Document:

Exhibit 4.2

                             Sub-Servicing Agreement

                                  See attached

<PAGE>

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                      WACHOVIA BANK, NATIONAL ASSOCIATION,
                                 Master Servicer

                                       and

                                 CWCAPITAL LLC,
                                  Sub-Servicer

             ======================================================

                             SUB-SERVICING AGREEMENT

                           Dated as of August 1, 2007

             ======================================================

                  COBALT CMBS Commercial Mortgage Trust 2007-C3
                  Commercial Mortgage Pass-Through Certificates
                                 Series 2007-C3

================================================================================

<PAGE>

                                TABLE OF CONTENTS

                                                                            Page

                                    ARTICLE I

                                   DEFINITIONS

Section 1.01  Defined Terms.................................................

                                   ARTICLE II

                  MASTER SERVICER'S ENGAGEMENT OF SUB-SERVICER
                      TO PERFORM SERVICING RESPONSIBILITIES

Section 2.01  Contract for Servicing; Possession of Mortgage Loan
               Documents....................................................
Section 2.02  Notice of Breach of Representations and Warranties
               and Document Defects.........................................

                                   ARTICLE III

                         SERVICING OF THE MORTGAGE LOANS

Section 3.01  Sub-Servicer to Service.......................................
Section 3.02  Merger or Consolidation of the Sub-Servicer...................
Section 3.03  Limitation on Liability of the Sub-Servicer and
               Others.......................................................
Section 3.04  Sub-Servicer Not to Resign....................................
Section 3.05  Transfer or Assignment of Servicing...........................
Section 3.06  Indemnification...............................................
Section 3.07  Subcontractors and Sub-servicers..............................

                                   ARTICLE IV

                                     DEFAULT

Section 4.01  Events of Default.............................................
Section 4.02  Waiver of Defaults............................................
Section 4.03  Other Remedies of Master Servicer.............................

                                    ARTICLE V

                                   TERMINATION

Section 5.01  Termination...................................................
Section 5.02  Termination With Cause........................................
Section 5.03  Termination of Duties with Respect to Specially
               Serviced Mortgage Loans......................................

                                   ARTICLE VI

                                  MISCELLANEOUS

Section 6.01  Successor to the Sub-Servicer.................................
Section 6.02  Financial Statements..........................................
Section 6.03  Closing.......................................................
Section 6.04  Closing Documents.............................................
Section 6.05  Notices.......................................................
Section 6.06  Severability Clause...........................................
Section 6.07  Counterparts..................................................
Section 6.08  Governing Law.................................................
Section 6.09  Protection of Confidential Information........................
Section 6.10  Intention of the Parties......................................
Section 6.11  Third Party Beneficiary.......................................
Section 6.12  Successors and Assigns; Assignment of Agreement...............
Section 6.13  Waivers.......................................................
Section 6.14  Exhibits......................................................
Section 6.15  General Interpretive Principles...............................
Section 6.16  Complete Agreement............................................
Section 6.17  Further Agreement.............................................
Section 6.18  Amendments....................................................

EXHIBIT A      MORTGAGE LOAN SCHEDULE.....................................A-1

EXHIBIT B      SUB-SERVICER'S OFFICER'S CERTIFICATE.......................B-1

EXHIBIT C      POOLING AND SERVICING AGREEMENT............................C-1

EXHIBIT D      [RESERVED].................................................D-1

EXHIBIT E      FORM OF QUARTERLY SERVICING CERTIFICATION..................E-1

EXHIBIT F      FORM OF ACCOUNT CERTIFICATION..............................F-1

EXHIBIT G      FORM OF COLLECTION REPORT..................................G-1

EXHIBIT H      FORM OF CERTIFICATE OF INSURANCE...........................H-1

EXHIBIT I      [RESERVED].................................................I-1

EXHIBIT J      FORM OF MONTHLY SERVICING ACCOUNT CERTIFICATION............J-1

<PAGE>

      This is a Sub-Servicing Agreement (the "Agreement"), dated as of August 1,
2007, by and between CWCAPITAL LLC, having an office at 63 Kendrick Street,
Needham, Massachusetts 02494, and its successors and assigns (the
"Sub-Servicer"), and WACHOVIA BANK, NATIONAL ASSOCIATION, having an office at NC
1075, 8739 Research Drive, URP-4, Charlotte, North Carolina 28288-1075, and its
successors and assigns (the "Master Servicer").

                              W I T N E S S E T H:

            WHEREAS, CWCapital Commercial Funding Corp. (the "Depositor"), Wells
Fargo Bank, N.A. (the "Trustee"), CWCapital Asset Management LLC (the "Special
Servicer") and the Master Servicer have entered into that certain Pooling and
Servicing Agreement dated as of August 1, 2007, as amended, modified and
restated from time to time (the "Pooling and Servicing Agreement"), whereby the
Master Servicer shall master service certain mortgage loans on behalf of the
Trustee; and

            WHEREAS, the Master Servicer desires to enter into a contract with
the Sub-Servicer whereby the Sub-Servicer shall service certain of such mortgage
loans listed on Exhibit A (the "Mortgage Loan Schedule") attached hereto (the
"Mortgage Loans") on behalf of the Master Servicer.

            NOW, THEREFORE, in consideration of the mutual agreements
hereinafter set forth, and for other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the Master Servicer and
the Sub-Servicer hereby agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

      Section 1.01 Defined Terms.

      Unless otherwise specified in this Agreement, all capitalized terms not
otherwise defined herein shall have the meanings set forth in the Pooling and
Servicing Agreement. As used herein, the following terms have the meanings
assigned to them in this Section 1.01:

      "Affiliate" shall mean, with respect to any specified Person, any other
Person owning or owned by or maintaining an ownership interest in such specified
Person or under common ownership with such Person.

      "Collection Report" shall mean the monthly report prepared by the
Sub-Servicer setting forth, with respect to each Mortgage Loan and the most
recently ended Collection Period prior to the due date of such report, the
information described on Exhibit G attached hereto.

      "Event of Default" shall have the meaning specified in Section 4.01 of
this Agreement.

      "Mortgage Loans" shall have the meaning specified in the recitals hereto.

      "Mortgage Loan Schedule" shall have the meaning specified in the recitals
hereto.

      "Rating Requirement" shall mean either (i) a listing on S&P's Select
Servicer List as a U.S. Commercial Mortgage Primary Servicer, or (ii) a rating
of CPS3, its equivalent or higher by Fitch.

      "Sub-Servicer Custodial Account" shall have the meaning specified in
Section 3.01(c)(6) of this Agreement.

      "Sub-Servicer Remittance Amount" shall mean, with respect to any date, an
amount equal to, without duplication, (a) the sum of (i) the aggregate of the
amounts on deposit in the Sub-Servicer Custodial Account (as defined herein) as
of such date, (ii) any Prepayment Interest Shortfalls required to be deposited
by the Sub-Servicer pursuant to Section 3.20(a) of the Pooling and Servicing
Agreement as incorporated pursuant to Section 3.01(c)(23) of this Agreement,
(iii) if and to the extent not included in the amount referred to in subclause
(a)(i), the aggregate amount transferred from the REO Account (if established)
to the Sub-Servicer as of such date to the extent not previously remitted to the
Master Servicer and (iv) the aggregate of all other amounts received with
respect to the Mortgage Loans as of such date to the extent not previously
remitted to the Master Servicer, net of (b) the portion of the amount described
in subclause (a) of this definition that represents one or more of the
following: (i) Escrow Payments, (ii) any amounts that the Sub-Servicer is
entitled to retain as compensation pursuant to Section 3.11 of the Pooling and
Servicing Agreement as incorporated herein pursuant to Sections 3.01(c)(17) of
this Agreement and (iii) amounts payable to the Cedar Ridge Townhomes
Subordinate Companion Loan or the Northcrest Apartments Subordinate Companion
Loan in accordance with Section 3.05A of the Pooling and Servicing Agreement as
incorporated herein pursuant to Section 3.01(c)(8) of this Agreement and
remitted to the Cedar Ridge Townhomes Subordinate Companion Loan or the
Northcrest Apartments Subordinate Companion Loan in accordance with this
Agreement.

      "Sub-Servicer Remittance Date" shall mean the 8th calendar day of each
month, or if such 8th calendar day is not a Business Day, then the immediately
succeeding Business Day.

      "Sub-Servicing Fee" shall mean, with respect to each Mortgage Loan and REO
Loan, the fee payable to the Sub-Servicer pursuant to Section 3.01(c)(17) of
this Agreement.

      "Sub-Servicing Fee Rate" shall mean, with respect to each Mortgage Loan,
the rate that corresponds to such Mortgage Loan set forth on Exhibit A hereto
under the heading "Sub-Servicer Fee".

                                   ARTICLE II

                  MASTER SERVICER'S ENGAGEMENT OF SUB-SERVICER
                      TO PERFORM SERVICING RESPONSIBILITIES

      Section 2.01 Contract for Servicing; Possession of Mortgage Loan
Documents.

      The Master Servicer, by execution and delivery of this Agreement, does
hereby contract with the Sub-Servicer, subject to the terms of this Agreement,
for the servicing of the Mortgage Loans. On and after the Closing Date, the
Sub-Servicer shall hold any portion of the Servicing File or the Mortgage File
in the possession of the Sub-Servicer in trust by the Sub-Servicer, on behalf of
the Master Servicer for the benefit of the Trustee. The Sub-Servicer's
possession of any portion of the Servicing File or the Mortgage File shall be at
the will of the Master Servicer and the Trustee for the sole purpose of
facilitating the servicing or the supervision of servicing of the related
Mortgage Loan pursuant to this Agreement, and such retention and possession by
the Sub-Servicer shall be in a custodial capacity only. Any portion of the
Servicing File or the Mortgage File retained by the Sub-Servicer shall be
identified to reflect clearly the ownership of the related Mortgage Loan by the
Trustee. The Sub-Servicer shall release from its custody any Mortgage File
retained by it only in accordance with this Agreement and the Pooling and
Servicing Agreement. The Sub-Servicer shall provide to the Master Servicer as
soon as practicable after request therefor by the Master Servicer a copy of any
documents held by it with respect to any Mortgage Loan. During the term of this
Agreement, the Sub-Servicer will also provide to the Master Servicer a copy of
any lease, amendments to Mortgage Loan documents and other material documents
related to the Mortgaged Property securing the related Mortgage Loan or related
to the Mortgage Loan as soon as possible after receipt or execution thereof, as
applicable.

      Section 2.02 Notice of Breach of Representations and Warranties and
Document Defects.

      The Sub-Servicer shall promptly notify the Master Servicer upon becoming
aware of any breach of any representations and warranties contained in any
applicable Mortgage Loan Purchase Agreement or a document defect that could give
rise to a cure or repurchase obligation.

                                  ARTICLE III

                         SERVICING OF THE MORTGAGE LOANS

      Section 3.01 Sub-Servicer to Service.

            (a) The Sub-Servicer, as an independent contractor, shall service
and administer the Mortgage Loans in a manner consistent with the Servicing
Standard under the Pooling and Servicing Agreement.

            (b) The Sub-Servicer shall perform, on behalf of the Master
Servicer, all of the obligations of the Master Servicer (with respect to the
Mortgage Loans subject to this Agreement) as set forth in those sections of the
Pooling and Servicing Agreement incorporated herein pursuant to Section 3.01(c)
of this Agreement (the "Incorporated Sections"), as modified by Section 3.01(c)
of this Agreement, and the Master Servicer shall have the same rights with
respect to the Sub-Servicer that the Trustee, the Depositor, the Underwriters,
the Rating Agencies and the Certificateholders (including, without limitation,
the right of the Special Servicer to direct the Master Servicer during certain
periods) have with respect to the Master Servicer under the Pooling and
Servicing Agreement to the extent that the Sub-Servicer is acting on behalf of
the Master Servicer hereunder and except as otherwise set forth herein. Without
limiting the foregoing, and subject to Section 3.22 of the Pooling and Servicing
Agreement as modified herein, the Sub-Servicer shall service and administer all
Mortgage Loans that are not Specially Serviced Mortgage Loans; provided,
however, that the Sub-Servicer shall continue to collect information and prepare
all reports to the Trustee required from the Master Servicer under the Pooling
and Servicing Agreement with respect to any Specially Serviced Mortgage Loans
and REO Properties (and the related REO Loans), and further to render such
incidental services with respect to any Specially Serviced Mortgage Loans and
REO Properties as are specifically provided for therein; provided, further,
however, that, if the Special Servicer is not an Affiliate of the Sub-Servicer,
the Sub-Servicer shall not be liable for its failure to comply with such duties
insofar as such failure results from a failure by the Special Servicer to
provide sufficient information to the Sub-Servicer to comply with such duties or
failure by the Special Servicer to otherwise comply with its obligations under
the Pooling and Servicing Agreement. All references herein to the respective
duties of the Sub-Servicer and the Special Servicer, and to the areas in which
they may exercise discretion, shall be subject to Section 3.22 of the Pooling
and Servicing Agreement, as modified herein and to the Special Servicer's rights
to service Specially Serviced Mortgage Loans. Except as otherwise set forth
below, for purposes of this Agreement, references to the Trustee, the Depositor,
the Underwriters, the Rating Agencies and the Certificateholders in the
Incorporated Sections (and in the defined terms used therein) shall be deemed to
be references to the Master Servicer hereunder and references to the Master
Servicer in the Incorporated Sections (and in the defined terms used therein)
shall be deemed to be references to the Sub-Servicer hereunder (such
modification of the Incorporated Sections shall be referred to herein as the
"References Modification").

            (c) The following Sections of the Pooling and Servicing Agreement,
unless otherwise provided in this Section 3.01(c) of this Agreement, are hereby
incorporated herein by reference as if fully set forth herein, and, for purposes
of this Agreement, in addition to the References Modification, are hereby
further modified as set forth below:

                  (1) Section 3.01. Without limiting the generality of the
obligations of the Sub-Servicer hereunder, the Sub-Servicer shall monitor and
certify the information on each Mortgage Loan as required by, and in the form
of, Exhibit E attached hereto, pursuant to Section 3.01(c)(29) of this
Agreement. In addition, without limiting the generality of the foregoing, the
Sub-Servicer shall take all necessary action to continue all UCC Financing
Statements with respect to each Mortgage Loan prior to the expiration of such
UCC Financing Statements.

