Subsequent Exchange Act Report required to be filed with respect to the
      Trust pursuant to the Exchange Act and this Agreement, continues
      unremedied beyond 5:00 p.m. (New York City time) on the second Business
      Day after the date on which Servicer Notice of the subject failure has
      been given to such Master Servicer or the Special Servicer, as the case
      may be, by or on behalf of any other party hereto; in accordance with
      Section 3.13 or Section 3.14, as applicable, or (C) in the case of a
      failure to notify the Trustee and the Depositor that an Additional Item
      1123 Servicer or a Sub-Servicing Function Participant has been retained or
      engaged by it, which Additional Item 1123 Servicer or Sub-Servicing
      Function Participant was performing duties with respect to all or any part
      of the Trust Fund on behalf of such Master Servicer or Special Servicer,
      as applicable, during an Exchange Act Reporting Year, continues unremedied
      for 30 days; or

            (vi) any breach on the part of either Master Servicer or the Special
      Servicer of any representation or warranty contained in this Agreement
      that materially and adversely affects the interests of any Class of
      Certificateholders and which breach continues unremedied for a period of
      30 days after the date on which written notice of such breach, requiring
      the same to be remedied, shall have been given to the subject Master
      Servicer or the Special Servicer, as the case may be, by any other party
      hereto (with a copy to each other party hereto) or by the Holders of
      Certificates entitled to at least 25% of the Voting Rights, provided,
      however, that with respect to any such breach which is not curable within
      such 30-day period, such Master Servicer or the Special Servicer, as the
      case may be, shall have an additional cure period of 30 days so long as
      such Master Servicer or the Special Servicer, as the case may be, has
      commenced to cure such breach within the initial 30-day period and
      provided the Trustee with an Officer's Certificate certifying that it has
      diligently pursued, and is diligently continuing to pursue, a full cure;
      or

            (vii) a decree or order of a court or agency or supervisory
      authority having jurisdiction in the premises in an involuntary case under
      any present or future federal or state bankruptcy, insolvency or similar
      law for the appointment of a conservator, receiver, liquidator, Trustee or
      similar official in any bankruptcy, insolvency, readjustment of debt,
      marshaling of assets and liabilities or similar proceedings, or for the
      winding-up or liquidation of its affairs, shall have been entered against
      either Master Servicer or the Special Servicer and such decree or order
      shall have remained in force undischarged, undismissed or unstayed for a
      period of 60 days, provided, however, that such Master Servicer or the
      Special Servicer, as appropriate, will have an additional period of 30
      days to effect such discharge, dismissal or stay so long as such Master
      Servicer or the Special Servicer, as appropriate, has commenced the
      appropriate proceedings to have such decree or order dismissed, discharged
      or stayed within the initial 60 day period; or

            (viii) either Master Servicer or the Special Servicer shall consent
      to the appointment of a conservator, receiver, liquidator, Trustee or
      similar official in any bankruptcy, insolvency, readjustment of debt,
      marshaling of assets and liabilities or similar proceedings of or relating
      to it or of or relating to all or substantially all of its property; or

            (ix) either Master Servicer or the Special Servicer shall admit in
      writing its inability to pay its debts generally as they become due, file
      a petition to take advantage of any applicable bankruptcy, insolvency or
      reorganization statute, make an assignment for the benefit of its
      creditors, voluntarily suspend payment of its obligations, or take any
      corporate action in furtherance of the foregoing; or

            (x) Any of Moody's or S&P has (1) qualified, downgraded or withdrawn
      its rating or ratings of one or more Classes of Certificates or (2) placed
      one or more Classes of the Certificates on "watch status" (and such "watch
      status" placement shall not have been withdrawn by Moody's or S&P, as the
      case may be, within 60 days thereof) and, in the case of either clauses
      (1) or (2), cited servicing concerns with either Master Servicer or the
      Special Servicer, as the case may be, as the sole or a material factor in
      such rating action; or

            (xi) the Master Servicer or the Special Servicer is removed from
      S&P's Select Servicer List as a U.S. Commercial Mortgage Master Servicer
      or a U.S. Commercial Mortgage Special Servicer, as the case may be, and is
      not reinstated within 60 days after its removal therefrom.

            (b) If any Event of Default shall occur with respect to either
Master Servicer or the Special Servicer (in either case, for purposes of this
Section 7.01(b), the "Defaulting Party") and shall be continuing, then, and in
each and every such case, so long as such Event of Default shall not have been
remedied, the Trustee may, and at the written direction of the Controlling Class
Representative or the Holders of Certificates entitled to at least 25% of the
Voting Rights, the Trustee shall, by notice in writing to the Defaulting Party
(with a copy of such notice to each other party hereto and the Rating Agencies),
terminate all of the rights and obligations (but not the liabilities for actions
and omissions occurring prior thereto) of the Defaulting Party under this
Agreement and in and to the Trust Fund and each Non-Trust Loan, other than its
rights, if any, as a Certificateholder hereunder or as holder of a Non-Trust
Loan; provided that each Master Servicers and the Special Servicer each shall,
if terminated pursuant to this Section 7.01(b), continue to be entitled to
receive all amounts accrued or owing to it under this Agreement on or prior to
the date of such termination, whether in respect of Advances or otherwise, and
it (and each of its Affiliates, directors, partners, members, managers,
shareholders, officers, employees or agents) shall continue to be entitled to
the benefits of Section 6.03 notwithstanding any such termination; provided,
further, that nothing contained in this Section 7.01(b) shall terminate any
rights purchased or otherwise owned or held by either Master Servicer to primary
service any of the Mortgage Loans as a Sub-Servicer to the Trustee or any other
replacement Master Servicer; provided, further, that neither Master Servicer may
be terminated solely for an Event of Default that affects only a Non-Trust
Noteholder; and provided, further, that the Special Servicer may not be
terminated solely for an Event of Default that affects only a Non-Trust
Noteholder. From and after the receipt by the Defaulting Party of such written
notice of termination, all authority and power of the Defaulting Party under
this Agreement, whether with respect to the Certificates (other than as a holder
of any Certificate) or the Mortgage Loans or otherwise, shall pass to and be
vested in the Trustee pursuant to and under this Section, and, without
limitation, the Trustee is hereby authorized and empowered to execute and
deliver, on behalf of and at the expense of the Defaulting Party, as
attorney-in-fact or otherwise, any and all documents and other instruments, and
to do or accomplish all other acts or things necessary or appropriate to effect
the purposes of such notice of termination, whether to complete the transfer and
endorsement or assignment of the Mortgage Loans and related documents, or
otherwise. Each Master Servicer and the Special Servicer agree that, if it is
terminated pursuant to this Section 7.01(b), it shall promptly (and in any event
no later than 20 Business Days subsequent to its receipt of the notice of
termination) provide the Trustee with all documents and records, including those
in electronic form, requested thereby to enable the Trustee or a successor
Master Servicer or Special Servicer to assume the terminated Master Servicer's
or Special Servicer's, as the case may be, functions hereunder, and shall
cooperate with the Trustee in effecting the termination of such Master
Servicer's or Special Servicer's, as the case may be, responsibilities and
rights hereunder, including, without limitation, (i) the transfer within 5
Business Days to the Trustee or a successor Master Servicer for administration
by it of all cash amounts that shall at the time be or should have been credited
by such Master Servicer to its Collection Account, any Loan Combination
Custodial Account, the Distribution Account, a Servicing Account or a Reserve
Account (if a Master Servicer is the Defaulting Party) or that are thereafter
received by or on behalf of it with respect to any Mortgage Loan or (ii) the
transfer within two Business Days to the Trustee or a successor Special Servicer
for administration by it of all cash amounts that shall at the time be or should
have been credited by the Special Servicer to an REO Account, the applicable
Collection Account, any Loan Combination Custodial Account, a Servicing Account
or a Reserve Account or delivered to the applicable Master Servicer (if the
Special Servicer is the Defaulting Party) or that are thereafter received by or
on behalf of it with respect to any Mortgage Loan or REO Property. Any costs or
expenses in connection with any actions to be taken by either Master Servicer,
the Special Servicer or the Trustee pursuant to this paragraph shall be borne by
the Defaulting Party and if not paid by the Defaulting Party within 90 days
after the presentation of reasonable documentation of such costs and expenses,
such costs and expenses shall be reimbursed by the Trust Fund; provided,
however, that the Defaulting Party shall not thereby be relieved of its
liability for such costs and expenses. If and to the extent that the Defaulting
Party has not reimbursed such costs and expenses, the Trustee shall have an
affirmative obligation to take all reasonable actions to collect such expenses
on behalf of and at the expense of the Trust Fund. For purposes of this Section
7.01 and of Section 7.03(b), the Trustee shall not be deemed to have knowledge
of an event which constitutes, or which with the passage of time or notice, or
both, would constitute an Event of Default described in clauses (i)-(viii) of
subsection (a) above unless a Responsible Officer of the Trustee has actual
knowledge thereof or unless notice of any event which is in fact such an Event
of Default is received by the Trustee and such notice references the
Certificates, the Trust Fund or this Agreement.

            (c) Notwithstanding Section 7.01(b) of this Agreement, if a Master
Servicer receives a notice of termination solely due to an Event of Default
under Section 7.01(a)(x), (xi) or (xii) and the terminated Master Servicer
provides the Trustee with the appropriate "request for proposal" materials
within the five (5) Business Days after receipt of such notice of termination,
then such Master Servicer shall continue to serve as a Master Servicer, if
requested to do so by the Trustee, and the Trustee shall promptly thereafter
(using such "request for proposal" materials provided by the terminated Master
Servicer) solicit good faith bids for the rights to master service under this
Agreement the Mortgage Loans in respect of which the terminated Master Servicer
is the applicable Master Servicer from at least three (3) Persons qualified to
act as successor Master Servicer hereunder in accordance with Section 6.02 and
Section 7.02 for which the Trustee has received written confirmation from each
Rating Agency for the Rated Certificates that the appointment of such Person
would not result in an Adverse Rating Event (any such Person so qualified, a
"Qualified Bidder") or, if three (3) Qualified Bidders cannot be located, then
from as many Persons as the Trustee can determine are Qualified Bidders;
provided, however, that (i) at the Trustee's request, the terminated Master
Servicer shall supply the Trustee with the names of Persons from whom to solicit
such bids; (ii) prior to making such solicitation, the Trustee or, upon request
of the Trustee, the terminated Master Servicer, shall have consulted with
(although it shall not be required to have obtained the approval of) the
Controlling Class Representative with respect to the identity and quality of
each of the Persons from whom the Trustee is to solicit bids; and (iii) the
Trustee shall not be responsible if less than three (3) or no Qualified Bidders
submit bids for the right to master service the subject Mortgage Loans under
this Agreement. The bid proposal shall require any Successful Bidder (as defined
below), as a condition of such bid, to enter into this Agreement as successor
Master Servicer with respect to the applicable Mortgage Loans, and to agree to
be bound by the terms hereof, within forty-five (45) days after the receipt by
the terminated Master Servicer of a notice of termination referred to above in
this Section 7.01(c). The Trustee shall solicit bids (i) on the basis of such
successor Master Servicer (x) retaining any applicable Sub-Servicers to continue
the primary servicing of the applicable Mortgage Loans pursuant to the terms of
their respective Sub-Servicing Agreements and (y) entering into a Sub-Servicing
Agreement with the terminated Master Servicer under which the terminated Master
Servicer would sub-service each of the Mortgage Loans for which it was the
applicable Master Servicer and which were not then subject to a Sub-Servicing
Agreement at a sub-servicing fee rate per annum equal to, for each applicable
Mortgage Loan, the excess of the related Master Servicing Fee Rate minus the sum
of one basis point and the related Excess Servicing Strip Rate (each, a
"Servicing-Retained Bid") and (ii) on the basis of terminating each applicable
Sub-Servicing Agreement and each applicable Sub-Servicer (other than a
Designated Sub-Servicer and its Sub-Servicing Agreement) that it is permitted to
terminate in accordance with Section 3.22 and having no obligation to enter into
a Sub-Servicing Agreement with the terminated Master Servicer (each, a
"Servicing-Released Bid"). The Trustee shall select the Qualified Bidder with
the highest cash Servicing-Retained Bid (or, if none, the highest cash Servicing
Released Bid) (the "Successful Bidder") to act as successor Master Servicer
hereunder. The Trustee shall direct the Successful Bidder to enter into this
Agreement as successor Master Servicer pursuant to the terms hereof (and, if the
successful bid was a Servicing-Retained Bid, to enter into a Sub-Servicing
Agreement with the terminated Master Servicer as contemplated above), no later
than forty-five (45) days after the termination of the terminated Master
Servicer. In no event shall the bid procedures under this subsection (c) purport
to offer the servicing right of any Designated Sub-Servicer that is not then in
default under its Sub-Servicing Agreement.

            Upon the assignment and acceptance of the applicable master
servicing rights hereunder to and by the Successful Bidder, the Trustee shall
remit or cause to be remitted to the terminated Master Servicer the amount of
such cash bid received from the Successful Bidder (net of "out-of-pocket"
expenses incurred by the Trustee in connection with obtaining such bid and
transferring servicing).

            If the Successful Bidder has not entered into this Agreement as
successor Master Servicer within forty-five (45) days after the applicable
Master Servicer received a notice of termination or no Successful Bidder was
identified within such forty-five (45) day period, the terminated Master
Servicer shall reimburse the Trustee for all reasonable "out-of-pocket" expenses
incurred by the Trustee in connection with such bid process and the Trustee
shall have no further obligations under this Section 7.01(c). The Trustee
thereafter may act or may select a successor to act as a Master Servicer
hereunder in accordance with the provisions of Section 7.02.

            Section 7.02 Trustee to Act; Appointment of Successor.

            On and after the time a Master Servicer or the Special Servicer
resigns pursuant to Section 6.04 or receives a notice of termination pursuant to
Section 7.01, the Trustee shall, unless a successor is appointed pursuant to
Section 6.04 or 6.09, be the successor in all respects to such Master Servicer
or the Special Servicer, as the case may be, in its capacity as such under this
Agreement and the transactions set forth or provided for herein and shall have
all (and the former Master Servicer or the Special Servicer, as the case may be,
shall cease to have any) of the responsibilities, duties and liabilities (except
as provided in the next sentence) of a Master Servicer or the Special Servicer,
as the case may be, arising thereafter, including, without limitation, if a
Master Servicer is the resigning or terminated party, such Master Servicer's
obligation to make P&I Advances, including the unmade P&I Advances that gave
rise to such Event of Default; provided that any failure to perform such duties
or responsibilities caused by either Master Servicer's or the Special
Servicer's, as the case may be, failure to provide information or monies
required by Section 7.01 shall not be considered a default by the Trustee
hereunder. Notwithstanding anything contrary in this Agreement, the Trustee
shall in no event be held responsible or liable with respect to any of the
representations and warranties of the resigning or terminated party (other than
the Trustee) or for any losses incurred by such resigning or terminated party
pursuant to Section 3.06 hereunder nor shall the Trustee be required to purchase
any Mortgage Loan hereunder. As compensation therefor, the Trustee shall be
entitled to all fees and other compensation which the resigning or terminated
party would have been entitled to if the resigning or terminated party had
continued to act hereunder (subject to Section 3.11(a) with respect to the
Excess Servicing Strip). Notwithstanding the above and subject to its
obligations under Section 3.22(d) and 7.01(b), the Trustee may, if it shall be
unwilling in its sole discretion to so act as either a Master Servicer or the
Special Servicer, as the case may be, or shall, if it is unable to so act as
either a Master Servicer or the Special Servicer, as the case may be, or shall,
if the Trustee is not approved as a Master Servicer or the Special Servicer, as
the case may be, by any of the Rating Agencies, or if either the Controlling
Class Representative or the Holders of Certificates entitled to a majority of
the Voting Rights so request in writing to the Trustee, promptly appoint,
subject to the approval of each of the Rating Agencies (as evidenced by written
confirmation therefrom to the effect that the appointment of such institution
would not cause an Adverse Rating Event), or petition a court of competent
jurisdiction to appoint, any established mortgage loan servicing institution
that meets the requirements of Section 6.02 (including, without limitation,
rating agency confirmation), which institution shall, in the case of an
appointment by the Trustee, be reasonably acceptable to the Controlling Class
Representative; provided, however, that in the case of a resigning or terminated
Special Servicer, such appointment shall be subject to the rights of the Holders
or Certificate Owners of Certificates evidencing a majority of the Voting Rights
allocated to the Controlling Class to designate a successor pursuant to Section
6.09. Except with respect to an appointment provided below, no appointment of a
successor to a Master Servicer or the Special Servicer hereunder shall be
effective until the assumption of the successor to such party of all its
responsibilities, duties and liabilities under this Agreement. Pending
appointment of a successor to a Master Servicer or the Special Servicer
hereunder, the Trustee shall act in such capacity as hereinabove provided.
Notwithstanding the above, the Trustee shall, if a Master Servicer is the
resigning or terminated party and the Trustee is prohibited by law or regulation
from making P&I Advances, promptly appoint any established mortgage loan
servicing institution that has a net worth of not less than $15,000,000 and is
otherwise acceptable to each Rating Agency (as evidenced by written confirmation
therefrom to the effect that the appointment of such institution would not cause
an Adverse Rating Event), as the successor to the departing Master Servicer
hereunder in the assumption of all or any part of the responsibilities, duties
or liabilities of such Master Servicer hereunder (including, without limitation,
the obligation to make P&I Advances), which appointment will become effective
immediately. In connection with any such appointment and assumption described
herein, the Trustee may (subject to Section 3.11(a) with respect to the Excess
Servicing Strip) make such arrangements for the compensation of such successor
out of payments on the Mortgage Loans and REO Properties as it and such
successor shall agree, subject to the terms of this Agreement and/or any Loan
Combination Intercreditor Agreement limiting the use of funds received in
respect of a Loan Combination to matters related to the related Loan
Combination; provided, however, that no such compensation shall be in excess of
that permitted the resigning or terminated party hereunder. Such successor and
the other parties hereto shall take such action, consistent with this Agreement,
as shall be necessary to effectuate any such succession.

            Section 7.03 Notification to Certificateholders.

            (a) Upon any resignation of either Master Servicer or the Special
Servicer pursuant to Section 6.04, any termination of either Master Servicer or
the Special Servicer pursuant to Section 7.01, any appointment of a successor to
either Master Servicer or the Special Servicer pursuant to Section 7.02 or the
effectiveness of any designation of a new Special Servicer pursuant to Section
6.09, the Trustee shall give prompt written notice thereof to Certificateholders
at their respective addresses appearing in the Certificate Register and each
Non-Trust Noteholder.

            (b) Not later than the later of (i) 60 days after the occurrence of
any event which constitutes or, with notice or lapse of time or both, would
constitute an Event of Default and (ii) five days after a Responsible Officer of
the Trustee has notice of the occurrence of such an event, the Trustee shall
notify the Depositor, the Certificateholders, each Non-Trust Noteholder (if
affected thereby) and the Rating Agencies of such occurrence, unless such
default shall have been cured.

            Section 7.04 Waiver of Events of Default.

            The Holders representing at least 66-2/3% of the Voting Rights
allocated to each Class of Certificates affected by any Event of Default
hereunder may waive such Event of Default; provided, however, that an Event of
Default under clauses (i), (ii), (iii), (x), (xi) or (xii) of Section 7.01(a)
may be waived only by all of the Certificateholders of the affected Classes; and
provided, further, that an Event of Default contemplated by clause (B) or clause
(C) of Section 7.01(a)(v) may only be waived with the consent of the Depositor.
Upon any such waiver of an Event of Default, such Event of Default shall cease
to exist and shall be deemed to have been remedied for every purpose hereunder.
No such waiver shall extend to any subsequent or other Event of Default or
impair any right consequent thereon except to the extent expressly so waived.
Notwithstanding any other provisions of this Agreement, for purposes of waiving
any Event of Default pursuant to this Section 7.04, Certificates registered in
the name of the Depositor or any Affiliate of the Depositor shall be entitled to
Voting Rights with respect to the matters described above.

            Section 7.05 Additional Remedies of Trustee Upon Event of Default.

            During the continuance of any Event of Default, so long as such
Event of Default shall not have been remedied, the Trustee, in addition to the
rights specified in Section 7.01, shall have the right, in its own name and as
Trustee of an express trust, to take all actions now or hereafter existing at
law, in equity or by statute to enforce its rights and remedies and to protect
the interests, and enforce the rights and remedies, of the Certificateholders
(including the institution and prosecution of all judicial, administrative and
other proceedings and the filings of proofs of claim and debt in connection
therewith). No remedy provided for by this Agreement shall be exclusive of any
other remedy, and each and every remedy shall be cumulative and in addition to
any other remedy, and no delay or omission to exercise any right or remedy shall
impair any such right or remedy or shall be deemed to be a waiver of any Event
of Default. Under no circumstances shall the rights provided to the Trustee
under this Section 7.05 be construed as a duty or obligation of the Trustee.

                                  ARTICLE VIII

           CONCERNING THE TRUSTEE, THE CUSTODIAN AND THE FISCAL AGENT

            Section 8.01 Duties of Trustee and Custodian

            (a) The Trustee, prior to the occurrence of an Event of Default and
after the curing or waiver of all Events of Default which may have occurred,
undertakes to perform such duties and only such duties as are specifically set
forth in this Agreement. If an Event of Default occurs and is continuing, the
Trustee shall exercise such of the rights and powers vested in it by this
Agreement, and use the same degree of care and skill in their exercise as a
prudent man would exercise or use under the circumstances in the conduct of his
own affairs. Any permissive right of the Trustee contained in this Agreement
shall not be construed as a duty. The Trustee and the Custodian shall be liable
only to the extent of the respective obligations specifically imposed upon and
undertaken by the Trustee and the Custodian.

            (b) The Trustee and the Custodian, upon receipt of all resolutions,
certificates, statements, opinions, reports, documents, orders or other
instruments furnished to the Trustee or the Custodian, as the case may be, 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 or the
Custodian, as the case may be, shall take such action as it deems appropriate to
have the instrument corrected. None of the Trustee or the Custodian shall be
responsible for the accuracy or content of any resolution, certificate,
statement, opinion, report, document, order or other instrument furnished by the
Depositor, either Master Servicer or the Special Servicer, and accepted by the
Trustee or the Custodian, as the case may be, in good faith, pursuant to this
Agreement.

            (c) No provision of this Agreement shall be construed to relieve the
Trustee or the Custodian 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 or the Custodian, as the case may be, such
      party may conclusively rely, as to the truth of the statements and the
      correctness of the opinions expressed therein, upon any certificates or
      opinions furnished to such parties and conforming to the requirements of
      this Agreement;

            (ii) None of the Trustee or the Custodian shall be personally liable
      for an error of judgment made in good faith by a Responsible Officer or
      Responsible Officers thereof, unless it shall be proved that such party
      was negligent in ascertaining the pertinent facts if it was required to do
      so;

            (iii) The Trustee shall not be personally liable with respect to any
      action taken, suffered or omitted to be taken by it in good faith in
      accordance with the direction of Holders of Certificates entitled to at
      least 25% of the Voting Rights relating to the time, method and place of
      conducting any proceeding for any remedy available to the Trustee or
      exercising any trust or power conferred upon the Trustee, under this
      Agreement; and

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

            Section 8.02 Certain Matters Affecting Trustee and Custodian.

            Except as otherwise provided in Section 8.01 and Article X:

            (i) the Trustee and the Custodian may, in the absence of bad faith
      or negligence on the part of each such party, conclusively rely upon and
      shall be fully protected in acting or refraining from acting upon any
      resolution, Officer's Certificate, certificate of auditors or any other
      certificate, statement, instrument, opinion, report, notice, request,
      consent, order, appraisal, bond or other paper or document reasonably
      believed by it to be genuine and to have been signed or presented by the
      proper party or parties;

            (ii) the Trustee may consult with counsel and the written advice of
      such counsel or any Opinion of Counsel shall be full and complete
      authorization and protection in respect of any action taken or suffered or
      omitted by it hereunder in good faith and in accordance therewith;

            (iii) the Trustee shall be under no obligation to exercise any of
      the trusts or powers vested in it by this Agreement, and neither of the
      Trustee or the Trustee shall be under any obligation to make any
      investigation of matters arising hereunder or, except as provided in
      Section 10.01 or 10.02, to institute, conduct or defend any litigation
      hereunder or in relation hereto at the request, order or direction of any
      of the Certificateholders, pursuant to the provisions of this Agreement,
      unless such Certificateholders shall have offered to the Trustee or the
      Certificateholder, as the case may be, reasonable security or indemnity
      against the costs, expenses and liabilities which may be incurred therein
      or thereby; except as provided in Section 10.01 or 10.02, none of the
      Trustee or the Custodian shall 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) none of the Trustee and the Custodian shall be personally
      liable for any action reasonably taken, suffered or omitted by it in good
      faith and believed by it to be authorized or within the discretion or
      rights or powers conferred upon it by this Agreement;

            (v) prior to the occurrence of an Event of Default hereunder and
      after the curing of all Events of Default which may have occurred, and
      except as may be provided in Section 10.01 or 10.02, the Trustee shall not
      be bound to make any investigation into the facts or matters stated in any
      resolution, certificate, statement, instrument, opinion, report, notice,
      request, consent, order, approval, bond or other paper or document, unless
      requested in writing to do so by Holders of Certificates entitled to at
      least 25% of the Voting Rights; provided, however, that if the payment
      within a reasonable time to the Trustee of the costs, expenses or
      liabilities likely to be incurred by it in the making of such
      investigation is, in the opinion of the Trustee, not reasonably assured to
      the Trustee by the security afforded to it by the terms of this Agreement,
      the Trustee, may require reasonable indemnity against such expense or
      liability as a condition to taking any such action;

            (vi) the Trustee may execute any of the trusts or powers hereunder,
      and the Trustee may perform any duties hereunder, either directly or by or
      through agents or attorneys; provided, however, that the Trustee shall
      remain responsible for all acts and omissions of such agents or attorneys
      within the scope of their employment to the same extent as it is
      responsible for its own actions and omissions hereunder and provided,
      further, that, unless and until the Trustee has filed a Form 15 with
      respect to the Trust in accordance with Section 8.16, 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) none of the Trustee and the Custodian shall be responsible for
      any act or omission of either Master Servicer, the Special Servicer
      (unless the Trustee is acting as a Master Servicer or as the Special
      Servicer) and the Custodian (in the case of the Trustee) or the Depositor;
      and

            (viii) none of the Trustee or 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 the 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 or the Custodian, as the case may be, 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 or the Custodian, as the case may be, be
deemed to be conclusively proved and established by an Officer's Certificate
delivered to the Trustee or the Custodian, as applicable and such certificate,
in the absence of negligence or bad faith on the part of the Trustee or the
Custodian, as the case may be, shall be full warrant to the Trustee or the
Custodian for any action taken, suffered or omitted by it under the provisions
of this Agreement upon the faith thereof.

            Section 8.03 Trustee, Custodian 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 or the Custodian 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 outstanding Certificate, shall be taken as the statements of the
Depositor, either Master Servicer or the Special Servicer, as the case may be,
and none of the Trustee, the Custodian or any Fiscal Agent assumes any
responsibility for their correctness. Except as set forth in Section 8.15, the
Trustee and the Custodian make 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 or of MERS or the MERS System. None of the Trustee, the Custodian or
any Fiscal Agent shall be accountable for the use or application by the
Depositor of any of the Certificates issued to it or of the proceeds of such
Certificates, or for the use or application of any funds paid to the Depositor
in respect of the assignment of the Trust Mortgage Loans to the Trust Fund, or
any funds deposited in or withdrawn from a Collection Account or any other
account by or on behalf of the Depositor, either Master Servicer or the Special
Servicer. None of the Trustee, the Custodian or any Fiscal Agent shall be
responsible for the accuracy or content of any resolution, certificate,
statement, opinion, report, document, order or other instrument furnished by the
Depositor, either Master Servicer or the Special Servicer, and accepted by the
Trustee or the Custodian, as the case may be, in good faith, pursuant to this
Agreement.

            Section 8.04 Trustee, Custodian and Fiscal Agent May Own
Certificates.

            The Trustee, the Custodian or any Fiscal Agent or any agent of the
Trustee, the Custodian 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 and Custodian;
Indemnification of and by the Trustee and Custodian.

            (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 the Trustee and the Custodian all earned but unpaid Trust Administration Fees
for such Distribution Date and, to the extent not previously paid, for all prior
Distribution Dates, as compensation for all services rendered by the Trustee and
the Custodian in the exercise and performance of any of the powers and duties
specified hereunder and, in the case of the Trustee, the execution of the trusts
hereby created. Except as contemplated by Section 3.06, the Trust Administration
Fee (which shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust) shall constitute the Trustee's
and the Custodian's sole compensation for such services to be rendered by it.

            (b) The Trustee and the Custodian (whether in their individual
capacities or their capacities as Trustee or Custodian, as the case may be) and
any director, officer, employee, affiliate, agent or "control" person within the
meaning of the Securities Act of 1933, as amended, of the Trustee and the
Custodian shall be entitled to be indemnified for and held harmless by the Trust
Fund out of the Collection Accounts (and, to the extent that any Loan
Combination and/or any related REO Property is affected, by the Trust Fund
and/or the related Non-Trust Noteholder(s) out of the related Loan Combination
Custodial Account) against any loss, liability or reasonable "out-of-pocket"
expense (including, without limitation, costs and expenses of litigation, and of
investigation, counsel fees, damages, judgments and amounts paid in settlement)
arising out of, or incurred in connection with this Agreement, the Mortgage
Loans or the Certificates or any act of either Master Servicer or the Special
Servicer taken on behalf of the Trustee, provided that such expense constitutes
an "unanticipated expense" within the meaning of Treasury Regulations Section
1.860G-1(b)(3)(ii); and provided, further, that none of the Trustee, or the
Custodian or any of the other above specified persons shall be entitled to
indemnification pursuant to this Section 8.05(b) for (1) any liability
specifically required to be borne thereby pursuant to the terms hereof, (2) any
loss, liability or expense incurred by reason of willful misfeasance, bad faith
or negligence in the performance of the Trustee's or the Custodian's, as the
case may be, 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 or the Custodian made
herein, or (3) any loss, liability or expense that constitutes an Advance (the
reimbursement of which is separately addressed herein) or allocable overhead.
The provisions of this Section 8.05(b) shall survive any resignation or removal
of the Trustee and appointment of a successor trustee.

            Section 8.06 Eligibility Requirements for Trustee and Custodian.

            The Trustee and the Custodian 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 (or, in the case
of the Custodian, of at least $10,000,000) 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. Each of the Trustee and the Trustee shall also be an
entity with a long term unsecured debt rating of at least "Aa3" from Moody's and
"A+" from S&P, or an entity that has a fiscal agent with such ratings, or such
other rating that shall not result in an Adverse Rating Event as confirmed in
writing.

            In case at any time the Trustee or the Custodian shall cease to be
eligible in accordance with the provisions of this Section, the Trustee or the
Custodian, as applicable, shall resign immediately in the manner and with the
effect specified in Section 8.07; provided that if any of the Trustee or the
Custodian shall cease to be so eligible because its combined capital and surplus
is no longer at least $100,000,000 (or, in the case of the Custodian, of at
least $10,000,000) or, in the case of the Trustee, its long-term unsecured debt
rating no longer conforms to the requirements of the immediately preceding
paragraph, and if the Trustee or the Custodian, as applicable, 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 or the
Custodian'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 or the Custodian, as
applicable, 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 or
the Custodian's continuing in such capacity. The bank, trust company,
corporation or association serving as Trustee or the Custodian may have normal
banking and trust relationships with the Depositor, the Master Servicers, the
Special Servicer and their respective Affiliates but, except to the extent
permitted or required by Section 7.02, shall not be an "Affiliate" (as such term
is defined in Section III of PTE 2000-58) of either Master Servicer, the Special
Servicer, any sub-servicer, the Depositor, or any obligor with respect to Trust
Mortgage Loans constituting more than 5.0% of the aggregate authorized principal
balance of the Trust Mortgage Loans as of the date of the initial issuances of
the Certificates or any "Affiliate" (as such term is defined in Section III of
PTE 2000-58) of any such person.

            Section 8.07 Resignation and Removal of Trustee and Custodian.

            (a) The Trustee and the Custodian may at any time resign and, in the
case of the Trustee, be discharged from the trusts hereby created by giving
written notice thereof to the Depositor, the Master Servicers, the Special
Servicer, to all Certificateholders at their respective addresses set forth in
the Certificate Register. Upon receiving such notice of resignation, the
Depositor shall promptly appoint a successor trustee, certificate administrator
or custodian, as the case may be, 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 or Custodian, as the case
may be and to the successor trustee, certificate administrator or custodian, as
the case may be. A copy of such instrument shall be delivered to the Master
Servicers, the Special Servicer and the Certificateholders. If no successor
Trustee shall have been so appointed and have accepted appointment within 30
days after the giving of such notice of resignation, the resigning Trustee may
petition any court of competent jurisdiction for the appointment of a successor
trustee.

            (b) If at any time the Trustee or the Custodian, as the case may be,
shall cease to be eligible in accordance with the provisions of Section 8.06 and
shall fail to resign after written request therefor by the Depositor or a Master
Servicer, or if at any time the Trustee or the Custodian, as the case may be,
shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or
a receiver of the Trustee or the Custodian, as the case may be, or of its
property shall be appointed, or any public officer shall take charge or control
of the Trustee or the Custodian 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 Master Servicer or the Special Servicer
to timely perform its obligations hereunder or as a result of other
circumstances beyond the Trustee's reasonable control), to timely deliver any
report to be delivered by the Trustee pursuant to Section 4.02 and such failure
shall continue unremedied for a period of five days, or if the Trustee shall
fail (other than by reason of the failure of either Master Servicer, the Special
Servicer or the Depositor to timely perform its obligations hereunder or as a
result of other circumstances beyond the Trustee's reasonable control) to timely
perform any of its obligations set forth in Section 3.13, Section 3.14 or
Section 8.16(a) and such failure adversely affects the Depositor's ability to
use or file a registration statement on Form S-3 for purposes of publicly
offering commercial mortgage-backed securities, or if the Trustee fails to make
distributions required pursuant to Section 3.05(b), 4.01 or 9.01, then the
Depositor may remove the Trustee or the Custodian, as the case may be, and
appoint a successor trustee, certificate administrator or custodian, if
necessary, acceptable to the Master Servicers and the Rating Agencies (as
evidenced by written confirmation therefrom to the effect that the appointment
of such institution would not cause an Adverse Rating Event) by written
instrument, in duplicate, which instrument shall be delivered to the Trustee or
the Custodian so removed and to the successor trustee, certificate administrator
or custodian, as applicable. A copy of such instrument shall be delivered to the
Master Servicers, the Special Servicer and the Certificateholders by the
Depositor.

            (c) The Holders of Certificates entitled to at least 51% of the
Voting Rights may at any time remove the Trustee or the Custodian and appoint a
successor trustee, certificate administrator or custodian, as the case may be,
by written instrument or instruments, in triplicate, signed by such Holders or
their attorneys-in-fact duly authorized, one complete set of which instruments
shall be delivered to each Master Servicer, one complete set to the Trustee or
Custodian, as the case may be, so removed and one complete set to the successor
so appointed. A copy of such instrument shall be delivered to the Depositor, the
Special Servicer and the remaining Certificateholders by the successor so
appointed.

            (d) In the event that the Trustee or the Custodian is terminated or
removed pursuant to this Section 8.07, all of such party's rights and
obligations under this Agreement and in and to the Mortgage Loans shall be
terminated, other than any rights or obligations that accrued prior to the date
of such termination or removal (including the right to receive all fees,
expenses and other amounts (including, in the case of the Trustee, without
limitation, P&I Advances and accrued interest thereon) accrued or owing to it
under this Agreement, with respect to periods prior to the date of such
termination or removal and no termination without cause shall be effective until
the payment of such amounts to the Trustee or Custodian, as the case may be).

            (e) Any resignation or removal of the Trustee or the Custodian and
appointment of a successor, pursuant to any of the provisions of this Section
8.07 shall not become effective until acceptance of appointment by such
successor, as provided in Section 8.08.

            Section 8.08 Successor Trustee and Custodian.

            (a) Any successor trustee, certificate administrator or custodian
appointed as provided in Section 8.07 shall execute, acknowledge and deliver to
the Depositor, each Master Servicer, the Special Servicer and its predecessor
trustee, certificate administrator or custodian, as the case may be, an
instrument accepting such appointment hereunder, and thereupon the resignation
or removal of the predecessor Trustee or Custodian, as the case may be, shall
become effective and such successor trustee, certificate administrator or
custodian, as the case may be, 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, certificate administrator or custodian herein. The predecessor
custodian shall deliver to the successor custodian all Mortgage Files and
related documents and statements held by it hereunder, and the Depositor, the
Master Servicers, the Special Servicer and the predecessor Trustee and Custodian
shall execute and deliver such instruments and do such other things as may
reasonably be required to more fully and certainly vest and confirm in their
successor all such rights, powers, duties and obligations, and to enable the
successor to perform its obligations hereunder. Any and all costs and expenses
associated with transferring the duties of a Trustee or Custodian that has
resigned or been removed or terminated, as contemplated by Section 8.07, to a
successor, including those associated with transfer of the Mortgage Files and
other documents and statements held by a predecessor Custodian, to a successor
Custodian, as contemplated by Section 8.08(a) shall be paid by: (i) the
predecessor Trustee or Custodian, as the case may be, if such predecessor
Trustee or Custodian, as the case may be, 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 or
Custodian, as the case may be, 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 Custodian, as the case may be, 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 Custodian, as the case may be, or such subject Certificateholders, as
applicable, shall remain liable to the Trust for such costs and expenses).

            (b) No successor trustee, certificate administrator or custodian, as
the case may be, shall accept appointment as provided in this Section 8.08,
unless at the time of such acceptance such successor trustee, certificate
administrator or custodian, as the case may be, 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,
certificate administrator or custodian, as the case may be, as provided in this
Section 8.08, such successor shall mail notice of the succession of such
trustee, certificate administrator or custodian hereunder to the Depositor, the
Certificateholders and each Non-Trust Noteholder.

            Section 8.09 Merger or Consolidation of Trustee or Custodian.

            Any entity into which the Trustee or Custodian 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 or Custodian shall be a
party, or any entity succeeding to the corporate trust business of the Trustee
or Custodian, shall be the successor of the Trustee or Custodian, as the case
may be, hereunder, provided such entity shall be eligible under the provisions
of Section 8.06 and, in the case of a successor Trustee, the Rating Agencies
have provided confirmation pursuant to Section 8.06, without the execution or
filing of any paper or any further act on the part of any of the parties hereto,
anything herein to the contrary notwithstanding.

            Section 8.10 Appointment of Co-Trustee or Separate Trustee.

            (a) Notwithstanding any other provisions hereof, at any time, for
the purpose of meeting any legal requirements of any jurisdiction in which any
part of the Trust Fund or property securing the same may at the time be located,
the applicable Master Servicer and the Trustee acting jointly shall have the
power and shall execute and deliver all instruments to appoint one or more
Persons approved by the Trustee to act as co-trustee or co-trustees, jointly
with the Trustee, or separate trustee or separate trustees, of all or any part
of the Trust Fund, and to vest in such Person or Persons, in such capacity, such
title to the Trust Fund, or any part thereof, and, subject to the other
provisions of this Section 8.10, such powers, duties, obligations, rights and
trusts as such Master Servicer and the Trustee may consider necessary or
desirable. If the applicable Master Servicer shall not have joined in such
appointment within 15 days after the receipt by it of a request to do so, or in
case an Event of Default in respect of such Master Servicer shall have occurred
and be continuing, the Trustee alone shall have the power to make such
appointment. No co-trustee or separate trustee hereunder shall be required to
meet the terms of eligibility as a successor trustee under Section 8.06
hereunder and no notice to Holders of Certificates of the appointment of
co-trustee(s) or separate trustee(s) shall be required under Section 8.08
hereof.

            (b) In the case of any appointment of a co-trustee or separate
trustee pursuant to this Section 8.10, all rights, powers, duties and
obligations conferred or imposed upon the Trustee shall be conferred or imposed
upon and exercised or performed by the Trustee and such separate trustee or
co-trustee jointly, except to the extent that under any law of any jurisdiction
in which any particular act or acts are to be performed (whether as Trustee
hereunder or as successor to a Master Servicer or the Special Servicer
hereunder), the Trustee shall be incompetent or unqualified to perform such act
or acts, in which event such rights, powers, duties and obligations (including
the holding of title to the Trust Fund or any portion thereof in any such
jurisdiction) shall be exercised and performed by such separate trustee or
co-trustee at the direction of the Trustee.

            (c) Any notice, request or other writing given to the Trustee shall
be deemed to have been given to each of the then separate trustees and
co-trustees, as effectively as if given to each of them. Every instrument
appointing any separate trustee or co-trustee shall refer to this Agreement and
the conditions of this Article VIII. Each separate trustee and co-trustee, upon
its acceptance of the trusts conferred, shall be vested with the estates or
property specified in its instrument of appointment, either jointly with the
Trustee or separately, as may be provided therein, subject to all the provisions
of this Agreement, specifically including every provision of this Agreement
relating to the conduct of, affecting the liability of, or affording protection
to, the Trustee. Every such instrument shall be filed with the Trustee.

            (d) Any separate trustee or co-trustee may, at any time, constitute
the Trustee, its agent or attorney-in-fact, with full power and authority, to
the extent not prohibited by law, to do any lawful act under or in respect of
this Agreement on its behalf and in its name. If any separate trustee or
co-trustee shall cease to exist, become incapable of acting, resign or be
removed, all of its estates, properties, rights, remedies and trusts shall vest
in and be exercised by the Trustee, to the extent permitted by law, without the
appointment of a new or successor trustee.

            (e) The appointment of a co-trustee or separate trustee under this
Section 8.10 shall not relieve the Trustee of its duties and responsibilities
hereunder.

            Section 8.11 [RESERVED]

            Section 8.12 Appointment of Authenticating Agents.

            (a) The Trustee may at the Trustee's expense appoint one or more
Authenticating Agents, which shall be authorized to act on behalf of the Trustee
in authenticating Certificates. The Trustee shall cause any such Authenticating
Agent to execute and deliver to the Trustee an instrument in which such
Authenticating Agent shall agree to act in such capacity, in accordance with the
obligations and responsibilities herein. Each Authenticating Agent must be
organized and doing business under the laws of the United States of America or
of any State, authorized under such laws to do a trust business, have a combined
capital and surplus of at least $15,000,000, and be subject to supervision or
examination by federal or state authorities. Each Authenticating Agent shall be
subject to the same obligations, standard of care, protection and indemnities as
would be imposed on, or would protect, the Trustee hereunder. The appointment of
an Authenticating Agent shall not relieve the Trustee from any of its
obligations hereunder, and the Trustee shall remain responsible and liable for
all acts and omissions of the Authenticating Agent. If LaSalle Bank National
Association is removed as Trustee, then it shall be terminated as Authenticating
Agent. If the Authenticating Agent (other than LaSalle Bank National
Association) resigns or is terminated, the Trustee shall appoint a successor
Authenticating Agent which may be the Trustee or an Affiliate thereof. In the
absence of any other Person appointed in accordance herewith acting as
Authenticating Agent, the Trustee hereby agrees to act in such capacity in
accordance with the terms hereof. Notwithstanding anything herein to the
contrary, if the Trustee is no longer the Authenticating Agent, any provision or
requirement herein requiring notice or any information or documentation to be
provided to the Authenticating Agent shall be construed to require that such
notice, information or documentation also be provided to the Trustee.

            (b) Any Person into which any Authenticating Agent may be merged or
converted or with which it may be consolidated, or any Person resulting from any
merger, conversion, or consolidation to which any Authenticating Agent shall be
a party, or any Person succeeding to the corporate agency business of any
Authenticating Agent, shall continue to be the Authenticating Agent without the
execution or filing of any paper or any further act on the part of the Trustee
or the Authenticating Agent.

            (c) Any Authenticating Agent may at any time resign by giving at
least 30 days' advance written notice of resignation to the Trustee, the
Certificate Registrar, each Master Servicer, the Special Servicer and the
Depositor. The Trustee may at any time terminate the agency of any
Authenticating Agent by giving written notice of termination to such
Authenticating Agent, each Master Servicer, the Certificate Registrar and the
Depositor. Upon receiving a notice of resignation or upon such a termination, or
in case at any time any Authenticating Agent shall cease to be eligible in
accordance with the provisions of this Section 8.12, the Trustee may appoint a
successor Authenticating Agent, in which case the Trustee shall give written
notice of such appointment to each Master Servicer, the Certificate Registrar
and the Depositor and shall mail notice of such appointment to all Holders of
Certificates; provided, however, that no successor Authenticating Agent shall be
appointed unless eligible under the provisions of this Section 8.12. Any
successor Authenticating Agent upon acceptance of its appointment hereunder
shall become vested with all the rights, powers, duties and responsibilities of
its predecessor hereunder, with like effect as if originally named as
Authenticating Agent. No Authenticating Agent shall have responsibility or
liability for any action taken by it as such at the direction of the Trustee.

            Section 8.13 Access to Certain Information.

            The Trustee and the Custodian shall afford to each Master Servicer,
the Special Servicer, each Rating Agency and the Depositor, to any
Certificateholder or Certificate Owner and to the OTS, the FDIC and any other
banking or insurance regulatory authority that may exercise authority over any
Certificateholder, access to any documentation regarding the Mortgage Loans
within its control that may be required to be provided by this Agreement or by
applicable law. Such access shall be afforded without charge but only upon
reasonable prior written request and during normal business hours at the offices
of the Trustee or the Custodian, as applicable. Upon request and with the
consent of the Depositor and at the cost of the requesting Party, the Trustee or
the Custodian, as applicable, shall provide copies of such documentation to the
Depositor, any Certificateholder and to the OTS, the FDIC and any other bank or
insurance regulatory authority that may exercise authority over any
Certificateholder.

            Section 8.14 Appointment of REMIC Administrators.

            (a) The Trustee may appoint at the Trustee's expense, one or more
REMIC Administrators, which shall be authorized to act on behalf of the Trustee
in performing the functions set forth in Sections 3.17, 10.01 and 10.02 herein.
The Trustee shall cause any such REMIC Administrator to execute and deliver to
the Trustee an instrument in which such REMIC Administrator shall agree to act
in such capacity, with the obligations and responsibilities herein. The
appointment of a REMIC Administrator shall not relieve the Trustee from any of
its obligations hereunder, and the Trustee shall remain responsible and liable
for all acts and omissions of the REMIC Administrator. Each REMIC Administrator
must be acceptable to the Trustee and must be organized and doing business under
the laws of the United States of America or of any State and be subject to
supervision or examination by federal or state authorities. In the absence of
any other Person appointed in accordance herewith acting as REMIC Administrator,
the Trustee hereby agrees to act in such capacity in accordance with the terms
hereof. If LaSalle Bank National Association is removed as Trustee, then it
shall be terminated as REMIC Administrator.

            (b) Any Person into which any REMIC Administrator may be merged or
converted or with which it may be consolidated, or any Person resulting from any
merger, conversion, or consolidation to which any REMIC Administrator shall be a
party, or any Person succeeding to the corporate agency business of any REMIC
Administrator, shall continue to be the REMIC Administrator without the
execution or filing of any paper or any further act on the part of the Trustee
or the REMIC Administrator.

            (c) Any REMIC Administrator may at any time resign by giving at
least 30 days' advance written notice of resignation to the Trustee, the
Certificate Registrar, each Master Servicer, the Special Servicer and the
Depositor. The Trustee may at any time terminate the agency of any REMIC
Administrator by giving written notice of termination to such REMIC
Administrator, each Master Servicer, the Certificate Registrar and the
Depositor. Upon receiving a notice of resignation or upon such a termination, or
in case at any time any REMIC Administrator shall cease to be eligible in
accordance with the provisions of this Section 8.14, the Trustee may appoint a
successor REMIC Administrator, in which case the Trustee shall give written
notice of such appointment to each Master Servicer and the Depositor and shall
mail notice of such appointment to all Holders of Certificates; provided,
however, that no successor REMIC Administrator shall be appointed unless
eligible under the provisions of this Section 8.14. Any successor REMIC
Administrator upon acceptance of its appointment hereunder shall become vested
with all the rights, powers, duties and responsibilities of its predecessor
hereunder, with like effect as if originally named as REMIC Administrator. No
REMIC Administrator shall have responsibility or liability for any action taken
by it as such at the direction of the Trustee.

            Section 8.15 Representations, Warranties and Covenants of the
Trustee and the Custodian.

            Each of the Trustee and the Custodian (each such party, with respect
to the representations made as to itself, the "Representing Party") hereby
represent and warrants to each Master Servicer, the Special Servicer and the
Depositor and for the benefit of the Certificateholders, as of the Closing Date,
that:

            (a) The Representing Party is a national banking association duly
organized, validly existing and in good standing under the laws of the United
States.

            (b) The execution and delivery of this Agreement by the Representing
Party, and the performance and compliance with the terms of this Agreement by
the Representing Party, will not violate the Representing Party's organizational
documents or constitute a default (or an event which, with notice or lapse of
time, or both, would constitute a default) under, or result in a material breach
of, any material agreement or other material instrument to which it is a party
or by which it is bound.

            (c) Except to the extent that the laws of certain jurisdictions in
which any part of the Trust Fund may be located require that a co-trustee or
separate trustee be appointed to act with respect to such property as
contemplated by Section 8.10, the Trustee has the full power and authority to
carry on its business as now being conducted and to enter into and consummate
all transactions contemplated by this Agreement, has duly authorized the
execution, delivery and performance of this Agreement, and has duly executed and
delivered this Agreement.

            (d) This Agreement, assuming due authorization, execution and
delivery by the other parties hereto, constitutes a valid, legal and binding
obligation of the Representing Party, enforceable against each such Person in
accordance with the terms hereof (including with respect to any advancing
obligations hereunder), subject to (A) applicable bankruptcy, insolvency,
reorganization, moratorium and other laws affecting the enforcement of
creditors' rights generally and the rights of creditors of banks, and (B)
general principles of equity, regardless of whether such enforcement is
considered in a proceeding in equity or at law.

            (e) The Representing Party is not in violation of, and its execution
and delivery of this Agreement and its performance and compliance with the terms
of this Agreement will not constitute a violation of, any law, any order or
decree of any court or arbiter, or any order, regulation or demand of any
federal, state or local governmental or regulatory authority, which violation,
in the Representing Party's good faith reasonable judgment, is likely to affect
materially and adversely the ability of any such party to perform its
obligations under this Agreement.

            (f) No litigation is pending or, to the best of the Representing
Party's knowledge, threatened against the Representing Party that, if determined
adversely to the Representing Party, would prohibit the Representing Party from
entering into this Agreement or, in such Person's good faith reasonable
judgment, is likely to materially and adversely affect the ability of the
Representing Party to perform its obligations under this Agreement.

            (g) Any consent, approval, authorization or order of any court or
governmental agency or body required for the execution, delivery and performance
by the Representing Party, of or compliance by any such party with, this
Agreement or the consummation of the transactions contemplated by this Agreement
has been obtained and is effective.

            (h) With respect to any Trust Mortgage Loan that is part of a
Serviced Loan Combination, the Trustee is qualified to hold that Trust Mortgage
Loan under the related Loan Combination Intercreditor Agreement.

            Section 8.16 Reports to the Commission.

            (a) With respect to any Exchange Act Reporting Year, the Trustee
shall:

            (i) as soon as reasonably practicable (and, in any event, within 15
      days or such other period as may be provided under the Exchange Act and
      the rules and regulations promulgated thereunder) after each Distribution
      Date during such Exchange Act Reporting Year, in accordance with the
      Exchange Act, the rules and regulations promulgated thereunder, and
      applicable releases and "no-action letters" issued by the Commission,
      prepare for filing, arrange for execution by the Depositor and properly
      and timely file with the Commission with respect to the Trust, a Form 10-D
      Distribution Report with or including, as the case may be, a copy of the
      applicable Distribution Date Statement, any applicable Trustee Reportable
      Events (and related information) to be reported for the period covered by
      the subject Form 10-D Distribution Report and, to the extent that a
      Responsible Party of the Trustee has been provided written notice thereof,
      any other Form 10-D Required Information to be reported for the period
      covered by the subject Form 10-D Distribution Report;

            (ii) during such Exchange Act Reporting Year, at the direction of
      the Depositor, in accordance with the Exchange Act, the rules and
      regulations promulgated thereunder, and applicable releases and "no-action
      letters" issued by the Commission, prepare for filing, arrange for
      execution by the Depositor and properly and timely file with the
      Commission with respect to the Trust, a Form 8-K Current Report regarding
      and disclosing any Form 8-K Required Information (except in the case where
      it relates to a Trustee Reportable Event, to the extent a Responsible
      Officer of the Trustee has been provided with written notice of such
      information), within the time periods specified under Form 8-K, the
      Exchange Act, the rules and regulations promulgated thereunder and
      applicable releases and "no-action letters" issued by the Commission;
      provided that the Depositor shall cooperate with the Trustee to determine
      the applicable required time period; and provided, further, that, if the
      Depositor directs the Trustee to file a Form 8-K Current Report in
      accordance with this clause (ii), the Depositor shall cooperate with the
      Trustee in preparing such Form 8-K Current Report and the Trustee will
      report the subject information in accordance with the Exchange Act, the
      rules and regulations promulgated thereunder and applicable releases and
      "no-action letters" issued by the Commission;

            (iii) within 90 days following the end of such Exchange Act
      Reporting Year, prepare, arrange for execution by the Depositor and
      properly and timely file with the Commission, with respect to the Trust, a
      Form 10-K Annual Report, which complies in all material respects with the
      requirements of the Exchange Act, the rules and regulations promulgated
      thereunder and applicable "no-action letters" issued by the Commission,
      which shall include as exhibits each Annual Statement of Compliance,
      Annual Assessment Report and Annual Attestation Report delivered pursuant
      to or as contemplated by Section 3.13 and/or Section 3.14, with respect to
      either Master Servicer, the Special Servicer or other applicable Person
      for such Exchange Act Reporting Year, and which shall further include a
      certification in the form attached hereto as Exhibit O (a "Sarbanes-Oxley
      Certification") (or in such other form as required by the Sarbanes-Oxley
      Act of 2002, and the rules and regulations of the Commission promulgated
      thereunder (including any interpretations thereof by the Commission's
      staff)) and shall include any other Form 10-K Required Information to be
      reported for such Exchange Act Reporting Year (except in the case where it
      relates to a Trustee Reportable Event, to the extent a Responsible Officer
      of the Trustee has been provided written notice thereof); and

            (iv) at the reasonable request of, and in accordance with the
      reasonable directions of, the Depositor, prepare for filing, arrange for
      execution by the Depositor and promptly file with the Commission an
      amendment to any Form 8-K Current Report, Form 10-D Distribution Report or
      Form 10-K Annual Report previously filed with the Commission with respect
      to the Trust during or relating to, as applicable, such Exchange Act
      Reporting Year;

provided that (x) the Trustee shall not have any responsibility to file any
items (other than those generated by it) that have not been received in a format
suitable for (or readily convertible to a format suitable for) electronic filing
via the EDGAR system (such suitable formats including "ASCII," "Microsoft Excel"
(solely in the case of reports from either Master Servicer or the Special
Servicer pursuant to Section 3.12), "Microsoft Word" or another format
reasonably acceptable to the Trustee) and shall not have any responsibility to
convert any such items to such format (other than those items generated by it or
readily convertible to such format), and (y) the Depositor shall be responsible
for preparing, executing and filing (via the EDGAR system) a Current Report on
Form 8-K reporting the establishment of the Trust and a Current Report on Form
8-K whereby this Agreement will be filed as an exhibit (the Current Reports on
Form 8-K contemplated by this subclause (y) being herein referred to as the
"Initial Form 8-K Current Report"); and provided, further, that if all or any
required portion of a Form 10-K Annual Report or a Form 10-D Distribution Report
cannot be timely filed by the Trustee (other than for a reason contemplated by
Rule 12b-25(g) of the Exchange Act), then (i) the Trustee (upon becoming aware
thereof or the reasonable likelihood thereof) shall immediately notify the
Depositor, (ii) the Trustee shall (to the extent appropriate, and at the
direction of the Depositor) file a Form 12b-25 (17 C.F.R. 249.322) in connection
therewith consistent with Rule 12b-25 of the Exchange Act, each party hereto
shall reasonably cooperate with the Trustee and the Depositor to complete the
subject Exchange Act Report and such Exchange Act Report (or the applicable
portions thereof) shall be filed with the Commission as soon as reasonably
practicable and, if the Depositor is relying upon Rule 12b-25 of the Exchange
Act, within the time frames contemplated thereby; and provided, further, that if
all or any required portion of any Exchange Act Report cannot be timely filed by
the Trustee for the sole reason that the Trustee is unable to file the report in
electronic format, then (i) the Trustee (upon becoming aware thereof or the
reasonable likelihood thereof) shall immediately notify the Depositor and, as
determined by the Depositor, the Depositor and the Trustee shall comply with
either Rule 201 or 202 of Regulation S-T or apply for an adjustment of filing
date pursuant to Rule 13b of Regulation S-T. Each of the other parties to this
Agreement shall deliver to the Trustee in the format required for (or readily
convertible to a format suitable for) electronic filing via the EDGAR system
(such suitable formats including "ASCII," "Microsoft Excel" (solely in the case
of reports from either Master Servicer or the Special Servicer pursuant to
Section 3.12), "Microsoft Word" or another format reasonably acceptable to the
Trustee) any and all items contemplated to be filed with the Commission pursuant
to this Section 8.16.

            All Form 8-K Current Reports, Form 10-D Distribution Reports and
Form 10-K Annual Reports, as well as any amendments to those reports, that are
to be filed with respect to the Trust pursuant to the Exchange Act, and the
rules and regulations promulgated thereunder, and this Section 8.16(a), are
(together with the exhibits thereto) herein referred to as the "Exchange Act
Reports." The Exchange Act Reports, exclusive of the Initial Current Reports on
Form 8-K, are herein referred to as the "Subsequent Exchange Act Reports." All
Subsequent Exchange Act Reports prepared by the Trustee pursuant to this Section
8.16(a) shall be executed by the Depositor promptly upon delivery thereto and
subject to the Subsequent Exchange Act Report being in form and substance
reasonably acceptable thereto. The Senior Officer in charge of securitization
for the Depositor shall sign the Sarbanes-Oxley Certification included in each
Form 10-K Report with respect to the Trust.

            Form 10-K requires the registrant to indicate (by checking "yes" or
"no") that it "(1) has filed all reports required to be filed by Section 13 or
15(d) of the Exchange Act during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports) and (2) has been
subject to such filing requirements for the past 90 days." The Depositor hereby
represents to the Trustee that the Depositor has filed all such required reports
during the preceding 12 months and that it has been subject to such filing
requirement for the past 90 days. The Depositor shall notify the Trustee in
writing, no later than the 15th calendar day of March during any year in which
the Trust is required to file a Form 10-K if the answer to the questions should
be "no" ; provided, however, that if the failure of the Depositor to have filed
such required reports arises in connection with the securitization contemplated
by this Agreement, the Trustee shall be deemed to have notice of such failure
(only with respect to Exchange Act reports prepared or required to be prepared
and filed by the Trustee) without being notified by the Depositor; provided,
further, that in connection with the delivery of any notice contemplated by this
sentence, the Depositor may instruct the Trustee that such notice shall be
effective for a period (not to exceed 12 months) from the date of such notice,
in which case no further notice from the Depositor shall be required during such
specified period. The Trustee shall be entitled to rely on such representations
in preparing, executing and/or filing any Form 10-K.

            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 prepared and filed by the Trustee with the Commission with respect to
the Trust. The Trustee shall post each such report on its internet website as
soon as reasonably practicable after the filing thereof with the Commission. In
addition, the Trustee shall, free of charge, upon request, deliver to any
Certificateholder, Certificate Owner or party identified as a prospective
Certificateholder or Certificate Owner copies of all Subsequent Exchange Act
Reports that are filed with the Commission with respect to the Trust. Any
request contemplated by the prior sentence shall be made to LaSalle Bank
National Association, 135 S. LaSalle St., Chicago, IL 60603, Attn: Global
Securities and Trust Services - ML-CFC 2007-7, Commercial Mortgage Pass-Through
Certificates, Series 2007-7 (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 Master Servicer, the Special Servicer, and the Trustee (each, a "Performing
Party") shall provide and each party hereto shall cause any Sub-Servicing
Function Participant retained or engaged by it to deliver (but if the related
Sub-Servicing Function Participant is a Designated Sub-Servicer, then the
applicable Master Servicer's sole duty shall be to use reasonable efforts to
cause such Designated Sub-Servicer to deliver) a certification (each, a
"Performance Certification") to the Person who signs the Sarbanes-Oxley
Certification (including, with respect to any securitization trust of a
securitized Non-Trust Loan that is part of a Serviced Loan Combination that is
subject to the reporting requirements of the Exchange Act, the person who signs
a Sarbanes-Oxley Certification for each such trust) (the "Certifying Person"),
to the Depositor (and, if a Non-Trust Loan that is part of a Serviced Loan
Combination is deposited into another commercial mortgage securitization that is
subject to the reporting requirements of the Exchange Act (and for so long as
such securitization is subject to the reporting requirements of the Exchange
Act), the trustee of each other securitization except in the case of the
Trustee) in the form set forth on Exhibit P-1 hereto (with respect to each
Master Servicer), Exhibit P-2 hereto (with respect to the Trustee), or Exhibit
P-3 hereto (with respect to the Special Servicer's certification to the
Certifying Person of the Depositor), as applicable, on which the Certifying
Person and the Depositor may rely. Each partner, representative, Affiliate,
member, manager, shareholder, director, officer, employee and agent of the
Depositor (and of the Depositor of any such other securitization trust relating
to such securitized Non-Trust Loan) (the Certifying Person and the Depositor,
collectively, the "Certification Parties") may rely on a Performance
Certification to the same extent as the Depositor. Notwithstanding the
foregoing, nothing in this paragraph shall require any Performing Party to (i)
certify or verify the accurateness or completeness of any information provided
to such Performing Party by third parties, (ii) to certify information other
than to such Performing Party's knowledge and in accordance with such Performing
Party's responsibilities hereunder or under any other applicable servicing
agreement or (iii) with respect to completeness of information and reports, to
certify anything other than that all fields of information called for in written
reports prepared by such Performing Party have been completed except as they
have been left blank on their face. In addition, with respect to any report
regarding one or more Specially Serviced Mortgage Loans, the Special Servicer
shall not be required to include in any such report prepared by it specific
detailed information related to the status or nature of any workout negotiations
with the related Mortgagor with respect to such Mortgage Loan or any facts
material to the position of the Trust (or, in the case of a Serviced Loan
Combination, the position of the Trust and the related Non-Trust Noteholder(s)
(or, if a Non-Trust Loan that is part of a Serviced Loan Combination is
deposited into another commercial mortgage securitization that is subject to the
reporting requirements of the Exchange Act (and for so long as such
securitization is subject to the reporting requirements of the Exchange Act),
the position of each other securitization trust)) 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 Serviced Loan
Combination, the interest of the Trust and the related Non-Trust Noteholder(s)
(or, if a Non-Trust Loan that is part of a Serviced Loan Combination is
deposited into another commercial mortgage securitization that is subject to the
reporting requirements of the Exchange Act (and for so long as such
securitization is subject to the reporting requirements of the Exchange Act),
the interests of each other securitization trust)) in such negotiations, and (B)
the Special Servicer included in such report a general description regarding the
status of the subject Mortgage Loan and an indication that workout negotiations
were ongoing. In the event any Performing Party is terminated or resigns
pursuant to the terms of this Agreement, such Performing Party shall provide a
Performance Certification to the Depositor and the Certifying Person pursuant to
this Section 8.16 with respect to the period of time such Performing Party was
subject to this Agreement.

            (c) At all times during each Exchange Act Reporting Year (and,
solely with respect to a Non-Trust Loan that is part of a Serviced Loan
Combination, if such Non-Trust Loan is deposited into a commercial mortgage
securitization that is subject to the reporting requirements of the Exchange
Act, for so long as such securitization is subject to the reporting requirements
of the Exchange Act), each of the Trustee, the Master Servicers and the Special
Servicer shall (and shall use reasonable efforts to cause each Servicing
Representative acting on its behalf hereunder and, solely in the case of the
Trustee, each Trustee Appointee to) monitor for, and (in accordance with the
timeframes set forth in this Section 8.16(c)) notify (including with such notice
the Exchange Act Reportable Event Notification attached hereto as Exhibit J) the
Depositor and the Trustee (and, if a Non-Trust Loan that is part of a Serviced
Loan Combination is deposited into another commercial mortgage securitization
that is subject to the reporting requirements of the Exchange Act (and for so
long as such securitization is subject to the reporting requirements of the
Exchange Act), the trustee of each other securitization) in writing of, the
occurrence or existence of any and all events, conditions, circumstances and/or
matters that constitute or may constitute related Exchange Act Reportable Events
with respect to such Person as set forth in or pursuant to the definition of
such term herein. Each of the Master Servicers and Special Servicer shall
provide such notice of any Exchange Act Reportable Event to the Trustee and the
Depositor (and, if a Non-Trust Loan that is part of a Serviced Loan Combination
is deposited into another commercial mortgage securitization that is subject to
the reporting requirements of the Exchange Act (and for so long as such
securitization is subject to the reporting requirements of the Exchange Act),
the trustee of each other securitization) in both form and substance in
EDGAR-compatible format, (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 (with respect to the Trust or the securitization trust of
any securitized Non-Trust Loan that is part of a Serviced Loan Combination),
(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 (or any year in which any securitization trust of a
securitized Non-Trust Loan that is part of a Serviced Loan Combination that is
subject to the reporting requirements of the Exchange Act will file a 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 (with respect to the Trust or the securitization trust of any
securitized Non-Trust Loan that is part of a Serviced Loan Combination).
Notwithstanding the foregoing, in connection with any Mortgage Loans that are
the subject of a Sub-Servicing Agreement in effect as of the Closing Date
between the applicable Master Servicer and a Designated Sub-Servicer, the sole
obligation of such Master Servicer to provide monitoring, notice, information or
reports as otherwise set forth above shall be to use reasonable efforts to cause
the related Designated Sub-Servicer to comply with such similar reporting and
delivery obligations as such Designated Sub-Servicer may have under such
Sub-Servicing Agreement. In addition, for purposes of the duties set forth
above, each of the Trustee, either Master Servicer and the Special Servicer (and
any Additional Servicer or Servicing Function Participant) shall be entitled to
assume the accuracy and completeness of the Prospectus Supplement as of the
Closing Date as to all matters other than the information for which the Trustee,
such Master Servicer or the Special Servicer is responsible under the Trustee
Indemnification Agreement, the related Master Servicer Indemnification Agreement
or the Special Servicer Indemnification Agreement, as the case may be. Upon
becoming aware of any Form 8-K Required Information, the Trustee shall promptly
notify the Depositor (and for so long as such securitization is subject to the
reporting requirements of the Exchange Act, the depositor of each other
securitization) that the filing of a Form 8-K Current Report may be required
with respect to any of the events, conditions, circumstances and/or matters that
are the subject of that information and, further, shall consult with the
Depositor regarding whether to prepare and file a Form 8-K Current Report under
Section 8.16(a)(ii) above with respect to such events, conditions, circumstances
and/or matters and, if prepared, the form and content of such filing (and the
Trustee shall be entitled to rely on the direction of the Depositor with regard
to whether to make, and the form and content of, such filing). For purposes of
this paragraph, none of the Trustee, either Master Servicer or the Special
Servicer shall be considered to be aware of any related Exchange Act Reportable
Event, and the Trustee shall not be considered to be aware of any Form 8-K
Required Information, Form 10-D Required Information or Form 10-K Required
Information, unless a Responsible Officer (in the case of the Trustee) or a
Servicing Officer (in the case of either Master Servicer or the Special
Servicer) thereof has actual knowledge. The Depositor will be responsible for
any reasonable additional fees or expenses assessed or incurred by the Trustee
in connection with including any additional information required to be included
on the applicable Exchange Act Reports that are not included in Form 10-K
Required Information, Form 10-D Required Information or Form 8-K Required
Information, as applicable.

            Upon reasonable request of the Depositor or the Trustee (and for so
long as such securitization is subject to the reporting requirements of the
Exchange Act, the depositor or trustee of each other securitization), 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 (and, if a Non-Trust Loan that is part
of a Serviced Loan Combination is deposited into another commercial mortgage
securitization that is subject to the reporting requirements of the Exchange Act
(and for so long as such securitization is subject to the reporting requirements
of the Exchange Act), the trustee of each other securitization) with such
information regarding itself, its business and operations and its experience and
practices regarding the duties it is to perform under this Agreement, as is
required to be reported by the Depositor pursuant to Item 6.02 of Form 8-K. If,
during any Exchange Act Reporting Year, either Master Servicer, Special Servicer
or Trustee appoints a Servicing Representative (excluding any Designated
Sub-Servicer) that constitutes a Servicer contemplated by Item 1108(a)(2) of
Regulation AB in respect of the Subject Securitization Transaction, then such
Master Servicer, Special Servicer or Trustee, as the case may be, shall cause
such Servicing Representative, in connection with its acceptance of such
appointment, to provide the Depositor and the Trustee (and, if a Non-Trust Loan
that is part of a Serviced Loan Combination is deposited into another commercial
mortgage securitization that is subject to the reporting requirements of the
Exchange Act (and for so long as such securitization is subject to the reporting
requirements of the Exchange Act), the trustee of each other securitization)
with such information regarding itself, its business and operations and its
servicing experience and practices, as is required to be reported by the
Depositor (or the depositor of any securitization trust of a securitized
Non-Trust Loan that is part of a Serviced Loan Combination that is subject to
the reporting requirements of the Exchange Act) pursuant to Item 6.02 of Form
8-K.

            Each of the Trustee, the Master Servicers and the Special Servicer
acknowledges and agrees that the information to be provided by it (or by any
Servicing Representative acting on its behalf hereunder or, solely in the case
of the Trustee, any Trustee Appointee) pursuant to or as contemplated by this
Section 8.16(c) is intended to be used in connection with the preparation of
Exchange Act Reports with respect to the Trust (or a securitization trust of a
securitized Non-Trust Loan that is part of a Serviced Loan Combination that is
subject to the reporting requirements of the Exchange Act).

            (d) No later than (i) 12:00 noon, New York City time, on the
Business Day prior to any filing deadline of a Current Report on Form 8-K (other
than an Initial Current Report on Form 8-K) that is to be made with respect to
the Trust as contemplated by Section 8.16(a), (ii) March 20 of the applicable
calendar year in which the filing of any Annual Report on Form 10-K is to be
made with respect to the Trust as contemplated by Section 8.16(a), and (iii) two
(2) Business Days prior to any filing (or, in the case of a Form 10-D
Distribution Report, any filing deadline) of a Form 10-D Distribution Report or
any other Subsequent Exchange Act Report that is to be made with respect to the
Trust as contemplated by Section 8.16(a), the Trustee shall deliver a copy of
such Exchange Act Report, together with all exhibits thereto (to the extent
received by the Trustee), to the Depositor, which delivery shall include an
email transmission of such applicable report to david_rodgers@ml.com or to such
other e-mail address as may be hereafter furnished by the Depositor to the
Trustee in writing.

            (e) If as of the beginning of any fiscal year for the Trust (other
than fiscal year 2007), 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. 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 (and,
if a Non-Trust Loan that is part of a Serviced Loan Combination is deposited
into another commercial mortgage securitization that is subject to the reporting
requirements of the Exchange Act (and for so long as such securitization is
subject to the reporting requirements of the Exchange Act), the trustee of each
other securitization), no later than March 15 of any year in which a Form 10-K
Annual Report is to be filed, any items required to be delivered by such party
that are to be an exhibit to such Form 10-K Annual Report. The Trustee hereby
notifies the Master Servicers and the Special Servicer that a Form 10-K Annual
Report shall be required to be filed with respect to the Trust for 2007.

            (i) [RESERVED]

            (j) Prior to April 1 of the first year in which the Trustee has
filed a Form 15 with the Commission in accordance with this section (or prior to
April 1 of the first year in which the securitization trust of any securitized
Non-Trust Loan that is part of a Serviced Loan Combination has filed a Form 15
in accordance with the related pooling and servicing agreement), if at any time
a Servicing Representative retained or engaged by either Master Servicer, the
Special Servicer or the Trustee with respect to all or any portion of the Trust
Fund fails to deliver, if and to the extent applicable in accordance with
Regulation AB and this Agreement, any of the items set forth in the following
clauses (i), (ii) and/or (iii), then such Master Servicer, the Special Servicer
or the Trustee, as the case may be, shall deliver a written notice thereof to
the Depositor and shall (or, in the case of a Designated Sub-Servicer, shall use
reasonable efforts to) promptly terminate all engagements with the subject
Servicing Representative relating to the Subject Securitization Transaction: (i)
any Annual Statement of Compliance contemplated by Item 1123 of Regulation AB,
as and when provided under Section 3.13; or (ii) any Annual Assessment Report
contemplated by Item 1122 of Regulation AB, as and when provided under Section
3.14; or (iii) any Annual Attestation Report contemplated by Item 1122 of
Regulation AB, together with any corresponding required Accountant's Consent, as
and when provided under Section 3.14. 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 (or the depositor of any
securitization trust of a securitized Non-Trust Loan that is part of a Serviced
Loan Combination that is subject to the reporting requirements of the Exchange
Act) delivers a written notice to either Master Servicer, the Special Servicer
or the Trustee stating that any Servicing Representative retained or engaged
thereby has defaulted on its obligation to deliver, (i) if and to the extent
applicable in accordance with Regulation AB and this Agreement, any of the items
set forth in clauses (i), (ii) and/or (iii) of the preceding sentence, as and
when provided under this Agreement, or (ii) if and to the extent applicable in
accordance with Regulation AB and another pooling and servicing agreement to
which the Depositor is a party, any of the items similar to those set forth in
clauses (i), (ii) and/or (iii) of the preceding sentence, as and when provided
under such other pooling and servicing agreement, then such Master Servicer, the
Special Servicer or the Trustee, as the case may be, shall (or, in the case of a
Designated Sub-Servicer, shall use reasonable efforts to) promptly terminate all
engagements with the subject Servicing Representative relating to the Subject
Securitization Transaction; provided that this subsection (j) shall not apply to
the initial Master Servicer No. 2 and the subject matter of this sentence,
insofar as it relates to the initial Master Servicer No. 2, shall be covered by
the applicable Master Servicer Indemnification Agreement.

            (k) Each Master Servicer, the Special Servicer, and the Trustee
shall each indemnify the Depositor (or the depositor of any securitization trust
of a securitized Non-Trust Loan that is part of a Serviced Loan Combination that
is subject to the reporting requirements of the Exchange Act) and its Affiliates
for, and hold the Depositor (or the depositor of any securitization trust of a
securitized Non-Trust Loan that is part of a Serviced Loan Combination that is
subject to the reporting requirements of the Exchange Act) and its Affiliates
harmless from and against, any and all losses, liabilities, claims, damages,
costs and expenses whatsoever, as incurred, arising out of or based upon the
failure of any Servicing Representative (other than a Designated Sub-Servicer)
acting on behalf of the subject Master Servicer, the Special Servicer or the
Trustee, as the case may be, to deliver, if and to the extent applicable in
accordance with Regulation AB and this Agreement: (i) any Annual Statement of
Compliance contemplated by Item 1123 of Regulation AB, as and when provided
under Section 3.13; or (ii) any Annual Assessment Report contemplated by Item
1122 of Regulation AB, as and when provided under Section 3.14; or (iii) any
Annual Attestation Report contemplated by Item 1122 of Regulation AB, together
with (if required to be filed with the Commission) any corresponding required
Accountant's Consent, as and when provided under Section 3.14.

            (l) In the event the parties to this Agreement desire to further
clarify or amend any provision of this Section 8.16, this Agreement shall be
amended to reflect the new agreement between the parties covering matters in
this Section 8.16 pursuant to Section 11.01, which amendment shall not require
any Opinion of Counsel or Rating Agency confirmations or the consent of any
Certificateholder or any Non-Trust Loan Noteholder (or, if a Non-Trust Loan that
is part of a Serviced Loan Combination is deposited into another commercial
mortgage securitization that is subject to the reporting requirements of the
Exchange Act (and for so long as such securitization is subject to the reporting
requirements of the Exchange Act), the trustee of each other securitization);
provided that no such amendment shall diminish the filing requirements under
this Section 8.16 on the part of the parties to this Agreement, as a collective
whole, in contravention of applicable law.

            (m) With respect to any notice required to be delivered by the
Trustee to the Depositor pursuant to this Section 8.16 or Sections 3.13 or 3.14,
the Trustee may deliver such notice, notwithstanding any contrary provision in
Section 11.05, by telephone call made to David Rodgers at 212-449-3611, in which
event the Trustee shall also deliver the same notice by either facsimile to
(212) 449-7684 or via email to david_rodgers@ml.com or to such other facsimile
number, telephone number and/or e-mail address as may be hereafter furnished by
the Depositor to the Trustee in writing.

            Section 8.17 Maintenance of Mortgage File.

            Except for the release of items in the Mortgage File contemplated by
this Agreement, including, without limitation, as necessary for the enforcement
of the holder's rights and remedies under the related Trust Mortgage Loan, the
Custodian 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 Custodian, an
Opinion of Counsel to the Depositor and the Rating Agencies to the effect that
the Trustee's first priority interest in the Mortgage Notes has been duly and
fully perfected under the applicable laws and regulations of such other
jurisdiction.

            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 "Aa3" from
Moody's and "AA-" from S&P (or, in the case of either 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 "Aa3"
from Moody's 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 a 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, either Master Servicer or the Special Servicer.

            (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.

                                   ARTICLE IX

                                   TERMINATION

            Section 9.01 Termination Upon Repurchase or Liquidation of All Trust
Mortgage Loans.

            Subject to Section 9.02, the Trust Fund and the respective
obligations and responsibilities under this Agreement of the Depositor, the
Master Servicers, the Special Servicer, 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 either
Master Servicer, the Special Servicer or the Plurality Subordinate
Certificateholder of all Trust Mortgage Loans and each REO Property (or, in the
case of a Loan Combination Mortgaged Property if it has become an REO Property,
the Trust's interest therein) remaining in the Trust Fund at a price equal to
(1) the aggregate Purchase Price of all the Trust Mortgage Loans then included
in the Trust Fund, plus (2) the appraised value of each REO Property (or, in the
case of a Loan Combination Mortgaged Property if it has become an REO Property,
the Trust's interest therein), if any, then included in the Trust Fund, such
appraisal to be conducted by an Independent Appraiser mutually agreed upon by
the applicable Master Servicer, the Special Servicer and the Trustee, minus (3)
if the purchaser is a Master Servicer, the aggregate amount of unreimbursed
Advances made by such Master Servicer, together with any interest accrued and
payable to such Master Servicer in respect of unreimbursed Advances in
accordance with Sections 3.03(d) and 4.03(d) and any unpaid Master Servicing
Fees remaining outstanding (which items shall be deemed to have been paid or
reimbursed to such Master Servicer in connection with such purchase), (B) the
exchange by the Sole Certificate Owner of all the Certificates for all the Trust
Mortgage Loans and each REO Property remaining in the Trust Fund in the manner
set forth below in this Section 9.01 and (C) the final payment or other
liquidation (or any advance with respect thereto) of the last Trust Mortgage
Loan or REO Property (in the case of a Loan Combination Mortgaged Property if it
has become an REO Property, the Trust's interest therein) remaining in the Trust
Fund, and (ii) to the Trustee, the Custodian the Master Servicers, 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 Servicers and the Special Servicer may at its
option elect to purchase all of the Trust Mortgage Loans and each REO Property
remaining in the Trust Fund as contemplated by clause (i) (A) of the immediately
preceding paragraph by giving written notice to the other parties hereto no
later than 60 days prior to the anticipated date of purchase; provided, however,
that (i) the aggregate Stated Principal Balance of the Mortgage Pool at the time
of such election is less than 1.00% of the aggregate Cut-off Date Balances of
the Trust Mortgage Loans, (ii) the Special Servicer shall not have the right to
effect such a purchase if, within 30 days following the Special Servicer's
delivery of a notice of election pursuant to this paragraph, either Master
Servicer or the Plurality Subordinate Certificateholder shall give notice of its
election to purchase all of the Trust Mortgage Loans and each REO Property (or,
in the case of a Loan Combination Mortgaged Property if it has become an REO
Property, the Trust's interest therein) remaining in the Trust Fund and shall
thereafter effect such purchase in accordance with the terms hereof, (iii) a
Master Servicer shall not have the right to effect such a purchase if, within 30
days following a Master Servicer's delivery of a notice of election pursuant to
this paragraph, the Plurality Subordinate Certificateholder shall give notice of
its election to purchase all of the Trust Mortgage Loans and each REO Property
remaining in the Trust Fund and shall thereafter effect such purchase in
accordance with the terms hereof and (iv) if a Master Servicer makes such an
election, then the other Master Servicer shall have the option, by giving
written notice to the other parties hereto no later than 30 days prior to the
anticipated date of purchase, to purchase all of the Trust Mortgage Loans and
each REO Property remaining in the Trust Fund for which it is the applicable
Master Servicer. Neither Master Servicer may elect to purchase solely the
Mortgage Loans and REO Properties it is servicing hereunder if the other Master
Servicer is not similarly purchasing the Mortgage Loans and REO Properties it is
servicing. If the Trust Fund is to be terminated in connection with the
Plurality Subordinate Certificateholder's, a Master Servicer's or the Special
Servicer's purchase of all of the Trust Mortgage Loans and each REO Property
(or, in the case of a Loan Combination Mortgaged Property if it has become an
REO Property, the Trust's interest therein) remaining in the Trust Fund, the
Plurality Subordinate Certificateholder, the purchasing Master Servicer or the
Special Servicer, as applicable, shall deliver to the Master Servicers (or, if a
Master Servicer is a purchaser, the non-purchasing Master Servicer) for deposit
in their respective Collection Accounts not later than the Determination Date
(without giving effect to the proviso in the definition of "Determination Date")
relating to the Distribution Date on which the final distribution on the
Certificates is to occur an amount in immediately available funds equal to the
above-described purchase price. In addition, each Master Servicer shall transfer
to the Distribution Account all amounts required to be transferred thereto on
the related P&I Advance Date from its Collection Account pursuant to the first
paragraph of Section 3.04(b), together with any other amounts on deposit in its
Collection Account that would otherwise be held for future distribution. Upon
confirmation that such final deposit has been made, the Trustee shall release or
cause to be released to the Plurality Subordinate Certificateholder, the
purchasing Master Servicer or the Special Servicer, as applicable, the Mortgage
Files for the remaining Trust Mortgage Loans and shall execute all assignments,
endorsements and other instruments furnished to it by the Plurality Subordinate
Certificateholder, such Master Servicer or the Special Servicer, as applicable,
as shall be necessary to effectuate transfer of the Trust Mortgage Loans and REO
Properties (or, in the case of a Loan Combination Mortgaged Property if it has
become an REO Property, the Trust's interest therein) to the Plurality
Subordinate Certificateholder, such Master Servicer or the Special Servicer (or
their respective designees), as applicable.

            Following the date on which the aggregate Certificate Principal
Balance of the Class A-1, Class A-2, Class A-2FL, Class A-3FL, Class A-SB, Class
A-4, Class A-4FL, Class A-1A, Class AM, Class AM-FL, Class AJ, Class AJ-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
Serviced Loan Combination. In the event that the Sole Certificate Owner elects
to exchange all of the Certificates owned by the Sole Certificate Owner for all
of the Trust Mortgage Loans and, subject to the proviso to the preceding
sentence, each REO Property remaining in the Trust Fund, the Sole Certificate
Owner, not later than the fifth Business Day preceding the Distribution Date on
which the final distribution on the Certificates is to occur, shall deposit in
the applicable Collection Account an amount in immediately available funds equal
to all amounts then due and owing to the Depositor, the Master Servicers, the
Special Servicer, 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 applicable Collection Account. In addition, on the P&I Advance Date
immediately preceding the final Distribution Date, each Master Servicer shall
transfer to the Distribution Account all amounts required to be transferred
thereto on such P&I Advance Date from its Collection Account pursuant to the
first paragraph of Section 3.04(b), together with any other amounts on deposit
in its Collection Account that would otherwise be held for future distribution.
Upon confirmation that such final deposits have been made and following the
surrender of all the Certificates on the final Distribution Date, the Trustee
shall release or cause to be released to a designee of the Sole Certificate
Owner, the Mortgage Files for the remaining Trust Mortgage Loans and REO
Properties and shall execute all assignments, endorsements and other instruments
furnished to it by the Sole Certificate Owner as shall be necessary to
effectuate transfer of the Trust Mortgage Loans and REO Properties remaining in
the Trust Fund; provided that, if any Trust Mortgage Loan exchanged pursuant to
this Section 9.01 is part of a Serviced 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.
Solely for federal income tax purposes, the Sole Certificate Owner shall be
deemed to have purchased the assets of REMIC I for an amount equal to the
remaining Class Principal Balance of its Certificates, plus accrued, unpaid
interest with respect thereto, and the Trustee shall credit such amounts against
amounts distributable in respect of such Certificates and the Corresponding
REMIC I Regular Interests and REMIC II Regular Interests. 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), either Master Servicer's or the Special Servicer's purchase
of the Trust Mortgage Loans and each REO Property (or, in the case of a Loan
Combination Mortgaged Property if it has become an REO Property, the Trust's
interest therein) remaining in the Trust Fund, not earlier than the 15th day and
not later than the 25th day of the month next preceding the month of the final
distribution on the Certificates or (b) otherwise during the month of such final
distribution on or before the Determination Date (without giving effect to the
proviso in the definition of "Determination Date") in such month, in each case
specifying (i) the Distribution Date upon which the Trust Fund will terminate
and final payment of the Certificates will be made, (ii) the amount of any such
final payment and (iii) that the Record Date otherwise applicable to such
Distribution Date is not applicable, payments being made only upon presentation
and surrender of the Certificates at the offices of the Certificate Registrar or
such other location therein designated. The Trustee shall give such notice to
the Master Servicers, the Special Servicer and the Depositor at the time such
notice is given to Certificateholders. Upon presentation and surrender of the
Certificates by the Certificateholders on the final Distribution Date, the
Trustee shall distribute to each such Certificateholder so presenting and
surrendering its Certificates the amounts payable thereto on such final
Distribution Date in accordance with Section 4.01.

            Any funds not distributed to any Holder or Holders of Certificates
on the final Distribution Date because of the failure of such Holder or Holders
to tender their Certificates shall, on such date, be set aside and held
uninvested in trust and credited to the account or accounts of the appropriate
non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to this Section 9.01 shall not have been surrendered for
cancellation within six months after the time specified in such notice, the
Trustee shall mail a second notice to the remaining non-tendering
Certificateholders to surrender their Certificates for cancellation in order to
receive the final distribution with respect thereto. If within one year after
the second notice all such Certificates shall not have been surrendered for
cancellation, the Trustee, directly or through an agent, shall take such
reasonable steps to contact the remaining non-tendering Certificateholders
concerning the surrender of their Certificates as it shall deem appropriate, and
shall deal with all such unclaimed amounts in accordance with applicable law.
The costs and expenses of holding such funds in trust and of contacting such
Certificateholders following the first anniversary of the delivery of such
second notice to the non-tendering Certificateholders shall be paid out of such
funds. No interest shall accrue or be payable to any former Holder on any amount
held in trust hereunder.

            Section 9.02 Additional Termination Requirements.

            (a) If the Plurality Subordinate Certificateholder, either Master
Servicer or the Special Servicer purchases all of the Trust Mortgage Loans and
each REO Property (or, in the case of a Loan Combination Mortgaged Property if
it has become an REO Property, the Trust's interest therein) remaining in the
Trust Fund as provided in Section 9.01, the Trust Fund (and, accordingly, REMIC
I and REMIC II) shall be terminated in accordance with the following additional
requirements, unless the Person effecting the purchase obtains at its own
expense and delivers to the Trustee, an Opinion of Counsel, addressed to the
Trustee, to the effect that the failure of the Trust Fund to comply with the
requirements of this Section 9.02 will not result in the imposition of taxes on
"prohibited transactions" of REMIC I or REMIC II as defined in Section 860F of
the Code or cause either of REMIC I or REMIC II to fail to qualify as a REMIC at
any time that any Certificates are outstanding:

            (i) the Trustee shall specify the first day in the 90-day
      liquidation period in a statement attached to the final Tax Return for
      each of REMIC I and REMIC II pursuant to Treasury Regulations Section
      1.860F-1 and shall satisfy all requirements of a qualified liquidation
      under Section 860F of the Code and any regulations thereunder as set forth
      in the Opinion of Counsel obtained pursuant to Section 9.01 from the party
      effecting the purchase of all the Trust Mortgage Loans and REO Property
      remaining in the Trust Fund;

            (ii) during such 90-day liquidation period and at or prior to the
      time of making of the final payment on the Certificates, the Trustee shall
      sell all of the assets of REMIC I to either Master Servicer, the Special
      Servicer or the Plurality Subordinate Certificateholder, as the case may
      be, for cash; and

            (iii) at the time of the making of the final payment on the
      Certificates, the Trustee shall distribute or credit, or cause to be
      distributed or credited, to the Certificateholders in accordance with
      Section 9.01 all cash on hand (other than cash retained to meet claims),
      and each of REMIC I and REMIC II shall terminate at that time.

            (b) 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-2FL Certificates, the Class A-3FL
Certificates, the Class A-4FL Certificates, the Class AM-FL Certificates and/or
the Class AJ-FL Certificates as contemplated by Section 9.01, shall pay the
Class A-2FL Net Fixed Swap Payment, if any, to the Class A-3FL Swap
Counterparty, the Class A-3FL Net Fixed Swap Payment, if any, to the Class A-2FL
Swap Counterparty, the Class A-4FL Net Fixed Swap Payment, if any, to the Class
A-4FL Swap Counterparty, the Class AM-FL Net Fixed Swap Payment, if any, to the
Class AM-FL Swap Counterparty and/or the Class AJ-FL Net Fixed Swap Payment, if
any, to the Class AJ-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 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.

                                    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 REMIC II Regular Certificates and the REMIC II Regular Interests are
hereby designated as "regular interests" (within the meaning of Section
860G(a)(1) of the Code) in REMIC II. The Class R-I Certificates and the Class
R-II Certificates are hereby designated as the single class of "residual
interests" (within the meaning of Section 860G(a)(2) of the Code) in REMIC I and
REMIC II, respectively. None of the Master Servicers, the Special Servicer, the
Trustee shall (to the extent within its control) permit the creation of any
other "interests" in REMIC I and REMIC II (within the meaning of Treasury
regulation Section 1.860D-1(b)(1)).

            (c) The Closing Date is hereby designated as the "startup day" of
REMIC I and REMIC II within the meaning of Section 860G(a)(9) of the Code. The
"latest possible maturity date" of the REMIC I Regular Interests, the REMIC II
Regular Certificates and the REMIC II Regular Interests shall be the Rated Final
Distribution Date.

            (d) The related Plurality Residual Certificateholder as to the
applicable taxable year is hereby designated as the Tax Matters Person of each
of REMIC I and REMIC II, and shall act on behalf of the related REMIC in
relation to any tax matter or controversy and shall represent the related REMIC
in any administrative or judicial proceeding relating to an examination or audit
by any governmental taxing authority; provided that the REMIC Administrator is
hereby irrevocably appointed to act and shall act as agent and attorney-in-fact
for the Tax Matters Person for each of REMIC I and REMIC II in the performance
of its duties as such.

            (e) Except as otherwise provided in Section 3.17(a) and subsections
(i) and (j) below, the REMIC Administrator shall pay out of its own funds any
and all routine tax administration expenses of the Trust Fund incurred with
respect to each of REMIC I and REMIC II (but not including any professional fees
or expenses related to audits or any administrative or judicial proceedings with
respect to the Trust Fund that involve the Internal Revenue Service or state tax
authorities, which extraordinary expenses shall be payable or reimbursable to
the REMIC Administrator from the Trust Fund unless otherwise provided in Section
10.01(h) or 10.01(i)).

            (f) Within 30 days after the Closing Date, the REMIC Administrator
shall obtain taxpayer identification numbers for each of REMIC I and REMIC II by
preparing and filing Internal Revenue Service Forms SS-4 and shall prepare and
file with the Internal Revenue Service Form 8811, "Information Return for Real
Estate Mortgage Investment Conduits (REMICs) and Issuers of Collateralized Debt
Obligations" for the Trust Fund. In addition, the REMIC Administrator shall
prepare, cause the Trustee to sign and the REMIC Administrator shall file all of
the other Tax Returns in respect of REMIC I and REMIC II. The expenses of
preparing and filing such returns shall be borne by the REMIC Administrator
without any right of reimbursement therefor. The other parties hereto shall
provide on a timely basis to the REMIC Administrator or its designee such
information with respect to each of REMIC I and REMIC II as is in its possession
and reasonably requested by the REMIC Administrator to enable it to perform its
obligations under this Article. Without limiting the generality of the
foregoing, the Depositor, within 10 days following the REMIC Administrator's
request therefor, shall provide in writing to the REMIC Administrator such
information as is reasonably requested by the REMIC Administrator for tax
purposes, as to the valuations and issue prices of the Certificates, and the
REMIC Administrator's duty to perform its reporting and other tax compliance
obligations under this Article X shall be subject to the condition that it
receives from the Depositor such information possessed by the Depositor that is
necessary to permit the REMIC Administrator to perform such obligations.

            (g) The REMIC Administrator shall perform on behalf of each of REMIC
I and REMIC II all reporting and other tax compliance duties that are the
responsibility of each such REMIC under the Code, the REMIC Provisions or other
compliance guidance issued by the Internal Revenue Service or, with respect to
State and Local Taxes, any state or local taxing authority. Included among such
duties, the REMIC Administrator shall provide to: (i) any Transferor of a
Residual Certificate or agent of a Non-Permitted Transferee, such information as
is necessary for the application of any tax relating to the transfer of a
Residual Certificate to any Person who is not a Permitted Transferee; (ii) the
Certificateholders, such information or reports as are required by the Code or
the REMIC Provisions, including, without limitation, reports relating to
interest, original issue discount and market discount or premium (using the
Prepayment Assumption as required hereunder); and (iii) the Internal Revenue
Service, the name, title, address and telephone number of the Person who will
serve as the representative of each of REMIC I and REMIC II.

            (h) The REMIC Administrator shall perform its duties hereunder so as
to maintain the status of each of REMIC I and REMIC II and as a REMIC under the
REMIC Provisions (and the Trustee the Master Servicers and the Special Servicer
shall assist the REMIC Administrator to the extent reasonably requested by the
REMIC Administrator and to the extent of information within the Trustee's,
either Master Servicer's or the Special Servicer's possession or control). None
of the REMIC Administrator, the Master Servicers, the Special Servicer, or the
Trustee shall knowingly take (or cause REMIC I or REMIC II to take) any action
or fail to take (or fail to cause to be taken) any action that, under the REMIC
Provisions, if taken or not taken, as the case may be, could be reasonably be
expected to (i) endanger the status of REMIC I or REMIC II as a REMIC, or (ii)
except as provided in Section 3.17(a), result in the imposition of a tax upon
either REMIC I or REMIC II (including, but not limited to, the tax on prohibited
transactions as defined in Section 860F(a)(2) of the Code or the tax on
contributions to a REMIC set forth in Section 860G(d) of the Code (any such
endangerment or imposition or, except as provided in Section 3.17(a), imposition
of a tax, an "Adverse REMIC Event")), unless the REMIC Administrator has
obtained or received an Opinion of Counsel (at the expense of the party
requesting such action or at the expense of the Trust Fund if the REMIC
Administrator seeks to take such action or to refrain from acting for the
benefit of the Certificateholders) to the effect that the contemplated action
will not result in an Adverse REMIC Event. The REMIC Administrator shall not
take any action or fail to take any action (whether or not authorized hereunder)
as to which a Master Servicer or the Special Servicer has advised it in writing
that such Master Servicer or the Special Servicer has received or obtained an
Opinion of Counsel to the effect that an Adverse REMIC Event could occur with
respect to such action. In addition, prior to taking any action with respect to
REMIC I or REMIC II, or causing either REMIC I or REMIC II to take any action,
that is not expressly permitted under the terms of this Agreement, each Master
Servicer or the Special Servicer shall consult with the REMIC Administrator or
its designee, in writing, with respect to whether such action could cause an
Adverse REMIC Event to occur. Neither of the Master Servicers nor the Special
Servicer shall take any such action or cause either REMIC I or REMIC II to take
any such action as to which the REMIC Administrator has advised it in writing
that an Adverse REMIC Event could occur, and neither of the Master Servicers nor
the Special Servicer shall have any liability hereunder for any action taken by
it in accordance with the written instructions of the REMIC Administrator. The
REMIC Administrator may consult with counsel to make such written advice, and
the cost of same shall be borne by the party seeking to take the action not
expressly permitted by this Agreement, but in no event at the cost or expense of
the Trust Fund, the Trustee or the REMIC Administrator. At all times as may be
required by the Code, the REMIC Administrator shall make reasonable efforts to
ensure that substantially all of the assets of each of REMIC I and REMIC II will
consist of "qualified mortgages" as defined in Section 860G(a)(3) of the Code
and "permitted investments" as defined in Section 860G(a)(5) of the Code.

            (i) If any tax is imposed on either of REMIC I or REMIC II,
including, without limitation, "prohibited transactions" taxes as defined in
Section 860F(a)(2) of the Code, any tax on "net income from foreclosure
property" as defined in Section 860G(c) of the Code, any taxes on contributions
to REMIC I or REMIC II after the Startup Day pursuant to Section 860G(d) of the
Code, and any other tax imposed by the Code or any applicable provisions of
State or Local Tax laws (other than any tax permitted to be incurred by the
Special Servicer pursuant to Section 3.17(a)), such tax, together with all
incidental costs and expenses (including, without limitation, penalties and
reasonable attorneys' fees), shall be charged to and paid by: (i) the REMIC
Administrator, if such tax arises out of or results from a breach by the REMIC
Administrator of any of its obligations under this Article X provided that no
liability shall be imposed upon the REMIC Administrator under this clause if
another party has responsibility for payment of such tax under clauses (iii) or
(v) of this Section; (ii) the Special Servicer, if such tax arises out of or
results from a breach by the Special Servicer of any of its obligations under
Article III or this Article X; (iii) a Master Servicer, if such tax arises out
of or results from a breach by such Master Servicer of any of its obligations
under Article III or this Article X; (iv) the Trustee, if such tax arises out of
or results from a breach by the Trustee, of any of its respective obligations
under Article IV, Article VIII or this Article X; (v) the Depositor, if such tax
arises out of or results from a breach by the Depositor under this Section
10.02, or (vi) the Trust Fund, excluding the portion thereof constituting
Grantor Trust A-2FL, Grantor Trust A-3FL, Grantor Trust A-4FL, Grantor Trust
AM-FL, Grantor Trust AJ-FL, Grantor Trust Y 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
Servicers, and the Special Servicer shall accept any contributions of assets to
REMIC I or REMIC II unless it shall have received an Opinion of Counsel (at the
expense of the party seeking to cause such contribution and in no event at the
expense of the Trust Fund, the Trustee) to the effect that the inclusion of such
assets in such REMIC will not cause: (i) such REMIC to fail to qualify as a
REMIC at any time that any Certificates are outstanding; or (ii) the imposition
of any tax on such REMIC under the REMIC Provisions or other applicable
provisions of federal, state and local law or ordinances.

            (l) None of the Trustee, the Master Servicers, and the Special
Servicer shall consent to or, to the extent it is within the control of such
Person, permit: (i) the sale or disposition of any of the Trust Mortgage Loans
(except in connection with (A) the default or foreclosure of a Trust Mortgage
Loan, including, but not limited to, the sale or other disposition of a
Mortgaged Property acquired by deed in lieu of foreclosure, (B) the bankruptcy
of REMIC I or REMIC II, (C) the termination of REMIC I and REMIC II pursuant to
Article IX of this Agreement, or (D) a purchase of Trust Mortgage Loans pursuant
to or as contemplated by Article II or III of this Agreement); (ii) the sale or
disposition of any investments in the Collection Accounts, the Distribution
Account or an REO Account for gain; or (iii) the acquisition of any assets on
behalf of REMIC I or REMIC II (other than (1) a Mortgaged Property acquired
through foreclosure, deed in lieu of foreclosure or otherwise in respect of a
Trust Defaulted Mortgage Loan, (2) a Qualified Substitute Mortgage Loan pursuant
to Article II hereof and (3) Permitted Investments acquired in connection with
the investment of funds in the Collection Accounts, any Loan Combination
Custodial Account, the Distribution Account or an REO Account); in any event
unless it has received an Opinion of Counsel (at the expense of the party
seeking to cause such sale, disposition, or acquisition but in no event at the
expense of the Trust Fund, the Trustee) to the effect that such sale,
disposition, or acquisition will not cause: (x) either of REMIC I or REMIC II to
fail to qualify as a REMIC at any time that any Certificates are outstanding; or
(y) the imposition of any tax on REMIC I or REMIC II under the REMIC Provisions
or other applicable provisions of federal, state and local law or ordinances.

            (m) Except as permitted by Section 3.17(a), none of the Trustee,
either Master Servicer and the Special Servicer shall enter into any arrangement
by which REMIC I or REMIC II will receive a fee or other compensation for
services nor permit REMIC I or REMIC II to receive any income from assets other
than "qualified mortgages" as defined in Section 860G(a)(3) of the Code or
"permitted investments" as defined in Section 860G(a)(5) of the Code.

            Section 10.02 Grantor Trust Administration.

            (a) The REMIC Administrator shall treat each of Grantor Trust A-2FL,
Grantor Trust A-3FL, Grantor Trust A-4FL, Grantor Trust AM-FL, Grantor Trust
AJ-FL, Grantor Trust Y and Grantor Trust Z for tax return preparation purposes,
as a "grantor trust" under the Code and shall treat (i) the Class A-2FL REMIC II
Regular Interest and distributions thereon, the Class A-2FL Swap Agreement and
payments by the Class A-2FL Swap Counterparty thereunder and the Class A-2FL
Sub-Account as separate assets of Grantor Trust A-2FL, (ii) 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, (iii) the
Class A-4FL REMIC II Regular Interest and distributions thereon, the Class A-4FL
Swap Agreement and payments by the Class A-4FL Swap Counterparty thereunder and
the Class A-4FL Sub-Account as separate assets of Grantor Trust A-4FL, (iv) the
Class AM-FL REMIC II Regular Interest and distributions thereon, the Class AM-FL
Swap Agreement and payments by the Class AM-FL Swap Counterparty thereunder and
the Class AM-FL Sub-Account as separate assets of Grantor Trust AM-FL, (v) the
Class AJ-FL REMIC II Regular Interest and distributions thereon, the Class AJ-FL
Swap Agreement and payments by the Class AJ-FL Swap Counterparty thereunder and
the Class AJ-FL Sub-Account as separate assets of Grantor Trust AJ-FL, and (vi)
the Trust Converting Additional Interest, the Trust Converting Additional
Interest Accounts and amounts held from time to time in the Trust Converting
Additional Interest Account that represents Additional Interest as separate
assets of Grantor Trust Y and (vii) the ARD Loan Additional Interest, the
Palmilla Apartments Stabilization Fee, the ARD Loan Additional Interest Account,
the Palmilla Apartments Stabilization Fee Account and amounts held from time to
time in the ARD Loan Additional Interest Account and the Palmilla Apartments
Stablization Fee Account as assets of Grantor Trust Z, as applicable, and in
each case (clauses (i) through (vi) above) not of REMIC I or REMIC II, as
permitted by Treasury Regulations Section 1.860G-2(i)(1). The Class A-2FL
Certificates are hereby designated as representing an undivided beneficial
ownership interest in Grantor Trust A-2FL. The Class A-3FL Certificates are
hereby designated as representing an undivided beneficial ownership interest in
Grantor Trust A-3FL. The Class A-4FL Certificates are hereby designated as
representing an undivided beneficial ownership interest in Grantor Trust A-4FL.
The Class AM-FL Certificates are hereby designated as representing an undivided
beneficial ownership interest in Grantor Trust AM-FL. The Class AJ-FL
Certificates are hereby designated as representing an undivided beneficial
ownership interest in Grantor Trust AJ-FL. The Class Y Certificates are hereby
designated as representing an undivided beneficial interest in the Trust
Converting Loan Additional Interest payable on the Trust Converting Loan and
proceeds thereof. The Class Z Certificates are hereby designated as representing
an undivided beneficial interest in (A) ARD Loan Additional Interest payable on
the Trust ARD Loans and proceeds thereof and (B) the Palmilla Apartments
Stabilization Fee payable on the Palmilla Apartments Mortgage Loan 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-2FL, Grantor Trust A-3FL, Grantor Trust A-4FL, Grantor Trust
AM-FL, Grantor Trust AJ-FL, Grantor Trust Y 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 the REMIC Administrator shall file when due all of the Tax Returns in
respect of Grantor Trust A-2FL, Grantor Trust A-3FL, Grantor Trust A-4FL,
Grantor Trust AM-FL, Grantor Trust AJ-FL, Grantor Trust Y and Grantor Trust Z as
may be applicable under the Grantor Trust Provisions. The expenses of preparing
and filing such returns shall be borne by the REMIC Administrator without any
right of reimbursement therefor. The other parties hereto shall provide on a
timely basis to the REMIC Administrator or its designee such information with
respect to Grantor Trust Y 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 compliance with the administration and reporting duties under the
Grantor Trust Provisions, 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 A-2FL Certificates, (ii) the Holders of the
Class A-3FL Certificates, (iii) the Holders of the Class A-4FL Certificates,
(iv) the Holders of the Class AM-FL Certificates, (v) the Holders of the Class
AJ-FL Certificates, (vi) the Holders of the Class Y Certificates and (vii) the
Holders of the Class Z Certificates, on the cash or accrual method of
accounting, as applicable, such information as to their respective portions of
the income and expenses of Grantor Trust A-2FL, Grantor Trust A-3FL, Grantor
Trust A-4FL, Grantor Trust AM-FL, Grantor Trust AJ-FL, Grantor Trust Y 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-2FL, Grantor Trust A-3FL, Grantor
Trust A-4FL, Grantor Trust AM-FL, Grantor Trust AJ-FL, Grantor Trust Y 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, and to administer, each of Grantor Trust A-2FL,
Grantor Trust A-3FL, Grantor Trust A-4FL, Grantor Trust AM-FL, Grantor Trust
AJ-FL, Grantor Trust Y and Grantor Trust Z as a "grantor trust" under the
Grantor Trust Provisions (and the Depositor, the Trustee, the Master Servicers
and the Special Servicer shall assist the REMIC Administrator to the extent
reasonably requested by the REMIC Administrator and to the extent of information
within the Depositor's, the Trustee's, either Master Servicer's or the Special
Servicer's possession or control). None of the REMIC Administrator, the Masters
Servicers, the Special Servicer or the Trustee shall knowingly take (or cause
any of Grantor Trust A-2FL, Grantor Trust A-3FL, Grantor Trust A-4FL, Grantor
Trust AM-FL, Grantor Trust AJ-FL, Grantor Trust Y 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-2FL,
Grantor Trust A-3FL, Grantor Trust A-4FL, Grantor Trust AM-FL, Grantor Trust
AJ-FL, Grantor Trust Y 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-2FL, Grantor Trust A-3FL, Grantor Trust A-4FL, Grantor Trust AM-FL, Grantor
Trust AJ-FL, Grantor Trust Y 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 Servicers and the Special Servicer shall consult with the
REMIC Administrator or its designee, in writing, with respect to whether such
action could cause an Adverse Grantor Trust Event to occur. Neither the Master
Servicers nor the Special Servicer shall have any liability hereunder for any
action taken by it in accordance with the written instructions of the REMIC
Administrator. The REMIC Administrator may consult with counsel to make such
written advice, and the cost of same shall be borne by the party seeking to take
the action not expressly permitted by this Agreement, but in no event at the
cost or expense of the Trust Fund, the REMIC Administrator or the Trustee. Under
no circumstances may the REMIC Administrator vary the assets of any of Grantor
Trust A-2FL, Grantor Trust A-3FL, Grantor Trust A-4FL, Grantor Trust AM-FL,
Grantor Trust AJ-FL, Grantor Trust Y or Grantor Trust Z so as to take advantage
of variations in the market so as to improve the rate of return of Holders of
the Floating Rate Certificates, Class Y Certificates or Class Z Certificates, as
the case may be.

            (f) If any tax is imposed on any of Grantor Trust A-2FL, Grantor
Trust A-3FL, Grantor Trust A-4FL, Grantor Trust AM-FL, Grantor Trust AJ-FL,
Grantor Trust Y or Grantor Trust Z, such tax, together with all incidental costs
and expenses (including, without limitation, penalties and reasonable attorneys'
fees), shall be charged to and paid by: (i) the REMIC Administrator, if such tax
arises out of or results from a breach by the REMIC Administrator of any of its
obligations under this Section 10.02; (ii) the Special Servicer, if such tax
arises out of or results from a breach by the Special Servicer of any of its
obligations under Article III or this Section 10.02; (iii) a Master Servicer, if
such tax arises out of or results from a breach by such Master Servicer of any
of its obligations under Article III or this Section 10.02; (iv) the Trustee, if
such tax arises out of or results from a breach by the Trustee, of any of its
obligations under Article IV, Article VIII or this Section 10.02; or (v) the
portion of the Trust Fund constituting Grantor Trust A-2FL, Grantor Trust A-3FL,
Grantor Trust A-4FL, Grantor Trust AM-FL, Grantor Trust AJ-FL, Grantor Trust Y
or Grantor Trust Z, as the case may be, in all other instances.

            The Trustee shall deliver or cause to be delivered the federal
taxpayer identification number of each Floating Rate Grantor Trust on an IRS
Form W-9 to the related Swap Counterparty as soon as possible after such Swap
Agreement is entered into (but no later than the first payment date under such
Swap Agreement; provided, that the Trustee has received the applicable taxpayer
identification number from the IRS by such date (and the Trustee is obligated to
use its best efforts to obtain such taxpayer identification number from the IRS
by such date)) and, if requested by the Swap Counterparty (unless not permitted
under federal income tax law) an IRS Form W-8IMY. Each non-exempt Holder of
Floating Rate Certificates shall be obligated pursuant to this Agreement to
provide applicable certification to the Trustee (with copies sent or faxed
directly from such Certificateholder to the Swap Counterparty) to enable the
Trustee to make payments to the Holders of the Floating Rate Certificates
without federal withholding or backup withholding. As authorized by the Holders
of the Floating Rate Certificates under this Agreement, the Trustee may forward
any such certification received to the Swap Counterparty if requested.

            (g) Each Floating Rate Grantor Trust is and shall be treated as a
WHFIT that is a NMWHFIT. The Trustee will report as required under the WHFIT
Regulations to the extent such information as is reasonably necessary to enable
the Trustee to do so is provided to the Trustee on a timely basis. The Trustee
is hereby directed to assume that The Depository Trust Company is the only
"middleman" as defined by the WHFIT Regulations unless the Depositor provides
the Trustee with the identities of other "middlemen" that are
Certificateholders. The Trustee shall be entitled to rely on the first sentence
of this paragraph and shall be entitled to indemnification in accordance with
the terms of this Agreement in the event that the Internal Revenue Service makes
a determination that the first sentence of this paragraph is incorrect.

            The Trustee, in its discretion, shall report required WHFIT
information using either the cash or accrual method, except to the extent the
WHFIT Regulations specifically require a different method. The Trustee shall be
under no obligation to determine whether any Certificateholder uses the cash or
accrual method. The Trustee shall make available (via its website) WHFIT
information to certificate holders annually. In addition, the Trustee shall not
be responsible or liable for providing subsequently amended, revised or updated
information to any Certificateholder, unless requested by the Certificateholder.

            The Trustee shall not be liable for failure to meet the reporting
requirements of the WHFIT Regulations nor for any penalties thereunder if such
failure is due to: (i) the lack of reasonably necessary information being
provided to the Trustee, (ii) incomplete, inaccurate or untimely information
being provided to the Trustee or (iii) the inability of the Trustee, after good
faith efforts, to alter its existing information reporting systems to capture
information necessary to fully comply with the WHFIT Regulations for the 2007
calendar year. Absent receipt of information regarding any sale of Certificates,
including the price, amount of proceeds and date of sale from the beneficial
owner thereof or the Depositor, the Trustee may assume there is no secondary
market trading of WHFIT interests.

            To the extent required by the WHFIT Regulations, the Trustee shall
use reasonable efforts to publish on an appropriate website the CUSIPs for the
Certificates that represent ownership of a WHFIT. The CUSIPs so published will
represent the Rule 144A CUSIPs. The Trustee shall make reasonable good faith
efforts to keep the website accurate and updated to the extent CUSIPs have been
received. Absent the receipt of a CUSIP, the Trustee will use a reasonable
identifier number in lieu of a CUSIP. The Trustee shall not be liable for
investor reporting delays that result from the receipt of inaccurate or untimely
CUSIP information.

            The Trustee shall have no obligation to monitor whether a grantor
trust has become a WHFIT following the Closing Date, and shall report under the
WHFIT Regulations only to the extent it receives written notice of the same.

            The Trustee shall be entitled to additional reasonable compensation
for changes in reporting required in respect of the WHFIT Regulations that arise
as a result of (i) the failure of the Depositor to timely inform the Trustee of
the designation of the grantor trust as a WHFIT, (ii) the grantor trust becoming
a WHFIT after the Closing Date (if compensation is not already provided for this
contingency) or (iii) a change in the WHFIT Regulations or a change in
interpretation of the WHFIT Regulations by the IRS or the Depositor or its
counsel, if such change requires, in the Trustee's sole and reasonable good
faith discretion, a material increase in LaSalle's reporting obligations in
respect of the related grantor trust.

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

            Section 11.01 Amendment.

            (a) This Agreement may be amended from time to time by the agreement
of the Master Servicers, the Special Servicer, 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 Grantor
Trust Provisions or the REMIC Provisions if the Grantor Trust Provisions or the
REMIC Provisions are amended or clarified such that any such requirement may be
relaxed or eliminated, (v) to modify, eliminate or add to the provisions of
Section 5.02(d) or any other provision hereof restricting transfer of the
Residual Certificates by virtue of their being "residual interests" in a REMIC
provided that such change shall not, as evidenced by an Opinion of Counsel,
cause the Trust Fund or any of the Certificateholders (other than the
Transferor) to be subject to a federal tax caused by a Transfer to a Person that
is not a Permitted Transferee, (vi) to relax or eliminate any requirement
hereunder imposed by the Securities Act or the rules thereunder if the
Securities Act or those rules are amended or clarified so as to allow for the
relaxation or elimination of that requirement, (vii) if such amendment, as
evidenced by an Opinion of Counsel (at the expense of the Trust Fund, in the
case of any amendment requested by either Master Servicer or the Special
Servicer that protects or is in furtherance of the interests of the
Certificateholders, and otherwise at the expense of the party seeking such
amendment) delivered to the Master Servicers, the Special Servicer and the
Trustee, is advisable or reasonably necessary to comply with any requirements
imposed by the Code or any successor or amendatory statute or any temporary or
final regulation, revenue ruling, revenue procedure or other written official
announcement or interpretation relating to federal income tax laws or any such
proposed action which, if made effective, would apply retroactively to REMIC I,
REMIC II or any Grantor Trust created hereunder at least from the effective date
of such amendment, or would be necessary to avoid the occurrence of a prohibited
transaction or to reduce the incidence of any tax that would arise from any
actions taken with respect to the operation of any such REMIC or Grantor Trust
or to facilitate administration of and reporting duties with respect to each
Grantor Trust in accordance with the Grantor Trust Provisions; or (viii) to
otherwise modify or delete existing provisions of this Agreement; provided that
no such amendment hereof that is covered solely by clause (iii) or (viii) above
may, as evidenced by an Opinion of Counsel (at the expense of the Trust Fund, in
the case of any amendment requested by either Master Servicer or the Special
Servicer that protects or is in furtherance of the interests of the
Certificateholders, and otherwise at the expense of the party seeking such
amendment) obtained by or delivered to the Master Servicers, the Special
Servicer, and the Trustee, adversely affect in any material respect the
interests of any Certificateholder or Non-Trust Noteholder; and provided,
further, that no such amendment may adversely affect the rights and/or interests
of the Depositor without its consent; and provided, further, that the Master
Servicers, the Special Servicer and the Trustee shall have first obtained from
each Rating Agency written confirmation that such amendment will not result in
an Adverse Rating Event; and provided, further, that no such amendment hereof
that is covered by any of clauses (i) through (viii) above may significantly
change the activities of the Trust.

            (b) This Agreement may also be amended from time to time by the
agreement of the Master Servicers, the Special Servicer, 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 any manner the rights of the Holders of Certificates;
provided, however, that no such amendment shall (i) reduce in any manner the
amount of, or delay the timing of, payments received or advanced on Trust
Mortgage Loans that are required to be distributed on any Certificate without
the consent of the Holder of such Certificate, (ii) as evidenced by an Opinion
of Counsel obtained by or delivered to the Master Servicers, the Special
Servicer, and the Trustee, adversely affect in any material respect the
interests of the Holders of any Class of Certificates in a manner other than as
described in (i) without the consent of the Holders of all Certificates of such
Class, (iii) modify the provisions of this Section 11.01 without the consent of
the Holders of all Certificates then outstanding, (iv) modify the provisions of
Section 3.20 without the consent of the Holders of Certificates entitled to all
of the Voting Rights, (v) modify the definition of Servicing Standard or the
specified percentage of Voting Rights which are required to be held by
Certificateholders to consent or not to object to any particular action pursuant
to any provision of this Agreement without the consent of the Holders of all
Certificates then outstanding, (vi) significantly change the activities of the
Trust without the consent of the Holders of Certificates entitled to at least
51% of the Voting Rights, without regard to any Certificates held by the
Depositor or any of its Affiliates or agents, (vii) amend defined terms
contained in this Agreement as they relate to Sections 2.01(c) and 2.01(d) of
this Agreement or any other provision of Article II of this Agreement that
affects the document delivery or the repurchase and/or substitution obligations
of any Mortgage Loan Seller unless such Mortgage Loan Seller shall have agreed
to such amendment in writing, (viii) adversely affect, in any material respect,
the rights and/or interests of a Non-Trust Noteholder without its consent or
(ix) adversely affect the rights and/or interests of the Depositor without its
consent. Notwithstanding any other provision of this Agreement, for purposes of
the giving or withholding of consents pursuant to this Section 11.01,
Certificates registered in the name of the Depositor or any Affiliate of the
Depositor shall be entitled to the same Voting Rights with respect to matters
described above as they would if any other Person held such Certificates, so
long as neither the Depositor nor any of its Affiliates is performing servicing
duties with respect to any of the Trust Mortgage Loans.

            (c) Notwithstanding any contrary provision of this Agreement, the
Trustee shall not consent to any amendment to this Agreement unless it shall
first have obtained or been furnished with an Opinion of Counsel (at the expense
of the Trust Fund, in the case of any amendment requested by either Master
Servicer or the Special Servicer that protects or is in furtherance of the
interests of the Certificateholders, and, otherwise, at the expense of the party
seeking such amendment) to the effect that (i) such amendment or the exercise of
any power granted to the Trustee, the subject Master Servicer or the Special
Servicer in accordance with such amendment will not result in the imposition of
a tax on REMIC I or REMIC II pursuant to the REMIC Provisions or on Grantor
Trust A-2FL, Grantor Trust A-3FL, Grantor Trust A-4FL, Grantor Trust AM-FL,
Grantor Trust AJ-FL, Grantor Trust Y 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-2FL,
Grantor Trust A-3FL, Grantor Trust A-4FL, Grantor Trust AM-FL, Grantor Trust
AJ-FL, Grantor Trust Y or Grantor Trust Z to fail to qualify as a grantor trust
at any time that any Certificates are outstanding and (ii) such amendment
complies with the provisions of this Section 11.01.

            (d) Promptly after the execution of any such amendment, the Trustee
shall send a copy thereof to each Certificateholder and each Non-Trust
Noteholder.

            (e) It shall not be necessary for the consent of Certificateholders
under this Section 11.01 to approve the particular form of any proposed
amendment, but it shall be sufficient if such consent shall approve the
substance thereof. The manner of obtaining such consents and of evidencing the
authorization of the execution thereof by Certificateholders shall be subject to
such reasonable regulations as the Trustee may prescribe.

            (f) Each Master Servicer, the Special Servicer, 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.

            (g) The cost of any Opinion of Counsel to be delivered pursuant to
Section 11.01(a), (b) or (c) shall be borne by the Person seeking the related
amendment, except that if either Master Servicer, the Special Servicer or the
Trustee requests any amendment of this Agreement that protects or is in
furtherance of the rights and interests of Certificateholders, the cost of any
Opinion of Counsel required in connection therewith pursuant to Section
11.01(a), (b) or (c) shall be payable out of the applicable Collection Account
or the Distribution Account pursuant to Section 3.05.

            (h) The Trustee shall give the Depositor reasonable prior written
notice of any amendment sought to be entered into pursuant to subsection (a) or
(b) above.

            Section 11.02 Recordation of Agreement; Counterparts.

            (a) To the extent permitted by applicable law, this Agreement is
subject to recordation in all appropriate public offices for real property
records in all the counties or other comparable jurisdictions in which any or
all of the properties subject to the Mortgages are situated, and in any other
appropriate public recording office or elsewhere, such recordation to be
effected by the applicable Master Servicer, if required, at the expense of the
Trust Fund or, to the extent that it benefits one or more Non-Trust Noteholders,
such Non-Trust Noteholder(s), but only upon direction accompanied by an Opinion
of Counsel (the cost of which may be paid out of the applicable Collection
Account pursuant to Section 3.05(a) or, to the extent that it benefits such
Non-Trust Noteholder(s), out of the related Loan Combination Custodial Account
pursuant to Section 3.05(e)) to the effect that such recordation materially and
beneficially affects the interests of the Certificateholders and/or one or more
Non-Trust Noteholders; provided, however, that the Trustee shall have no
obligation or responsibility to determine whether any such recordation of this
Agreement is required.

            (b) For the purpose of facilitating the recordation of this
Agreement as herein provided and for other purposes, this Agreement may be
executed simultaneously in any number of counterparts, each of which
counterparts shall be deemed to be an original, and such counterparts shall
constitute but one and the same instrument.

            Section 11.03 Limitation on Rights of Certificateholders.

            (a) The death or incapacity of any Certificateholder shall not
operate to terminate this Agreement or the Trust Fund, nor entitle such
Certificateholder's legal representatives or heirs to claim an accounting or to
take any action or proceeding in any court for a partition or winding up of the
Trust Fund, nor otherwise affect the rights, obligations and liabilities of the
parties hereto or any of them.

            (b) No Certificateholder (except as expressly provided for herein)
shall have any right to vote or in any manner otherwise control the operation
and management of the Trust Fund, or the obligations of the parties hereto, nor
shall anything herein set forth, or contained in the terms of the Certificates,
be construed so as to constitute the Certificateholders from time to time as
partners or members of an association; nor shall any Certificateholder be under
any liability to any third party by reason of any action taken by the parties to
this Agreement pursuant to any provision hereof.

            (c) No Certificateholder shall have any right by virtue of any
provision of this Agreement to institute any suit, action or proceeding in
equity or at law upon or under or with respect to this Agreement or any Trust
Mortgage Loan, unless, with respect to any suit, action or proceeding upon or
under or with respect to this Agreement, such Holder previously shall have given
to the Trustee a written notice of default hereunder, and of the continuance
thereof, as hereinbefore provided, and unless also (except in the case of a
default by the Trustee) the Holders of Certificates entitled to at least 25% of
the Voting Rights shall have made written request upon the Trustee to institute
such action, suit or proceeding in its own name as Trustee hereunder and shall
have offered to the Trustee such reasonable indemnity as it may require against
the costs, expenses and liabilities to be incurred therein or thereby, and the
Trustee, for 60 days after its receipt of such notice, request and offer of
indemnity, shall have neglected or refused to institute any such action, suit or
proceeding. It is understood and intended, and expressly covenanted by each
Certificateholder with every other Certificateholder and the Trustee, that no
one or more Holders of Certificates shall have any right in any manner
whatsoever by virtue of any provision of this Agreement to affect, disturb or
prejudice the rights of the Holders of any other of such Certificates, or to
obtain or seek to obtain priority over or preference to any other such Holder,
which priority or preference is not otherwise provided for herein, or to enforce
any right under this Agreement, except in the manner herein provided and for the
equal, ratable and common benefit of all Certificateholders. For the protection
and enforcement of the provisions of this Section, each and every
Certificateholder and the Trustee shall be entitled to such relief as can be
given either at law or in equity.

            Section 11.04 Governing Law; Waiver of Trial By Jury

            This Agreement and the Certificates shall be construed in accordance
with the internal laws of the State of New York applicable to agreements made
and to be performed in said State, and the obligations, rights and remedies of
the parties hereunder shall be determined in accordance with such laws. The
parties hereunder each irrevocably waive, to the extent permitted by applicable
law, all right to trial by jury in any action, claim, suit, proceeding or
counterclaim (whether based on contract, tort or otherwise) relating to or
arising out of this Agreement.

            Section 11.05 Notices.

            Any communications provided for or permitted hereunder shall be in
writing and, unless otherwise expressly provided herein, shall be deemed to have
been duly given when sent by either certified mail (return receipt requested) or
by courier service (proof of delivery requested) and also by facsimile
transmission to the intended recipient at the address set forth below:

            (i) in the case of the Depositor, Merrill Lynch Mortgage Investors,
      Inc., c/o Global Commercial Real Estate, 4 World Financial Center, 16th
      Floor, 250 Vesey Street, New York, New York 10080, Attention: David M.
      Rodgers, facsimile No.: 212-449-7684, with a copy to Director of CMBS
      Securitizations, facsimile number: (212) 449-7684, and a copy to Merrill
      Lynch Mortgage Investors, Inc., 4 World Financial Center, 12th Floor, 250
      Vesey Street, New York, New York 10080, Attention: General Counsel for
      Global Commercial Real Estate in the Office of the General Counsel,
      facsimile number (212) 212-449-0265;

            (ii) in the case of Master Servicer No. 1, Midland Loan Services,
      Inc., 10851 Mastin, Building 82, 7th Floor, Overland Park, Kansas 66210,
      Attention: President, facsimile no. (913) 253-9001, with a copy to Dechert
      LLP, 30 Rockefeller Plaza, New York, New York 10112, Attention: Stephanie
      M. Tita, facsimile no. (212) 698-3599; provided that any communication
      addressed to Midland shall also be transmitted by facsimile transmission
      to the facsimile numbers indicated above;

            (iii) in the case of Master Servicer No. 2, Wachovia Bank, National
      Association, 8739 Research Drive, URP4, Charlotte, North Carolina
      28262-1075, Re: ML-CFC Commercial Mortgage Trust 2007-7, Commercial
      Mortgage Pass-Through Certificates, Series 2007-7, facsimile number: (704)
      715-0036; provided that any communication addressed to Wachovia shall also
      be transmitted by facsimile transmission to the facsimile number indicated
      above (which communication shall be deemed to have been duly given when
      transmitted);

            (iv) in the case of the Special Servicer, Midland Loan Services,
      Inc., 10851 Mastin, Building 82, 7th Floor, Overland Park, Kansas 66210,
      Attention: President, facsimile no. (913) 253-9001, with a copy to Dechert
      LLP, 30 Rockefeller Plaza, New York, New York 10112, Attention: Stephanie
      M. Tita, facsimile no. (212) 698-3599; provided that any communication
      addressed to Midland shall also be transmitted by facsimile transmission
      to the facsimile numbers indicated above;

            (v) in the case of the Trustee, LaSalle Bank National Association,
      135 S. LaSalle St., Chicago, IL 60603, Attn: Global Securities and Trust
      Services - ML-CFC 2007-7, Commercial Mortgage Pass-Through Certificates,
      Series 2007-7, facsimile number: (312) 904-1085;

            (vi) in the case of the Custodian, LaSalle Bank National
      Association, 135 S. LaSalle St., Chicago, IL 60603, Attn: Global
      Securities and Trust Services Group - ML-CFC 2007-7, Commercial Mortgage
      Pass-Through Certificates, Series 2007-7, facsimile number: (312)
      904-1085;

            (vii) in the case of the Underwriters,

                  (A) Merrill Lynch, Pierce, Fenner & Smith Incorporated, c/o
            Global Commercial Real Estate, 4 World Financial Center, 16th Floor,
            250 Vesey Street, New York, New York 10080, Attention: David M.
            Rodgers, facsimile No.: 212-449-7684, with a copy Director of CMBS
            Securitizations, facsimile number: (212) 449-7684, and a copy to
            Merrill Lynch, Pierce, Fenner & Smith Incorporated, 4 World
            Financial Center, 12th Floor, 250 Vesey Street, New York, New York
            10080, Attention: General Counsel for Global Commercial Real Estate
            in the Office of the General Counsel, 4 World Financial Center, 250
            Vesey Street, 12th Floor, New York, New York 10080, facsimile number
            (212) 212-449-0265;

                  (B) Countrywide Securities Corporation, 4500 Park Granada -
            MSCH-143, Calabasas, California 91302, Attention: Marilyn Marincas;

                  (C) Goldman, Sachs & Co., 85 Broad Street, New York, New York
            10004, Attention: Emily Brooks (with a copy to David Stiepleman, 85
            Broad Street, New York, New York 10004);

                  (D) Morgan Stanley & Co. Incorporated, 1585 Broadway, New
            York, New York 10036, Attention: Warren Friend (with a copy to
            Michelle Wilke, 1585 Broadway, New York, New York 10036); and

                  (E) PNC Capital Markets LLC, PNC Capital Markets LLC, One PNC
            Plaza, 26th Floor, 249 Fifth Avenue, Pittsburgh, Pennsylvania 15222,
            Attention: Michael D. Thomas, and a copy to PNC Capital Markets LLC,
            One PNC Plaza, 21st Floor, 249 Fifth Avenue, Pittsburgh,
            Pennsylvania 15222, Attention: Leonard S. Ferleger, Facsimile No.:
            412-705-2679;

            (viii) in the case of the Rating Agencies,

                  (A) Moody's Investors Service, Inc., 99 Church Street, New
            York, New York 10007, Attention: Commercial Mortgage Surveillance;
            and

                  (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 2007-7, Commercial Mortgage Pass-Through Certificates, Series
            2007-7; and

            (ix) in the case of the initial Controlling Class Representative,
      CRES Investments NO, I, LP, Attention: Michael G. Loftis, President & CEO,
      Presidio Investments, Ltd., 8350 North Central Expressway, Suite 1275,
      Dallas, Texas 75206, (214) 346-2520 (direct dial), (214) 691-1930 (fax),
      mloftis@presidioinvestments.com, with a copy to Bert Crouch, Presidio
      Investments, Ltd., 8350 North Central Expressway, Suite 1275, Dallas,
      Texas 75206, (214) 346-2520 (direct dial), (214) 691-1930 (fax),
      bcrouch@presidioinvestments.com.

or as to each such Person such other address as may hereafter be furnished by
such Person to the parties hereto in writing. Any communication required or
permitted to be delivered to a Certificateholder shall be deemed to have been
duly given when mailed first class, postage prepaid, to the address of such
Holder as shown in the Certificate Register.

            Section 11.06 Severability of Provisions.

            If any one or more of the covenants, agreements, provisions or terms
of this Agreement shall be for any reason whatsoever held invalid, then such
covenants, agreements, provisions or terms shall be deemed severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or enforceability of the other provisions of this
Agreement or of the Certificates or the rights of the Holders thereof.

            Section 11.07 Grant of a Security Interest.

            The Depositor and the Trustee agree that it is their intent that the
conveyance of the Depositor's right, title and interest in and to the Trust
Mortgage Loans pursuant to this Agreement shall constitute a sale and not a
pledge of security for a loan. If such conveyance is deemed to be a pledge of
security for a loan, however, the Depositor intends that the rights and
obligations of the parties to such loan shall be established pursuant to the
terms of this Agreement. The Depositor also intends and agrees that, in such
event, the Depositor shall be deemed to have granted to the Trustee (in such
capacity) a first priority security interest in the Depositor's entire right,
title and interest in and to the assets constituting the Trust Fund.

            Section 11.08 Streit Act.

            Any provisions required to be contained in this Agreement by Section
126 of Article 4-A of the New York Real Property Law are hereby incorporated
herein, and such provisions shall be in addition to those conferred or imposed
by this Agreement; provided, however, that to the extent that such Section 126
shall not have any effect, and if said Section 126 should at any time be
repealed or cease to apply to this Agreement or be construed by judicial
decision to be inapplicable, said Section 126 shall cease to have any further
effect upon the provisions of this Agreement. In case of a conflict between the
provisions of this Agreement and any mandatory provisions of Article 4-A of the
New York Real Property Law, such mandatory provisions of said Article 4-A shall
prevail, provided that if said Article 4-A shall not apply to this Agreement,
should at any time be repealed, or cease to apply to this Agreement or be
construed by judicial decision to be inapplicable, such mandatory provisions of
such Article 4-A shall cease to have any further effect upon the provisions of
this Agreement.

            Section 11.09 Successors and Assigns; Beneficiaries.

            The provisions of this Agreement shall be binding upon and inure to
the benefit of the respective successors and assigns of the parties hereto, and
all such provisions shall inure to the benefit of the Certificateholders. Each
of the Sub-Servicers that is a party to a Sub-Servicing Agreement in effect on
the Closing Date (or being negotiated as of the Closing Date and in effect
within 90 days thereafter) shall be a third-party beneficiary to the obligations
of a successor Master Servicer under Section 3.22, provided that the sole remedy
for any claim by a Sub-Servicer as a third party beneficiary pursuant to this
Section 11.09 shall be against a successor Master Servicer solely in its
corporate capacity and no Sub-Servicer shall have any rights or claims against
the Trust Fund or any party hereto (other than a successor Master Servicer in
its corporate capacity as set forth in this Section 11.09) as a result of any
rights conferred on such Sub-Servicer as a third party beneficiary pursuant to
this Section 11.09. Each Non-Trust Noteholder and any designee thereof acting on
behalf of or exercising the rights of such Non-Trust Noteholder shall be a third
party beneficiary to this Agreement with respect to its rights as specifically
provided for herein and under the related Loan Combination Intercreditor
Agreement. This Agreement may not be amended in any manner that would adversely
affect the rights of any third party beneficiary hereof without its consent. No
other person, including, without limitation, any Mortgagor, shall be entitled to
any benefit or equitable right, remedy or claim under this Agreement.

            Section 11.10 Article and Section Headings.

            The article and section headings herein are for convenience of
reference only, and shall not limit or otherwise affect the meaning hereof.

            Section 11.11 Notices to Rating Agencies.

            (a) The Trustee shall promptly provide notice to each Rating Agency
and the Controlling Class Representative (and, if affected thereby, any
Non-Trust Noteholder) with respect to each of the following of which it has
actual knowledge:

            (i) any material change or amendment to this Agreement;

            (ii) the occurrence of any Event of Default that has not been cured;

            (iii) the resignation or termination of the Trustee, either Master
      Servicer or the Special Servicer;

            (iv) the repurchase of Trust Mortgage Loans by any of the Mortgage
      Loan Sellers pursuant to the applicable Mortgage Loan Purchase Agreement;

            (v) any change in the location of the Distribution Account;

            (vi) any change in lien priority of any Trust Mortgage Loan;

            (vii) the final payment to any Class of Certificateholders;

            (viii) any sale or disposition of any Trust Mortgage Loan or REO
      Property; and

            (ix) any such other information as reasonably requested by the
      Rating Agencies.

            (b) Each Master Servicer shall promptly provide notice to each
Rating Agency (and, if affected thereby, any Non-Trust Noteholder) with respect
to each of the following of which it has actual knowledge:

            (i) the resignation or removal of the Trustee; and

            (ii) any change in the location of the Collection Account maintained
      by it.

            (c) The Special Servicer shall furnish each Rating Agency and the
Controlling Class Representative (and, with respect to a Serviced 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 Serviced Loan
Combination, the related Non-Trust Noteholder(s)) shall reasonably request and
which the Special Servicer can reasonably provide in accordance with applicable
law.

            (d) To the extent applicable, each Master Servicer and the Special
Servicer shall promptly furnish to each Rating Agency copies of the following
items:

            (i) each of its annual statements as to compliance described in
      Section 3.13;

            (ii) each of its annual independent public accountants' servicing
      reports described in Section 3.14; and

            (iii) any Officer's Certificate delivered by it to the Trustee
      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 Custodian, the Master Servicers and the
Special Servicer shall provide to each Rating Agency such other information with
respect to the Trust Mortgage Loans and the Certificates, to the extent such
party possesses such information, as such Rating Agency shall reasonably
request.

            (g) The applicable Master Servicer shall use reasonable efforts to
give each Rating Agency at least 15 days' notice prior to any reimbursement to
it of Nonrecoverable Advances from amounts in the applicable Collection Account
allocable to interest on the Trust Mortgage Loans unless (1) such Master
Servicer determines in its sole discretion that waiting 15 days after such a
notice could jeopardize such Master Servicer's ability to recover Nonrecoverable
Advances, (2) changed circumstances or new or different information becomes
known to such Master Servicer that could affect or cause a determination of
whether any Advance is a Nonrecoverable Advance, whether to defer reimbursement
of a Nonrecoverable Advance or the determination in clause (1) above, or (3)
such Master Servicer has not timely received from the Trustee information
requested by such Master Servicer to consider in determining whether to defer
reimbursement of a Nonrecoverable Advance; provided that, if clause (1), (2) or
(3) apply, such Master Servicer shall give each Rating Agency notice of an
anticipated reimbursement to it of Nonrecoverable Advances from amounts in the
applicable Collection Account allocable to interest on the Trust Mortgage Loans
as soon as reasonably practicable in such circumstances. Neither Master Servicer
shall have any liability for any loss, liability or expense resulting from any
notice provided or not provided to any Rating Agency as contemplated by the
immediately preceding sentence.

            (h) Notwithstanding any provision herein to the contrary, each
Master Servicer, the Special Servicer, and the Trustee shall deliver to any
Underwriter any report prepared by such party hereunder upon request.

            Section 11.12 Complete Agreement.

            This Agreement embodies the complete agreement among the parties and
may not be varied or terminated except by a written agreement conforming to the
provisions of Section 11.01. All prior negotiations or representations of the
parties are merged into this Agreement and shall have no force or effect unless
expressly stated herein.

<PAGE>

            IN WITNESS WHEREOF, the parties hereto have caused their names to be
signed hereto by their respective officers thereunto duly authorized, in each
case as of the day and year first above written.