                  (2) Section 3.02(a). The Sub-Servicer shall not waive any
Default Interest or late payment charge. The determination as to the application
of amounts collected in respect of any Mortgage Loan, to the extent the
application is not governed by the express provisions of the related Mortgage
Note or Mortgage, shall be made by the Master Servicer.

                  (3) Section 3.03(a). The creation of any Servicing Account
shall be evidenced by a certification in the form of Exhibit F attached hereto
and a copy of such certification shall be furnished to the Master Servicer on or
prior to the first Sub-Servicer Remittance Date and thereafter to the Master
Servicer upon any transfer of the Servicing Account.

                  (4) Section 3.03(b) and (c). Without limiting the generality
of the obligations of the Sub-Servicer hereunder, the Sub-Servicer shall monitor
and, within thirty (30) days after the end of each calendar quarter, beginning
with the quarter ending September 30, 2007, certify the information on each
Mortgage Loan with respect to taxes, insurance premiums, assessments, ground
rents and other similar items, as required by, and in the form of, Exhibit E
attached hereto, pursuant to Section 3.01(c)(29) of this Agreement. The
Sub-Servicer shall not be obligated to make any Servicing Advances, except as
described in the next following sentence. The Sub-Servicer shall give the Master
Servicer not less than five (5) Business Days' notice before the date on which
the Master Servicer is required to make any Servicing Advance with respect to
any Mortgage Loan; provided, however, that, with respect to any Servicing
Advance required to be made on an urgent or emergency basis such that the
Sub-Servicer is unable to provide the Master Servicer with sufficient notice to
make such Servicing Advance, the Sub-Servicer shall make such Servicing Advance
and, notwithstanding Section 3.23(a) of the Pooling and Servicing Agreement, the
Master Servicer shall reimburse the Sub-Servicer for such Servicing Advance
within five Business Days of receipt of written request therefor and interest
thereon at the Reimbursement Rate without regard to the Master Servicer's
determination of recoverability. In addition, the Sub-Servicer shall provide the
Master Servicer with such information in its possession as the Master Servicer
may reasonably request to enable the Master Servicer to determine whether a
requested Servicing Advance would constitute a Nonrecoverable Servicing Advance.

                  (5) Section 3.03(d). The creation of any Reserve Account shall
be evidenced by a certification in the form of Exhibit F attached hereto and a
copy of such certification shall be furnished to the Master Servicer on or prior
to the first Sub-Servicer Remittance Date and thereafter to the Master Servicer
upon any transfer of the Reserve Account.

                  (6) Section 3.04(a). The Sub-Servicer shall establish a
collection account (hereinafter the "Sub-Servicer Custodial Account"), meeting
all of the requirements of the Pool Custodial Account, and references to the
Pool Custodial Account shall be references to such Sub-Servicer Custodial
Account. The creation of any Sub-Servicer Custodial Account shall be evidenced
by a certification in the form of Exhibit F attached hereto and a copy of such
certification shall be furnished to the Master Servicer on or prior to the first
Sub-Servicer Remittance Date and thereafter to the Master Servicer upon any
transfer of the Sub-Servicer Custodial Account. For purposes of the second to
last paragraph of Section 3.04(a) of the Pooling and Servicing Agreement, unless
the Special Servicer is an Affiliate of the Sub-Servicer, the Master Servicer
shall direct the Special Servicer to make payment of amounts referenced therein
directly to the Sub-Servicer for deposit in the Sub-Servicer Custodial Account.

                  (7) Section 3.04(b). References to the Distribution Account
shall be references to the Pool Custodial Account. References to the Master
Servicer Remittance Amount shall be references to the Sub-Servicer Remittance
Amount and references to the Master Servicer Remittance Date shall be references
to the Sub-Servicer Remittance Date. Each remittance required to be made to the
Master Servicer on the Sub-Servicer Remittance Date shall be made by wire
transfer and shall be made by 2:00 p.m. New York City time on such date. Each
month, by 2:00 p.m. New York City time, on each Business Day between the
Sub-Servicer Remittance Date and the Distribution Date, the Sub-Servicer shall
forward to the Master Servicer by wire transfer the Sub-Servicer Remittance
Amount (as defined herein) for such date; provided, however, that the
Sub-Servicer will not be in breach of its obligations under this sentence so
long as it forwards such amounts to the Master Servicer within 24 hours of its
receipt. Each month, by 2:00 p.m. New York City time on each Business Day that
the Sub-Servicer is not required to remit to the Master Servicer pursuant to the
previous sentence, the Sub-Servicer shall forward to the Master Servicer by wire
transfer all amounts collected by the Sub-Servicer and not previously remitted
to the Master Servicer which constitute delinquent payments on the Mortgage
Loans and any related late fees or Default Interest (excluding any amounts to
which the Sub-Servicer is entitled to as compensation pursuant to Section 3.11
of the Pooling and Servicing Agreement as incorporated herein pursuant to
Sections 3.01(c)(17) of this Agreement); provided, however, that the
Sub-Servicer will not be in breach of its obligations under this sentence so
long as it forwards such amounts to the Master Servicer within 24 hours of its
receipt. Section 3.01(c)(29) of this Agreement sets forth certain reporting
requirements with respect to such remittances. The third (as to clause (i)
thereof) and fourth paragraphs of Section 3.04(b) of the Pooling and Servicing
Agreement are not incorporated herein.

                  (8) Section 3.04A(a). The Sub-Servicer shall establish a
collection account (hereinafter the "Sub-Servicer Loan Combination Custodial
Account") for each of the Cedar Ridge Townhomes Loan Combination and the
Northcrest Apartments Loan Combination, meeting all of the requirements of a
Loan Combination Custodial Account, and references to the Loan Combination
Custodial Account shall be references to such Sub-Servicer Loan Combination
Custodial Account. The creation of any Sub-Servicer Loan Combination Custodial
Account shall be evidenced by a certification in the form of Exhibit F attached
hereto and a copy of such certification shall be furnished to the Master
Servicer on or prior to the first Sub-Servicer Remittance Date and thereafter to
the Master Servicer upon any transfer of the Sub-Servicer Loan Combination
Custodial Account. For purposes of the third paragraph of Section 3.04A(a) of
the Pooling and Servicing Agreement, unless the Special Servicer is an Affiliate
of the Sub-Servicer, the Master Servicer shall direct the Special Servicer to
make payment of amounts referenced therein directly to the Sub-Servicer for
deposit in the related Sub-Servicer Loan Combination Custodial Account.

                  (9) Section 3.05 of the Pooling and Servicing Agreement is not
incorporated herein. The Sub-Servicer may, from time to time, make withdrawals
from the Sub-Servicer Custodial Account for any of the following purposes (the
order set forth below not constituting an order of priority for such
withdrawals):

                        (i) to remit to the Master Servicer for deposit in the
Pool Custodial Account the amounts required to be so deposited pursuant to the
first paragraph of Section 3.04(b) of the Pooling and Servicing Agreement and
Section 3.01(c)(7) of this Agreement;

                        (ii) to pay to itself earned and unpaid Sub-Servicing
Fees in respect of each Mortgage Loan and REO Loan, the Sub-Servicer's right to
payment pursuant to this clause (ii) with respect to any Mortgage Loan or REO
Loan being limited to amounts received on or in respect of such Mortgage Loan
(whether in the form of payments, Liquidation Proceeds or Insurance Proceeds) or
such REO Loan (whether in the form of REO Revenues, Liquidation Proceeds or
Insurance Proceeds) that are allocable as a recovery of interest thereon;

                        (iii) to pay to itself, as additional servicing
compensation in accordance with Section 3.11 of the Pooling and Servicing
Agreement, interest or other income earned in respect of amounts held in the
Sub-Servicer Custodial Account as provided in Section 3.01(c)(10) of this
Agreement, but only to the extent of the Net Investment Earnings, if any, with
respect to the Sub-Servicer Custodial Account for any Collection Period;

                        (iv) to clear and terminate the Sub-Servicer Custodial
Account at the termination of this Agreement pursuant to Section 9.01 of the
Pooling and Servicing Agreement, as modified herein; and

                        (v) to withdraw any amounts deposited in the
Sub-Servicer Custodial Account in error.

                  The Sub-Servicer shall keep and maintain separate accounting
records, on a loan-by-loan and property-by-property basis when appropriate, in
connection with any withdrawal from the Sub-Servicer Custodial Account pursuant
to clauses (ii) and (iii) above.

                  (9A) Section 3.05A. References to a Loan Combination Custodial
Account shall be references to the applicable Sub-Servicer Loan Combination
Custodial Account, references to the Pool Custodial Account shall be references
to the Sub-Servicer Custodial Account and references to the Master Servicer
Remittance Date shall be references to the Sub-Servicer Remittance Date. The
Sub-Servicer shall make remittances to the holders of the Cedar Ridge Townhomes
Subordinate Companion Loan or the Northcrest Apartments Subordinate Companion
Loan as contemplated by Section 3.05A(i). The withdrawal from the Sub-Servicer
Loan Combination Custodial Accounts for the Cedar Ridge Townhomes Subordinate
Companion Loan and the Northcrest Apartments Subordinate Companion Loan shall be
made on or prior to the Master Servicer Remittance Date in the related month in
accordance with the applicable provisions of the related Co-Lender Agreement and
the remittance contemplated by Section 3.05A(i) to the Trust with regard to the
Loan Combination Trust Mortgage Loans shall be made on or prior to the
Sub-Servicer's remittance of the Sub-Servicer Remittance Amount to the Master
Servicer on the Sub-Servicer Remittance Date in the related month. References to
the Master Servicing Fee shall be references to the Sub-Servicing Fee. All
amounts that may be withdrawn from a Sub-Servicer Loan Combination Custodial
Account for the Cedar Ridge Townhomes Subordinate Companion Loan or the
Northcrest Apartments Subordinate Companion Loan for payment or reimbursement to
the Master Servicer, the Special Servicer, the Trustee or any other Person
(other than the Sub-Servicer or the holder of the Cedar Ridge Townhomes
Subordinate Companion Loan or the Northcrest Apartments Subordinate Companion
Loan) shall be remitted to the Master Servicer for payment or application by the
Master Servicer.

                  (10) Section 3.06 of the Pooling and Servicing Agreement is
not incorporated herein. The Sub-Servicer may invest funds in the Sub-Servicer
Custodial Account, any Sub-Servicer Loan Combination Account and any Servicing
Account on the same terms as the Master Servicer may invest funds in the Pool
Custodial Account, Loan Combination Account and any Servicing Account, and
subject to the same restrictions and obligations regarding maturity dates,
gains, losses, possession of Permitted Investments and Permitted Investments
payable on demand. Without limiting the generality of the foregoing, (A) any
investment of funds in the Sub-Servicer Custodial Account or a Servicing Account
shall be made in the name of the Trustee (in its capacity as such); (B) the
Sub-Servicer, on behalf of the Trustee for the benefit of the
Certificateholders, shall be the "entitlement holder", as such term is defined
in the UCC, of any Permitted Investment that is a "security entitlement", as
such term is defined in the UCC; (C) the Sub-Servicer, on behalf of the Trustee
for the benefit of the Certificateholders, shall maintain continuous possession
of any Permitted Investment in which a secured party may perfect its security
interest by possession under the UCC or any other applicable law; (D) the
Sub-Servicer, on behalf of the Trustee for the benefit of the
Certificateholders, shall maintain "control", as such term is defined in the
UCC, of any Permitted Investment in which a secured party may perfect its
security interest by "control" under the UCC and in which Sub-Servicer is not
required to maintain continuous possession pursuant to clause (C) above; (E)
possession of any Permitted Investment by the Sub-Servicer shall constitute
possession by a Person designated by, and acting on behalf of, the Trustee, as
secured party for purposes of the UCC; and (F) "control" of any Permitted
Investment by the Sub-Servicer shall constitute "control" by a Person designated
by, and acting on behalf of, the Trustee, as secured party for purposes of the
UCC.

                  (11) Section 3.07(a). All insurance policies caused to be
maintained by the Sub-Servicer hereunder shall also, within thirty (30) days of
execution, name the Master Servicer as additional insured and loss payee in the
following form: "Wachovia Bank, National Association, as Master Servicer on
behalf of Wells Fargo Bank, N.A. as Trustee for the benefit of the
Certificateholders of COBALT CMBS Commercial Mortgage Trust 2007-C3, Commercial
Mortgage Pass-Through Certificates Series 2007-C3, c/o CWCapital LLC, One
Charles River Place, 63 Kendrick Street, Needham, Massachusetts 02494, as
Sub-Servicer, its successors and assigns "ATIMA".". Within thirty (30) days
after the Closing Date, the Sub-Servicer shall forward to the Master Servicer, a
fully completed certificate of insurance in the form of Exhibit H attached
hereto. Without limiting the generality of the obligations of the Sub-Servicer
hereunder, the Sub-Servicer shall monitor and, within thirty (30) days after the
end of each calendar quarter beginning with the quarter ending September 30,
2007, certify on the status of insurance policies relating to the Mortgage
Loans, as required by, and in the form of, Exhibit E attached hereto, pursuant
to Section 3.01(c)(29) of this Agreement. The Sub-Servicer shall promptly notify
the Master Servicer of any Mortgaged Property that is not insured against
terrorist or other similar acts.

                  (12) Section 3.07(b). References to the Pool Custodial Account
shall be references to the Sub-Servicer Custodial Account.

                  (13) Section 3.07(c). The fidelity bond and insurance policies
required hereunder shall also, within thirty (30) days of execution, name the
Master Servicer as additional insured and loss payee in the following form:
"Wachovia Bank, National Association, as Master Servicer on behalf of Wells
Fargo Bank, N.A. as Trustee for the benefit of the Certificateholders of COBALT
CMBS Commercial Mortgage Trust 2007-C3, Commercial Mortgage Pass-Through
Certificates Series 2007-C3, c/o CWCapital LLC, One Charles River Place, 63
Kendrick Street, Needham, Massachusetts 02494, as Sub-Servicer, its successors
and assigns "ATIMA"." The last paragraph of Section 3.07(c) shall be applicable
to the Sub-Servicer without the References Modification.