                                       MERRILL LYNCH MORTGAGE
                                          INVESTORS, INC.
                                          Depositor

                                       By: /s/ David M. Rodgers
                                          --------------------------------------
                                          Name: David M. Rodgers
                                          Title: Executive Vice
                                          President, Chief Officer in
                                          Charge of Commercial Mortgage
                                          Securitization

                                       MIDLAND LOAN SERVICES, INC.
                                          Master Servicer No. 1

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

                                       WACHOVIA BANK, NATIONAL
                                          ASSOCIATION
                                          Master Servicer No. 2

                                       By: /s/ Audrey L. Afflerbach
                                          --------------------------------------
                                          Name: Audrey L. Afflerbach
                                          Title: Vice President

                                       MIDLAND LOAN SERVICES, INC.
                                          Special Servicer

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

                                       LASALLE BANK NATIONAL ASSOCIATION
                                          Trustee and Custodian

                                       By: /s/ Ann M. Kelly
                                          --------------------------------------
                                          Name: Ann M. Kelly
                                          Title: Assistant Vice
                                          President

<PAGE>

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

            On the 12TH day of June, 2007, before me, a notary public in and for
said State, personally appeared David M. Rodgers, known to me to be a Executive
Vice President, Chief Officer in Charge of Commercial Mortgage Securitization 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/ Irene Tan
                                       -----------------------------------------
                                                 Notary Public

[Notarial Seal]

<PAGE>

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

            On the 7TH day of June, 2007, 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
                                       -----------------------------------------
[Notarial Seal]

<PAGE>

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

            On the 7TH day of June, 2007, before me, a notary public in and for
said State, personally appeared Audrey L. Afflerbach, known to me to be a Vice
President 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/ Joan R. Foster
                                       -----------------------------------------
                                                 Notary Public

[Notarial Seal]

<PAGE>

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

            On the 7th day of June, 2007, before me, Daniel Laz, a notary public
in and for said State, personally appeared Ann M. Kelly, known to me to be a
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]
<PAGE>

                                   SCHEDULE I

                             MORTGAGE LOAN SCHEDULE

MLCFC 2007-7: Mortgage Loan Schedule

<TABLE>
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Loan #   Loan Group   Property Name                                          Loan / Property   Originator
------   ----------   ----------------------------------------------------   ---------------   ----------
<S>      <C>          <C>                                                    <C>               <C>
     1            1   One Pacific Plaza                                      Loan              MLML
     2            1   The Commons at Calabasas                               Loan              CRF
     3            1   10 Milk Street                                         Loan              MLML
     4            1   Residence Inn Bethesda                                 Loan              MLML
     5            1   Mervyn's Corporate Headquarters                        Loan              PNC
     6            2   Millbridge Apartments                                  Loan              MLML
     7            1   Renaissance III Retail                                 Loan              CRF
     8            1   Scottsdale Center                                      Loan              MLML
     9            1   Orlando Airport Industrial                             Loan              MLML
    10            2   Broadstone Vista Ridge                                 Loan              PNC
    11            1   The Georgia-Alabama Retail Portfolio                   Loan              CRF
 11.01            1   Metro Atlanta Comm Prop 8115                           Property          CRF
 11.02            1   Atlanta Road Center                                    Property          CRF
 11.03            1   Stone Mill Center                                      Property          CRF
 11.04            1   Bouldercrest & 285                                     Property          CRF
 11.05            1   South Peachtree Center                                 Property          CRF
 11.06            1   Arnold Mill Center                                     Property          CRF
 11.07            1   Skyview Center                                         Property          CRF
 11.08            1   Six Flags Center                                       Property          CRF
 11.09            1   Sylvan Property                                        Property          CRF
 11.10            1   Flat Shoals Convenience Center                         Property          CRF
 11.11            1   South Atlanta Center                                   Property          CRF
 11.12            1   Mount Zion & Highway 138                               Property          CRF
 11.13            1   Metro Atlanta Comm Prop 8159                           Property          CRF
 11.14            1   Excell In 11                                           Property          CRF
 11.15            1   Hall Creek Center                                      Property          CRF
 11.16            1   Annistown Center                                       Property          CRF
 11.17            1   Lenora Center                                          Property          CRF
 11.18            1   Burnt Hickory Center                                   Property          CRF
 11.19            1   Elbert Center                                          Property          CRF
 11.20            1   Excell In 14                                           Property          CRF
 11.21            1   Irwin Bridge Center                                    Property          CRF
 11.22            1   Highway 120 Center                                     Property          CRF
 11.23            1   Wesley Chapel Center                                   Property          CRF
 11.24            1   Excell In 16                                           Property          CRF
 11.25            1   Hill Street Center                                     Property          CRF
 11.26            1   Snapfinger Center                                      Property          CRF
 11.27            1   Excell In 05                                           Property          CRF
 11.28            1   Killian Hill Center                                    Property          CRF
 11.29            1   Excell Out Town Properties                             Property          CRF
 11.30            1   Excell Out Town Properties                             Property          CRF
 11.31            1   Excell Out Town Properties                             Property          CRF
 11.32            1   Lakeridge Village Center                               Property          CRF
 11.33            1   Locust Grove Center                                    Property          CRF
 11.34            1   Big A Center                                           Property          CRF
 11.35            1   Highway 369 Center                                     Property          CRF
 11.36            1   Excell In 07                                           Property          CRF
 11.37            1   Excell In 10                                           Property          CRF
 11.38            1   Excell In 12                                           Property          CRF
 11.39            1   Excell In 15                                           Property          CRF
 11.40            1   Noah's Ark                                             Property          CRF
 11.41            1   Crystal Creek Center                                   Property          CRF
 11.42            1   North Georgia Comm Prop 0040                           Property          CRF
 11.43            1   North Georgia Comm Prop 0042                           Property          CRF
 11.44            1   North Georgia Comm Prop 0039                           Property          CRF
 11.45            1   North Georgia Comm Prop 0022                           Property          CRF
 11.46            1   Excell In 03                                           Property          CRF
 11.47            1   Excell In 04                                           Property          CRF
 11.48            1   Mount Vernon                                           Property          CRF
 11.49            1   North Georgia Comm Prop 0029                           Property          CRF
 11.50            1   Excell Out Town Properties                             Property          CRF
 11.51            1   Northwest Georgia Comm Prop 8769                       Property          CRF
 11.52            1   Metro Atlanta Comm Prop 8165                           Property          CRF
 11.53            1   Excell In 09                                           Property          CRF
 11.54            1   Metro Atlanta Comm Prop 8102                           Property          CRF
 11.55            1   Metro Atlanta Comm Prop 0518                           Property          CRF
 11.56            1   Northwest Georgia Comm Prop 8754                       Property          CRF
 11.57            1   Excell In 13                                           Property          CRF
 11.58            1   Excell In 08                                           Property          CRF
 11.59            1   Jefferson Street Center                                Property          CRF
 11.60            1   Northwest Georgia Comm Prop 0058                       Property          CRF
 11.61            1   Northwest Georgia Comm Prop 0051                       Property          CRF
 11.62            1   Northwest Georgia Comm Prop 8785                       Property          CRF
    12            1   Kauai Village Retail Center                            Loan              CRF
    13            1   Morehead Medical Plaza                                 Loan              CRF
    14            2   Boca West                                              Loan              MLML
  14.1            2   Savannah Place Apartments                              Property          MLML
  14.2            2   Somerset Apartments                                    Property          MLML
    15            1   150 Bay Street                                         Loan              CRF
                  2   AOH Portfolio Roll-up                                  Crossed           PNC
    16            2   Oak Hollow Apartments                                  Loan              PNC
    17            2   Meadow Creek Apartments                                Loan              PNC
    18            2   Briar Creek Apartments                                 Loan              PNC
    19            1   Warwick Hotel Denver                                   Loan              CRF
    20            2   Walnut Ridge Apartments                                Loan              PNC
    21            1   Parkview Village                                       Loan              CRF

    22            1   Carlsbad Corporate Plaza                               Loan              MLML
    23            2   Sawgrass Apartments                                    Loan              MLML
    24            2   Palmilla Apartments                                    Loan              Artesia

    25            1   Cingular Wireless - Farmers Branch                     Loan              PNC
    26            1   5805 Sepulveda Boulevard                               Loan              Artesia
    27            1   Lincoln Center West (Santa Monica)                     Loan              CRF
    28            1   Orchard Plaza I-IV                                     Loan              Artesia
    29            2   Reserve Lofts                                          Loan              CRF
    30            2   Willow Springs Apartments                              Loan              CRF
    31            2   Village Commons - Corinthian College                   Loan              CRF
    32            1   Morehouse Portfolio                                    Loan              MLML
  32.1            1   3625 Cincinnati                                        Property          MLML
  32.2            1   Granite Drive Retail                                   Property          MLML
  32.3            1   Johnson Controls                                       Property          MLML
  32.4            1   Tulsa Business Park                                    Property          MLML
  32.5            1   Broken Arrow Business Park                             Property          MLML
    33            1   Rainbow Sunset Pavilion                                Loan              CRF
    34            1   Valley View Business Center Phase II                   Loan              Artesia
    35            1   Norcross Industrial Portfolio                          Loan              MLML
  35.1            1   Corporate Campus at the Meadows                        Property          MLML
  35.2            1   DHL Industrial Park                                    Property          MLML
  35.3            1   Colony Center                                          Property          MLML
    36            1   American Home Furnishings                              Loan              CRF
    37            1   Rocksprings Plaza                                      Loan              MLML
    38            1   Shamrock Village                                       Loan              CRF
    39            1   HCP Tranche I                                          Loan              CRF
  39.1            1   Keller                                                 Property          CRF
  39.2            1   Wright                                                 Property          CRF
  39.3            1   Wylie                                                  Property          CRF
    40            1   Brea Imperial Center                                   Loan              CRF

    41            1   Bristol Warner Village                                 Loan              PNC
    42            1   Adidas Spartanburg                                     Loan              Artesia
    43            2   Mallard Pointe                                         Loan              CRF
    44            1   Stonebriar Common Office # 1,3,6,7                     Loan              CRF
    45            1   5 Points Plaza                                         Loan              CRF
    46            2   The Villas of Waterford                                Loan              PNC
    47            1   Walnut Creek MOB                                       Loan              Artesia
    48            1   One Turnberry Place                                    Loan              MLML
    49            1   Mirbeau Inn and Spa                                    Loan              CRF
    50            2   Evergreen Apartments - Las Vegas                       Loan              CRF
    51            1   City Furniture                                         Loan              Artesia
    52            1   Gristmill Village                                      Loan              MLML
    53            1   4000 Venture Drive                                     Loan              MLML
    54            2   Verano Terrace Apartments                              Loan              MLML
    55            1   Meridian Tower                                         Loan              CRF
    56            2   Meadow Manor MHC                                       Loan              CRF
    57            1   Homewood Suites Gainesville                            Loan              CRF
    58            2   870 Hilgard Apartments                                 Loan              CRF
    59            1   Waterford Park Plaza                                   Loan              Artesia
    60            2   Hollister Place Apartments                             Loan              PNC
    61            1   Market Square - Lakeland                               Loan              PNC
    62            1   Alamo Towers                                           Loan              PNC
    63            1   Adelanto Marketplace                                   Loan              Artesia
    64            2   Lakes at Stone Mountain                                Loan              CRF
    65            1   Lewis Portfolio                                        Loan              CRF
  65.1            1   Westminster Professional Center                        Property          CRF
  65.2            1   Woodbridge Station                                     Property          CRF
  65.3            1   Littlestown Village Apartments                         Property          CRF
  65.4            1   Fountain Green Plaza                                   Property          CRF
  65.5            1   The Old Fire House                                     Property          CRF
  65.6            1   Rikirs Plaza                                           Property          CRF
  65.7            1   Shrewsbury Plaza                                       Property          CRF
  65.8            1   St. Gregory Center                                     Property          CRF
    66            1   S8 Portfolio                                           Loan              CRF
  66.1            1   S8 Portfolio - Jackson                                 Property          CRF
  66.2            1   S8 Portfolio - Cody                                    Property          CRF
  66.3            1   S8 Portfolio - Coeur d'Alene                           Property          CRF
    67            1   Alliance Data Systems                                  Loan              Artesia
    68            2   Willow Brooke Apartments                               Loan              PNC
    69            1   Faber Place                                            Loan              Artesia
    70            2   Westdale Court Apartments                              Loan              MLML
    71            1   Best Buy Shopping Center                               Loan              PNC
    72            1   Sunrise City Plaza                                     Loan              CRF
    73            1   Centennial Marketplace                                 Loan              CRF
    74            1   #20 Oak Hollow Office Building                         Loan              PNC
    75            1   Black Canyon Industrial                                Loan              CRF
    76            1   Hamilton Avenue                                        Loan              PNC
    77            2   Westminster Chase Apartments                           Loan              PNC
    78            1   Silgan Containers                                      Loan              CRF
    79            1   Guardian Storage OF & WP                               Loan              CRF
  79.1            1   Guardian Storage WP                                    Property          CRF
  79.2            1   Guardian Storage OF                                    Property          CRF
    80            1   Hilton Garden Inn - Elmira                             Loan              CRF
    81            1   Encino Sunrise                                         Loan              MLML
    82            1   Brittmoore Industrial Park                             Loan              PNC
    83            1   Cedar Glade Apartments                                 Loan              PNC
    84            1   Sun City West Plaza                                    Loan              CRF
    85            1   Bradford Plaza Shopping Center                         Loan              Artesia
    86            1   Hostess Building                                       Loan              CRF
    87            1   Sierra Crest Center                                    Loan              MLML
    88            1   Riverstone at Vision Park                              Loan              Artesia
    89            1   9835 Goethe Drive                                      Loan              CRF
    90            1   Town & Country Shopping Center                         Loan              PNC
    91            2   Monarch Terrace Apartments                             Loan              MLML
    92            2   Schooner Cove Apartments                               Loan              MLML
    93            1   AmeriSuites (Hyatt Place) Hotel Raleigh Durham         Loan              CRF
    94            1   Demag Industrial                                       Loan              CRF
    95            1   American Self Storage                                  Loan              CRF
    96            1   Gateway Medical Plaza                                  Loan              Artesia
    97            2   Southern Cove Apartments                               Loan              CRF
    98            1   Del Amo                                                Loan              MLML
    99            1   Vineyard Plaza                                         Loan              CRF
   100            1   Radisson Fee Interest                                  Loan              CRF
   101            2   Hillwood Apartments                                    Loan              CRF
   102            1   Courtyard by Marriott - Medford Courtyard              Loan              PNC
   103            1   Capistrano Collection                                  Loan              MLML
   104            1   Rekucki Portfolio                                      Loan              CRF
 104.1            1   1772 Self Storage                                      Property          CRF
 104.2            1   Clifton Park Self Storage                              Property          CRF
 104.3            1   1581 Route 9                                           Property          CRF
 104.4            1   257 Ushers Road                                        Property          CRF
 104.5            1   6 Executive Park Drive                                 Property          CRF
   105            1   Montgomery Trace Shopping Center                       Loan              PNC
   106            1   Villa La Jolla Building                                Loan              PNC
   107            1   Potsdam Plaza                                          Loan              PNC
   108            1   600 Bicentennial Way                                   Loan              MLML
   109            1   Cypress Station Shopping Center                        Loan              CRF
   110            1   Walgreens - South Gate, CA                             Loan              CRF
   111            1   Serrano Marketplace                                    Loan              CRF
   112            2   Jennifer Meadows                                       Loan              MLML
   113            1   Hilton Garden Inn - Eagan                              Loan              PNC
   114            1   Sienna Gardens                                         Loan              CRF
   115            1   III United Plaza                                       Loan              CRF
   116            1   Country Club Village                                   Loan              CRF
   117            1   Northbrook Business Park                               Loan              MLML
   118            1   Rite Hite Holding Company                              Loan              CRF
   119            1   Cooper Point Village Retail                            Loan              CRF
   120            1   Heinz Distribution Center                              Loan              CRF
   121            2   Eastmark at Wolfpen Apart                              Loan              CRF
   122            1   31225 La Baya Drive                                    Loan              PNC
   123            1   Kent Central Commerce Center                           Loan              Artesia

   124            1   Lompoc Retail                                          Loan              MLML
   125            1   Santa Fe Art Colony                                    Loan              MLML
   126            1   Pacific Beach Building                                 Loan              PNC
   127            1   El Dorado Plaza                                        Loan              CRF
   128            1   Hemet Mountain View Plaza                              Loan              MLML
   129            1   Briar Hills Office Building                            Loan              CRF
   130            2   Willow Green                                           Loan              CRF
   131            1   4220 Von Karman                                        Loan              MLML
   132            1   Hampton Inn Loveland                                   Loan              CRF
   133            1   Comfort Inn - Lithia Springs                           Loan              PNC
   134            1   McKinley Town Center                                   Loan              MLML
   135            1   Aero Building                                          Loan              Artesia
   136            1   Plaza on Main Street                                   Loan              Artesia
   137            1   BlackHawk Corporate Center II                          Loan              PNC
   138            1   Santa Monica Main Street and Burbank Properties        Loan              CRF
 138.1            1   Burbank                                                Property          CRF
 138.2            1   Santa Monica Main Street                               Property          CRF
   139            1   Walgreens - Sunset & Western                           Loan              CRF
   140            2   Ridgewood Apartments - Las Vegas                       Loan              CRF
   141            1   Buffalo Business Center                                Loan              PNC
   142            1   River Park                                             Loan              Artesia
   143            2   Eastbrooke Apartments                                  Loan              MLML
   144            1   Walgreens - Aurora IL                                  Loan              CRF
   145            2   Tall Grass Apartments                                  Loan              MLML
   146            1   Chimney Corners                                        Loan              MLML
   147            1   Springhill Suites - Katy                               Loan              MLML
   148            1   Santee Alley                                           Loan              CRF
   149            1   Cross Pointe Center                                    Loan              Artesia
   150            1   Shaw Blackstone Center                                 Loan              CRF
   151            1   Dollar Self Storage Corona                             Loan              PNC
   152            1   GSA Office Pool                                        Loan              Artesia
 152.1            1   GSA - Lakewood, CO                                     Property          Artesia
 152.2            1   GSA - Moore, OK                                        Property          Artesia
 152.3            1   GSA - Lawton, OK                                       Property          Artesia
   153            2   Murphy - Autumn Hills Apartments                       Loan              CRF
   154            2   Murphy - Park Bridge Apartments                        Loan              CRF
   155            2   Murphy - Sandpiper Apartments                          Loan              CRF
   156            1   Expo Center                                            Loan              CRF
   157            1   Academy Sports                                         Loan              Artesia
   158            1   35-37 Inverness                                        Loan              PNC
   159            1   Manayunk Retail                                        Loan              Artesia
                  1   Lakewood Roll-up                                       Crossed           PNC
   160            1   Lakewood Business Center I                             Loan              PNC
   161            1   Lakewood Business Center II                            Loan              PNC
   162            1   Solano Diagnostic Imaging                              Loan              Artesia
   163            1   Vaca Valley Health Plaza                               Loan              Artesia
   164            1   South Point Pavilion                                   Loan              Artesia
   165            1   Best Western Rochester Marketplace Inn                 Loan              PNC
   166            1   438 First Street                                       Loan              MLML
   167            2   Holmdel Pointe Apartments                              Loan              PNC
   168            1   Rouses Market Place Shopping Center                    Loan              CRF
   169            1   Tangent Business Park                                  Loan              Artesia
   170            2   Cedar Springs Apartments                               Loan              Artesia
   171            1   Greenville Village MHP                                 Loan              CRF
   172            2   Ashton Lake Apartments                                 Loan              MLML
   173            1   Harding Plaza                                          Loan              CRF
   174            1   Four Cities Properties Portfolio                       Loan              PNC
 174.1            1   16th Avenue Self Storage                               Property          PNC
 174.2            1   University Self Storage                                Property          PNC
 174.3            1   Meadow View Apartments                                 Property          PNC
 174.4            1   Waterloo Extra Space                                   Property          PNC
   175            2   Dauphine Apartments                                    Loan              CRF
   176            1   Mountain Vista Plaza                                   Loan              CRF
   177            1   Downey Medical                                         Loan              MLML
   178            1   Radisson Indianapolis Airport                          Loan              MLML
   179            2   Columbia Court & Frazee Avenue Apartments Apartments   Loan              PNC
   180            1   Summit North                                           Loan              Artesia
   181            2   Apple Valley Apartments                                Loan              CRF
   182            1   Old Glory                                              Loan              MLML
   183            1   Comfort Suites SouthHaven                              Loan              CRF
   184            2   Shadow Wood Apartments                                 Loan              PNC
   185            1   Krauss Maffei Industrial                               Loan              CRF
   186            1   MKS Instruments                                        Loan              Artesia
   187            1   Langhorne Road                                         Loan              Artesia
   188            1   Mesa Ridge                                             Loan              CRF
   189            2   Savannah House of Norman                               Loan              PNC
   190            1   Maple Plain Industrial                                 Loan              MLML
   191            1   Westbury Financial Park Building                       Loan              Artesia
   192            1   935 River Road                                         Loan              MLML
   193            1   Huffines Building                                      Loan              MLML
   194            2   Enterprise Square Apartments                           Loan              PNC
   195            1   Shops at Enon Springs                                  Loan              PNC
   196            1   Fresenius Medical Pool                                 Loan              Artesia
 196.1            1   Laredo Medical                                         Property          Artesia
 196.2            1   Houston Medical                                        Property          Artesia
 196.3            1   Ripley Medical                                         Property          Artesia
   197            1   New Sunshine Tech Center                               Loan              PNC
   198            1   Pocono Green Plaza                                     Loan              MLML
   199            1   Time Warner Telecom                                    Loan              Artesia
   200            1   517 & 523 S. Cascade Ave. (Trolley Buildings)          Loan              MLML
   201            1   Hampton Inn Livermore                                  Loan              CRF
   202            2   New Castle Apartments                                  Loan              MLML
   203            1   Berkshire Plaza                                        Loan              Artesia
   204            1   Milpitas Retail                                        Loan              CRF
   205            2   222 S Tower Drive Apartments                           Loan              CRF
   206            1   Mariner Plaza                                          Loan              PNC
   207            1   Fruitville Crossing Shopping Center                    Loan              CRF
   208            1   Encore Office                                          Loan              MLML
   209            2   The Lakes Apartments                                   Loan              CRF
   210            2   Autumn Woods Apartments                                Loan              Artesia
   211            1   ONeal Steel - Indianapolis                             Loan              PNC
   212            1   197 Eighth Street                                      Loan              MLML
   213            1   3300 Pennsy Drive                                      Loan              CRF
   214            1   Inverrary Plaza West                                   Loan              MLML
   215            1   Kinetics Building                                      Loan              Artesia
   216            1   Hampton Inn & Suites                                   Loan              PNC
   217            1   Guthrie Medical Center                                 Loan              CRF
   218            1   Anchor Motor Inn - Bayside, NY                         Loan              Artesia
   219            1   4800 Olson Memorial Park                               Loan              MLML
   220            1   Southpark Shopping Center                              Loan              MLML
   221            1   Estrella Town Center                                   Loan              Artesia
   222            1   Splitrock Square                                       Loan              Artesia
   223            1   Super Center Plaza                                     Loan              PNC
   224            1   Quail Creek Plaza                                      Loan              PNC
   225            1   8680 Miralani Drive                                    Loan              PNC
   226            1   Holiday Inn Express Vicksburg                          Loan              CRF
   227            1   Buckley Plaza                                          Loan              Artesia
   228            1   Land Oak Office                                        Loan              CRF
   229            1   Palmdale Self Storage                                  Loan              MLML
   230            1   Wildwood Dental Clinic                                 Loan              Artesia
   231            1   Vine Village Retail                                    Loan              CRF
   232            1   East Sunrise Retail - Sayville                         Loan              CRF
   233            1   McCormick Place - Prescott                             Loan              PNC
   234            1   Esplanade                                              Loan              CRF
   235            2   JoPa Mobile Home Community                             Loan              CRF
   236            1   Staples Mill Business Center                           Loan              CRF
   237            1   Fairfield Inn Pearl                                    Loan              CRF
   238            2   Pasadena Los Robles Apts                               Loan              CRF
   239            1   Somerset Meadows                                       Loan              CRF
   240            1   Power Road Plaza                                       Loan              PNC
   241            1   Hanson's Corner - Hutto, TX                            Loan              CRF
   242            2   Waterside Apartments - Ron Glas                        Loan              CRF
   243            1   Citibank Retail Condo                                  Loan              MLML
   244            2   Cloverdale Apartments2                                 Loan              CRF
   245            2   Oaks and Silver Oaks Apartments                        Loan              Artesia
 245.1            2   The Oaks Apartments                                    Property          Artesia
 245.2            2   Silver Oaks Apartments                                 Property          Artesia
   246            1   Emerson Plaza Phase I                                  Loan              Artesia
   247            1   1001 Pacific Building                                  Loan              PNC
   248            2   Johnson City Apartments                                Loan              CRF
   249            1   Bristol Palms                                          Loan              CRF
   250            1   CVS - Philadelphia South 70th Street                   Loan              MLML
   251            1   3433 Connecticut Avenue                                Loan              CRF
   252            1   Lomita Plaza                                           Loan              CRF
   253            1   Highland Oaks Apartments & Mall                        Loan              CRF
 253.1            1   Highland Oaks Apartments                               Property          CRF
 253.2            1   Highland Oaks Mall                                     Property          CRF
   254            2   Windsor Place Townhomes                                Loan              CRF
   255            1   Comfort Suites Monroe                                  Loan              CRF
   256            1   UCLA Medical Office                                    Loan              CRF
   257            1   Trane Warehouse                                        Loan              CRF
   258            1   Retreat Village Shopping Center                        Loan              CRF
   259            2   Webster Court Apartments                               Loan              CRF
   260            2   Lakewood Gardens                                       Loan              PNC
   261            2   Bestland Independent Living                            Loan              CRF
   262            2   4750 Sepulveda                                         Loan              CRF
   263            1   Eckerd Plaza - Niagara Street                          Loan              PNC
   264            1   Marks Street Retail                                    Loan              CRF
   265            2   Kittridge Street Apartments                            Loan              CRF
   266            1   Rite Aid - Yuba City                                   Loan              PNC
   267            1   Comfort Inn Bossier                                    Loan              CRF
   268            1   Econo Lodge - Brunswick, GA                            Loan              Artesia
   269            1   1227 West Liberty Street                               Loan              MLML
   270            1   Oak Mountain Lodge                                     Loan              Artesia
   271            1   Sleep Inn - Greenville, SC                             Loan              Artesia
   272            1   Latta Road Plaza                                       Loan              PNC
   273            2   Laurel Apartments                                      Loan              PNC
   274            2   Hull Student Housing                                   Loan              CRF
   275            1   Albertson's Retail Center - Yuma, AZ Pad Lease         Loan              Artesia
   276            2   Gulf Royale Apartments                                 Loan              PNC
   277            1   Mountain View Retail Center                            Loan              CRF
   278            1   Division Street Centre                                 Loan              Artesia
   279            1   Regal Storage                                          Loan              CRF
   280            1   Hampton Inn Monroe                                     Loan              CRF
   281            1   Sunridge Village                                       Loan              Artesia
   282            1   Beverly Blvd. Retail Center                            Loan              CRF
   283            1   Rite Aid - Ground Lease                                Loan              MLML
   284            1   Cypress Shopping Center                                Loan              Artesia
   285            2   Cypress Village Apartments                             Loan              MLML
   286            1   Watson Lake Center                                     Loan              CRF
   287            2   French Quarter Apartments                              Loan              CRF
   288            1   CVS - Fort Washington, MD                              Loan              CRF
   289            1   HGH Properties                                         Loan              CRF
   290            1   Moss Plaza                                             Loan              MLML
   291            1   24 Hour Self Storage                                   Loan              PNC
   292            1   Eastern Heights Plaza                                  Loan              MLML
   293            2   Roosevelt Townhomes                                    Loan              CRF
   294            1   Long Beach Two Tenant Retail                           Loan              CRF
   295            1   Dexxon Digital Storage                                 Loan              PNC
   296            1   CVS - Frederick, MD                                    Loan              CRF
   297            1   Greenspring Valley Office Center                       Loan              CRF
   298            2   Oxnard Apartments                                      Loan              CRF
   299            1   Aspen Station Shoppes                                  Loan              Artesia
   300            1   Bradenton Self Storage                                 Loan              CRF
   301            1   Rite-Aid Frostburg                                     Loan              MLML
   302            1   Village at Parker I                                    Loan              MLML
   303            1   Spencer Village Shopping Center                        Loan              CRF
   304            1   GSA Chicago Heights                                    Loan              CRF
   305            1   1219 E. Debbie Lane                                    Loan              CRF
   306            1   La Quinta Pearl                                        Loan              CRF
   307            1   Spencer Highway Shopping Center                        Loan              CRF
   308            2   Woodlands Apts Warner Robbins                          Loan              CRF
   309            1   Candlestick Park MHP                                   Loan              CRF
   310            1   Braes North Shopping Center                            Loan              CRF
   311            1   Yakima Office Building                                 Loan              CRF
   312            1   Park Central Crossing                                  Loan              Artesia
   313            1   Melissa Shopping Center                                Loan              CRF
   314            1   Marketplace on Grove - PFF Bank                        Loan              PNC
   315            2   Peachtree Garden Apartments                            Loan              PNC
   316            1   EDC Building                                           Loan              CRF
   317            2   Shadow Park Apartments                                 Loan              CRF
   318            1   Marketplace on Grove - McDonalds                       Loan              PNC
   319            1   Marketplace at Grove - Panda Express                   Loan              PNC
   320            1   Neighborhood Storage                                   Loan              CRF
   321            1   Marketplace on Grove - El Pollo Loco                   Loan              PNC
   322            1   GSA Building - El Dorado, AR                           Loan              Artesia
   323            1   Buffalo Wild Wings                                     Loan              CRF
   324            1   Garden Center                                          Loan              CRF
   325            1   Starbucks-Chipotle                                     Loan              CRF
   326            2   Debbie Manor                                           Loan              CRF

<CAPTION>

         Property
Loan #   Type                   Street Address
------   --------------------   -------------------------------------------------------------------
<S>      <C>                    <C>
     1   Office                 7755, 7711, 7777, 7979, 7887 Center Avenue
     2   Retail                 4710-4799 Commons Way
     3   Office                 10 Milk Street
     4   Hospitality            7335 Wisconsin Avenue
     5   Office                 22301 Foothill Boulevard
     6   Multifamily            1341 Blackwood Clementon Road
     7   Retail                 3220-3370 East Flamingo Road
     8   Retail                 503 North 46th Street
     9   Industrial             10300 Boggy Creek Road
    10   Multifamily            160 East Vista Ridge Mall Drive
    11   Retail                 Various
 11.01   Retail                 345 Pharr Road Northeast
 11.02   Retail                 1300 Atlanta Road
 11.03   Retail                 5702 Highway 20
 11.04   Retail                 2701 Bouldercrest Road
 11.05   Retail                 4930 Peachtree Industrial Boulevard
 11.06   Retail                 514 Arnold Mill Road
 11.07   Retail                 2626 Skyview Drive
 11.08   Retail                 1355 Blairs Bridge Road
 11.09   Retail                 890 Cleveland Road
 11.10   Retail                 4430 Flat Shoals Road
 11.11   Retail                 5231 Highway 85 South
 11.12   Retail                 3441 Mount Zion Road
 11.13   Retail                 3155 Camp Creek Parkway
 11.14   Retail                 6180 Roswell Road
 11.15   Retail                 5775 Phil Niekro Boulevard
 11.16   Retail                 4196 Annistown Road
 11.17   Retail                 4116 Lenora Church Road
 11.18   Retail                 4095 Highway 78 (Bankhead)
 11.19   Retail                 118 North Oliver Street
 11.20   Retail                 635 Lindbergh Drive
 11.21   Retail                 1085 Irwin Bridge Road
 11.22   Retail                 257 Buchanan Highway
 11.23   Retail                 2650 Wesley Chapel Road
 11.24   Retail                 180 University Avenue
 11.25   Retail                 387 Hill Street Southeast
 11.26   Retail                 5041 Snapfinger Woods Drive
 11.27   Retail                 5084 Old National Highway
 11.28   Retail                 2100 Killian Hill Road
 11.29   Retail                 2931 West Main Street
 11.30   Retail                 1804 Ross Clark Circle
 11.31   Retail                 1687 North Columbia Street
 11.32   Retail                 1210 Highway 138
 11.33   Retail                 3998 Highway 42
 11.34   Retail                 5040 Highway 5
 11.35   Retail                 3715 Browns Bridge Road
 11.36   Retail                 1570 Monroe Drive
 11.37   Retail                 2370 Delk Road
 11.38   Retail                 101 Hamilton E Holmes
 11.39   Retail                 405 Cobb Parkway
 11.40   Retail                 1725 Noah's Ark Road
 11.41   Retail                 8279 Chicago Avenue
 11.42   Retail                 104 South Highway 400
 11.43   Retail                 325 Peachtree Parkway
 11.44   Retail                 1490 Riverstone Parkway
 11.45   Retail                 1005 Canton Highway
 11.46   Retail                 550 Barrett Parkway
 11.47   Retail                 3875 North Druid Hills Road
 11.48   Retail                 3649 Mt. Vernon Road
 11.49   Retail                 6741 Bells Ferry Road
 11.50   Retail                 601 East Jackson Street
 11.51   Retail                 6860 Battlefield Parkway
 11.52   Retail                 2145 Powers Ferry Road
 11.53   Retail                 507 Joseph E Lowery Boulevard
 11.54   Retail                 4308 North Peachtree Road
 11.55   Retail                 225 Clifton Street Southeast
 11.56   Retail                 597 Turner McCall Boulevard
 11.57   Retail                 1161 Ponce De Leon
 11.58   Retail                 247 Moreland Avenue
 11.59   Retail                 2671 Jefferson Street
 11.60   Retail                 2472 Highway 441 Northeast
 11.61   Retail                 7865 Adairsville Highway
 11.62   Retail                 800 North Main Street
    12   Retail                 4-831 Kuhio Highway
    13   Office                 1025 Morehead Medical Drive
    14   Multifamily            Various
  14.1   Multifamily            22352 Calibre Court
  14.2   Multifamily            5614 Wellesley Park Drive
    15   Mixed Use              150 Bay Street
         Multifamily            Various
    16   Multifamily            7201 Wood Hollow Drive
    17   Multifamily            6416 York Meadow
    18   Multifamily            1300 Wilcrest Drive
    19   Hospitality            1776 Grant Street
    20   Multifamily            5757 South Staples Street
    21   Mixed Use              4101-4113 North Bellflower Boulevard,
                                5463-5471 East Carson Street,
                                4112-4190, 4103-4195 Viking Way,
                                5412-5422, 5423 Village Road
    22   Office                 6183-6185 Paseo Del Norte
    23   Multifamily            1640 Northwest 128th Drive
    24   Multifamily            5815, 5845 and 5855 Nuevo Leon Street;
                                5820, 5825, 5835, 5850, 5860 and 5865 Palmilla Sreet;
                                5830, 5840 and 5870 Barbosa Drive;
                                5920 Palmilla Street #11 and 12;
                                5925 Palmilla Street #3, 7, 8, 10 and 11;
                                5945 Palmilla Street #7;
                                5915 Nuevo Leon Street #1, 4, 9, 10 and 12
    25   Office                 1801 Valley View Lane
    26   Office                 5805 Sepulveda Boulevard
    27   Mixed Use              1315 and 1323 Lincoln Boulevard
    28   Mixed Use              8745-8775 East Orchard Road
    29   Multifamily            409 West Olympic Boulevard
    30   Multifamily            4227 North 27th Avenue
    31   Multifamily            2075 Venture Drive
    32   Various                Various
  32.1   Industrial             3625 Cincinnati Avenue
  32.2   Retail                 4500 Granite Drive
  32.3   Industrial             1320 Goodyear Drive
  32.4   Industrial             11626 East 51st Street
  32.5   Industrial             2101 North Beech Avenue
    33   Retail                 6315 - 6485 South Rainbow Boulevard
    34   Industrial             6280 South Valley View Boulevard
    35   Various                Various
  35.1   Office                 6455 Shiloh Road
  35.2   Industrial             955 Norcross Industrial Court
  35.3   Industrial             2990 Gateway Drive
    36   Retail                 1944 South Greenfield Road & 4210 East Baseline Road
    37   Retail                 7175 West Lake Mead Boulevard
    38   Retail                 7723-7851 Amador Valley Boulevard
    39   Office                 Various
  39.1   Office                 601 South Main Street
  39.2   Office                 1222 South Patterson Boulevard
  39.3   Office                 600 Cooper Drive
    40   Retail                 311, 351 & 391 South State College Boulevard and
                                1130 & 1160 East Imperial Highway
    41   Retail                 1130 - 1200 W. Warner Avenue
    42   Industrial             5675 North Blackstock Road
    43   Multifamily            802 45th Street NE
    44   Mixed Use              1125 Legacy Drive
    45   Retail                 18541-18645 Beach Boulevard
    46   Multifamily            8510 East 29th Street North
    47   Office                 355 & 365 Lennon Lane
    48   Office                 19495 Biscayne Boulevard
    49   Hospitality            851 West Genesee Street and 834 West Genesee Street
    50   Multifamily            5400 Cheyenne Avenue
    51   Retail                 1080 West Sunset Road
    52   Mixed Use              7436-7596 Fedle Drive & 7529-7595 Crile Road
    53   Retail                 4000 Venture Drive
    54   Multifamily            25445 Sunnymead Boulevard
    55   Office                 201 West 103rd Street
    56   Manufactured Housing   49 Blanca Lane
    57   Hospitality            3333 Southwest 42nd Street
    58   Multifamily            870 Hilgard Avenue
    59   Retail                 10100, 10160 & 10200 6th Avenue North
    60   Multifamily            6565 Hollister Road
    61   Retail                 3105-3195 Highway 98 North
    62   Office                 901 NE Loop 410
    63   Retail                 14136-14200 US Highway 395 and 11994 & 12098 Palmdale Road
    64   Multifamily            5100 West Mountain Street
    65   Various                Various
  65.1   Office                 532 Baltimore Boulevard
  65.2   Office                 1319 Woodbridge Station Way
  65.3   Multifamily            110-164 Roberta Jean Street
  65.4   Retail                 1301 East Churchville Road
  65.5   Mixed Use              66 East Main Street
  65.6   Mixed Use              1709 Reisterstown Road
  65.7   Retail                 526 South Main Street
  65.8   Retail                 4051 North Point Boulevard
    66   Hospitality            Various
  66.1   Hospitality            750 South Highway 89
  66.2   Hospitality            730 Yellowstone Road
  66.3   Hospitality            505 West Appleway Avenue
    67   Office                 2000 US Highway 287 Bypass
    68   Multifamily            14419 Hellenic Drive
    69   Office                 2500 Faber Place
    70   Multifamily            2155 Westdale Drive Southwest
    71   Retail                 7400 Brookpark Road
    72   Retail                 2797 South Maryland Parkway
    73   Retail                 14148-14150 North 100th Street
    74   Office                 20 Oak Hollow Street
    75   Industrial             18008A & 18008B North Black Canyon Highway
    76   Office                 20221 Hamilton Avenue
    77   Multifamily            6910-6911 Interbay Boulevard
    78   Industrial             1191 Lake Avenue
    79   Self Storage           Various
  79.1   Self Storage           1599 Washington Pike
  79.2   Self Storage           1390 Old Freeport Road
    80   Hospitality            35 Arnot Road
    81   Office                 16200 Ventura Boulevard
    82   Industrial             2121 Brittmoore Road
    83   Multifamily            9713 East 75th Street
    84   Retail                 13940 West Meeker Boulevard
    85   Retail                 501-721 North Main Street and 205-207 East McElroy Road
    86   Retail                 210 14th Street
    87   Retail                 27125-27127 Sierra Highway
    88   Office                 111 Vision Park Boulevard
    89   Office                 9835 Goethe Road
    90   Retail                 2601 North Kansas Expressay
    91   Multifamily            23215 Ironwood Avenue
    92   Multifamily            5050 Schooner Cove Boulevard
    93   Hospitality            200 Airgate Drive
    94   Industrial             11792 Alameda Drive
    95   Self Storage           330 Tompkins Avenue
    96   Office                 1860 Pennsylvania Avenue
    97   Multifamily            1700 East Viking Road
    98   Office                 3565 Del Amo Boulevard
    99   Retail                 1821-1881 East 4th Street
   100   Land                   3600 North Second Avenue
   101   Multifamily            1 Gatsby Drive
   102   Hospitality            600 Airport Road
   103   Retail                 27184 Ortega Highway
   104   Various                Various
 104.1   Self Storage           1772 Route 9
 104.2   Self Storage           261 Ushers Road
 104.3   Retail                 1581 Route 9
 104.4   Office                 257 Ushers Road
 104.5   Office                 6 Executive Park Drive
   105   Retail                 821-873 Eva Street
   106   Office                 8939 Villa La Jolla
   107   Retail                 201 Market Street
   108   Office                 600 Bicentennial Way
   109   Retail                 211- 235 FM Road 1960 West
   110   Retail                 9830 Long Beach Boulevard
   111   Retail                 3801-3833 6th Street
   112   Multifamily            4800 Raleigh LaGrange Road
   113   Hospitality            1975 Rahncliff Court
   114   Office                 1701 Park Center Drive
   115   Office                 8545 United Plaza Boulevard
   116   Retail                 1143 Country Club Drive
   117   Industrial             140 Heimer Road
   118   Office                 8900 North Arbon Drive
   119   Retail                 305 & 315 Cooper Point Road
   120   Industrial             5005 C Street Southwest
   121   Multifamily            2400 Central Park Lane
   122   Office                 31225 La Baya Drive
   123   Industrial             1000-1012; 1020-1034 and 1036 South Central Avenue
                                and 8316-8330 South 259th Street
   124   Retail                 640-738 North H Street
   125   Mixed Use              2345, 2349, 2401, 2421, 2415 South Santa Fe Avenue
   126   Retail                 909-919 Garnet Avenue
   127   Retail                 1602-1802 North Imperial Avenue
   128   Retail                 43372-43430 East Florida Avenue
   129   Office                 1011 Highway 6 South
   130   Manufactured Housing   2500 West Mount Houston Road
   131   Office                 4220 Von Karman Avenue
   132   Hospitality            5500 Stone Creek Circle
   133   Hospitality            850 Crestmark Drive
   134   Retail                 401 East Liberty Street
   135   Office                 4025 Camino Del Rio South
   136   Retail                 15550 Main Street
   137   Office                 3050 W. Agua Fria Freeway
   138   Various                Various
 138.1   Mixed Use              142-150 North San Fernando Road and 212 East Orange Grove Avenue
 138.2   Retail                 2708, 2712 & 2801 Main Street
   139   Retail                 5451 West Sunset Boulevard
   140   Multifamily            3355 South Arville Street
   141   Office                 2451 South Buffalo Drive
   142   Industrial             4012 South River Road
   143   Multifamily            11894 East 13 Mile Road
   144   Retail                 1180 North Farnsworth Avenue
   145   Multifamily            1209 West Battlefield
   146   Retail                 1051 Long Ridge Road
   147   Hospitality            2501 Texmati Drive
   148   Retail                 1152, 1154, 1156 Santee Street
   149   Retail                 1441 & 1453 North Saginaw Boulevard
   150   Retail                 5048-5060 North Blackstone Avenue
   151   Self Storage           205 North Lincoln Avenue
   152   Various                Various
 152.1   Industrial             12305 West Dakota Avenue
 152.2   Office                 200 Northeast 27th Street
 152.3   Office                 1610 Southwest Lee Boulevard
   153   Multifamily            4483 Flat Shoals Road
   154   Multifamily            4694 Cowan Road
   155   Multifamily            400 Sandpiper Lane
   156   Retail                 3801 Lakeview Parkway
   157   Retail                 100 Peachwood Centre Drive
   158   Mixed Use              35-37 Inverness Drive East
   159   Retail                 3720-40 Main Street
         Industrial             Various
   160   Industrial             2632-2642 NE Hagan Road
   161   Industrial             2650 NE Hagan Road
   162   Office                 1101 B. Gale Wilson Boulevard
   163   Office                 1010 Nut Tree Road
   164   Retail                 1479 & 1481-1503 Highway 20 West
   165   Hospitality            940 Jefferson Road
   166   Office                 438 First Street
   167   Multifamily            36 Center Street
   168   Retail                 3441 East Causeway Approach
   169   Industrial             32140 Old Highway 34, 32141 Mallard and 33414 Eagle Drive
   170   Multifamily            4835 North Cedar Avenue
   171   Manufactured Housing   6509 Greenville Loop Road
   172   Multifamily            2610 Marfitt Road
   173   Retail                 1801-1891 North Federal Highway
   174   Various                Various
 174.1   Self Storage           1550 16th Avenue Southwest
 174.2   Self Storage           2504 Holiday Road
 174.3   Multifamily            1200,1220,1240,1260,1350 & 1360 Meadowview Drive
 174.4   Self Storage           1923 East Mitchell Avenue
   175   Multifamily            2515 West Frierson Avenue
   176   Retail                 3961 East Lohman Avenue
   177   Office                 10800 Paramount Boulevard
   178   Hospitality            2500 South High School Road
   179   Multifamily            624,656,670 Frazee and 818,903,907,915,921,929,935 Thurstin Ave
   180   Retail                 2214, 2220 and 2230 Mall Drive East
   181   Multifamily            9552 Apple Valley Drive
   182   Office                 85 5th Avenue
   183   Hospitality            7075 Moore Drive
   184   Multifamily            1001 McKeen Place
   185   Industrial             7095 Industrial Road
   186   Industrial             5330 & 5360 Sterling Drive
   187   Office                 2215 Langhorne Road
   188   Office                 6725 Mesa Ridge Road
   189   Multifamily            2500 Meadowood Boulevard
   190   Industrial             5130 Industrial Street & 1350 Budd Avenue
   191   Office                 7 Arley Way
   192   Office                 935 River Road
   193   Office                 8200 Douglas Avenue
   194   Multifamily            506, 514, 524 North Enterprise and 422 East Merry Street
   195   Retail                 496-538 Enon Springs Road East
   196   Office                 Various
 196.1   Office                 5501 Springfield Avenue
 196.2   Office                 8340 Coffee Street
 196.3   Office                 1000 New Stone Ridge Road
   197   Office                 3534 East Sunshine Street
   198   Retail                 10409 Midlothian Turnpike
   199   Office                 14200 East Jewell Avenue
   200   Office                 517 & 523 South Cascade Avenue
   201   Hospitality            2850 Constitution Drive
   202   Multifamily            5700 Roper Street
   203   Retail                 1427 South Broadway Street and 5-41 West 15th Street
   204   Retail                 301- 333 South Abbott Avenue
   205   Multifamily            222-228 South Tower Drive
   206   Retail                 17644 Coastal Highway
   207   Retail                 1950 - 1966 Fruitville Pike
   208   Office                 14055 Seaway Road
   209   Multifamily            1001 East Redbud Avenue
   210   Multifamily            1301 & 1305 15th Street Northeast
   211   Industrial             9990 East 56th Street
   212   Mixed Use              197 Eighth Street
   213   Industrial             3300 Pennsy Drive
   214   Retail                 7301-7329 West Oakland Park Boulevard
   215   Office                 26055 & 26159 Southwest Canyon Creek Road
   216   Hospitality            1535 West McClain Avenue
   217   Office                 31 Arnot Road
   218   Hospitality            215-34 Northern Boulevard
   219   Office                 4800 Olson Memorial Highway
   220   Retail                 101-215 West County Line Road
   221   Retail                 7710 West Lower Buckeye Road
   222   Mixed Use              304, 306, 308, 314, 316 & 318 South Splitrock Boulevard
   223   Retail                 2725 North Kansas Expressway
   224   Retail                 1440 West Republic Road
   225   Industrial             8680 Miralani Drive
   226   Hospitality            4330 South Frontage Road
   227   Mixed Use              4321-4335 and 4343 South Buckley Road
   228   Office                 10241 & 10307-10341 Kingston Pike
   229   Self Storage           3305 East Palmdale Boulevard
   230   Office                 1617 183rd Street Southeast
   231   Retail                 1201 Winter Garden Vineland Road
   232   Retail                 5640 Sunrise Highway
   233   Office                 325 W. Gurley Street
   234   Mixed Use              35 - 325 Date Palm Drive
   235   Manufactured Housing   2006 Prater Way
   236   Industrial             8201-8261 Hermitage Road
   237   Hospitality            407 Riverwind Drive
   238   Multifamily            157 South Los Robles Avenue
   239   Manufactured Housing   5655 Blue Ridge Avenue
   240   Mixed Use              801 South Power Road
   241   Retail                 560 US Highway 79
   242   Multifamily            3640 49th Avenue North
   243   Retail                 1515 Locust Street
   244   Multifamily            364 South Cloverdale Avenue
   245   Multifamily            Various
 245.1   Multifamily            4301 West Okmulgee Street
 245.2   Multifamily            4315 West Okmulgee Street
   246   Mixed Use              4040 South Orchard Street
   247   Office                 1001 Pacific Avenue
   248   Multifamily            3000, 3002, 3006, 3008 South Road Street
   249   Retail                 2600 South Bristol Street
   250   Retail                 3101 South 70th Street
   251   Retail                 3433-3435 Connecticut Avenue Northwest
   252   Retail                 1210-1250 Lomita Boulevard
   253   Various                Various
 253.1   Multifamily            501-516 & 518, 520, 522, 524, 526, 528, 530, 532, and 534 Jamy Lane
 253.2   Retail                 975 Tech Drive
   254   Multifamily            2 Windsor Drive
   255   Hospitality            1401 Martin Luther King Jr. Drive
   256   Office                 1035-1045 Gayley Avenue
   257   Industrial             12732 Oak Lake Court
   258   Retail                 200 Retreat Road
   259   Multifamily            400 Mars Street
   260   Multifamily            3272 S. Lakewood Avenue
   261   Multifamily            606 East Best Avenue
   262   Multifamily            4750 Sepulveda Boulevard
   263   Retail                 11 and 47 Niagra Street/20 Main Street
   264   Retail                 410 Marks Street
   265   Multifamily            11820 Kittridge Street
   266   Retail                 1590 Butte House Road
   267   Hospitality            1100 Delhi Avenue
   268   Hospitality            630 Perry Lane Road
   269   Office                 1227 West Liberty Street
   270   Hospitality            1902 Highway 31 South
   271   Hospitality            231 North Pleasantburg Drive
   272   Retail                 4419-4433 Dewey Ave.
   273   Multifamily            321 West Laurel
   274   Multifamily            1416-1428 Haslett Road and 1127 North Hagadorn
   275   Retail                 2331 South Avenue B
   276   Multifamily            1320 31st Street North
   277   Retail                 28014-28030 Seco Canyon Road
   278   Retail                 2801 & 2815 Division Street
   279   Self Storage           1053 FM 2004 Road
   280   Hospitality            1407 Martin Luther King Jr. Drive
   281   Retail                 10880 South Eastern Avenue
   282   Retail                 2900 West Beverly Boulevard
   283   Retail                 115 Leader Heights Road
   284   Retail                 2300 Airline Drive
   285   Multifamily            5057 West 4th Street
   286   Retail                 2594 Loganville Highway
   287   Multifamily            6400 North Armenia Avenue
   288   Retail                 8261 Oxon Hill Road
   289   Retail                 1829-1915 North Orange Avenue
   290   Office                 9892 Bustleton Avenue
   291   Self Storage           7302 Senate Avenue
   292   Office                 7582 Currell Boulevard
   293   Multifamily            12545 Roosevelt Way Northeast
   294   Retail                 5094 East Los Coyotes Diagonal
   295   Mixed Use              7611 Green Meadows Drive
   296   Retail                 8032 Liberty Road
   297   Office                 9505 Reisterstown Road
   298   Multifamily            14023-14027 Oxnard Street
   299   Retail                 3665 Old Milton Parkway
   300   Self Storage           5305 Manatee Avenue West
   301   Retail                 101 Bishop Murphy Drive
   302   Retail                 10530 & 10550 South Progress Way
   303   Retail                 3631 Spencer Highway
   304   Office                 104 South Halsted Street
   305   Retail                 1219 East Debbie Lane
   306   Hospitality            501 South Pearson Road
   307   Retail                 8740 Spencer Highway
   308   Multifamily            319 Bradly Drive
   309   Manufactured Housing   165 Lattintown Road
   310   Retail                 9150 Chimney Rock
   311   Office                 1240 Ahtanum Ridge Business Park
   312   Retail                 8565 Memorial Boulevard
   313   Retail                 2028 State Highway 121
   314   Retail                 2280 South Grove Avenue
   315   Multifamily            1000 North Mustang Road
   316   Industrial             4650-4670 Churchill Street
   317   Multifamily            3401 12th Avenue
   318   Retail                 1170 East Philadelphia Street
   319   Retail                 1160 East Philadelphia Street
   320   Self Storage           3720 South 900 East
   321   Retail                 1180 East Philadelphia Street
   322   Office                 2600 West Hillsboro Street
   323   Retail                 475 North Houk Road
   324   Retail                 3023 Cypress Gardens Road
   325   Retail                 1390 South Cooper Street
   326   Multifamily            13412 Vanowen Street

<CAPTION>

                                                                           Cut-Off Date   Original
Loan #   City                  County                 State     Zip Code   Balance ($)    Balance ($)
------   -------------------   --------------------   -------   --------   ------------   -----------
<S>      <C>                   <C>                    <C>       <C>        <C>            <C>
     1   Huntington Beach      Orange                 CA           92647    105,000,000   105,000,000
     2   Calabasas             Los Angeles            CA           91302    101,500,000   101,500,000
     3   Boston                Suffolk                MA            2108     58,000,000    58,000,000
     4   Bethesda              Montgomery             MD           20814     46,250,000    46,250,000
     5   Hayward               Alameda                CA           94541     45,000,000    45,000,000
     6   Clementon             Camden                 NJ            8021     40,000,000    40,000,000
     7   Las Vegas             Clark                  NV           89121     40,000,000    40,000,000
     8   Rogers                Benton                 AR           72756     38,000,000    38,000,000
     9   Orlando               Orange                 FL           32824     35,000,000    35,000,000
    10   Lewisville            Denton                 TX           75067     33,300,000    33,300,000
    11   Various               Various                Various   Various      33,000,000    33,000,000
 11.01   Atlanta               Fulton                 GA           30305        794,867       794,867
 11.02   Marietta              Cobb                   GA           30060        791,609       791,609
 11.03   Cartersville          Bartow                 GA           30121        772,063       772,063
 11.04   Atlanta               Dekalb                 GA           30316        719,941       719,941
 11.05   Norcross              Gwinnett               GA           30071        713,425       713,425
 11.06   Woodstock             Cherokee               GA           30188        710,168       710,168
 11.07   Lithia Springs        Douglas                GA           30122        700,395       700,395
 11.08   Austell               Cobb                   GA           30168        697,137       697,137
 11.09   East Point            Fulton                 GA           30344        697,137       697,137
 11.10   Union City            Fulton                 GA           30291        687,364       687,364
 11.11   College Park          Clayton                GA           30349        687,364       687,364
 11.12   Stockbridge           Clayton                GA           30281        684,107       684,107
 11.13   East Point            Fulton                 GA           30344        680,849       680,849
 11.14   Atlanta               Fulton                 GA           30328        661,303       661,303
 11.15   Flowery Branch        Hall                   GA           30542        661,303       661,303
 11.16   Snellville            Gwinnett               GA           30039        651,530       651,530
 11.17   Snellville            Gwinnett               GA           30039        651,530       651,530
 11.18   Douglasville          Douglas                GA           30134        648,273       648,273
 11.19   Elberton              Elbert                 GA           30635        622,211       622,211
 11.20   Atlanta               Fulton                 GA           30324        615,696       615,696
 11.21   Conyers               Rockdale               GA           30012        612,438       612,438
 11.22   Dallas                Paulding               GA           30132        602,665       602,665
 11.23   Decatur               Dekalb                 GA           30034        589,635       589,635
 11.24   Atlanta               Fulton                 GA           30315        576,604       576,604
 11.25   Atlanta               Fulton                 GA           30312        573,347       573,347
 11.26   Decatur               Dekalb                 GA           30035        573,347       573,347
 11.27   College Park          Fulton                 GA           30349        557,058       557,058
 11.28   Snellville            Gwinnett               GA           30039        557,058       557,058
 11.29   Dothan                Houston                AL           36302        553,801       553,801
 11.30   Dothan                Houston                AL           36301        553,801       553,801
 11.31   Milledgeville         Baldwin                GA           31061        550,543       550,543
 11.32   Riverdale             Clayton                GA           30296        537,512       537,512
 11.33   Locust Grove          Henry                  GA           30248        530,997       530,997
 11.34   Douglasville          Douglas                GA           30135        524,482       524,482
 11.35   Cumming               Forsyth                GA           30044        524,482       524,482
 11.36   Atlanta               Fulton                 GA           30324        504,936       504,936
 11.37   Marietta              Cobb                   GA           30067        498,420       498,420
 11.38   Atlanta               Fulton                 GA           30311        498,420       498,420
 11.39   Marietta              Cobb                   GA           30060        498,420       498,420
 11.40   Jonesboro             Clayton                GA           30236        491,905       491,905
 11.41   Douglasville          Douglas                GA           30134        488,648       488,648
 11.42   Cumming               Dawson                 GA           30534        478,875       478,875
 11.43   Dawsonville           Forsyth                GA           31031        478,875       478,875
 11.44   Canton                Cherokee               GA           30114        472,360       472,360
 11.45   Ball Ground           Cherokee               GA           30107        469,102       469,102
 11.46   Kennesaw              Cobb                   GA           30144        459,329       459,329
 11.47   Decatur               Dekalb                 GA           30033        452,814       452,814
 11.48   Gainesville           Hall                   GA           30506        452,814       452,814
 11.49   Woodstock             Cherokee               GA           30189        420,237       420,237
 11.50   Dublin                Laurens                GA           31021        410,464       410,464
 11.51   Ringgold              Catoosa                GA           30736        384,403       384,403
 11.52   Marietta              Cobb                   GA           30067        374,630       374,630
 11.53   Atlanta               Fulton                 GA           30310        371,372       371,372
 11.54   Chamblee              Dekalb                 GA           30341        355,084       355,084
 11.55   Atlanta               Dekalb                 GA           30317        338,796       338,796
 11.56   Rome                  Floyd                  GA           30161        325,765       325,765
 11.57   Atlanta               Fulton                 GA           30306        315,992       315,992
 11.58   Atlanta               Fulton                 GA           30316        296,446       296,446
 11.59   Austell               Cobb                   GA           30168        280,158       280,158
 11.60   White                 Bartow                 GA           30164        237,808       237,808
 11.61   Adairsville           Bartow                 GA           30103        205,232       205,232
 11.62   Lafayette             Walker                 GA           30728        172,656       172,656
    12   Kapaa                 Kauai                  HI           96746     32,900,000    32,900,000
    13   Charlotte             Mecklenburg            NC           28203     32,900,000    32,900,000
    14   Boca Raton            Palm Beach             FL           33433     28,860,922    29,000,000
  14.1   Boca Raton            Palm Beach             FL           33433     18,470,990    18,560,000
  14.2   Boca Raton            Palm Beach             FL           33433     10,389,932    10,440,000
    15   Jersey City           Hudson                 NJ            7302     27,500,000    27,500,000
         Various               Various                TX        Various      27,424,101    27,500,000
    16   Austin                Travis                 TX           78731     18,249,492    18,300,000
    17   Houston               Harris                 TX           77084      6,806,163     6,825,000
    18   Houston               Harris                 TX           77042      2,368,445     2,375,000
    19   Denver                Denver                 CO           80203     25,777,126    25,800,000
    20   Corpus Christi        Nueces                 TX           78413     25,000,000    25,000,000
    21   Long Beach            Los Angeles            CA           90808     23,400,000    23,400,000

    22   Carlsbad              San Diego              CA           92011     21,250,000    21,250,000
    23   Sunrise               Broward                FL           33323     21,146,288    21,250,000
    24   North Las Vegas       Clark                  NV           89031     20,150,000    20,150,000

    25   Farmers Branch        Dallas                 TX           75234     18,944,925    19,000,000
    26   Van Nuys              Los Angeles            CA           91411     18,700,000    18,700,000
    27   Santa Monica          Los Angeles            CA           90401     18,600,000    18,600,000
    28   Greenwood Village     Arapahoe               CO           80111     18,400,000    18,400,000
    29   Los Angeles           Los Angeles            CA           90015     18,000,000    18,000,000
    30   Phoenix               Maricopa               AZ           85017     17,800,000    17,800,000
    31   Laramie               Albany                 WY           82072     17,290,000    17,290,000
    32   Various               Various                Various   Various      17,260,000    17,260,000
  32.1   Rocklin               Placer                 CA           95765      5,196,000     5,196,000
  32.2   Rocklin               Placer                 CA           95677      4,800,000     4,800,000
  32.3   El Paso               El Paso                TX           79936      3,584,000     3,584,000
  32.4   Tulsa                 Tulsa                  OK           74146      1,880,000     1,880,000
  32.5   Broken Arrow          Tulsa                  OK           74012      1,800,000     1,800,000
    33   Las Vegas             Clark                  NV           89118     17,150,000    17,150,000
    34   Las Vegas             Clark                  NV           89118     17,120,000    17,120,000
    35   Various               Various                GA        Various      16,369,661    16,400,000
  35.1   Alpharetta            Forsyth                GA           30005      5,988,900     6,000,000
  35.2   Norcross              Gwinnett               GA           30071      5,589,640     5,600,000
  35.3   Norcross              Gwinnett               GA           30071      4,791,120     4,800,000
    36   Mesa                  Maricopa               AZ           85206     16,000,000    16,000,000
    37   Las Vegas             Clark                  NV           89128     16,000,000    16,000,000
    38   Dublin                Alameda                CA           94568     15,800,000    15,800,000
    39   Various               Various                Various   Various      15,500,000    15,500,000
  39.1   Keller                Tarrant                TX           76248      6,300,000     6,300,000
  39.2   Dayton                Montgomery             OH           45402      6,000,000     6,000,000
  39.3   Wylie                 Collin                 TX           75098      3,200,000     3,200,000
    40   Brea                  Orange                 CA           92818     15,150,000    15,150,000

    41   Santa Ana             Orange                 CA           92704     15,000,000    15,000,000
    42   Spartanburg           Spartanburg            SC           29303     14,700,000    14,700,000
    43   Auburn                King                   WA           98002     14,700,000    14,700,000
    44   Frisco                Collin                 TX           75034     14,650,000    14,650,000
    45   Huntington Beach      Orange                 CA           92648     14,600,000    14,600,000
    46   Wichita               Sedgwick               KS           67226     14,600,000    14,600,000
    47   Walnut Creek          Contra Costa           CA           94598     14,500,000    14,500,000
    48   Aventura              Miami-Dade             FL           33180     14,486,381    14,500,000
    49   Skaneateles           Onondaga               NY           13152     14,237,172    14,250,000
    50   Las Vegas             Clark                  NV           89108     14,200,000    14,200,000
    51   Henderson             Clark                  NV           89014     14,000,000    14,000,000
    52   Painesville           Lake                   OH           44077     14,000,000    14,000,000
    53   Duluth                Gwinnett               GA           30096     13,840,000    13,840,000
    54   Moreno Valley         Riverside              CA           92553     13,825,000    13,825,000
    55   Carmel                Hamilton               IN           46290     13,800,000    13,800,000
    56   Watsonville           Santa Cruz             CA           95076     13,750,000    13,750,000
    57   Gainesville           Alachua                FL           32608     13,700,000    13,700,000
    58   Los Angeles           Los Angeles            CA           91606     13,350,000    13,350,000
    59   Plymouth              Hennepin               MN           55441     13,291,785    13,300,000
    60   Houston               Harris                 TX           77040     13,000,000    13,000,000
    61   Lakeland              Polk                   FL           33805     12,848,000    12,848,000
    62   San Antonio           Bexar                  TX           78209     12,683,045    12,720,000
    63   Adelanto              San Bernardino         CA           92301     12,560,000    12,560,000
    64   Stone Mountain        Dekalb                 GA           30083     12,100,000    12,100,000
    65   Various               Various                Various   Various      12,000,000    12,000,000
  65.1   Westminster           Carroll                MD           21157      3,405,000     3,405,000
  65.2   Edgewood              Harford                MD           21040      2,380,000     2,380,000
  65.3   Littlestown           Adams                  PA           17340      1,750,000     1,750,000
  65.4   Bel Air               Harford                MD           21014      1,230,000     1,230,000
  65.5   Westminster           Carroll                MD           21157      1,115,000     1,115,000
  65.6   Pikesville            Baltimore              MD           21208        930,000       930,000
  65.7   Shrewsbury            York                   PA           17361        600,000       600,000
  65.8   Baltimore             Baltimore              MD           21222        590,000       590,000
    66   Various               Various                Various   Various      11,875,352    11,900,000
  66.1   Jackson               Teton                  WY           83001      6,027,489     6,040,000
  66.2   Cody                  Park                   WY           82414      3,293,165     3,300,000
  66.3   Coeur d'Alene         Kootenai               ID           83814      2,554,698     2,560,000
    67   Ennis                 Ellis                  TX           75119     11,500,000    11,500,000
    68   Tampa                 Hillsborough           FL           33613     11,500,000    11,500,000
    69   Palo Alto             Santa Clara            CA           94303     11,450,850    11,500,000
    70   Cedar Rapids          Linn                   IA           52404     11,250,000    11,250,000
    71   Brooklyn              Cuyahoga               OH           44129     11,160,000    11,160,000
    72   Las Vegas             Clark                  NV           89109     11,130,000    11,130,000
    73   Scottsdale            Maricopa               AZ           85260     11,000,000    11,000,000
    74   Southfield            Oakland                MI           48034     10,900,000    10,900,000
    75   Phoenix               Maricopa               AZ           85053     10,900,000    10,900,000
    76   Torrance              Los Angeles            CA           90502     10,850,000    10,850,000
    77   Tampa                 Hillsborough           FL           33616     10,400,000    10,400,000
    78   Woodstock             McHenry                IL           60098     10,280,000    10,280,000
    79   Various               Allegheny              PA        Various      10,100,000    10,100,000
  79.1   Bridgeville           Allegheny              PA           15017      5,600,000     5,600,000
  79.2   Pittsburgh            Allegheny              PA           15238      4,500,000     4,500,000
    80   Horseheads            Chemung                NY           14845     10,091,022    10,100,000
    81   Los Angeles           Los Angeles            CA           91436     10,000,000    10,000,000
    82   Houston               Harris                 TX           77043      9,600,000     9,600,000
    83   Tulsa                 Tulsa                  OK           74133      9,600,000     9,600,000
    84   Sun City West         Maricopa               AZ           85375      9,520,000     9,520,000
    85   Stillwater            Payne                  OK           74075      9,500,000     9,500,000
    86   Hoboken               Hudson                 NJ            7030      9,500,000     9,500,000
    87   Santa Clarita         Los Angeles            CA           91351      9,482,343     9,482,343
    88   Shenandoah            Montgomery             TX           77384      9,380,000     9,380,000
    89   Sacramento            Sacramento             CA           95827      9,200,000     9,200,000
    90   Springfield           Greene                 MO           65803      9,176,000     9,176,000
    91   Moreno Valley         Riverside              CA           92557      9,130,000     9,130,000
    92   Ypsilanti Township    Washtenaw              MI           48197      9,040,000     9,040,000
    93   Morrisville           Wake                   NC           27560      9,000,000     9,000,000
    94   Strongsville          Cuyahoga               OH           44149      9,000,000     9,000,000
    95   Staten Island         Richmond               NY           10304      8,964,060     9,000,000
    96   Fairfield             Solano                 CA           94533      8,800,000     8,800,000
    97   Las Vegas             Clark                  NV           89119      8,800,000     8,800,000
    98   Torrance              Los Angeles            CA           90503      8,500,000     8,500,000
    99   Ontario               San Bernardino         CA           91764      8,500,000     8,500,000
   100   Phoenix               Maricopa               AZ           85013      8,400,000     8,400,000
   101   Montgomery            Montgomery             AL           36106      8,250,000     8,250,000
   102   Medford               Jackson                OR           97504      8,242,944     8,250,000
   103   San Juan Capistrano   Orange                 CA           92675      8,075,000     8,075,000
   104   Various               Saratoga               NY           12065      8,000,000     8,000,000
 104.1   Clifton Park          Saratoga               NY           12065      2,940,000     2,940,000
 104.2   Clifton Park          Saratoga               NY           12065      2,110,000     2,110,000
 104.3   Clifton Park          Saratoga               NY           12065      1,340,000     1,340,000
 104.4   Clifton Park          Saratoga               NY           12065        910,000       910,000
 104.5   Halfmoon              Saratoga               NY           12065        700,000       700,000
   105   Montgomery            Montgomery             TX           77316      8,000,000     8,000,000
   106   La Jolla              San Diego              CA           92037      8,000,000     8,000,000
   107   Potsdam               Saint Lawrence         NY           13676      7,913,067     7,920,000
   108   Santa Rosa            Sonoma                 CA           95403      7,900,000     7,900,000
   109   Houston               Harris                 TX           77090      7,900,000     7,900,000
   110   South Gate            Los Angeles            CA           90280      7,700,000     7,700,000
   111   Los Angeles           Los Angeles            CA           90020      7,660,000     7,660,000
   112   Memphis               Shelby                 TN           38128      7,600,000     7,600,000
   113   Eagan                 Dakota                 MN           55122      7,590,147     7,600,000
   114   Orlando               Orange                 FL           32835      7,549,801     7,560,000
   115   Baton Rouge           East Baton Rouge       LA           70809      7,520,000     7,520,000
   116   Madera                Madera                 CA           93638      7,500,000     7,500,000
   117   San Antonio           Bexar                  TX           78232      7,500,000     7,500,000
   118   Milwaukee             Milwaukee              WI           53223      7,500,000     7,500,000
   119   Olympia               Thurston               WA           98502      7,400,000     7,400,000
   120   Cedar Rapids          Linn                   IA           52404      7,400,000     7,400,000
   121   College Station       Brazos                 TX           77840      7,386,582     7,400,000
   122   Westlake Village      Los Angeles            CA           91362      7,385,000     7,385,000
   123   Kent                  King                   WA           98032      7,350,000     7,350,000

   124   Lompoc                Santa Barbara          CA           93436      7,300,000     7,300,000
   125   Los Angeles           Los Angeles            CA           90058      7,300,000     7,300,000
   126   San Diego             San Diego              CA           92109      7,250,000     7,250,000
   127   El Centro             Imperial               CA           92243      7,200,000     7,200,000
   128   Hemet                 Riverside              CA           92544      7,200,000     7,200,000
   129   Houston               Harris                 TX           77077      7,150,000     7,150,000
   130   Houston               Harris                 TX           77038      7,100,000     7,100,000
   131   Newport Beach         Orange                 CA           92660      7,000,000     7,000,000
   132   Loveland              Larimer                CO           80538      7,000,000     7,000,000
   133   Lithia Springs        Douglas                GA           30122      6,987,421     7,000,000
   134   Ann Arbor             Washtenaw              MI           48104      6,900,000     6,900,000
   135   San Diego             San Diego              CA           92108      6,750,000     6,750,000
   136   Hesperia              San Bernardino         CA           92345      6,650,000     6,650,000
   137   Phoenix               Maricopa               AZ           85027      6,600,000     6,600,000
   138   Various               Los Angeles            CA        Various       6,600,000     6,600,000
 138.1   Burbank               Los Angeles            CA           91502      3,486,792     3,486,792
 138.2   Santa Monica          Los Angeles            CA           90405      3,113,208     3,113,208
   139   Los Angeles           Los Angeles            CA           90027      6,570,000     6,570,000
   140   Las Vegas             Clark                  NV           89102      6,491,231     6,500,000
   141   Las Vegas             Clark                  NV           89117      6,400,000     6,400,000
   142   St. George            Washington             UT           84790      6,396,086     6,400,000
   143   Warren                Macomb                 MI           48093      6,340,000     6,340,000
   144   Aurora                Kane                   IL           60504      6,250,000     6,250,000
   145   Springfield           Greene                 MO           65807      6,094,606     6,100,000
   146   Stamford              Fairfield              CT            6903      5,996,645     6,000,000
   147   Katy                  Harris                 TX           77494      5,992,342     6,000,000
   148   Los Angeles           Los Angeles            CA           90015      5,988,068     6,000,000
   149   Saginaw               Tarrant                TX           76179      5,940,000     5,940,000
   150   Fresno                Fresno                 CA           93710      5,938,784     5,950,000
   151   Corona                Riverside              CA           92882      5,910,674     5,922,000
   152   Various               Various                Various   Various       5,817,326     5,817,326
 152.1   Lakewood              Jefferson              CO           80228      3,156,132     3,156,132
 152.2   Moore                 Cleveland              OK           73160      1,549,374     1,549,374
 152.3   Lawton                Comanche               OK           73501      1,111,819     1,111,819
   153   Union City            Fulton                 GA           30291      5,800,000     5,800,000
   154   Acworth               Cobb                   GA           30101      5,800,000     5,800,000
   155   Casselberry           Seminole               FL           32707      5,800,000     5,800,000
   156   Rowlett               Dallas                 TX           75088      5,760,000     5,760,000
   157   Spartanburg           Spartanburg            SC           29301      5,692,172     5,700,000
   158   Englewood             Arapahoe               CO           80112      5,689,000     5,689,000
   159   Philadelphia          Philadelphia           PA           19127      5,640,000     5,640,000
         Lee's Summit          Jackson                MO           64064      5,600,000     5,600,000
   160   Lee's Summit          Jackson                MO           64064      2,880,000     2,880,000
   161   Lee's Summit          Jackson                MO           64064      2,720,000     2,720,000
   162   Fairfield             Solano                 CA           94533      5,600,000     5,600,000
   163   Vacaville             Solano                 CA           95687      5,600,000     5,600,000
   164   McDonough             Henry                  GA           30253      5,571,866     5,575,000
   165   Rochester             Monroe                 NY           14623      5,567,508     5,600,000
   166   Santa Rosa            Sonoma                 CA           95401      5,546,800     5,550,000
   167   Keyport               Monmouth               NJ            7735      5,500,000     5,500,000
   168   Mandeville            Saint Tammany          LA           70448      5,440,000     5,440,000
   169   Tangent               Linn                   OR           97389      5,345,389     5,350,000
   170   Fresno                Fresno                 CA           93726      5,300,000     5,300,000
   171   Wilmington            New Hanover            NC           28409      5,300,000     5,300,000
   172   East Lansing          Ingham                 MI           48823      5,280,000     5,280,000
   173   Hollywood             Broward                FL           33020      5,270,000     5,270,000
   174   Various               Various                IA        Various       5,259,911     5,300,000
 174.1   Cedar Rapids          Linn                   IA           52404      2,223,577     2,240,525
 174.2   Cedar Falls           Black Hawk             IA           50613      1,073,451     1,081,633
 174.3   Marion                Linn                   IA           52302      1,042,781     1,050,729
 174.4   Waterloo              Black Hawk             IA           50702        920,101       927,114
   175   Tampa                 Hillsborough           FL           33614      5,254,685     5,265,000
   176   Las Cruces            Dona Ana               NM           88011      5,200,000     5,200,000
   177   Downey                Los Angeles            CA           90241      5,100,000     5,100,000
   178   Indianapolis          Marion                 IN           46241      5,048,042     5,060,000
   179   Bowling Green         Wood                   OH           43402      5,000,000     5,000,000
   180   Waterford             Oakland                MI           48328      5,000,000     5,000,000
   181   Independence          Kenton                 KY           41051      4,995,724     5,000,000
   182   New York              New York               NY           10003      4,990,065     5,000,000
   183   Southaven             DeSoto                 MS           38671      4,966,481     5,000,000
   184   Monroe                Ouachita Parish        LA           71201      4,896,000     4,896,000
   185   Florence              Boone                  KY           41042      4,860,000     4,860,000
   186   Boulder               Boulder                CO           80301      4,850,000     4,850,000
   187   Lynchburg             Lynchburg              VA           24501      4,800,000     4,800,000
   188   San Diego             San Diego              CA           92121      4,800,000     4,800,000
   189   Norman                Cleveland              OK           73071      4,786,835     4,800,000
   190   Maple Plain           Hennepin               MN           55359      4,750,000     4,750,000
   191   Bluffton              Beaufort               SC           29910      4,750,000     4,750,000
   192   Edgewater             Bergen                 NJ            7020      4,700,000     4,700,000
   193   Dallas                Dallas                 TX           75225      4,700,000     4,700,000
   194   Bowling Green         Wood                   OH           43402      4,657,000     4,657,000
   195   Smyrna                Rutherford             TN           37167      4,591,008     4,600,000
   196   Various               Various                Various   Various       4,550,000     4,550,000
 196.1   Laredo                Webb                   TX           78041      1,911,765     1,911,765
 196.2   Houston               Harris                 TX           77033      1,468,235     1,468,235
 196.3   Ripley                Jackson                WV           25271      1,170,000     1,170,000
   197   Springfield           Greene                 MO           65809      4,520,000     4,520,000
   198   Richmond              Chesterfield           VA           23235      4,500,000     4,500,000
   199   Aurora                Arapahoe               CO           80012      4,491,394     4,500,000
   200   Colorado Springs      El Paso                CO           80903      4,400,000     4,400,000
   201   Livermore             Alameda                CA           94551      4,363,205     4,400,000
   202   East Ridge            Hamilton               TN           37412      4,360,000     4,360,000
   203   Edmond                Oklahoma               OK           73034      4,300,000     4,300,000
   204   Milpitas              Santa Clara            CA           95035      4,300,000     4,300,000
   205   Beverly Hills         Los Angeles            CA           90211      4,250,000     4,250,000
   206   Lewes                 Sussex                 DE           19958      4,250,000     4,250,000
   207   Lancaster             Lancaster              PA           17601      4,191,843     4,200,000
   208   Gulfport              Harrison               MS           39503      4,150,000     4,150,000
   209   McAllen               Hildalgo               TX           78504      4,100,000     4,100,000
   210   Sauk Rapids           Benton                 MN           56379      4,096,337     4,100,000
   211   Lawrence              Marion                 IN           46236      4,024,846     4,030,000
   212   Charlestown           Suffolk                MA           02129      4,000,000     4,000,000
   213   Hyattsville           Prince Georges         MD           20785      4,000,000     4,000,000
   214   Lauderhill            Broward                FL           33319      4,000,000     4,000,000
   215   Wilsonville           Clackamas              OR           97070      4,000,000     4,000,000
   216   Scottsburg            Scott                  IN           47170      3,996,552     4,000,000
   217   Big Flats             Chemung                NY           14845      3,989,149     4,000,000
   218   Bayside               Queens                 NY           11361      3,988,672     4,000,000
   219   Golden Valley         Hennepin               MN           55422      3,942,806     3,950,000
   220   Littleton             Arapahoe               CO           80129      3,900,000     3,900,000
   221   Phoenix               Maricopa               AZ           85043      3,897,755     3,900,000
   222   Brandon               Minnehaha              SD           57005      3,850,000     3,850,000
   223   Springfield           Greene                 MO           65803      3,820,000     3,820,000
   224   Springfield           Greene                 MO           65807      3,800,000     3,800,000
   225   San Diego             San Diego              CA           92121      3,789,259     3,800,000
   226   Vicksburg             Warren                 MS           39180      3,764,325     3,800,000
   227   Aurora                Arapahoe               CO           80015      3,600,000     3,600,000
   228   Knoxville             Knox                   TN           37922      3,600,000     3,600,000
   229   Palmdale              Los Angeles            CA           93550      3,600,000     3,600,000
   230   Bothell               Snohomish              WA           98012      3,600,000     3,600,000
   231   Winter Garden         Orange                 FL           34787      3,596,800     3,600,000
   232   Sayville              Suffolk                NY           11782      3,592,829     3,600,000
   233   Prescott              Yavapai                AZ           86301      3,550,000     3,550,000
   234   Cathedral City        Riverside              CA           92234      3,500,000     3,500,000
   235   Sparks                Washoe                 NV           89431      3,500,000     3,500,000
   236   Richmond              Henrico                VA           23294      3,493,511     3,500,000
   237   Pearl                 Rankin                 MS           39208      3,466,865     3,500,000
   238   Pasadena              Los Angeles            CA           91101      3,400,000     3,400,000
   239   Kimball               Saint Clair            MI           48074      3,400,000     3,400,000
   240   Mesa                  Maricopa               AZ           85026      3,390,997     3,400,000
   241   Hutto                 Williamson             TX           78634      3,360,000     3,360,000
   242   St. Petersburg        Pinellas               FL           33714      3,356,960     3,360,000
   243   Philadelphia          Philadelphia           PA           19102      3,350,000     3,350,000
   244   Los Angeles           Los Angeles            CA           90036      3,300,000     3,300,000
   245   Muskogee              Muskogee               OK           74401      3,296,992     3,300,000
 245.1   Muskogee              Muskogee               OK           74401      2,197,994     2,200,000
 245.2   Muskogee              Muskogee               OK           74401      1,098,997     1,100,000
   246   Fircrest              Pierce                 WA           98466      3,280,000     3,280,000
   247   Tacoma                Pierce                 WA           98402      3,247,192     3,250,000
   248   Johnson City          Washington             TN           37601      3,200,000     3,200,000
   249   Santa Ana             Orange                 CA           92704      3,197,068     3,200,000
   250   Philadelphia          Philadelphia           PA           19142      3,148,175     3,150,000
   251   Washington            District of Columbia   DC           20008      3,100,000     3,100,000
   252   Harbor City           Los Angeles            CA           90710      3,100,000     3,100,000
   253   Ruston                Lincoln                LA           71270      3,050,000     3,050,000
 253.1   Ruston                Lincoln                LA           71270      1,607,752     1,607,752
 253.2   Ruston                Lincoln                LA           71270      1,442,248     1,442,248
   254   Maumelle              Pulaski                AR           72113      2,993,691     3,000,000
   255   Monroe                Ouachita               LA           71202      2,974,912     3,000,000
   256   Los Angeles           Los Angeles            CA           90024      2,947,707     2,950,000
   257   Midlothian            Chesterfield           VA           23112      2,947,555     2,950,000
   258   St. Simons Island     Glynn                  GA           31522      2,900,000     2,900,000
   259   Petersburg            Petersburg City        VA           23803      2,879,651     2,885,000
   260   Tulsa                 Tulsa                  OK           74135      2,844,477     2,850,000
   261   Coeur d'Alene         Kootenai               ID           83814      2,796,805     2,800,000
   262   Sherman Oaks          Los Angeles            CA           91403      2,750,000     2,750,000
   263   Tonawanda             Erie                   NY           14150      2,720,000     2,720,000
   264   Henderson             Clark                  NV           89014      2,712,000     2,712,000
   265   North Hollywood       Los Angeles            CA           91606      2,700,000     2,700,000
   266   Yuba City             Sutter                 CA           95993      2,700,000     2,700,000
   267   Bossier City          Bossier                LA           71111      2,683,926     2,700,000
   268   Brunswick             Glynn                  GA           31525      2,644,684     2,650,000
   269   Allentown             Lehigh                 PA           18102      2,600,000     2,600,000
   270   Pelham                Shelby                 AL           35124      2,563,317     2,600,000
   271   Greenville            Greenville             SC           29607      2,543,107     2,550,000
   272   Greece                Monroe                 NY           14616      2,515,170     2,520,000
   273   San Antonio           Bexar                  TX           78212      2,496,606     2,500,000
   274   East Lansing          Ingham                 MI           48823      2,480,000     2,480,000
   275   Yuma                  Yuma                   AZ           85364      2,400,000     2,400,000
   276   Texas City            Galveston              TX           77590      2,400,000     2,400,000
   277   Santa Clarita         Los Angeles            CA           91350      2,400,000     2,400,000
   278   St. Cloud             Stearns                MN           56301      2,397,910     2,400,000
   279   Lake Jackson          Brazoria               TX           77566      2,395,707     2,400,000
   280   Monroe                Ouachita Parish        LA           71202      2,377,469     2,400,000
   281   Henderson             Clark                  NV           89052      2,350,000     2,350,000
   282   Montebello            Los Angeles            CA           90604      2,300,000     2,300,000
   283   York                  York                   PA           17403      2,296,948     2,300,000
   284   Bossier City          Bossier                LA           71111      2,260,000     2,260,000
   285   Hattiesburg           Lamar                  MS           39402      2,260,000     2,260,000
   286   Grayson               Gwinnett               GA           30017      2,250,000     2,250,000
   287   Tampa                 Hillsborough           FL           33604      2,220,641     2,225,000
   288   Fort Washington       Prince Georges         MD           20744      2,213,031     2,215,000
   289   Orlando               Orange                 FL           32804      2,200,000     2,200,000
   290   Philadelphia          Philadelphia           PA           19115      2,200,000     2,200,000
   291   Houston               Harris                 TX           77040      2,190,597     2,200,000
   292   Woodbury              Washington             MN           55125      2,150,000     2,150,000
   293   Seattle               King                   WA           98125      2,147,225     2,150,000
   294   Long Beach            Los Angeles            CA           90815      2,126,350     2,130,000
   295   Lewis Center          Delaware               OH           43035      2,073,267     2,075,000
   296   Frederick             Frederick              MD           21701      2,038,264     2,040,000
   297   Owings Mills          Baltimore              MD           21227      2,000,000     2,000,000
   298   Van Nuys              Los Angeles            CA           91401      2,000,000     2,000,000
   299   Alpharetta            Fulton                 GA           30005      1,998,281     2,000,000
   300   Bradenton             Manatee                FL           34209      1,997,274     2,000,000
   301   Frostburg             Allegany               MD           21532      1,976,550     1,980,000
   302   Parker                Douglas                CO           80134      1,950,000     1,950,000
   303   Pasadena              Harris                 TX           77504      1,820,000     1,820,000
   304   Chicago Heights       Cook                   IL           60411      1,800,000     1,800,000
   305   Mansfield             Tarrant                TX           76063      1,798,492     1,800,000
   306   Pearl                 Rankin                 MS           39208      1,778,202     1,800,000
   307   La Porte              Harris                 TX           77571      1,755,000     1,755,000
   308   Warner Robins         Houston                GA           31088      1,680,000     1,680,000
   309   Newburgh              Orange                 NY           12550      1,665,000     1,665,000
   310   Houston               Harris                 TX           77096      1,620,000     1,620,000
   311   Union Gap             Yakima                 WA           98903      1,617,948     1,620,000
   312   Port Arthur           Jefferson              TX           77640      1,497,286     1,500,000
   313   Melissa               Collin                 TX           75454      1,462,241     1,465,000
   314   Ontario               San Bernadino          CA           91761      1,350,000     1,350,000
   315   Mustang               Canadian               OK           73064      1,323,834     1,325,000
   316   Shoreview             Ramsey                 MN           55126      1,320,000     1,320,000
   317   Council Bluffs        Pottawattamie          IA           51501      1,227,500     1,227,500
   318   Ontario               San Bernardino         CA           91761      1,200,000     1,200,000
   319   Ontario               San Bernardino         CA           91761      1,125,000     1,125,000
   320   Salt Lake City        Salt Lake              UT           84106      1,114,114     1,115,000
   321   Ontario               San Bernardino         CA           91761      1,100,000     1,100,000
   322   El Dorado             Union                  AR           71730        998,075     1,000,000
   323   Delaware              Delaware               OH           43015        969,000       969,000
   324   Winter Haven          Polk                   FL           33880        889,299       890,000
   325   Arlington             Tarrant                TX           76013        873,452       875,000
   326   Van Nuys              Los Angeles            CA           91405        853,337       860,000

<CAPTION>

         Monthly P&I Debt   Annual P&I Debt   Interest   Primary         Master          Trustee and
Loan #   Service ($)        Service ($)       Rate %     Servicing Fee   Servicing Fee   Paying Agent Fee
------   ----------------   ---------------   --------   -------------   -------------   ----------------
<S>      <C>                <C>               <C>        <C>             <C>             <C>
     1         506,083.96      6,073,007.52     5.6890                           0.010            0.00071
     2         476,401.53      5,716,818.36     5.5400           0.010           0.010            0.00071
     3         300,975.69      3,611,708.28     6.1250           0.010           0.010            0.00071
     4         232,713.94      2,792,567.28     5.9390           0.010           0.010            0.00071
     5         266,048.21      3,192,578.52     5.8700           0.040           0.010            0.00071
     6         184,423.33      2,213,079.96     5.4420           0.010           0.010            0.00071
     7         196,555.56      2,358,666.72     5.8000                           0.010            0.00071
     8         185,053.67      2,220,644.04     5.7480           0.010           0.010            0.00071
     9         166,826.53      2,001,918.36     5.6260           0.010           0.010            0.00071
    10         161,939.75      1,943,277.00     5.7400           0.040           0.010            0.00071
    11         219,295.30      2,631,543.60     6.7700           0.010           0.010            0.00071
 11.01
 11.02
 11.03
 11.04
 11.05
 11.06
 11.07
 11.08
 11.09
 11.10
 11.11
 11.12
 11.13
 11.14
 11.15
 11.16
 11.17
 11.18
 11.19
 11.20
 11.21
 11.22
 11.23
 11.24
 11.25
 11.26
 11.27
 11.28
 11.29
 11.30
 11.31
 11.32
 11.33
 11.34
 11.35
 11.36
 11.37
 11.38
 11.39
 11.40
 11.41
 11.42
 11.43
 11.44
 11.45
 11.46
 11.47
 11.48
 11.49
 11.50
 11.51
 11.52
 11.53
 11.54
 11.55
 11.56
 11.57
 11.58
 11.59
 11.60
 11.61
 11.62
    12         158,043.38      1,896,520.56     5.6700           0.010           0.010            0.00071
    13         155,674.12      1,868,089.44     5.5850           0.010           0.010            0.00071
    14         163,024.63      1,956,295.56     5.8800           0.010           0.010            0.00071
  14.1
  14.2
    15         130,705.21      1,568,462.52     5.6100           0.010           0.010            0.00071
               176,008.04      2,112,096.48     5.9300           0.020           0.010            0.00071
    16         117,125.35      1,405,504.20     5.9300           0.020           0.010            0.00071
    17          43,682.00        524,184.00     5.9300           0.020           0.010            0.00071
    18          15,200.69        182,408.28     5.9300           0.020           0.010            0.00071
    19         150,397.94      1,804,775.28     5.7400           0.010           0.010            0.00071
    20         149,726.94      1,796,723.28     5.9900           0.020           0.010            0.00071
    21         113,795.50      1,365,546.00     5.7400           0.010           0.010            0.00071

    22         103,627.99      1,243,535.88     5.7560                           0.010            0.00071
    23         118,480.28      1,421,763.36     5.8110           0.010           0.010            0.00071
    24         111,530.40      1,338,364.80     5.7500           0.010           0.010            0.00071

    25         109,554.72      1,314,656.64     5.6400           0.020           0.010            0.00071
    26          88,721.11      1,064,653.32     5.6000           0.010           0.010            0.00071
    27          90,452.83      1,085,433.96     5.7400           0.010           0.010            0.00071
    28          93,377.44      1,120,529.28     5.9900           0.010           0.010            0.00071
    29          95,770.00      1,149,240.00     6.2800           0.010           0.010            0.00071
    30          85,506.75      1,026,081.00     5.6700           0.010           0.010            0.00071
    31         107,009.13      1,284,109.56     6.2990           0.010           0.010            0.00071
    32         101,746.69      1,220,960.28     5.8430           0.010           0.010            0.00071
  32.1
  32.2
  32.3
  32.4
  32.5
    33          99,212.87      1,190,554.44     5.6700           0.010           0.010            0.00071
    34          82,385.24        988,622.88     5.6800           0.010           0.010            0.00071
    35          92,138.49      1,105,661.88     5.8750           0.010           0.010            0.00071
  35.1
  35.2
  35.3
    36          76,860.00        922,320.00     5.6700           0.010           0.010            0.00071
    37          86,826.15      1,041,913.80     5.5860           0.010           0.010            0.00071
    38          74,025.19        888,302.28     5.5300           0.010           0.010            0.00071
    39          71,700.42        860,405.04     5.4600           0.010           0.010            0.00071
  39.1
  39.2
  39.3
    40          73,752.30        885,027.60     5.7460           0.010           0.010            0.00071

    41          85,922.77      1,031,073.24     5.5800           0.020           0.010            0.00071
    42          83,834.28      1,006,011.36     5.5400           0.010           0.010            0.00071
    43          69,992.42        839,909.04     5.6200           0.010           0.010            0.00071
    44          83,532.79      1,002,393.48     6.0000           0.010           0.010            0.00071
    45          67,908.25        814,899.00     5.4900           0.010           0.010            0.00071
    46          81,801.32        981,615.84     5.3800           0.020           0.010            0.00071
    47          84,433.93      1,013,207.16     5.7300           0.010           0.010            0.00071
    48          82,429.51        989,154.12     5.5110           0.010           0.010            0.00071
    49          82,526.54        990,318.48     5.6800           0.010           0.010            0.00071
    50          68,610.26        823,323.12     5.7030           0.010           0.010            0.00071
    51          81,256.06        975,072.72     5.7000           0.010           0.010            0.00071
    52          79,543.17        954,518.04     5.5060           0.010           0.010            0.00071
    53          80,073.26        960,879.12     5.6710           0.010           0.010            0.00071
    54          64,707.62        776,491.44     5.5245           0.010           0.010            0.00071
    55          66,291.75        795,501.00     5.6700           0.010           0.010            0.00071
    56          66,168.06        794,016.72     5.6800           0.010           0.010            0.00071
    57          81,189.58        974,274.96     5.8920           0.010           0.010            0.00071
    58          61,641.77        739,701.24     5.4500           0.010           0.010            0.00071
    59          72,121.73        865,460.76     5.5800           0.010           0.010            0.00071
    60          75,040.65        900,487.80     5.6500           0.020           0.010            0.00071
    61          74,407.09        892,885.08     5.6800           0.020           0.010            0.00071
    62          73,263.65        879,163.80     5.6300           0.050           0.010            0.00071
    63          59,058.17        708,698.04     5.5500           0.010           0.010            0.00071
    64          58,125.38        697,504.56     5.6700           0.010           0.010            0.00071
    65          71,714.78        860,577.36     5.9700                           0.010            0.00071
  65.1
  65.2
  65.3
  65.4
  65.5
  65.6
  65.7
  65.8
    66          93,714.53      1,124,574.36     6.7400           0.010           0.010            0.00071
  66.1
  66.2
  66.3
    67          66,891.87        802,702.44     5.7200           0.010           0.010            0.00071
    68          65,874.12        790,489.44     5.5800           0.050           0.010            0.00071
    69          66,527.58        798,330.96     5.6700           0.010           0.010            0.00071
    70          67,088.22        805,058.64     5.9500           0.010           0.010            0.00071
    71          64,419.51        773,034.12     5.6500           0.020           0.010            0.00071
    72          62,865.29        754,383.48     5.9200           0.010           0.010            0.00071
    73          67,764.67        813,176.04     6.2550           0.010           0.010            0.00071
    74          63,194.59        758,335.08     5.6900           0.050           0.010            0.00071
    75          62,712.14        752,545.68     5.6200           0.010           0.010            0.00071
    76          64,981.49        779,777.88     5.9900           0.050           0.010            0.00071
    77          59,573.12        714,877.44     5.5800           0.050           0.010            0.00071
    78          59,860.74        718,328.88     5.7300           0.010           0.010            0.00071
    79          64,771.61        777,259.32     6.6400           0.010           0.010            0.00071
  79.1
  79.2
    80          58,812.60        705,751.20     5.7300           0.010           0.010            0.00071
    81          54,668.40        656,020.80     5.6470           0.010           0.010            0.00071
    82          56,634.33        679,611.96     5.8500           0.050           0.010            0.00071
    83          54,447.53        653,370.36     5.4900           0.020           0.010            0.00071
    84          44,231.51        530,778.12     5.4840           0.010           0.010            0.00071
    85          55,138.04        661,656.48     5.7000           0.010           0.010            0.00071
    86          45,152.71        541,832.52     5.6100           0.010           0.010            0.00071
    87          59,480.26        713,763.12     6.3410           0.010           0.010            0.00071
    88          54,679.56        656,154.72     5.7400           0.010           0.010            0.00071
    89          43,960.67        527,528.04     5.6400           0.010           0.010            0.00071
    90          53,840.46        646,085.52     5.8000           0.070           0.010            0.00071
    91          44,608.55        535,302.60     5.7670           0.010           0.010            0.00071
    92          55,760.82        669,129.84     6.2670           0.010           0.010            0.00071
    93          51,951.22        623,414.64     5.6500           0.010           0.010            0.00071
    94          52,236.04        626,832.48     5.7000           0.010           0.010            0.00071
    95          54,133.26        649,599.12     6.0300           0.010           0.010            0.00071
    96          44,360.56        532,326.72     5.9500           0.010           0.010            0.00071
    97          42,720.33        512,643.96     5.7300           0.010           0.010            0.00071
    98          48,224.74        578,696.88     5.4930           0.010           0.010            0.00071
    99          48,475.60        581,707.20     5.5400           0.010           0.010            0.00071
   100          39,426.33        473,115.96     5.5400           0.010           0.010            0.00071
   101          47,507.28        570,087.36     5.6280           0.010           0.010            0.00071
   102          48,828.23        585,938.76     5.8800           0.050           0.010            0.00071
   103          38,927.11        467,125.32     5.6900           0.010           0.010            0.00071
   104          47,912.62        574,951.44     5.9900           0.010           0.010            0.00071
 104.1
 104.2
 104.3
 104.4
 104.5
   105          47,195.27        566,343.24     5.8500           0.050           0.010            0.00071
   106          46,482.74        557,792.88     5.7100           0.050           0.010            0.00071
   107          46,420.42        557,045.04     5.7900           0.020           0.010            0.00071
   108          47,019.67        564,236.04     5.9320           0.010           0.010            0.00071
   109          46,504.52        558,054.24     5.8300           0.010           0.010            0.00071
   110          38,293.60        459,523.20     5.8700           0.010           0.010            0.00071
   111          42,448.99        509,387.88     5.7600           0.010           0.010            0.00071
   112          44,423.98        533,087.76     5.7650           0.010           0.010            0.00071
   113          48,595.92        583,151.04     5.9200           0.070           0.010            0.00071
   114          41,594.16        499,129.92     5.7000           0.010           0.010            0.00071
   115          35,741.93        428,903.16     5.6100           0.010           0.010            0.00071
   116          36,282.29        435,387.48     5.7100           0.010           0.010            0.00071
   117          45,570.79        546,849.48     6.1250           0.010           0.010            0.00071
   118          43,815.62        525,787.44     5.7600           0.010           0.010            0.00071
   119          43,043.47        516,521.64     5.7200           0.010           0.010            0.00071
   120          36,676.25        440,115.00     5.8500           0.010           0.010            0.00071
   121          44,557.22        534,686.64     6.0400           0.010           0.010            0.00071
   122          42,349.18        508,190.16     5.5900           0.050           0.010            0.00071
   123          42,892.60        514,711.20     5.7500           0.010           0.010            0.00071

   124          43,556.21        522,674.52     5.9550           0.010           0.010            0.00071
   125          33,904.65        406,855.80     5.4820           0.010           0.010            0.00071
   126          42,216.96        506,603.52     5.7300           0.070           0.010            0.00071
   127          41,606.50        499,278.00     5.6600           0.010           0.010            0.00071
   128          34,879.80        418,557.60     5.7180           0.010           0.010            0.00071
   129          41,272.36        495,268.32     5.6500           0.010           0.010            0.00071
   130          40,759.61        489,115.32     5.6000           0.010           0.010            0.00071
   131          38,037.13        456,445.56     5.5970           0.010           0.010            0.00071
   132          40,053.21        480,638.52     5.5700           0.010           0.010            0.00071
   133          42,329.25        507,951.00     6.0800           0.050           0.010            0.00071
   134          40,398.12        484,777.44     5.7800           0.010           0.010            0.00071
   135          32,711.25        392,535.00     5.7200           0.010           0.010            0.00071
   136          32,508.34        390,100.08     5.7700           0.010           0.010            0.00071
   137          38,139.29        457,671.48     5.6600           0.050           0.010            0.00071
   138          38,193.58        458,322.96     5.6730           0.010           0.010            0.00071
 138.1
 138.2
   139          33,397.50        400,770.00     6.0000           0.010           0.010            0.00071
   140          35,762.17        429,146.04     5.7000           0.010           0.010            0.00071
   141          37,064.55        444,774.60     5.6800           0.020           0.010            0.00071
   142          34,831.60        417,979.20     5.6100           0.010           0.010            0.00071
   143          39,114.85        469,378.20     6.2690           0.010           0.010            0.00071
   144          30,711.81        368,541.72     5.8000           0.010           0.010            0.00071
   145          35,597.94        427,175.28     5.7500           0.010           0.010            0.00071
   146          33,709.21        404,510.52     5.8750           0.010           0.010            0.00071
   147          38,658.08        463,896.96     6.0000           0.010           0.010            0.00071
   148          32,733.74        392,804.88     5.6300           0.010           0.010            0.00071
   149          34,362.94        412,355.28     5.6700           0.010           0.010            0.00071
   150          33,178.44        398,141.28     5.8120           0.010           0.010            0.00071
   151          34,747.51        416,970.12     5.8000           0.080           0.010            0.00071
   152          34,318.79        411,825.48     5.8500           0.010           0.010            0.00071
 152.1
 152.2
 152.3
   153          27,272.08        327,264.96     5.5500           0.010           0.010            0.00071
   154          27,272.08        327,264.96     5.5500           0.010           0.010            0.00071
   155          27,272.08        327,264.96     5.5500           0.010           0.010            0.00071
   156          33,833.66        406,003.92     5.8100           0.010           0.010            0.00071
   157          35,412.64        424,951.68     5.6200           0.010           0.010            0.00071
   158          33,271.78        399,261.36     5.7700           0.040           0.010            0.00071
   159          33,200.70        398,408.40     5.8300           0.010           0.010            0.00071
                32,858.17        394,298.04     5.8000           0.020           0.010            0.00071
   160          16,898.49        202,781.88     5.8000           0.070           0.010            0.00071
   161          15,959.68        191,516.16     5.8000           0.070           0.010            0.00071
   162          28,229.44        338,753.28     5.9500           0.010           0.010            0.00071
   163          28,229.44        338,753.28     5.9500           0.010           0.010            0.00071
   164          31,265.66        375,187.92     5.8600           0.010           0.010            0.00071
   165          36,149.37        433,792.44     6.0200           0.130           0.010            0.00071
   166          30,851.98        370,223.76     5.7860           0.010           0.010            0.00071
   167          31,991.77        383,901.24     5.7200           0.020           0.010            0.00071
   168          31,332.88        375,994.56     5.6300           0.010           0.010            0.00071
   169          31,561.84        378,742.08     5.8500           0.010           0.010            0.00071
   170          25,684.39        308,212.68     5.7200           0.010           0.010            0.00071
   171          31,348.11        376,177.32     5.8740           0.010           0.010            0.00071
   172          29,979.26        359,751.12     5.5000           0.010           0.010            0.00071
   173          30,253.96        363,047.52     5.6000           0.010           0.010            0.00071
   174          31,844.36        382,132.32     6.0200           0.070           0.010            0.00071
 174.1
 174.2
 174.3
 174.4
   175          30,524.73        366,296.76     5.6900           0.010           0.010            0.00071
   176          25,552.22        306,626.64     5.8000           0.010           0.010            0.00071
   177          29,516.45        354,197.40     5.6740           0.010           0.010            0.00071
   178          38,859.94        466,319.28     6.1740           0.010           0.010            0.00071
   179          29,210.41        350,524.92     5.7600           0.020           0.010            0.00071
   180          29,401.36        352,816.32     5.8200           0.010           0.010            0.00071
   181          29,592.87        355,114.44     5.8800           0.010           0.010            0.00071
   182          28,782.82        345,393.84     5.6250           0.010           0.010            0.00071
   183          42,300.97        507,611.64     6.0400           0.010           0.010            0.00071
   184          28,571.73        342,860.76     5.7500           0.020           0.010            0.00071
   185          28,516.20        342,194.40     5.8000           0.010           0.010            0.00071
   186          27,965.28        335,583.36     5.6400           0.010           0.010            0.00071
   187          28,317.16        339,805.92     5.8500           0.010           0.010            0.00071
   188          23,424.00        281,088.00     5.7600           0.010           0.010            0.00071
   189          28,409.15        340,909.80     5.8800           0.070           0.010            0.00071
   190          30,102.00        361,224.00     6.4722           0.010           0.010            0.00071
   191          28,356.61        340,279.32     5.9600                           0.010            0.00071
   192          27,637.28        331,647.36     5.8200           0.010           0.010            0.00071
   193          27,614.82        331,377.84     5.8125           0.010           0.010            0.00071
   194          27,176.99        326,123.88     5.7500           0.020           0.010            0.00071
   195          26,698.42        320,381.04     5.7000           0.050           0.010            0.00071
   196          22,512.39        270,148.68     5.8400           0.010           0.010            0.00071
 196.1
 196.2
 196.3
   197          26,291.41        315,496.92     5.7200           0.070           0.010            0.00071
   198          26,731.47        320,777.64     5.9140           0.010           0.010            0.00071
   199          26,403.89        316,846.68     5.8000           0.010           0.010            0.00071
   200          25,747.13        308,965.56     5.7750           0.010           0.010            0.00071
   201          40,641.63        487,699.56     5.9800           0.010           0.010            0.00071
   202          21,616.64        259,399.68     5.8520           0.010           0.010            0.00071
   203          24,495.92        293,951.04     5.5300           0.010           0.010            0.00071
   204          24,712.52        296,550.24     5.6100           0.010           0.010            0.00071
   205          20,667.99        248,015.88     5.7400           0.010           0.010            0.00071
   206          25,153.94        301,847.28     5.8800           0.020           0.010            0.00071
   207          24,456.72        293,480.64     5.7300           0.010           0.010            0.00071
   208          24,548.82        294,585.84     5.8750           0.010           0.010            0.00071
   209          23,215.55        278,586.60     5.6900           0.010           0.010            0.00071
   210          23,822.41        285,868.92     5.7100           0.010           0.010            0.00071
   211          25,940.72        311,288.64     5.9900           0.050           0.010            0.00071
   212          22,201.11        266,413.32     5.7730           0.010           0.010            0.00071
   213          23,172.94        278,075.28     5.6830           0.010           0.010            0.00071
   214          23,312.43        279,749.16     5.7380           0.010           0.010            0.00071
   215          23,241.37        278,896.44     5.7100           0.010           0.010            0.00071
   216          23,597.64        283,171.68     5.8500           0.020           0.010            0.00071
   217          25,845.46        310,145.52     6.0300           0.010           0.010            0.00071
   218          25,236.82        302,841.84     5.7800           0.010           0.010            0.00071
   219          23,733.06        284,796.72     6.0200           0.010           0.010            0.00071
   220          23,590.99        283,091.88     6.0830           0.010           0.010            0.00071
   221          21,690.14        260,281.68     5.7900           0.010           0.010            0.00071
   222          22,589.99        271,079.88     5.8000           0.010           0.010            0.00071
   223          22,413.97        268,967.64     5.8000           0.070           0.010            0.00071
   224          22,296.62        267,559.44     5.8000           0.070           0.010            0.00071
   225          22,175.77        266,109.24     5.7500           0.070           0.010            0.00071
   226          37,042.99        444,515.88     5.9800           0.010           0.010            0.00071
   227          20,803.25        249,639.00     5.6600           0.010           0.010            0.00071
   228          21,168.98        254,027.76     5.8200           0.010           0.010            0.00071
   229          20,988.04        251,856.48     5.7410           0.010           0.010            0.00071
   230          21,445.14        257,341.68     5.9400           0.010           0.010            0.00071
   231          20,962.91        251,554.92     5.7300           0.010           0.010            0.00071
   232          25,833.07        309,996.84     6.0200           0.010           0.010            0.00071
   233          21,398.30        256,779.60     6.0500           0.070           0.010            0.00071
   234          20,580.95        246,971.40     5.8200           0.010           0.010            0.00071
   235          20,961.77        251,541.24     5.9900           0.010           0.010            0.00071
   236          20,849.45        250,193.40     5.9400           0.010           0.010            0.00071
   237          33,901.72        406,820.64     5.8600           0.010           0.010            0.00071
   238          16,246.33        194,955.96     5.6400           0.010           0.010            0.00071
   239          19,510.11        234,121.32     5.5960           0.010           0.010            0.00071
   240          20,450.34        245,404.08     6.0300           0.050           0.010            0.00071
   241          19,501.45        234,017.40     5.7000           0.010           0.010            0.00071
   242          19,416.37        232,996.44     5.6600           0.010           0.010            0.00071
   243          20,018.44        240,221.28     5.9690           0.010           0.010            0.00071
   244          19,489.12        233,869.44     5.8600           0.010           0.010            0.00071
   245          19,007.08        228,084.96     5.6300           0.010           0.010            0.00071
 245.1
 245.2
   246          19,770.82        237,249.84     6.0500           0.010           0.010            0.00071
   247          19,152.34        229,828.08     5.8400           0.020           0.010            0.00071
   248          18,816.87        225,802.44     5.8200           0.010           0.010            0.00071
   249          18,390.71        220,688.52     5.6100           0.010           0.010            0.00071
   250          17,481.28        209,775.36     5.7720           0.010           0.010            0.00071
   251          17,137.96        205,655.52     5.7400           0.010           0.010            0.00071
   252          17,323.40        207,880.80     5.8300           0.010           0.010            0.00071
   253          17,993.20        215,918.40     5.8500           0.010           0.010            0.00071
 253.1
 253.2
   254          20,866.03        250,392.36     5.6350           0.010           0.010            0.00071
   255          27,710.21        332,522.52     5.9800           0.010           0.010            0.00071
   256          18,144.48        217,733.76     6.2400           0.010           0.010            0.00071
   257          17,686.74        212,240.88     6.0000           0.010           0.010            0.00071
   258          18,139.67        217,676.04     6.4000           0.010           0.010            0.00071
   259          17,185.90        206,230.80     5.9400           0.010           0.010            0.00071
   260          16,613.73        199,364.76     5.7400           0.050           0.010            0.00071
   261          17,951.12        215,413.44     6.1200           0.010           0.010            0.00071
   262          15,276.05        183,312.60     5.7800           0.010           0.010            0.00071
   263          15,942.37        191,308.44     5.7900           0.020           0.010            0.00071
   264          15,671.78        188,061.36     5.6600           0.010           0.010            0.00071
   265          12,947.25        155,367.00     5.6600           0.010           0.010            0.00071
   266          15,756.47        189,077.64     5.7500           0.070           0.010            0.00071
   267          29,907.79        358,893.48     5.9500           0.010           0.010            0.00071
   268          18,939.59        227,275.08     5.9700                           0.010            0.00071
   269          15,548.22        186,578.64     5.9760           0.010           0.010            0.00071
   270          19,415.53        232,986.36     6.5200                           0.010            0.00071
   271          16,507.71        198,092.52     6.0500                           0.010            0.00071
   272          14,770.13        177,241.56     5.7900           0.020           0.010            0.00071
   273          15,622.08        187,464.96     5.6800           0.020           0.010            0.00071
   274          14,535.69        174,428.28     5.7900           0.010           0.010            0.00071
   275          13,929.61        167,155.32     5.7000           0.010           0.010            0.00071
   276          14,051.52        168,618.24     5.7800           0.050           0.010            0.00071
   277          14,219.92        170,639.04     5.8900           0.010           0.010            0.00071
   278          14,097.36        169,168.32     5.8100           0.010           0.010            0.00071
   279          14,543.87        174,526.44     6.1000           0.010           0.010            0.00071
   280          23,395.57        280,746.84     5.9800           0.010           0.010            0.00071
   281          13,743.83        164,925.96     5.7700           0.010           0.010            0.00071
   282          13,305.52        159,666.24     5.6700           0.010           0.010            0.00071
   283          14,539.02        174,468.24     5.8000           0.010           0.010            0.00071
   284          13,045.53        156,546.36     5.6500           0.010           0.010            0.00071
   285          13,549.84        162,598.08     6.0000           0.010           0.010            0.00071
   286          13,164.71        157,976.52     5.7740           0.010           0.010            0.00071
   287          12,899.81        154,797.72     5.6900           0.010           0.010            0.00071
   288          12,898.01        154,776.12     5.7300           0.010           0.010            0.00071
   289          13,303.48        159,641.76     6.0800           0.010           0.010            0.00071
   290          12,229.61        146,755.32     5.7860           0.010           0.010            0.00071
   291          12,727.02        152,724.24     5.6700           0.040           0.010            0.00071
   292          12,833.72        154,004.64     5.9590                           0.010            0.00071
   293          12,057.61        144,691.32     5.8600           0.010           0.010            0.00071
   294          13,170.24        158,042.88     6.2900           0.010           0.010            0.00071
   295          12,400.68        148,808.16     5.9700           0.030           0.010            0.00071
   296          12,099.98        145,199.76     5.9000           0.010           0.010            0.00071
   297          11,671.46        140,057.52     5.7500           0.010           0.010            0.00071
   298           9,438.06        113,256.72     5.5700           0.010           0.010            0.00071
   299          11,811.59        141,739.08     5.8600           0.010           0.010            0.00071
   300          12,473.58        149,682.96     5.6600           0.010           0.010            0.00071
   301          12,148.74        145,784.88     6.2170                           0.010            0.00071
   302          11,341.30        136,095.60     5.7190           0.010           0.010            0.00071
   303          10,580.59        126,967.08     5.7150           0.010           0.010            0.00071
   304           9,302.50        111,630.00     6.1000           0.010           0.010            0.00071
   305          10,745.66        128,947.92     5.9600           0.010           0.010            0.00071
   306          19,929.50        239,154.00     5.9400           0.010           0.010            0.00071
   307          10,304.22        123,650.64     5.8060           0.010           0.010            0.00071
   308           9,804.02        117,648.24     5.7500           0.010           0.010            0.00071
   309          14,257.95        171,095.40     6.2300           0.010           0.010            0.00071
   310           8,277.55         99,330.60     6.0310           0.010           0.010            0.00071
   311           9,157.79        109,893.48     5.9270           0.010           0.010            0.00071
   312           9,041.53        108,498.36     6.0500           0.010           0.010            0.00071
   313           8,661.35        103,936.20     5.8700           0.010           0.010            0.00071
   314           7,843.96         94,127.52     5.7100           0.040           0.010            0.00071
   315           7,749.18         92,990.16     5.7700           0.070           0.010            0.00071
   316           7,863.22         94,358.64     5.9400           0.010           0.010            0.00071
   317           7,327.95         87,935.40     5.9600           0.010           0.010            0.00071
   318           6,972.41         83,668.92     5.7100           0.040           0.010            0.00071
   319           6,536.64         78,439.68     5.7100           0.040           0.010            0.00071
   320           6,800.11         81,601.32     6.1600           0.010           0.010            0.00071
   321           6,391.38         76,696.56     5.7100           0.040           0.010            0.00071
   322           5,848.44         70,181.28     5.7700           0.010           0.010            0.00071
   323           6,016.81         72,201.72     6.3300           0.010           0.010            0.00071
   324           5,445.20         65,342.40     6.1900           0.010           0.010            0.00071
   325           5,330.75         63,969.00     6.1500           0.010           0.010            0.00071
   326           5,678.35         68,140.20     6.9250           0.010           0.010            0.00071

<CAPTION>
                                  Net                              Monthly
         Sub Servicin   Admin.    Mortgage                         Payment               Maturity/    Amort
Loan #   Fee Rate       Fee %     Rate %     Accrual Type   Term   Date      Rem. Term   ARD Date     Term    Rem. Amort
------   ------------   -------   --------   ------------   ----   -------   ---------   ----------   -----   ----------
<S>      <C>            <C>       <C>        <C>            <C>    <C>       <C>         <C>          <C>     <C>
     1         0.0200   0.03071    5.65829   Actual/360       72         8          72   6/8/2013         0            0
     2                  0.02071    5.51929   Actual/360      120         8         120   6/8/2017         0            0
     3                  0.02071    6.10429   Actual/360      120         8         119   5/8/2017         0            0
     4                  0.02071    5.91829   Actual/360       60         8          59   5/8/2012         0            0
     5                  0.05071    5.81929   Actual/360      120         1         117   3/1/2017       360          360
     6                  0.02071    5.42129   Actual/360      120         8         119   5/8/2017         0            0
     7         0.0500   0.06071    5.73929   Actual/360      120         8         119   5/8/2017         0            0
     8                  0.02071    5.72729   Actual/360      120         8         119   5/8/2017         0            0
     9                  0.02071    5.60529   Actual/360      120         8         119   5/8/2017         0            0
    10                  0.05071    5.68929   Actual/360      120         1         118   4/1/2017         0            0
    11                  0.02071    6.74929   Actual/360      120         8         120   6/8/2017       336          336
 11.01
 11.02
 11.03
 11.04
 11.05
 11.06
 11.07
 11.08
 11.09
 11.10
 11.11
 11.12
 11.13
 11.14
 11.15
 11.16
 11.17
 11.18
 11.19
 11.20
 11.21
 11.22
 11.23
 11.24
 11.25
 11.26
 11.27
 11.28
 11.29
 11.30
 11.31
 11.32
 11.33
 11.34
 11.35
 11.36
 11.37
 11.38
 11.39
 11.40
 11.41
 11.42
 11.43
 11.44
 11.45
 11.46
 11.47
 11.48
 11.49
 11.50
 11.51
 11.52
 11.53
 11.54
 11.55
 11.56
 11.57
 11.58
 11.59
 11.60
 11.61
 11.62
    12                  0.02071    5.64929   Actual/360      120         8         119   5/8/2017         0            0
    13                  0.02071    5.56429   Actual/360       84         8          83   5/8/2014         0            0
    14                  0.02071    5.85929   Actual/360      120         1         113   11/1/2016      420          413
  14.1
  14.2
    15                  0.02071    5.58929   Actual/360       60         8          58   4/8/2012         0            0
                        0.03071    5.89929   Actual/360      120         1         118   4/1/2017       300          298
    16                  0.03071    5.89929   Actual/360      120         1         118   4/1/2017       300          298
    17                  0.03071    5.89929   Actual/360      120         1         118   4/1/2017       300          298
    18                  0.03071    5.89929   Actual/360      120         1         118   4/1/2017       300          298
    19                  0.02071    5.71929   Actual/360      120         8         119   5/8/2017       360          359
    20                  0.03071    5.95929   Actual/360      120         1         119   5/1/2017       360          360
    21                  0.02071    5.71929   Actual/360      120         8         120   6/8/2017         0            0

    22         0.0500   0.06071    5.69529   Actual/360       60         8          59   5/8/2012         0            0
    23                  0.02071    5.79029   Actual/360      120         1         113   11/1/2016      420          413
    24                  0.02071    5.72929   Actual/360      132        11         130   4/11/2018      420          420

    25                  0.03071    5.60929   Actual/360      120         1         117   3/1/2017       360          357
    26                  0.02071    5.57929   Actual/360      120        11         119   5/11/2017        0            0
    27                  0.02071    5.71929   Actual/360      120         8         120   6/8/2017         0            0
    28                  0.02071    5.96929   Actual/360       60        11          58   4/11/2012        0            0
    29                  0.02071    6.25929   Actual/360      120         8         120   6/8/2017         0            0
    30                  0.02071    5.64929   Actual/360       60         8          59   5/8/2012         0            0
    31         0.0500   0.07071    6.22829   Actual/360      120         8         119   5/8/2017       360          360
    32                  0.02071    5.82229   Actual/360      120         8         119   5/8/2017       360          360
  32.1
  32.2
  32.3
  32.4
  32.5
    33                  0.02071    5.64929   Actual/360      120         8         117   3/8/2017       360          360
    34                  0.02071    5.65929   Actual/360      120        11         119   5/11/2017        0            0
    35                  0.02071    5.85429   Actual/360      120         8         117   3/8/2017       420          417
  35.1
  35.2
  35.3
    36                  0.02071    5.64929   Actual/360      120         8         119   5/8/2017         0            0
    37                  0.02071    5.56529   Actual/360      120         8         120   6/8/2017       420          420
    38                  0.02071    5.50929   Actual/360      120         8         118   4/8/2017         0            0
    39                  0.02071    5.43929   Actual/360      120         8         118   4/8/2017         0            0
  39.1
  39.2
  39.3
    40         0.0600   0.08071    5.66529   Actual/360      120         8         118   4/8/2017         0            0

    41                  0.03071    5.54929   Actual/360      120         1         118   4/1/2017       360          360
    42                  0.02071    5.51929   Actual/360      120        11         118   4/11/2017      360          360
    43                  0.02071    5.59929   Actual/360      120         8         120   6/8/2017         0            0
    44                  0.02071    5.97929   Actual/360      120         8         119   5/8/2017       420          420
    45                  0.02071    5.46929   Actual/360      120         8         119   5/8/2017         0            0
    46                  0.03071    5.34929   Actual/360      120         1         116   2/1/2017       360          360
    47                  0.02071    5.70929   Actual/360      120        11         119   5/11/2017      360          360
    48                  0.02071    5.49029   Actual/360      120         8         119   5/8/2017       360          359
    49                  0.02071    5.65929   Actual/360      120         8         119   5/8/2017       360          359
    50                  0.02071    5.68229   Actual/360      120         8         118   4/8/2017         0            0
    51                  0.02071    5.67929   Actual/360      120        11         119   5/11/2017      360          360
    52                  0.02071    5.48529   Actual/360      120         8         118   4/8/2017       360          360
    53                  0.02071    5.65029   Actual/360      120         8         118   4/8/2017       360          360
    54                  0.02071    5.50379   Actual/360       60         8          59   5/8/2012         0            0
    55                  0.02071    5.64929   Actual/360      120         8         119   5/8/2017         0            0
    56                  0.02071    5.65929   Actual/360      120         8         119   5/8/2017         0            0
    57                  0.02071    5.87129   Actual/360      120         8         119   5/8/2017       360          360
    58                  0.02071    5.42929   Actual/360      120         8         118   4/8/2017         0            0
    59                  0.02071    5.55929   Actual/360      120        11         119   5/11/2017      420          419
    60                  0.03071    5.61929   Actual/360      120         1         117   3/1/2017       360          360
    61                  0.03071    5.64929   Actual/360      120         1         120   6/1/2017       360          360
    62                  0.06071    5.56929   Actual/360      120         1         117   3/1/2017       360          357
    63                  0.02071    5.52929   Actual/360      120        11         119   5/11/2017        0            0
    64                  0.02071    5.64929   Actual/360       60         8          59   5/8/2012         0            0
    65         0.0500   0.06071    5.90929   Actual/360      120         8         119   5/8/2017       360          360
  65.1
  65.2
  65.3
  65.4
  65.5
  65.6
  65.7
  65.8
    66                  0.02071    6.71929   Actual/360      120         8         119   5/8/2017       223          222
  66.1
  66.2
  66.3
    67                  0.02071    5.69929   Actual/360      120        11         120   6/11/2017      360          360
    68                  0.06071    5.51929   Actual/360      120         1         118   4/1/2017       360          360
    69                  0.02071    5.64929   Actual/360      120        11         116   2/11/2017      360          356
    70                  0.02071    5.92929   Actual/360      120         8         120   6/8/2017       360          360
    71                  0.03071    5.61929   Actual/360      120         1         118   4/1/2017       360          360
    72                  0.02071    5.89929   Actual/360      120         8         119   5/8/2017       420          420
    73                  0.02071    6.23429   Actual/360      120         8         117   3/8/2017       360          360
    74                  0.06071    5.62929   Actual/360      120         1         119   5/1/2017       360          360
    75                  0.02071    5.59929   Actual/360      120         8         118   4/8/2017       360          360
    76                  0.06071    5.92929   Actual/360      120         1         118   4/1/2017       360          360
    77                  0.06071    5.51929   Actual/360      120         1         118   4/1/2017       360          360
    78                  0.02071    5.70929   Actual/360      120         8         119   5/8/2017       360          360
    79         0.0600   0.08071    6.55929   Actual/360       60         8          59   5/8/2012       360          360
  79.1
  79.2
    80                  0.02071    5.70929   Actual/360      120         8         119   5/8/2017       360          359
    81                  0.02071    5.62629   Actual/360      120         8         119   5/8/2017       420          420
    82                  0.06071    5.78929   Actual/360      120         1         118   4/1/2017       360          360
    83                  0.03071    5.45929   Actual/360      120         1         116   2/1/2017       360          360
    84                  0.02071    5.46329   Actual/360      120         8         119   5/8/2017         0            0
    85                  0.02071    5.67929   Actual/360      120        11         119   5/11/2017      360          360
    86                  0.02071    5.58929   Actual/360      120         8         120   6/8/2017         0            0
    87                  0.02071    6.32029   Actual/360      111         1         111   9/1/2016       351          351
    88                  0.02071    5.71929   Actual/360      120        11         116   2/11/2017      360          360
    89                  0.02071    5.61929   Actual/360      120         8         119   5/8/2017         0            0
    90                  0.08071    5.71929   Actual/360      120         1         119   5/1/2017       360          360
    91                  0.02071    5.74629   Actual/360       60         8          58   4/8/2012         0            0
    92                  0.02071    6.24629   Actual/360      120         8         119   5/8/2017       360          360
    93                  0.02071    5.62929   Actual/360      120         8         119   5/8/2017       360          360
    94         0.0350   0.05571    5.64429   Actual/360      120         8         119   5/8/2017       360          360
    95                  0.02071    6.00929   Actual/360      120         8         116   2/8/2017       360          356
    96                  0.02071    5.92929   Actual/360       64        11          63   9/11/2012        0            0
    97                  0.02071    5.70929   Actual/360      120         8         119   5/8/2017         0            0
    98                  0.02071    5.47229   Actual/360      120         8         118   4/8/2017       360          360
    99         0.0600   0.08071    5.45929   Actual/360      120         8         119   5/8/2017       360          360
   100                  0.02071    5.51929   Actual/360      120         8         118   4/8/2017         0            0
   101                  0.02071    5.60729   Actual/360      120         8         115   1/8/2017       360          360
   102                  0.06071    5.81929   Actual/360      120         1         119   5/1/2017       360          359
   103                  0.02071    5.66929   Actual/360      120         8         118   4/8/2017         0            0
   104                  0.02071    5.96929   Actual/360      120         8         120   6/8/2017       360          360
 104.1
 104.2
 104.3
 104.4
 104.5
   105                  0.06071    5.78929   Actual/360      120         1         120   6/1/2017       360          360
   106                  0.06071    5.64929   Actual/360      120         1         119   5/1/2017       360          360
   107                  0.03071    5.75929   Actual/360      120         1         119   5/1/2017       360          359
   108                  0.02071    5.91129   Actual/360      120         8         120   6/8/2017       360          360
   109                  0.02071    5.80929   Actual/360      120         8         118   4/8/2017       360          360
   110                  0.02071    5.84929   Actual/360      120         8         117   3/8/2017         0            0
   111                  0.02071    5.73929   Actual/360      120         8         119   5/8/2017       420          420
   112                  0.02071    5.74429   Actual/360       84         8          81   3/8/2014       360          360
   113                  0.08071    5.83929   Actual/360      120         1         119   5/1/2017       300          299
   114                  0.02071    5.67929   Actual/360      120         8         118   4/8/2017       420          418
   115                  0.02071    5.58929   Actual/360       84         8          83   5/8/2014         0            0
   116                  0.02071    5.68929   Actual/360       84         8          82   4/8/2014         0            0
   117                  0.02071    6.10429   Actual/360      120         8         120   6/8/2017       360          360
   118         0.0350   0.05571    5.70429   Actual/360      120         8         118   4/8/2017       360          360
   119                  0.02071    5.69929   Actual/360      120         8         118   4/8/2017       360          360
   120                  0.02071    5.82929   Actual/360       84         8          82   4/8/2014         0            0
   121                  0.02071    6.01929   Actual/360      120         8         118   4/8/2017       360          358
   122                  0.06071    5.52929   Actual/360      120         1         119   5/1/2017       360          360
   123                  0.02071    5.72929   Actual/360      120        11         120   6/11/2017      360          360

   124                  0.02071    5.93429   Actual/360      120         8         120   6/8/2017       360          360
   125                  0.02071    5.46129   Actual/360      120         8         120   6/8/2017         0            0
   126                  0.08071    5.64929   Actual/360      120         1         118   4/1/2017       360          360
   127                  0.02071    5.63929   Actual/360      120         8         119   5/8/2017       360          360
   128                  0.02071    5.69729   Actual/360      120         8         118   4/8/2017         0            0
   129                  0.02071    5.62929   Actual/360      120         8         119   5/8/2017       360          360
   130                  0.02071    5.57929   Actual/360      120         8         118   4/8/2017       360          360
   131                  0.02071    5.57629   Actual/360      120         8         120   6/8/2017       420          420
   132                  0.02071    5.54929   Actual/360      120         8         119   5/8/2017       360          360
   133                  0.06071    6.01929   Actual/360      120         1         118   4/1/2017       360          358
   134                  0.02071    5.75929   Actual/360      120         8         120   6/8/2017       360          360
   135                  0.02071    5.69929   Actual/360      120        11         119   5/11/2017        0            0
   136                  0.02071    5.74929   Actual/360      120        11         119   5/11/2017        0            0
   137                  0.06071    5.59929   Actual/360      120         1         118   4/1/2017       360          360
   138                  0.02071    5.65229   Actual/360      120         8         119   5/8/2017       360          360
 138.1
 138.2
   139                  0.02071    5.97929   Actual/360      120         8         118   4/8/2017         0            0
   140                  0.02071    5.67929   Actual/360      120         8         118   4/8/2017       420          418
   141                  0.03071    5.64929   Actual/360      120         1         119   5/1/2017       360          360
   142                  0.02071    5.58929   Actual/360      120        11         119   5/11/2017      420          419
   143                  0.02071    6.24829   Actual/360      120         8         119   5/8/2017       360          360
   144                  0.02071    5.77929   Actual/360      120         8         119   5/8/2017         0            0
   145                  0.02071    5.72929   Actual/360      120         8         119   5/8/2017       360          359
   146                  0.02071    5.85429   Actual/360      120         8         119   5/8/2017       420          419
   147                  0.02071    5.97929   Actual/360      120         8         119   5/8/2017       300          299
   148                  0.02071    5.60929   Actual/360      120         8         117   3/8/2017       420          417
   149                  0.02071    5.64929   Actual/360      120        11         119   5/11/2017      360          360
   150                  0.02071    5.79129   Actual/360      120         8         117   3/8/2017       420          417
   151                  0.09071    5.70929   Actual/360      120         1         118   4/1/2017       360          358
   152                  0.02071    5.82929   Actual/360      120        11         119   5/11/2017      360          360
 152.1
 152.2
 152.3
   153                  0.02071    5.52929   Actual/360      120         8         119   5/8/2017         0            0
   154                  0.02071    5.52929   Actual/360      120         8         119   5/8/2017         0            0
   155                  0.02071    5.52929   Actual/360      120         8         119   5/8/2017         0            0
   156         0.0600   0.08071    5.72929   Actual/360      120         8         119   5/8/2017       360          360
   157                  0.02071    5.59929   Actual/360      120        11         119   5/11/2017      300          299
   158                  0.05071    5.71929   Actual/360      120         1         118   4/1/2017       360          360
   159                  0.02071    5.80929   Actual/360      120        11         118   4/11/2017      360          360
                        0.03071    5.76929   Actual/360      120         1         119   5/1/2017       360          360
   160                  0.08071    5.71929   Actual/360      120         1         119   5/1/2017       360          360
   161                  0.08071    5.71929   Actual/360      120         1         119   5/1/2017       360          360
   162                  0.02071    5.92929   Actual/360       64        11          63   9/11/2012        0            0
   163                  0.02071    5.92929   Actual/360       64        11          63   9/11/2012        0            0
   164                  0.02071    5.83929   Actual/360      120        11         119   5/11/2017      420          419
   165                  0.14071    5.87929   Actual/360      120         1         116   2/1/2017       300          296
   166                  0.02071    5.76529   Actual/360      120         8         119   5/8/2017       420          419
   167                  0.03071    5.68929   Actual/360      120         1         118   4/1/2017       360          360
   168                  0.02071    5.60929   Actual/360      120         8         120   6/8/2017       360          360
   169                  0.02071    5.82929   Actual/360      120        11         119   5/11/2017      360          359
   170                  0.02071    5.69929   Actual/360      120        11         118   4/11/2017        0            0
   171                  0.02071    5.85329   Actual/360      120         8         120   6/8/2017       360          360
   172                  0.02071    5.47929   Actual/360      120         8         118   4/8/2017       360          360
   173                  0.02071    5.57929   Actual/360      120         8         119   5/8/2017       360          360
   174                  0.08071    5.93929   Actual/360      120         1         112   10/1/2016      360          352
 174.1
 174.2
 174.3
 174.4
   175                  0.02071    5.66929   Actual/360      120         8         118   4/8/2017       360          358
   176                  0.02071    5.77929   Actual/360      120         8         118   4/8/2017         0            0
   177                  0.02071    5.65329   Actual/360      120         8         119   5/8/2017       360          360
   178                  0.02071    6.15329   Actual/360      120         8         119   5/8/2017       216          215
   179                  0.03071    5.72929   Actual/360      120         1         120   6/1/2017       360          360
   180                  0.02071    5.79929   Actual/360      120        11         120   6/11/2017      360          360
   181                  0.02071    5.85929   Actual/360      120         8         119   5/8/2017       360          359
   182                  0.02071    5.60429   Actual/360      120         8         118   4/8/2017       360          358
   183                  0.02071    6.01929   Actual/360      180         8         178   4/8/2022       180          178
   184                  0.03071    5.71929   Actual/360      120         1         118   4/1/2017       360          360
   185         0.0350   0.05571    5.74429   Actual/360      120         8         119   5/8/2017       360          360
   186                  0.02071    5.61929   Actual/360      120        11         118   4/11/2017      360          360
   187                  0.02071    5.82929   Actual/360      120        11         119   5/11/2017      360          360
   188                  0.02071    5.73929   Actual/360       60         8          58   4/8/2012         0            0
   189                  0.08071    5.79929   Actual/360      120         1         117   3/1/2017       360          357
   190                  0.02071    6.45151   Actual/360      120         8         118   4/8/2017       354          354
   191         0.0700   0.08071    5.87929   Actual/360      120        11         120   6/11/2017      360          360
   192                  0.02071    5.79929   Actual/360      120         8         119   5/8/2017       360          360
   193                  0.02071    5.79179   Actual/360      120         8         120   6/8/2017       360          360
   194                  0.03071    5.71929   Actual/360      120         1         120   6/1/2017       360          360
   195                  0.06071    5.63929   Actual/360      120         1         118   4/1/2017       360          358
   196                  0.02071    5.81929   Actual/360       84        11          83   5/11/2014        0            0
 196.1
 196.2
 196.3
   197                  0.08071    5.63929   Actual/360      120         1         119   5/1/2017       360          360
   198                  0.02071    5.89329   Actual/360      120         8         116   2/8/2017       360          360
   199                  0.02071    5.77929   Actual/360      120        11         118   4/11/2017      360          358
   200                  0.02071    5.75429   Actual/360      120         8         119   5/8/2017       360          360
   201                  0.02071    5.95929   Actual/360      144         8         142   4/8/2019       156          154
   202                  0.02071    5.83129   Actual/360       84         8          83   5/8/2014         0            0
   203                  0.02071    5.50929   Actual/360      120        11         118   4/11/2017      360          360
   204                  0.02071    5.58929   Actual/360      120         8         119   5/8/2017       360          360
   205                  0.02071    5.71929   Actual/360      120         8         120   6/8/2017         0            0
   206                  0.03071    5.84929   Actual/360      120         1         119   5/1/2017       360          360
   207                  0.02071    5.70929   Actual/360      120         8         118   4/8/2017       360          358
   208                  0.02071    5.85429   Actual/360      120         8         120   6/8/2017       360          360
   209                  0.02071    5.66929   Actual/360      120         8         119   5/8/2017       384          384
   210                  0.02071    5.68929   Actual/360      120        11         119   5/11/2017      360          359
   211                  0.06071    5.92929   Actual/360      120         1         119   5/1/2017       300          299
   212                  0.02071    5.75229   Actual/360      120         8         118   4/8/2017       420          420
   213                  0.02071    5.66229   Actual/360      120         8         119   5/8/2017       360          360
   214                  0.02071    5.71729   Actual/360      120         8         119   5/8/2017       360          360
   215                  0.02071    5.68929   Actual/360      120        11         119   5/11/2017      360          360
   216                  0.03071    5.81929   Actual/360      120         1         119   5/1/2017       360          359
   217                  0.02071    6.00929   Actual/360      120         8         118   4/8/2017       300          298
   218                  0.02071    5.75929   Actual/360      120        11         118   4/11/2017      300          298
   219                  0.02071    5.99929   Actual/360      120         8         118   4/8/2017       360          358
   220                  0.02071    6.06229   Actual/360      120         8         120   6/8/2017       360          360
   221                  0.02071    5.76929   Actual/360      120        11         119   5/11/2017      420          419
   222                  0.02071    5.77929   Actual/360      120        11         118   4/11/2017      360          360
   223                  0.08071    5.71929   Actual/360      120         1         119   5/1/2017       360          360
   224                  0.08071    5.71929   Actual/360      120         1         119   5/1/2017       360          360
   225                  0.08071    5.66929   Actual/360      120         1         117   3/1/2017       360          357
   226                  0.02071    5.95929   Actual/360      144         8         142   4/8/2019       144          142
   227                  0.02071    5.63929   Actual/360      120        11         117   3/11/2017      360          360
   228                  0.02071    5.79929   Actual/360      120         8         118   4/8/2017       360          360
   229                  0.02071    5.72029   Actual/360      120         8         118   4/8/2017       360          360
   230                  0.02071    5.91929   Actual/360      120        11         118   4/11/2017      360          360
   231                  0.02071    5.70929   Actual/360      120         8         119   5/8/2017       360          359
   232                  0.02071    5.99929   Actual/360      120         8         119   5/8/2017       240          239
   233                  0.08071    5.96929   Actual/360      120         1         118   4/1/2017       360          360
   234                  0.02071    5.79929   Actual/360       60         8          58   4/8/2012       360          360
   235                  0.02071    5.96929   Actual/360      120         8         119   5/8/2017       360          360
   236                  0.02071    5.91929   Actual/360      120         8         118   4/8/2017       360          358
   237                  0.02071    5.83929   Actual/360      120         8         118   4/8/2017       144          142
   238                  0.02071    5.61929   Actual/360      120         8         118   4/8/2017         0            0
   239                  0.02071    5.57529   Actual/360      120         8         118   4/8/2017       360          360
   240                  0.06071    5.96929   Actual/360      120         1         117   3/1/2017       360          357
   241                  0.02071    5.67929   Actual/360      120         8         118   4/8/2017       360          360
   242                  0.02071    5.63929   Actual/360      120         8         119   5/8/2017       360          359
   243                  0.02071    5.94829   Actual/360       96         8          95   5/8/2015       360          360
   244         0.0700   0.09071    5.76929   Actual/360      120         8         117   3/8/2017       360          360
   245                  0.02071    5.60929   Actual/360      120        11         119   5/11/2017      360          359
 245.1
 245.2
   246                  0.02071    6.02929   Actual/360       60        11          58   4/11/2012      360          360
   247                  0.03071    5.80929   Actual/360      120         1         119   5/1/2017       360          359
   248                  0.02071    5.79929   Actual/360      120         8         119   5/8/2017       360          360
   249                  0.02071    5.58929   Actual/360      120         8         119   5/8/2017       360          359
   250                  0.02071    5.75129   Actual/360      120         8         119   5/8/2017       420          419
   251                  0.02071    5.71929   Actual/360      120         8         118   4/8/2017       420          420
   252                  0.02071    5.80929   Actual/360      120         8         118   4/8/2017       420          420
   253                  0.02071    5.82929   Actual/360      120         8         118   4/8/2017       360          360
 253.1
 253.2
   254                  0.02071    5.61429   Actual/360      120         8         119   5/8/2017       240          239
   255                  0.02071    5.95929   Actual/360      144         8         142   4/8/2019       156          154
   256                  0.02071    6.21929   Actual/360      120         8         119   5/8/2017       360          359
   257                  0.02071    5.97929   Actual/360      120         8         119   5/8/2017       360          359
   258         0.0600   0.08071    6.31929   Actual/360      120         8         120   6/8/2017       360          360
   259                  0.02071    5.91929   Actual/360      120         8         118   4/8/2017       360          358
   260                  0.06071    5.67929   Actual/360      120         1         118   4/1/2017       360          358
   261                  0.02071    6.09929   Actual/360      120         8         119   5/8/2017       312          311
   262                  0.02071    5.75929   Actual/360      120         8         120   6/8/2017       420          420
   263                  0.03071    5.75929   Actual/360      120         1         117   3/1/2017       360          360
   264                  0.02071    5.63929   Actual/360      120         8         118   4/8/2017       360          360
   265                  0.02071    5.63929   Actual/360      120         8         118   4/8/2017         0            0
   266                  0.08071    5.66929   Actual/360      120         1         120   6/1/2017       360          360
   267                  0.02071    5.92929   Actual/360      120         8         119   5/8/2017       120          119
   268         0.0900   0.10071    5.86929   Actual/360      120        11         119   5/11/2017      240          239
   269                  0.02071    5.95529   Actual/360      120         8         120   6/8/2017       360          360
   270         0.0900   0.10071    6.41929   Actual/360      120        11         113   11/11/2016     240          233
   271         0.0900   0.10071    5.94929   Actual/360      120        11         118   4/11/2017      300          298
   272                  0.03071    5.75929   Actual/360      120         1         118   4/1/2017       360          358
   273                  0.03071    5.64929   Actual/360      120         1         119   5/1/2017       300          299
   274                  0.02071    5.76929   Actual/360      120         8         117   3/8/2017       360          360
   275                  0.02071    5.67929   Actual/360      120        11         118   4/11/2017      360          360
   276                  0.06071    5.71929   Actual/360      120         1         119   5/1/2017       360          360
   277         0.0600   0.08071    5.80929   Actual/360      120         8         118   4/8/2017       360          360
   278                  0.02071    5.78929   Actual/360      120        11         119   5/11/2017      360          359
   279                  0.02071    6.07929   Actual/360      120         8         118   4/8/2017       360          358
   280                  0.02071    5.95929   Actual/360      144         8         142   4/8/2019       144          142
   281                  0.02071    5.74929   Actual/360      120        11         118   4/11/2017      360          360
   282                  0.02071    5.64929   Actual/360      120         8         119   5/8/2017       360          360
   283                  0.02071    5.77929   Actual/360      120         8         119   5/8/2017       300          299
   284                  0.02071    5.62929   Actual/360      120        11         119   5/11/2017      360          360
   285                  0.02071    5.97929   Actual/360      120         8         120   6/8/2017       360          360
   286                  0.02071    5.75329   Actual/360      120         8         118   4/8/2017       360          360
   287                  0.02071    5.66929   Actual/360      120         8         118   4/8/2017       360          358
   288                  0.02071    5.70929   Actual/360      120         8         119   5/8/2017       360          359
   289                  0.02071    6.05929   Actual/360      120         8         120   6/8/2017       360          360
   290                  0.02071    5.76529   Actual/360      120         8         120   6/8/2017       420          420
   291                  0.05071    5.61929   Actual/360      120         1         116   2/1/2017       360          356
   292         0.0700   0.08071    5.87829   Actual/360      120         8         118   4/8/2017       360          360
   293                  0.02071    5.83929   Actual/360      120         8         118   4/8/2017       420          418
   294                  0.02071    6.26929   Actual/360      120         8         118   4/8/2017       360          358
   295                  0.04071    5.92929   Actual/360      120         1         119   5/1/2017       360          359
   296                  0.02071    5.87929   Actual/360      120         8         119   5/8/2017       360          359
   297                  0.02071    5.72929   Actual/360      120         8         117   3/8/2017       360          360
   298                  0.02071    5.54929   Actual/360      120         8         119   5/8/2017         0            0
   299                  0.02071    5.83929   Actual/360      120        11         119   5/11/2017      360          359
   300                  0.02071    5.63929   Actual/360      120         8         119   5/8/2017       300          299
   301         0.0500   0.06071    6.15629   Actual/360      120         8         118   4/8/2017       360          358
   302                  0.02071    5.69829   Actual/360      120         1         113   11/1/2016      360          360
   303                  0.02071    5.69429   Actual/360      120         8         118   4/8/2017       360          360
   304                  0.02071    6.07929   Actual/360       60         8          58   4/8/2012         0            0
   305                  0.02071    5.93929   Actual/360       60         8          59   5/8/2012       360          359
   306                  0.02071    5.91929   Actual/360      120         8         118   4/8/2017       120          118
   307                  0.02071    5.78529   Actual/360      120         8         119   5/8/2017       360          360
   308                  0.02071    5.72929   Actual/360      120         8         117   3/8/2017       360          360
   309                  0.02071    6.20929   Actual/360      180         8         180   6/8/2022       180          180
   310                  0.02071    6.01029   Actual/360      120         8         119   5/8/2017         0            0
   311                  0.02071    5.90629   Actual/360      120         8         118   4/8/2017       420          418
   312                  0.02071    6.02929   Actual/360      120        11         118   4/11/2017      360          358
   313         0.0500   0.07071    5.79929   Actual/360      120         8         118   4/8/2017       360          358
   314                  0.05071    5.65929   Actual/360      120         1         120   6/1/2017       360          360
   315                  0.08071    5.68929   Actual/360      120         1         119   5/1/2017       360          359
   316                  0.02071    5.91929   Actual/360      120         8         119   5/8/2017       360          360
   317                  0.02071    5.93929   Actual/360      120         8         120   6/8/2017       360          360
   318                  0.05071    5.65929   Actual/360      120         1         120   6/1/2017       360          360
   319                  0.05071    5.65929   Actual/360      120         1         120   6/1/2017       360          360
   320                  0.02071    6.13929   Actual/360      120         8         119   5/8/2017       360          359
   321                  0.05071    5.65929   Actual/360      120         1         120   6/1/2017       360          360
   322                  0.02071    5.74929   Actual/360      120        11         118   4/11/2017      360          358
   323                  0.02071    6.30929   Actual/360      120         8         117   3/8/2017       360          360
   324                  0.02071    6.16929   Actual/360      120         8         119   5/8/2017       360          359
   325                  0.02071    6.12929   Actual/360      120         8         118   4/8/2017       360          358
   326                  0.02071    6.90429   Actual/360      360         1         350   8/1/2036       360          350

<CAPTION>

Loan #   Title Type      ARD Loan
------   -------------   ---------------------------
<S>      <C>             <C>
     1   Fee
     2   Fee
     3   Fee
     4   Fee
     5   Fee
     6   Fee
     7   Fee
     8   Fee
     9   Fee
    10   Fee
    11   Fee
 11.01   Fee
 11.02   Fee
 11.03   Fee
 11.04   Fee
 11.05   Fee
 11.06   Fee
 11.07   Fee
 11.08   Fee
 11.09   Fee
 11.10   Fee
 11.11   Fee
 11.12   Fee
 11.13   Fee
 11.14   Fee
 11.15   Fee
 11.16   Fee
 11.17   Fee
 11.18   Fee
 11.19   Fee
 11.20   Fee
 11.21   Fee
 11.22   Fee
 11.23   Fee
 11.24   Fee
 11.25   Fee
 11.26   Fee
 11.27   Fee
 11.28   Fee
 11.29   Fee
 11.30   Fee
 11.31   Fee
 11.32   Fee
 11.33   Fee
 11.34   Fee
 11.35   Fee
 11.36   Fee
 11.37   Fee
 11.38   Fee
 11.39   Fee
 11.40   Fee
 11.41   Fee
 11.42   Fee
 11.43   Fee
 11.44   Fee
 11.45   Fee
 11.46   Fee
 11.47   Fee
 11.48   Fee
 11.49   Fee
 11.50   Fee
 11.51   Fee
 11.52   Fee
 11.53   Fee
 11.54   Fee
 11.55   Fee
 11.56   Fee
 11.57   Fee
 11.58   Fee
 11.59   Fee
 11.60   Fee
 11.61   Fee
 11.62   Fee
    12   Fee
    13   Leasehold
    14   Fee
  14.1   Fee
  14.2   Fee
    15   Fee
         Fee
    16   Fee
    17   Fee
    18   Fee
    19   Fee
    20   Fee
    21   Fee

    22   Fee
    23   Fee
    24   Fee

    25   Fee
    26   Fee
    27   Fee
    28   Fee
    29   Fee
    30   Fee
    31   Fee
    32   Fee
  32.1   Fee
  32.2   Fee
  32.3   Fee
  32.4   Fee
  32.5   Fee
    33   Fee
    34   Fee
    35   Fee
  35.1   Fee
  35.2   Fee
  35.3   Fee
    36   Fee
    37   Fee
    38   Fee
    39   Fee
  39.1   Fee
  39.2   Fee
  39.3   Fee
    40   Fee

    41   Fee
    42   Fee
    43   Fee
    44   Fee
    45   Fee
    46   Fee
    47   Fee
    48   Fee/Leasehold
    49   Fee
    50   Fee
    51   Fee
    52   Fee
    53   Fee
    54   Fee
    55   Fee
    56   Fee
    57   Leasehold
    58   Fee
    59   Fee
    60   Fee
    61   Fee
    62   Fee
    63   Fee
    64   Fee
    65   Fee
  65.1   Fee
  65.2   Fee
  65.3   Fee
  65.4   Fee
  65.5   Fee
  65.6   Fee
  65.7   Fee
  65.8   Fee
    66   Various
  66.1   Fee
  66.2   Fee
  66.3   Leasehold
    67   Fee
    68   Fee
    69   Fee
    70   Fee
    71   Fee
    72   Fee
    73   Leasehold
    74   Fee
    75   Fee
    76   Fee
    77   Fee
    78   Fee
    79   Fee
  79.1   Fee
  79.2   Fee
    80   Fee
    81   Fee
    82   Fee
    83   Fee
    84   Fee
    85   Fee
    86   Leasehold
    87   Fee
    88   Fee
    89   Fee
    90   Fee
    91   Fee
    92   Fee
    93   Fee
    94   Fee
    95   Fee
    96   Fee/Leasehold
    97   Fee
    98   Fee
    99   Fee
   100   Fee             Yes
   101   Fee
   102   Fee
   103   Fee
   104   Fee
 104.1   Fee
 104.2   Fee
 104.3   Fee
 104.4   Fee
 104.5   Fee
   105   Fee
   106   Fee
   107   Fee
   108   Fee
   109   Fee
   110   Fee
   111   Fee
   112   Fee/Leasehold
   113   Fee
   114   Fee
   115   Fee
   116   Fee
   117   Fee
   118   Fee
   119   Fee
   120   Leasehold       Yes
   121   Fee
   122   Fee
   123   Fee

   124   Fee
   125   Fee
   126   Fee
   127   Fee
   128   Fee
   129   Fee
   130   Fee
   131   Fee
   132   Fee
   133   Fee
   134   Fee
   135   Fee
   136   Fee
   137   Fee
   138   Fee
 138.1   Fee
 138.2   Fee
   139   Fee
   140   Fee
   141   Fee
   142   Fee
   143   Fee
   144   Fee
   145   Fee
   146   Fee
   147   Fee
   148   Fee
   149   Fee
   150   Fee
   151   Fee
   152   Fee
 152.1   Fee
 152.2   Fee
 152.3   Fee
   153   Fee
   154   Fee
   155   Fee
   156   Fee
   157   Fee
   158   Fee
   159   Fee
         Fee
   160   Fee
   161   Fee
   162   Fee/Leasehold
   163   Fee/Leasehold
   164   Fee
   165   Fee/Leasehold
   166   Fee
   167   Fee
   168   Fee
   169   Fee
   170   Fee
   171   Fee
   172   Fee
   173   Fee
   174   Fee
 174.1   Fee
 174.2   Fee
 174.3   Fee
 174.4   Fee
   175   Fee
   176   Fee
   177   Fee
   178   Leasehold
   179   Fee
   180   Fee
   181   Fee
   182   Fee
   183   Fee
   184   Fee
   185   Fee
   186   Fee
   187   Fee
   188   Fee
   189   Fee
   190   Fee
   191   Fee
   192   Fee
   193   Fee
   194   Fee
   195   Fee
   196   Fee             Yes-Lender option to cancel
 196.1   Fee
 196.2   Fee
 196.3   Fee
   197   Fee
   198   Fee
   199   Fee
   200   Fee
   201   Fee
   202   Fee
   203   Fee
   204   Fee/Leasehold
   205   Fee
   206   Fee
   207   Fee
   208   Fee
   209   Fee
   210   Fee
   211   Fee
   212   Fee
   213   Fee
   214   Fee
   215   Fee
   216   Fee
   217   Fee
   218   Fee
   219   Fee
   220   Fee
   221   Fee
   222   Fee
   223   Fee
   224   Fee
   225   Fee
   226   Fee
   227   Fee
   228   Fee
   229   Fee
   230   Fee
   231   Fee
   232   Fee
   233   Fee
   234   Leasehold
   235   Fee
   236   Fee
   237   Fee
   238   Fee
   239   Fee
   240   Fee
   241   Fee
   242   Fee
   243   Fee
   244   Fee
   245   Fee
 245.1   Fee
 245.2   Fee
   246   Fee
   247   Fee
   248   Fee
   249   Fee
   250   Fee
   251   Fee
   252   Fee
   253   Fee
 253.1   Fee
 253.2   Fee
   254   Fee
   255   Fee
   256   Fee
   257   Fee
   258   Fee
   259   Fee
   260   Fee
   261   Fee
   262   Fee
   263   Fee
   264   Fee
   265   Fee
   266   Fee
   267   Fee
   268   Fee
   269   Fee
   270   Fee
   271   Fee
   272   Fee/Leasehold
   273   Fee
   274   Fee
   275   Fee
   276   Fee
   277   Fee
   278   Fee
   279   Fee
   280   Fee
   281   Fee
   282   Fee
   283   Fee
   284   Fee
   285   Fee
   286   Fee
   287   Fee
   288   Fee
   289   Fee
   290   Fee
   291   Fee
   292   Fee
   293   Fee
   294   Fee
   295   Fee
   296   Fee
   297   Fee
   298   Fee
   299   Fee
   300   Fee
   301   Leasehold
   302   Fee
   303   Fee
   304   Fee
   305   Fee
   306   Fee
   307   Fee
   308   Fee
   309   Fee
   310   Fee
   311   Fee
   312   Fee
   313   Fee
   314   Fee
   315   Fee
   316   Fee
   317   Fee
   318   Fee
   319   Fee
   320   Fee
   321   Fee
   322   Fee
   323   Fee
   324   Fee
   325   Fee
   326   Fee             Hybrid