                  (14) Section 3.08. For so long as the Sub-Servicer is an
Affiliate of the Special Servicer, and subject to Section 3.01(c)(24) of this
Agreement, Section 3.08(a) of the Pooling and Servicing Agreement shall be
incorporated herein with the References Modification and the Sub-Servicer shall
perform the obligations of the Master Servicer under such Section 3.08 of the
Pooling and Servicing Agreement, subject to all requirements and restrictions
set forth in Section 3.08 and shall be entitled to related fees as described in
Section 3.01(c)(17) of this Agreement; provided, however, that the Sub-Servicer
shall copy the Master Servicer on all correspondence to the Special Servicer and
Mortgagor regarding such matters and the Sub-Servicer shall prepare any package
and analysis necessary to obtain any required Rating Agency no-downgrade
confirmation and shall deal with the Rating Agencies to obtain such
confirmation. Notwithstanding the foregoing, in the event that the Sub-Servicer
is no longer an Affiliate of the Special Servicer, (i) references to the Master
Servicer shall not be deemed references to the Sub-Servicer for purposes of
Sections 3.08(a) and (b) of the Pooling and Servicing Agreement; (ii) the
Sub-Servicer will not permit an assumption of a Mortgage Loan or a transfer of
an interest in the Mortgagor or waive any restrictions contained in the related
Mortgage on transfer of an interest in the related Mortgaged Property or
Mortgagor or on subordinate financing; (iii) the Sub-Servicer shall forward all
assumption or transfer of interest requests or subordinate financing requests to
the Master Servicer for processing and shall obtain and provide to the Master
Servicer information necessary for the analysis of such request; (iv) the
Sub-Servicer shall make a recommendation to the Master Servicer with respect to
such request and (iv) with respect to any assumption fees, application fees and
other fees or charges in connection with an assumption or transfer of interest
request or subordinate financing request payable to the Master Servicer pursuant
to the Pooling and Servicing Agreement, such amounts shall be paid 50% to the
Master Servicer and 50% to the Sub-Servicer.

                  (15) Section 3.09. References to the Master Servicer shall not
be deemed references to the Sub-Servicer for purposes of Section 3.09 of the
Pooling and Servicing Agreement. In addition to the CMSA Delinquent Loan Status
Report required by Section 3.01(c)(21) of this Agreement, on the 18th day, the
25th day, and the last Business Day of each month (commencing in September
2007), the Sub-Servicer shall provide to the Master Servicer and the Special
Servicer a CMSA Delinquent Loan Status Report, provided that the information set
forth in such report shall be as of the close of business on the Business Day
immediately preceding the delivery of such report.

                  (16) Section 3.10. The references to the Custodial Account in
the second parenthetical of Section 3.10(a) of the Pooling and Servicing
Agreement shall be references to the Sub-Servicer Custodial Account. No expense
incurred in connection with any instrument of satisfaction or deed of
reconveyance shall be chargeable to the Sub-Servicer Custodial Account.

                  (17) Section 3.11(a). References to the Master Servicing Fee
shall be references to the Sub-Servicing Fee, and references to the Master
Servicing Fee Rate shall be references to the Sub-Servicing Fee Rate. All
references to the Custodial Account shall be references to the Sub-Servicer
Custodial Account. Any late payment or other fees (including Penalty Interest)
paid in respect of a delinquent loan to which the Master Servicer is entitled
under the Pooling and Servicing Agreement (other than as payment of interest on
Advances or other reimbursement of Additional Trust Fund Expenses) shall be
divided equally between the Sub-Servicer and the Master Servicer if the
Sub-Servicer participates in the realization upon such delinquent loan, and
shall otherwise be paid to the Master Servicer. The Sub-Servicer shall not be
entitled to (a) Prepayment Interest Excesses or (b) except as provided in the
next two sentences or in Section 3.01(d) of this Agreement, any modification
fees, application fees or other fees or charges in connection with a
modification request or other borrower request, collected with respect to the
Mortgage Loans. Notwithstanding the foregoing, so long as the Sub-Servicer is an
Affiliate of the Special Servicer, the Sub-Servicer shall be entitled to all
assumption fees and assumption application fees collected from a Mortgagor in
connection with an assumption or transfer contemplated by Section 3.08(a) of the
Pooling and Servicing Agreement and any fees in connection with a
Tenants-In-Common Loan contemplated by Section 3.08(a) of the Pooling and
Servicing Agreement to which the Master Servicer is entitled under the Pooling
and Servicing Agreement. Notwithstanding the foregoing, in the event that the
Sub-Servicer is no longer an Affiliate of the Special Servicer, with respect to
any assumption fees, application fees and other fees or charges in connection
with an assumption or transfer of interest request or subordinate financing
request payable to the Master Servicer pursuant to the Pooling and Servicing
Agreement, such amounts shall be paid 50% to the Master Servicer and 50% to the
Sub-Servicer.

                  (18) Section 3.11(b). References to the Special Servicer shall
remain references to the Special Servicer.

                  (19) Section 3.11(c). References to the Master Servicer shall
not be deemed to be references to the Sub-Servicer for purposes of Section
3.11(c) of the Pooling and Servicing Agreement. Any such fees referred to in
Section 3.11(c) of the Pooling and Servicing Agreement recovered by the
Sub-Servicer shall be paid by the Sub-Servicer to the Master Servicer for
distribution in accordance with the Pooling and Servicing Agreement.

                  (20) Section 3.13(a) and (b). The Sub-Servicer shall promptly
(but in no event later than thirty (30) days after receipt of the related
inspection report or collection, as applicable) forward to the Master Servicer a
copy of all inspection reports prepared by the Sub-Servicer and all operating
statements and rent rolls collected by the Sub-Servicer. The Sub-Servicer may
engage a third party at its cost to perform property inspections and prepare
property inspection reports without first obtaining the consent of the Master
Servicer; provided, however, that the Sub-Servicer shall remain obligated and
primarily liable to the Master Servicer for satisfactory completion of the
inspections and reports in a manner consistent with the Servicing Standard and
otherwise as required by this Agreement. The Sub-Servicer shall promptly forward
each CMSA NOI Adjustment Worksheet prepared in accordance with the requirements
of the Pooling and Servicing Agreement to the Master Servicer within twenty (20)
days after receipt of the related borrower reports and each CMSA Operating
Statement Analysis Report to the Master Servicer within twenty (20) days after
receipt of a quarterly operating statement.

                  (21) Section 3.13(d) is not incorporated herein. The
Sub-Servicer shall deliver to the Master Servicer, no later than 1:00 p.m. New
York City time on the second Business Day preceding the Determination Date, by
electronic transmission in the format designated by the Master Servicer, the
CMSA Property File and the CMSA Comparative Financial Status Report, each
providing the required information as of the end of the preceding calendar
month. The Sub-Servicer shall deliver to the Master Servicer and the Special
Servicer, no later than 1:00 p.m. New York City time on the first Business Day
following the Determination Date, by electronic transmission in the format
designated by the Master Servicer, a CMSA Historical Liquidation Report, a CMSA
Loan Periodic Update File, a CMSA Financial File, a CMSA Loan Level Reserve/LOC
Report, a CMSA Advance Recovery Report, a CMSA Delinquent Loan Status Report and
a CMSA Servicer Watchlist, each providing the required information as of such
Determination Date. The Sub-Servicer shall deliver to the Master Servicer and
the Special Servicer, no later than 1:00 pm New York City time on the first
Business Day of each calendar month, by electronic transmission in the format
designated by the Master Servicer, a CMSA Delinquent Loan Status Report,
providing required information as of the last Business Day of the preceding
calendar month. At the request of the Master Servicer, the Sub-Servicer shall
send to each Mortgagor a notice directing the Mortgagor to forward to the
Special Servicer annual, quarterly and monthly operating statements, budgets and
rent rolls of the related Mortgaged Property, and financial statements of the
related Mortgagor in accordance with and as provided for in the underlying loan
documents.

                  (21A) Section 3.14.

                  (21B) Section 3.15.

                  (22) Section 3.16. The second paragraph of Section 3.16 of the
Pooling and Servicing Agreement is not incorporated herein.

                  (23) Section 3.20(a), (b), (c) and (d). References in Section
3.20(a) to the Master Servicer Remittance Date shall be references to the
Sub-Servicer Remittance Date. The Sub-Servicer shall inform the ground lessor
that any notices of default under the related Ground Lease should thereafter be
forwarded to the Sub-Servicer and the Sub-Servicer shall promptly forward copies
of any such notices received to the Master Servicer. The Sub-Servicer shall also
inform the hospitality franchisor that any notices of default under the related
franchise agreement should thereafter be forwarded to the Sub-Servicer and the
Sub-Servicer shall promptly forward copies of any such notices received to the
Master Servicer.

                  (24) Section 3.21. The Sub-Servicer shall be permitted to
approve any transaction that the Master Servicer may approve without the consent
of the Special Servicer under Section 3.21 of the Pooling and Servicing
Agreement, subject to the limitations set forth in Section 3.28; provided that
in the event that the Sub-Servicer in the good faith and reasonable judgment of
the Master Servicer violates the Servicing Standard or otherwise commits an
"Event of Default" under the Pooling and Servicing Agreement in connection with
the granting or withholding of any such approval (including, without limitation,
any approvals set forth in Section 3.08 of the Pooling and Servicing Agreement,
the approval and processing of any defeasance and any approvals described in
Section 3.01(d) of this Agreement), the Sub-Servicer thereafter shall no longer
be permitted to exercise the foregoing approval rights and shall thereafter be
required to seek the approval of the Master Servicer. The Sub-Servicer in
processing each of these transactions will be required to apprise the Master
Servicer from time to time of its actions and shall schedule monthly conference
calls with the Master Servicer to discuss any of the aforementioned transactions
that it is processing. The Sub-Servicer shall provide all reasonable cooperation
to the Master Servicer in connection with the Master Servicer's duties under the
Pooling and Servicing Agreement to oversee sub-servicers. Such cooperation shall
include (without limitation) notifying the Master Servicer of any such
transaction, and the Sub-Servicer shall make itself available for
teleconferences from time to time upon reasonable request of the Master Servicer
in connection therewith. Immediately following the completion of each
transaction, the Sub-Servicer shall send the Master Servicer copies of all of
the evaluation and approval documentation created in connection with such
transaction. Notwithstanding anything contained in this Agreement to the
contrary and with respect to any action to be taken by the Sub-Servicer
hereunder which requires the consent of the Special Servicer and/or the
Controlling Class Representative pursuant to the Pooling and Servicing
Agreement, so long as the Sub-Servicer is an Affiliate of the Special Servicer,
the Sub-Servicer shall be permitted to seek directly the consent and/or approval
of the Special Servicer and/or the Controlling Class Representative, as
applicable. The Sub-Servicer shall provide the Master Servicer written notice of
any such action referenced in the immediately preceding sentence.

      Notwithstanding anything herein or in the Pooling and Servicing Agreement
to the contrary, the Sub-Servicer shall be entitled to make any determination,
without the consent of the Master Servicer, to grant or withhold approval of any
defeasance of any related Mortgage Loan in whole or in part, shall be entitled
to process such defeasance and shall be entitled to the entirety of any fees
payable in connection with such defeasance.

                  (25) Section 3.22(a). The Sub-Servicer shall promptly notify
the Master Servicer of any event or circumstance that the Sub-Servicer deems to
constitute a Servicing Transfer Event with respect to any Mortgage Loan. The
determination as to whether a Servicing Transfer Event has occurred shall be
made by the Master Servicer. The Master Servicer shall promptly notify the
Sub-Servicer of any determination that a Servicing Transfer Event with respect
to any Mortgage Loan has occurred. Upon receipt by the Master Servicer of notice
from the Special Servicer that a Specially Serviced Mortgage Loan has become a
Corrected Mortgage Loan, the Master Servicer shall promptly give the
Sub-Servicer notice thereof and the obligation of the Sub-Servicer to service
and administer such Mortgage Loan shall resume.

                  (26) Sections 3.22(b) and (c) of the Pooling and Servicing
Agreement are not incorporated herein. The Sub-Servicer shall give prompt notice
to the Master Servicer of any Servicing Transfer Event and shall continue to
process payments and maintain ongoing payment records with respect to each
Mortgage Loan that becomes a Specially Serviced Mortgage Loan or an REO Property
and shall timely provide the Master Servicer and the Special Servicer with any
information required by either to perform their respective duties under the
Pooling and Servicing Agreement.

                  (27) Section 3.23. References to the Master Servicer shall not
be deemed to be references to the Sub-Servicer for purposes of Section 3.23 of
the Pooling and Servicing Agreement. Each provision of Section 3.23 of the
Pooling and Servicing Agreement shall be enforceable against the Sub-Servicer in
accordance with the terms thereof.

                  (28) Section 3.24. Section 3.24(a)(i) of the Pooling and
Servicing Agreement shall be deemed modified to read "The Sub-Servicer is a
limited liability company, validly existing and in good standing under the laws
of Massachusetts, and the Sub-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." Each insurance policy and
fidelity bond referenced in Section 3.07(c) of the Pooling and Servicing
Agreement names any successor or assign of the Sub-Servicer as an additional
insured and loss payee. The Sub-Servicer is authorized to transact business in
each state in which a Mortgaged Property is located, if and to the extent
required by applicable law. The Sub-Servicer has a net worth, determined in
accordance with generally accepted accounting principles, of at least
$5,000,000. The Sub-Servicer is an approved conventional seller/servicer of
mortgage loans for FHLMC or Fannie Mae or a HUD-Approved Servicer. The
Sub-Servicer is not a Prohibited Party.

                  (29) Section 4.02(b) is not incorporated herein. The
Sub-Servicer shall deliver to the Master Servicer and the Special Servicer by
electronic transmission (in a format designated by the Master Servicer) (a) not
later than 1:00 p.m. New York City time on the first Business Day following each
Determination Date, the Collection Report (the information therein to be stated
as of the Determination Date) and (b) within thirty (30) days after the end of
each calendar quarter, beginning with the quarter ending September 30, 2007, the
certification on the Mortgage Loans, including without limitation information
regarding UCC Financing Statements, taxes, insurance premiums and ground rents,
required by and in the form of Exhibit E attached hereto. The Sub-Servicer shall
deliver to the Master Servicer no later than 1:00 pm New York City time on the
second Business Day of each month by electronic transmission in a format
designated by the Master Servicer, a remittance report containing scheduled
balance information for each Mortgage Loan reflecting the scheduled Periodic
Payment for such month in the form of Exhibit G attached hereto. In addition, on
each day that the Sub-Servicer forwards to the Master Servicer any funds
pursuant to Section 3.01(c)(7) of this Agreement, the Sub-Servicer shall deliver
to the Master Servicer by electronic transmission in a format designated by the
Master Servicer, a report of the nature of such remittance in the form of
Exhibit G attached hereto. The Sub-Servicer shall also prepare and deliver to
the Master Servicer and Special Servicer not later than 1:00 p.m. New York City
time within thirty (30) days after each Determination Date, a certification in
the form of Exhibit J attached hereto.