<CAPTION>

         ARD                                                                              Environmental
Loan #   Step Up                                                                          Insurance
------   ------------------------------------------------------------------------------   -------------
<S>      <C>                                                                              <C>
     1                                                                                    No
     2                                                                                    No
     3                                                                                    No
     4                                                                                    No
     5                                                                                    No
     6                                                                                    No
     7                                                                                    No
     8                                                                                    No
     9                                                                                    No
    10                                                                                    No
    11                                                                                    No
 11.01                                                                                    No
 11.02                                                                                    No
 11.03                                                                                    No
 11.04                                                                                    No
 11.05                                                                                    No
 11.06                                                                                    No
 11.07                                                                                    No
 11.08                                                                                    No
 11.09                                                                                    No
 11.10                                                                                    No
 11.11                                                                                    No
 11.12                                                                                    No
 11.13                                                                                    No
 11.14                                                                                    No
 11.15                                                                                    No
 11.16                                                                                    No
 11.17                                                                                    No
 11.18                                                                                    No
 11.19                                                                                    No
 11.20                                                                                    No
 11.21                                                                                    No
 11.22                                                                                    No
 11.23                                                                                    No
 11.24                                                                                    No
 11.25                                                                                    No
 11.26                                                                                    No
 11.27                                                                                    No
 11.28                                                                                    No
 11.29                                                                                    No
 11.30                                                                                    No
 11.31                                                                                    No
 11.32                                                                                    No
 11.33                                                                                    No
 11.34                                                                                    No
 11.35                                                                                    No
 11.36                                                                                    No
 11.37                                                                                    No
 11.38                                                                                    No
 11.39                                                                                    No
 11.40                                                                                    No
 11.41                                                                                    No
 11.42                                                                                    No
 11.43                                                                                    No
 11.44                                                                                    No
 11.45                                                                                    No
 11.46                                                                                    No
 11.47                                                                                    No
 11.48                                                                                    No
 11.49                                                                                    No
 11.50                                                                                    No
 11.51                                                                                    No
 11.52                                                                                    No
 11.53                                                                                    No
 11.54                                                                                    No
 11.55                                                                                    No
 11.56                                                                                    No
 11.57                                                                                    No
 11.58                                                                                    No
 11.59                                                                                    No
 11.60                                                                                    No
 11.61                                                                                    No
 11.62                                                                                    No
    12                                                                                    No
    13                                                                                    No
    14                                                                                    No
  14.1                                                                                    No
  14.2                                                                                    No
    15                                                                                    No
                                                                                          No
    16                                                                                    No
    17                                                                                    No
    18                                                                                    No
    19                                                                                    No
    20                                                                                    No
    21                                                                                    No

    22                                                                                    No
    23                                                                                    No
    24                                                                                    No

    25                                                                                    No
    26                                                                                    No
    27                                                                                    No
    28                                                                                    No
    29                                                                                    No
    30                                                                                    No
    31                                                                                    No
    32                                                                                    No
  32.1                                                                                    No
  32.2                                                                                    No
  32.3                                                                                    No
  32.4                                                                                    No
  32.5                                                                                    No
    33                                                                                    No
    34                                                                                    No
    35                                                                                    No
  35.1                                                                                    No
  35.2                                                                                    No
  35.3                                                                                    No
    36                                                                                    No
    37                                                                                    No
    38                                                                                    No
    39                                                                                    No
  39.1                                                                                    No
  39.2                                                                                    No
  39.3                                                                                    No
    40                                                                                    No

    41                                                                                    No
    42                                                                                    No
    43                                                                                    No
    44                                                                                    No
    45                                                                                    No
    46                                                                                    No
    47                                                                                    No
    48                                                                                    No
    49                                                                                    No
    50                                                                                    No
    51                                                                                    No
    52                                                                                    No
    53                                                                                    No
    54                                                                                    No
    55                                                                                    No
    56                                                                                    No
    57                                                                                    No
    58                                                                                    No
    59                                                                                    No
    60                                                                                    No
    61                                                                                    No
    62                                                                                    No
    63                                                                                    No
    64                                                                                    No
    65                                                                                    No
  65.1                                                                                    No
  65.2                                                                                    No
  65.3                                                                                    No
  65.4                                                                                    No
  65.5                                                                                    No
  65.6                                                                                    No
  65.7                                                                                    No
  65.8                                                                                    No
    66                                                                                    No
  66.1                                                                                    No
  66.2                                                                                    No
  66.3                                                                                    No
    67                                                                                    No
    68                                                                                    No
    69                                                                                    No
    70                                                                                    No
    71                                                                                    No
    72                                                                                    No
    73                                                                                    No
    74                                                                                    No
    75                                                                                    No
    76                                                                                    No
    77                                                                                    No
    78                                                                                    No
    79                                                                                    No
  79.1                                                                                    No
  79.2                                                                                    No
    80                                                                                    No
    81                                                                                    No
    82                                                                                    No
    83                                                                                    No
    84                                                                                    No
    85                                                                                    No
    86                                                                                    No
    87                                                                                    No
    88                                                                                    No
    89                                                                                    No
    90                                                                                    No
    91                                                                                    No
    92                                                                                    No
    93                                                                                    No
    94                                                                                    No
    95                                                                                    No
    96                                                                                    No
    97                                                                                    No
    98                                                                                    No
    99                                                                                    No
   100   Greater of (i) sum of 10 year Treasury plus 3.95% and (ii) 8.54%                 No
   101                                                                                    No
   102                                                                                    No
   103                                                                                    No
   104                                                                                    No
 104.1                                                                                    No
 104.2                                                                                    No
 104.3                                                                                    No
 104.4                                                                                    No
 104.5                                                                                    No
   105                                                                                    No
   106                                                                                    No
   107                                                                                    No
   108                                                                                    No
   109                                                                                    No
   110                                                                                    No
   111                                                                                    No
   112                                                                                    No
   113                                                                                    No
   114                                                                                    No
   115                                                                                    No
   116                                                                                    No
   117                                                                                    No
   118                                                                                    No
   119                                                                                    No
   120   Greater of (i) sum of 7 year Treasury plus 3.10% and (ii) 7.85%                  No
   121                                                                                    No
   122                                                                                    No
   123                                                                                    No

   124                                                                                    No
   125                                                                                    No
   126                                                                                    No
   127                                                                                    No
   128                                                                                    No
   129                                                                                    No
   130                                                                                    No
   131                                                                                    No
   132                                                                                    No
   133                                                                                    No
   134                                                                                    No
   135                                                                                    No
   136                                                                                    No
   137                                                                                    No
   138                                                                                    No
 138.1                                                                                    No
 138.2                                                                                    No
   139                                                                                    No
   140                                                                                    No
   141                                                                                    No
   142                                                                                    No
   143                                                                                    No
   144                                                                                    No
   145                                                                                    No
   146                                                                                    No
   147                                                                                    No
   148                                                                                    No
   149                                                                                    No
   150                                                                                    No
   151                                                                                    No
   152                                                                                    No
 152.1                                                                                    No
 152.2                                                                                    No
 152.3                                                                                    No
   153                                                                                    No
   154                                                                                    No
   155                                                                                    No
   156                                                                                    No
   157                                                                                    No
   158                                                                                    No
   159                                                                                    No
                                                                                          No
   160                                                                                    No
   161                                                                                    No
   162                                                                                    No
   163                                                                                    No
   164                                                                                    No
   165                                                                                    No
   166                                                                                    No
   167                                                                                    No
   168                                                                                    No
   169                                                                                    No
   170                                                                                    No
   171                                                                                    No
   172                                                                                    No
   173                                                                                    No
   174                                                                                    No
 174.1                                                                                    No
 174.2                                                                                    No
 174.3                                                                                    No
 174.4                                                                                    No
   175                                                                                    No
   176                                                                                    No
   177                                                                                    No
   178                                                                                    No
   179                                                                                    No
   180                                                                                    No
   181                                                                                    No
   182                                                                                    No
   183                                                                                    No
   184                                                                                    No
   185                                                                                    No
   186                                                                                    No
   187                                                                                    No
   188                                                                                    No
   189                                                                                    No
   190                                                                                    No
   191                                                                                    No
   192                                                                                    No
   193                                                                                    No
   194                                                                                    No
   195                                                                                    No
   196   Greater of: (i) Initial Interest Rate plus 4% or (ii) Treasury Rate plus 5.27%   No
 196.1                                                                                    No
 196.2                                                                                    No
 196.3                                                                                    No
   197                                                                                    No
   198                                                                                    No
   199                                                                                    No
   200                                                                                    No
   201                                                                                    No
   202                                                                                    No
   203                                                                                    No
   204                                                                                    No
   205                                                                                    No
   206                                                                                    No
   207                                                                                    No
   208                                                                                    No
   209                                                                                    No
   210                                                                                    No
   211                                                                                    No
   212                                                                                    No
   213                                                                                    No
   214                                                                                    No
   215                                                                                    No
   216                                                                                    No
   217                                                                                    No
   218                                                                                    No
   219                                                                                    No
   220                                                                                    No
   221                                                                                    No
   222                                                                                    No
   223                                                                                    No
   224                                                                                    No
   225                                                                                    No
   226                                                                                    No
   227                                                                                    No
   228                                                                                    No
   229                                                                                    No
   230                                                                                    No
   231                                                                                    No
   232                                                                                    No
   233                                                                                    No
   234                                                                                    No
   235                                                                                    No
   236                                                                                    No
   237                                                                                    No
   238                                                                                    No
   239                                                                                    No
   240                                                                                    No
   241                                                                                    No
   242                                                                                    No
   243                                                                                    No
   244                                                                                    No
   245                                                                                    No
 245.1                                                                                    No
 245.2                                                                                    No
   246                                                                                    No
   247                                                                                    No
   248                                                                                    No
   249                                                                                    No
   250                                                                                    No
   251                                                                                    No
   252                                                                                    No
   253                                                                                    No
 253.1                                                                                    No
 253.2                                                                                    No
   254                                                                                    No
   255                                                                                    No
   256                                                                                    No
   257                                                                                    No
   258                                                                                    No
   259                                                                                    No
   260                                                                                    No
   261                                                                                    No
   262                                                                                    No
   263                                                                                    No
   264                                                                                    No
   265                                                                                    No
   266                                                                                    No
   267                                                                                    No
   268                                                                                    No
   269                                                                                    No
   270                                                                                    No
   271                                                                                    No
   272                                                                                    No
   273                                                                                    No
   274                                                                                    No
   275                                                                                    No
   276                                                                                    No
   277                                                                                    No
   278                                                                                    No
   279                                                                                    No
   280                                                                                    No
   281                                                                                    No
   282                                                                                    No
   283                                                                                    No
   284                                                                                    No
   285                                                                                    No
   286                                                                                    No
   287                                                                                    No
   288                                                                                    No
   289                                                                                    No
   290                                                                                    No
   291                                                                                    No
   292                                                                                    No
   293                                                                                    No
   294                                                                                    No
   295                                                                                    No
   296                                                                                    No
   297                                                                                    No
   298                                                                                    No
   299                                                                                    No
   300                                                                                    No
   301                                                                                    No
   302                                                                                    No
   303                                                                                    No
   304                                                                                    No
   305                                                                                    No
   306                                                                                    No
   307                                                                                    No
   308                                                                                    No
   309                                                                                    No
   310                                                                                    No
   311                                                                                    No
   312                                                                                    No
   313                                                                                    No
   314                                                                                    No
   315                                                                                    No
   316                                                                                    No
   317                                                                                    No
   318                                                                                    No
   319                                                                                    No
   320                                                                                    No
   321                                                                                    No
   322                                                                                    No
   323                                                                                    No
   324                                                                                    No
   325                                                                                    No
   326                                                                                    No

<CAPTION>
                                      Partial                                                                Upfront
         Cross       Cross            Defeasance   Letter of   Lockbox                           Holdback    Engineering
Loan #   Defaulted   Collateralized   Allowed      Credit      Type                              Amount      Reserve ($)
------   ---------   --------------   ----------   ---------   -------------------------------   ---------   -----------
<S>      <C>         <C>              <C>          <C>         <C>                               <C>         <C>
     1                                Yes                      Soft at Closing, Springing Hard                   130,588
     2                                                         Hard
     3                                                         Soft at Closing, Springing Hard
     4                                                         Soft at Closing, Springing Hard                 1,600,000
     5                                                         Hard
     6
     7
     8                                                                                           6,000,000
     9                                                         Hard
    10
    11                                Yes                      None at Closing, Springing Hard
 11.01
 11.02
 11.03
 11.04
 11.05
 11.06
 11.07
 11.08
 11.09
 11.10
 11.11
 11.12
 11.13
 11.14
 11.15
 11.16
 11.17
 11.18
 11.19
 11.20
 11.21
 11.22
 11.23
 11.24
 11.25
 11.26
 11.27
 11.28
 11.29
 11.30
 11.31
 11.32
 11.33
 11.34
 11.35
 11.36
 11.37
 11.38
 11.39
 11.40
 11.41
 11.42
 11.43
 11.44
 11.45
 11.46
 11.47
 11.48
 11.49
 11.50
 11.51
 11.52
 11.53
 11.54
 11.55
 11.56
 11.57
 11.58
 11.59
 11.60
 11.61
 11.62
    12                                Yes          Yes
    13
    14                                Yes          Yes                                           6,750,000
  14.1
  14.2
    15
                                                           0                                                     150,500
    16
    17                                                                                                           150,500
    18
    19                                                         Hard
    20                                                                                                            26,000
    21                                                         Hard

    22                                                         Soft at Closing, Springing Hard
    23                                Yes          Yes                                           3,525,000
    24

    25
    26
    27                                                         Hard
    28                                                                                                           140,990
    29                                             Yes
    30
    31                                                         Hard
    32
  32.1
  32.2
  32.3
  32.4
  32.5
    33
    34
    35
  35.1
  35.2
  35.3
    36                                Yes
    37
    38                                                         Hard                                                  813
    39                                Yes
  39.1
  39.2
  39.3
    40

    41
    42                                                         Hard
    43
    44
    45
    46
    47                                             Yes
    48
    49                                                         Hard
    50                                                         Soft                                              158,750
    51                                                         None at Closing, Springing Hard                   140,312
    52
    53                                                         Soft at Closing, Springing Hard
    54                                                                                                            60,000
    55
    56
    57
    58
    59
    60                                                         None at Closing, Springing Hard                   178,090
    61
    62
    63
    64                                                                                                            10,188
    65                                Yes
  65.1
  65.2
  65.3
  65.4
  65.5
  65.6
  65.7
  65.8
    66                                Yes                      Hard
  66.1
  66.2
  66.3
    67                                             Yes         None at Closing, Springing Hard
    68                                                                                                            15,500
    69                                             Yes         Hard                                               60,025
    70
    71
    72
    73
    74
    75                                                         Hard                                               48,000
    76                                                         Hard
    77
    78                                                         Hard
    79                                Yes
  79.1
  79.2
    80
    81
    82
    83
    84
    85                                             Yes
    86
    87
    88
    89                                                         None at Closing, Springing Hard
    90                                                                                                           232,063
    91
    92                                                                                                            71,599
    93                                                         Hard
    94                                                         Hard
    95                                                                                                             8,030
    96                                                                                                            42,600
    97                                                         Hard                                               11,875
    98                                                         Hard
    99                                                                                                            15,000
   100                                                         Hard
   101
   102
   103                                                                                                           125,000
   104                                Yes
 104.1
 104.2
 104.3
 104.4
 104.5
   105
   106
   107                                                         None at Closing, Springing Hard
   108
   109                                                         None at Closing, Springing Hard
   110
   111
   112
   113
   114                                                         Hard
   115
   116
   117                                             Yes                                                            16,180
   118                                                         Hard
   119
   120                                                         Hard
   121
   122
   123

   124                                                                                                            31,944
   125
   126                                                         None at Closing, Springing Hard
   127                                                                                                            20,344
   128                                                         None at Closing, Springing Hard
   129                                                         Hard
   130
   131                                                         Soft at Closing, Springing Hard
   132                                                         Hard                                                3,502
   133
   134
   135
   136
   137
   138
 138.1
 138.2
   139
   140                                                                                                           157,500
   141
   142
   143                                                                                                           100,789
   144
   145
   146
   147                                                         Soft at Closing, Springing Hard
   148                                                                                                            23,000
   149
   150                                                         None at Closing, Springing Hard
   151
   152                                                         Hard
 152.1
 152.2
 152.3
   153
   154
   155
   156
   157                                             Yes
   158                                                         None at Closing, Springing Hard
   159

   160
   161
   162                                                                                                           102,650
   163                                                                                                            11,000
   164
   165
   166                                                         Soft at Closing, Springing Hard
   167                                                         Hard
   168
   169
   170                                                                                                             6,250
   171
   172
   173
   174                                                                                                            49,302
 174.1
 174.2
 174.3
 174.4
   175
   176
   177
   178                                                         Soft at Closing, Springing Hard                    62,719
   179
   180                                             Yes
   181                                                                                                             1,250
   182
   183                                                         Hard
   184
   185                                                         Hard
   186
   187                                                         Hard
   188
   189
   190
   191
   192
   193                                                         None at Closing, Springing Hard
   194                                                                                                             1,250
   195
   196                                                         None at Closing, Springing Hard
 196.1
 196.2
 196.3
   197                                                         None at Closing, Springing Hard
   198                                                                                           1,500,000
   199
   200
   201                                                         Hard
   202
   203
   204                                                                                                            45,000
   205
   206
   207                                             Yes
   208
   209
   210
   211                                                         Hard
   212
   213                                                         Hard
   214
   215                                                         None at Closing, Springing Hard
   216
   217
   218
   219                                                                                                            75,000
   220
   221
   222
   223                                             Yes
   224                                             Yes
   225
   226                                                         Hard
   227
   228                                                         Hard
   229
   230                                                         None at Closing, Springing Hard
   231
   232                                                                                                            14,375
   233
   234
   235
   236                                                                                                             2,813
   237                                                         Hard
   238
   239
   240
   241                                                                                                             5,340
   242
   243                                                         Hard
   244
   245
 245.1
 245.2
   246
   247
   248
   249
   250                                                         Hard
   251
   252
   253                                                                                                            11,250
 253.1
 253.2
   254
   255                                                         Hard
   256
   257
   258
   259                                                                                                            49,500
   260                                                                                                            25,969
   261                                                                                                            24,000
   262
   263
   264
   265
   266                                                         None at Closing, Springing Hard
   267                                                         Hard
   268                                                                                                            20,000
   269
   270
   271
   272
   273
   274                                                                                                             4,375
   275
   276                                                                                                            18,750
   277
   278
   279
   280                                                         Hard
   281
   282
   283                                                         Hard
   284
   285
   286
   287
   288                                                         None at Closing, Springing Hard
   289
   290
   291                                                                                                            30,031
   292                                             Yes
   293
   294
   295                                                         Hard
   296                                                         Hard
   297
   298
   299
   300
   301                                                         Hard
   302
   303
   304                                                         Hard
   305
   306                                                         Hard
   307
   308                                                                                                           104,500
   309
   310
   311
   312
   313
   314
   315
   316
   317
   318
   319
   320                                                                                                            29,750
   321
   322                                                         None at Closing, Springing Hard
   323
   324
   325
   326

<CAPTION>
         Upfront       Upfront       Upfront       Upfront       Upfront       Monthly       Monthly           Monthly
         Capex         TI/LC         RE Tax        Ins.          Other         Capex         Capex             TI/LC
Loan #   Reserve ($)   Reserve ($)   Reserve ($)   Reserve ($)   Reserve ($)   Reserve ($)   Reserve Cap ($)   Reserve ($)
------   -----------   -----------   -----------   -----------   -----------   -----------   ---------------   -----------
<S>      <C>           <C>           <C>           <C>           <C>           <C>           <C>               <C>
     1                                   133,849                   4,508,479                                        31,833
     2                                   432,385        85,433                       2,673           250,000         4,456
     3                                   110,539       104,095     2,608,130                                        22,630
     4                                   265,460                                         0
     5                                                             4,001,000
     6                                   100,780        14,387                      17,667         1,060,020
     7       370,000                     125,556         9,446        50,000         2,825                           9,792
     8                                                  64,088     6,041,944         2,635            94,860         5,270
     9
    10       400,000                     214,529        34,723                       6,200
    11                                                 224,090     1,406,694
 11.01
 11.02
 11.03
 11.04
 11.05
 11.06
 11.07
 11.08
 11.09
 11.10
 11.11
 11.12
 11.13
 11.14
 11.15
 11.16
 11.17
 11.18
 11.19
 11.20
 11.21
 11.22
 11.23
 11.24
 11.25
 11.26
 11.27
 11.28
 11.29
 11.30
 11.31
 11.32
 11.33
 11.34
 11.35
 11.36
 11.37
 11.38
 11.39
 11.40
 11.41
 11.42
 11.43
 11.44
 11.45
 11.46
 11.47
 11.48
 11.49
 11.50
 11.51
 11.52
 11.53
 11.54
 11.55
 11.56
 11.57
 11.58
 11.59
 11.60
 11.61
 11.62
    12                     600,000        58,628        34,074     4,740,000         1,890            68,032
    13
    14                                   625,202                                     5,445
  14.1
  14.2
    15
             119,406                                    35,708     4,160,000        14,417
    16                                                  17,042     3,080,000         8,521
    17                                                  12,800     1,080,000         4,012
    18       119,406                                     5,867                       1,884
    19                                                                              32,593
    20                                   285,654       197,498
    21                                    28,048         3,357     4,000,000         1,862            44,692         4,655

    22                                                   3,550                       1,257            15,084         4,167
    23                                   514,001                                     3,278
    24                                    38,134         7,915       600,000         2,617            94,200

    25                                                                               5,625           300,000
    26                                    37,929         4,322                       1,098            26,358        14,643
    27                                    42,061                   3,000,000           501            12,033         1,253
    28       209,010       110,000                                   288,000         2,623            62,943         9,835
    29                                    99,519        13,452        65,000                                           500
    30                                    14,710         4,990                       9,750
    31                                                               775,545
    32                                                               703,051         3,360                           5,000
  32.1
  32.2
  32.3
  32.4
  32.5
    33                   1,207,955                       3,957     1,037,744
    34
    35                                                  14,987       330,363
  35.1
  35.2
  35.3
    36         2,047                      66,451         4,111     1,500,000         2,047
    37                     361,941         5,761        12,641        38,304
    38                     195,000         6,023         1,935     3,010,000           712
    39                                    38,651
  39.1
  39.2
  39.3
    40           561         1,870        44,353                                       561            13,465         1,870

    41        24,256     2,100,000        10,953                       1,000         1,011            24,256         4,167
    42                     100,000                                                   5,163            61,953        15,019
    43                                    55,679         5,723
    44                     307,863        86,371        32,151       780,654         1,038                           6,125
    45                                    21,460         8,410     1,000,000           772            27,784         1,929
    46                                    12,287        19,972
    47       300,000                      20,871         5,456     1,400,490         1,558            56,081         9,736
    48                                   357,500        18,831       200,000
    49                                    16,910         4,957                      25,994
    50         4,750                      20,162        34,052                       4,750
    51                     200,000        30,840        10,491     3,250,000         1,498            53,916        17,265
    52                                    31,175                     482,900         1,337            28,306
    53                                    69,699
    54                                    18,731        20,243                       2,357
    55                     150,000       116,139                                     1,786            42,869         5,954
    56                                    28,331        17,431       620,000
    57                                    95,682        67,689                      12,454
    58         1,604                       8,434         8,363                       1,604            57,750
    59
    60                                    98,300        45,211                       5,417
    61                                    53,783                                     1,729            62,250         1,667
    62        67,694        25,000       142,090         8,245         1,000         3,027                           8,333
    63                                    15,686         2,099       128,455           318             7,620         2,700
    64       140,000                     147,435        27,708                                       140,000
    65                                    87,215         5,308       100,000         2,569            30,000
  65.1
  65.2
  65.3
  65.4
  65.5
  65.6
  65.7
  65.8
    66       310,206                      20,571        20,937                      16,512
  66.1
  66.2
  66.3
    67                     250,000         7,684        14,547       895,664
    68                                   102,401        16,612                       5,167           186,000
    69                     800,000        21,794        10,580     1,382,656           766            27,569         8,205
    70                                   150,000        34,958                       9,833
    71                                    51,717                                     1,442            51,921
    72                     265,835        10,808         2,132                         950                           6,600
    73         1,315                                     8,750     1,000,000           657
    74       163,800                      75,177        11,500                       1,689            60,816         6,667
    75                                    12,269        17,967                         878
    76                                    36,799         9,840                       1,114                           6,250
    77                                    94,340        14,780                       4,667           168,000
    78
    79                                    66,906                                     2,183
  79.1
  79.2
    80                                    54,540        14,691                      12,493           749,580
    81        22,247       100,000        25,145                                       600
    82                     234,320        56,842        28,626                       2,238            53,710         2,083
    83       400,000                      35,750        23,425
    84                                    24,240         2,348
    85                     250,000        40,095        25,594                       1,193
    86                                     4,800                                       520            31,175
    87       124,988       175,000        46,290                     250,000         1,084            35,000
    88                                    21,207                     100,695
    89                                    33,831         1,903                         883                           4,810
    90                                    42,987         7,145                       1,243                           3,333
    91                                                                               1,625
    92                                   128,814                                     4,750
    93     2,350,000                      25,097         2,592                       7,880
    94
    95                                    14,747                                     2,088
    96        76,292                         106         4,671                         939
    97         2,083                      20,525        11,317                       2,083
    98                                                                48,225
    99                                    28,364         4,491                       1,215            29,000         3,469
   100
   101       150,000                       8,655        12,193                       2,458
   102                                    39,754        13,565                      10,850
   103                                                   1,366       188,380           348                           1,700
   104                                    99,331         4,908                       1,588           110,000         3,077
 104.1
 104.2
 104.3
 104.4
 104.5
   105                     150,000        51,750        13,093                       1,186            50,000         1,667
   106       150,000     1,500,000        24,068         7,588           700                          11,940
   107                                    97,687                       1,000         1,167            42,027
   108                                    10,131         3,917                         540
   109                                    48,052         4,295                       1,496            35,892         9,970
   110
   111                     100,000         9,648         1,635
   112        48,110                     153,000                                     6,330           227,874
   113                                    30,363         2,221                       9,550
   114                                    29,582         9,895                         603                           3,935
   115                                    37,614         3,954                         605            21,793         2,825
   116                                    32,208        19,529                       1,097            34,800         2,129
   117   #VALUE!       #VALUE!            27,007         4,518                       1,764                           4,469
   118
   119                                     6,327           535       210,038           336            12,096
   120
   121                                    52,871        20,533                       3,667
   122                                    29,100         6,664        50,000         1,014            36,519         4,167
   123                                    14,817        11,239                         533            19,230         2,134

   124        44,959       150,000        23,789        14,423        63,441         1,047
   125                                     2,667         4,316                       1,219            29,256
   126                     575,000         7,672         8,126                         705            25,368         2,083
   127                                    17,225        10,450                         781            28,116         2,603
   128                                                                                 684
   129                                    63,863         2,101                       1,688            60,000         7,215
   130                                    29,204         2,138                       1,246
   131                                    25,823         6,029        75,149                                         2,083
   132                                     6,943                                     3,502
   133                                    31,801         5,270                       3,950           500,000
   134                                    41,417           621       665,931           168
   135                     100,000        17,453         4,410                         767            27,622         3,836
   136                                     9,075         1,669        88,735                                         1,916
   137                                    12,285         7,140                         612            14,696         3,000
   138                                    30,716
 138.1
 138.2
   139                                                                 5,000
   140         2,333                       8,100         4,083                       2,333
   141                     109,580        14,269         5,714                         597            14,336
   142                                     9,565         2,593       371,914           629            15,106         4,091
   143                                    97,812                                     3,667
   144
   145                                    28,161        27,919                       3,250           150,000
   146                                    23,000         3,238       150,000           280            10,083         2,236
   147                                    34,036        30,070         6,500         7,340
   148                                                     447       550,000            92             3,308           306
   149                      76,800        54,365                       5,000
   150                     300,000                       2,455                         643            38,590
   151                                                                                 856
   152                     150,000         7,283         2,968       110,000           676                           3,378
 152.1
 152.2
 152.3
   153                                    49,950        34,145        13,921         3,183            76,400
   154                                   101,469        20,217                       3,600            86,400
   155                                    76,648        22,287         6,460         3,267            78,408
   156                                    30,777           523       337,508           359                           2,723
   157                     100,000                                   304,494                                         2,137
   158        36,476                       8,587         3,762                       1,520            36,476
   159                                    20,501         5,902        28,857           275                             949
                           305,960        42,803        10,311                         730                           1,666
   160                      99,460        23,395         5,511                         364                             833
   161                     206,500        19,408         4,800                         366                             833
   162       106,645                      18,942         3,046                         703
   163       128,363                      13,585         3,207                         670
   164                                     9,803         1,003        73,470           240             8,649         1,441
   165                                    40,000         8,743                       6,101
   166                                    13,976         1,904                         606
   167                                     8,348         7,027       500,000         1,479
   168                                                  10,248
   169                     127,680        37,425                     250,000                                         8,551
   170                                     8,065         8,741                       2,255            54,126
   171                                    13,754         2,160         4,751
   172                                    64,413                                     2,500
   173                                    15,320        33,697        80,000           423            10,155         1,375
   174                                    39,322         3,935                       2,694
 174.1
 174.2
 174.3
 174.4
   175                                    60,905        34,760                       2,750
   176                                    11,967         2,379                         440            15,855         1,760
   177                                     3,595                                       474
   178                                    65,561        43,610       566,419        23,049
   179                                    14,209        19,250         2,000         2,875
   180                     500,000                      34,673        94,248         2,372           113,834
   181                                    32,227         2,040                       2,832
   182                                   100,064
   183                                    11,481        13,146
   184       250,000                      17,500        15,752                       2,500
   185
   186                     100,000                       1,395                         964            23,126         8,333
   187                      77,351         5,371         1,486                         733                           4,297
   188                     400,000
   189                                                                               2,083
   190                     150,000         5,314        12,258                       1,430                           4,583
   191                                    24,003        14,195                         423            20,000         2,116
   192                     150,000                       7,578        30,000           387
   193                                    25,924         9,684
   194                                     5,763         9,508                       2,200
   195                                     8,106         2,837                         400                           1,250
   196                      50,000
 196.1
 196.2
 196.3
   197                                    32,104         2,306                         944                           5,000
   198                                    10,360         2,315     2,382,900           850
   199                                     3,467         5,144                                                       2,500
   200                                                   4,550                         511            18,171         2,500
   201                                    17,373         2,694
   202                                    29,000                                     3,021           108,750
   203                                     6,708         8,852                         445
   204                      65,000        35,217           954                         220                           1,686
   205                                    14,329         7,964        10,000           750
   206                                     7,124         2,856                         249             8,979           833
   207                                       753         5,881        75,000           104                             520
   208                                                   9,999       151,875           713                           2,791
   209                                    32,066        18,896                       1,333
   210                                    16,566         5,808                       1,538            55,350
   211       400,000
   212                                                   3,326                                                       2,455
   213
   214                      60,000        47,546        55,395                         553            19,907
   215        19,008       250,000                                                                    19,008
   216                                    63,527         7,079                       5,651
   217                                    38,936         1,347                         583
   218                                    83,500        21,538                       6,965           250,000
   219                                    11,259         1,326                         493                           2,574
   220                                                               114,000
   221                                     3,648         5,815       189,222           113             2,706         1,015
   222                                       750         5,007       841,465           917            33,003         2,034
   223                     286,200        14,658         2,501                         351                           2,500
   224                     218,750         8,088         2,144                         354                           3,333
   225                                    25,656         4,297                         704            25,341         1,500
   226                                    36,678        10,178
   227                      29,569                       5,603                         450            10,804
   228                                    12,903           444                         364                           1,418
   229                                     3,686         1,996                         654            23,544
   230                                       452           869                         235                           3,353
   231                      65,000         6,068         2,973
   232                                    66,473        10,512                       1,046            37,666
   233                      62,235         4,425         3,244                         392             4,702         1,250
   234                                     9,163         1,095                       1,069                           7,462
   235                                     7,715         1,049       250,000           417
   236                     100,000        19,441         2,385                       1,210            43,548         3,306
   237                                    12,422         9,627
   238                                     9,473         4,634                         625
   239                                    10,888         3,824                         675
   240                                    19,619         1,820                         503            18,108           833
   241                                    45,890           997                                         5,340         1,040
   242                                    11,239         4,911                       2,159
   243                                                                65,852
   244         1,375                       3,184         1,932                         354            12,750
   245                                    20,024        13,168
 245.1
 245.2
   246                      20,000         2,896           863         6,000           331                           1,325
   247                                     6,615           733                         740                           1,500
   248                                    10,070         1,783                       1,133            40,800
   249                                     8,141
   250                                                                                 149
   251                                     4,938           307                         102             3,672           339
   252                                    14,862         1,315       478,000           279
   253                                     7,021         9,874                         641                             780
 253.1
 253.2
   254                                     8,589        22,398                       1,500            54,000
   255                                    17,576         8,674
   256                                     7,622                      67,824            92                             691
   257                                     9,442         2,451                         531            19,113
   258                                    15,775         8,649        50,000           205             9,840           479
   259                                                   3,267                       1,854
   260        31,500                      13,870        27,028         1,000         2,625            31,500
   261                                    12,968        11,765                       2,050
   262                                     6,804         4,075                         356
   263                                    26,184                                       720            25,905           833
   264                                     1,347           295                         106             3,822           417
   265                                     8,083         6,547
   266
   267                                    12,145        16,927
   268                                    28,532         6,046                       3,268           156,872
   269        23,209       150,000         4,292           821                         588
   270                                                   3,862                       3,594
   271                                    13,489         6,821                       2,860           137,280
   272                                                                 1,000           437            15,732           833
   273       206,825                                     3,844                       2,354
   274                                     9,924                                     1,313            63,000
   275                                     1,742           625                         108             3,900           542
   276                                    23,825        26,813                       1,875
   277
   278                                    16,474         8,133                         264                           1,055
   279                                     4,901         6,935                         548
   280                                    12,516         6,918
   281                                     3,841         1,145                         102             3,666           679
   282                                     6,997           489                          56                             278
   283                                                     273        58,838
   284         5,914        44,351         7,158                                                       5,914
   285                                    11,500        13,368        25,500           500
   286                                     7,568           254        29,519           177             6,357           765
   287                                    28,523        11,258                       1,268
   288                                                                                 128             4,600
   289                                     4,419         9,973                         139             8,324           694
   290                     250,000        14,578         2,098                         338            12,154
   291                                    11,146         3,805       200,000           917
   292   #VALUE!       #VALUE!             3,413         1,105
   293                                     7,027         5,555                         217
   294                                     5,200           367                          78                             480
   295                                                                               1,007
   296                                                   1,040                          84
   297                                    18,968         3,706
   298                                     8,481
   299                                    17,821           849                         107             3,848           570
   300
   301
   302                      50,000        46,865           190                         180             4,313
   303                      40,000        12,341           818                         104
   304                                    11,640         2,449                         226
   305                                    11,970         1,006                          97                           1,087
   306                                     8,052         6,985
   307                                    16,375         1,442                         158                           1,181
   308                                     5,968         5,090                       2,759
   309                                    45,223         7,764
   310                                    13,922         1,272                          78
   311                                     3,379           184
   312         3,750        28,125         5,512                      40,250                           3,750
   313                                     8,878           523                          76                             616
   314
   315                                     8,200         3,393                         688            16,500
   316                                     8,439           370        40,000           492            18,000         2,113
   317                                    15,629         4,058                         600            28,800
   318
   319
   320                                     7,929         1,052                         368
   321
   322                                     5,355         1,258                          99                             529
   323                                     1,905                                        64
   324                                     7,158           318                         150                             820
   325                                     2,095           323                          33             1,200           333
   326

<CAPTION>
         Monthly           Monthly       Monthly       Monthly
         TI/LC             RE Tax        Ins.          Other         Grace     Grace
Loan #   Reserve Cap ($)   Reserve ($)   Reserve ($)   Reserve ($)   to Late   to Default
------   ---------------   -----------   -----------   -----------   -------   ----------
<S>      <C>               <C>           <C>           <C>           <C>       <C>
     1         1,146,000       133,849                                     0            0
     2           250,000       108,096        22,159                       0            0
     3           678,910       110,539         9,108                       0            0
     4                          29,496                                     0            0
     5                                                                     5            5
     6                         100,780        14,387                       0            0
     7                          17,937         4,723                       0            0
     8                          24,122         6,409                       0            0
     9                                                                     0            0
    10                          53,632         5,787                       5            5
    11                                                                     0            0
 11.01
 11.02
 11.03
 11.04
 11.05
 11.06
 11.07
 11.08
 11.09
 11.10
 11.11
 11.12
 11.13
 11.14
 11.15
 11.16
 11.17
 11.18
 11.19
 11.20
 11.21
 11.22
 11.23
 11.24
 11.25
 11.26
 11.27
 11.28
 11.29
 11.30
 11.31
 11.32
 11.33
 11.34
 11.35
 11.36
 11.37
 11.38
 11.39
 11.40
 11.41
 11.42
 11.43
 11.44
 11.45
 11.46
 11.47
 11.48
 11.49
 11.50
 11.51
 11.52
 11.53
 11.54
 11.55
 11.56
 11.57
 11.58
 11.59
 11.60
 11.61
 11.62
    12           170,079        19,543         2,621                       0            0
    13                                                                     0            0
    14                          78,150        21,290                       5            5
  14.1
  14.2
    15                          28,431                                     0            0
                                              17,854                       5            5
    16                                         8,521                       5            5
    17                                         6,400                       5            5
    18                                         2,933                       5            5
    19                          19,480                                     0            0
    20                          57,131        21,944                       5            5
    21           111,730         5,610         3,357                       0            0

    22           150,000        23,520         1,183                       5            0
    23                          46,727        25,000                       5            5
    24                          12,711         2,638                       0            0

    25                                                                     5            5
    26           439,290        12,643         2,161                       0            0
    27            30,082         8,412         1,278                       0            0
    28           236,037                                                   0            0
    29            18,000        33,173         4,484                       0            0
    30                          14,710         4,990                       0            0
    31                                                                     5   5 (once per calendar year)
    32           120,000        23,446         6,534                       0            0
  32.1
  32.2
  32.3
  32.4
  32.5
    33           250,000        12,685         1,979                       0            0
    34                                                                     0            0
    35                          31,616         1,362                       0            0
  35.1
  35.2
  35.3
    36                          22,150         2,055                       0            0
    37                           5,761         1,806                       0            0
    38                           6,023           968                       0            0
    39                          39,903                                     0           10
  39.1
  39.2
  39.3
    40            44,883        14,784                                     0            0

    41           100,000        10,953                                     5            5
    42                                                                     0            0
    43                          13,920         2,862                       0            0
    44                          21,593         5,358                       0            0
    45            69,461        10,730         4,205                       0            0
    46                          12,287         3,329                       5            5
    47           467,345         6,957         1,819                       0            0
    48                          59,583        18,831                       0            0
    49                          13,140         4,957                       0            0
    50                          10,081         2,838                       0            0
    51           700,000         7,710         2,098                       0            0
    52                          10,392                                     0            0
    53                           9,957                                     0            0
    54                          15,052         2,892                       0            0
    55           300,000        19,357         2,133                       0            0
    56                          14,165         1,453                       0            0
    57                          13,669         8,461                       0            0
    58                           2,811         2,091                       0            0
    59                                                                     0            0
    60                          32,767         9,042                       5            5
    61            60,000                                                   5            5
    62           300,000        35,523         2,748                       5            5
    63            97,200         5,229         1,049                       0            0
    64                          18,429         6,927                       0            0
    65                          12,514         4,794                       0            0
  65.1
  65.2
  65.3
  65.4
  65.5
  65.6
  65.7
  65.8
    66                           5,600         4,546                       0            0
  66.1
  66.2
  66.3
    67                           1,281         1,322                       0            0
    68                          17,067         8,306                       5            5
    69         1,200,000         5,448         1,603                       0            0
    70                          37,500         5,826                       0            0
    71                                                                     5            5
    72           500,000         5,404         2,132                       0            0
    73                                           972                       0            0
    74           400,000        15,035         1,643                       5            5
    75                          12,269         2,246                       0            0
    76                          18,400         1,406                       5            5
    77                          15,723         4,927                       5            5
    78                                                                     0            0
    79                          10,223                                     0            0
  79.1
  79.2
    80                                         3,673                       0            0
    81           100,000         8,382                                     0            0
    82           200,000        14,210         3,181                       5            5
    83                          11,917         3,904                       5            5
    84                           8,080         1,174                       0            0
    85           250,000         6,682         2,133                       0            0
    86                           2,455                                     0            0
    87           175,000         9,258         1,702                       5            5
    88                          10,604                                     0            0
    89                          11,277           951                       0            0
    90           120,000         7,165         1,191                       5            5
    91                          10,175         2,012                       0            0
    92                          17,204         3,491                       0            0
    93                           5,019         2,592                       0            0
    94                                                                     0            0
    95                           7,373                                     0            0
    96                          11,731         1,557                       0            0
    97                           5,131         1,257                       0            0
    98                                                                     0            0
    99            83,250         7,091           898                       0            0
   100                                                                     0            0
   101                           4,327         3,530                       0            0
   102                                                                     5            5
   103            61,200        15,344           683                       0            0
   104           150,000        12,184         1,593                       0            0
 104.1
 104.2
 104.3
 104.4
 104.5
   105           150,000         8,625         1,309                       5            5
   106           150,000         8,023           759                       5            5
   107                                                                     5            5
   108                           5,066           979                       0            0
   109           350,000        16,017         4,295                       0            0
   110                                                                     0            0
   111           100,000         4,824           818                       0            0
   112                                                                     0            0
   113                          10,121         1,110                       5            5
   114                           9,861           989                       0            0
   115           101,702         6,269         1,977                       0            0
   116            75,000         6,442         1,775                       0            0
   117                          13,503         2,259                       0            0
   118                                                                     0            0
   119                           3,164           535                       0            0
   120                                                                     0            0
   121                          10,574         2,933                       0            0
   122           100,000         9,700           833                       5            5
   123            76,815         4,939         1,124                       0            0

   124           150,000         7,930         2,404                       0            0
   125                           2,975         2,158                       0            0
   126            50,000         3,836           903                       5            5
   127            93,712         8,613           871                       0            0
   128                           7,876                                     0            0
   129           252,380        12,773         2,101                       0            0
   130                           7,301           713                       0            0
   131                           8,608         1,005                       0            0
   132                           6,943                                     0            0
   133                           4,543         1,317                       5            5
   134                          15,112           621                       0            0
   135           230,185         5,818           551                       0            0
   136            68,964         3,025         1,669                       0            0
   137           144,000        12,285           595                       5            5
   138                           7,679                                     0            0
 138.1
 138.2
   139                                                                     0            0
   140                           4,050         2,042                       0            0
   141            80,000         4,756           571                       5            5
   142           147,287         1,366           864                       0            0
   143                           9,739         2,695                       0            0
   144                                                                     0            0
   145                           5,632         2,792                       0            0
   146            80,513         3,833         1,619                       0            0
   147                           8,509         2,631                       0            0
   148            11,025        10,256           447                       0            0
   149                          10,873                                     0            0
   150           300,000         6,720         1,228                       0            0
   151                           4,147           993                       5            5
   152           250,000         4,766           989                       0            0
 152.1
 152.2
 152.3
   153                           6,244         3,415       1988.68         0            0
   154                          12,684         2,022                       0            0
   155                          10,950        11,144        922.92         0            0
   156           100,000         7,694           523                       0            0
   157                                                                     0            0
   158                           8,587         1,254                       5            5
   159            50,000         6,834           843                       0            0
                  80,000         7,134           737                       5            5
   160            40,000         3,899           394                       5            5
   161            40,000         3,235           343                       5            5
   162                           6,314         1,015                       0            0
   163                           4,528         1,069                       0            0
   164            50,000         1,225           502                       0            0
   165                           6,667                                     5            5
   166                           6,988           635                       0            0
   167                           8,348                                     5            5
   168                           8,000         1,281                       0            0
   169           350,000         4,678                                     0            0
   170                           4,033         1,748                       0            0
   171                           2,292           360                       0            0
   172                          16,103         2,188                       0            0
   173            82,508         2,189         2,808                       0            0
   174                          13,107         1,312                       5            5
 174.1
 174.2
 174.3
 174.4
   175                           8,701         8,690                       0            0
   176            63,375         2,393         1,189                       0            0
   177                           3,595                                     0            0
   178                          10,927         7,268                       0            0
   179                           7,104         1,750                       5            5
   180                                         2,889                       0            0
   181                           4,604         2,040                       0            0
   182                          33,355                                     0            0
   183                           5,741         1,195                       0            0
   184                           3,500         2,774                       5            5
   185                                                                     0            0
   186           400,000        12,533           697                       0            0
   187           412,536         2,685           743                       0            0
   188                                                                     0            0
   189                           5,000         1,671                       5            5
   190                           5,314         1,751                       0            0
   191            75,000         3,429         1,420                       0            0
   192           150,000         8,449           663                       5            0
   193                           5,185           847                       0            0
   194                           5,763         1,358                       5            5
   195                           2,702           709                       5            5
   196                                                                     0            0
 196.1
 196.2
 196.3
   197           180,000         5,346           384                       5            5
   198                           5,180         1,158                       0            0
   199           240,000         3,467           643                       0            0
   200            70,000         3,250           910                       0            0
   201                           8,686         1,347                       0            0
   202                                                                     0            0
   203                           3,354           712                       0            0
   204            80,912         3,913           318                       0            0
   205                           3,582         1,991                       0            0
   206            50,000           792           317                       5            5
   207            24,948           753           840                       0            0
   208                           6,000         4,999                       0            0
   209                           6,413         3,149                       0            0
   210                           5,522         1,162                       0            0
   211                                                                     5            5
   212            88,374         8,489           302                       0            0
   213                                                                     0            0
   214                           7,924         4,616                       0            0
   215                                                                     0            0
   216                           7,941         1,770                       5            5
   217                                           150                       0            0
   218                          16,700         2,692                       0            0
   219                          11,259           663                       0            0
   220                          11,118           903                       0            0
   221            48,715         1,216           485                       0            0
   222            73,206           750         1,252                       0            0
   223            90,000         2,443           417                       5            5
   224           120,000         1,348           357                       5            5
   225            36,000         5,070           537                       5            5
   226                           7,336           925                       0            0
   227            29,569         3,708           467                       0            0
   228                           2,150           222                       0            0
   229                           3,686           665                       0            0
   230                             452           217                       0            0
   231            65,000         2,023           743                       0            0
   232                          11,079         1,752                       0            0
   233            75,000         4,425         1,081                       5            5
   234                           4,582         1,095                       0            0
   235                           1,929           525                       0            0
   236           119,030         3,888           477                       0            0
   237                           4,141           875                       0            0
   238                           3,158           927                       0            0
   239                           5,444         1,912                       0            0
   240            20,000         3,270           607                       5            5
   241                           9,178           499                       0            0
   242                           5,620         4,911                       0            0
   243                                                                     0            0
   244                           1,592           966                       0            0
   245                           3,337         3,292                       0            0
 245.1
 245.2
   246                           2,896           431                       0            0
   247            36,000         3,308           183                       5            5
   248                           2,517           594                       0            0
   249                           4,071                                     0            0
   250                                                                     0            0
   251            12,204         2,469           154                       0            0
   252                           4,954           657                       0            0
   253            46,785         1,404         1,411                       0            0
 253.1
 253.2
   254                           4,294         1,697                       0            0
   255                           3,515           789                       0            0
   256                           3,811                                     0            0
   257                           1,574         1,226                       0            0
   258            22,992         1,972         1,236                       0            0
   259                           2,934         1,633                       0            0
   260                           2,774         2,252                       5            5
   261                           2,161         1,870                       0            0
   262                           1,701           408                       0            0
   263            30,000                                                   5            5
   264            25,000         1,347           295                       0            0
   265                           2,694           818                       0            0
   266                                                                     5            5
   267                           2,429         1,411                       0            0
   268                           3,566         2,015                       0            0
   269           150,000         4,292           411                       0            0
   270                           2,250         1,586                       0            0
   271                           2,698         1,364                       0            0
   272            30,000                                                   5            5
   273                                         1,922                       5            5
   274                           4,962                                     0            0
   275            20,000         1,742           208                       0            0
   276                           4,725         2,813                       5            5
   277                                                                     0            0
   278            65,000         5,491           739                       0            0
   279                           1,634         1,156                       0            0
   280                           2,503           629                       0            0
   281            32,588         1,280           286                       0            0
   282                           3,499           245                       0            0
   283                                           137                       0            0
   284            44,351         1,304                                     0            0
   285                           1,917         1,671                       0            0
   286            50,000         1,261           127                       0            0
   287                           4,075         3,753                       0            0
   288                                                                     0            0
   289            41,618         1,473           831                       0            0
   290                           4,859           699                       0            0
   291                           5,573         1,268                       5            5
   292            52,500         3,413           276                       0            0
   293                             586           694                       0            0
   294                           2,600           184                       0            0
   295                                                                     5            5
   296                                           520                       0            0
   297                           2,710           529                       0            0
   298                           2,120                                     0            0
   299            20,000         2,063           424                       0            0
   300                                                                     0            0
   301                                                                     0            0
   302            50,000         6,695           190                       5            5
   303            40,000         2,468           409                       0            0
   304                          11,640           408                       0            0
   305                           2,394           503                       0            0
   306                           2,684           635                       0            0
   307                           3,275           721                       0            0
   308                           1,492         2,545                       0            0
   309                           5,653           776                       0            0
   310                           2,784           636                       0            0
   311                           1,689            92                       0            0
   312                           1,378                                     0            0
   313                           1,776           261                       0            0
   314                                                                     5            5
   315                           1,367         1,131                       5            5
   316            75,000         4,220           185                       0            0
   317                           5,210           507                       0            0
   318                                                                     5            5
   319                                                                     5            5
   320                           1,322           175                       0            0
   321                                                                     5            5
   322                             669           157                       0            0
   323                           1,905                                     0            0
   324                           1,193           318                       0            0
   325                             698           323                       0            0
   326                             557           373                      10           30
</TABLE>

<PAGE>

                                   SCHEDULE II

      LIST OF MORTGAGE LOANS WITH SECURED CREDITOR ENVIRONMENTAL INSURANCE

                                    POLICIES

          Loan Number                       Property Name
     --------------------  -------------------------------------------------
             N/A                                N/A

<PAGE>

                                  SCHEDULE III

                                   [RESERVED]

<PAGE>

                                  SCHEDULE IV

                  CLASS A-SB PLANNED PRINCIPAL BALANCE SCHEDULE

<TABLE>
<CAPTION>
Distribution   Principal Balance ($)   Distribution   Principal Balance ($)   Distribution   Principal Balance ($)
------------   ---------------------   ------------   ---------------------   ------------   ---------------------
<S>            <C>                     <C>            <C>                     <C>            <C>
07/2007        $      102,775,000.00   11/2010        $      102,775,000.00   03/2014        $       65,763,819.43
08/2007        $      102,775,000.00   12/2010        $      102,775,000.00   04/2014        $       64,087,045.73
09/2007        $      102,775,000.00   01/2011        $      102,775,000.00   05/2014        $       62,207,392.46
10/2007        $      102,775,000.00   02/2011        $      102,775,000.00   06/2014        $       60,498,179.57
11/2007        $      102,775,000.00   03/2011        $      102,775,000.00   07/2014        $       58,590,977.35
12/2007        $      102,775,000.00   04/2011        $      102,775,000.00   08/2014        $       56,863,506.15
01/2008        $      102,775,000.00   05/2011        $      102,775,000.00   09/2014        $       55,127,310.36
02/2008        $      102,775,000.00   06/2011        $      102,775,000.00   10/2014        $       53,193,863.51
03/2008        $      102,775,000.00   07/2011        $      102,775,000.00   11/2014        $       51,439,140.06
04/2008        $      102,775,000.00   08/2011        $      102,775,000.00   12/2014        $       49,487,672.50
05/2008        $      102,775,000.00   09/2011        $      102,775,000.00   01/2015        $       47,714,236.45
06/2008        $      102,775,000.00   10/2011        $      102,775,000.00   02/2015        $       45,931,843.23
07/2008        $      102,775,000.00   11/2011        $      102,775,000.00   03/2015        $       43,579,493.92
08/2008        $      102,775,000.00   12/2011        $      102,775,000.00   04/2015        $       41,776,235.52
09/2008        $      102,775,000.00   01/2012        $      102,775,000.00   05/2015        $       39,777,561.04
10/2008        $      102,775,000.00   02/2012        $      102,775,000.00   06/2015        $       37,959,022.45
11/2008        $      102,775,000.00   03/2012        $      102,775,000.00   07/2015        $       35,946,131.91
12/2008        $      102,775,000.00   04/2012        $      102,775,000.00   08/2015        $       34,108,247.77
01/2009        $      102,775,000.00   05/2012        $      102,774,810.78   09/2015        $       32,261,080.67
02/2009        $      102,775,000.00   06/2012        $      101,343,863.56   10/2015        $       30,220,344.92
03/2009        $      102,775,000.00   07/2012        $       99,665,605.93   11/2015        $       28,353,546.47
04/2009        $      102,775,000.00   08/2012        $       98,170,665.93   12/2015        $       26,293,716.49
05/2009        $      102,775,000.00   09/2012        $       96,668,175.03   01/2016        $       24,407,090.73
06/2009        $      102,775,000.00   10/2012        $       94,961,033.07   02/2016        $       22,510,935.35
07/2009        $      102,775,000.00   11/2012        $       93,437,044.55   03/2016        $       20,239,901.21
08/2009        $      102,775,000.00   12/2012        $       91,714,112.92   04/2016        $       18,322,709.21
09/2009        $      102,775,000.00   01/2013        $       90,173,728.51   05/2016        $       16,213,864.50
10/2009        $      102,775,000.00   02/2013        $       88,625,562.83   06/2016        $       14,276,342.14
11/2009        $      102,775,000.00   03/2013        $       86,498,193.66   07/2016        $       12,147,723.33
12/2009        $      102,775,000.00   04/2013        $       84,931,477.98   08/2016        $       10,189,667.64
01/2010        $      102,775,000.00   05/2013        $       83,166,988.31   09/2016        $        8,221,720.86
02/2010        $      102,775,000.00   06/2013        $       81,578,089.41   10/2016        $        6,103,510.05
03/2010        $      102,775,000.00   07/2013        $       79,790,915.88   11/2016        $        4,114,914.98
04/2010        $      102,775,000.00   08/2013        $       78,184,969.65   12/2016        $        1,974,834.85
05/2010        $      102,775,000.00   09/2013        $       76,570,911.35   01/2017        $              821.26
06/2010        $      102,775,000.00   10/2013        $       74,759,266.81   02/2017        $                   -
07/2010        $      102,775,000.00   11/2013        $       73,127,910.01
08/2010        $      102,775,000.00   12/2013        $       71,299,440.26
09/2010        $      102,775,000.00   01/2014        $       69,650,612.26
10/2010        $      102,775,000.00   02/2014        $       67,993,455.19
</TABLE>

<PAGE>

                                   SCHEDULE V

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

<TABLE>
<CAPTION>
Subservicer                                            Property Name

<S>                                                    <C>
Laureate Capital LLC                                   Westbury Financial Park Building
                                                       Econo Lodge - Brunswick, GA
                                                       Oak Mountain Lodge
                                                       Sleep Inn - Greenville, SC
                                                       Rite-Aid Frostburg
Columbia National Real Estate Finance, LLC             Lewis Portfolio
                                                       Greenspring Valley Office Center
CBRE Melody of Texas, LP                               Demag Industrial
                                                       Krauss Maffei Industrial
                                                       Melissa Shopping Center
                                                       Village Commons - Corinthian College
NorthMarq Capital, Inc.                                Brea Imperial Center
                                                       Rite Hite Holding Company
                                                       Expo Center
                                                       Cloverdale Apartments2
                                                       Mountain View Retail Center
                                                       Retreat Village Shopping Center
                                                       Guardian Storage OF & WP
                                                       Vineyard Plaza
                                                       Eastern Heights Plaza
Collateral Mortgage Capital, LLC                       Watson Lake Center
Red Mortgage Capital, Inc.                             Renaissance III Retail
                                                       Bestland Independent Living
Capmark Finance Inc.                                   One Pacific Plaza
                                                       Carlsbad Corporate Plaza
</TABLE>

<PAGE>

                                   SCHEDULE VI

                        LIST OF MORTGAGE LOANS REQUIRING
                        OPERATIONS AND MAINTENANCE PLANS

    Mortgage Loan Seller                            Loan Name
-------------------------------  -----------------------------------------------
            MLML                                  Lompoc Retail
            MLML                            Schooner Cove Apartments
            MLML                                    Old Glory
            MLML                              Millbridge Apartments
            MLML                                 3625 Cincinnati
            MLML                             Maple Plain Industrial
            MLML                                  Encore Office
            MLML                               DHL Industrial Park
         Countrywide                              Willow Green
         Countrywide                             150 Bay Street
         Countrywide                            Parkview Village
         Countrywide                          Brea Imperial Center
         Countrywide                             Mallard Pointe
         Countrywide                         Lakes at Stone Mountain
         Countrywide                             Lewis Portfolio
         Countrywide                            Demag Industrial
         Countrywide                            Rekucki Portfolio
         Countrywide                          Country Club Village
         Countrywide                     Eastmark at Wolfpen Apartments
         Countrywide                             El Dorado Plaza
         Countrywide                       Briar Hills Office Building
         Countrywide                              Santee Alley
         Countrywide                         Shaw Blackstone Center
         Countrywide                      Murphy - Sandpiper Apartments
         Countrywide                           Dauphine Apartments
         Countrywide                      222 S Tower Drive Apartments
         Countrywide                            3300 Pennsy Drive
         Countrywide                         Guthrie Medical Clinic
         Countrywide                   East Sunrise Retail - Sayville, NY
         Countrywide                                Esplanade
         Countrywide                       JoPa Mobile Home Community
         Countrywide                       Waterside Apartments- Tampa
         Countrywide                           UCLA Medical Office
         Countrywide                        Webster Court Apartments
         Countrywide                       Bestland Independent Living
         Countrywide                          Hull Student Housing
         Countrywide                        French Quarter Apartments
         Countrywide                    Greenspring Valley Office Center
         Countrywide                             Woodlands Apts
         Countrywide                              EDC Building
         Countrywide                              Debbie Manor
           Artesia                              Orchard Plaza I-IV
           Artesia                         Kent Central Commerce Center
           Artesia                           Cedar Springs Apartments
           Artesia                                Langhorne Road
           Artesia                        Anchor Motor Inn - Bayside, NY
           Artesia                        Oaks and Silver Oaks Apartments
           Artesia                            Division Street Centre
          PNC Bank                           Market Square - Lakeland
          PNC Bank                               Latta Road Plaza
          PNC Bank                                 Potsdam Plaza
          PNC Bank                            Shadow Wood Apartments
          PNC Bank                   Columbia Court & Frazee Avenue Apartments
          PNC Bank                               Lakewood Gardens
          PNC Bank                               Laurel Apartments
          PNC Bank                                 Alamo Towers

<PAGE>

                                  SCHEDULE VII

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

                                      None

<PAGE>

                                   EXHIBIT A-1

                             FORM OF CLASS A-l, A-2,
                         A-SB, A-4 AND A-1A CERTIFICATES

                     ML-CFC COMMERCIAL MORTGAGE TRUST 2007-7
                    CLASS [A-l] [A-2] [A-SB] [A-4] AND [A-1A]
           COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE, SERIES 2007-7

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.

<TABLE>
<CAPTION>
<S>                                                    <C>
Pass-Through Rate: [______% per annum] [Variable]      Initial Certificate Principal Balance of this
                                                       Certificate as of the Closing Date: $_______________

Date of Pooling and Servicing Agreement: June 1, 2007  Class Principal Balance of all the Class [A-l]
                                                       [A-2] [A-SB] [A-4] [A-1A] Certificates as of the
                                                       Closing Date: $_______________

Closing Date: June 13, 2007                            Aggregate unpaid principal balance of the Mortgage
                                                       Pool as of the Cut-off Date, after deducting
First Distribution Date: July 13, 2007                 payments of principal due on or before such date
                                                       (the "Initial Pool Balance"): $2,785,502,677

Master Servicers: Midland Loan Services, Inc. and      Trustee and Custodian: LaSalle Bank National
Wachovia Bank, National Association                    Association

Special Servicer: Midland Loan Services, Inc.

Certificate No.: [A-1] [A-2] [A-SB] [A-4] [A-1A]-___   CUSIP No.: ______

                                                       ISIN No.:
</TABLE>

<PAGE>

[FOR BOOK ENTRY CERTIFICATES:] UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK
CORPORATION ("DTC"), TO THE DEPOSITOR, THE CERTIFICATE REGISTRAR, THE TRUSTEE OR
ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A) ANY
RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR
(B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR ANY
INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH
ASSETS OF ANY SUCH RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR
ARRANGEMENT, 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., MIDLAND LOAN SERVICES, INC. AND WACHOVIA BANK,
NATIONAL ASSOCIATION, LASALLE BANK NATIONAL ASSOCIATION OR ANY OF THEIR
RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE MORTGAGE LOANS ARE
GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER
PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.

THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ABOVE.

            This certifies that [CEDE & CO.][__________] is the registered owner
of the Percentage Interest evidenced by this Certificate (obtained by dividing
the principal balance of this Certificate (its "Certificate Principal Balance")
as of the Closing Date by the aggregate principal balance of all the
Certificates of the same Class as this Certificate (their "Class Principal
Balance") as of the Closing Date) in that certain beneficial ownership interest
in the Trust evidenced by all the Certificates of the same Class as this
Certificate. The Trust was created and the Certificates were issued pursuant to
a Pooling and Servicing Agreement, dated as specified above (the "Agreement"),
between Merrill Lynch Mortgage Investors, Inc., as depositor (the "Depositor",
which term includes any successor entity under the Agreement), Midland Loan
Services, Inc. and Wachovia Bank, National Association, as master servicers
(each, a "Master Servicer" and collectively, the "Master Servicers", 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
and custodian (in such capacities, the "Trustee" and "Custodian", respectively,
which terms include any successor entities 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 fourth Business Day after the related Determination Date of any given
month (each, a "Distribution Date"). Distributions will be made commencing on
the first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the last Business Day of
the month immediately preceding the month of such distribution (the "Record
Date"), in an amount equal to the product of the Percentage Interest evidenced
by this Certificate and the amount required to be distributed pursuant to the
Agreement on the applicable Distribution Date in respect of the Class of
Certificates to which this Certificate belongs; provided that the initial Record
Date will be the Closing Date. All distributions made under the Agreement in
respect of this Certificate will be made by the Trustee by wire transfer in
immediately available funds to the account of the Person entitled thereto at a
bank or other entity having appropriate facilities therefor, if such
Certificateholder shall have provided the Trustee with written wiring
instructions no less than five (5) Business Days prior to (or, in the case of
the first such distribution, no later than) the Record Date for such
distribution (which wiring instructions may be in the form of a standing order
applicable to all subsequent distributions as well), or otherwise by check
mailed to the address of such Certificateholder appearing in the Certificate
Register. Notwithstanding the above, the final distribution in respect of this
Certificate (determined without regard to any possible future reimbursement of
any Realized Loss or Additional Trust Fund Expense previously allocated to this
Certificate) will be made after due notice by the Trustee of the pendency of
such distribution and only upon presentation and surrender of this Certificate
at the offices of the Certificate Registrar appointed as provided in the
Agreement or such other location as may be specified in such notice. Also
notwithstanding the foregoing, any distribution that may be made with respect to
this Certificate in reimbursement of any Realized Loss or Additional Trust Fund
Expense previously allocated to this Certificate, which reimbursement is to
occur after the date on which this Certificate is surrendered as contemplated by
the preceding sentence, will be made by check mailed to the address of the
Holder that surrenders this Certificate as such address last appeared in the
Certificate Register or to any such other address of which the Trustee is
subsequently notified in writing.

            Any distribution to the Holder of this Certificate in reduction of
the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

            The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Collection Accounts, the Distribution Account
and, if established, the Pool REO Account may be made from time to time for
purposes other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such advances and expenses.

            The Certificates are issuable in fully registered form only without
coupons in minimum denominations specified in the Agreement. As provided in the
Agreement and subject to certain limitations therein set forth, the Certificates
are exchangeable for new Certificates of the same Class in authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

            As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized denominations evidencing the same aggregate Percentage
Interest will be issued to the designated transferee or transferees.

            No service charge will be imposed for any registration of transfer
or exchange of Certificates, but the Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of
Certificates.

            [FOR BOOK ENTRY CERTIFICATES:] Notwithstanding the foregoing, for so
long as this Certificate is registered in the name of Cede & Co. or in such
other name as is requested by an authorized representative of DTC, transfers of
interests in this Certificate shall be made through the book-entry facilities of
DTC.

            The Holder of this Certificate, by its acceptance hereof, shall be
deemed to have agreed to keep confidential any information it obtains from the
Trustee (except that such Holder may provide any such information obtained by it
to any other Person that holds or is contemplating the purchase of this
Certificate or an interest herein, provided that such other Person confirms in
writing such ownership interest or prospective ownership interest and agrees to
keep such information confidential).

            Prior to due presentment of this Certificate for registration of
transfer, the Depositor, the Master Servicers, the Special Servicer, the
Trustee, the Certificate Registrar and any agent of any of them may treat the
Person in whose name this Certificate is registered as of the related Record
Date as the owner hereof for the purpose of receiving distributions pursuant to
the Agreement and may treat the person in whose name this Certificate is
registered as of the relevant date of determination as owner of this Certificate
for all other purposes whatsoever, and none of the Depositor, the Master
Servicers, the Special Servicer, the Trustee, the Certificate Registrar or any
such agent shall be affected by notice to the contrary.

            Subject to certain terms and conditions set forth in the Agreement,
the Trust and the obligations created by the Agreement shall terminate upon
distribution (or provision for distribution) to the Certificateholders of all
amounts held by or on behalf of the Trustee and required to be distributed to
them pursuant to the Agreement following the earlier to occur of (i) the final
payment (or any advance with respect thereto) on or other liquidation of the
last Mortgage Loan or REO Property remaining in the Trust, (ii) the purchase by
either Master Servicer, the Special Servicer or the Plurality Subordinate
Certificateholder at a price determined as provided in the Agreement of all
Mortgage Loans and any REO Properties (or, if specified in the Agreement with
respect to any REO Property, the Trust's interests therein) remaining in the
Trust and (iii) the exchange by the holder of certain remaining outstanding
Classes of Certificates (as described below) for all the Mortgage Loans and REO
Properties (or, if specified in the Agreement with respect to any REO Property,
the Trust's interests therein) in the Trust. The Agreement permits, but does not
require, either Master Servicer, the Special Servicer or the Plurality
Subordinate Certificateholder to purchase from the Trust all Mortgage Loans and
any REO Properties (or, if specified in the Agreement with respect to any REO
Property, the Trust's interests therein) remaining therein. The exercise of such
right will effect early retirement of the Certificates; however, such right to
purchase is subject to the aggregate Stated Principal Balance of the Mortgage
Pool at the time of purchase being less than approximately 1.0% of the Initial
Pool Balance. In addition, following the date on which the total principal
balance of the Class A-l, Class A-2, Class A-2FL, Class A-3FL, Class A-SB, Class
A-4, Class A-4FL, Class A-1A, Class AM, Class AM-FL, Class AJ, Class AJ-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 Y, Class Z,
Class R-I and Class R-II Certificates) may, subject to such other conditions as
may be set forth in the Agreement, exchange those Certificates for all Mortgage
Loans and REO Properties (or, if specified in the Agreement with respect to any
REO Property, the Trust's interests therein) remaining in the Trust Fund at the
time of the exchange.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof, and the modification of the rights and obligations of the
Depositor, the Master Servicers, the Special Servicer, the Custodian and the
Trustee thereunder and the rights of the Certificateholders thereunder, at any
time by the Master Servicers, the Special Servicer, the Custodian and the
Trustee with the consent of the Holders of Certificates entitled to at least
66-2/3% of the Voting Rights. Any such consent by the Holder of this Certificate
shall be conclusive and binding on such Holder and upon all future Holders of
this Certificate and of any Certificate issued upon the transfer hereof or in
exchange herefor or in lieu hereof whether or not notation of such consent is
made upon this Certificate. The Agreement also permits the amendment thereof, in
certain circumstances, including any amendment necessary (i) to maintain the
status of each of REMIC I and REMIC II as a REMIC and (ii) to maintain the
status, and facilitate the administration of, each Grantor Trust as a "grantor
trust" under federal income tax law, in the case each of clause (i) and (ii) of
this sentence without the consent of the Holders of any of the Certificates.

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

            The registered Holder hereof, by its acceptance hereof, agrees that
it will look solely to the Trust (to the extent of its rights therein) for
distributions hereunder.

            This Certificate shall be construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed
in said State, without applying any conflicts of law principles of such state
(other than the provisions of Section 5-1401 of the New York General Obligations
Law), and the obligations, rights and remedies of the Holder hereof shall be
determined in accordance with such laws.

<PAGE>

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

                                       LASALLE BANK NATIONAL
                                          ASSOCIATION, as Certificate
                                          Registrar

                                       By:____________________________________
                                          Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

            This is one of the Class [A-1] [A-2] [A-SB] [A-4] [A-1A]
Certificates referred to in the within-mentioned Agreement.

Dated: June 13, 2007

                                       LASALLE BANK NATIONAL
                                          ASSOCIATION, as
                                          Authenticating Agent

                                       By:____________________________________
                                          Authorized Officer

<PAGE>

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s),
            assign(s) and transfer(s) unto

            (please print or typewrite name and address including
            postal zip code of assignee)

the beneficial ownership interest in the Trust evidenced by the within
Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to the above named assignee on the
Certificate Register of the Trust.

            I (we) further direct the issuance of a new Commercial Mortgage
            Pass-Through Certificate of a like Percentage Interest and Class to
            the above named assignee and delivery of such Commercial Mortgage
            Pass-Through Certificate to the following address:

Dated:

                                  ______________________________________________
                                         Signature by or on behalf of
                                                   Assignor

                                  ______________________________________________
                                             Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

            The assignee should include the following for purposes of
            distribution:

            Distributions shall, if permitted, be made by wire transfer or
            otherwise, in immediately available funds, to for the account of .

            Distributions made by check (such check to be made payable
            to                  ) and all applicable statements and notices
            should be mailed to

                  .

            This information is provided by _____________________________, the
            assignee named above, or _____________________________, as its
            agent.

<PAGE>

                                   EXHIBIT A-2

                                   [RESERVED]

<PAGE>

                                   EXHIBIT A-3

                          FORM OF CLASS X CERTIFICATES

                     ML-CFC COMMERCIAL MORTGAGE TRUST 2007-7
              CLASS X COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,

                                  SERIES 2007-7

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.

<TABLE>
<S>                                                    <C>
Pass-Through Rate: Variable                            Initial Certificate Notional Amount of this
                                                       Certificate as of the Closing Date: $_______________

Date of Pooling and Servicing Agreement: June 1, 2007  Original Class X Notional Amount of all the Class X
                                                       Certificates as of the Closing Date:
                                                       $_______________

Closing Date: June 13, 2007                            Aggregate unpaid principal balance of the Mortgage
First Distribution Date: July 13, 2007                 Pool as of the Cut-off Date, after deducting
                                                       payments of principal due on or before such date
                                                       (the "Initial Pool Balance"): $2,785,502,677

Master Servicers: Midland Loan Services, Inc. and      Trustee and Custodian: LaSalle Bank National
Wachovia Bank, National Association                    Association

Special Servicer: Midland Loan Services, Inc.
Certificate No.: X -___                                CUSIP No.: __________

                                                       ISIN No.:
</TABLE>

[FOR BOOK ENTRY CERTIFICATES:] UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK
CORPORATION ("DTC"), TO THE DEPOSITOR, THE CERTIFICATE REGISTRAR, THE TRUSTEE OR
ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A) ANY
RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR
(B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR ANY
INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH
ASSETS OF ANY SUCH RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR
ARRANGEMENT, 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., MIDLAND LOAN SERVICES, INC. AND WACHOVIA BANK,
NATIONAL ASSOCIATION, LASALLE BANK NATIONAL ASSOCIATION OR ANY OF THEIR
RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE MORTGAGE LOANS ARE
GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER
PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.

THE OUTSTANDING CERTIFICATE NOTIONAL AMOUNT HEREOF AT ANY TIME MAY BE LESS THAN
THE AMOUNT SHOWN ABOVE. THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE PRINCIPAL
BALANCE AND DOES NOT ENTITLE THE HOLDER HEREOF TO ANY DISTRIBUTIONS OF
PRINCIPAL. THE HOLDER HEREOF WILL BE ENTITLED TO DISTRIBUTIONS OF INTEREST
ACCRUED AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN ON
THE CERTIFICATE NOTIONAL AMOUNT OF THIS CERTIFICATE, WHICH AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ABOVE.

            This certifies that [CEDE & CO.][________] is the registered owner
of the Percentage Interest evidenced by this Certificate (obtained by dividing
the notional principal amount of this Certificate (its "Certificate Notional
Amount") as of the Closing Date by the aggregate notional principal amount of
all the Certificates of the same Class as this Certificate (their "Class
Notional Amount") as of the Closing Date) in that certain beneficial ownership
interest in the Trust evidenced by all the Certificates of the same Class as
this Certificate. The Trust was created and the Certificates were issued
pursuant to a Pooling and Servicing Agreement, dated as specified above (the
"Agreement"), between Merrill Lynch Mortgage Investors, Inc., as depositor (the
"Depositor", which term includes any successor entity under the Agreement),
Midland Loan Services, Inc. and Wachovia Bank, National Association, as master
servicers (each, a "Master Servicer" and collectively, the "Master Servicers",
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 and custodian (in such capacities, the "Trustee" and "Custodian",
respectively, which terms include any successor entities under the Agreement),
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 fourth Business Day after the related Determination Date of any given
month (each, a "Distribution Date"). Distributions will be made commencing on
the first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the last Business Day of
the month immediately preceding the month of such distribution (the "Record
Date"), in an amount equal to the product of the Percentage Interest evidenced
by this Certificate and the amount required to be distributed pursuant to the
Agreement on the applicable Distribution Date in respect of the Class of
Certificates to which this Certificate belongs; provided that the initial Record
Date will be the Closing Date. All distributions made under the Agreement in
respect of this Certificate will be made by the Trustee by wire transfer in
immediately available funds to the account of the Person entitled thereto at a
bank or other entity having appropriate facilities therefor, if such
Certificateholder shall have provided the Trustee with written wiring
instructions no less than five (5) Business Days prior to (or, in the case of
the first such distribution, no later than) the Record Date for such
distribution (which wiring instructions may be in the form of a standing order
applicable to all subsequent distributions as well), or otherwise by check
mailed to the address of such Certificateholder appearing in the Certificate
Register. Notwithstanding the above, the final distribution in respect of this
Certificate will be made after due notice by the Trustee of the pendency of such
distribution and only upon presentation and surrender of this Certificate at the
offices of the Certificate Registrar appointed as provided in the Agreement or
such other location as may be specified in such notice.

            The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Collection Accounts, the Distribution Account
and, if established, the Pool REO Account may be made from time to time for
purposes other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such advances and expenses.

            The Certificates are issuable in fully registered form only without
coupons in minimum denominations specified in the Agreement. As provided in the
Agreement and subject to certain limitations therein set forth, the Certificates
are exchangeable for new Certificates of the same Class in authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

            As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized denominations evidencing the same aggregate Percentage
Interest will be issued to the designated transferee or transferees.

            No service charge will be imposed for any registration of transfer
or exchange of Certificates, but the Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of
Certificates.

            Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

            The Holder of this Certificate, by its acceptance hereof, shall be
deemed to have agreed to keep confidential any information it obtains from the
Trustee (except that such Holder may provide any such information obtained by it
to any other Person that holds or is contemplating the purchase of this
Certificate or an interest herein, provided that such other Person confirms in
writing such ownership interest or prospective ownership interest and agrees to
keep such information confidential).

            Prior to due presentment of this Certificate for registration of
transfer, the Depositor, the Master Servicers, the Special Servicer, the
Trustee, the Certificate Registrar and any agent of any of them may treat the
Person in whose name this Certificate is registered as of the related Record
Date as the owner hereof for the purpose of receiving distributions pursuant to
the Agreement and may treat the person in whose name this Certificate is
registered as of the relevant date of determination as owner of this Certificate
for all other purposes whatsoever, and none of the Depositor, the Master
Servicers, the Special Servicer, the Trustee, the Certificate Registrar or any
such agent shall be affected by notice to the contrary.

            Subject to certain terms and conditions set forth in the Agreement,
the Trust and the obligations created by the Agreement shall terminate upon
distribution (or provision for distribution) to the Certificateholders of all
amounts held by or on behalf of the Trustee and required to be distributed to
them pursuant to the Agreement following the earlier to occur of (i) the final
payment (or any advance with respect thereto) on or other liquidation of the
last Mortgage Loan or REO Property remaining in the Trust, (ii) the purchase by
the Master Servicers, the Special Servicer or the Plurality Subordinate
Certificateholder at a price determined as provided in the Agreement of all
Mortgage Loans and any REO Properties (or, if specified in the Agreement with
respect to any REO Property, the Trust's interests therein) remaining in the
Trust and (iii) the exchange by the holder of certain remaining outstanding
Classes of Certificates (as described below) for all the Mortgage Loans and REO
Properties (or, if specified in the Agreement with respect to any REO Property,
the Trust's interests therein) in the Trust. The Agreement permits, but does not
require, the Master Servicers, the Special Servicer or the Plurality Subordinate
Certificateholder to purchase from the Trust all Mortgage Loans and any REO
Properties (or, if specified in the Agreement with respect to any REO Property,
the Trust's interests therein) remaining therein. The exercise of such right
will effect early retirement of the Certificates; however, such right to
purchase is subject to the aggregate Stated Principal Balance of the Mortgage
Pool at the time of purchase being less than approximately 1.0% of the Initial
Pool Balance. In addition, following the date on which the total principal
balance of the Class A-l, Class A-2, Class A-2FL, Class A-3FL Class A-SB, Class
A-4, Class A-4FL, Class A-1A, Class AM, Class AM-FL, Class AJ, Class AJ-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 Y, Class Z,
Class R-I and Class R-II Certificates) may, subject to such other conditions as
may be set forth in the Agreement, exchange those Certificates for all Mortgage
Loans and REO Properties (or, if specified in the Agreement with respect to any
REO Property, the Trust's interests therein) remaining in the Trust Fund at the
time of the exchange.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof, and the modification of the rights and obligations of the
Depositor, the Master Servicers, the Special Servicer, the Custodian and the
Trustee thereunder and the rights of the Certificateholders thereunder, at any
time by the Master Servicers, the Special Servicer, the Custodian and the
Trustee with the consent of the Holders of Certificates entitled to at least
66-2/3% of the Voting Rights. Any such consent by the Holder of this Certificate
shall be conclusive and binding on such Holder and upon all future Holders of
this Certificate and of any Certificate issued upon the transfer hereof or in
exchange herefor or in lieu hereof whether or not notation of such consent is
made upon this Certificate. The Agreement also permits the amendment thereof, in
certain circumstances, including any amendment necessary (i) to maintain the
status of each of REMIC I and REMIC II as a REMIC and (ii) to maintain the
status, and facilitate the administration of, each Grantor Trust as a "grantor
trust" under federal income tax law, in the case each of clause (i) and (ii) of
this sentence without the consent of the Holders of any of the Certificates.

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

            The registered Holder hereof, by its acceptance hereof, agrees that
it will look solely to the Trust (to the extent of its rights therein) for
distributions hereunder.

            This Certificate shall be construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed
in said State, without applying any conflicts of law principles of such state
(other than the provisions of Section 5-1401 of the New York General Obligations
Law), and the obligations, rights and remedies of the Holder hereof shall be
determined in accordance with such laws.

<PAGE>

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

                                       LASALLE BANK NATIONAL
                                          ASSOCIATION, as Certificate
                                          Registrar

                                       By:____________________________________
                                          Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

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

Dated: June 13, 2007

                                       LASALLE BANK NATIONAL
                                          ASSOCIATION, as
                                          Authenticating Agent

                                       By:____________________________________
                                          Authorized Officer

<PAGE>

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s),
            assign(s) and transfer(s) unto

            (please print or typewrite name and address including
            postal zip code of assignee)

the beneficial ownership interest in the Trust evidenced by the within
Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to the above named assignee on the
Certificate Register of the Trust.

            I (we) further direct the issuance of a new Commercial Mortgage
            Pass-Through Certificate of a like Percentage Interest and Class to
            the above named assignee and delivery of such Commercial Mortgage
            Pass-Through Certificate to the following address:

Dated:

                                  ______________________________________________
                                         Signature by or on behalf of
                                                   Assignor

                                  ______________________________________________
                                             Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

            The assignee should include the following for purposes of
            distribution:

            Distributions shall, if permitted, be made by wire transfer or
            otherwise, in immediately available funds, to for the account of .

            Distributions made by check (such check to be made payable
            to                  ) and all applicable statements and notices
            should be mailed to

                  .

            This information is provided by _____________________________, the
            assignee named above, or _____________________________, as its
            agent.

<PAGE>

                                   EXHIBIT A-4

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

                     ML-CFC COMMERCIAL MORTGAGE TRUST 2007-7
          CLASS [AM] [AJ] [B] [C] [D] COMMERCIAL MORTGAGE PASS-THROUGH
                           CERTIFICATE, SERIES 2007-7

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.

<TABLE>
<S>                                                    <C>
Pass-Through Rate: [______% per annum] [Variable]      Initial Certificate Principal Balance of this
                                                       Certificate as of the Closing Date: $_______________

Date of Pooling and Servicing Agreement:               Class Principal Balance of all the Class [AM]
June 13, 2007                                          [AJ] [B] [C] [D]Certificates as of the
                                                       Closing Date: $_______________

Closing Date: June 13, 2007                            Aggregate unpaid principal balance of the Mortgage
                                                       Pool as of the Cut-off Date, after deducting
First Distribution Date: July 13, 2007                 payments of principal due on or before such date
                                                       (the "Initial Pool Balance"): $2,785,502,677

Master Servicers: Midland Loan Services, Inc. and      Trustee and Custodian: LaSalle Bank National
Wachovia Bank, National Association                    Association

Special Servicer: Midland Loan Services, Inc.

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

                                                       ISIN No.:
</TABLE>

<PAGE>

[FOR BOOK ENTRY CERTIFICATES:] UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK
CORPORATION ("DTC"), TO THE DEPOSITOR, THE CERTIFICATE REGISTRAR, THE TRUSTEE OR
ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A) ANY
RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR
(B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR ANY
INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH
ASSETS OF ANY SUCH RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR
ARRANGEMENT, 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., MIDLAND LOAN SERVICES, INC. AND WACHOVIA BANK,
NATIONAL ASSOCIATION, LASALLE BANK NATIONAL ASSOCIATION OR ANY OF THEIR
RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE MORTGAGE LOANS ARE
GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER
PERSON.

THE CLASS OF CERTIFICATES TO WHICH THIS CERTIFICATE BELONGS IS SUBORDINATE TO
ONE OR MORE OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES, AS AND TO THE
EXTENT PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.

THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ABOVE.

            This certifies that [CEDE & CO.][________] is the registered owner
of the Percentage Interest evidenced by this Certificate (obtained by dividing
the principal balance of this Certificate (its "Certificate Principal Balance")
as of the Closing Date by the aggregate principal balance of all the
Certificates of the same Class as this Certificate (their "Class Principal
Balance") as of the Closing Date) in that certain beneficial ownership interest
in the Trust evidenced by all the Certificates of the same Class as this
Certificate. The Trust was created and the Certificates were issued pursuant to
a Pooling and Servicing Agreement, dated as specified above (the "Agreement"),
between Merrill Lynch Mortgage Investors, Inc., as depositor (the "Depositor",
which term includes any successor entity under the Agreement), Midland Loan
Services, Inc. and Wachovia Bank, National Association, as master servicers
(each, a "Master Servicer" and collectively, the "Master Servicers", 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
and custodian (in such capacities, the "Trustee" and "Custodian", respectively,
which terms include any successor entities 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 fourth Business Day after the related Determination Date of any given
month (each, a "Distribution Date"). Distributions will be made commencing on
the first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the last Business Day of
the month immediately preceding the month of such distribution (the "Record
Date"), in an amount equal to the product of the Percentage Interest evidenced
by this Certificate and the amount required to be distributed pursuant to the
Agreement on the applicable Distribution Date in respect of the Class of
Certificates to which this Certificate belongs; provided that the initial Record
Date will be the Closing Date. All distributions made under the Agreement in
respect of this Certificate will be made by the Trustee by wire transfer in
immediately available funds to the account of the Person entitled thereto at a
bank or other entity having appropriate facilities therefor, if such
Certificateholder shall have provided the Trustee with written wiring
instructions no less than five (5) Business Days prior to (or, in the case of
the first such distribution, no later than) the Record Date for such
distribution (which wiring instructions may be in the form of a standing order
applicable to all subsequent distributions as well), or otherwise by check
mailed to the address of such Certificateholder appearing in the Certificate
Register. Notwithstanding the above, the final distribution in respect of this
Certificate (determined without regard to any possible future reimbursement of
any Realized Loss or Additional Trust Fund Expense previously allocated to this
Certificate) will be made after due notice by the Trustee of the pendency of
such distribution and only upon presentation and surrender of this Certificate
at the offices of the Certificate Registrar appointed as provided in the
Agreement or such other location as may be specified in such notice. Also
notwithstanding the foregoing, any distribution that may be made with respect to
this Certificate in reimbursement of any Realized Loss or Additional Trust Fund
Expense previously allocated to this Certificate, which reimbursement is to
occur after the date on which this Certificate is surrendered as contemplated by
the preceding sentence, will be made by check mailed to the address of the
Holder that surrenders this Certificate as such address last appeared in the
Certificate Register or to any such other address of which the Trustee is
subsequently notified in writing.

            Any distribution to the Holder of this Certificate in reduction of
the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

            The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Collection Accounts, the Distribution Account
and, if established, the Pool REO Account may be made from time to time for
purposes other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such advances and expenses.

            The Certificates are issuable in fully registered form only without
coupons in minimum denominations specified in the Agreement. As provided in the
Agreement and subject to certain limitations therein set forth, the Certificates
are exchangeable for new Certificates of the same Class in authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

            As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized denominations evidencing the same aggregate Percentage
Interest will be issued to the designated transferee or transferees.

            No service charge will be imposed for any registration of transfer
or exchange of Certificates, but the Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of
Certificates.

            [FOR BOOK ENTRY CERTIFICATES:] Notwithstanding the foregoing, for so
long as this Certificate is registered in the name of Cede & Co. or in such
other name as is requested by an authorized representative of DTC, transfers of
interests in this Certificate shall be made through the book-entry facilities of
DTC.

            The Holder of this Certificate, by its acceptance hereof, shall be
deemed to have agreed to keep confidential any information it obtains from the
Trustee (except that such Holder may provide any such information obtained by it
to any other Person that holds or is contemplating the purchase of this
Certificate or an interest herein, provided that such other Person confirms in
writing such ownership interest or prospective ownership interest and agrees to
keep such information confidential).

            Prior to due presentment of this Certificate for registration of
transfer, the Depositor, the Master Servicers, the Special Servicer, the
Trustee, the Certificate Registrar and any agent of any of them may treat the
Person in whose name this Certificate is registered as of the related Record
Date as the owner hereof for the purpose of receiving distributions pursuant to
the Agreement and may treat the person in whose name this Certificate is
registered as of the relevant date of determination as owner of this Certificate
for all other purposes whatsoever, and none of the Depositor, the Master
Servicers, the Special Servicer, the Trustee, the Certificate Registrar or any
such agent shall be affected by notice to the contrary.

            Subject to certain terms and conditions set forth in the Agreement,
the Trust and the obligations created by the Agreement shall terminate upon
distribution (or provision for distribution) to the Certificateholders of all
amounts held by or on behalf of the Trustee and required to be distributed to
them pursuant to the Agreement following the earlier to occur of (i) the final
payment (or any advance with respect thereto) on or other liquidation of the
last Mortgage Loan or REO Property remaining in the Trust, (ii) the purchase by
either Master Servicer, the Special Servicer or the Plurality Subordinate
Certificateholder at a price determined as provided in the Agreement of all
Mortgage Loans and any REO Properties (or, if specified in the Agreement with
respect to any REO Property, the Trust's interests therein) remaining in the
Trust and (iii) the exchange by the holder of certain remaining outstanding
Classes of Certificates (as described below) for all the Mortgage Loans and REO
Properties (or, if specified in the Agreement with respect to any REO Property,
the Trust's interests therein) in the Trust. The Agreement permits, but does not
require, either Master Servicer, the Special Servicer or the Plurality
Subordinate Certificateholder to purchase from the Trust all Mortgage Loans and
any REO Properties (or, if specified in the Agreement with respect to any REO
Property, the Trust's interests therein) remaining therein. The exercise of such
right will effect early retirement of the Certificates; however, such right to
purchase is subject to the aggregate Stated Principal Balance of the Mortgage
Pool at the time of purchase being less than approximately 1.0% of the Initial
Pool Balance. In addition, following the date on which the total principal
balance of the Class A-l, Class A-2, Class A-2FL, Class A-3FL, Class A-SB, Class
A-4, Class A-4FL, Class A-1A, Class AM, Class AM-FL, Class AJ, Class AJ-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 Y, Class Z,
Class R-I and Class R-II Certificates) may, subject to such other conditions as
may be set forth in the Agreement, exchange those Certificates for all Mortgage
Loans and REO Properties (or, if specified in the Agreement with respect to any
REO Property, the Trust's interests therein) remaining in the Trust Fund at the
time of the exchange.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof, and the modification of the rights and obligations of the
Depositor, the Master Servicers, the Special Servicer, the Custodian and the
Trustee thereunder and the rights of the Certificateholders thereunder, at any
time by the Master Servicers, the Special Servicer, the Custodian and the
Trustee with the consent of the Holders of Certificates entitled to at least
66-2/3% of the Voting Rights. Any such consent by the Holder of this Certificate
shall be conclusive and binding on such Holder and upon all future Holders of
this Certificate and of any Certificate issued upon the transfer hereof or in
exchange herefor or in lieu hereof whether or not notation of such consent is
made upon this Certificate. The Agreement also permits the amendment thereof, in
certain circumstances, including any amendment necessary (i) to maintain the
status of each of REMIC I and REMIC II as a REMIC and (ii) to maintain the
status, and facilitate the administration of, each Grantor Trust as a "grantor
trust" under federal income tax law, in the case each of clause (i) and (ii) of
this sentence without the consent of the Holders of any of the Certificates.

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

            The registered Holder hereof, by its acceptance hereof, agrees that
it will look solely to the Trust (to the extent of its rights therein) for
distributions hereunder.

            This Certificate shall be construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed
in said State, without applying any conflicts of law principles of such state
(other than the provisions of Section 5-1401 of the New York General Obligations
Law), and the obligations, rights and remedies of the Holder hereof shall be
determined in accordance with such laws.

<PAGE>

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

                                       LASALLE BANK NATIONAL
                                          ASSOCIATION, as Certificate
                                          Registrar

                                       By:____________________________________
                                          Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

            This is one of the Class [AM] [AJ] [B] [C] [D] Certificates referred
to in the within-mentioned Agreement.

Dated:      June 13, 2007

                                       LASALLE BANK NATIONAL
                                          ASSOCIATION, as
                                          Authenticating Agent

                                       By:____________________________________
                                          Authorized Officer

<PAGE>

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s),
            assign(s) and transfer(s) unto

            (please print or typewrite name and address including
            postal zip code of assignee)

the beneficial ownership interest in the Trust evidenced by the within
Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to the above named assignee on the
Certificate Register of the Trust.

            I (we) further direct the issuance of a new Commercial Mortgage
            Pass-Through Certificate of a like Percentage Interest and Class to
            the above named assignee and delivery of such Commercial Mortgage
            Pass-Through Certificate to the following address:

Dated:

                                  ______________________________________________
                                         Signature by or on behalf of
                                                   Assignor

                                  ______________________________________________
                                             Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

            The assignee should include the following for purposes of
            distribution:

            Distributions shall, if permitted, be made by wire transfer or
            otherwise, in immediately available funds, to for the account of .

            Distributions made by check (such check to be made payable
            to                  ) and all applicable statements and notices
            should be mailed to

                  .

            This information is provided by _____________________________, the
            assignee named above, or _____________________________, as its
            agent.

<PAGE>

                                   EXHIBIT A-5

         FORM OF CLASS A-2FL, A-3FL, A-4FL, AM-FL, AJ-FL, E, F, G AND H
                                  CERTIFICATES

                     ML-CFC COMMERCIAL MORTGAGE TRUST 2007-7
          CLASS [A-2FL] [A-3FL] [A-4FL] [AM-FL] [AJ-FL] [E] [F] [G] [H]
           COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE, SERIES 2007-7

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

<TABLE>
<CAPTION>
                 MERRILL LYNCH MORTGAGE INVESTORS, INC.

<S>                                                    <C>
Pass-Through Rate: [______% per annum] [Variable]      Initial Certificate Principal Balance of this
                                                       Certificate as of the Closing Date: $_______________

Date of Pooling and Servicing Agreement:               Class Principal Balance of all the Class [A-2FL]
June 1, 2007                                           [A-3FL] [A-4FL] [AM-FL] [AJ-FL] [E] [F] [G] [H]
                                                       Certificates as of the Closing Date:
                                                       $_______________

Closing Date: June 13, 2007                            Aggregate unpaid principal balance of the Mortgage
                                                       Pool as of the Cut-off Date, after deducting
First Distribution Date: July 13, 2007                 payments of principal due on or before such date
                                                       (the "Initial Pool Balance"): $2,785,502,677

Master Servicers: Midland Loan Services, Inc. and      Trustee and Custodian: LaSalle Bank National
Wachovia Bank, National Association                    Association

Special Servicer: Midland Loan Services, Inc.

Certificate No.: [A-2FL] [A-3FL] [A-4FL] [AM-FL]       CUSIP No.: ______
[AJ-FL] [E] [F] [G] [H]-___
</TABLE>
                                                       ISIN No.:

<PAGE>

[FOR BOOK ENTRY CERTIFICATES:] UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK
CORPORATION ("DTC"), TO THE DEPOSITOR, THE CERTIFICATE REGISTRAR, THE TRUSTEE OR
ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE.
ANY RESALE, PLEDGE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE OR ANY
INTEREST HEREIN WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A
TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND WHICH
IS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND
SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A) ANY
RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR
(B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR ANY
INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH
ASSETS OF ANY SUCH RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR
ARRANGEMENT, EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MERRILL
LYNCH MORTGAGE INVESTORS, INC., MIDLAND LOAN SERVICES, INC. AND WACHOVIA BANK,
NATIONAL ASSOCIATION, LASALLE BANK NATIONAL ASSOCIATION OR ANY OF THEIR
RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE MORTGAGE LOANS ARE
GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER
PERSON.

[DO NOT USE THIS PARAGRAPH FOR CLASS A-2FL, CLASS A-3FL AND CLASS A-4FL
CERTIFICATES] [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.]

[USE THIS PARAGRAPH FOR NON-FLOATING CLASSES] [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.]

[USE THIS PARAGRAPH FOR CLASS A-2FL, CLASS A-3FL, CLASS A-4FL, CLASS AM-FL AND
CLASS AJ-FL] [SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
REPRESENTS 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 AND CERTAIN OTHER ASSETS.]

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), Midland Loan
Services, Inc. and Wachovia Bank, National Association, as master servicers
(each, a "Master Servicer" and collectively, the "Master Servicers", 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
and custodian (in such capacities, the "Trustee" and "Custodian", respectively,
which terms include any successor entities 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 fourth Business Day after the related Determination Date of any given
month (each, a "Distribution Date"). Distributions will be made commencing on
the first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the last Business Day of
the month immediately preceding the month of such distribution (the "Record
Date"), in an amount equal to the product of the Percentage Interest evidenced
by this Certificate and the amount required to be distributed pursuant to the
Agreement on the applicable Distribution Date in respect of the Class of
Certificates to which this Certificate belongs; provided that the initial Record
Date will be the Closing Date. All distributions made under the Agreement in
respect of this Certificate will be made by the Trustee by wire transfer in
immediately available funds to the account of the Person entitled thereto at a
bank or other entity having appropriate facilities therefor, if such
Certificateholder shall have provided the Trustee with written wiring
instructions no less than five (5) Business Days prior to (or, in the case of
the first such distribution, no later than) the Record Date for such
distribution (which wiring instructions may be in the form of a standing order
applicable to all subsequent distributions as well), or otherwise by check
mailed to the address of such Certificateholder appearing in the Certificate
Register. Notwithstanding the above, the final distribution in respect of this
Certificate (determined without regard to any possible future reimbursement of
any Realized Loss or Additional Trust Fund Expense previously allocated to this
Certificate) will be made after due notice by the Trustee of the pendency of
such distribution and only upon presentation and surrender of this Certificate
at the offices of the Certificate Registrar appointed as provided in the
Agreement or such other location as may be specified in such notice. Also
notwithstanding the foregoing, any distribution that may be made with respect to
this Certificate in reimbursement of any Realized Loss or Additional Trust Fund
Expense previously allocated to this Certificate, which reimbursement is to
occur after the date on which this Certificate is surrendered as contemplated by
the preceding sentence, will be made by check mailed to the address of the
Holder that surrenders this Certificate as such address last appeared in the
Certificate Register or to any such other address of which the Trustee is
subsequently notified in writing.

            Any distribution to the Holder of this Certificate in reduction of
the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

            The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Collection Accounts, the Distribution Account
and, if established, the Pool REO Account may be made from time to time for
purposes other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such advances and expenses.

            The Certificates are issuable in fully registered form only without
coupons in minimum denominations specified in the Agreement. As provided in the
Agreement and subject to certain limitations therein set forth, the Certificates
are exchangeable for new Certificates of the same Class in authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

            As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized denominations evidencing the same aggregate Percentage
Interest will be issued to the designated transferee or transferees.

            No direct or indirect transfer, sale, pledge, hypothecation or other
disposition (each, a "Transfer") of this Certificate or any interest herein
shall be made unless that Transfer is exempt from the registration and/or
qualification requirements of the Securities Act and any applicable state
securities laws, or is otherwise made in accordance with the Securities Act and
such state securities laws.

            If this Certificate constitutes a Definitive Certificate and a
Transfer hereof is to be made without registration under the Securities Act
(other than in connection with the initial issuance of the Certificates or a
Transfer of this Certificate by the Depositor, Merrill Lynch, Pierce, Fenner &
Smith Incorporated or any of their respective Affiliates or, if this Certificate
is a Global Certificate, a Transfer of this Certificate to a successor
Depository or to the applicable Certificate Owner in accordance with Section
5.03 of the Agreement), then the Certificate Registrar shall refuse to register
such Transfer unless it receives (and, upon receipt, may conclusively rely upon)
either: (i) a certificate from the Certificateholder desiring to effect such
Transfer substantially in the form attached as Exhibit E-1 to the Agreement and
a certificate from such Certificateholder's prospective Transferee substantially
in the form attached either as Exhibit E-2A to the Agreement or as Exhibit E-2B
to the Agreement; or (ii) an Opinion of Counsel satisfactory to the Trustee to
the effect that such Transferee is an Institutional Accredited Investor or a
Qualified Institutional Buyer and such Transfer may be made without registration
under the Securities Act (which Opinion of Counsel shall not be an expense of
the Trust Fund or of the Depositor, either Master Servicer, the Special
Servicer, the Trustee, the Custodian or the Certificate Registrar in their
respective capacities as such), together with the written certification(s) as to
the facts surrounding such Transfer from the Certificateholder desiring to
effect such Transfer and/or such Certificateholder's prospective Transferee on
which such Opinion of Counsel is based. If any Transferee of this Certificate
does not, in connection with the subject Transfer, deliver to the Certificate
Registrar one of the certifications described in clause (i) of the preceding
sentence or the Opinion of Counsel described in clause (ii) of the preceding
sentence, then such Transferee shall be deemed to have represented and warranted
that all the certifications set forth in either Exhibit E-2A or Exhibit E-2B
attached to the Agreement are, with respect to the subject Transfer, true and
correct.

            If this Certificate constitutes a Rule 144A Global Certificate and a
Transfer of any interest herein is to be made without registration under the
Securities Act (other than in connection with the initial issuance of the
Certificates or a Transfer of any interest herein by the Depositor, Merrill
Lynch, Pierce, Fenner & Smith Incorporated, or any of their respective
Affiliates), then the Certificate Owner desiring to effect such Transfer shall
be required to obtain either: (i) a certificate from such Certificate Owner's
prospective Transferee substantially in the form attached as Exhibit E-2C to the
Agreement, or (ii) an Opinion of Counsel to the effect that such Transferee is a
Qualified Institutional Buyer and such Transfer may be made without registration
under the Securities Act. If this Certificate constitutes a Rule 144A Global
Certificate and any Transferee of an interest herein does not, in connection
with the subject Transfer, deliver to the Transferor the Opinion of Counsel or
the certification described in the preceding sentence, then such Transferee
shall be deemed to have represented and warranted that all the certifications
set forth in Exhibit E-2C attached to the Agreement are, with respect to the
subject Transfer, true and correct. No beneficial interest in the Rule 144A
Global Certificate for any Class of Book-Entry Non-Registered Certificates may
be held by any Person that is not a Qualified Institutional Buyer.

            Notwithstanding the preceding paragraph, any interest in the Rule
144A Global Certificate for a Class of Book-Entry Non-Registered Certificates
may be transferred to any Non-United States Securities Person who takes delivery
in the form of a beneficial interest in the Regulation S Global Certificate for
such Class of Certificates, provided that the Certificate Owner desiring to
effect such Transfer (i) complies with the requirements for Transfers of
interests in such Regulation S Global Certificate set forth in the following
paragraph and (ii) delivers or causes to be delivered to the Certificate
Registrar and the Trustee (A) a certificate from such Certificate Owner
confirming its ownership of the beneficial interests in the subject Class of
Book-Entry Non-Registered Certificates to be transferred, (B) a copy of the
certificate to be obtained by such Certificate Owner from its prospective
Transferee in accordance with the second sentence of the following paragraph and
(C) such written orders and instructions as are required under the applicable
procedures of the Depository, Clearstream and Euroclear to direct the Trustee,
as transfer agent for the Depository, to approve the debit of the account of a
Depository Participant by a denomination of interests in such Rule 144A Global
Certificate, and approve the credit of the account of a Depository Participant
by a denomination of interests in such Regulation S Global Certificate, that is
equal to the denomination of beneficial interests in the subject Class of
Book-Entry Non-Registered Certificates to be transferred. Upon delivery to the
Certificate Registrar and the Trustee of such certifications and such orders and
instructions, the Trustee, subject to and in accordance with the applicable
procedures of the Depository, shall reduce the denomination of the Rule 144A
Global Certificate in respect of the subject Class of Book-Entry Non-Registered
Certificates, and increase the denomination of the Regulation S Global
Certificate for such Class of Certificates, by the denomination of the
beneficial interest in such Class of Certificates specified in such orders and
instructions.

            No beneficial interest in the Regulation S Global Certificate for
any Class of Book-Entry Non-Registered Certificates may be held by any Person
that is a United States Securities Person. Any Certificate Owner desiring to
effect any Transfer of a beneficial interest in the Regulation S Global
Certificate for any Class of Book-Entry Non-Registered Certificates shall be
required to obtain from such Certificate Owner's prospective Transferee a
certificate substantially in the form set forth in Exhibit E-2D to the Agreement
to the effect that such Transferee is not a United States Securities Person. If
any Transferee of an interest in the Regulation S Global Certificate for any
Class of Book-Entry Non-Registered Certificates does not, in connection with the
subject Transfer, deliver to the Transferor the certification described in the
preceding sentence, then such Transferee shall be deemed to have represented and
warranted that all the certifications set forth in Exhibit E-2D to the Agreement
are, with respect to the subject Transfer, true and correct.

            Notwithstanding the preceding paragraph, any interest in the
Regulation S Global Certificate for a Class of Book-Entry Non-Registered
Certificates may be transferred to any Qualified Institutional Buyer that takes
delivery in the form of a beneficial interest in the Rule 144A Global
Certificate for such Class of Certificates, provided that the Certificate Owner
desiring to effect such transfer (i) complies with the requirements for
Transfers of interests in such Rule 144A Global Certificate set forth in the
third preceding paragraph and (ii) delivers or causes to be delivered to the
Certificate Registrar and the Trustee (A) a certificate from such Certificate
Owner confirming its ownership of the beneficial interests in the subject Class
of Book-Entry Non-Registered Certificates to be transferred, (B) a copy of the
certificate or Opinion of Counsel to be obtained by such Certificate Owner from
its prospective Transferee in accordance with the first sentence of the third
preceding paragraph and (C) such written orders and instructions as are required
under the applicable procedures of the Depository, Clearstream and Euroclear to
direct the Trustee to debit the account of a Depository Participant by a
denomination of interests in such Regulation S Global Certificate, and credit
the account of a Depository Participant by a denomination of interests in such
Rule 144A Global Certificate, that is equal to the denomination of beneficial
interests in the subject Class of Book-Entry Non-Registered Certificates to be
transferred. Upon delivery to the Certificate Registrar and the Trustee of such
certification(s) and/or Opinion of Counsel and such orders and instructions, the
Trustee, subject to and in accordance with the applicable procedures of the
Depository, shall reduce the denomination of the Regulation S Global Certificate
in respect of the subject Class of Book-Entry Non-Registered Certificates, and
increase the denomination of the Rule 144A Global Certificate for such Class of
Certificates, by the denomination of the beneficial interest in such Class of
Certificates specified in such orders and instructions.

            Also notwithstanding the foregoing, any interest in a Global
Certificate with respect to any Class of Book-Entry Non-Registered Certificates
may be transferred by any Certificate Owner holding such interest to any
Institutional Accredited Investor (other than a Qualified Institutional Buyer)
that takes delivery in the form of a Definitive Certificate of the same Class as
such Global Certificate upon delivery to the Certificate Registrar and the
Trustee of (i) such certifications and/or opinions as are contemplated by the
fourth preceding paragraph and (ii) such written orders and instructions as are
required under the applicable procedures of the Depository to direct the Trustee
to debit the account of a Depository Participant by the denomination of the
transferred interests in such Global Certificate. Upon delivery to the
Certificate Registrar and the Trustee of the certifications and/or opinions
contemplated by the fourth preceding paragraph, the Trustee, subject to and in
accordance with the applicable procedures of the Depository, shall reduce the
denomination of the subject Global Certificate by the denomination of the
transferred interests in such Global Certificate, and shall cause a Definitive
Certificate of the same Class as such Global Certificate, and in a denomination
equal to the reduction in the denomination of such Global Certificate, to be
executed, authenticated and delivered in accordance with the Agreement to the
applicable Transferee.

            None of the Depositor, the Trustee, or the Certificate Registrar is
obligated to register or qualify the Class of Certificates to which this
Certificate belongs, under the Securities Act or any other securities law or to
take any action not otherwise required under the Agreement to permit the
Transfer of this Certificate or any interest herein without such registration or
qualification. Any Certificateholder or Certificate Owner desiring to effect a
Transfer of this Certificate or any interest herein shall, and does hereby agree
to, indemnify the Depositor, Merrill Lynch, Pierce, Fenner & Smith Incorporated,
Countrywide Securities Corporation, the Trustee, the Master Servicers, the
Special Servicer, the Certificate Registrar and their respective Affiliates
against any liability that may result if such Transfer is not exempt from the
registration and/or qualification requirements of the Securities Act and any
applicable state securities laws or is not made in accordance with such federal
and state laws.

            No Transfer of this Certificate or any interest herein shall be made
to (A) any employee benefit plan or other retirement arrangement, including
individual retirement accounts and annuities, Keogh plans and collective
investment funds and separate accounts in which such plans, accounts or
arrangements are invested, including insurance company general accounts, that is
subject to ERISA or the Code or any other federal, state, local or foreign law
("Similar Law") that is substantially similar to Section 406 or 407 of ERISA or
Section 4975 of the Code (each, a "Plan"), or (B) any Person who is directly or
indirectly purchasing this Certificate or such interest herein on behalf of, as
named fiduciary of, as trustee of, or with assets of a Plan, if the purchase and
holding of this Certificate or such interest herein by the prospective
Transferee would result in a non-exempt violation of Section 406 or 407 of ERISA
or Section 4975 of the Code or Similar Law or would result in the imposition of
an excise tax under Section 4975 of the Code. Except in connection with the
initial issuance of the Certificates or any Transfer of this Certificate or any
interest herein by the Depositor, Merrill Lynch, Pierce, Fenner & Smith
Incorporated or any of their respective Affiliates or, if this Certificate
constitutes a Global Certificate, any Transfer of this Certificate to a
successor Depository or to the applicable Certificate Owner in accordance with
Section 5.03 of the Agreement, the Certificate Registrar shall refuse to
register the Transfer of this Certificate unless it has received from the
prospective Transferee, and, if this Certificate constitutes a Global
Certificate, any Certificate Owner transferring an interest herein shall be
required to obtain from its prospective Transferee, one of the following: (i) a
certification to the effect that such prospective Transferee is not a Plan and
is not directly or indirectly purchasing this Certificate or such interest
herein on behalf of, as named fiduciary of, as trustee of, or with assets of a
Plan; or (ii) a certification to the effect that the purchase and holding of
this Certificate or such interest herein by such prospective Transferee is
exempt from the prohibited transaction provisions of Sections 406 and 407 of
ERISA and the excise taxes imposed on such prohibited transactions by Section
4975 of the Code, by reason of Sections I and III of Prohibited Transaction
Class Exemption 95-60; or (iii) if this Certificate is rated in one of the four
highest generic rating categories by either Rating Agency, and this Certificate
or an interest herein is being acquired by or on behalf of a Plan in reliance on
Prohibited Transaction Exemption 90-29 and Prohibited Transaction Exemption
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 Custodian, the Depositor, any Mortgage Loan Seller, the Master
Servicers, the Special Servicer, any Fiscal Agent, any SubServicer, the Swap
Counterparty, any Exemption-Favored Party or any Mortgagor with respect to
Mortgage Loans constituting more than 5% of the aggregate unamortized principal
balance of all the Mortgage Loans determined as of the Closing Date, or by any
Affiliate of such Person, and (Z) agrees that it will obtain from each of its
Transferees that are Plans a written representation that such Transferee, if a
Plan, satisfies the requirements of the immediately preceding clauses (X) and
(Y), together with a written agreement that such Transferee will obtain from
each of its Transferees that are Plans a similar written representation
regarding satisfaction of the requirements of the immediately preceding clauses
(X) and (Y); or (iv) a certification of facts and an Opinion of Counsel which
otherwise establish to the reasonable satisfaction of the Trustee or such
Certificate Owner, as the case may be, that such Transfer will not result in a
violation of Section 406 or 407 of ERISA or Section 4975 of the Code or result
in the imposition of an excise tax under Section 4975 of the Code. If any
Transferee of this Certificate or any interest herein does not, in connection
with the subject Transfer, deliver to the Certificate Registrar (if this
Certificate constitutes a Definitive Certificate) or the Transferor (if this
Certificate constitutes a Global Certificate) a certification and/or Opinion of
Counsel as required by the preceding sentence, then such Transferee shall be
deemed to have represented and warranted that either: (i) such Transferee is not
a Plan and is not directly or indirectly purchasing this Certificate or any
interest herein on behalf of, as named fiduciary of, as trustee of, or with
assets of a Plan; or (ii) the purchase and holding of this Certificate or such
interest herein by such Transferee is exempt from the prohibited transaction
provisions of Sections 406 and 407 of ERISA and the excise taxes imposed on such
prohibited transactions by Section 4975 of the Code.

            No service charge will be imposed for any registration of transfer
or exchange of Certificates, but the Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of
Certificates.

            Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

            The Holder of this Certificate, by its acceptance hereof, shall be
deemed to have agreed to keep confidential any information it obtains from the
Trustee (except that such Holder may provide any such information obtained by it
to any other Person that holds or is contemplating the purchase of this
Certificate or an interest herein, provided that such other Person confirms in
writing such ownership interest or prospective ownership interest and agrees to
keep such information confidential).

            Prior to due presentment of this Certificate for registration of
transfer, the Depositor, the Master Servicers, the Special Servicer, the
Trustee, the Certificate Registrar and any agent of any of them may treat the
Person in whose name this Certificate is registered as of the related Record
Date as the owner hereof for the purpose of receiving distributions pursuant to
the Agreement and may treat the person in whose name this Certificate is
registered as of the relevant date of determination as owner of this Certificate
for all other purposes whatsoever, and none of the Depositor, the Master
Servicers, the Special Servicer, the Trustee, the Certificate Registrar or any
such agent shall be affected by notice to the contrary.

            Subject to certain terms and conditions set forth in the Agreement,
the Trust and the obligations created by the Agreement shall terminate upon
distribution (or provision for distribution) to the Certificateholders of all
amounts held by or on behalf of the Trustee and required to be distributed to
them pursuant to the Agreement following the earlier to occur of (i) the final
payment (or any advance with respect thereto) on or other liquidation of the
last Mortgage Loan or REO Property remaining in the Trust, (ii) the purchase by
either Master Servicer, the Special Servicer or the Plurality Subordinate
Certificateholder at a price determined as provided in the Agreement of all
Mortgage Loans and any REO Properties (or, if specified in the Agreement with
respect to any REO Property, the Trust's interests therein) remaining in the
Trust and (iii) the exchange by the holder of certain remaining outstanding
Classes of Certificates (as described below) for all the Mortgage Loans and REO
Properties (or, if specified in the Agreement with respect to any REO Property,
the Trust's interests therein) in the Trust. The Agreement permits, but does not
require, either Master Servicer, the Special Servicer or the Plurality
Subordinate Certificateholder to purchase from the Trust all Mortgage Loans and
any REO Properties (or, if specified in the Agreement with respect to any REO
Property, the Trust's interests therein) remaining therein. The exercise of such
right will effect early retirement of the Certificates; however, such right to
purchase is subject to the aggregate Stated Principal Balance of the Mortgage
Pool at the time of purchase being less than approximately 1.0% of the Initial
Pool Balance. In addition, following the date on which the total principal
balance of the Class A-l, Class A-2, Class A-2FL, Class A-3FL, Class A-SB, Class
A-4, Class A-4FL, Class A-1A, Class AM, Class AM-FL, Class AJ, Class AJ-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 Y, Class Z,
Class R-I and Class R-II Certificates) may, subject to such other conditions as
may be set forth in the Agreement, exchange those Certificates for all Mortgage
Loans and REO Properties (or, if specified in the Agreement with respect to any
REO Property, the Trust's interests therein) remaining in the Trust Fund at the
time of the exchange.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof, and the modification of the rights and obligations of the
Depositor, the Master Servicers, the Special Servicer, the Custodian and the
Trustee thereunder and the rights of the Certificateholders thereunder, at any
time by the Master Servicers, the Special Servicer, the Custodian and the
Trustee with the consent of the Holders of Certificates entitled to at least
66-2/3% of the Voting Rights. Any such consent by the Holder of this Certificate
shall be conclusive and binding on such Holder and upon all future Holders of
this Certificate and of any Certificate issued upon the transfer hereof or in
exchange herefor or in lieu hereof whether or not notation of such consent is
made upon this Certificate. The Agreement also permits the amendment thereof, in
certain circumstances, including any amendment necessary (i) to maintain the
status of each of REMIC I and REMIC II as a REMIC and (ii) to maintain the
status, and facilitate the administration of, each Grantor Trust as a "grantor
trust" under federal income tax law, in the case each of clause (i) and (ii) of
this sentence without the consent of the Holders of any of the Certificates.

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

            The registered Holder hereof, by its acceptance hereof, agrees that
it will look solely to the Trust (to the extent of its rights therein) for
distributions hereunder.

            This Certificate shall be construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed
in said State, without applying any conflicts of law principles of such state
(other than the provisions of Section 5-1401 of the New York General Obligations
Law), and the obligations, rights and remedies of the Holder hereof shall be
determined in accordance with such laws.

<PAGE>

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

                                       LASALLE BANK NATIONAL
                                          ASSOCIATION, as Certificate
                                          Registrar

                                       By:____________________________________
                                          Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

            This is one of the Class [A-2FL] [A-3FL], [A-4FL] [AM-FL] [AJ-FL]
[E] [F] [G] [H] Certificates referred to in the within-mentioned Agreement.

Dated:      June 13, 2007

                                       LASALLE BANK NATIONAL
                                          ASSOCIATION, as
                                          Authenticating Agent

                                       By:____________________________________
                                          Authorized Officer

<PAGE>

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s),
            assign(s) and transfer(s) unto

            (please print or typewrite name and address including
            postal zip code of assignee)

the beneficial ownership interest in the Trust evidenced by the within
Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to the above named assignee on the
Certificate Register of the Trust.

            I (we) further direct the issuance of a new Commercial Mortgage
            Pass-Through Certificate of a like Percentage Interest and Class to
            the above named assignee and delivery of such Commercial Mortgage
            Pass-Through Certificate to the following address:

Dated:

                                  ______________________________________________
                                         Signature by or on behalf of
                                                   Assignor

                                  ______________________________________________
                                             Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

            The assignee should include the following for purposes of
            distribution:

            Distributions shall, if permitted, be made by wire transfer or
            otherwise, in immediately available funds, to for the account of .

            Distributions made by check (such check to be made payable
            to                  ) and all applicable statements and notices
            should be mailed to

                  .

            This information is provided by _____________________________, the
            assignee named above, or _____________________________, as its
            agent.

<PAGE>

                                   EXHIBIT A-6

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

                     ML-CFC COMMERCIAL MORTGAGE TRUST 2007-7
       CLASS [J] [K] [L] [M] [N] [P] [Q] COMMERCIAL MORTGAGE PASS-THROUGH
                           CERTIFICATE, SERIES 2007-7

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.

<TABLE>
<S>                                                    <C>
Pass-Through Rate: [______% per annum] [Variable]      Initial Certificate Principal Balance of this
                                                       Certificate as of the Closing Date: $_______________

Date of Pooling and Servicing Agreement: June 1, 2007  Class Principal Balance of all the Class [J] [K]
                                                       [L] [M] [N] [P] [Q] Certificates as of the Closing
                                                       Date: $______________

Closing Date: June 13, 2007                            Aggregate unpaid principal balance of the Mortgage
                                                       Pool as of the Cut-off Date, after deducting
First Distribution Date: July 13, 2007                 payments of principal due on or before such date
                                                       (the "Initial Pool Balance"): $2,785,502,677

Master Servicers: Midland Loan Services, Inc. and      Trustee and Custodian: LaSalle Bank National
Wachovia Bank, National Association                    Association

Special Servicer: Midland Loan Services, Inc.
Certificate No.: [J] [K] [L] [M] [N] [P] [Q]-___       CUSIP No.: ______

                                                       ISIN No.:
</TABLE>

<PAGE>

[FOR BOOK ENTRY CERTIFICATES:] UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK
CORPORATION ("DTC"), TO THE DEPOSITOR, THE CERTIFICATE REGISTRAR, THE TRUSTEE OR
ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE.
ANY RESALE, PLEDGE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE OR ANY
INTEREST HEREIN WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A
TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND WHICH
IS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND
SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A) ANY
RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR
(B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR ANY
INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH
ASSETS OF ANY SUCH RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR
ARRANGEMENT, EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MERRILL
LYNCH MORTGAGE INVESTORS, INC., MIDLAND LOAN SERVICES, INC. AND WACHOVIA BANK,
NATIONAL ASSOCIATION, LASALLE BANK NATIONAL ASSOCIATION OR ANY OF THEIR
RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE MORTGAGE LOANS ARE
GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER
PERSON.

THE CLASS OF CERTIFICATES TO WHICH THIS CERTIFICATE BELONGS IS SUBORDINATE TO
ONE OR MORE OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES, AS AND TO THE
EXTENT PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.

THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ABOVE.

            This certifies that [CEDE & CO.][________] is the registered owner
of the Percentage Interest evidenced by this Certificate (obtained by dividing
the principal balance of this Certificate (its "Certificate Principal Balance")
as of the Closing Date by the aggregate principal balance of all the
Certificates of the same Class as this Certificate (their "Class Principal
Balance") as of the Closing Date) in that certain beneficial ownership interest
in the Trust evidenced by all the Certificates of the same Class as this
Certificate. The Trust was created and the Certificates were issued pursuant to
a Pooling and Servicing Agreement, dated as specified above (the "Agreement"),
between Merrill Lynch Mortgage Investors, Inc., as depositor (the "Depositor",
which term includes any successor entity under the Agreement), Midland Loan
Services, Inc. and Wachovia Bank, National Association, as master servicers
(each, a "Master Servicer" and collectively, the "Master Servicers", 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
and custodian (in such capacities, the "Trustee" and "Custodian", respectively,
which terms include any successor entities 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 fourth Business Day after the related Determination Date of any given
month (each, a "Distribution Date"). Distributions will be made commencing on
the first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the last Business Day of
the month immediately preceding the month of such distribution (the "Record
Date"), in an amount equal to the product of the Percentage Interest evidenced
by this Certificate and the amount required to be distributed pursuant to the
Agreement on the applicable Distribution Date in respect of the Class of
Certificates to which this Certificate belongs; provided that the initial Record
Date will be the Closing Date. All distributions made under the Agreement in
respect of this Certificate will be made by the Trustee by wire transfer in
immediately available funds to the account of the Person entitled thereto at a
bank or other entity having appropriate facilities therefor, if such
Certificateholder shall have provided the Trustee with written wiring
instructions no less than five (5) Business Days prior to (or, in the case of
the first such distribution, no later than) the Record Date for such
distribution (which wiring instructions may be in the form of a standing order
applicable to all subsequent distributions as well), or otherwise by check
mailed to the address of such Certificateholder appearing in the Certificate
Register. Notwithstanding the above, the final distribution in respect of this
Certificate (determined without regard to any possible future reimbursement of
any Realized Loss or Additional Trust Fund Expense previously allocated to this
Certificate) will be made after due notice by the Trustee of the pendency of
such distribution and only upon presentation and surrender of this Certificate
at the offices of the Certificate Registrar appointed as provided in the
Agreement or such other location as may be specified in such notice. Also
notwithstanding the foregoing, any distribution that may be made with respect to
this Certificate in reimbursement of any Realized Loss or Additional Trust Fund
Expense previously allocated to this Certificate, which reimbursement is to
occur after the date on which this Certificate is surrendered as contemplated by
the preceding sentence, will be made by check mailed to the address of the
Holder that surrenders this Certificate as such address last appeared in the
Certificate Register or to any such other address of which the Trustee is
subsequently notified in writing.

            Any distribution to the Holder of this Certificate in reduction of
the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

            The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Collection Accounts, the Distribution Account
and, if established, the Pool REO Account may be made from time to time for
purposes other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such advances and expenses.

            The Certificates are issuable in fully registered form only without
coupons in minimum denominations specified in the Agreement. As provided in the
Agreement and subject to certain limitations therein set forth, the Certificates
are exchangeable for new Certificates of the same Class in authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

            As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized denominations evidencing the same aggregate Percentage
Interest will be issued to the designated transferee or transferees.

            No direct or indirect transfer, sale, pledge, hypothecation or other
disposition (each, a "Transfer") of this Certificate or any interest herein
shall be made unless that Transfer is exempt from the registration and/or
qualification requirements of the Securities Act and any applicable state
securities laws, or is otherwise made in accordance with the Securities Act and
such state securities laws.

            If this Certificate constitutes a Definitive Certificate and a
Transfer hereof is to be made without registration under the Securities Act
(other than in connection with the initial issuance of the Certificates or a
Transfer of this Certificate by the Depositor, Merrill Lynch, Pierce, Fenner &
Smith Incorporated or any of their respective Affiliates or, if this Certificate
is a Global Certificate, a Transfer of this Certificate to a successor
Depository or to the applicable Certificate Owner in accordance with Section
5.03 of the Agreement), then the Certificate Registrar shall refuse to register
such Transfer unless it receives (and, upon receipt, may conclusively rely upon)
either: (i) a certificate from the Certificateholder desiring to effect such
Transfer substantially in the form attached as Exhibit E-1 to the Agreement and
a certificate from such Certificateholder's prospective Transferee substantially
in the form attached either as Exhibit E-2A to the Agreement or as Exhibit E-2B
to the Agreement; or (ii) an Opinion of Counsel satisfactory to the Trustee to
the effect that such Transferee is an Institutional Accredited Investor or a
Qualified Institutional Buyer and such Transfer may be made without registration
under the Securities Act (which Opinion of Counsel shall not be an expense of
the Trust Fund or of the Depositor, either Master Servicer, the Special
Servicer, the Trustee, the Custodian or the Certificate Registrar in their
respective capacities as such), together with the written certification(s) as to
the facts surrounding such Transfer from the Certificateholder desiring to
effect such Transfer and/or such Certificateholder's prospective Transferee on
which such Opinion of Counsel is based. If any Transferee of this Certificate
does not, in connection with the subject Transfer, deliver to the Certificate
Registrar one of the certifications described in clause (i) of the preceding
sentence or the Opinion of Counsel described in clause (ii) of the preceding
sentence, then such Transferee shall be deemed to have represented and warranted
that all the certifications set forth in either Exhibit E-2A or Exhibit E-2B
attached to the Agreement are, with respect to the subject Transfer, true and
correct.

            If this Certificate constitutes a Rule 144A Global Certificate and a
Transfer of any interest herein is to be made without registration under the
Securities Act (other than in connection with the initial issuance of the
Certificates or a Transfer of any interest herein by the Depositor, Merrill
Lynch, Pierce, Fenner & Smith Incorporated or any of their respective
Affiliates), then the Certificate Owner desiring to effect such Transfer shall
be required to obtain either: (i) a certificate from such Certificate Owner's
prospective Transferee substantially in the form attached as Exhibit E-2C to the
Agreement, or (ii) an Opinion of Counsel to the effect that such Transferee is a
Qualified Institutional Buyer and such Transfer may be made without registration
under the Securities Act. If this Certificate constitutes a Rule 144A Global
Certificate and any Transferee of an interest herein does not, in connection
with the subject Transfer, deliver to the Transferor the Opinion of Counsel or
the certification described in the preceding sentence, then such Transferee
shall be deemed to have represented and warranted that all the certifications
set forth in Exhibit E-2C attached to the Agreement are, with respect to the
subject Transfer, true and correct. No beneficial interest in the Rule 144A
Global Certificate for any Class of Book-Entry Non-Registered Certificates may
be held by any Person that is not a Qualified Institutional Buyer.

            Notwithstanding the preceding paragraph, any interest in the Rule
144A Global Certificate for a Class of Book-Entry Non-Registered Certificates
may be transferred to any Non-United States Securities Person who takes delivery
in the form of a beneficial interest in the Regulation S Global Certificate for
such Class of Certificates, provided that the Certificate Owner desiring to
effect such Transfer (i) complies with the requirements for Transfers of
interests in such Regulation S Global Certificate set forth in the following
paragraph and (ii) delivers or causes to be delivered to the Certificate
Registrar and the Trustee (A) a certificate from such Certificate Owner
confirming its ownership of the beneficial interests in the subject Class of
Book-Entry Non-Registered Certificates to be transferred, (B) a copy of the
certificate to be obtained by such Certificate Owner from its prospective
Transferee in accordance with the second sentence of the following paragraph and
(C) such written orders and instructions as are required under the applicable
procedures of the Depository, Clearstream and Euroclear to direct the Trustee,
as transfer agent for the Depository, to approve the debit of the account of a
Depository Participant by a denomination of interests in such Rule 144A Global
Certificate, and approve the credit of the account of a Depository Participant
by a denomination of interests in such Regulation S Global Certificate, that is
equal to the denomination of beneficial interests in the subject Class of
Book-Entry Non-Registered Certificates to be transferred. Upon delivery to the
Certificate Registrar and the Trustee of such certifications and such orders and
instructions, the Trustee, subject to and in accordance with the applicable
procedures of the Depository, shall reduce the denomination of the Rule 144A
Global Certificate in respect of the subject Class of Book-Entry Non-Registered
Certificates, and increase the denomination of the Regulation S Global
Certificate for such Class of Certificates, by the denomination of the
beneficial interest in such Class of Certificates specified in such orders and
instructions.

            No beneficial interest in the Regulation S Global Certificate for
any Class of Book-Entry Non-Registered Certificates may be held by any Person
that is a United States Securities Person. Any Certificate Owner desiring to
effect any Transfer of a beneficial interest in the Regulation S Global
Certificate for any Class of Book-Entry Non-Registered Certificates shall be
required to obtain from such Certificate Owner's prospective Transferee a
certificate substantially in the form set forth in Exhibit E-2D to the Agreement
to the effect that such Transferee is not a United States Securities Person. If
any Transferee of an interest in the Regulation S Global Certificate for any
Class of Book-Entry Non-Registered Certificates does not, in connection with the
subject Transfer, deliver to the Transferor the certification described in the
preceding sentence, then such Transferee shall be deemed to have represented and
warranted that all the certifications set forth in Exhibit E-2D to the Agreement
are, with respect to the subject Transfer, true and correct.

            Notwithstanding the preceding paragraph, any interest in the
Regulation S Global Certificate for a Class of Book-Entry Non-Registered
Certificates may be transferred to any Qualified Institutional Buyer that takes
delivery in the form of a beneficial interest in the Rule 144A Global
Certificate for such Class of Certificates, provided that the Certificate Owner
desiring to effect such transfer (i) complies with the requirements for
Transfers of interests in such Rule 144A Global Certificate set forth in the
third preceding paragraph and (ii) delivers or causes to be delivered to the
Certificate Registrar and the Trustee (A) a certificate from such Certificate
Owner confirming its ownership of the beneficial interests in the subject Class
of Book-Entry Non-Registered Certificates to be transferred, (B) a copy of the
certificate or Opinion of Counsel to be obtained by such Certificate Owner from
its prospective Transferee in accordance with the first sentence of the third
preceding paragraph and (C) such written orders and instructions as are required
under the applicable procedures of the Depository, Clearstream and Euroclear to
direct the Trustee to debit the account of a Depository Participant by a
denomination of interests in such Regulation S Global Certificate, and credit
the account of a Depository Participant by a denomination of interests in such
Rule 144A Global Certificate, that is equal to the denomination of beneficial
interests in the subject Class of Book-Entry Non-Registered Certificates to be
transferred. Upon delivery to the Certificate Registrar and the Trustee of such
certification(s) and/or Opinion of Counsel and such orders and instructions, the
Trustee, subject to and in accordance with the applicable procedures of the
Depository, shall reduce the denomination of the Regulation S Global Certificate
in respect of the subject Class of Book-Entry Non-Registered Certificates, and
increase the denomination of the Rule 144A Global Certificate for such Class of
Certificates, by the denomination of the beneficial interest in such Class of
Certificates specified in such orders and instructions.

            Also notwithstanding the foregoing, any interest in a Global
Certificate with respect to any Class of Book-Entry Non-Registered Certificates
may be transferred by any Certificate Owner holding such interest to any
Institutional Accredited Investor (other than a Qualified Institutional Buyer)
that takes delivery in the form of a Definitive Certificate of the same Class as
such Global Certificate upon delivery to the Certificate Registrar and the
Trustee of (i) such certifications and/or opinions as are contemplated by the
fourth preceding paragraph and (ii) such written orders and instructions as are
required under the applicable procedures of the Depository to direct the Trustee
to debit the account of a Depository Participant by the denomination of the
transferred interests in such Global Certificate. Upon delivery to the
Certificate Registrar and the Trustee of the certifications and/or opinions
contemplated by the fourth preceding paragraph, the Trustee, subject to and in
accordance with the applicable procedures of the Depository, shall reduce the
denomination of the subject Global Certificate by the denomination of the
transferred interests in such Global Certificate, and shall cause a Definitive
Certificate of the same Class as such Global Certificate, and in a denomination
equal to the reduction in the denomination of such Global Certificate, to be
executed, authenticated and delivered in accordance with the Agreement to the
applicable Transferee.

            None of the Depositor, the Trustee or the Certificate Registrar is
obligated to register or qualify the Class of Certificates to which this
Certificate belongs, under the Securities Act or any other securities law or to
take any action not otherwise required under the Agreement to permit the
Transfer of this Certificate or any interest herein without such registration or
qualification. Any Certificateholder or Certificate Owner desiring to effect a
Transfer of this Certificate or any interest herein shall, and does hereby agree
to, indemnify the Depositor, Merrill Lynch, Pierce, Fenner & Smith Incorporated,
Countrywide Securities Corporation, the Trustee, the Master Servicers, the
Special Servicer, the Certificate Registrar and their respective Affiliates
against any liability that may result if such Transfer is not exempt from the
registration and/or qualification requirements of the Securities Act and any
applicable state securities laws or is not made in accordance with such federal
and state laws.

            No Transfer of this Certificate or any interest herein shall be made
to (A) any employee benefit plan or other retirement arrangement, including
individual retirement accounts and annuities, Keogh plans and collective
investment funds and separate accounts in which such plans, accounts or
arrangements are invested, including insurance company general accounts, that is
subject to ERISA or the Code or any other federal, state, local or foreign law
("Similar Law") that is substantially similar to Section 406 or 407 of ERISA or
Section 4975 of the Code (each, a "Plan"), or (B) any Person who is directly or
indirectly purchasing this Certificate or such interest herein on behalf of, as
named fiduciary of, as trustee of, or with assets of a Plan, if the purchase and
holding of this Certificate or such interest herein by the prospective
Transferee would result in a non-exempt violation of Section 406 or 407 of ERISA
or Section 4975 of the Code or Similar Law or would result in the imposition of
an excise tax under Section 4975 of the Code. Except in connection with the
initial issuance of the Certificates or any Transfer of this Certificate or any
interest herein by the Depositor, Merrill Lynch, Pierce, Fenner & Smith
Incorporated or any of their respective Affiliates or, if this Certificate
constitutes a Global Certificate, any Transfer of this Certificate to a
successor Depository or to the applicable Certificate Owner in accordance with
Section 5.03 of the Agreement, the Certificate Registrar shall refuse to
register the Transfer of this Certificate unless it has received from the
prospective Transferee, and, if this Certificate constitutes a Global
Certificate, any Certificate Owner transferring an interest herein shall be
required to obtain from its prospective Transferee, one of the following: (i) a
certification to the effect that such prospective Transferee is not a Plan and
is not directly or indirectly purchasing this Certificate or such interest
herein on behalf of, as named fiduciary of, as trustee of, or with assets of a
Plan; or (ii) a certification to the effect that the purchase and holding of
this Certificate or such interest herein by such prospective Transferee is
exempt from the prohibited transaction provisions of Sections 406 and 407 of
ERISA and the excise taxes imposed on such prohibited transactions by Section
4975 of the Code, by reason of Sections I and III of Prohibited Transaction
Class Exemption 95-60; or (iii) if this Certificate is rated in one of the four
highest generic rating categories by either Rating Agency, and this Certificate
or an interest herein is being acquired by or on behalf of a Plan in reliance on
Prohibited Transaction Exemption 90-29 and Prohibited Transaction Exemption
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 Custodian, the Depositor, any Mortgage Loan Seller, the Master
Servicers, the Special Servicer, any Sub-Servicer, any Fiscal Agent, the Swap
Counterparty, any Exemption-Favored Party or any Mortgagor with respect to
Mortgage Loans constituting more than 5% of the aggregate unamortized principal
balance of all the Mortgage Loans determined as of the Closing Date, or by any
Affiliate of such Person, and (Z) agrees that it will obtain from each of its
Transferees that are Plans a written representation that such Transferee, if a
Plan, satisfies the requirements of the immediately preceding clauses (X) and
(Y), together with a written agreement that such Transferee will obtain from
each of its Transferees that are Plans a similar written representation
regarding satisfaction of the requirements of the immediately preceding clauses
(X) and (Y); or (iv) a certification of facts and an Opinion of Counsel which
otherwise establish to the reasonable satisfaction of the Trustee or such
Certificate Owner, as the case may be, that such Transfer will not result in a
violation of Section 406 or 407 of ERISA or Section 4975 of the Code or result
in the imposition of an excise tax under Section 4975 of the Code. If any
Transferee of this Certificate or any interest herein does not, in connection
with the subject Transfer, deliver to the Certificate Registrar (if this
Certificate constitutes a Definitive Certificate) or the Transferor (if this
Certificate constitutes a Global Certificate) a certification and/or Opinion of
Counsel as required by the preceding sentence, then such Transferee shall be
deemed to have represented and warranted that either: (i) such Transferee is not
a Plan and is not directly or indirectly purchasing this Certificate or any
interest herein on behalf of, as named fiduciary of, as trustee of, or with
assets of a Plan; or (ii) the purchase and holding of this Certificate or such
interest herein by such Transferee is exempt from the prohibited transaction
provisions of Sections 406 and 407 of ERISA and the excise taxes imposed on such
prohibited transactions by Section 4975 of the Code.

            No service charge will be imposed for any registration of transfer
or exchange of Certificates, but the Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of
Certificates.

            Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

            The Holder of this Certificate, by its acceptance hereof, shall be
deemed to have agreed to keep confidential any information it obtains from the
Trustee or the Trustee (except that such Holder may provide any such information
obtained by it to any other Person that holds or is contemplating the purchase
of this Certificate or an interest herein, provided that such other Person
confirms in writing such ownership interest or prospective ownership interest
and agrees to keep such information confidential).

            Prior to due presentment of this Certificate for registration of
transfer, the Depositor, the Master Servicers, the Special Servicer, the
Trustee, the Certificate Registrar and any agent of any of them may treat the
Person in whose name this Certificate is registered as of the related Record
Date as the owner hereof for the purpose of receiving distributions pursuant to
the Agreement and may treat the person in whose name this Certificate is
registered as of the relevant date of determination as owner of this Certificate
for all other purposes whatsoever, and none of the Depositor, the Master
Servicers, the Special Servicer, the Trustee, the Certificate Registrar or any
such agent shall be affected by notice to the contrary.

            Subject to certain terms and conditions set forth in the Agreement,
the Trust and the obligations created by the Agreement shall terminate upon
distribution (or provision for distribution) to the Certificateholders of all
amounts held by or on behalf of the Trustee and required to be distributed to
them pursuant to the Agreement following the earlier to occur of (i) the final
payment (or any advance with respect thereto) on or other liquidation of the
last Mortgage Loan or REO Property remaining in the Trust, (ii) the purchase by
either Master Servicer, the Special Servicer or the Plurality Subordinate
Certificateholder at a price determined as provided in the Agreement of all
Mortgage Loans and any REO Properties (or, if specified in the Agreement with
respect to any REO Property, the Trust's interests therein) remaining in the
Trust and (iii) the exchange by the holder of certain remaining outstanding
Classes of Certificates (as described below) for all the Mortgage Loans and REO
Properties (or, if specified in the Agreement with respect to any REO Property,
the Trust's interests therein) in the Trust. The Agreement permits, but does not
require, either Master Servicer, the Special Servicer or the Plurality
Subordinate Certificateholder to purchase from the Trust all Mortgage Loans and
any REO Properties (or, if specified in the Agreement with respect to any REO
Property, the Trust's interests therein) remaining therein. The exercise of such
right will effect early retirement of the Certificates; however, such right to
purchase is subject to the aggregate Stated Principal Balance of the Mortgage
Pool at the time of purchase being less than approximately 1.0% of the Initial
Pool Balance. In addition, following the date on which the total principal
balance of the Class A-l, Class A-2, Class A-2FL, Class A-3FL, Class A-SB, Class
A-4, Class A-4FL, Class A-1A, Class AM, Class AM-FL, Class AJ, Class AJ-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 Y, Class Z,
Class R-I and Class R-II Certificates) may, subject to such other conditions as
may be set forth in the Agreement, exchange those Certificates for all Mortgage
Loans and REO Properties (or, if specified in the Agreement with respect to any
REO Property, the Trust's interests therein) remaining in the Trust Fund at the
time of the exchange.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof, and the modification of the rights and obligations of the
Depositor, the Master Servicers, the Special Servicer, the Custodian and the
Trustee thereunder and the rights of the Certificateholders thereunder, at any
time by the Master Servicers, the Special Servicer, the Custodian and the
Trustee with the consent of the Holders of Certificates entitled to at least
66-2/3% of the Voting Rights. Any such consent by the Holder of this Certificate
shall be conclusive and binding on such Holder and upon all future Holders of
this Certificate and of any Certificate issued upon the transfer hereof or in
exchange herefor or in lieu hereof whether or not notation of such consent is
made upon this Certificate. The Agreement also permits the amendment thereof, in
certain circumstances, including any amendment necessary to maintain the status
of each of REMIC I and REMIC II , and (ii) to maintain the status, and
facilitate the administration of, each Grantor Trust as a "grantor trust" under
federal income tax law, in the case each of clause (i) and (ii) of this sentence
without the consent of the Holders of any of the Certificates.

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

            The registered Holder hereof, by its acceptance hereof, agrees that
it will look solely to the Trust (to the extent of its rights therein) for
distributions hereunder.

            This Certificate shall be construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed
in said State, without applying any conflicts of law principles of such state
(other than the provisions of Section 5-1401 of the New York General Obligations
Law), and the obligations, rights and remedies of the Holder hereof shall be
determined in accordance with such laws.

<PAGE>

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

                                       LASALLE BANK NATIONAL
                                          ASSOCIATION, as Certificate
                                          Registrar

                                       By:____________________________________
                                          Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

            This is one of the Class [J] [K] [L] [M] [N] [P] [Q] Certificates
referred to in the within-mentioned Agreement.

Dated:      June 13, 2007

                                       LASALLE BANK NATIONAL
                                          ASSOCIATION, as
                                          Authenticating Agent

                                       By:____________________________________
                                          Authorized Officer

<PAGE>

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s),
            assign(s) and transfer(s) unto

            (please print or typewrite name and address including
            postal zip code of assignee)

the beneficial ownership interest in the Trust evidenced by the within
Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to the above named assignee on the
Certificate Register of the Trust.

            I (we) further direct the issuance of a new Commercial Mortgage
            Pass-Through Certificate of a like Percentage Interest and Class to
            the above named assignee and delivery of such Commercial Mortgage
            Pass-Through Certificate to the following address:

Dated:

                                  ______________________________________________
                                         Signature by or on behalf of
                                                   Assignor

                                  ______________________________________________
                                             Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

            The assignee should include the following for purposes of
            distribution:

            Distributions shall, if permitted, be made by wire transfer or
            otherwise, in immediately available funds, to for the account of .

            Distributions made by check (such check to be made payable
            to                  ) and all applicable statements and notices
            should be mailed to

                  .

            This information is provided by _____________________________, the
            assignee named above, or _____________________________, as its
            agent.

<PAGE>

                                   EXHIBIT A-7

                     FORM OF CLASS R-I AND R-II CERTIFICATES

                     ML-CFC COMMERCIAL MORTGAGE TRUST 2007-7
        CLASS [R-I] [R-II] COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                  SERIES 2007-7

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.

<TABLE>
<S>                                                    <C>
Date of Pooling and Servicing Agreement: June 1, 2007  Percentage Interest evidenced by this Certificate
                                                       in the related Class: ____%

Closing Date: June  13, 2007                           Aggregate unpaid principal balance of the Mortgage
                                                       Pool as of the Cut-off Date, after deducting
First Distribution Date: July 13, 2007                 payments of principal due on or before such date
                                                       (the "Initial Pool Balance"): $2,785,502,677

Master Servicers: Midland Loan Services, Inc. and      Trustee and Custodian: LaSalle Bank National
Wachovia Bank, National Association                    Association

Special Servicer: Midland Loan Services, Inc.

Certificate No.: [R-I] [R-II]-___
</TABLE>

<PAGE>

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE.
ANY RESALE, PLEDGE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE OR ANY
INTEREST HEREIN WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY TO A
"QUALIFIED INSTITUTIONAL BUYER" WITHIN THE MEANING OF RULE 144A UNDER THE
SECURITIES ACT IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR
QUALIFICATION AND WHICH IS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF
THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A) ANY
RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR
(B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR ANY
INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH
ASSETS OF ANY SUCH RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR
ARRANGEMENT.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MERRILL
LYNCH MORTGAGE INVESTORS, INC., MIDLAND LOAN SERVICES, INC. AND WACHOVIA BANK,
NATIONAL ASSOCIATION, LASALLE BANK NATIONAL ASSOCIATION OR ANY OF THEIR
RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE MORTGAGE LOANS ARE
GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER
PERSON.

THE CLASS OF CERTIFICATES TO WHICH THIS CERTIFICATE BELONGS IS SUBORDINATE TO
ONE OR MORE OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES, AS AND TO THE
EXTENT PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "RESIDUAL
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.
CONSEQUENTLY, THE TRANSFER OF THIS CERTIFICATE IS ALSO SUBJECT TO THE ADDITIONAL
TAX RELATED TRANSFER RESTRICTIONS DESCRIBED HEREIN. IF ANY PERSON BECOMES THE
REGISTERED HOLDER OF THIS CERTIFICATE IN VIOLATION OF SUCH TRANSFER
RESTRICTIONS, SUCH REGISTRATION SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR
EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE A CERTIFICATEHOLDER
FOR ANY PURPOSE HEREUNDER OR UNDER THE POOLING AND SERVICING AGREEMENT REFERRED
TO HEREIN, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS
CERTIFICATE.

            This certifies that ________________________________ is the
registered owner of the Percentage Interest evidenced by this Certificate (as
specified above) in that certain beneficial ownership interest in the Trust
evidenced by all the Certificates of the same Class as this Certificate, The
Trust was created and the Certificates were issued pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), between Merrill
Lynch Mortgage Investors, Inc., as depositor (the "Depositor", which term
includes any successor entity under the Agreement), Midland Loan Services, Inc.
and Wachovia Bank, National Association, as master servicers (each, a "Master
Servicer" and collectively, the "Master Servicers", which term includes any
successor entity under the Agreement), CWCapital Asset Management LLC, as
special servicer (the "Special Servicer", which term includes any successor
entity under the Agreement) and LaSalle Bank National Association, as trustee
and custodian (in such capacities, the "Trustee" and "Custodian", respectively,
which terms include any successor entities 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 fourth Business Day after the related Determination Date of any given
month (each, a "Distribution Date"). Distributions will be made commencing on
the first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the last Business Day of
the month immediately preceding the month of such distribution (the "Record
Date"), in an amount equal to the product of the Percentage Interest evidenced
by this Certificate and the amount required to be distributed pursuant to the
Agreement on the applicable Distribution Date in respect of the Class of
Certificates to which this Certificate belongs; provided that the initial Record
Date will be the Closing Date. All distributions made under the Agreement in
respect of this Certificate will be made by the Trustee by wire transfer in
immediately available funds to the account of the Person entitled thereto at a
bank or other entity having appropriate facilities therefor, if such
Certificateholder shall have provided the Trustee with written wiring
instructions no less than five (5) Business Days prior to (or, in the case of
the first such distribution, no later than) the Record Date for such
distribution (which wiring instructions may be in the form of a standing order
applicable to all subsequent distributions as well), or otherwise by check
mailed to the address of such Certificateholder appearing in the Certificate
Register. Notwithstanding the above, the final distribution in respect of this
Certificate will be made after due notice by the Trustee of the pendency of such
distribution and only upon presentation and surrender of this Certificate at the
offices of the Certificate Registrar appointed as provided in the Agreement or
such other location as may be specified in such notice.