                  (30) Section 4.03 of the Pooling and Servicing Agreement is
not incorporated herein. The Sub-Servicer shall have no obligation to make P&I
Advances.

                  (31) Section 11.01. The Sub-Servicer shall reasonably
cooperate with the Master Servicer and/or the Depositor in connection with their
compliance with Regulation AB.

                  (32) Section 11.02.

                  (33) Sections 11.03(a) and (b) of the Pooling and Servicing
Agreement are not incorporated herein. The Sub-Servicer shall provide all
reasonable assistance to the Master Servicer to enable it to comply with
Sections 11.03(a) and (b) of the Pooling and Servicing Agreement.

                  (34) Section 11.04. The Sub-Servicer shall provide all
reasonable cooperation to the Master Servicer to enable the Master Servicer to
fulfill all of the obligations of the Master Servicer under Section 11.04 of the
Pooling and Servicing Agreement and shall provide any Additional Form 10-D
Disclosure and Additional Disclosure Notification required to be delivered by a
sub-servicer pursuant to Section 11.04 of the Pooling and Servicing Agreement.
Any Additional Form 10-D Disclosure and related Additional Disclosure
Notification required to be delivered by the Sub-Servicer shall be delivered to
the Master Servicer, in addition to the Depositor and the Trustee, within the
time provided in Section 11.04(a).

                  (35) Section 11.05. The Sub-Servicer shall provide all the
reports required of a Sub-Servicer under Section 11.05 of the Pooling and
Servicing Agreement. The Sub-Servicer shall provide any Additional Form 10-K
Disclosure and Additional Disclosure Notification required to be delivered by a
sub-servicer pursuant to Section 11.05 of the Pooling and Servicing Agreement.
Any Additional Form 10-K Disclosure and related Additional Disclosure
Notification required to be delivered by the Sub-Servicer shall be delivered to
the Master Servicer, in addition to the Depositor and the Trustee, within the
time provided in Section 11.05(a).

                  (36) Section 11.06. The Sub-Servicer shall provide all
reasonable cooperation to the Master Servicer to enable the Master Servicer to
fulfill its obligations under Section 11.06 of the Pooling and Servicing
Agreement including provision of all of the reports and information required of
a Reporting Party to the Master Servicer whether or not it meets the criteria
set forth in the definition thereof in the Pooling and Servicing Agreement no
later than 5 Business Days prior to the date on which the Master Servicer must
provide such information to the Trust. At least 5 Business Days before the day
the Master Servicer is required to deliver its certification under Section 11.06
of the Pooling and Servicing Agreement, the Sub-Servicer shall provide a backup
certificate substantially similar to any certification required to be delivered
by the Master Servicer pursuant to Section 11.06 of the Pooling and Servicing
Agreement and shall provide such information and assistance as may be reasonably
required and shall cooperate with the Master Servicer in complying with Section
11.06 of the Pooling and Servicing Agreement. The Sub-Servicer shall perform all
of the obligations required of a Servicing Function Participant and/or an
Additional Servicer and/or Reporting Servicer under Section 11.06 of the Pooling
and Servicing Agreement, except that to the extent it would not constitute
either such party for purposes of the Pooling and Servicing Agreement, it shall
only be required to deliver any such items to the Master Servicer. The
Sub-Servicer represents and warrants that each certification delivered pursuant
to this Section 3.01(c)(36) will be true, complete and correct. In addition, the
Sub-Servicer shall cooperate with Master Servicer's reasonable requests in
performing its due diligence for its certification under Section 11.06 of the
Pooling and Servicing Agreement. The Sub-Servicer shall indemnify and hold
harmless the Master Servicer for all losses, liabilities, claims, damages, costs
and expenses (including, without limitation, legal costs, fees and expenses)
resulting from a breach of, or mistake or omission in, any certification given
pursuant to this Section 3.01(c)(36). If the indemnification provided for herein
is unavailable or insufficient to hold harmless the Master Servicer, then the
Sub-Servicer agrees that it shall contribute to the amount paid or payable by
the Master Servicer as a result of the losses, claims, damages or liabilities of
the Master Servicer in such proportion as is appropriate to reflect the relative
fault of the Master Servicer on the one hand and the Sub-Servicer on the other
in connection with a breach of the Sub-Servicer obligations under this Section
3.01(c)(36) or the Sub-Servicer's negligence, bad faith or willful misconduct in
connection therewith.

                  (37) Section 11.07. The Sub-Servicer shall promptly notify the
Master Servicer to the extent that it becomes aware of any Reportable Event. The
Sub-Servicer shall provide all reasonable cooperation to the Master Servicer for
the Master Servicer to fulfill its obligations under Section 11.07 of the
Pooling and Servicing Agreement, including consultation with the Master Servicer
with respect to any Reportable Event, and shall provide any Form 8-K Disclosure
Information and Additional Disclosure Notification required to be delivered by a
sub-servicer pursuant to Section 11.07 of the Pooling and Servicing Agreement.
The Sub-Servicer shall notify the parties to the Pooling and Servicing Agreement
of any Reportable Event in the time frame set forth in Section 11.07 of the
Pooling and Servicing Agreement.

                  (38) Sections 11.09 and 11.10. The reports set forth in
Sections 11.09 and 11.10 of the Pooling and Servicing Agreement shall be
delivered by the Sub-Servicer by March 1st (subject to a grace period no later
than March 10th) of each year, beginning March 2008. If the Sub-Servicer is a
Servicing Function Participant or Additional Servicer, such reports shall be
delivered to the Master Servicer and all the parties specified in Sections 11.09
and 11.10 of the Pooling and Servicing Agreement, and if the Sub-Servicer is not
a Servicing Function Participant or Additional Servicer, such report shall be
delivered only to the Master Servicer.

                  (39) Section 11.11. The accountant's report referenced in
Section 11.11 of the Pooling and Servicing Agreement shall be delivered by the
Sub-Servicer (without regarding whether the Sub-Servicer is a Servicing Function
Participant) by March 1st (subject to a grace period no later than March 10th )
of each year, beginning March 2008. If the Sub-Servicer is a Servicing Function
Participant, the report shall be delivered to the Master Servicer and all the
parties specified in Section 11.11 of the Pooling and Servicing Agreement, and
if the Sub-Servicer is not a Servicing Function Participant, such report shall
be delivered only to the Master Servicer.

                  (40) Section 11.12. The Sub-Servicer shall indemnify and hold
harmless each Certification Party and the Master Servicer from and against any
and all claims, losses, damages, penalties, fines, forfeitures, legal fees and
expenses and related costs, judgments and any other costs, fees and expenses
incurred by such Certification Party or the Master Servicer arising out of (i) a
breach of its obligations to provide any of the annual compliance statements or
annual servicing criteria compliance reports or attestation reports pursuant to
this Agreement or Article XI of the Pooling and Servicing Agreement as
incorporated herein, (ii) an actual breach by the Sub-Servicer or any other of
its obligations under Article XI of the Pooling and Servicing Agreement as
incorporated herein, (iii) negligence, bad faith or willful misconduct on its
part in the performance of such obligations or (iv) any failure by the
Sub-Servicer to identify a Servicing Function Participant retained by it
pursuant to Section 11.02(c) of the Pooling and Servicing Agreement.

      If the indemnification provided for herein is unavailable or insufficient
to hold harmless any Certification Party or the Master Servicer, then the
Sub-Servicer shall contribute to the amount paid or payable to the Certification
Party or the Master Servicer as a result of the losses, claims, damages or
liabilities of the Certification Party or the Master Servicer, as applicable, in
such proportion as is appropriate to reflect the relative fault of the
Certification Party or the Master Servicer, as applicable, on the one hand and
the Sub-Servicer on the other in connection with a breach of the Sub-Servicer's
obligations pursuant to Article XI of the Pooling and Servicing Agreement as
incorporated herein or the Sub-Servicer's negligence, bad faith or willful
misconduct in connection therewith.

            (d)        Notwithstanding anything contained in this Agreement to
the contrary but subject to Section 3.01(c)(24) of this Agreement, and with
respect to any action to be taken by the Sub-Servicer hereunder which (x)
requires the consent of the Master Servicer pursuant to this Agreement and (y)
requires the consent of the Special Servicer and/or the Controlling Class
Representative pursuant to the Pooling and Servicing Agreement, so long as the
Sub-Servicer is an Affiliate of the Special Servicer, the Sub-Servicer shall be
permitted to seek directly the consent and/or approval of the Special Servicer
and/or the Controlling Class Representative, as applicable without first seeking
the consent and/or approval of the Master Servicer and the Sub-Servicer shall be
entitled to all related fees that otherwise would have been payable to the
Master Servicer in connection with obtaining such consent and/or approval. The
Sub-Servicer shall provide the Master Servicer written notice of any such action
referenced in the immediately preceding sentence.

      Section 3.02 Merger or Consolidation of the Sub-Servicer.

      The Sub-Servicer shall keep in full effect its existence, rights and
franchises as a limited liability company under the laws of the state of its
organization except as permitted herein, and shall obtain and preserve its
qualification to do business as a foreign limited liability company in each
jurisdiction in which such qualification is or shall be necessary to protect the
validity and enforceability of this Agreement or any of the Mortgage Loans and
to perform its duties under this Agreement.

      Any Person into which the Sub-Servicer may be merged or consolidated, or
any corporation resulting from any merger, conversion or consolidation to which
the Sub-Servicer shall be a party, or any Person succeeding to the business of
the Sub-Servicer, shall be the successor of the Sub-Servicer 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 the successor or surviving Person (a) shall assume in writing the
obligations of the Sub-Servicer under this Agreement and (b) must be acceptable
to the Master Servicer (which acceptance shall not be unreasonably withheld or
delayed).

      Section 3.03 Limitation on Liability of the Sub-Servicer and Others.

      Neither the Sub-Servicer nor any of the officers, employees or agents of
the Sub-Servicer shall be under any liability to the Master Servicer 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 Sub-Servicer against liability to the
Master Servicer for any breach of a representation, warranty or covenant made
herein, or failure to perform its obligations in strict compliance with the
Servicing Standard, or any liability which would otherwise be imposed by reason
of any breach of the terms and conditions of this Agreement, 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 misfeasance, bad faith or
negligence in the performance of obligations or duties hereunder. The
Sub-Servicer and any officer, employee or agent of the Sub-Servicer may rely in
good faith on any document of any kind prima facie properly executed and
submitted by any Person respecting any matters arising hereunder. The
Sub-Servicer shall not be under any obligation to appear in, prosecute or defend
any legal action unless such action is related to its duties under this
Agreement and, unless it is specifically required hereunder to bear the costs of
such legal action, in its opinion does not involve it in any ultimate expense or
liability; provided, however, that the Sub-Servicer may, with the consent of the
Master Servicer, undertake any such action which it may deem necessary or
desirable in respect to this Agreement and the rights and duties of the parties
hereto. In such event, the legal expenses and costs of such action and any
liability resulting therefrom shall be expenses, costs and liabilities for which
the Master Servicer will be liable and the Sub-Servicer shall be entitled to be
reimbursed therefor from the Master Servicer upon written demand. The
Sub-Servicer shall be indemnified by the Master Servicer against any loss,
liability or reasonable expense incurred in connection with the performance by
the Sub-Servicer of the terms and conditions of this Agreement, other than any
loss, liability or expense; (i) specifically required to be borne by the
Sub-Servicer without right of reimbursement pursuant to the terms hereof; (ii)
incurred in connection with any breach of a representation, warranty or covenant
made herein; or (iii) incurred by reason of misfeasance, bad faith or negligence
in the performance of obligations or duties hereunder; provided, however, that
the Master Servicer's obligation to so indemnify the Sub-Servicer shall be
strictly limited to any actual amount of indemnification received by the Master
Servicer therefor under the Pooling and Servicing Agreement. The Master Servicer
shall pursue in good faith any rights that it has to any indemnity under the
Pooling and Servicing Agreement.

      Section 3.04 Sub-Servicer Not to Resign.

      The Sub-Servicer shall not resign from the obligations and duties hereby
imposed on it unless it determines that the Sub-Servicer's duties hereunder are
no longer permissible under applicable law or are in material conflict by reason
of applicable law with any other activities carried on by it (the other
activities of the Sub-Servicer so causing such a conflict being of a type and
nature carried on by the Sub-Servicer at the date of this Agreement) and
provides 90 days advance notice thereof to the Master Servicer. Any such
determination permitting the resignation of the Sub-Servicer shall be evidenced
by an Opinion of Counsel to such effect delivered to the Master Servicer, which
Opinion of Counsel shall be in form and substance reasonably acceptable to the
Master Servicer.

      Section 3.05 Transfer or Assignment of Servicing.

      This Agreement and the rights and benefits hereunder of the Sub-Servicer
shall not be assignable, and the duties and obligations hereunder of such party
shall not be delegable; provided, however, that (i) the Sub-Servicer may assign,
sell or transfer its rights and duties under this Agreement in whole and not in
part to a parent company of Sub-Servicer or a wholly-owned subsidiary or
Affiliate of such party; (ii) the Sub-Servicer shall be entitled to employ
subcontractors to the extent provided in this Agreement and (iii) the
Sub-Servicer shall be entitled to assign, sell or transfer its rights and duties
under this Agreement (in whole and not in part) with approval of the Master
Servicer, such approval not to be unreasonably conditioned or delayed. Any such
assignment under this Section 3.05 shall (i) not be effective (other than an
assignment to a subcontractor described in clause (ii) above) until the
successor Sub-Servicer enters into a written agreement reasonably satisfactory
to the Master Servicer agreeing to be bound by the terms and provisions of this
Agreement (but not altering the obligations under this Agreement); and (ii) not
relieve the assigning Sub-Servicer of any duties or liabilities arising or
incurred prior to such assignment. The Sub-Servicer shall pay or cause to be
paid any costs or expenses incurred in connection with such assignment. Any
assignment or delegation or attempted assignment or delegation in contravention
of this Agreement shall be null and void.