            The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Collection Accounts, the Distribution Account
and, if established, the Pool REO Account may be made from time to time for
purposes other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such advances and expenses.

            The Certificates are issuable in fully registered form only without
coupons in minimum denominations specified in the Agreement. As provided in the
Agreement and subject to certain limitations therein set forth, the Certificates
are exchangeable for new Certificates of the same Class in authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

            As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized denominations evidencing the same aggregate Percentage
Interest will be issued to the designated transferee or transferees.

            No direct or indirect transfer, sale, pledge, hypothecation or other
disposition (each, a "Transfer") of this Certificate or any interest herein
shall be made unless that Transfer is exempt from the registration and/or
qualification requirements of the Securities Act and any applicable state
securities laws, or is otherwise made in accordance with the Securities Act and
such state securities laws.

            If a Transfer of this Certificate is to be made without registration
under the Securities Act (other than in connection with the initial issuance of
the Certificates or a Transfer of this Certificate by the Depositor, Merrill
Lynch, Pierce, Fenner & Smith Incorporated or any of their respective
Affiliates), then the Certificate Registrar shall refuse to register such
Transfer unless it receives (and, upon receipt, may conclusively rely upon)
either: (i) a certificate from the Certificateholder desiring to effect such
Transfer substantially in the form attached as Exhibit E-1 to the Agreement and
a certificate from such Certificateholder's prospective Transferee substantially
in the form attached as Exhibit E-2A to the Agreement; or (ii) an Opinion of
Counsel satisfactory to the Trustee to the effect that such Transferee is a
Qualified Institutional Buyer and such Transfer may be made without registration
under the Securities Act (which Opinion of Counsel shall not be an expense of
the Trust Fund or of the Depositor, the Master Servicers, the Special Servicer,
the Trustee, or the Certificate Registrar in their respective capacities as
such), together with the written certification(s) as to the facts surrounding
such Transfer from the Certificateholder desiring to effect such Transfer and/or
such Certificateholder's prospective Transferee on which such Opinion of Counsel
is based. If any Transferee of this Certificate does not, in connection with the
subject Transfer, deliver to the Certificate Registrar one of the certifications
described in clause (i) of the preceding sentence or the Opinion of Counsel
described in clause (ii) of the preceding sentence, then such Transferee shall
be deemed to have represented and warranted that all the certifications set
forth in Exhibit E-2A attached to the Agreement are, with respect to the subject
Transfer, true and correct.

            None of the Depositor, the Trustee, or the Certificate Registrar is
obligated to register or qualify the Class of Certificates to which this
Certificate belongs, under the Securities Act or any other securities law or to
take any action not otherwise required under the Agreement to permit the
Transfer of this Certificate or any interest herein without such registration or
qualification. Any Certificateholder desiring to effect a Transfer of this
Certificate or any interest herein shall, and does hereby agree to, indemnify
the Depositor, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Countrywide
Securities Corporation, the Trustee, the Master Servicers, the Special Servicer
and the Certificate Registrar and their respective Affiliates against any
liability that may result if such Transfer is not exempt from the registration
and/or qualification requirements of the Securities Act and any applicable state
securities laws or is not made in accordance with such federal and state laws.

            No Transfer of this Certificate or any interest herein shall be made
to (A) any employee benefit plan or other retirement arrangement, including
individual retirement accounts and annuities, Keogh plans and collective
investment funds and separate accounts in which such plans, accounts or
arrangements are invested, including insurance company general accounts, that is
subject to ERISA or the Code or any other federal, state, local or foreign law
that is substantially similar to Section 406 or 407 of ERISA or Section 4975 of
the Code (each, a "Plan"), or (B) any Person who is directly or indirectly
purchasing this Certificate or such interest herein on behalf of, as named
fiduciary of, as trustee of, or with assets of a Plan. Except in connection with
the initial issuance of the Certificates or any Transfer of this Certificate by
the Depositor, Merrill Lynch, Pierce, Fenner & Smith Incorporated or any of
their respective Affiliates, the Certificate Registrar shall refuse to register
the Transfer of this Certificate unless it has received from the prospective
Transferee a certification to the effect that such prospective Transferee is not
a Plan and is not directly or indirectly purchasing this Certificate on behalf
of, as named fiduciary of, as trustee of, or with assets of a Plan. If any
Transferee of this Certificate or any interest herein does not, in connection
with the subject Transfer, deliver to the Certificate Registrar a certification
as required by the preceding sentence, then such Transferee shall be deemed to
have represented and warranted that such Transferee is not a Plan and is not
directly or indirectly purchasing this Certificate or such interest herein on
behalf of, as named fiduciary of, as trustee of, or with assets of a Plan.

            Each Person who has or who acquires any Ownership Interest in this
Certificate shall be deemed by the acceptance or acquisition of such Ownership
Interest to have agreed to be bound by the provisions of Section 5.02(d) of the
Agreement and, if any purported Transferee shall become a Holder of this
Certificate in violation of the provisions of such Section 5.02(d), to have
irrevocably authorized the Trustee under clause (ii)(A) of such Section 5.02(d)
to deliver payments to a Person other than such Person and to have irrevocably
authorized the Trustee under clause (ii)(B) of such Section 5.02(d) to negotiate
the terms of any mandatory disposition and to execute all instruments of
transfer and to do all other things necessary in connection with any such
disposition. Each Person holding or acquiring any Ownership Interest in this
Certificate must be a Permitted Transferee and shall promptly notify the Trustee
and the REMIC Administrator of any change or impending change in its status as a
Permitted Transferee. In connection with any proposed Transfer of any Ownership
Interest in this Certificate, the Certificate Registrar shall require delivery
to it, and shall not register the transfer of this Certificate until its receipt
of, an affidavit and agreement substantially in the form attached as Exhibit G-1
to the Agreement (a "Transfer Affidavit and Agreement") from the proposed
Transferee, representing and warranting, among other things, that such
Transferee is a Permitted Transferee, that it is not acquiring its Ownership
Interest in this Certificate as a nominee, trustee or agent for any Person that
is not a Permitted Transferee, that for so long as it retains its Ownership
Interest in this Certificate, it will endeavor to remain a Permitted Transferee,
and that it has reviewed the provisions of Section 5.02(d) of the Agreement and
agrees to be bound by them. Notwithstanding the delivery of a Transfer Affidavit
and Agreement by a proposed Transferee, if the Certificate Registrar has actual
knowledge that the proposed Transferee is not a Permitted Transferee, the
Certificate Registrar shall not register the Transfer of an Ownership Interest
in this Certificate to such proposed Transferee. In addition, the Certificate
Registrar shall not register the transfer of an Ownership Interest in this
Certificate to any entity classified as a partnership under the Code unless at
the time of transfer, all of its beneficial owners are United States Tax
Persons.

            Each Person holding or acquiring any Ownership Interest in this
Certificate shall agree (x) to require a Transfer Affidavit and Agreement from
any other Person to whom such Person attempts to Transfer its Ownership Interest
herein and (y) not to Transfer its Ownership Interest herein unless it provides
to the Certificate Registrar a certificate substantially in the form attached as
Exhibit G-2 to the Agreement stating that, among other things, it has no actual
knowledge that such other Person is not a Permitted Transferee. Each Person
holding or acquiring an Ownership Interest in this Certificate, by purchasing
such Ownership Interest herein, agrees to give the Trustee and the REMIC
Administrator written notice that it is a "pass-through interest holder" within
the meaning of temporary Treasury regulations section 1.67-3T(a)(2)(i)(A)
immediately upon acquiring such Ownership Interest, if it is, or is holding such
Ownership Interest on behalf of, a "pass-through interest holder".

            The provisions of Section 5.02(d) of the Agreement may be modified,
added to or eliminated, provided that there shall have been delivered to the
Trustee and the REMIC Administrator the following: (a) written notification from
each Rating Agency to the effect that the modification of, addition to or
elimination of such provisions will not cause such Rating Agency to withdraw,
qualify or downgrade its then-current rating of any Class of Certificates; and
(b) an opinion of counsel, in form and substance satisfactory to the Trustee and
the REMIC Administrator, to the effect that such modification of, addition to or
elimination of such provisions will not (i) cause either REMIC I or REMIC II to
(A) cease to qualify as a REMIC or (B) be subject to an entity-level tax caused
by the Transfer of a Residual Certificate to a Person which is not a Permitted
Transferee or (ii) cause a Person other than the prospective Transferee to be
subject to a REMIC-related tax caused by the Transfer of a Residual Certificate
to a Person that is not a Permitted Transferee.

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

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

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

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

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

            No service charge will be imposed for any registration of transfer
or exchange of Certificates, but the Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of
Certificates.

            The Holder of this Certificate, by its acceptance hereof, shall be
deemed to have agreed to keep confidential any information it obtains from the
Trustee (except that such Holder may provide any such information obtained by it
to any other Person that holds or is contemplating the purchase of this
Certificate or an interest herein, provided that such other Person confirms in
writing such ownership interest or prospective ownership interest and agrees to
keep such information confidential).

            Prior to due presentment of this Certificate for registration of
transfer, the Depositor, the Master Servicers, the Special Servicer, the
Trustee, the Certificate Registrar and any agent of any of them may treat the
Person in whose name this Certificate is registered as of the related Record
Date as the owner hereof for the purpose of receiving distributions pursuant to
the Agreement and may treat the person in whose name this Certificate is
registered as of the relevant date of determination as owner of this Certificate
for all other purposes whatsoever, and none of the Depositor, the Master
Servicers, the Special Servicer, the Trustee, the Certificate Registrar or any
such agent shall be affected by notice to the contrary.

            Subject to certain terms and conditions set forth in the Agreement,
the Trust and the obligations created by the Agreement shall terminate upon
distribution (or provision for distribution) to the Certificateholders of all
amounts held by or on behalf of the Trustee and required to be distributed to
them pursuant to the Agreement following the earlier to occur of (i) the final
payment (or any advance with respect thereto) on or other liquidation of the
last Mortgage Loan or REO Property remaining in the Trust, (ii) the purchase by
either Master Servicer, the Special Servicer or the Plurality Subordinate
Certificateholder at a price determined as provided in the Agreement of all
Mortgage Loans and any REO Properties (or, if specified in the Agreement with
respect to any REO Property, the Trust's interests therein) remaining in the
Trust and (iii) the exchange by the holder of certain remaining outstanding
Classes of Certificates (as described below) for all the Mortgage Loans and REO
Properties (or, if specified in the Agreement with respect to any REO Property,
the Trust's interests therein) in the Trust. The Agreement permits, but does not
require, either Master Servicer, the Special Servicer or the Plurality
Subordinate Certificateholder to purchase from the Trust all Mortgage Loans and
any REO Properties (or, if specified in the Agreement with respect to any REO
Property, the Trust's interests therein) remaining therein. The exercise of such
right will effect early retirement of the Certificates; however, such right to
purchase is subject to the aggregate Stated Principal Balance of the Mortgage
Pool at the time of purchase being less than approximately 1.0% of the Initial
Pool Balance. In addition, following the date on which the total principal
balance of the Class A-l, Class A-2, Class A-2FL, Class A-3FL, Class A-SB, Class
A-4, Class A-4FL, Class A-1A, Class AM, Class AM-FL, Class AJ, Class AJ-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 Y, Class Z,
Class R-I and Class R-II Certificates) may, subject to such other conditions as
may be set forth in the Agreement, exchange those Certificates for all Mortgage
Loans and REO Properties (or, if specified in the Agreement with respect to any
REO Property, the Trust's interests therein) remaining in the Trust Fund at the
time of the exchange.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof, and the modification of the rights and obligations of the
Depositor, the Master Servicers, the Special Servicer, the Custodian and the
Trustee thereunder and the rights of the Certificateholders thereunder, at any
time by the Master Servicers, the Special Servicer, the Custodian, 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 (i) to
maintain the status of each of REMIC I and REMIC II as a REMIC and (ii) to
maintain the status, and facilitate the administration of, each Grantor Trust as
a "grantor trust" under federal income tax law, in the case each of clause (i)
and (ii) of this sentence 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 5-140l of the New York General Obligations
Law), and the obligations, rights and remedies of the Holder hereof shall be
determined in accordance with such laws.

<PAGE>

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

                                       LASALLE BANK NATIONAL
                                          ASSOCIATION, as Certificate
                                          Registrar

                                       By:____________________________________
                                          Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

            This is one of the Class [R-I] [R-II] Certificates referred to in
the within-mentioned Agreement.

Dated:      June 13, 2007

                                       LASALLE BANK NATIONAL
                                          ASSOCIATION, as
                                          Authenticating Agent

                                       By:____________________________________
                                          Authorized Officer

<PAGE>

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s),
            assign(s) and transfer(s) unto

            (please print or typewrite name and address including
            postal zip code of assignee)

the beneficial ownership interest in the Trust evidenced by the within
Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to the above named assignee on the
Certificate Register of the Trust.

            I (we) further direct the issuance of a new Commercial Mortgage
            Pass-Through Certificate of a like Percentage Interest and Class to
            the above named assignee and delivery of such Commercial Mortgage
            Pass-Through Certificate to the following address:

Dated:

                                  ______________________________________________
                                         Signature by or on behalf of
                                                   Assignor

                                  ______________________________________________
                                             Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

            The assignee should include the following for purposes of
            distribution:

            Distributions shall, if permitted, be made by wire transfer or
            otherwise, in immediately available funds, to for the account of .

            Distributions made by check (such check to be made payable
            to                  ) and all applicable statements and notices
            should be mailed to

                  .

            This information is provided by _____________________________, the
            assignee named above, or _____________________________, as its
            agent.

<PAGE>

                                   EXHIBIT A-8

                       FORM OF CLASS Y AND Z CERTIFICATES
                     ML-CFC COMMERCIAL MORTGAGE TRUST 2007-7
    CLASS [Y] [Z]COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE, SERIES 2007-7

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.

<TABLE>
<S>                                                    <C>
Date of Pooling and Servicing Agreement: June 1, 2007  Percentage Interest evidenced by this Certificate
                                                       in Class [Y] [Z]: ___%

Closing Date: June 13, 2007                            Aggregate unpaid principal balance of the Mortgage
                                                       Pool as of the Cut-off Date, after deducting
First Distribution Date: July 13, 2007                 payments of principal due on or before such date
                                                       (the "Initial Pool Balance"): $2,785,502,677
                                                       Trustee and Custodian: LaSalle Bank National
Master Servicers: Midland Loan Services, Inc. and      Association
Wachovia Bank, National Association

Special Servicer: Midland Loan Services, Inc.

Certificate No.: [Y] [Z]-___
</TABLE>

<PAGE>

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE.
ANY RESALE, PLEDGE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE OR ANY
INTEREST HEREIN WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY TO A
"QUALIFIED INSTITUTIONAL BUYER" WITHIN THE MEANING OF RULE 144A UNDER SECURITIES
ACT IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION
AND WHICH IS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING
AND SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A) ANY
RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR
(B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR ANY
INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH
ASSETS OF ANY SUCH RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR
ARRANGEMENT.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MERRILL
LYNCH MORTGAGE INVESTORS, INC., MIDLAND LOAN SERVICES, INC. AND WACHOVIA BANK,
NATIONAL ASSOCIATION, LASALLE BANK NATIONAL ASSOCIATION OR ANY OF THEIR
RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE MORTGAGE LOANS ARE
GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER
PERSON.

THIS CERTIFICATE IS ENTITLED ONLY TO CERTAIN ADDITIONAL INTEREST (IF ANY)
RECEIVED IN RESPECT OF THE ARD LOANS SUBJECT TO THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

            This certifies that ________________________________ is the
registered owner of the Percentage Interest evidenced by this Certificate (as
specified above) in that certain beneficial ownership interest in the Trust
evidenced by all the Class [Y] [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), Midland Loan Services, Inc. and Wachovia Bank, National
Association, as master servicers (each, a "Master Servicer" and collectively,
the "Master Servicers", 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 and custodian (in such capacities,
the "Trustee" and "Custodian", respectively, which terms include any successor
entities 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 fourth Business Day after the related Determination Date of any given
month (each, a "Distribution Date"). Distributions will be made commencing on
the first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the last Business Day of
the month immediately preceding the month of such distribution (the "Record
Date"), in an amount equal to the product of the Percentage Interest evidenced
by this Certificate and the amount required to be distributed pursuant to the
Agreement on the applicable Distribution Date in respect of the Class of
Certificates to which this Certificate belongs; provided that the initial Record
Date will be the Closing Date. All distributions made under the Agreement in
respect of this Certificate will be made by the Trustee by wire transfer in
immediately available funds to the account of the Person entitled thereto at a
bank or other entity having appropriate facilities therefor, if such
Certificateholder shall have provided the Trustee with written wiring
instructions no less than five (5) Business Days prior to (or, in the case of
the first such distribution, no later than) the Record Date for such
distribution (which wiring instructions may be in the form of a standing order
applicable to all subsequent distributions as well), or otherwise by check
mailed to the address of such Certificateholder appearing in the Certificate
Register. Notwithstanding the above, the final distribution in respect of this
Certificate will be made after due notice by the Trustee of the pendency of such
distribution and only upon presentation and surrender of this Certificate at the
offices of the Certificate Registrar appointed as provided in the Agreement or
such other location as may be specified in such notice.

            The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Collection Accounts, the Distribution Account
and, if established, the Pool REO Account may be made from time to time for
purposes other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such advances and expenses.

            The Certificates are issuable in fully registered form only without
coupons in minimum denominations specified in the Agreement. As provided in the
Agreement and subject to certain limitations therein set forth, the Certificates
are exchangeable for new Certificates of the same Class in authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

            As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized denominations evidencing the same aggregate Percentage
Interest will be issued to the designated transferee or transferees.

            No direct or indirect transfer, sale, pledge, hypothecation or other
disposition (each, a "Transfer") of this Certificate or any interest herein
shall be made unless that Transfer is exempt from the registration and/or
qualification requirements of the Securities Act and any applicable state
securities laws, or is otherwise made in accordance with the Securities Act and
such state securities laws.

            If a Transfer of this Certificate is to be made without registration
under the Securities Act (other than in connection with the initial issuance of
the Certificates or a Transfer of this Certificate by the Depositor, Merrill
Lynch, Pierce, Fenner & Smith Incorporated or any of their respective
Affiliates), then the Certificate Registrar shall refuse to register such
Transfer unless it receives (and, upon receipt, may conclusively rely upon)
either: (i) a certificate from the Certificateholder desiring to effect such
Transfer substantially in the form attached as Exhibit E-1 to the Agreement and
a certificate from such Certificateholder's prospective Transferee substantially
in the form attached as Exhibit E-2A to the Agreement; or (ii) an Opinion of
Counsel satisfactory to the Trustee to the effect that such Transferee is a
Qualified Institutional Buyer and such Transfer may be made without registration
under the Securities Act (which Opinion of Counsel shall not be an expense of
the Trust Fund or of the Depositor, the Master Servicers, the Special Servicer,
the Trustee or the Certificate Registrar in their respective capacities as
such), together with the written certification(s) as to the facts surrounding
such Transfer from the Certificateholder desiring to effect such Transfer and/or
such Certificateholder's prospective Transferee on which such Opinion of Counsel
is based. If any Transferee of this Certificate does not, in connection with the
subject Transfer, deliver to the Certificate Registrar one of the certifications
described in clause (i) of the preceding sentence or the Opinion of Counsel
described in clause (ii) of the preceding sentence, then such Transferee shall
be deemed to have represented and warranted that all the certifications set
forth in Exhibit E-2A attached to the Agreement are, with respect to the subject
Transfer, true and correct.

            None of the Depositor, the Trustee or the Certificate Registrar is
obligated to register or qualify the Class of Certificates to which this
Certificate belongs, under the Securities Act or any other securities law or to
take any action not otherwise required under the Agreement to permit the
Transfer of this Certificate or any interest herein without such registration or
qualification. Any Certificateholder desiring to effect a Transfer of this
Certificate or any interest herein shall, and does hereby agree to, indemnify
the Depositor, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Countrywide
Securities Corporation, the Trustee, the Master Servicers, the Special Servicer
and the Certificate Registrar and their respective Affiliates against any
liability that may result if such Transfer is not exempt from the registration
and/or qualification requirements of the Securities Act and any applicable state
securities laws or is not made in accordance with such federal and state laws.

            No Transfer of this Certificate or any interest herein shall be made
to (A) any employee benefit plan or other retirement arrangement, including
individual retirement accounts and annuities, Keogh plans and collective
investment funds and separate accounts in which such plans, accounts or
arrangements are invested, including insurance company general accounts, that is
subject to ERISA or the Code or any other federal, state, local or foreign law
("Similar Law") that is substantially similar to Section 406 or 407 of ERISA or
Section 4975 of the Code (each, a "Plan"), or (B) any Person who is directly or
indirectly purchasing this Certificate or such interest herein on behalf of, as
named fiduciary of, as trustee of, or with assets of a Plan, if the purchase and
holding of this Certificate or such interest herein by the prospective
Transferee would result in a non-exempt violation of Section 406 or 407 of ERISA
or Section 4975 of the Code or Similar Law or would result in the imposition of
an excise tax under Section 4975 of the Code. Except in connection with the
initial issuance of the Certificates or any Transfer of this Certificate by the
Depositor, Merrill Lynch, Pierce, Fenner & Smith Incorporated or any of their
respective Affiliates, the Certificate Registrar shall refuse to register the
Transfer of this Certificate unless it has received from the prospective
Transferee, one of the following: (i) a certification to the effect that such
prospective Transferee is not a Plan and is not directly or indirectly
purchasing this Certificate or such interest herein on behalf of, as named
fiduciary of, as trustee of, or with assets of a Plan; or (ii) a certification
of facts and an Opinion of Counsel which otherwise establish to the reasonable
satisfaction of the Trustee that such Transfer will not result in a violation of
Section 406 or 407 of ERISA or Section 4975 of the Code or result in the
imposition of an excise tax under Section 4975 of the Code. If any Transferee of
this Certificate or any interest herein does not, in connection with the subject
Transfer, deliver to the Certificate Registrar a certification and/or Opinion of
Counsel as required by the preceding sentence, then such Transferee shall be
deemed to have represented and warranted that either: (i) such Transferee is not
a Plan and is not directly or indirectly purchasing this Certificate or such
interest herein on behalf of, as named fiduciary of, as trustee of, or with
assets of a Plan; or (ii) the purchase and holding of this Certificate or such
interest herein by such Transferee is exempt from the prohibited transaction
provisions of Sections 406 and 407 of ERISA and the excise taxes imposed on such
prohibited transactions by Section 4975 of the Code.

            No service charge will be imposed for any registration of transfer
or exchange of Certificates, but the Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of
Certificates.

            The Holder of this Certificate, by its acceptance hereof, shall be
deemed to have agreed to keep confidential any information it obtains from the
Trustee (except that such Holder may provide any such information obtained by it
to any other Person that holds or is contemplating the purchase of this
Certificate or an interest herein, provided that such other Person confirms in
writing such ownership interest or prospective ownership interest and agrees to
keep such information confidential).

            Prior to due presentment of this Certificate for registration of
transfer, the Depositor, the Master Servicers, the Special Servicer, the
Trustee, the Certificate Registrar and any agent of any of them may treat the
Person in whose name this Certificate is registered as of the related Record
Date as the owner hereof for the purpose of receiving distributions pursuant to
the Agreement and may treat the person in whose name this Certificate is
registered as of the relevant date of determination as owner of this Certificate
for all other purposes whatsoever, and none of the Depositor, the Master
Servicers, the Special Servicer, the Trustee, the Certificate Registrar or any
such agent shall be affected by notice to the contrary.

            Subject to certain terms and conditions set forth in the Agreement,
the Trust and the obligations created by the Agreement shall terminate upon
distribution (or provision for distribution) to the Certificateholders of all
amounts held by or on behalf of the Trustee and required to be distributed to
them pursuant to the Agreement following the earlier of (i) the final payment
(or any advance with respect thereto) on or other liquidation of the last
Mortgage Loan or REO Property remaining in the Trust, (ii) the purchase by
either Master Servicer, the Special Servicer or the Plurality Subordinate
Certificateholder at a price determined as provided in the Agreement of all
Mortgage Loans and any REO Properties (or, if specified in the Agreement with
respect to any REO Property, the Trust's interests therein) remaining in the
Trust and (iii) the exchange by the holder of certain remaining outstanding
Classes of Certificates (as described below) for all the Mortgage Loans and REO
Properties (or, if specified in the Agreement with respect to any REO Property,
the Trust's interests therein) in the Trust. The Agreement permits, but does not
require, either Master Servicer, the Special Servicer or the Plurality
Subordinate Certificateholder to purchase from the Trust all Mortgage Loans and
any REO Properties (or, if specified in the Agreement with respect to any REO
Property, the Trust's interests therein) remaining therein. The exercise of such
right will effect early retirement of the Certificates; however, such right to
purchase is subject to the aggregate Stated Principal Balance of the Mortgage
Pool at the time of purchase being less than approximately 1.0% of the Initial
Pool Balance. In addition, following the date on which the total principal
balance of the Class A-l, Class A-2, Class A-2FL, Class A-3FL, Class A-SB, Class
A-4, Class A-4FL, Class A-1A, Class AM, Class AM-FL, Class AJ, Class AJ-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 Y, Class Z,
Class R-I and Class R-II Certificates) may, subject to such other conditions as
may be set forth in the Agreement, exchange those Certificates for all Mortgage
Loans and REO Properties (or, if specified in the Agreement with respect to any
REO Property, the Trust's interests therein) remaining in the Trust Fund at the
time of the exchange.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof, and the modification of the rights and obligations of the
Depositor, the Master Servicers, the Special Servicer, the Custodian and the
Trustee thereunder and the rights of the Certificateholders thereunder, at any
time by the Master Servicers, the Special Servicer, the Custodian and the
Trustee with the consent of the Holders of Certificates entitled to at least
66-2/3% of the Voting Rights. Any such consent by the Holder of this Certificate
shall be conclusive and binding on such Holder and upon all future Holders of
this Certificate and of any Certificate issued upon the transfer hereof or in
exchange herefor or in lieu hereof whether or not notation of such consent is
made upon this Certificate. The Agreement also permits the amendment thereof, in
certain circumstances, including any amendment necessary (i) to maintain the
status of each of REMIC I and REMIC II as a REMIC and (ii) to maintain the
status, and facilitate the administration of, each Grantor Trust as a "grantor
trust" under federal income tax law, in the case each of clause (i) and (ii) of
this sentence without the consent of the Holders of any of the Certificates.

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

            The registered Holder hereof, by its acceptance hereof, agrees that
it will look solely to the Trust (to the extent of its rights therein) for
distributions hereunder.

            This Certificate shall be construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed
in said State, without applying any conflicts of law principles of such state
(other than the provisions of Section 5-1401 of the New York General Obligations
Law), and the obligations, rights and remedies of the Holder hereof shall be
determined in accordance with such laws.

<PAGE>

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

                                       LASALLE BANK NATIONAL
                                          ASSOCIATION, as Certificate
                                          Registrar

                                       By:____________________________________
                                          Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

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

Dated:      June 13, 2007

                                       LASALLE BANK NATIONAL
                                          ASSOCIATION, as
                                          Authenticating Agent

                                       By:____________________________________
                                          Authorized Officer

<PAGE>

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s),
            assign(s) and transfer(s) unto

            (please print or typewrite name and address including
            postal zip code of assignee)

the beneficial ownership interest in the Trust evidenced by the within
Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to the above named assignee on the
Certificate Register of the Trust.

            I (we) further direct the issuance of a new Commercial Mortgage
            Pass-Through Certificate of a like Percentage Interest and Class to
            the above named assignee and delivery of such Commercial Mortgage
            Pass-Through Certificate to the following address:

Dated:

                                  ______________________________________________
                                         Signature by or on behalf of
                                                   Assignor

                                  ______________________________________________
                                             Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

            The assignee should include the following for purposes of
            distribution:

            Distributions shall, if permitted, be made by wire transfer or
            otherwise, in immediately available funds, to for the account of .

            Distributions made by check (such check to be made payable
            to                  ) and all applicable statements and notices
            should be mailed to

                  .

            This information is provided by _____________________________, the
            assignee named above, or _____________________________, as its
            agent.

<PAGE>

                                    EXHIBIT B

                       FORM OF DISTRIBUTION DATE STATEMENT

                     ML-CFC Commerical Mortgage Trust 2007-7
                  Commercial Mortgage Pass-Through Certificates
                                Series 2007-7
[LOGO] LaSalle Bank
       ABN AMRO                                       Statement Date:
                                                      Payment Date:
135 S. LaSalle Street Suite 1625                      Prior Payment:
Chicago, IL 60603                                     Next Payment:
USA                                                   Record Date:

Administrator:                                        Analyst:
Daniel Laz 312.992.2191                               Patrick Gong 714.259.6253
daniel.laz@abnamro.com                                patrick.gong@abnamro.com

                                 ABN AMRO Acct:

                       Reporting Package Table of Contents

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

Issue Id:                                                            SAMPMERL

Monthly Data File Name:                                  SAMPMERL_200707_3.ZIP
--------------------------------------------------------------------------------

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

                                                                   Page(s)
                                                                   -------
Statements to Certificateholders                                   Page 2
Cash Reconciliation Summary                                        Page 3
Bond Interest Reconciliation                                       Page 4
Bond Interest Reconciliation                                       Page 5
Bond Principal Reconciliation                                      Page 6
Shortfall Summary Report                                           Page 7
Asset-Backed Facts ~ 15 Month Loan Status Summary                  Page 8
Asset-Backed Facts ~ 15 Month Loan Payoff/Loss Summary             Page 9
Mortgage Loan Characteristics                                      Page 10
Delinquent Loan Detail                                             Page 11
Loan Level Detail                                                  Page 12
Realized Loss Detail                                               Page 13
Collateral Realized Loss                                           Page 14
Appraisal Reduction Detail                                         Page 15
Material Breaches Detail                                           Page 16
Historical Collateral Prepayment                                   Page 17
Specially Serviced (Part I) - Loan Detail                          Page 18
Specially Serviced (Part II) - Servicer Comments                   Page 19
Summary of Loan Maturity Extensions                                Page 20
Rating Information                                                 Page 21
Other Related Information                                          Page 22
SWAP Summary                                                       Page 23
--------------------------------------------------------------------------------

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

Closing Date:                                                   13-Jun 2007
First Payment Date:
Rated Final Payment Date:
Determination Date:

--------------------------------------------------------------------------------
                            Trust Collection Period
--------------------------------------------------------------------------------

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

--------------------------------------------------------------------------------
                           Parties to The Transaction
--------------------------------------------------------------------------------
                Depositor: Merrill Lynch Mortgage Investors, Inc.
        Master Servicer: Midland Loan Services, Inc./Wachovia Bank, N.A.
 Rating Agency: Moody's Investors Service, Inc/Standard & Poors Rating Services
                  Special Servicer: Midland Loan Services, Inc.
  Underwriter: Countrywide Securities Corporation/Goldman, Sachs & Co./Merrill
Lynch, Pierce, Fenner & Smith Incorporated/Morgan Stanley & Co. Incorporated/PNC
                               Capital Markets LLC

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

--------------------------------------------------------------------------------
       Information is available for this issue from the following sources
--------------------------------------------------------------------------------
LaSalle Web Site                              www.etrustee.net
Servicer Web Site                            www.midlandls.com
LaSalle Factor Line                             (800) 246-5761
--------------------------------------------------------------------------------

                                                                    Page 1 of 23
<PAGE>

                     ML-CFC Commerical Mortgage Trust 2007-7
                  Commercial Mortgage Pass-Through Certificates
                                Series 2007-7
[LOGO] LaSalle Bank
       ABN AMRO                                       Statement Date:
                                                      Payment Date:
                                                      Prior Payment:
                                                      Next Payment:
                                                      Record Date:

                                 ABN AMRO Acct:

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
              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)
------------------------------------------------------------------------------------------------------------------------------------
<S>        <C>              <C>         <C>         <C>            <C>            <C>         <C>         <C>          <C>

------------------------------------------------------------------------------------------------------------------------------------
Total
------------------------------------------------------------------------------------------------------------------------------------
                                                                             Total P&I Payment
                                                                             =======================
</TABLE>

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
<PAGE>

                     ML-CFC Commerical Mortgage Trust 2007-7
                  Commercial Mortgage Pass-Through Certificates
                                Series 2007-7
[LOGO] LaSalle Bank
       ABN AMRO                                       Statement Date:
                                                      Payment Date:
                                                      Prior Payment:
                                                      Next Payment:
                                                      Record Date:

                                 ABN AMRO Acct:

                           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                                        0.00        0
Scheduled Principal                                   0.00        0
Unscheduled Principal                                 0.00        0
Deferred Interest                                     0.00        0
Liquidations                                          0.00        0
Repurchases                                           0.00        0
--------------------------------------------------------------------------------
Ending Pool                                           0.00        0
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                       Non-P&I Servicing Advance Summary
--------------------------------------------------------------------------------
                                                                  Amount
--------------------------------------------------------------------------------
Prior Outstanding                                                  0.00
Plus Current Period                                                0.00
Less Recovered                                                     0.00
Less Non Recovered                                                 0.00
Ending Outstanding                                                 0.00
--------------------------------------------------------------------------------

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

--------------------------------------------------------------------------------
                  Cumulative Prepayment Consideration Received
--------------------------------------------------------------------------------
Prepayment Premiums                                               0.00
Yield Maintenance                                                 0.00
Other Interest                                                    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
<PAGE>

                     ML-CFC Commerical Mortgage Trust 2007-7
                  Commercial Mortgage Pass-Through Certificates
                                Series 2007-7
[LOGO] LaSalle Bank
       ABN AMRO                                       Statement Date:
                                                      Payment Date:
                                                      Prior Payment:
                                                      Next Payment:
                                                      Record Date:

                                 ABN AMRO Acct:

                       Bond Interest Reconciliation Detail

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------
           Accrual                   Pass-      Accrued       Total        Total
        --------------    Opening   Through   Certificate    Interest     Interest
Class   Method    Days    Balance    Rate      Interest     Additions    Deductions
-----------------------------------------------------------------------------------
<C>     <C>       <C>     <C>       <C>       <C>           <C>          <C>

<CAPTION>
-----------------------------------------------------------------------------------
                                    Current       Remaining
        Distributable   Interest    Period       Outstanding      Credit Support
         Certificate    Payment    Shortfall      Interest     ---------------------
Class     Interest       Amount     Recovery     Shortfalls    Original   Current(1)
------------------------------------------------------------------------------------
<C>     <C>             <C>        <C>           <C>           <C>        <C>

</TABLE>

(1)  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 4 of 23
<PAGE>

                     ML-CFC Commerical Mortgage Trust 2007-7
                  Commercial Mortgage Pass-Through Certificates
                                Series 2007-7
[LOGO] LaSalle Bank
       ABN AMRO                                       Statement Date:
                                                      Payment Date:
                                                      Prior Payment:
                                                      Next Payment:
                                                      Record Date:

                                 ABN AMRO Acct:

                       Bond Interest Reconciliation Detail

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------
                                                               Additions
                               --------------------------------------------------------------------------
           Prior     Current       Prior           Interest                                    Other
         Interest   Interest     Interest         Accrual on     Prepayment      Yield        Interest
Class    Due Date   Due Date   Shortfall Due   Prior Shortfall    Premiums    Maintenance    Proceeds(1)
---------------------------------------------------------------------------------------------------------
<S>     <C>        <C>         <C>             <C>               <C>         <C>           <C>

<CAPTION>
-------------------------------------------------------------------------
                      Deductions
        --------------------------------------
                       Deferred &    Interest    Distributable   Interest
          Allocable     Accretion      Loss       Certificate    Payment
Class       PPIS         Interest     Expense      Interest       Amount
-------------------------------------------------------------------------
<S>     <C>            <C>           <C>         <C>             <C>

</TABLE>

(1)  Other Interest Proceeds are additional interest amounts specifically
     allocated to the bond(s) and used in determining the Bondholder's
     Distributable Interest.

                                                                    Page 5 of 23
<PAGE>

                     ML-CFC Commerical Mortgage Trust 2007-7
                  Commercial Mortgage Pass-Through Certificates
                                Series 2007-7
[LOGO] LaSalle Bank
       ABN AMRO                                       Statement Date:
                                                      Payment Date:
                                                      Prior Payment:
                                                      Next Payment:
                                                      Record Date:

                                 ABN AMRO Acct:
                          Bond Principal Reconciliation

<TABLE>
<CAPTION>
                                                                                                        Accreted Principal
                                                                                               -------------------------------------
                                Basic             Extra           Int Shortfall    Pool          Extra               Pledged
            Beginning           Principal         Principal       Res Fund         Loss          Principal           Certificate
Class       Class Balance       Payment Amt       Payment Amt     Release          Allocation    Payment Amt         Def Interest
------------------------------------------------------------------------------------------------------------------------------------
<S>        <C>                 <C>                <C>             <C>              <C>           <C>                <C>
                                                                                                                      0.00

------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                      0.00
------------------------------------------------------------------------------------------------------------------------------------

<CAPTION>

                                                                     Interest
             Prior           Cumulative                              Accrued on        Rated           Credit Support
             Losses          Pool                  Ending            Pool Losses       Final      ------------------------
Class        Reimbursed      Loss               Class Balance        Cls A - M         Maturity   Original    Current(4)
--------------------------------------------------------------------------------------------------------------------------
<S>         <C>             <C>                 <C>                  <C>               <C>        <C>         <C>

</TABLE>

(1) Extra Principal Amounts: the lessor of (i) the excess, if any, of the
overcollateralization Target Amount over the Overcollateralization Amount.

                                                                    Page 6 of 23

<PAGE>

                     ML-CFC Commerical Mortgage Trust 2007-7
                  Commercial Mortgage Pass-Through Certificates
                                Series 2007-7
[LOGO] LaSalle Bank
       ABN AMRO                                       Statement Date:
                                                      Payment Date:
                                                      Prior Payment:
                                                      Next Payment:
                                                      Record Date:

                                 ABN AMRO Acct:

                          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 7 of 23
<PAGE>

                     ML-CFC Commerical Mortgage Trust 2007-7
                  Commercial Mortgage Pass-Through Certificates
                                Series 2007-7
[LOGO] LaSalle Bank
       ABN AMRO                                       Statement Date:
                                                      Payment Date:
                                                      Prior Payment:
                                                      Next Payment:
                                                      Record Date:

                                 ABN AMRO Acct:

          Asset-Backed Facts ~ 15 Month Historical Loan Status Summary

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------
                        Delinquency Aging Categories
              --------------------------------------------------------------------------------------------
                Delinq 1 Month    Delinq 2 Month    Delinq 3+ Month      Foreclosure           REO
Distribution
    Date         #     Balance     #     Balance     #      Balance     #     Balance     #     Balance
----------------------------------------------------------------------------------------------------------
<S>             <C>               <C>               <C>                 <C>               <C>

<CAPTION>
--------------------------------------------------------------------------
                               Special Event Categories (1)
              ------------------------------------------------------------
                   Modifications    Specially Serviced       Bankruptcy
Distribution
    Date           #     Balance     #         Balance     #     Balance
--------------------------------------------------------------------------
<S>                <C>              <C>                    <C>

</TABLE>

(1)  Note: Modification, Specially Serviced & Bankruptcy Totals are Included in
     the Appropriate Delinquency Aging Category

                                                                    Page 8 of 23
<PAGE>

                     ML-CFC Commerical Mortgage Trust 2007-7
                  Commercial Mortgage Pass-Through Certificates
                                Series 2007-7
[LOGO] LaSalle Bank
       ABN AMRO                                       Statement Date:
                                                      Payment Date:
                                                      Prior Payment:
                                                      Next Payment:
                                                      Record Date:

                                 ABN AMRO Acct:

          Asset-Backed Facts ~ 15 Month Historical Payoff/Loss Summary

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
                   Ending Pool (1)            Payoffs (2)              Penalties           Appraisal Reduct. (2)
Distribution
    Date        #             Balance    #             Balance    #             Amount     #             Balance
--------------------------------------------------------------------------------------------------------------------
<S>             <C>                      <C>                      <C>                      <C>

<CAPTION>
------------------------------------------------------------------------------------------------------------
                   Liquidations (2)       Realized Losses (2)      Remaining Term       Curr Weighted Avg.
Distribution
    Date        #             Balance    #             Amount      Life                 Coupon       Remit
------------------------------------------------------------------------------------------------------------
<S>             <C>                      <C>                       <C>                  <C>

</TABLE>

                                                                    Page 9 of 23
<PAGE>

                     ML-CFC Commerical Mortgage Trust 2007-7
                  Commercial Mortgage Pass-Through Certificates
                                Series 2007-7
[LOGO] LaSalle Bank
       ABN AMRO                                       Statement Date:
                                                      Payment Date:
                                                      Prior Payment:
                                                      Next Payment:
                                                      Record Date:

                                 ABN AMRO Acct:

                          Mortgage Loan Characteristics

                       Distribution of Principal Balances

<TABLE>
<CAPTION>
                                                                     Weighted Average
      Current Scheduled          # of    Scheduled    % of      ------------------------
           Balances              Loans    Balance    Balance    Term   Coupon   PFY DSCR
------------------------------   -----   ---------   -------    ----   ------  ---------
<S>                              <C>     <C>         <C>        <C>    <C>     <C>

------------------------------   -----   ---------   -------    ----   ------  ---------
                                   0         0        0.00%
------------------------------   -----   ---------   -------    ----   ------  ---------
Average Schedule Balance
Maximum Schedule Balance       (9,999,999,999)
Minimum Schedule Balance        9,999,999,999
</TABLE>

                Distribution of Remaining Term (Fully Amortizing)

<TABLE>
<CAPTION>
                                                                     Weighted Average
       Fully Amortizing          # of    Scheduled    % of      ------------------------
        Mortgage Loans           Loans    Balance    Balance    Term   Coupon   PFY DSCR
------------------------------   -----   ---------   -------    ----   ------  ---------
<S>                              <C>     <C>         <C>        <C>    <C>     <C>

------------------------------   -----   ---------   -------    ----   ------  ---------
                                     0           0      0.00%
------------------------------   -----   ---------   -------    ----   ------  ---------
</TABLE>

                     Distribution of Mortgage Interest Rates

<TABLE>
<CAPTION>
                                                                     Weighted Average
       Current Mortgage          # of    Scheduled   % of       ------------------------
        Interest Rate            Loans   Balance     Balance    Term   Coupon   PFY DSCR
------------------------------   -----   ---------   -------    ----   ------  ---------
<S>                              <C>     <C>         <C>        <C>    <C>     <C>

------------------------------   -----   ---------   -------    ----   ------  ---------
                                  0          0        0.00%
------------------------------   -----   ---------   -------    ----   ------  ---------
Minimum Mortgage Interest Rate        ,900.000%
Maximum Mortgage Interest Rate        ,900.000%
</TABLE>

                    Distribution of Remaining Term (Balloon)

<TABLE>
<CAPTION>
                                                                     Weighted Average
           Balloon               # of    Scheduled    % of      ------------------------
        Mortgage Loans           Loans    Balance    Balance    Term   Coupon   PFY DSCR
------------------------------   -----   ---------   -------    ----   ------  ---------
<S>                              <C>     <C>         <C>        <C>    <C>     <C>

------------------------------   -----   ---------   -------    ----   ------  ---------
                                     0           0      0.00%
------------------------------   -----   ---------   -------    ----   ------  ---------
</TABLE>

                                                                   Page 10 of 23
<PAGE>

                     ML-CFC Commerical Mortgage Trust 2007-7
                  Commercial Mortgage Pass-Through Certificates
                                Series 2007-7
[LOGO] LaSalle Bank
       ABN AMRO                                       Statement Date:
                                                      Payment Date:
                                                      Prior Payment:
                                                      Next Payment:
                                                      Record Date:

                                 ABN AMRO Acct:

                             Delinquent Loan Detail

<TABLE>
<CAPTION>
                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
-------------   ----   -----------   -----------   -------------   ---------------   -------------   -----------   ----------   ----
<S>             <C>    <C>           <C>           <C>             <C>               <C>             <C>           <C>          <C>

Total
</TABLE>
(1):Legend:

      A.    In Grace Period

      B.    Late Payment but < 1 month delinq.

      1.    Delinq. 1 month

      2.    Delinq. 2 month

      3.    Delinquent 3 + months

      4.    Performing Matured Balloon

      5.    Non Performing Matured Balloon

      7.    Foreclosure

      9.    REO

**    Outstanding P&I Advances include the current period P&I Advances and may
      include Servicer Advances.

                                                                   Page 11 of 23
<PAGE>

                     ML-CFC Commerical Mortgage Trust 2007-7
                  Commercial Mortgage Pass-Through Certificates
                                Series 2007-7
[LOGO] LaSalle Bank
       ABN AMRO                                       Statement Date:
                                                      Payment Date:
                                                      Prior Payment:
                                                      Next Payment:
                                                      Record Date:

                                 ABN AMRO Acct:

                                Loan Level Detail

<TABLE>
<CAPTION>
                                                   Operating                Ending
Disclosure           Property   Maturity    PFY    Statement     Geo.      Principal   Note
Control #    Group     Type       Date     DSCR      Date      Location     Balance    Rate
----------   -----   --------   --------   ----    ---------   --------    ---------   ----
<S>          <C>     <C>        <C>        <C>     <C>         <C>         <C>         <C>

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

<CAPTION>
                                                      Loan
Disclosure   Scheduled   Prepayment    Prepayment    Status
Control #       P&I        Amount         Date       Code(1)
----------   ---------   ----------    ----------    -------
<S>          <C>         <C>           <C>           <C>

----------   ---------   ----------    ----------    -------
</TABLE>

*     NOI and DSCR, if available and reportable under the terms of the trust
      agreement, are based on information obtained from the related borrower,
      and no other party to the agreement shall be held liable for the accuracy
      or methodology used to determine such figures.

(1)   Legend:

      A.    In Grace Period

      B.    Late Payment but < one month delinq

      1.    Delinquent 1 month

      2.    Delinquent 2 months

      3.    Delinquent 3+ months

      4.    Performing Matured Balloon

      5.    Non Performing Matured Ballon

      7.    Foreclosure

      9.    REO

                                                                   Page 12 of 23
<PAGE>

##

                     ML-CFC Commerical Mortgage Trust 2007-7
                  Commercial Mortgage Pass-Through Certificates
                                Series 2007-7
[LOGO] LaSalle Bank
       ABN AMRO                                       Statement Date:
                                                      Payment Date:
                                                      Prior Payment:
                                                      Next Payment:
                                                      Record Date:

                                 ABN AMRO Acct:

                              Realized Loss Detail

<TABLE>
<CAPTION>
                                                                              Gross                                 Net
                                                                            Proceeds                             Proceeds
                                                       Beginning            as a % of   Aggregate       Net       as a %
                     Disclosure  Appraisal  Appraisal  Scheduled   Gross      Sched.   Liquidation  Liquidation  of Sched.  Realized
      Period         Control #     Date       Value     Balance   Proceeds   Balance   Expenses *    Proceeds     Balance     Loss
-------------------  ----------  ---------  ---------  ---------  --------  ---------  -----------  -----------  ---------  --------
<S>                  <C>         <C>        <C>        <C>        <C>       <C>        <C>          <C>          <C>        <C>

-------------------  ----------  ---------  ---------  ---------  --------  ---------  -----------  -----------  ---------  --------
Current Total
Cumulative
</TABLE>

*     Aggregate liquidation expenses also include outstanding P&I advances and
      unpaid servicing fees, unpaid trustee fees, etc.

                                                                   Page 13 of 23
<PAGE>

                     ML-CFC Commerical Mortgage Trust 2007-7
                  Commercial Mortgage Pass-Through Certificates
                                Series 2007-7
[LOGO] LaSalle Bank
       ABN AMRO                                       Statement Date:
                                                      Payment Date:
                                                      Prior Payment:
                                                      Next Payment:
                                                      Record Date:

                                 ABN AMRO Acct:

                  Bond/Collateral Realized Loss Reconciliation

<TABLE>
<CAPTION>
                                                                                                                  Interest
                              Beginning                                                                          (Shortages)/
                            Balance of the       Aggregate     Prior Realized        Amounts Covered by        Excesses applied
Prospectus                     Loan at         Realized Loss   Loss Applied to    Overcollateralization          to Realized
    ID        Period         Liquidation         on Loans       Certificates         and other Credit               Losses
                                                                      A                      B                        C
====================================================================================================================================
<S>           <C>           <C>                <C>             <C>                <C>                          <C>
Cumulative

<CAPTION>

                                               Additional                                                          (Recoveries)/
                     Modification             (Recoveries)/                                   Recoveries of        Realized Loss
Prospectus      Adjustments/Appraisal     Expenses applied to      Current Realized Loss      Realized Losses        Applied to
    ID           Reduction Adjustment       Realized Losses      Applied to Certificates*     paid as Cash     Certificate Interest
                          D                        E
====================================================================================================================================
<S>             <C>                       <C>                    <C>                          <C>              <C>
Cumulative

</TABLE>

*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 - 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 14 of 23
<PAGE>

                     ML-CFC Commerical Mortgage Trust 2007-7
                  Commercial Mortgage Pass-Through Certificates
                                Series 2007-7
[LOGO] LaSalle Bank
       ABN AMRO                                       Statement Date:
                                                      Payment Date:
                                                      Prior Payment:
                                                      Next Payment:
                                                      Record Date:

                                 ABN AMRO Acct:

                           Appraisal Reduction Detail

<TABLE>
<CAPTION>

                                                                                 Remaining Term
 Disclosure    Appraisal  Scheduled    AR    Current P&I        Note  Maturity  ----------------  Property  Geographic
  Control #    Red. Date   Balance   Amount    Advance    ASER  Rate    Date     Life               Type     Location
-------------  ---------  ---------  ------  -----------  ----  ----  --------  ------  --------  --------  ----------
<S>            <C>        <C>        <C>     <C>          <C>   <C>   <C>       <C>     <C>       <C>       <C>

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

<CAPTION>

                      Appraisal
 Disclosure          -----------
  Control #    DSCR  Value  Date
-------------  ----  -----  ----
<S>            <C>   <C>    <C>

-------------  ----  -----  ----
</TABLE>

                                                                   Page 15 of 23
<PAGE>

                     ML-CFC Commerical Mortgage Trust 2007-7
                  Commercial Mortgage Pass-Through Certificates
                                Series 2007-7
[LOGO] LaSalle Bank
       ABN AMRO                                       Statement Date:
                                                      Payment Date:
                                                      Prior Payment:
                                                      Next Payment:
                                                      Record Date:

                                 ABN AMRO Acct:

              Material Breaches and Material Document Defect Detail

<TABLE>
<CAPTION>
--------------------------------------------------     --------------------------------------------------------
                    Ending           Material
Disclosure         Principal          Breach                Material Breach and Material Document Defect
Control #           Balance            Date                                  Description
--------------------------------------------------     --------------------------------------------------------
<S>                <C>               <C>                    <C>

--------------------------------------------------     --------------------------------------------------------
</TABLE>

Material breaches of pool asset representation or warranties or transaction
covenants.

                                                                   Page 16 of 23
<PAGE>

                     ML-CFC Commerical Mortgage Trust 2007-7
                  Commercial Mortgage Pass-Through Certificates
                                Series 2007-7
[LOGO] LaSalle Bank
       ABN AMRO                                       Statement Date:
                                                      Payment Date:
                                                      Prior Payment:
                                                      Next Payment:
                                                      Record Date:

                                 ABN AMRO Acct:

                  Historical Collateral Level Prepayment Report

<TABLE>
<CAPTION>

--------------------------  ----------------------------------------------------------------- ------------------
Disclosure       Payoff           Initial                        Payoff          Penalty        Prepayment
Control #        Period           Balance          Type          Amount           Amount           Date

--------------------------  ----------------------------------------------------------------- ------------------
<S>              <C>              <C>              <C>           <C>             <C>            <C>

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

<CAPTION>

--------------------------  --------------------------------------------
Disclosure       Maturity           Property            Geographic
Control #          Date               Type               Location

--------------------------  --------------------------------------------
<S>              <C>                <C>                 <C>

--------------------------  --------------------------------------------
                                                       ---------------------------------
                                      Current
                                      Cumulative
                                                       ---------------------------------
</TABLE>

                                                                   Page 17 of 23

<PAGE>

                     ML-CFC Commerical Mortgage Trust 2007-7
                  Commercial Mortgage Pass-Through Certificates
                                Series 2007-7
[LOGO] LaSalle Bank
       ABN AMRO                                       Statement Date:
                                                      Payment Date:
                                                      Prior Payment:
                                                      Next Payment:
                                                      Record Date:

                                 ABN AMRO Acct:

           Specially Serviced (Part I) ~ Loan Detail (End of Period)

<TABLE>
<CAPTION>
----------  ---------  --------  ------------------  -------------------------------  ------------------  ----------------------
                         Loan          Balance                       Remaining Term
Disclosure  Servicing   Status   ------------------  Note  Maturity  ---------------  Property    Geo.                     NOI
 Control #  Xfer Date  Code (1)  Scheduled   Actual  Rate    Date    Life               Type    Location  NOI      DSCR    Date
----------  ---------  --------  ---------   ------  ----  --------  ---------------  --------  --------  -----    -----   -----
<S>         <C>        <C>       <C>         <C>     <C>   <C>       <C>      <C>     <C>        <C>      <C>      <C>     <C>
                                                                                                           Not      Not     Not
                                                                                                          Avail    Avail   Avail

-------------------------------  ------------------  -------------------------------  ------------------  ----------------------
</TABLE>

(1) Legend:       A. P&I Adv - in Grace Period
                  B. P&I Adv - < one month delinq
                  1. P&I Adv - delinquent 1 month
                  2. P&I Adv - delinquent 2 months
                  3. P&I Adv - delinquent 3+ months
                  4. Mat. Balloon/Assumed P&I
                  5. Non Performing Mat. Balloon
                  7. Foreclosure
                  9. REO

                                                                   Page 18 of 23
<PAGE>

                     ML-CFC Commerical Mortgage Trust 2007-7
                  Commercial Mortgage Pass-Through Certificates
                                Series 2007-7
[LOGO] LaSalle Bank
       ABN AMRO                                       Statement Date:
                                                      Payment Date:
                                                      Prior Payment:
                                                      Next Payment:
                                                      Record Date:

                                 ABN AMRO Acct:

  Specially Serviced Loan Detail (Part II) ~ Servicer Comments (End of Period)

-----------------------   ------------------------------------------------------
Disclosure   Resolution
Control #     Strategy                           Comments
----------   ----------   ------------------------------------------------------

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

                                                                   Page 19 of 23
<PAGE>

                     ML-CFC Commerical Mortgage Trust 2007-7
                  Commercial Mortgage Pass-Through Certificates
                                Series 2007-7
[LOGO] LaSalle Bank
       ABN AMRO                                       Statement Date:
                                                      Payment Date:
                                                      Prior Payment:
                                                      Next Payment:
                                                      Record Date:

                                 ABN AMRO Acct:

                           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 20 of 23
<PAGE>

                     ML-CFC Commerical Mortgage Trust 2007-7
                  Commercial Mortgage Pass-Through Certificates
                                Series 2007-7
[LOGO] LaSalle Bank
       ABN AMRO                                       Statement Date:
                                                      Payment Date:
                                                      Prior Payment:
                                                      Next Payment:
                                                      Record Date:

                                 ABN AMRO Acct:

                               Rating Information

<TABLE>
<CAPTION>
------------------  -------------------------------------  -------------------------------------
                             Original Ratings                    Rating Change/Change Date(1)

Class       CUSIP      Fitch        Moody's       S&P         Fitch        Moody's       S&P
--------  --------  -----------  ------------  ----------  -----------  ------------  ----------
<S>       <C>       <C>          <C>           <C>         <C>          <C>           <C>

------------------  -------------------------------------  -------------------------------------
</TABLE>

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 21 of 23
<PAGE>

                     ML-CFC Commerical Mortgage Trust 2007-7
                  Commercial Mortgage Pass-Through Certificates
                                Series 2007-7
[LOGO] LaSalle Bank
       ABN AMRO                                       Statement Date:
                                                      Payment Date:
                                                      Prior Payment:
                                                      Next Payment:
                                                      Record Date:

                                 ABN AMRO Acct:

                                     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 22 of 23

<PAGE>

                     ML-CFC Commerical Mortgage Trust 2007-7
                  Commercial Mortgage Pass-Through Certificates
                                Series 2007-7
[LOGO] LaSalle Bank
       ABN AMRO                                       Statement Date:
                                                      Payment Date:
                                                      Prior Payment:
                                                      Next Payment:
                                                      Record Date:

                                 ABN AMRO Acct:

                           Other Related Information

<TABLE>
<CAPTION>
                                                            SWAP Payments

                          Accrual Days                   Notional                     Rate                  Amount
------------------------------------------------------------------------------------------------------------------------------------
<S>                       <C>                           <C>                           <C>                   <C>
Fixed Payer:

Float Payer:

<CAPTION>

                                                            SWAP Contract
------------------------------------------------------------------------------------------------------------------------------------
Amount                    Amount                         Yield Maintenance            Shortfall             Special
Received                  Paid                           Prepayment Premiums          Amount                Payment
                                                               Paid                                         Amount
------------------------------------------------------------------------------------------------------------------------------------
<S>                       <C>                            <C>                         <C>                    <C>

</TABLE>

                                                                   Page 23 of 23
<PAGE>

                                    EXHIBIT C

                         FORM OF CUSTODIAL CERTIFICATION

                                                                          [Date]

Merrill Lynch Mortgage Investors, Inc.
4 World Financial Center
250 Vesey Street, 16th Floor
New York, New York  10080

Merrill Lynch Mortgage Lending, Inc.
4 World Financial Center
250 Vesey Street, 16th Floor
New York, New York  10080

Countrywide Commercial Real Estate Finance, Inc.
4500 Park Granada CH-143
Calabasas, California  91302

Artesia Mortgage Capital Corporation
1180 NW Maple Street, Suite 202
Issaquah, Washington  98027

PNC Bank, National Association
One PNC Plaza
249 Fifth Avenue
Pittsburgh, PA 15222

Midland Loan Services, Inc.
10851 Mastin, Building 82, 7th Floor
Overland Park, Kansas 66210

Wachovia Bank, National Association
8739 Research Drive, URP4
Charlotte, North Carolina 28262-1075

      Re:   ML-CFC Commercial Mortgage Trust 2007-7, Commercial Mortgage
            Pass-Through Certificates, Series 2007-7

Ladies and Gentlemen:

            LaSalle Bank National Association, as Custodian, 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
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 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 Custodian, the Trustee, either Master Servicer or the
Special Servicer is under any duty or obligation to inspect, review or examine
any of the documents, instruments, certificates or other papers relating to the
Mortgage Loans delivered to it to determine that the same are valid, legal,
effective, genuine, enforceable, in recordable form, sufficient or appropriate
for the represented purpose or that they are other than what they purport to be
on their face. Capitalized terms used herein and not otherwise defined shall
have the respective meanings assigned to them under the Pooling and Servicing
Agreement.

                                       Respectfully,

                                       LASALLE BANK NATIONAL
                                          ASSOCIATION, as Custodian

                                       By:____________________________________
                                          Name:
                                          Title:

<PAGE>

                                   EXHIBIT D-1

                   FORM OF MASTER SERVICER REQUEST FOR RELEASE

                                                                          [Date]

LaSalle Bank National Association
135 South LaSalle Street, Suite 1625
Chicago, Illinois  60603
Attention: Global Securities and Trust Services--ML-CFC Commercial
Mortgage Pass-Through Certificates, Series 2007-7

      Re:   ML-CFC Commercial Mortgage Trust 2007-7, Commercial Mortgage
            Pass-Through Certificates, Series 2007-7

Ladies and Gentlemen:

            In connection with the administration of the Mortgage Files held by
you as Custodian under a certain Pooling and Servicing Agreement dated as of
June 1, 2007 (the "Pooling and Servicing Agreement"), by and among Merrill Lynch
Mortgage Investors, Inc., as Depositor, Midland Loan Services, Inc. and Wachovia
Bank, National Association, as Master Servicers, Midland Loan Services, Inc. as
Special Servicer and LaSalle Bank National Association, as Trustee and
Custodian, the undersigned hereby requests a release of the Mortgage File (or
the portion thereof specified below) held by you with respect to the following
described Mortgage Loan for the reason indicated below.

Property Name:

Property Address:

Control No.:

            The Mortgage File should be delivered to the following:

                                       _______________________________________
                                       _______________________________________
                                       _______________________________________
                                       Attn:__________________________________
                                       Phone:_________________________________

<PAGE>

If only particular documents in the Mortgage File are requested, please specify
which:

Reason for requesting file (or portion thereof):

                  _____1. Mortgage Loan paid in full.

            The Master Servicer hereby certifies that all amounts received in
            connection with the Mortgage Loan that are required to be credited
            to its Collection Account pursuant to the Pooling and Servicing
            Agreement have been or will be so credited.

                  _____2. Other. (Describe)

            The undersigned acknowledges that the above Mortgage File (or
requested portion thereof) will be held by the undersigned in accordance with
the provisions of the Pooling and Servicing Agreement and will be returned to
you or your designee within ten (10) days of our receipt thereof, unless the
Mortgage Loan has been paid in full, in which case the Mortgage File (or such
portion thereof) will be retained by us permanently.

            Capitalized terms used but not defined herein shall have the
meanings ascribed to them in the Pooling and Servicing Agreement.

<PAGE>

                                       [MIDLAND LOAN SERVICES, INC.]
                                          [WACHOVIA BANK, NATIONAL
                                          ASSOCIATION],
                                          as Master Servicer

                                       By:____________________________________
                                          Name:
                                          Title:

<PAGE>

                                   EXHIBIT D-2

                  FORM OF SPECIAL SERVICER REQUEST FOR RELEASE

                                                                          [Date]

LaSalle Bank National Association
135 South LaSalle Street, Suite 1625
Chicago, Illinois  60603
Attention: Global Securities and Trust Services--ML-CFC Commercial
Mortgage Pass-Through Certificates, Series 2007-7

      Re:   ML-CFC Commercial Mortgage Trust 2007-7, Commercial Mortgage
            Pass-Through Certificates, Series 2007-7

Ladies and Gentlemen:

            In connection with the administration of the Mortgage Files held by
you as Custodian under a certain Pooling and Servicing Agreement dated as of
June 1, 2007 (the "Pooling and Servicing Agreement"), by and among Merrill Lynch
Mortgage Investors, Inc., as Depositor, Midland Loan Services, Inc. and Wachovia
Bank, National Association, as Master Servicers, Midland Loan Services, Inc., as
Special Servicer and LaSalle Bank National Association, as Trustee and
Custodian, the undersigned hereby requests a release of the Mortgage File (or
the portion thereof specified below) held by you with respect to the following
described Mortgage Loan for the reason indicated below.

Property Name:

Property Address:

Control No.:

            The Mortgage File should be delivered to the following:

                                       _______________________________________
                                       _______________________________________
                                       _______________________________________
                                       Attn:__________________________________
                                       Phone:_________________________________

<PAGE>

If only particular documents in the Mortgage File are requested, please specify
which:

Reason for requesting file (or portion thereof):

                  _____1. Mortgage Loan is being foreclosed.

                  _____2.     Other. (Describe)

            The undersigned acknowledges that the above Mortgage File (or
requested portion thereof) will be held by the undersigned in accordance with
the provisions of the Pooling and Servicing Agreement and will be returned to
you or your designee within ten (10) days of our receipt thereof, unless the
Mortgage Loan is being foreclosed, in which case the Mortgage File (or such
portion thereof) will be returned when no longer required by us for such
purpose.

            Capitalized terms used but not defined herein shall have the
meanings ascribed to them in the Pooling and Servicing Agreement.

                                       MIDLAND LOAN SERVICES, INC.
                                          as Special Servicer

                                       By:____________________________________
                                          Name:
                                          Title:

<PAGE>

                                   EXHIBIT E-1

                         FORM OF TRANSFEROR CERTIFICATE
             FOR TRANSFERS OF DEFINITIVE NON-REGISTERED CERTIFICATES

                                       ___________________________, 200_

LaSalle Bank National Association
135 South LaSalle Street, Suite 1625
Chicago, Illinois  60603
Attention: Global Securities and Trust Services--ML-CFC Commercial
Mortgage Pass-Through Certificates, Series 2007-7

      Re:   ML-CFC Mortgage Trust 2007-7, Commercial Mortgage Pass-Through
            Certificates, Series 2007-7, Class _____, [having an initial
            aggregate [Certificate Principal Balance] [Certificate Notional
            Amount] as of June 13, 2007 (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 June 1,
2007, between Merrill Lynch Mortgage Investors, Inc., as Depositor, Midland Loan
Services, Inc. and Wachovia Bank, National Association, as Master Servicers,
Midland Loan Services, Inc., as Special Servicer and LaSalle Bank National
Association, as Trustee and Custodian. 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:

            (a) 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.

            (b) Neither the Transferor nor anyone acting on its behalf has (a)
offered, transferred, pledged, sold or otherwise disposed of any Transferred
Certificate, any interest in a Transferred Certificate or any other similar
security to any person in any manner, (b) solicited any offer to buy or accept a
transfer, pledge or other disposition of any Transferred Certificate, any
interest in a Transferred Certificate or any other similar security from any
person in any manner, (c) otherwise approached or negotiated with respect to any
Transferred Certificate, any interest in a Transferred Certificate or any other
similar security with any person in any manner, (d) made any general
solicitation with respect to any Transferred Certificate, any interest in a
Transferred Certificate or any other similar security by means of general
advertising or in any other manner, or (e) taken any other action with respect
to any Transferred Certificate, any interest in a Transferred Certificate or any
other similar security, which (in the case of any of the acts described in
clauses (a) through (e) hereof) would constitute a distribution of the
Transferred Certificates under the Securities Act of 1933, as amended (the
"Securities Act"), would render the disposition of the Transferred Certificates
a violation of Section 5 of the Securities Act or any state securities laws, or
would require registration or qualification of the Transferred Certificates
pursuant to the Securities Act or any state securities laws.

                                       Very truly yours,

                                       _______________________________________
                                                 (Transferor)

                                       By:____________________________________
                                          Name:
                                          Title:

<PAGE>
                                  EXHIBIT E-2A

                        FORM I OF TRANSFEREE CERTIFICATE

             FOR TRANSFERS OF DEFINITIVE NON-REGISTERED CERTIFICATES

                                       ___________________________, 200_

LaSalle Bank National Association
135 South LaSalle Street, Suite 1625
Chicago, Illinois  60603
Attention: Global Securities and Trust Services--ML-CFC Commercial
Mortgage Pass-Through Certificates, Series 2007-7

      Re:   ML-CFC Commercial Mortgage Trust 2007-7, Commercial Mortgage
            Pass-Through Certificates, Series 2007-7, Class ____, [having an
            initial aggregate [Certificate Principal Balance] [Certificate
            Notional Amount] as of June 13, 2007 (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 June l,
2007, between Merrill Lynch Mortgage Investors, Inc., as Depositor, Midland Loan
Services, Inc. and Wachovia Bank, National Association, as Master Servicers,
Midland Loan Services, Inc., as Special Servicer and LaSalle Bank National
Association, as Trustee and Custodian. 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:

            (a) 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.

            (b) 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.

            (c) If the Transferee proposes that the Transferred Certificates be
registered in the name of a nominee, such nominee has completed the Nominee
Acknowledgment below.

                                       Very truly yours,

                                       _______________________________________
                                                 (Transferee)

                                       By:____________________________________
                                          Name:
                                          Title:

                             Nominee Acknowledgment

            The undersigned hereby acknowledges and agrees that as to the
Transferred Certificates being registered in its name, the sole beneficial owner
thereof is and shall be the Transferee identified above, for whom the
undersigned is acting as nominee.

                                       _______________________________________
                                                   (Nominee)

                                       By:____________________________________
                                          Name:
                                          Title:

<PAGE>

                             ANNEX 1 TO EXHIBIT E-2A

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

          [For Transferees Other Than Registered Investment Companies]

            The undersigned hereby certifies as follows to
_________________________ (the "Transferor") and _________________________, as
Certificate Registrar, with respect to the mortgage pass-through certificates
(the "Transferred Certificates") described in the Transferee certificate to
which this certification relates and to which this certification is an Annex:

            (a) 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").

            (b) 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.

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

                  ______ Savings and Loan. The Transferee (a) is a savings and
                  loan association, building and loan association, cooperative
                  bank, homestead association or similar institution, which is
                  supervised and examined by a state or federal authority having
                  supervision over any such institutions, or is a foreign
                  savings and loan association or equivalent institution and (b)
                  has an audited net worth of at least $25,000,000 as
                  demonstrated in its latest annual financial statements, a copy
                  of which is attached hereto, as of a date not more than 16
                  months preceding the date of sale of the Transferred
                  Certificates in the case of a U.S. savings and loan
                  association, and not more than 18 months preceding such date
                  of sale in the case of a foreign savings and loan association
                  or equivalent institution.

                 ______ Broker-dealer. The Transferee is a dealer registered
                 pursuant to Section 15 of the Securities Exchange Act of 1934,
                 as amended.

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

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

                  ______ ERISA Plan. The Transferee is an employee benefit plan
                  within the meaning of Title I of the Employee Retirement
                  Income Security Act of 1974.

                  ______ Investment Advisor. The Transferee is an investment
                  advisor registered under the Investment Advisers Act of 1940.

                  ______ QIB Subsidiary. All of the Transferee's equity owners
                  are "qualified institutional buyers" within the meaning of
                  Rule 144A.

                  ______Other. (Please supply a brief description of the entity
                  and a cross-reference to the paragraph and subparagraph under
                  subsection (a)(1) of Rule 144A pursuant to which it qualifies.
                  Note that registered investment companies should complete
                  Annex 2 rather than this Annex 1)___________

                  ______________________________________________________________
                  ______________________________________________________________
                  ______________________________________________________________
                  _____________________________________________________________.

            (c) 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.

            (d) 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.

            (e) 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?

            (f) 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.

            (g) 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.

            (h) Capitalized terms used but not defined herein have the
respective meanings ascribed thereto in the Pooling and Servicing Agreement
pursuant to which the Transferred Certificates were issued.

                                       _________________________________________
                                                 (Transferee)

                                       By:______________________________________
                                          Name:
                                          Title:
                                          Date:

<PAGE>

                             ANNEX 2 TO EXHIBIT E-2A

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

           [For Transferees That Are Registered Investment Companies]

            The undersigned hereby certifies as follows to
_________________________ (the "Transferor") and _________________________, as
Certificate Registrar, with respect to the mortgage pass-through certificates
(the "Transferred Certificates") described in the Transferee Certificate to
which this certification relates and to which this certification is an Annex:

            (a)___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").

            (b) 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).

            (c) 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).

            (d) 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.

            (e) 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?

            (f) 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.

            (g) 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.

            (h) Capitalized terms used but not defined herein have the
respective meanings ascribed thereto in the Pooling and Servicing Agreement
pursuant to which the Transferred Certificates were issued.

                                       _______________________________________
                                            [Transferee] [Adviser]

                                       By:____________________________________
                                          Name:
                                          Title:
                                          Date:

                                       IF AN ADVISER:

                                       _______________________________________
                                                 (Transferee)

                                       Date:__________________________________

<PAGE>

                                  EXHIBIT E-2B

                        FORM II OF TRANSFEREE CERTIFICATE

             FOR TRANSFERS OF DEFINITIVE NON-REGISTERED CERTIFICATES

                                       ___________________________, 200_

LaSalle Bank National Association
135 South LaSalle Street, Suite 1625
Chicago, Illinois  60603
Attention: Global Securities and Trust Services--ML-CFC Commercial
Mortgage Pass-Through Certificates, Series 2007-7

      Re:   ML-CFC Commercial Mortgage Trust 2007-7, Commercial Mortgage
            Pass-Through Certificates, Series 2007-7, Class _____, [having an
            initial aggregate [Certificate Principal Balance] [Certificate
            Notional Amount] as of June 13, 2007 (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 June l,
2007, between Merrill Lynch Mortgage Investors, Inc., as Depositor, Midland Loan
Services, Inc. and Wachovia Bank, National Association, as Master Servicers,
Midland Loan Services, Inc., as Special Servicer and LaSalle Bank National
Association, as Trustee and Custodian. 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:

            (a) 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.