      Section 3.06 Indemnification.

      The Master Servicer and the Sub-Servicer each agrees to and hereby does
indemnify and hold harmless the Master Servicer, in the case of the
Sub-Servicer, and the Sub-Servicer, in the case of the Master Servicer
(including any of their partners, directors, officers, employees or agents) from
and against any and all liability, claim, loss, out-of-pocket cost (including
reasonable attorneys' fees), penalty, expense or damage of the Master Servicer,
in the case of the Sub-Servicer, and the Sub-Servicer, in the case of the Master
Servicer (including any of their partners, directors, officers, employees or
agents) resulting from (i) any breach by the indemnitor of a representation,
warranty, covenant or agreement made by it herein or (ii) any willful
misfeasance, bad faith or negligence by the indemnitor in the performance of its
obligations or duties hereunder or by reason of reckless disregard of such
obligations and duties. Each indemnified party hereunder shall give prompt
written notice to the indemnitor of matters which may give rise to liability of
such indemnitor hereunder; provided, however, that failure to give such notice
shall not relieve the indemnitor of any liability except to the extent of actual
prejudice. This Section 3.06 shall survive the termination of this Agreement and
the termination or resignation of the Master Servicer or the Sub-Servicer.
Notwithstanding the foregoing, the Sub-Servicer shall not have any direct rights
of indemnification that may be satisfied out of assets of the Trust Fund.

      Section 3.07 Subcontractors and Sub-servicers.

      Without prior written notice to or the prior written consent of the Master
Servicer, the Sub-Servicer shall be permitted to employ, at its own expense,
subcontractors and sub-servicers to perform selected services (such as the
engagement of tax monitoring services, property inspections, etc.) in connection
with Sub-Servicer's performance of the Servicing for the Mortgage Loans;
provided, however, that (1) the Sub-Servicer shall remain fully liable at all
times for the timely performance of all Services and for all other obligations
hereunder (2) the terms of such an arrangement shall not be binding upon the
Master Servicer or any successor primary servicer or Sub-Servicer of the
Mortgage Loans; (3) no such arrangement shall obligate the Master Servicer to
communicate or deal with any Person under this Agreement other than the
Sub-Servicer; (4) no such arrangement shall result in the delegation by the
Sub-Servicer of its duty to make any recommendation for the granting or
withholding of any consent or waiver or the making of any other decision on the
part of the holder of any Mortgage Loan; and (5) such arrangements are
consistent with and meet all of the requirements of Section 3.23 of the Pooling
and Servicing Agreement, including, without limitation, that such agreement
shall (A) solely with respect to sub-servicers (and not subcontractors), require
the sub-servicer thereunder to perform all applicable requirements of Article XI
of the Pooling and Servicing Agreement, (B) be terminable by the Master Servicer
without cause and without a termination fee if the Sub-Servicer is no longer
acting in such capacity hereunder, (C) provide that the Master Servicer may have
access to such sub-servicer or subcontractor as provided in Section 3.16 of the
Pooling and Servicing Agreement and (D) solely with respect to sub-servicers
that are Servicing Function Participants, provide that the Master Servicer is a
third party beneficiary thereunder, and the Sub-Servicer shall provide the
Master Servicer with a copy of such agreement.

                                   ARTICLE IV

                                     DEFAULT

      Section 4.01 Events of Default.

      In case one or more of the following events (each an "Event of Default")
by the Sub-Servicer shall occur and be continuing, that is to say:

            (a) any failure by the Sub-Servicer to deposit into the Sub-Servicer
Custodial Account, any Sub-Servicer Loan Combination Custodial Account, any
Servicing Account, any REO Account or any Reserve Account, or to deposit into,
or to remit to the Master Servicer for deposit into, the Pool Custodial Account,
on a timely basis, any amount required to be so deposited or remitted under this
Agreement which failure continues unremedied for one (1) Business Day or any
failure by the Sub-Servicer to make, on a timely basis, the required payments to
the applicable Companion Loan Noteholder on or before the Master Servicer
Remittance Date and in accordance with the applicable provisions of the related
Co-Lender Agreement, which failure continues unremedied until 11:00 a.m. (New
York City time) on the first Business Day after such remittance date; or

            (b) any failure on the part of the Sub-Servicer to observe or
perform its obligations and duties in strict accordance with Section 3.07 of the
Pooling and Servicing Agreement as incorporated herein pursuant to Sections
3.01(c)(11), (12) and (13) of this Agreement; or

            (c) any failure on the part of the Sub-Servicer to (a) timely
provide to the Master Servicer the certification called for on Exhibit E
attached hereto as required by Section 3.01(c)(29) of this Agreement, or (b)
timely provide to the Master Servicer the Collection Report which failure
continues unremedied for one (1) Business Day; or

            (d) any failure on the part of the Sub-Servicer duly to observe or
perform in any material respect any other of the covenants or agreements on the
part of the Sub-Servicer contained in this Agreement which continues unremedied
for a period of twenty-five (25) days after the date on which written notice of
such failure, requiring the same to be remedied, shall have been given to the
Sub-Servicer by the Master Servicer; or

            (e) any breach on the part of the Sub-Servicer of any representation
or warranty contained in Section 3.24 of the Pooling and Servicing Agreement
which materially and adversely affects the interests of the Master Servicer or
any Class of Certificateholders and which continues unremedied for a period of
thirty (30) days (in the case of payment of insurance premiums, fifteen (15)
days or the date on which any required insurance coverage terminates, if such
premiums are not paid, whichever date is earlier) after the date on which notice
of such breach, requiring the same to be remedied, shall have been given to the
Sub-Servicer by the Master Servicer, provided, however, that the Sub-Servicer
shall have an additional thirty (30) days to remedy such breach if the
Sub-Servicer is diligently pursuing the remedy of such breach and provides an
Officer's Certificate to such effect; or

            (f) the Sub-Servicer shall fail to timely deliver to the Master
Servicer any Officer's Certificate as required by Section 3.01(c)(38) of this
Agreement, any annual accountants' report as required by Section 3.01(c)(39) of
this Agreement, or in any way fail to comply with Section 3.01(c)(31) through
Section 3.01(c)(37) of this Agreement which failure continues unremedied for a
period of thirty (30) days after the date on which written notice of such
failure, requiring the same to be remedied, shall have been given to the
Sub-Servicer by the Master Servicer (provided that such notice and cure period
with respect to this Section 4.01(f) shall only apply with respect to any year
that a report on Form 10-K is not required to be filed by the Trust Fund; in any
year that a report on Form 10-K is required to be filed by the Trust Fund, there
will be no notice and cure period with respect to this Section 4.01(f)); or

            (g) a decree or order of a court or agency or supervisory authority
having jurisdiction in the premises in an involuntary case under any present or
future federal or state bankruptcy, insolvency or similar law for the
appointment of a conservator, receiver, liquidator, trustee or similar official
in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and
liabilities or similar proceedings, or for the winding-up or liquidation of its
affairs, shall have been entered against the Sub-Servicer and such decree or
order shall have remained in force undischarged or unstayed for a period of
sixty (60) days; or

            (h) the Sub-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 the Sub-Servicer or of or
relating to all or substantially all of its property; or

            (i) the Sub-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 limited liability company action in furtherance of the
foregoing; or

            (j) the Sub-Servicer shall cease to be an approved servicer of
multifamily mortgage loans for at least one of FHLMC, FNMA or the Department of
Housing and Urban Development (HUD); or

            (k) the Sub-Servicer shall assign or transfer or attempt to assign
or transfer all or part of its rights and obligations hereunder except as
permitted by this Agreement; or

            (l) the net worth of the Sub-Servicer, determined in accordance with
generally accepted accounting principles shall decline to less than $5,000,000;
or

            (m) S&P or Fitch has (i) qualified, downgraded or withdrawn its
rating or ratings of one or more Classes of Certificates, or (ii) placed one or
more Classes of Certificates on "watch status" in contemplation of rating
downgrade or withdrawal and, in the case of either of clauses (i) or (ii),
citing servicing concerns with the Sub-Servicer as the sole or material factor
in such rating action;

            (n) the Sub-Servicer shall be a Prohibited Party; or

            (o) the Sub-Servicer shall fail to maintain at least one of the
Rating Requirements, and such failure continues for sixty (60) days following
the date such failure occurs;

      then, and in each and every such case, so long as such Event of Default
shall not have been remedied, the Master Servicer may terminate, by notice in
writing to the Sub-Servicer, all of the rights and obligations of the
Sub-Servicer as Sub-Servicer under this Agreement and in and to the Mortgage
Loans and the proceeds thereof. From and after the receipt by the Sub-Servicer
of such written notice, all authority and power of the Sub-Servicer under this
Agreement, whether with respect to the Mortgage Loans or otherwise, shall pass
to and be vested in the Master Servicer pursuant to and under this Section, and,
without limitation, the Master Servicer is hereby authorized and empowered to
execute and deliver, on behalf of and at the expense of the Sub-Servicer, as
attorney-in-fact or otherwise, any and all documents and other instruments, and
to do or accomplish all other acts or things necessary or appropriate to effect
the purposes of such notice of termination, whether to complete the transfer and
endorsement or assignment of the Mortgage Loans and related documents, or
otherwise. The Sub-Servicer agrees that if it is terminated pursuant to this
Section, it shall promptly (and in any event no later than five (5) Business
Days subsequent to its receipt of the notice of termination) provide the Master
Servicer with all documents and records (including, without limitation, those in
electronic form) requested by it to enable it to assume the Sub-Servicer's
functions hereunder, and shall cooperate with the Master Servicer in effecting
the termination of the Sub-Servicer's responsibilities and rights hereunder and
the assumption by a successor of the Sub-Servicer's obligations hereunder,
including, without limitation, the transfer within one (1) Business Day to the
Master Servicer for administration by it of all cash amounts which shall at the
time be or should have been credited by the Sub-Servicer to the Sub-Servicer
Custodial Account, the Sub-Servicer Loan Combination Custodial Account, the
Custodial Account, any Servicing Account, any REO Account and any Reserve
Account, or thereafter be received with respect to the Mortgage Loans or any REO
Property (provided, however, that the Sub-Servicer shall 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, and it and its directors, officers, employees
and agents shall continue to be entitled to the benefits of Section 3.03 of this
Agreement notwithstanding any such termination).

      Notwithstanding anything to the contrary in the foregoing paragraph or in
this Agreement, to the extent that any Event of Default affects only certain
Mortgage Loans serviced by the Sub-Servicer under this Agreement which default
the Sub-Servicer cures prior to three days before the day on which such default
would become an Event of Default by the Master Servicer under the Pooling and
Servicing Agreement, then the Master Servicer may terminate the rights and
obligations of the Sub-Servicer only with respect to such Mortgage Loans
affected.

      In addition to any other rights and remedies available to the Master
Servicer hereunder or at law or equity, including, without limitation, the right
to a recovery of damages, the Master Servicer may impose, and if so imposed, the
Sub-Servicer shall pay, the penalties described in this paragraph for (a) any
failure by the Sub-Servicer to deposit into any account required hereby, or to
deposit into, or to remit to the Master Servicer for deposit into, the Custodial
Account or any Sub-Servicer Loan Combination Custodial Account, on a timely
basis, any amount required to be so deposited or remitted under this Agreement,
or (b) any failure by the Sub-Servicer to timely provide to the Master Servicer
any report required by this Agreement to be provided to the Master Servicer
(each such failure referred to herein as a "Sub-Servicer Delinquency"). The
Master Servicer may not impose any penalty for the first Sub-Servicer
Delinquency to occur hereunder ("Initial Sub-Servicer Delinquency"), but may
impose on the Sub-Servicer a penalty of $300.00 for any other Sub-Servicer
Delinquency occurring within two years following an Initial Sub-Servicer
Delinquency; provided, however, that if no Sub-Servicer Delinquency occurs
during any two (2) year period, the first Sub-Servicer Delinquency thereafter
shall be deemed to be an "Initial Sub-Servicer Delinquency". The penalties
provided for in this paragraph are not intended to constitute liquidated
damages. The rights and remedies of the Master Servicer under this Agreement are
cumulative with, and not exclusive of, any other rights or remedies which it
would otherwise have.

      Section 4.02 Waiver of Defaults.

      The Master Servicer may waive any default by the Sub-Servicer in the
performance of its obligations hereunder and its consequences. Upon any such
waiver of a past default, such default shall cease to exist, and any Event of
Default arising therefrom shall be deemed to have been remedied for every
purpose of this Agreement. No such waiver shall extend to any subsequent or
other default or impair any right consequent thereon except to the extent
expressly so waived.

      Section 4.03 Other Remedies of Master Servicer.

      During the continuance of any Event of Default, so long as such Event of
Default shall not have been remedied, the Master Servicer, in addition to the
rights specified in Section 4.01 of this Agreement, shall have the right, in its
own name, to take all actions now or hereafter existing at law, in equity or by
statute to enforce its rights and remedies (including the institution and
prosecution of all judicial, administrative and other proceedings and the filing
of proofs of claim and debt in connection therewith). Except as otherwise
expressly provided in this Agreement, 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.

                                   ARTICLE V

                                   TERMINATION

      Section 5.01 Termination.

      Except as otherwise specifically set forth herein, the rights, obligations
and responsibilities of the Sub-Servicer shall terminate (without payment of any
penalty or termination fee): (i) upon the later of the final payment or other
liquidation (or any advance with respect thereto) of the last Mortgage Loan and
the disposition of all REO Property and the remittance of all funds due
hereunder; (ii) by mutual consent of the Sub-Servicer and the Master Servicer in
writing; (iii) pursuant to Section 5.02 of this Agreement; (iv) at the option of
any purchaser of one or more Mortgage Loans pursuant to the Pooling and
Servicing Agreement, upon such purchase and only with respect to such purchased
Mortgage Loan or Mortgage Loans; or (v) upon termination of the Pooling and
Servicing Agreement. Any successor to the Sub-Servicer shall make reasonable
arrangements as it may deem appropriate to reimburse the Sub-Servicer for
amounts the Sub-Servicer actually expended as Sub-Servicer pursuant to this
Agreement which the successor is entitled to retain and which otherwise would be
recovered by the Sub-Servicer pursuant to this Agreement but for the appointment
of such successor.

      Section 5.02 Termination With Cause.

      The Master Servicer may, at its sole option, terminate any rights the
Sub-Servicer may have hereunder with respect to any or all of the Mortgage Loans
as provided in Section 4.01 of this Agreement upon the occurrence of an Event of
Default.

      Any notice of termination shall be in writing and delivered to the
Sub-Servicer as provided in Section 6.05 of this Agreement.

      Section 5.03 Termination of Duties with Respect to Specially Serviced
Mortgage Loans.

      At such time as any Mortgage Loan becomes a Specially Serviced Mortgage
Loan, the obligations and duties of the Sub-Servicer set forth herein with
respect to such Specially Serviced Mortgage Loan that are required to be
performed by the Special Servicer under the Pooling and Servicing Agreement
shall cease; provided, however, that the Sub-Servicer shall continue to be
entitled to the Sub-Servicing Fee. The Sub-Servicer shall continue to perform
all of its duties hereunder with respect to the Specially Serviced Mortgage
Loans that are not required to be performed by the Special Servicer pursuant to
the Pooling and Servicing Agreement. If a Specially Serviced Mortgage Loan
becomes a Corrected Mortgage Loan, the Sub-Servicer shall commence servicing
such Corrected Mortgage Loan pursuant to the terms of this Agreement.

                                   ARTICLE VI

                                  MISCELLANEOUS

      Section 6.01 Successor to the Sub-Servicer.

      Prior to termination of the Sub-Servicer's responsibilities and duties
under this Agreement pursuant to and in accordance with Section 3.04, 4.01, 5.01
or 5.02 of this Agreement, the Master Servicer shall (i) succeed to and assume
all of the Sub-Servicer's responsibilities, rights, duties and obligations under
this Agreement, or (ii) appoint a successor which satisfies the criteria for a
successor sub-servicer in Section 3.02 of this Agreement and which shall succeed
to all rights and assume all of the responsibilities, duties and liabilities of
the Sub-Servicer under this Agreement accruing following the termination of the
Sub-Servicer's responsibilities, duties and liabilities under this Agreement.

      Section 6.02 Financial Statements.

      The Sub-Servicer shall, upon the request of the Master Servicer, make
available its financial statements and other records relevant to the performance
of the Sub-Servicer's obligations hereunder.

      Section 6.03 Closing.

      The closing for the commencement of the Sub-Servicer to perform the
servicing responsibilities under this Agreement with respect to the Mortgage
Loans shall take place on the Closing Date. At the Master Servicer's option, the
closing shall be either: by telephone, confirmed by letter or wire as the
parties shall agree; or conducted in person, at such place as the parties shall
agree.

      The closing shall be subject to the execution and delivery of the Pooling
and Servicing Agreement by the parties thereto.

      Section 6.04 Closing Documents.

      The Closing Documents shall consist of all of the following documents:

            (a) to be provided by the Sub-Servicer:

                  (1) this Agreement executed by the Sub-Servicer;

                  (2) an Officer's Certificate of the Sub-Servicer, dated the
Closing Date and in the form of Exhibit B hereto, including all attachments
thereto, or a legal opinion of the Sub-Servicer, dated the Closing Date and
containing substantially similar provisions as those set forth in the form
attached hereto as Exhibit B; and

                  (3) the account certifications in the form of Exhibit F hereto
required by Sections 3.01(c)(3), (5), (6) and (8) of this Agreement, fully
completed; and

            (b) to be provided by the Master Servicer:

                  (1) this Agreement executed by the Master Servicer; and

                  (2) the Mortgage Loan Schedule, with one copy to be attached
to each counterpart of this Agreement as Exhibit A hereto; and

                  (3) the Pooling and Servicing Agreement substantially in the
form of Exhibit C hereto.

      Section 6.05 Notices.

      All demands, notices, consents and communications hereunder shall be in
writing and shall be deemed to have been duly given when delivered to the
following addresses:

                  (i)   if to the Master Servicer:

                        Wachovia Bank, National Association
                        Commercial Real Estate Services
                        8739 Research Drive URP-4-NC1075
                        Charlotte, North Carolina 28262-1075 (for overnight mail
                        only)
                        Fax No. (704) 715-0036
                        Reference: COBALT CMBS Commercial Mortgage Trust
                                   2007-C3,
                                   Commercial Mortgage Pass-Through Certificates
                                   Series 2007-C3

                        with a copy to:

                        Lars Carlsten, Esq.
                        c/o Wachovia Corporation
                        301 S. College St., TW-30
                        Charlotte, NC 28288-0630
                        Reference:  COBALT CMBS Commercial Mortgage Trust
                                    2007-C3,
                                    Commercial Mortgage Pass-Through
                                    Certificates
                                    Series 2007-C3

                  (ii)  if to the Sub-Servicer:

                        CWCapital LLC
                        63 Kendrick Street
                        Needham, Massachusetts  02494
                        Attention: Gardner Hall
                        Fax No. (781) 707-9498

                        with a copy to:

                        CWCapital LLC
                        63 Kendrick Street
                        Needham, Massachusetts  02494
                        Attention: General Counsel
                        Fax No. (781) 707-9498

or such other address as may hereafter be furnished to the other party
by like notice.

      Section 6.06 Severability Clause.

      Any part, provision, representation or warranty of this Agreement which is
prohibited or which is held to be void or unenforceable shall be ineffective to
the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction as to any Mortgage Loan shall not invalidate or render
unenforceable such provision in any other jurisdiction. To the extent permitted
by applicable law, the parties hereto waive any provision of law which prohibits
or renders void or unenforceable any provision hereof. If the invalidity of any
part, provision, representation or warranty of this Agreement shall deprive any
party of the economic benefit intended to be conferred by this Agreement, the
parties shall negotiate, in good-faith, to develop a structure the economic
effect of which is nearly as possible the same as the economic effect of this
Agreement without regard to such invalidity.

      Section 6.07 Counterparts.

      This Agreement may be executed simultaneously in any number of
counterparts. Each counterpart shall be deemed to be an original, and all such
counterparts shall constitute one and the same instrument.

      Section 6.08 Governing Law.

      This Agreement shall be construed in accordance with the laws of the State
of New York and the obligations, rights and remedies of the parties hereunder
shall be determined in accordance with the laws of the State of New York, except
to the extent preempted by Federal Law.

      Section 6.09 Protection of Confidential Information.

      The Sub-Servicer shall keep confidential and shall not divulge to any
party other than the Master Servicer, the Depositor, the Special Servicer, the
Rating Agencies or the Trustee, without the Master Servicer's prior written
consent, any information pertaining to the Mortgage Loans or any borrower
thereunder, except to the extent that it is appropriate for the Sub-Servicer to
do so in working with legal counsel, auditors, taxing authorities or other
governmental agencies or in accordance with this Agreement. Notwithstanding the
foregoing, the Sub-Servicer may include information on the Mortgage Loans on an
aggregate basis in providing to other parties information on its entire
servicing portfolio.

      Section 6.10 Intention of the Parties.

      It is the intention of the parties that the Master Servicer is conveying,
and the Sub-Servicer is receiving, only a contract for servicing the Mortgage
Loans. Accordingly, the parties hereby acknowledge that the Trustee remains the
sole and absolute beneficial owner of the Mortgage Loans and all rights related
thereto.

      Section 6.11 Third Party Beneficiary.

      The Trustee, for the benefit of the Certificateholders, and the Depositor
shall be a third party beneficiary under this Agreement, provided that, except
to the extent the Trustee or its designee assumes the obligations of the Master
Servicer hereunder as contemplated by Section 6.12 of this Agreement, none of
the Depositor, the Trustee, the Trust Fund, any successor Master Servicer, or
any Certificateholder shall have any duties under this Agreement or any
liabilities arising herefrom.

      Section 6.12 Successors and Assigns; Assignment of Agreement.

      This Agreement shall bind and inure to the benefit of and be enforceable
by the Sub-Servicer and the Master Servicer and the respective successors and
assigns of the Sub-Servicer and the Master Servicer. This Agreement shall not be
assigned, pledged or hypothecated by the Sub-Servicer to a third party except as
otherwise specifically provided for herein. If the Master Servicer shall for any
reason no longer act in such capacity under the Pooling and Servicing Agreement,
the Trustee or its designee may thereupon assume all of the rights and, except
to the extent they arose prior to the date of assumption, obligations of the
Master Servicer under this Agreement.

      Section 6.13 Waivers.

      No term or provision of this Agreement may be waived or modified unless
such waiver or modification is in writing and signed by the party against whom
such waiver or modification is sought to be enforced.

      Section 6.14 Exhibits.

      The exhibits to this Agreement are hereby incorporated and made a part
hereof and are an integral part of this Agreement.

      Section 6.15 General Interpretive Principles.

      The article and section headings are for convenience of a reference only,
and shall not limit or otherwise affect the meaning hereof.

      Section 6.16 Complete Agreement.

      This Agreement embodies the complete agreement between the parties
regarding the subject matter hereof and may not be varied or terminated except
by a written agreement conforming to the provisions of Section 6.18 of this
Agreement. All prior negotiations or representations of the parties are merged
into this Agreement and shall have no force or effect unless expressly stated
herein.

      Section 6.17 Further Agreement.

      The Sub-Servicer and the Master Servicer each agree to execute and deliver
to the other such reasonable and appropriate additional documents, instruments
or agreements as may be necessary or appropriate to effectuate the purposes of
this Agreement.

      Section 6.18 Amendments.

      This Agreement may only be amended with the consent of the Sub-Servicer
and the Master Servicer. No amendment to the Pooling and Servicing Agreement
that purports to change the rights or obligations of the Sub-Servicer hereunder
shall be effective against the Sub-Servicer without the express written consent
of the Sub-Servicer. The Master Servicer shall deliver a copy of any amendment
to the Pooling and Servicing Agreement to the Sub-Servicer within a reasonable
period of time after the execution of such amendment.

                   [SIGNATURES COMMENCE ON THE FOLLOWING PAGE]

<PAGE>

      IN WITNESS WHEREOF, the Sub-Servicer and the Master Servicer have caused
their names to be signed hereto by their respective officers thereunto duly
authorized as of the date first above written.

                                       WACHOVIA BANK, NATIONAL
                                          ASSOCIATION

                                          By: /s/ Audrey L. Afflerbach
                                             -----------------------------------
                                             Name: Audrey L. Afflerbach
                                             Title: Vice President

                                       CWCAPITAL LLC

                                          By: /s/ Paul A. Sherrington
                                             -----------------------------------
                                             Name: Paul A. Sherrington
                                             Title: Assistant General Counsel

<PAGE>

                                    EXHIBIT A

                             MORTGAGE LOAN SCHEDULE

Mortgage Loan
    Number                   Property Name
      7        Tradewinds Hospitality Portfolio
     7.01      Tradewinds Island Grand Resort
     7.02      Tradewinds Breckenridge Resort
     7.03      Tradewinds Sandpiper Resort
      17       2041 Rosecrans Avenue & 831 Nash Street
      18       Vinings Corner Apartments
      20       Mission Gate
      25       Preferred Freezer - Philadelphia, PA
      28       The Woods of North Bend
      31       One Deerwood Center
      35       Mattson Technologies Buildings Portfolio
    35.01      150 Oaklands Boulevard
    35.02      515 James Hance Court
      39       4001 Brandywine Street, NW
      40       Alvarado Apartments
      42       Matthews Reserve Apartments
      43       Greens Crossroads
      44       321 Ballenger Center Drive
      45       Shadowridge Apartments
      46       Illinois Student Housing Portfolio
    46.01      202 East John Street
    46.02      102 East Gregory Street
    46.03      807 Oregon Street
    46.04      811 Oregon Street
    46.05      810 West Iowa Street
      49       Dorado Heights Apartments
      50       Cherry Hill Theatres
      56       PRC Building
      58       Cooper's Mill
      66       Wind Hill Office Center
      67       Manchester Square Shopping Center
      68       Staverton West
      69       Village Center Plaza
      70       Quarterfield Station & Quarterfield Place
      71       Landmark Apartments
      74       Sweet Ovations Plant
      77       Bethany Town Center
      78       Guam Medical Plaza
      80       Air & Space Self Storage
      81       Dearborn Street Station
      84       San Marin Apartments - El Paso, TX
      86       Tanglewood Apartments
      87       4901 28th Street SE
      89       Walgreens - Brighton, NY
      90       The Hallmark Building
      91       Rite Aid - Bronx, NY
      93       Warren Henry
      94       Cedar Ridge Townhomes
      95       The Northcrest Apartments
      96       Walgreens - Cortlandville, NY
      98       Country Place Apartments
      99       Walgreens - Camilus, NY
     101       1329 Wisconsin Avenue, NW
     103       Your Extra Attic - Marietta, GA
     104       Highland Oaks Apartments
     105       Eagle Mill Lofts
     107       Rite Aid - West Goshen, PA
     108       Harley Retail Shops
     109       The Greenway/Gregory's Landing Apartments
     110       Foundations Bank & Executive Center
     111       State Street Retail
     112       Roundlake Plaza I & II
     113       Prairie Lakes Shopping Center
     114       Boardwalk Village & Villas
     115       23rd Street Plaza
     116       106 South Gregory and 503 East Stoughton
     117       Adams Alley
     118       GTE Plaza
     119       36 Middlesex Turnpike
     120       The Dahlmann Campus Inn
     122       Maplewood Marketplace
     123       Doral Office Building

<PAGE>

                                    EXHIBIT B

                      SUB-SERVICER'S OFFICER'S CERTIFICATE

            I, ______________________________, hereby certify that I am the duly
elected [Senior Vice President] of CWCapital LLC, a limited liability company
organized under the laws of the Commonwealth of Massachusetts (the
"Sub-Servicer") and further as follows:

            (i) Attached hereto as Exhibit 1 is a true, correct and complete
copy of the certificate of organization of the Sub-Servicer which is in full
force and effect on the date hereof and which has been in effect without
amendment, waiver, rescission or modification since
_______________________________.

            (ii) Attached hereto as Exhibit 2 is a true, correct and complete
copy of the operating agreement of the Sub-Servicer which are in effect on the
date hereof and which have been in effect without amendment, waiver, rescission
or modification since ____________.