            (b) The Transferee understands that (a) the Transferred Certificates
have not been and will not be registered under the Securities Act or registered
or qualified under any applicable state securities laws, (b) none of the
Depositor, the Trustee or the Certificate Registrar is obligated so to register
or qualify the Class of Certificates to which the Transferred Certificates
belong, and (c) neither a Transferred Certificate nor any security issued in
exchange therefor or in lieu thereof may be resold or transferred unless it is
(i) registered pursuant to the Securities Act and registered or qualified
pursuant to any applicable state securities laws or (ii) sold or transferred in
transactions which are exempt from such registration and qualification and the
Certificate Registrar has received: (A) a certification from the
Certificateholder desiring to effect such transfer substantially in the form
attached as Exhibit E-1 to the Pooling and Servicing Agreement and a
certification from such Certificateholder's prospective transferee substantially
in the form attached either as Exhibit E-2A to the Pooling and Servicing
Agreement or as Exhibit E-2B to the Pooling and Servicing Agreement; or (B) an
opinion of counsel satisfactory to the Trustee with respect to, among other
things, the availability of such exemption from registration under the
Securities Act, together with copies of the written certification(s) from the
transferor and/or transferee setting forth the facts surrounding the transfer
upon which such opinion is based.

            (c) 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 1N 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.

            (d) Neither the Transferee nor anyone acting on its behalf has (a)
offered, pledged, sold, disposed of or otherwise transferred any Transferred
Certificate, any interest in any Transferred Certificate or any other similar
security to any person in any manner, (b) solicited any offer to buy or accept a
pledge, disposition or other transfer of any Transferred Certificate, any
interest in any Transferred Certificate or any other similar security from any
person in any manner, (c) otherwise approached or negotiated with respect to any
Transferred Certificate, any interest in any Transferred Certificate or any
other similar security with any person in any manner, (d) made any general
solicitation with respect to any Transferred Certificate, any interest in any
Transferred Certificate or any other similar security by means of general
advertising or in any other manner, or (e) taken any other action with respect
to any Transferred Certificate, any interest in any Transferred Certificate or
any other similar security, which (in the case of any of the acts described in
clauses (a) through (e) above) would constitute a distribution of the
Transferred Certificates under the Securities Act, would render the disposition
of the Transferred Certificates a violation of Section 5 of the Securities Act
or any state securities law or would require registration or qualification of
the Transferred Certificates pursuant thereto. The Transferee will not act, nor
has it authorized or will it authorize any person to act, in any manner set
forth in the foregoing sentence with respect to any Transferred Certificate, any
interest in any Transferred Certificate or any other similar security.

            (e) 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.

            (f) 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.

            (g) If the Transferee proposes that the Transferred Certificates be
registered in the name of a nominee, such nominee has completed the Nominee
Acknowledgement below.

                                       Very truly yours,

                                       ________________________________________
                                                 (Transferee)

                                       By:____________________________________
                                          Name:
                                          Title:

<PAGE>

                             Nominee Acknowledgement

            The undersigned hereby acknowledges and agrees that as to the
Transferred Certificates being registered in its name, the sole beneficial owner
thereof is and shall be the Transferee identified above, for whom the
undersigned is acting as nominee.

                                       ________________________________________
                                                   (Nominee)

                                       By:____________________________________
                                          Name:
                                          Title:

<PAGE>

                                  EXHIBIT E-2C

                         FORM OF TRANSFEREE CERTIFICATE
           FOR TRANSFERS OF INTERESTS IN RULE 144A GLOBAL CERTIFICATES

                                      ___________________________, 200__

______________________________
______________________________
______________________________
______________________________
(Name and Address of Transferor)

      Re:   ML-CFC Commercial Mortgage Trust 2007-7, Commercial Mortgage
            Pass-Through Certificates, Series 2007-7, Class _____, having an
            initial aggregate [Certificate Principal Balance] [Certificate
            Notional Amount] as of June 13, 2007 (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 June 1,
2007, between Merrill Lynch Mortgage Investors, Inc., as Depositor, Midland Loan
Services, Inc. and Wachovia Bank, National Association, as Master Servicers,
Midland Loan Services, Inc., as Special Servicer and LaSalle Bank National
Association, as Trustee and Custodian. 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:

      (a) 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.

      (b) The Transferee understands that (a) the Transferred Certificates have
not been and will not be registered under the Securities Act or registered or
qualified under any applicable state securities laws, (b) none of the Depositor,
the Trustee or the Certificate Registrar is obligated so to register or qualify
the Transferred Certificates and (c) no interest in the Transferred Certificates
may be resold or transferred unless (i) such Certificates are registered
pursuant to the Securities Act and registered or qualified pursuant any
applicable state securities laws, or (ii) such interest is sold or transferred
in a transaction which is exempt from such registration and qualification and
the Transferor desiring to effect such transfer has received (A) a certificate
from such Certificate Owner's prospective transferee substantially in the form
attached as Exhibit E-2C to the Pooling and Servicing Agreement or (B) an
opinion of counsel to the effect that, among other things, such prospective
transferee is a Qualified Institutional Buyer and such transfer may be made
without registration under the Securities Act.

      (c) 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.

      (d) The Transferee has been furnished with all information regarding (a)
the Depositor, (b) the Transferred Certificates and distributions thereon, (c)
the nature, performance and servicing of the Mortgage Loans, (d) the Pooling and
Servicing Agreement and the Trust Fund created pursuant thereto, (e) any credit
enhancement mechanism associated with the Transferred Certificates, and (f) all
related matters, that it has requested.

                                       Very truly yours,

                                       _______________________________________
                                                 (Transferee)

                                       By:____________________________________
                                          Name:
                                          Title:

<PAGE>

                             ANNEX 1 TO EXHIBIT E-2C

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

          [For Transferees other than Registered Investment Companies]

      The undersigned hereby certifies as follows to _________________________
(the "Transferor") and for the benefit of Merrill Lynch Mortgage Investors, Inc.
with respect to the mortgage pass-through certificates being transferred in
book-entry form (the "Transferred Certificates") as described in the Transferee
Certificate to which this certification relates and to which this certification
is an Annex:

      (a) 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").

      (b) 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 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)(l) of Rule 144A pursuant to which it qualifies.
                  Note that registered investment companies should complete
                  Annex 2 rather than this Annex l.)

      (c) 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.

      (d) 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.

      (e) 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 purchasing the Transferred Certificates
       Yes   No   only for the Transferee's own account?

      (f) 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.

      (g) 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.

      (h) Capitalized terms used but not defined herein have the meanings
ascribed thereto in the Pooling and Servicing Agreement pursuant to which the
Transferred Certificates were issued.

                                       _______________________________________
                                                 (Transferee)

                                       By:____________________________________
                                          Name:
                                          Title:
                                          Date:

----------------------
(1) Transferee or each of its equity owners must own and/or invest on a
discretionary basis at least $100,000,000 in securities unless Transferee or any
such equity owner, as the case may be, is a dealer, and, in that case,
Transferee or such equity owner, as the case may be, must own and/or invest on a
discretionary basis at least $10,000,000 in securities.

<PAGE>

                             ANNEX 2 TO EXHIBIT E-2C

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

           [For Transferees that are Registered Investment Companies]

      The undersigned hereby certifies as follows to _________________________
(the "Transferor") and for the benefit of Merrill Lynch Mortgage Investors, Inc.
with respect to the mortgage pass-through certificates being transferred in
book-entry form (the "Transferred Certificates") as described in the Transferee
certificate to which this certification relates and to which this certification
is an Annex:

      (a) 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").

      (b) 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).

      (c) 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).

      (d) 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.

      (e) 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 purchasing the Transferred Certificates
       Yes   No   only  for the Transferee's own account?

      (f) 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.

      (g) 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.

      (h) Capitalized terms used but not defined herein have the meanings
ascribed thereto in the Pooling and Servicing Agreement pursuant to which the
Transferred Certificates were issued.

                                       _______________________________________
                                            (Transferee or Adviser)

                                       By:____________________________________
                                          Name:
                                          Title:
                                          Date:

                                       IF AN ADVISER:

                                       Print Name of Transferee

                                       _______________________________________

                                       Date:__________________________________

<PAGE>

                                  EXHIBIT E-2D

                         FORM OF TRANSFEREE CERTIFICATE
         FOR TRANSFERS OF INTERESTS IN REGULATION S GLOBAL CERTIFICATES

                                                                          [Date]

[TRANSFEROR]

      Re:   ML-CFC Commercial Mortgage Trust 2007-7, Commercial Mortgage
            Pass-Through Certificates, Series 2007-7, Class _____, having an
            initial aggregate [Certificate Principal Balance] [Certificate
            Notional Amount] as of June 13, 2007 (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 June 1,
2007, between Merrill Lynch Mortgage Investors, Inc., as Depositor, Midland Loan
Services, Inc. and Wachovia Bank, National Association, as Master Servicers,
Midland Loan Services, Inc., as Special Servicer and LaSalle Bank National
Association, as Trustee and Custodian. All capitalized terms used herein and not
otherwise defined shall have the respective meanings set forth in the Pooling
and Servicing Agreement. The Transferee hereby certifies, represents and
warrants to and agrees with you, and for the benefit of the Depositor, that the
Transferee is not a United States Securities Person.

            For purposes of this certification, "United States Securities
Person" means (i) any natural person resident in the United States, (ii) any
partnership or corporation organized or incorporated under the laws of the
United States, (iii) any estate of which any executor or administrator is a
United States Securities Person, other than any estate of which any professional
fiduciary acting as executor or administrator is a United States Securities
Person if an executor or administrator of the estate who is not a United States
Securities Person has sole or shared investment discretion with respect to the
assets of the estate and the estate is governed by foreign law, (iv) any trust
of which any trustee is a United States Securities Person, other than a trust of
which any professional fiduciary acting as trustee is a United States Securities
Person if a trustee who is not a United States Securities Person has sole or
shared investment discretion with respect to the trust assets and no beneficiary
of the trust (and no settlor if the trust is revocable) is a United States
Securities Person, (v) any agency or branch of a foreign entity located in the
United States, unless the agency or branch operates for valid business reasons
and is engaged in the business of insurance or banking and is subject to
substantive insurance or banking regulation, respectively, in the jurisdiction
where located, (vi) any non-discretionary account or similar account (other than
an estate or trust) held by a dealer or other fiduciary for the benefit or
account of a United States Securities Person, (vii) any discretionary account or
similar account (other than an estate or trust) held by a dealer or other
fiduciary organized, incorporated or (if an individual) resident in the United
States, other than one held for the benefit or account of a non-United States
Securities Person by a dealer or other professional fiduciary organized,
incorporated or (if any individual) resident in the United States, (viii) any
partnership or corporation if (a) organized or incorporated under the laws of
any foreign jurisdiction and (b) formed by a United States Securities Person
principally for the purpose of investing in securities not registered under the
Securities Act, unless it is organized or incorporated, and owned, by
"accredited investors" (as defined in Rule 501 (a)) under the United States
Securities Act of 1933, as amended (the "Securities Act"), who are not natural
persons, estates or trusts; provided, however, that the International Monetary
Fund, the International Bank for Reconstruction and Development, the
Inter-American Development Bank, the Asian Development Bank, the African
Development Bank, the United Nations and their agencies, affiliates and pension
plans, any other similar international organizations, their agencies, affiliates
and pension plans shall not constitute United States Securities Persons.

            The Transferee understands that this certification is required in
connection with certain securities laws of the United States. In connection
therewith, if administrative or legal proceedings are commenced or threatened in
connection with which this certification is or would be relevant, we irrevocably
authorize you to produce this certification to any interested party in such
proceedings.

Dated:

                                       Very truly yours,

                                       (Transferee)

                                       By:____________________________________
                                          Name:
                                          Title:

<PAGE>

                                   EXHIBIT F-1

            FORM I OF TRANSFEREE CERTIFICATE REGARDING ERISA MATTERS
                    (DEFINITIVE NON-REGISTERED CERTIFICATES)

                                      ___________________________, 200__

LaSalle Bank National Association
135 South LaSalle Street, Suite 1625
Chicago, Illinois  60603
Attention: Global Securities and Trust Services--ML-CFC Commercial
Mortgage Pass-Through Certificates, Series 2007-7

       Re:  ML-CFC Commercial Mortgage Trust 2007-7, Commercial Mortgage
            Pass-Through Certificates, Series 2007-7 (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
June 13, 2007 (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 June 1, 2007 (the "Pooling and
Servicing Agreement"), among Merrill Lynch Mortgage Investors, Inc., as
depositor (the "Depositor"), Midland Loan Services, Inc. and Wachovia Bank,
National Association, as master servicers (the "Master Servicers"), Midland Loan
Services, Inc., as special servicer (the "Special Servicer") and LaSalle Bank
National Association, as trustee and custodian (the "Trustee" and "Custodian").
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

                  ______ Except with respect to the Residual Certificates, the
                  Class Y Certificates or the Class Z Certificates, the
                  Transferee is using funds from an insurance company general
                  account to acquire the Transferred Certificates, however, the
                  purchase and holding of such Certificates by such Person is
                  exempt from the prohibited transaction provisions of Sections
                  406 and 407 of ERISA and the excise taxes imposed on such
                  prohibited transactions by Section 4975 of the Code, by reason
                  of Sections I and III of Prohibited Transaction Class
                  Exemption 95-60.

                  ______ The Transferred Certificates are Investment Grade
                  Certificates and are being acquired by or on behalf of a Plan
                  in reliance on Prohibited Transaction Exemption 90-29 and
                  Prohibited Transaction Exemption 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, either
                  Master Servicer, the Special Servicer, the Custodian, any
                  Fiscal Agent, any Sub-Servicer, the Swap Counterparty, 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).

                  _____ [Required for transfers of Floating Rate Certificates if
                  the immediately preceding representation is checked] The
                  Transferred Certificates are Floating Rate Certificates and
                  are being acquired by or on behalf of a Plan and the
                  Transferee represents and warrants that at least one of
                  Prohibited Transaction Class Exemption 84-14, 90-1, 91-38,
                  95-60 or 96-23 applies to the Plan's acquisition and holding
                  of the Transferred Certificates.

            IN WITNESS WHEREOF, the undersigned has executed this certificate as
of the date first written above.

                                       _______________________________________
                                                 (Transferee)

                                       By:____________________________________
                                          Name:
                                          Title:

<PAGE>

                                   EXHIBIT F-2

            FORM II OF TRANSFEREE CERTIFICATE REGARDING ERISA MATTERS
                    (BOOK-ENTRY NON-REGISTERED CERTIFICATES)

                                       ___________________________, 200_

________________________________
________________________________
________________________________
(Name and Address of Transferor)

       Re:  ML-CFC Commercial Mortgage Trust 2007-7, Commercial Mortgage
            Pass-Through Certificates, Series 2007-7 (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 June 13,
2007 (the "Closing Date") of $___________]. The Certificates were issued
pursuant to a Pooling and Servicing Agreement, dated as of June 1, 2007 (the
"Pooling and Servicing Agreement"), among Merrill Lynch Mortgage Investors,
Inc., as depositor (the "Depositor"), Midland Loan Services, Inc. and Wachovia
Bank, National Association, as master servicers (the "Master Servicers"),
Midland Loan Services, Inc., as special servicer (the "Special Servicer") and
LaSalle Bank National Association, as trustee and custodian (the "Trustee" and
"Custodian"). 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

                  ______ Except with respect to the Residual Certificates, the
                  Class Y Certificates or the Class Z Certificates, the
                  Transferee is using funds from an insurance company general
                  account to acquire the Transferred Certificates, however, the
                  purchase and holding of such Certificates by such Person is
                  exempt from the prohibited transaction provisions of Sections
                  406 and 407 of ERISA and the excise taxes imposed on such
                  prohibited transactions by Section 4975 of the Code, by reason
                  of Sections I and Ill of Prohibited Transaction Class
                  Exemption 95-60.

                  ______ The Transferred Certificates are Investment Grade
                  Certificates and are being acquired by or on behalf of a Plan
                  in reliance on Prohibited Transaction Exemption 90-29 and
                  Prohibited Transaction Exemption 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 Custodian, the Depositor, any Mortgage Loan
                  Seller, either Master Servicer, the Special Servicer, any
                  Fiscal Agent, any Sub-Servicer, the Swap Counterparty, 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).

                  _____ [Required for transfers of Floating Rate Certificates if
                  the immediately preceding representation is checked] The
                  Transferred Certificates are Floating Rate Certificates and
                  are being acquired by or on behalf of a Plan and the
                  Transferee represents and warrants that at least one of
                  Prohibited Transaction Class Exemption 84-14, 90-1, 91-38,
                  95-60 or 96-23 applies to the Plan's acquisition and holding
                  of the Transferred Certificates.

            IN WITNESS WHEREOF, the undersigned has executed this certificate as
of the date first written above.

                                       _______________________________________
                                                 (Transferee)

                                       By:____________________________________
                                          Name:
                                          Title:

<PAGE>

                                   EXHIBIT G-1

                    FORM OF TRANSFER AFFIDAVIT AND AGREEMENT
                    REGARDING RESIDUAL INTEREST CERTIFICATES

TRANSFER AFFIDAVIT PURSUANT TO SECTIONS
860D(a)(6)(A) AND 860E(e)(4) OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED, AND
TREASURY REGULATION SECTION 1.860E-1(c)(4)

       Re:  ML-CFC Commercial Mortgage Trust 2007-7, Commercial Mortgage
            Pass-Through Certificates, Series 2007-7 (the "Certificates"),
            issued pursuant to the Pooling and Servicing Agreement (the "Pooling
            and Servicing Agreement"), dated as of June l, 2007, between Merrill
            Lynch Mortgage Investors, Inc., as Depositor, Midland Loan Services,
            Inc. and Wachovia Bank, National Association, as Master Servicers,
            Midland Loan Services, Inc., as Special Servicer and LaSalle Bank
            National Association, as Trustee and Custodian.

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:

            (a) _________________________ (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").

            (b) The Purchaser is not a "Disqualified Organization" (as defined
below), and the Purchaser is not acquiring the Class [R-I] [R-II] Certificates
for the account of, or as agent or nominee of, or with a view to the transfer of
direct or indirect record or beneficial ownership thereof, to a Disqualified
Organization. For the purposes hereof, a Disqualified Organization is any of the
following: (i) the United States, (ii) any state or political subdivision
thereof, (iii) any foreign government, (iv) any international organization, (v)
any agency or instrumentality of any of the foregoing, (vi) any tax-exempt
organization (other than a cooperative described in Section 521 of the Code)
which is exempt from the tax imposed by Chapter 1 of the Code unless such
organization is subject to the tax imposed by Section 511 of the Code, (vii) any
organization described in Section 1381(a)(2)(C) of the Code, or (viii) any other
entity designated as a "disqualified organization" by relevant legislation
amending the REMIC Provisions and in effect at or proposed to be effective as of
the time of determination. In addition, a corporation will not be treated as an
instrumentality of the United States or of any state or political subdivision
thereof if all of its activities are subject to tax (except for the Federal Home
Loan Mortgage Corporation) and a majority of its board of directors is not
selected by such governmental unit. The terms "United States" and "international
organization" shall have the meanings set forth in Section 7701 of the Code. The
Purchaser is a Permitted Transferee.

            (c) 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.

            (d) 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).

            (e) 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.

            (f) The Purchaser consents to the designation of the REMIC
Administrator as the agent of the Tax Matters Person of [REMIC I] [REMIC II]
pursuant to Section 10.01(d) of the Pooling and Servicing Agreement.

            (g) 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]

            (h) If the Transferor requires the safe harbor under Treasury
regulations section 1.860E-1 to apply:

          (i)   The Purchaser historically has paid its debts as they have come
                due and intends to pay its debts as they come due in the future
                and the Purchaser intends to pay taxes associated with holding
                the Class [R-I] [R-II] Certificates as they become due.

          (ii)  The Purchaser understands that it may incur tax liabilities with
                respect to the Class [R-I] [R-II] Certificates in excess of any
                cash flows generated by such Certificates.

          (iii) The Purchaser is not a foreign permanent establishment or a
                fixed base (within the meaning of any applicable income tax
                treaty between the United States and any foreign jurisdiction)
                of a United States Tax Person.

          (iv)  The Purchaser will not cause the income from the Class [R-I]
                [R-II] Certificates to be attributable to a foreign permanent
                establishment or fixed base (within the meaning of any
                applicable income tax treaty between the United States and any
                foreign jurisdiction) of a United States Tax Person.

            [CHECK THE STATEMENT THAT APPLIES]

    [ ]   (v)   In accordance with Treasury Regulations Section 1.860E-1, the
                Purchaser:

                (A) is an "eligible corporation" as defined in Section
                1.860E-1(c)(6)(i) of the Treasury regulations (i.e., a domestic
                C corporation other than a corporation which is exempt from, or
                is not subject to, tax under Section 11 of the Code; a Regulated
                Investment Company as defined in Section 851(a) of the Code; a
                Real Estate Investment Trust as defined in Section 856(a) of the
                Code; a REMIC as defined in Section 860D of the Code; or an
                organization to which part I of subchapter T of chapter 1 of
                subtitle A of the Code applies, as to which the income of Class
                [R-I] [R-II] Certificates will only be subject to taxation in
                the United States,

                (B) has, and has had in each of its two preceding fiscal years,
                gross assets for financial reporting purposes (excluding any
                obligation of a person related to the transferee within the
                meaning of Section 1.860E-1(c)(6)(ii) of the Treasury
                regulations or any other assets if a principal purpose for
                holding or acquiring such asset is to satisfy this condition) in
                excess of $100 million and net assets of $10 million, and

                (C) hereby agrees only to transfer the Certificate to another
                "eligible corporation" meeting the criteria set forth in
                Treasury regulations section 1.860E-1.

            OR

    [ ]   (vi)  The Purchaser is a United States Tax Person and the
                consideration paid to the Purchaser for accepting the Class
                [R-I] [R-II] Certificates is greater than the present value of
                the anticipated net federal income taxes and tax benefits ("Tax
                Liability Present Value") associated with owning such
                Certificates, with such present value computed using a discount
                rate equal to the "Federal short-term rate" prescribed by
                Section 1274 of the Code as of the date hereof or, to the extent
                it is not, if the Transferee has asserted that it regularly
                borrows, in the ordinary course of its trade or business,
                substantial funds from unrelated third parties at a lower
                interest rate than such applicable federal rate and the
                consideration paid to the Purchaser is greater than the Tax
                Liability Present Value using such lower interest rate as the
                discount rate, the transactions with the unrelated third party
                lenders, the interest rate or rates, the date or dates of such
                transactions, and the maturity dates or, in the case of
                adjustable rate debt instruments, the relevant adjustment dates
                or periods, with respect to such borrowings, are accurately
                stated in Exhibit A to this letter.

    [ ]   (i)   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, is not a
Disqualified Partnership).

            OR

    [ ]   (ii)  The Purchaser is not a Disqualified Non-United States Tax
Person.

          Capitalized terms used but not defined herein have the meanings
assigned thereto in the Pooling and Servicing Agreement.

<PAGE>

            IN WITNESS WHEREOF, the Purchaser has caused this
instrument to be duly executed on its behalf by its duly authorized
officer this _________ day of ______________________.

                                       By:____________________________________
                                          Name:
                                          Title:

            Personally appeared before me, known or proved to me to be the same
person who executed the foregoing instrument and to be a ___________________ of
the Purchaser, and acknowledged to me that he/she executed the same at his/her
free act and deed and at the free act and deed of the Purchaser.

                                       Subscribed and sworn before me
                                       this __________ day of
                                       ____________________, 20__.

                                       _______________________________________
                                                 Notary Public

<PAGE>

                                   EXHIBIT G-2

                         FORM OF TRANSFEROR CERTIFICATE
                     FOR TRANSFERS OF RESIDUAL CERTIFICATES

                                                                          [Date]

LaSalle Bank National Association
135 South LaSalle Street, Suite 1625
Chicago, Illinois  60603
Attention: Global Securities and Trust Services--ML-CFC Commercial
Mortgage Pass-Through Certificates, Series 2007-7

       Re:  ML-CFC Commercial Mortgage Trust 2007-7, Commercial Mortgage
            Pass-Through Certificates, Series 2007-7 (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 June 1, 2007 (the "Pooling and Servicing Agreement"), between Merrill
Lynch Mortgage Investors, Inc., as Depositor, Midland Loan Services, Inc. and
Wachovia Bank, National Association, as Master Servicers, Midland Loan Services,
Inc., as Special Servicer and LaSalle Bank National Association, as Trustee and
Custodian. 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:

            (a) 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.

            (b) 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.

            (c) The Transferor has at the time of this transfer conducted a
reasonable investigation of the financial condition of the Transferee (or the
beneficial owners of the Transferee if it is classified as a partnership under
the Internal Revenue Code of 1986, as amended) as contemplated by Treasury
regulations section 1.860E-1(c)(4)(i) and, as a result of that investigation,
the Transferor has determined that the Transferee has historically paid its
debts as they became due and has found no significant evidence to indicate that
the Transferee will not continue to pay its debts as they become due in the
future. The Transferor understands that the transfer of the Residual
Certificates may not be respected for United States income tax purposes (and the
Transferor may continue to be liable for United States income taxes associated
therewith) unless the Transferor has conducted such an investigation.

                                       Very truly yours,

                                       _______________________________________
                                                 (Transferor)

                                       By:____________________________________
                                          Name:
                                          Title:

<PAGE>

                                   EXHIBIT H-1

                        FORM OF NOTICE AND ACKNOWLEDGMENT

                                                                          [Date]

Moody's Investors Service, Inc.
99 Church Street
New York, New York  10007
Attention: Commercial Mortgage Surveillance

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 June 1, 2007 relating to ML-CFC
Commercial Mortgage Trust 2007-7, Commercial Mortgage Pass-Through Certificates,
Series 2007-7 (the "Agreement"). Any term with initial capital letters not
otherwise defined in this notice has the meaning given such term in the
Agreement.

            Notice is hereby given that the Holders of Certificates evidencing a
majority of the Voting Rights allocated to the Controlling Class have designated
[name of proposed special servicer] to serve as the Special Servicer under the
Agreement.

            The designation of [name of proposed special servicer] as Special
Servicer will become final if certain conditions are met and on the date you
will deliver to LaSalle Bank National Association, the trustee under the
Agreement (the "Trustee"), a written confirmation stating that the appointment
of the person designated to become the Special Servicer will not result in the
qualification, downgrading or withdrawal of the rating or ratings assigned to
one or more Classes of the Certificates.

            Please acknowledge receipt of this notice by signing the enclosed
copy of this notice where indicated below and returning it to the Trustee, in
the enclosed stamped self-addressed envelope.

                                       Very truly yours,

                                       LASALLE BANK NATIONAL ASSOCIATION

                                       By:____________________________________
                                          Name
                                          Title:

Moody's Investors Service, Inc.        Standard & Poor's Ratings Services
By:_________________________________   By:____________________________________
   Name:                                  Name:
   Title:                                 Title:
Date:_______________________________   Date:__________________________________

<PAGE>

                                   EXHIBIT H-2

               FORM OF ACKNOWLEDGMENT OF PROPOSED SPECIAL SERVICER

                                                                          [Date]

LaSalle Bank National Association
135 South LaSalle Street, Suite 1625
Chicago, Illinois 60603
Attention: Global Securities and Trust Services--ML-CFC Commercial
Mortgage Pass-Through Certificates, Series 2007-7

       Re:  ML-CFC Commercial Mortgage Trust 2007-7, Commercial Mortgage
            Pass-Through Certificates, Series 2007-7

Ladies & Gentlemen:

            Pursuant to Section 6.09 of the Pooling and Servicing Agreement
dated as of June 1, 2007 relating to ML-CFC Commercial Mortgage Trust 2007-7,
Commercial Mortgage Pass-Through Certificates, Series 2007-7 (the "Agreement"),
the undersigned hereby agrees with all the other parties to the Agreement that
the undersigned shall serve as Special Servicer under, and as defined in, the
Agreement. The undersigned hereby acknowledges that, as of the date hereof, it
is and shall be a party to the Agreement and bound thereby to the full extent
indicated therein in the capacity of Special Servicer. The undersigned hereby
makes, as of the date hereof, the representations and warranties set forth in
Section 3.23(b) of the Agreement as if it were the Special Servicer hereunder.

                                       [Name of Proposed Special Servicer]

                                       _______________________________________

                                       By:____________________________________
                                          Name:
                                          Title:

<PAGE>

                                   EXHIBIT I-1

                        FORM OF INFORMATION REQUEST FROM
                     CERTIFICATEHOLDER OR CERTIFICATE OWNER

                                       ___________________________, 200_

LaSalle Bank National Association
135 South LaSalle Street, Suite 1625
Chicago, Illinois 60603
Attention: Global Securities and Trust Services--ML-CFC Commercial
Mortgage Pass-Through Certificates, Series 2007-7

Midland Loan Services, Inc.
10851 Mastin, Building 82, 7th Floor
Overland Park, Kansas 66210

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, 16th Floor
New York, New York  10080

       Re:  ML-CFC Commercial Mortgage Trust 2007-7 Commercial Mortgage
            Pass-Through Certificates, Series 2007-7

            In accordance with the Pooling and Servicing Agreement dated as of
June 1, 2007 (the "Pooling and Servicing Agreement"), among Merrill Lynch
Mortgage Investors, Inc., as depositor (the "Depositor"), Midland Loan Services,
Inc. and Wachovia Bank, National Association, as master servicers (the "Master
Servicers"), Midland Loan Services, Inc., as special servicer (the "Special
Servicer") and LaSalle Bank National Association, as trustee and custodian (the
"Trustee" and "Custodian"), with respect to the ML-CFC Commercial Mortgage Trust
2007-7, Commercial Mortgage Pass-Through Certificates, Series 2007-7 (the
"Certificates"), the undersigned (the "Investor") hereby certifies and agrees as
follows:

            (a) The Investor is a [holder] [beneficial owner] of [$_________
aggregate [Certificate Principal Balance/Certificate Notional Amount] of] [a
___% Percentage Interest in] the Class ___ Certificates.

            (b) The Investor is requesting access to the following information
(the "Information") solely for use in evaluating the Investor's investment in
the Certificates:

                  ______ The information available on the Master Servicers'
                  internet websites pursuant to Section 3.15 of the Pooling and
                  Servicing Agreement.

                  ______ The information available on the Trustee's internet
                  website pursuant to Sections 3.15 and 4.02 of the Pooling and
                  Servicing Agreement.

                  ______ The information identified on Schedule I attached
                  hereto pursuant to Sections 3.15 and 4.02 of the Pooling and
                  Servicing Agreement.

            (c) In consideration of either Master Servicer's or the Trustee's
disclosure to the Investor of the Information, the Investor will keep the
Information confidential (except from such outside Persons as are assisting it
in evaluating the Information), and such Information will not, without the prior
written consent of either Master Servicer or the Trustee, as applicable, be
disclosed by the Investor or by its Affiliates, officers, directors, partners,
shareholders, members, managers, employees, agents or representatives
(collectively, the "Representatives") in any manner whatsoever, in whole or in
part; provided, that the Investor may provide all or any part of the Information
to any other Person that holds or is contemplating the purchase of any
Certificate or interest therein, but only if such Person confirms in writing
such ownership interest or prospective ownership interest and agrees to keep it
confidential; and provided further, that the Investor may provide all or any
part of the Information to its auditors, legal counsel and regulators; and
provided further, that the Investor shall not be obligated to keep confidential
any Information that has previously been made available on an unrestricted basis
and without a password via the Trustee's or either Master Servicer's, as
applicable, Internet Website or has previously been filed with the Securities
and Exchange Commission.

            (d) 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.

            (e) The Investor hereby acknowledges and agrees that:

                (1)  Neither of the Master Servicers nor the Trustee will make
                     any representations or warranties as to the accuracy or
                     completeness of, and will assume no responsibility for, any
                     report, document or other information delivered pursuant to
                     this request or made available on its internet website;

                (2)  Neither of the Master Servicers nor the Trustee has
                     undertaken any obligation to verify the accuracy or
                     completeness of any information provided by a Mortgagor, a
                     third party, each other or any other Person that is
                     included in any report, document or other information
                     delivered pursuant to this request or made available on its
                     respective internet website;

                (3)  Any transmittal of any report, document or other
                     information to the Investor by either Master Servicer or
                     the Trustee is subject to, which transmittal may (but need
                     not be) accompanied by a letter containing, the following
                     provision:

                     By receiving the information set forth herein, you hereby
                     acknowledge and agree that the United States securities
                     laws restrict any person who possesses material, non-public
                     information regarding the Trust which issued Merrill Lynch
                     Mortgage Investors, Inc., Commercial Mortgage Pass-Through
                     Certificates, Series 2007-7, 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;

                (4)  When delivering any report, document or other information
                     pursuant to this request, either Master Servicer or the
                     Trustee may (i) indicate the source thereof and may affix
                     thereto any disclaimer it deems appropriate in its
                     discretion and (ii) contemporaneously provide such report,
                     document or information to the Depositor, the Trustee, any
                     Underwriter, any Rating Agency or Certificateholders or
                     Certificate Owners.

            (f) The Investor agrees to indemnify and hold harmless the Master
Servicers, the Special Servicer, the Depositor, the Trustee and the Trust from
any damage, loss, cost or liability (including legal fees and expenses and the
cost of enforcing this indemnity) arising out of or resulting from any
unauthorized use or disclosure of the Information by the Investor or any of its
Representatives. The Investor also acknowledges and agrees that money damages
would be both incalculable and an insufficient remedy for any breach of the
terms of this letter by the Investor or any of its Representatives and that
either Master Servicer, the Trustee or the Trust may seek equitable relief,
including injunction and specific performance, as a remedy for any such breach.
Such remedies are not the exclusive remedies for a breach of this letter but are
in addition to all other remedies available at law or equity.

            Capitalized terms used in this letter but not defined have the
respective meanings given to them in the Pooling and Servicing Agreement.

            IN WITNESS WHEREOF, the Investor has caused its name to be signed
hereto by its duly authorized officer, as of the day and year written above.

                                       [CERTIFICATEHOLDER] [BENEFICIAL OWNER OF
                                          A CERTIFICATE]

                                       By:____________________________________
                                          Name:
                                          Title:
                                          Telephone No.:

<PAGE>

                                   SCHEDULE I

                        [DESCRIBE INFORMATION REQUESTED]

<PAGE>

                                   EXHIBIT I-2

              FORM OF INFORMATION REQUEST FROM PROSPECTIVE INVESTOR

                                      ___________________________, 200__

LaSalle Bank National Association
135 South LaSalle Street, Suite 1625
Chicago, Illinois 60603
Attention: Global Securities and Trust Services--ML-CFC Commercial
Mortgage Pass-Through Certificates, Series 2007-7

Midland Loan Services, Inc.
10851 Mastin, Building 82, 7th Floor
Overland Park, Kansas 66210

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, 16th Floor
New York, New York  10080

       Re:  ML-CFC Commercial Mortgage Trust 2007-7 Commercial Mortgage
            Pass-Through Certificates, Series 2007-7 (the "Certificates")

            In accordance with the Pooling and Servicing Agreement dated as of
June l, 2007 (the "Pooling and Servicing Agreement"), among Merrill Lynch
Mortgage Investors, Inc., as depositor (the "Depositor"), Midland Loan Services,
Inc. and Wachovia Bank, National Association, as master servicers (the "Master
Servicers"), Midland Loan Services, Inc., as special servicer (the "Special
Servicer") and LaSalle Bank National Association, as trustee and custodian (the
"Trustee" and "Custodian"), with respect to the ML-CFC Commercial Mortgage Trust
2007-7, Commercial Mortgage Pass-Through Certificates, Series 2007-7 (the
"Certificates"), the undersigned (the "Investor") hereby certifies and agrees as
follows:

            (a) The Investor is contemplating an investment in the Class ___
Certificates.

            (b) The Investor is requesting access to the following information
(the "Information") solely for use in evaluating such possible investment in the
Certificates:

                  ______ The information available on the Master Servicers'
                  internet websites pursuant to Section 3.15 of the Pooling and
                  Servicing Agreement.

                  ______ The information available on the Trustee's internet
                  website pursuant to Section 3.15 and 4.02 of the Pooling and
                  Servicing Agreement.

                  ______ The information identified on Schedule I attached
                  hereto pursuant to Sections 3.15 and 4.02 of the Pooling and
                  Servicing Agreement.

            (c) In consideration of either Master Servicer's or the Trustee's
disclosure to the Investor of the Information, the Investor will keep the
Information confidential (except from such outside Persons as are assisting it
in evaluating the Information in connection with the Investor's possible
investment in the Certificates), and such Information will not, without the
prior written consent of either Master Servicer or the Trustee, as applicable,
be disclosed by the Investor or by its Affiliates, officers, directors,
partners, shareholders, members, managers, employees, agents or representatives
(collectively, the "Representatives") in any manner whatsoever, in whole or in
part; provided, that the Investor may provide all or any part of the Information
to any other Person that holds or is contemplating the purchase of any
Certificate or interest therein, but only if such Person confirms in writing
such ownership interest or prospective ownership interest and agrees to keep it
confidential; and provided further, that the Investor may provide all or any
part of the Information to its auditors, legal counsel and regulators; and
provided further, that the Investor shall not be obligated to keep confidential
any Information that has previously been made available on an unrestricted basis
and without a password via the Trustee's or either Master Servicer's, as
applicable, Internet Website or has previously been filed with the Securities
and Exchange Commission.

            (d) 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.

            (e) The Investor hereby acknowledges and agrees that:

                (1)  Neither of the Master Servicers nor the Trustee will make
                     any representations or warranties as to the accuracy or
                     completeness of, and will assume no responsibility for, any
                     report, document or other information delivered pursuant to
                     this request or made available on its internet website;

                (2)  Neither of the Master Servicers nor the Trustee has
                     undertaken any obligation to verify the accuracy or
                     completeness of any information provided by a Mortgagor, a
                     third party, each other or any other Person that is
                     included in any report, document or other information
                     delivered pursuant to this request or made available on its
                     respective internet website;

                (3)  Any transmittal of any report, document or other
                     information to the Investor by either Master Servicer or
                     the Trustee is subject to, which transmittal may (but need
                     not be) accompanied by a letter containing, the following
                     provision:

                     By receiving the information set forth herein, you hereby
                     acknowledge and agree that the United States securities
                     laws restrict any person who possesses material, non-public
                     information regarding the Trust which issued Merrill Lynch
                     Mortgage Investors, Inc., Commercial Mortgage Pass-Through
                     Certificates, Series 2007-7, 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;

                (4)  When delivering any report, document or other information
                     pursuant to this request, either Master Servicer or the
                     Trustee may (i) indicate the source thereof and may affix
                     thereto any disclaimer it deems appropriate in its
                     discretion and (ii) contemporaneously provide such report,
                     document or information to the Depositor, the Trustee, any
                     Underwriter, any Rating Agency or Certificateholders or
                     Certificate Owners.

            (f) The Investor agrees to indemnify and hold harmless the Master
Servicers, the Special Servicer, the Depositor, the Trustee and the Trust from
any damage, loss, cost or liability (including legal fees and expenses and the
cost of enforcing this indemnity) arising out of or resulting from any
unauthorized use or disclosure of the Information by the Investor or any of its
Representatives. The Investor also acknowledges and agrees that money damages
would be both incalculable and an insufficient remedy for any breach of the
terms of this letter by the Investor or any of its Representatives and that
either Master Servicer, the Trustee or the Trust may seek equitable relief,
including injunction and specific performance, as a remedy for any such breach.
Such remedies are not the exclusive remedies for a breach of this letter but are
in addition to all other remedies available at law or equity.

            Capitalized terms used in this letter but not defined have the
respective meanings given to them in the Pooling and Servicing Agreement.

            IN WITNESS WHEREOF, the Investor has caused its name to be signed
hereto by its duly authorized officer, as of the day and year written above.

                                       [PROSPECTIVE PURCHASER]

                                       By:____________________________________
                                          Name:
                                          Title:
                                          Telephone No.:

<PAGE>

                                   SCHEDULE I

                        [DESCRIBE INFORMATION REQUESTED]

<PAGE>

                                    EXHIBIT J

               FORM OF EXCHANGE ACT REPORTABLE EVENT NOTIFICATION

VIA FAX:          (212) 449-7684
VIA EMAIL:        david_rodgers@ml.com
VIA TELEPHONE:    212-449-3611*
VIA OVERNIGHT MAIL:
[* If notice is given by telephone, similar notice should also be given by fax
or e-mail.]

Merrill Lynch Mortgage Investors, Inc., as Depositor
4 World Financial Center
250 Vesey Street, 16th Floor
New York, New York  10080

Attention: David Rodgers or Director, CMBS Securitization

      Re:  Exchange Act Reportable Event Disclosure

Ladies and Gentlemen:

           In accordance with Section 8.16 of the Pooling and Servicing
Agreement, dated as of June 1, 2007 (the "Pooling and Servicing Agreement"),
among Merrill Lynch Mortgage Investors, Inc., as depositor, Midland Loan
Services, Inc. and Wachovia Bank, National Association, as master servicers,
Midland Loan Services, Inc., as special servicer and LaSalle Bank National
Association, as trustee and custodian, the undersigned, as [____________],
hereby notifies you that certain events have come to our attention that [will]
[may] need to be disclosed on Form [10-D] [10-K] [8-K].

Description of Exchange Act Reportable Event:

______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________

List of any Attachments hereto to be included in the Exchange Act Reportable
Event Disclosure:

______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________

            Any inquiries related to this notification should be
directed to [__________], phone number: [__________]; email address:
[__________].

                                       [NAME OF PARTY],
                                          as [role]

                                       By:____________________________________
                                          Name:
                                          Title:

<PAGE>

                                    EXHIBIT K

                      FORM OF S&P DEFEASANCE CERTIFICATION

For loans having a principal balance of less than (a) $20,000,000, and (b) 5% of
    outstanding pool balance, and which loan is not one of the 10 largest loans
    in the respective pool

To:   Standard & Poor's Ratings Services
      55 Water Street
      New York, New York  10041
      Attn: Commercial Mortgage Surveillance

From: [Midland Loan Services, Inc.] [Wachovia Bank, National
      Association] in its capacity as Master Servicer (the "Master
      Servicer") under the Pooling and Servicing Agreement dated as of
      June 1, 2007 (the "Pooling and Servicing Agreement"), among
      Merrill Lynch Mortgage Investors, Inc., as depositor, Midland
      Loan Services, Inc. and Wachovia Bank, National Association as
      master servicers, Midland Loan Services, Inc., as special
      servicer and LaSalle Bank National Association, as trustee and
      custodian.

Date: ___________, 20___

       Re:  ML-CFC Commercial Mortgage Trust 2007-7, Commercial Mortgage
            Pass-Through Certificates, Series 2007-7 -- 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:

            (a) The Mortgagor has consummated a defeasance of the Mortgage Loan
of the type checked below:

                  ______ a full defeasance of the entire outstanding principal
                  balance ($____________) of the Mortgage Loan; or

                  ______ a partial defeasance of a portion ($___________) of the
                  Mortgage Loan that represents ___% of the entire principal
                  balance of the Mortgage Loan ($____________);

            (b) The defeasance was consummated on ___________, 20___.

            (c) 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.

            (d) 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, (iv) interest-only
direct debt obligations of the Resolution Funding Corporation or (v) securities
that constitute "government securities" as defined in Section 2(a)(16) of the
Investment Company Act of 1940 as amended (15 U.S.C. 80a-1) that are listed as
"Qualified Investments for `AAA' Financings" under Paragraphs 1, 2 or 3 of "Cash
Flow Approach" in S&P's Public Finance Criteria 2000, as amended to the date of
the defeasance, and are rated `AAA' by S&P. 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.

            (e) 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 S&P
confirming that the organizational documents of such Defeasance Obligor were
previously approved by S&P. 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").

            (f) If such Defeasance Obligor (together with its affiliates) holds
more than one defeased loan, (i) 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") or (ii) it has caused one or more principals or owners of
Defeasance Obligor reasonably acceptable to the Trust and S&P to execute and
deliver to the Trust a guaranty of limited recourse obligations in form and
substance reasonably acceptable to Lender and S&P.

            (g) The defeasance documents require that the defeasance collateral
be credited to an eligible account (as defined in the S&P Criteria) that must be
maintained as a securities account by a securities intermediary that is at all
times an Eligible Institution (as defined in the S&P Criteria). The securities
intermediary may reinvest proceeds of the defeasance collateral only in
Permitted Investments (as defined in the Pooling and Servicing Agreement).

            (h) 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").

            (i) 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.

            (j) 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.

            (k) The agreements executed in connection with the defeasance (i)
prohibit subordinate liens against the defeasance collateral, (ii) provide for
payment from sources other than the defeasance collateral of all fees and
expenses of the securities intermediary for administering the defeasance and the
securities account and all fees and expenses of maintaining the existence of the
Defeasance Obligor, (iii) permit release of surplus defeasance collateral and
earnings on reinvestment to the Defeasance Obligor only after the Mortgage Loan
has been paid in full, (iv) include representations and/or covenants of the
Mortgagor and/or securities intermediary substantially as set forth on Exhibit B
hereto, (v) provide for survival of such representations, and (vi) do not permit
waiver of such representations and covenants.

            (l) The outstanding principal balance of the Mortgage Loan
immediately before the defeasance (i) was less than $20,000,000, (ii) was less
than 5% of the aggregate certificate balance of the Certificates as of the date
of the Current Report, or (iii) the Mortgage Loan is not one of the ten (10)
largest loans in the Mortgage Pool.

            (m) 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.

            (n) The individual executing this notice is an authorized officer or
a servicing officer of the Master Servicer.

<PAGE>

            IN WITNESS WHEREOF, the Master Servicer has caused this notice to be
executed as of the date captioned above.

                                       [MIDLAND LOAN SERVICES, INC.]
                                          [WACHOVIA BANK, NATIONAL
                                          ASSOCIATION],
                                          as Master Servicer

                                       By:____________________________________
                                          Name:
                                          Title:

<PAGE>

                                    EXHIBIT L

<TABLE>
<CAPTION>
                                                                                              RELEVANT
                                                                                              SERVICING
                                   SERVICING CRITERIA                                         CRITERIA
--------------------------------------------------------------------------------           ----------------

    Reference                                Criteria
-----------------  -------------------------------------------------------------
                                 General Servicing Considerations

<S>                <C>                                                                     <C>
1122(d)(1)(i)      Policies and procedures are instituted to monitor any                       Trustee
                   performance or other triggers and events of default in                  Master Servicers
                   accordance with the transaction agreements.                             Special Servicer

1122(d)(1)(ii)     If any material servicing activities are outsourced to third                Trustee
                   parties, policies and procedures are instituted to monitor              Master Servicers
                   the third party's performance and compliance with such                  Special Servicer
                   servicing activities.

1122(d)(1)(iii)    Any requirements in the transaction agreements to maintain a                  N/A
                   back-up servicer for the mortgage loans are maintained.

1122(d)(1)(iv)     A fidelity bond and errors and omissions policy is in effect             Master Servicers
                   on the party participating in the servicing function                     Special Servicer
                   throughout the reporting period in the amount of coverage                   Custodian
                   required by and otherwise in accordance with the terms of the
                   transaction agreements.

                            Cash Collection and Administration

1122(d)(2)(i)      Payments on mortgage loans are deposited into the appropriate                 Trustee
                   custodial bank accounts and related bank clearing accounts no             Master Servicers
                   more than two business days following receipt, or such other              Special Servicer
                   number of days specified in the transaction agreements.

1122(d)(2)(ii)     Disbursements made via wire transfer on behalf of an obligor                  Trustee
                   or to an investor are made only by authorized                             Master Servicers
                   personnel.                                                                Special Servicer

1122(d)(2)(iii)    Advances of funds or guarantees regarding collections, cash                   Trustee
                   flows or distributions, and any interest or other fees                    Master Servicers
                   charged for such advances, are made, reviewed and approved as             Special Servicer
                   specified in the transaction agreements.

1122(d)(2)(iv)     The related accounts for the transaction, such as cash                        Trustee
                   reserve accounts or accounts established as a form of                     Master Servicers
                   overcollateralization, are separately                                     Special Servicer
                   maintained (e.g., with respect to commingling of cash)
                   as set forth in the transaction agreements.

1122(d)(2)(v)      Each custodial account is maintained at a federally insured                   Trustee
                   depositor institution as set forth in the transaction                     Master Servicers
                   agreements. For purposes of this criterion, "federally                    Special Servicer
                   insured depository institution" with respect to a foreign
                   financial institution means a foreign financial institution
                   that meets the requirements of Rule 13k-1(b)(1) under the
                   Securities Exchange Act.

1122(d)(2)(vi)     Unissued checks are safeguarded so as to prevent unauthorized                 Trustee
                   access.                                                                   Master Servicers
                                                                                             Special Servicer

1122(d)(2)(vii)    Reconciliations are prepared on a monthly basis for all                       Trustee
                   asset-backed securities related bank accounts, including                  Master Servicers
                   custodial accounts and related bank clearing accounts. These              Special Servicer
                   reconciliations are (A) mathematically accurate; (B) prepared
                   within 30 calendar days after the bank statement cut-off
                   date, or such other number of days specified in the
                   transaction agreements; (C) reviewed and approved by someone
                   other than the person who prepared the reconciliation; and
                   (D) contain explanations for reconciling items. These
                   reconciling items are resolved within 90 calendar days of
                   their original identification, or such other number of days
                   specified in the transaction agreements.

                                   Investor Remittances and Reporting

1122(d)(3)(i)      Reports to investors, including those to be filed with the                    Trustee
                   Commission, are maintained in accordance with the transaction
                   agreements and applicable Commission requirements.
                   Specifically, such reports (A) are prepared in accordance
                   with timeframes and other terms set forth in the transaction
                   agreements; (B) provide information calculated in accordance
                   with the terms specified in the transaction agreements; (C)
                   are filed with the Commission as required by its rules and
                   regulations; and (D) agree with investors' or the Trustee's
                   records as to the total unpaid principal balance and number
                   of mortgage loans serviced by the Reporting Servicer.

1122(d)(3)(ii)     Amounts due to investors are allocated and remitted in                        Trustee
                   accordance  with timeframes, distribution priority and
                   other terms set forth in the transaction agreements.

1122(d)(3)(iii)    Disbursements made to an investor are posted within two                       Trustee
                   business days to the servicer's investor records, or such
                   other number of days specified in the transaction agreements.

1122(d)(3)(iv)     Amounts remitted to investors per the investor reports agree                  Trustee
                   with cancelled checks, or other form of payment, or custodial
                   bank statements.

                                  Pool Asset Administration

1122(d)(4)(i)      Collateral or security on mortgage loans is maintained as                    Trustee
                   required by the transaction agreements or related mortgage               Master Servicers
                   loan documents.                                                          Special Servicer
                                                                                               Custodian

1122(d)(4)(ii)     Mortgage loans and related documents are safeguarded as                       Trustee
                   required by the transaction agreements.                                   Master Servicers
                                                                                             Special Servicer
                                                                                                Custodian

1122(d)(4)(iii)    Any additions, removals or substitutions to the asset pool                    Trustee
                   are made, reviewed and approved in accordance with any                    Master Servicers
                   conditions or requirements in the transaction agreements.                 Special Servicer
                                                                                                Custodian

1122(d)(4)(iv)     Payments on mortgage loans, including any payoffs, made in                Master Servicers
                   accordance with the related mortgage loan documents are                   Special Servicer
                   posted to the servicer's obligor records maintained no more
                   than two business days after receipt, or such other number of
                   days specified in the transaction agreements, and allocated
                   to principal, interest or other items (e.g., escrow) in
                   accordance with the related mortgage loan documents.

1122(d)(4)(v)      The reporting servicer's records regarding the mortgage loans             Master Servicers
                   agree with the 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               Master Servicers
                   mortgage loans (e.g., loan modifications or re-agings) are                Special Servicer
                   made, reviewed and approved by authorized personnel in
                   accordance with the transaction agreements and related pool
                   asset documents.

1122(d)(4)(vii)    Loss mitigation or recovery actions (e.g., forbearance plans,             Special Servicer
                   modifications and deeds in lieu of foreclosure, foreclosures
                   and repossessions, as applicable) are initiated, conducted
                   and concluded in accordance with the timeframes or other
                   requirements established by the transaction agreements.

1122(d)(4)(viii)   Records documenting collection efforts are maintained during               Master Servicers
                   the period a mortgage loan is delinquent in accordance with                Special Servicer
                   the transaction agreements. Such records are maintained on at
                   least a monthly basis, or such other period specified in the
                   transaction agreements, and describe the entity's activities
                   in monitoring delinquent mortgage loans including, for
                   example, phone calls, letters and payment rescheduling plans
                   in cases where delinquency is deemed temporary (e.g., illness
                   or unemployment).

1122(d)(4)(ix)     Adjustments to interest rates or rates of return for mortgage              Master Servicers
                   loans with variable rates are computed based on the related
                   mortgage loan documents.

1122(d)(4)(x)      Regarding any funds held in trust for an obligor (such as                  Master Servicers
                   escrow accounts): (A) such funds are analyzed, in accordance
                   with the obligor's mortgage loan documents, on at least an
                   annual basis, or such other period specified in the
                   transaction agreements; (B) interest on such funds is paid,
                   or credited, to obligors in accordance with applicable
                   mortgage loan documents and state laws; and (C) such funds
                   are returned to the obligor within 30 calendar days of full
                   repayment of the related mortgage loans, or such other number
                   of days specified in the transaction agreements.

1122(d)(4)(xi)     Payments made on behalf of an obligor (such as tax or                      Master Servicers
                   insurance payments) are made on or before the related penalty
                   or expiration dates, as indicated on the appropriate bills or
                   notices for such payments, provided that such support has
                   been received by the servicer at least 30 calendar days prior
                   to these dates, or such other number of days specified in the
                   transaction agreements.

1122(d)(4)(xii)    Any late payment penalties in connection with any payment to               Master Servicers
                   be made on behalf of an obligor are paid from the servicer's
                   funds and not charged to the obligor, unless the late payment
                   was due to the obligor's error or omission.

1122(d)(4)(xiii)   Disbursements made on behalf of an obligor are posted within               Master Servicers
                   two business days to the obligor's records maintained by the
                   servicer, or such other number of days specified in the
                   transaction agreements.

1122(d)(4)(xiv)    Delinquencies, charge-offs and uncollectible accounts are                  Master Servicers
                   recognized and recorded in accordance with the transaction
                   agreements.

1122(d)(4)(xv)     Any external enhancement or other support, identified in                      N/A
                   Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is
                   maintained as set forth in the transaction agreements.
</TABLE>

<PAGE>

                                   EXHIBIT M-1

                         FORM OF PURCHASE OPTION NOTICE

                                                                          [Date]

[Purchase Option Holder]

       Re:  ML-CFC Commercial Mortgage Trust 2007-7 Commercial Mortgage
            Pass-Through Certificates, Series 2007-7

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 June 1, 2007, by and among Merrill Lynch Mortgage
Investors, Inc., as Depositor, Midland Loan Services, Inc. and Wachovia Bank,
National Association, as Master Servicers, Midland Loan Services, Inc., as
Special Servicer and LaSalle Bank National Association, as Trustee and
Custodian. Capitalized terms used herein and not otherwise defined shall have
the meaning set forth in the Pooling and Servicing Agreement.

            This notice is to inform you that the exercise of your Purchase
Option in respect of Mortgage Loan number ___, pursuant to your Purchase Option
Notice dated _____, a copy of which is attached hereto, is effective. Pursuant
to Section 3.18 of the Pooling and Servicing Agreement and your Purchase Option
Notice, closing of [your] [______'s] acquisition of Mortgage Loan number ___
shall occur within ten (10) Business Days of your receipt of this notice, at the
place and in the manner described below.

            [Describe closing mechanics. Describe documents or instruments
required to be prepared by Purchase Option Holder in connection with assignment
and release of the related Mortgage Loan.]

            Upon payment of the Option Price, Mortgage Loan number ___ and the
related Mortgaged Property will be released and the related Mortgage Loan File
will be delivered to [you] [_______] or at [your] [__________'s] direction.

            Drafts of such instruments of transfer or assignment, in each case
without recourse, reasonably necessary to vest in [you] or [______] the
ownership of Mortgage Loan number ______, together with [describe other
documents or instruments reasonably required to consummate the purchase] should
be delivered to [______] for review as soon as is practicable.

            [Provide Special Servicer contact information.]

            Please acknowledge receipt of this letter by signing the enclosed
copy and return it to my attention.

                                       Sincerely,

                                       By:____________________________________
                                          Name:
                                          Title:

Purchase Option Holder's Acknowledgment

By:____________________________________
   Name:
   Title:
   Date:

<PAGE>

                                   EXHIBIT M-2

                      FORM OF PURCHASE OPTION ASSIGNMENT BY

                              THE SPECIAL SERVICER

            THIS ASSIGNMENT OF PURCHASE OPTION (this "Assignment") is made
effective as of [_______] by and between Midland Loan Services, Inc.
("Assignor") and [________________] ("Assignee") in connection with (i) the
Pooling and Servicing Agreement dated as of June 1, 2007 (the "Agreement"), by
and among Merrill Lynch Mortgage Investors, Inc., as Depositor, Midland Loan
Services, Inc. and Wachovia Bank, National Association, as Master Servicers,
Midland Loan Services, Inc., as Special Servicer and LaSalle Bank National
Association, as Trustee and Custodian, with respect to the ML-CFC Commercial
Mortgage Trust 2007-7, Series 2007-7 (the "Series 2007-7 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.

            (a) The Trust is the owner of a Mortgage Loan in the original
principal amount of $[________] that is included in the Series 2007-7
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.

            (b) 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.

            (c) Assignee intends to purchase the Loan in compliance with the
Agreement and has requested that Assignor assign the Purchase Option to
Assignee, and Assignor desires to assign the Purchase Option to Assignee,
pursuant to the terms and conditions of this Assignment.

            NOW THEREFORE, the parties agree as follows:

            For good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, Assignor hereby assigns, transfers and conveys to
Assignee all of Assignor's right, title and interest in and to the Purchase
Option with respect to the Loan under Section 3.18 of the Agreement without any
representation or warranty of any kind whatsoever.

            This Assignment is being executed by Assignee and Assignor and shall
be binding upon Assignee, Assignor and the respective permitted successors and
assigns of each of them, for the uses and purposes set forth above and shall be
effective as of the date set forth above. This Assignment may be executed in any
number of counterparts, each of which shall be deemed to be an original, but all
of which together shall constitute one and the same instrument. Nothing in this
Assignment shall be deemed to create or imply any right or benefit in any person
other than Assignee, Assignor or their respective permitted successors and
assigns.

            IN WITNESS WHEREOF, this Assignment has been executed by the parties
as of the date first set forth above.

            ASSIGNOR:                  MIDLAND LOAN SERVICES, INC.

                                       By:____________________________________
                                          Name:
                                          Title:

            ASSIGNEE:                  [ASSIGNEE]

                                       By:____________________________________
                                          Name:
                                          Title:

            ASSIGNEE CONTACT INFORMATION:

            Address:___________________________
            ___________________________________
            ___________________________________
            Telephone No.:_____________________
            Facsimile:_________________________

<PAGE>

                                   EXHIBIT M-3

                       FORM OF PURCHASE OPTION ASSIGNMENT
                   BY PLURALITY SUBORDINATE CERTIFICATEHOLDER

            THIS ASSIGNMENT OF PURCHASE OPTION (this "Assignment") is made
effective as of [_________] by and between Plurality Subordinate
Certificateholder(s) ("Assignor") and [________________] ("Assignee") in
connection with (i) the Pooling and Servicing Agreement dated as of June 1, 2007
(the "Agreement"), by and among Merrill Lynch Mortgage Investors, Inc., as
Depositor, Midland Loan Services, Inc. and Wachovia Bank, National Association,
as Master Servicers, Midland Loan Services, Inc., as Special Servicer and
LaSalle Bank National Association, as Trustee and Custodian, with respect to the
ML-CFC Commercial Mortgage Trust 2007-7, Commercial Mortgage Pass-Through
Certificates, Series 2007-7 (the "Series 2007-7 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.

            First,   The Trust is the owner of a Mortgage Loan in the original
                     principal amount of $[_______] that is included in the
                     Series 2007-7 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.

            Second,  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.

            Third,   Assignee intends to purchase the Loan in compliance with
                     the Agreement and has requested that Assignor assign the
                     Purchase Option to Assignee, and Assignor desires to assign
                     the Purchase Option to Assignee, pursuant to the terms and
                     conditions of this Assignment.

            NOW THEREFORE, the parties agree as follows:

            For good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, Assignor hereby assigns, transfers and conveys to
Assignee all of Assignor's right, title and interest in and to the Purchase
Option with respect to the Loan under Section 3.18 of the Agreement without any
representation or warranty of any kind whatsoever.

            This Assignment is being executed by Assignee and Assignor and shall
be binding upon Assignee, Assignor and the respective permitted successors and
assigns of each of them, for the uses and purposes set forth above and shall be
effective as of the date set forth above. This Assignment may be executed in any
number of counterparts, each of which shall be deemed to be an original, but all
of which together shall constitute one and the same instrument. Nothing in this
Assignment shall be deemed to create or imply any right or benefit in any person
other than Assignee, Assignor or their respective permitted successors and
assigns.

            IN WITNESS WHEREOF, this Assignment has been executed by the parties
as of the date first set forth above.

            ASSIGNOR:                  PLURALITY SUBORDINATE
                                       CERTICATEHOLDER

                                       By:____________________________________
                                          Name:
                                          Title:

            ASSIGNEE:                  [ASSIGNEE]

                                       By:____________________________________
                                          Name:
                                          Title:

            ASSIGNEE CONTACT INFORMATION:

            Address:___________________________
            ___________________________________
            ___________________________________
            Telephone No.:_____________________
            Facsimile:_________________________

<PAGE>

                                    EXHIBIT N

                                   [RESERVED]

<PAGE>

                                    EXHIBIT O

                      FORM OF SARBANES-OXLEY CERTIFICATION
                                BY THE DEPOSITOR

       Re:  ML-CFC Commercial Mortgage Trust 2007-7 (the "Trust"), Commercial
            Mortgage Pass-Through Certificates, Series 2007-7

            I, [identify the certifying individual], certify that (capitalized
terms used herein but not defined shall have the meanings assigned to such terms
in the Pooling and Servicing Agreement), dated as June 1, 2007 (the "Pooling and
Servicing Agreement"), and relating to the Trust:

            (a) I have reviewed this annual report on Form 10-K, and all reports
on Form 10-D required to be filed in respect of the period covered by this
annual report on Form 10-K of the Trust (the "Exchange Act Periodic Reports");

            (b) Based on my knowledge, the Exchange Act Periodic Reports, taken
as a whole, do not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect
to the period covered by this report;

            (c) Based on my knowledge, all of the distribution, servicing and
other information required to be provided under Form 10-D for the period covered
by this report is included in the Exchange Act Periodic Reports;

            (d) Based on my knowledge and the servicer compliance statement(s)
required in this report under Item 1123 of Regulation AB, and except as
disclosed in the Exchange Act Periodic Reports, each Master Servicer and the
Special Servicer have fulfilled their obligations under the Pooling and
Servicing Agreement in all material respects; and

            (e) All of the reports on assessment of compliance with servicing
criteria for asset-backed securities and their related attestation reports on
assessment of compliance with servicing criteria for asset-backed securities
required to be included in this report in accordance with Item 1122 of
Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as an
exhibit to this report, except as otherwise disclosed in this report. Any
material instances of noncompliance described in such reports have been
disclosed in this report on Form 10-K.

            In giving the certifications set forth above, I have reasonably
relied on information provided to me by the following unaffiliated parties:
Midland Loan Services, Inc. and Wachovia Bank, National Association, as Master
Servicers, Midland Loan Services, Inc., as Special Servicer and LaSalle Bank
National Association, as Trustee and Custodian.

Date:__________________________________

Merrill Lynch Mortgage Investors, Inc.

_______________________________________
 [name of certifying individual]
 [title of certifying individual]

<PAGE>

                                   EXHIBIT P-1

       FORM OF CERTIFICATION TO BE PROVIDED BY THE MASTER SERVICER TO THE
                                    DEPOSITOR

       Re:  ML-CFC Commercial Mortgage Trust 2007-7 (the "Trust"), Commercial
            Mortgage Pass-Through Certificates, Series 2007-7

            I, [identify the certifying individual], a [title] of [Master
Servicer] (the "Master Servicer"), on behalf of [Master Servicer], certify to
Merrill Lynch Mortgage Investors, Inc. and its officers, directors and
affiliates, and with the knowledge and intent that they will rely upon this
certification in delivering the Sarbanes-Oxley Certification required by the
pooling and servicing agreement, dated as of June 1, 2007 (the "Pooling and
Servicing Agreement") and relating to the Trust and the captioned commercial
mortgage-pass through certificates (capitalized terms used herein but not
defined shall have the meanings assigned to such terms in the Pooling and
Servicing Agreement), that:

            (a) I (or persons under my supervision) have reviewed the servicing
reports (the "Servicing Reports") relating to the trust fund delivered by the
Master Servicer to the Trustee covering the fiscal year 20__;

            (b) Based on my knowledge, (a) assuming the accuracy of the
statements required to be made in the corresponding certificate of the Special
Servicer pursuant to Section 8.16(b) of the Pooling and Servicing Agreement and
(b) assuming that the information regarding the mortgage loans, the mortgagors
or the mortgaged properties in the Prospectus Supplement (the "Mortgage
Information") does not contain any untrue statement of a material fact or omit
to state a material fact necessary to make the statement made, in the lights of
the circumstances under which such statements were made, not misleading (but
only to the extent that such Mortgage Information is or shall be used by the
Master Servicer to prepare the Servicing Reports, provided, however, the Master
Servicer shall provide any information of which the Master Servicer has
knowledge, to the extent such information updates the Mortgage Information and
is required to be provided by the Master Servicer pursuant to the Pooling and
Servicing Agreement), the servicing information in the Servicing Reports taken
as a whole, does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect
to the period covered by this report;

            (c) Based on my knowledge and assuming the accuracy of the statement
required to be made in the corresponding certificate of the Special Servicer
pursuant to Section 8.16(b) of the Pooling and Servicing Agreement, all
servicing information required to be provided to the Trustee by the Master
Servicer under the Pooling and Servicing Agreement for inclusion in the reports
to be filed by the Trustee with the Securities and Exchange Commission pursuant
to the Pooling and Servicing Agreement is included in the Servicing Reports;

            (d) I am responsible for reviewing the activities performed by the
Master Servicer under the Pooling and Servicing Agreement and based upon my
knowledge and the compliance review conducted in preparing the servicer
compliance statement required in accordance with Item 1123 of Regulation AB
under the Pooling and Servicing Agreement with respect to the Master Servicer,
and except as disclosed in such compliance statement delivered by the Master
Servicer under the Pooling and Servicing Agreement, the Master Servicer has
fulfilled its obligations under the Pooling and Servicing Agreement in all
material respects in the year to which such review applies.

            (e) The report on assessment of compliance with servicing criteria
and the related attestation report on assessment of compliance with servicing
criteria required to be delivered by the Master Servicer (in accordance with
Item 1122 of Regulation AB) in accordance with the Pooling and Servicing
Agreement discloses, with respect to the Master Servicer, all material instances
of noncompliance with the Relevant Servicing Criteria.

            In addition, notwithstanding the foregoing certifications under
clauses (2) and (3) above, the Master Servicer does not make any certification
under such clauses (2) and (3) above with respect to the information in the
Servicing Reports referred to in such clauses (2) and (3) above that is in turn
dependent upon information provided by the Special Servicer under the Pooling
and Servicing Agreement beyond the corresponding certification actually provided
by the Special Servicer pursuant to Section 8.16(b) of the Pooling and Servicing
Agreement. Further, notwithstanding the foregoing certifications, the Master
Servicer does not make any certification under the foregoing clauses (1) through
(5) that is in turn dependent (i) upon information required to be provided by
any Sub-Servicer acting under a Sub-Servicing Agreement that the Master Servicer
entered into in connection with the issuance of the Certificates, or (ii) upon
the performance by any such Sub-Servicer of its obligations pursuant to any such
Sub-Servicing Agreement, in each case beyond the respective backup
certifications actually provided by such Sub-Servicer to the Master Servicer
with respect to the information that is the subject of such certification.

Date:_____________________________

By:_______________________________
   [Name]
   [Title]
   [MASTER SERVICER]

<PAGE>

                                   EXHIBIT P-2

      FORM OF CERTIFICATION TO BE PROVIDED BY THE TRUSTEE TO THE DEPOSITOR

       Re:  ML-CFC Commercial Mortgage Trust 2007-7 (the "Trust"), Commercial
            Mortgage Pass-Through Certificates, Series 2007-7

            I, [identify the certifying individual], a [title] of [Trustee],
certify to Merrill Lynch Mortgage Investors, Inc. and its officers, directors
and affiliates, and with the knowledge and intent that they will rely upon this
certification in delivering the Sarbanes-Oxley Certification required by the
pooling and servicing agreement, dated as June 1, 2007 (the "Pooling and
Servicing Agreement") and related to the Trust and the captioned commercial
mortgage pass-through certificates (capitalized terms used herein but not
defined shall have the meanings assigned to such terms in the Pooling and
Servicing Agreement), that:

            (a) I have reviewed the annual report on Form 10-K for the fiscal
year 20[__] (the "Annual Form 10-K Report"), and all reports on Form 10-D
required to be filed in respect of periods covered by the annual report on Form
10-K, of the Trust (the "Exchange Act Periodic Reports");

            (b) Based on my knowledge, and (with respect to information provided
by either Master Servicer or the Special Servicer, as the case may be) assuming
the accuracy of the statements made in the corresponding certifications of the
Master Servicers and the Special Servicer pursuant to Section 8.16(b) of the
Pooling and Servicing Agreement, (i) the information relating to LaSalle Bank
National Association ("LaSalle") or the Trustee, (ii) the information relating
to distributions on, or calculations performed by the Trustee with respect to,
the Certificates (including such information contained in the distribution
reports filed with the Exchange Act Periodic Reports) and (iii) any other
information prepared by LaSalle, in each case as contained in the Exchange Act
Periodic Reports, taken as a whole, does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by the Annual Form 10-K Report;

            (c) Based on my knowledge, all of the distribution, servicing and
other information required to be provided (i) to the Trustee by the Master
Servicers and the Special Servicer under the Pooling and Servicing Agreement and
(ii) by the Trustee under the Pooling and Servicing Agreement, in each case for
inclusion in the Exchange Act Periodic Reports is included in such reports; and

            (d) The report on assessment of compliance with servicing criteria
and the related attestation report on assessment of compliance with servicing
criteria required to be delivered by the Trustee in accordance with the Pooling
and Servicing Agreement discloses, with respect to the Trustee, all material
instances of noncompliance with the Relevant Servicing Criteria and such
assessment of compliance with servicing criteria is fairly stated in all
material respects.

Date:__________________________________

_______________________________________
             [Name]
             [Title]
            [TRUSTEE]

<PAGE>

                                   EXHIBIT P-3

                      FORM OF CERTIFICATION TO BE PROVIDED
                    BY THE SPECIAL SERVICER TO THE DEPOSITOR

       Re:  ML-CFC Commercial Mortgage Trust 2007-7 (the "Trust"), Commercial
            Mortgage Pass-Through Certificates, Series 2007-7

            I, [identify the certifying individual], a [title] of [Special
Servicer] (the "Special Servicer"), on behalf of [Special Servicer], certify to
Merrill Lynch Mortgage Investors, Inc. and its officers, directors and
affiliates, and with the knowledge and intent that they will rely upon this
certification in delivering the Sarbanes-Oxley Certification required by the
pooling and servicing agreement, dated as of June 1, 2007 (the "Pooling and
Servicing Agreement") and relating to the Trust and the captioned commercial
mortgage-pass through certificates (capitalized terms used herein but not
defined shall have the meanings assigned to such terms in the Pooling and
Servicing Agreement), that:

            (a) I (or persons under my supervision) have reviewed the servicing
reports (the "Servicing Reports") relating to the trust fund, required to be
delivered by the Special Servicer, if any, to the Master Servicers and the
Trustee under the Pooling and Servicing Agreement covering the fiscal year 20__;

            (b) Based on my knowledge, the servicing information in the
Servicing Reports, taken as a whole, does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by these servicing reports;

            (c) Based on my knowledge, the servicing information required to be
provided to the Master Servicers and the Trustee by the Special Servicer under
the Pooling and Servicing Agreement for inclusion in the reports to be filed by
the Trustee with the Securities and Exchange Commission pursuant to the Pooling
and Servicing Agreement is included in the Servicing Reports;

            (d) I am responsible for reviewing the activities performed by the
Special Servicer under the Pooling and Servicing Agreement and based upon my
knowledge and the compliance review conducted in preparing the servicer
compliance statement(s) required (in accordance with Item 1123 of Regulation AB)
under the Pooling and Servicing Agreement with respect to the Special Servicer
and, except as disclosed in such compliance statement delivered by the Special
Servicer under the Pooling and Servicing Agreement, the Special Servicer has
fulfilled its obligations under the Pooling and Servicing Agreement in all
material respects in the year to which such review applies.

            (e) The report on assessment of compliance with servicing criteria
and the related attestation report on assessment of compliance with servicing
criteria required to be delivered by the Special Servicer (in accordance with
Item 1122 of Regulation AB) in accordance with the Pooling and Servicing
Agreement discloses, with respect to the Special Servicer, all material
instances of noncompliance with the Relevant Servicing Criteria and such
assessment of compliance with servicing criteria is fairly stated in all
material respects.

Date:__________________________________

_______________________________________
             [Name]
             [Title]
        [SPECIAL SERVICER]

<PAGE>

                                    EXHIBIT Q

                               BROKER STRIP LOANS

                                      None

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