            (iii) Attached hereto as Exhibit 3 is an original certificate of
good standing of the Sub-Servicer, issued within ten days of the date hereof,
and no event has occurred since the date thereof which would impair such
standing.

            (iv) Attached hereto as Exhibit 4 is a true, correct and complete
copy of the resolutions of the [Board of Managers] of the Sub-Servicer
authorizing the Sub-Servicer to execute and deliver the Sub-Servicing Agreement,
dated as of [_____], 2007 (the "Sub-Servicing Agreement"), by and between the
Sub-Servicer and Wachovia Bank, National Association and such resolutions are in
effect on the date hereof and have been in effect without amendment, waiver,
rescission or modification since _______________.

            (v) No consent, approval, authorization or order of any court or
governmental agency or body is required for the execution, delivery and
performance by the Sub-Servicer of or compliance by the Sub-Servicer with the
Sub-Servicing Agreement or the consummation of the transactions contemplated by
the Sub-Servicing Agreement except as have previously been obtained, and no bulk
sale law applies to such transactions.

            (vi) The execution and delivery of the Sub-Servicing Agreement by
the Sub-Servicer and the Sub-Servicer's performance and compliance with the
terms of the Sub-Servicing Agreement will not (A) violate the Sub-Servicer's
operating agreement, (B) violate any law or regulation or any administrative
decree or order to which it is subject or (C) constitute a material default (or
an event which, with notice or lapse of time, or both, would constitute a
material default) under, or result in a breach of, any material contract,
agreement or other instrument to which the Sub-Servicer is a party or by which
the Sub-Servicer is bound.

            (vii) No litigation is pending or, to the Sub-Servicer's knowledge,
threatened against the Sub-Servicer that would, in the Sub-Servicer's good faith
and reasonable judgment, prohibit its entering into the Sub-Servicing Agreement
or materially and adversely affect the performance by the Sub-Servicer of its
obligations under the Sub-Servicing Agreement.

            (viii) Each person listed on Exhibit 5 attached hereto who, as an
officer or representative of the Sub-Servicer, signed the Sub-Servicing
Agreement and any other document delivered prior hereto or on the date hereof in
connection with the Sub-Servicing Agreement, was, at the respective times of
such signing and delivery, and is now, a duly elected or appointed, qualified
and acting officer or representative of the Sub-Servicer, who holds the office
set forth opposite his or her name on Exhibit 5, and the signatures of such
persons appearing on such documents are their genuine signatures.

            (ix) The Sub-Servicer is duly authorized to engage in the
transactions described and contemplated in the Sub-Servicing Agreement.

<PAGE>

      IN WITNESS WHEREOF, I have hereunto signed my name and affixed the seal of
the Sub-Servicer.

Dated:                                   By__________________________________
                                         Name:_______________________________
            [Seal]                       Title: [Senior Vice President]

      I, _______________________, an [Assistant] Secretary of [Sub-Servicer],
hereby certify that ___________________________ is the duly elected, qualified
and acting [Vice] President of the Sub-Servicer and that the signature appearing
above is [her] [his] genuine signature.

      IN WITNESS WHEREOF, I have hereunto signed my name.

Dated:                                   By__________________________________
                                         Name:_______________________________
            [Seal]                       Title: Assistant Secretary

<PAGE>

                               EXHIBIT 5

                                   to

                  Sub-Servicer's Officer's Certificate

Name                                     Title                 Signature

__________________________________

__________________________________

__________________________________

__________________________________

<PAGE>

                                    EXHIBIT C

                         POOLING AND SERVICING AGREEMENT

                                 See Exhibit 4.1

<PAGE>

                                    EXHIBIT D

                                   [Reserved]

<PAGE>

                                    EXHIBIT E

                        QUARTERLY SERVICING CERTIFICATION

Sub-Servicer: ________________

RE:   Series________________

Pursuant to the Sub-Servicing Agreement(s) between Wachovia Bank, National
Association and the above referenced Sub-Servicer, we certify with respect to
each mortgage loan serviced by us for Wachovia Bank, National Association that
as of the quarter ending ____________________ except as otherwise noted below:

o     All taxes, assessments and other governmental charges levied against the
      mortgaged premises, ground rents payable with respect to the mortgaged
      premises, if any, which would be delinquent if not paid, have been paid.

o     All required insurance policies are in full force and effect on the
      mortgaged premises in the form and amount and with the coverage required
      by the loan documents.

o     On all required insurance policies, the loss payee is in the name
      of Wachovia Bank, National Association, as Master Servicer on
      behalf of Wells Fargo Bank, N.A. as Trustee for the benefit of
      the Certificateholders of COBALT CMBS Commercial Mortgage Trust
      2007-C3, Commercial Mortgage Pass-Through Certificates Series
      2007-C3, c/o CWCapital LLC, One Charles River Place, 63 Kendrick
      Street, Needham, Massachusetts 02494, as Sub-Servicer, its
      successors and assigns "ATIMA".

o     All UCC Financing Statements have been renewed prior to expiration.

o     All reserves are maintained and disbursed in accordance with the loan
      documents and no expired reserves exist.

o     All letters of credit are transferred to the Trust as beneficiary and are
      properly renewed.

o     Lockboxes are being serviced in accordance with loan documents.

EXCEPTIONS:_____________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

____________________________________   _________________________________________
Servicing Officer                      Date

<PAGE>

                                    EXHIBIT F

                          FORM OF ACCOUNT CERTIFICATION

Securitization:_________________________________________________________________

Sub-Servicer:___________________________________________________________________

      _________   New Account                ________ Change of Account
                                                      Information

Indicate purpose of account (check all that apply):

      _________   Principal & Interest       ________ Deposit Clearing
      _________   Taxes & Insurance          ________ Disbursement Clearing
      _________   Reserves (non-interest     ________ Suspense
                  bearing)
      _________   Reserves (interest
                  bearing)

Account Number:_________________________________________________________________

Account Name:___________________________________________________________________

Depository Institution (and Branch):

      Name:_____________________________________________________________________

      Street:___________________________________________________________________

      City, State, Zip:_________________________________________________________

      Rating Agency:____________________________ Rating:________________________

Please note that the name of the account must follow the guideline
specifications detailed in the applicable agreement.

Prepared by:____________________________________________________________________

Signature:______________________________________________________________________

Title:__________________________________________________________________________

Date:___________________________________________________________________________

Telephone:____________________________ Fax:_____________________________________

<PAGE>

                                    EXHIBIT G

                                     FORM OF
                                COLLECTION REPORT

                                  Series _____
                              Month of ____________

<TABLE>
<CAPTION>
 Master    Subservicers   Scheduled                     Scheduled                Scheduled   Scheduled
Services      Loan          Due       Mtg      Net      Beginning    Schedule    Principal   Interest     Scheduled    Curtailed
 Loan #        #            Date      Rate   Mtg Rate    Balance    P&I Amount    Payment     Payment    Service Fee   Prepayment
--------   ------------   ---------   ----   --------   ---------   ----------   ---------   ---------   -----------   ----------
<S>        <C>            <C>         <C>    <C>        <C>         <C>          <C>         <C>         <C>           <C>

  **

--------   ------------   ---------   ----   --------   ---------   ----------   ---------   ---------   -----------   ----------
 Totals                                                      0.00         0.00        0.00        0.00          0.00         0.00

<CAPTION>
 Master    Curtailed    Prepayment      Other       Actual     Actual Net   Actual                                        Payment
Services   Prepayment    Interest     Principal    Principal    Interest    Service    Late     Assumption   Additional    Loan
 Loan #       Date     Excess/Short   Adjustment    Payment     Payment      Fees     Charges      Fees         Fees      Status
--------   ----------  ------------   ----------   ---------   ----------   -------   -------   ----------   ----------   -------
<S>        <C>         <C>            <C>          <C>         <C>          <C>       <C>       <C>          <C>          <C>

--------   ----------  ------------   ----------   ---------   ----------   -------   -------   ----------   ----------   -------
 Totals                                     0.00        0.00         0.00      0.00      0.00         0.00         0.00

<CAPTION>
 Master                   Scheduled   Actual Loan Bal As    Next     Total Reserve Bal
Services   Distribution    Ending             of           Payment         As Of         Date of
 Loan #       Amount       Balance    Distribution Date      Due      Prior Month End    Maturity
--------   ------------   ---------   ------------------   -------   -----------------   --------
<S>        <C>            <C>         <C>                  <C>       <C>                 <C>

--------   ------------   ---------   ------------------   -------   -----------------   --------
 Totals            0.00        0.00                 0.00                          0.00
</TABLE>

Prepared By
Approved By

Loan Status             A - payment not received but still  in grace period
                        B - late payment but less than 1 month delinquent
                        O - Current
                        1 - One month delinquent
                        2 - Two months delinquent
                        3 - Three months delinquent
                        4 - Assumed Schedule Payment
                        5 - Prepaid in Full
                        6 - Specially Serviced
                        7 - in foreclosure
                        9 - REO
                       10 - DPO
                       11 - Modification

<PAGE>

                                    EXHIBIT H

                        FORM OF CERTIFICATE OF INSURANCE

Sub-Servicer:______________________

RE: Series ____________________

Pursuant to the Sub-Servicing Agreement(s) between Wachovia Bank, National
Association and [Sub-Servicer], based on [Sub-Servicer's] monitoring of the
insurance in accordance with the Servicing Standard, we certify with respect to
each Mortgage Loan serviced by us for Wachovia Bank, National Association that
all required insurance policies are in full force and effect on the mortgaged
premises in the form and amount and with the coverage required by the
Sub-Servicing Agreement(s).

_____________________________________    _______________________________________
Servicing Officer                        Date

<PAGE>

                                    EXHIBIT I

                                   [RESERVED]

<PAGE>

                                    EXHIBIT J

                    MONTHLY SERVICING ACCOUNTS CERTIFICATION

Sub-Servicer:_________________________

RE: Series ___________________

Pursuant to the Sub-Servicing Agreement(s) between Wachovia Bank, National
Association and the above named Sub-Servicer, I certify with respect to each
transaction serviced by us, as noted above, for Wachovia Bank, National
Association that as of ________________ (Determination Date) all collection
accounts and servicing accounts have been properly reconciled and the
reconciliations have been reviewed and approved by Sub-Servicer's management,
except as otherwise noted below:

EXCEPTIONS:_____________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________

_____________________________________    _______________________________________
Servicing Officer                        Datesec document

                                                                    Exhibit 10.1

                         FIRSTPLUS Financial Group, Inc.
                    122 W. John Carpenter Freeway, Suite 450
                               Irving, Texas 75039

                                                                 August __, 2007

------------------------
c/o FIRSTPLUS Financial Group, Inc.
122 W. John Carpenter Freeway, Suite 450
Irving, Texas  75039

Dear ____________:

      In consideration of your service as a director and/or officer of FIRSTPLUS
Financial Group, Inc., a Nevada  corporation (the "Company"),  the Company will,
to the extent  provided  herein,  indemnify  you and hold you harmless  from and
against  any and all  "Losses"  (as  defined  below),  that  you  may  incur  in
connection  with any  "Proceeding"  (as  defined  below) to the  fullest  extent
permitted by law.

      1.    DEFINITIONS.

            (a) "Costs and Expenses"  means, for the purposes of this Agreement,
all  direct  and  indirect  costs of any type or nature  whatsoever  (including,
without limitation, any fees and disbursements of your counsel,  accountants and
other experts and other out-of-pocket costs) actually and reasonably incurred by
you in connection with the  investigation,  preparation,  defense or appeal of a
Proceeding.

            (b) "Losses" means all liabilities,  Costs and Expenses,  amounts of
judgments,  fines,  penalties  or  excise  taxes  (or  other  amounts  assessed,
surcharged or levied under the Employee  Retirement Income Security Act of 1974,
as  amended)  and  amounts  paid in  settlement  of or incurred in defense of or
otherwise in connection  with any threatened,  pending or completed  Proceeding,
whether civil, criminal, administrative or investigative, and whether brought by
or in the right of the Company or otherwise, and appeals in which you may become
involved,  as a party or  otherwise,  by  reason  of acts or  omissions  in your
capacity as and while serving as a director, officer, employee, agent, fiduciary
or representative of the Company or any Related Entity.

            (c)  "Proceeding"  means,  for the purposes of this  Agreement,  any
threatened,  pending or completed action or proceeding, whether civil, criminal,
administrative or investigative  (including an action brought by or in the right
of the  Company)  in which  you may be or may have been  involved  as a party or
otherwise,  by reason of the fact that you are or were a director  or officer of
the  Company,  by reason of any action  taken by you or of any  inaction on your
part while acting as such  director or officer or by reason of the fact that you
are or were  serving at the  request  of the  Company  as a  director,  officer,
employee,  agent, fiduciary or representative of a Related Entity whether or not
you were  serving  in such  capacity  at the time any  liability  or  expense is
incurred for which  indemnification  or reimbursement can be provided under this
Agreement.

            (d)  "Related  Entity"  means any  corporation,  partnership,  joint
venture,  trust or other entity or enterprise in which the Company is in any way
interested,  or in or as to which you are serving at the Company's request or on
its behalf, as a director, officer, employee, agent, fiduciary or representative
including,  but not limited to, any employee  benefit plan or any corporation of
which  the  Company  or  any  Related  Entity  is,  directly  or  indirectly,  a
stockholder or creditor.

      2.    AGREEMENT TO SERVE.

      You agree to serve or  continue to serve as a director  and/or  officer of
the  Company to the best of your  abilities  at the will of the Company or under
separate contract,  if such contract exists, for so long as you are duly elected
or appointed and qualified or until such time as you tender your  resignation in
writing.  Nothing  contained in this  Agreement is intended to create in you any
right to continued employment.

      3.    INDEMNIFICATION.

            (a) THIRD PARTY PROCEEDINGS. To the fullest extent permitted by law,
the Company shall indemnify you against Losses actually and reasonably  incurred
by you in  connection  with a Proceeding  (other than a Proceeding  by or in the
right of the  Company) if (i) you are not liable  pursuant to NRS 78.138 or (ii)
you acted in good faith and in a manner you reasonably  believed to be in or not
opposed to the best interests of the Company,  and, with respect to any criminal
Proceeding,  had no reasonable  cause to believe your conduct was unlawful.  The
termination of any Proceeding by judgment,  order,  settlement,  conviction,  or
upon a plea of NOLO CONTENDERE or its equivalent, shall not, of itself, create a
presumption  that you are liable  pursuant  to NRS 78.138 or did not act in good
faith and in a manner  that you  reasonably  believed to be in or not opposed to
the best interests of the Company,  or, with respect to any criminal Proceeding,
had reasonable cause to believe that your conduct was unlawful.

            (b)  PROCEEDINGS  BY OR IN THE RIGHT OF THE COMPANY.  To the fullest
extent  permitted  by law,  the Company  shall  indemnify  you  against  Losses,
actually and reasonably incurred by you in connection with a Proceeding by or in
the right of the  Company to procure a judgment  in its favor if (i) you are not
liable  pursuant  to NRS  78.138 or (ii) you acted in good faith and in a manner
you  reasonably  believed to be in or not opposed to the best  interests  of the
Company and its shareholders.  Notwithstanding the foregoing, no indemnification
shall be made in  respect  of any  claim,  issue or matter as to which you shall
have been adjudged by a court of competent jurisdiction, after exhaustion of all
appeals  therefrom,  to be liable to the Company in the performance of your duty
to the Company and its shareholders unless and only to the extent that the court
in which such  action or  proceeding  is or was  pending  shall  determine  upon
application  that, in view of all the  circumstances of the case, you are fairly
and reasonably entitled to indemnity for Costs and Expenses and then only to the
extent that the court shall determine.

            (c) SCOPE. Notwithstanding any other provision of this Agreement but
subject to Section 15(b),  the Company shall indemnify you to the fullest extent

                                       2

permitted by law,  notwithstanding that such indemnification is not specifically
authorized by other  provisions  of this  Agreement,  the Company's  Articles of
Incorporation, as amended, the Company's Bylaws, as amended, or by statute.

      4.    LIMITATIONS ON INDEMNIFICATION.

      Any other provision  herein to the contrary  notwithstanding,  the Company
shall not be obligated pursuant to the terms of this Agreement:

            (a) EXCLUDED  ACTS.  To  indemnify  you for any acts or omissions or
transactions  from which a director or officer may not be relieved of  liability
under applicable law;

            (b) EXCLUDED INDEMNIFICATION PAYMENTS. To indemnify or advance Costs
and Expenses in violation of any  prohibition  or limitation on  indemnification
under the statutes,  regulations  or rules  promulgated  by any state or federal
regulatory agency having  jurisdiction over the Company or in circumstances that
would otherwise be contrary to public policy;

            (c) CLAIMS  INITIATED  BY YOU.  To  indemnify  or advance  Costs and
Expenses  to you with  respect to  Proceedings  or claims  initiated  or brought
voluntarily by you and not by way of defense, except with respect to proceedings
brought to establish or enforce a right to indemnification  under this Agreement
or any other statute or law or otherwise as required  under  Section  78.7502 of
the Nevada Revised Statutes,  but such  indemnification  or advancement of Costs
and  Expenses  may be provided by the Company in specific  cases if the Board of
Directors has approved the initiation or bringing of such suit;

            (d) LACK OF GOOD FAITH.  To indemnify you for any Costs and Expenses
incurred by you with respect to any  proceeding  instituted by you to enforce or
interpret this Agreement,  if a court of competent jurisdiction  determines that
each of the material  assertions  made by you in such proceeding was not made in
good faith;

            (e)  INSURED  CLAIMS.  To  indemnify  you for Costs and  Expenses or
liabilities of any type whatsoever  (including,  but not limited to,  judgments,
fines,  ERISA excise taxes or penalties,  and amounts paid in  settlement)  that
have been paid  directly to or on behalf of you by an insurance  carrier under a
policy of directors' and officers' liability insurance maintained by the Company
or any other policy of insurance maintained by the Company or you;

            (f) CLAIMS  UNDER  SECTION  16(B).  To  indemnify  you for Costs and
Expenses and the payment of profits arising from the purchase and sale by you of
securities in violation of Section 16(b) of the Securities Exchange Act of 1934,
as amended, or any similar successor statute.

            (g) MUTUAL ACKNOWLEDGMENT. Both the Company and you acknowledge that
in certain  instances,  federal law or applicable public policy may prohibit the
Company from  indemnifying  its directors and officers  under this  Agreement or
otherwise. You understand and acknowledge that the Company has undertaken or may
be required in the future to  undertake  with the  appropriate  state or federal
regulatory  agency to submit for approval any request for  indemnification,  and
has undertaken or may be required in the future to undertake with the Securities

                                       3

and Exchange  Commission to submit the question of indemnification to a court in
certain  circumstances  for a determination  of the Company's right under public
policy to indemnify you.

      5.    DETERMINATION OF A RIGHT TO INDEMNIFICATION.

      Upon receipt of a written  claim  addressed to the Board of Directors  for
indemnification pursuant to Section 3, the Company shall determine by any of the
methods set forth in Section 78.751 of the Nevada Revised  Statutes  whether you
have met the  applicable  standards of conduct that makes it  permissible  under
applicable  law to indemnify you. If a claim under Section 3 is not paid in full
by the Company  within 60 days after such written claim has been received by the
Company,  you may at any time  thereafter  bring  suit  against  the  Company to
recover the unpaid amount of the claim and, unless such action is brought in bad
faith,  you shall be entitled to be paid also the  expense of  prosecuting  such
claim.  In any such action,  except as otherwise  provided in Section 78.7502 of
the  Nevada  Revised  Statutes,  the  Company  shall  have the  burden  of proof
concerning whether you have or have not met the applicable standard of conduct.

      6.    INDEMNIFICATION FOR COSTS AND EXPENSES OF A WITNESS.

      Notwithstanding any other provision of this Agreement,  to the extent that
you are, by reason of your  position as  director or officer of the  Company,  a
witness in any Proceeding to which you are not a party, you shall be indemnified
against all Costs and  Expenses  actually and  reasonably  incurred by you or on
your behalf in connection therewith.

      7.    ADVANCEMENT AND REPAYMENT OF COSTS AND EXPENSES.

      Subject to Section 4 hereof,  the Costs and  Expenses  incurred  by you in
defending  and  investigating  any  Proceeding  shall be paid by the  Company in
advance  of the  final  disposition  of such  Proceeding  within  30 days  after
receiving  from you the copies of invoices  presented  to you for such Costs and
Expenses,  if you shall  provide  an  undertaking  to the  Company to repay such
amount to the extent it is  ultimately  determined  that you are not entitled to
indemnification.  In  determining  whether or not to make an advance  hereunder,
your ability to repay shall not be a factor.

      8.    PARTIAL INDEMNIFICATION.

      If  you  are  entitled   under  any   provision   of  this   Agreement  to
indemnification or advancement by the Company of some or a portion of any Losses
of any  type  whatsoever  (including,  but not  limited  to,  judgments,  fines,
penalties, and amounts paid in settlement) incurred by you in the investigation,
defense,  settlement  or  appeal  of a  Proceeding,  but  are  not  entitled  to
indemnification  or advancement of the total amount  thereof,  the Company shall
nevertheless indemnify or pay advancements to you for the portion of such Losses
or liabilities to which you are entitled.

      9.    NOTICE TO COMPANY BY YOU.

      You shall  notify the  Company in  writing of any matter  with  respect to
which  you  intend  to seek  indemnification  hereunder  as  soon as  reasonably
practicable  following the receipt by you of written notice  thereof;  provided,

                                       4

however,  that any delay in so  notifying  the Company  shall not  constitute  a
waiver by you of your rights hereunder.  The written notification to the Company
shall be addressed to the Board of Directors and shall include a description  of
the nature of the  Proceeding  and the facts  underlying  the  Proceeding and be
accompanied  by  copies  of any  documents  filed  with the  court in which  the
Proceeding is pending. In addition,  you shall give the Company such information
and cooperation as it may reasonably require and as shall be within your power.

      10.   MAINTENANCE OF LIABILITY INSURANCE.

            (a)  Subject to Section 4 hereof,  so long as you shall  continue to
serve as a director  or officer of the  Company  and  thereafter  so long as you
shall be subject to any possible  Proceeding,  the  Company,  subject to Section
10(b),  shall use reasonable  commercial  efforts to obtain and maintain in full
force and effect directors' and officers'  liability insurance ("D&O Insurance")
that  provides  you the  same  rights  and  benefits  as are  accorded  the most
favorably insured of the Company's directors,  if you are a director,  or of the
Company's  officers,  if you  are  not a  director  of the  Company,  but are an
officer.

            (b)  Notwithstanding  the  foregoing,  the  Company  shall  have  no
obligation to obtain or maintain D&O Insurance if the Company determines in good
faith that such  insurance is not  reasonably  available,  the premium costs for
such  insurance are  disproportionate  to the amount of coverage  provided,  the
coverage provided by such insurance is limited by exclusions so as to provide an
insufficient  benefit,  or you are covered by similar insurance  maintained by a
subsidiary or parent of the Company.

            (c) If, at the time of the  receipt of a notice of a claim  pursuant
to Section 9 hereof,  the Company has D&O Insurance in effect, the Company shall
give prompt  notice of the  commencement  of such  Proceeding to the insurers in
accordance with the procedures set forth in the respective policies. The Company
shall  thereafter take all necessary or desirable  action to cause such insurers
to pay, on your behalf,  all amounts  payable as a result of such  Proceeding in
accordance with the terms of such policies.

      11.   DEFENSE OF CLAIM.

      In the event that the Company shall be obligated under Section 7 hereof to
pay the Costs and  Expenses of any  Proceeding  against  you,  the  Company,  if
appropriate,  shall be entitled to assume the defense of such  Proceeding,  with
counsel of  recognized  standing.  After the  retention  of such  counsel by the
Company, the Company will not be liable to you under this Agreement for any fees
of counsel  subsequently  incurred by you with  respect to the same  Proceeding,
provided  that (i) you shall have the right to employ  your  counsel in any such
Proceeding at your expense; and (ii) if (A) the employment of counsel by you has
been  previously  authorized  by the Company,  or (B) you shall have  reasonably
concluded  that there may be a conflict of interest  between the Company and you
in the  conduct of such  defense or (C) the  Company  shall not,  in fact,  have
employed  counsel to assume the  defense of such  Proceeding,  then the fees and
Costs and Expenses of your counsel shall be at the expense of the Company.

                                       5

      12.   ATTORNEYS' FEES.

      In the event that you or the  Company  institutes  an action to enforce or
interpret any terms of this  Agreement,  the Company shall reimburse you for all
of your  reasonable  fees and Costs and Expenses in bringing  and pursuing  such
action  or  defense,  unless  as part of such  action  or  defense,  a court  of
competent jurisdiction  determines that the material assertions made by you as a
basis for such action or defense were not made in good faith.

      13.   CONTINUATION OF OBLIGATIONS.

      All  agreements  and  obligations  of the Company  contained  herein shall
continue during the period you are a director or officer of the Company,  or are
or were serving at the request of the Company as a director,  officer, employee,
agent,  fiduciary  or  representative  of a Related  Entity  and shall  continue
thereafter so long as you shall be subject to any possible  Proceeding by reason
of the fact that you served in any capacity referred to herein.

      14.   SUCCESSORS AND ASSIGNS.

      This Agreement establishes contract rights that shall be binding upon, and
shall  inure to the  benefit  of,  the  successors,  assigns,  heirs  and  legal
representatives of the parties hereto.

      15.   NON-EXCLUSIVITY.

            (a) The provisions for  indemnification and advancement of Costs and
Expenses set forth in this Agreement  shall not be deemed to be exclusive of any
other  rights  that you may have  under  any  provision  of law,  the  Company's
Articles of Incorporation,  as amended,  or Bylaws, as amended,  the vote of the
Company's   shareholders  or  disinterested   directors,   other  agreements  or
otherwise,  both as to action in your  official  capacity  and action in another
capacity while occupying your position as a director or officer of the Company.

            (b) In the event of any changes,  after the date of this  Agreement,
in any  applicable  law,  statute,  or rule  that  expand  the right of a Nevada
corporation  to  indemnify  its  officers  and  directors,  your  rights and the
Company's  obligations under this Agreement shall be expanded to the full extent
permitted by such changes.  In the event of any changes in any  applicable  law,
statute or rule that  narrow the right of a Nevada  corporation  to  indemnify a
director or officer,  such changes, to the extent not otherwise required by such
law,  statute or rule to be applied to this  Agreement,  shall have no effect on
this Agreement or the parties' rights and obligations hereunder.

      16.   EFFECTIVENESS OF AGREEMENT.

      This  Agreement  shall be  effective as of the date set forth on the first
page hereof and shall apply to your acts or  omissions  that  occurred  prior to
such  date if you were an  officer,  director,  employee  or other  agent of the
Company,  or were serving at the request of the Company as a director,  officer,
employee,  agent,  fiduciary or  representative  of a Related Entity at the time
such act or omission occurred.

                                       6

      17.   SEVERABILITY.

      Nothing in this  Agreement is intended to require or shall be construed as
requiring  the Company to do or fail to do any act in  violation  of  applicable
law.  The  Company's  inability,   pursuant  to  court  order,  to  perform  its
obligations  under  this  Agreement  shall  not  constitute  a  breach  of  this
Agreement.  The provisions of this  Agreement  shall be severable as provided in
this Section 17. If this Agreement or any portion hereof shall be invalidated on
any  ground by any  court of  competent  jurisdiction,  then the  Company  shall
nevertheless  indemnify  you to the  full  extent  permitted  by any  applicable
portion of this Agreement that shall not have been invalidated,  and the balance
of this Agreement not so invalidated shall be enforceable in accordance with its
terms.

      18.   GOVERNING LAW.

      This Agreement  shall be interpreted  and enforced in accordance  with the
laws of the State of Nevada,  without reference to its conflict of law rules. To
the extent  permitted by applicable law, the parties hereby waive any provisions
of law that render any provision of this Agreement unenforceable in any respect.

      19.   NOTICE.

      All  notices,  requests,  demands  and  other  communications  under  this
Agreement  shall be in writing and shall be deemed duly given (i) when received,
if delivered  by hand (which shall  include  delivery by  responsible  overnight
carrier) or (ii) if mailed by certified or registered mail with postage prepaid,
on the fifth business day after the mailing date. Addresses for notice to either
party are as shown at the head of this Agreement, or as subsequently modified by
written notice given as provided hereunder.

      20.   COUNTERPARTS.

      This Agreement may be executed in one or more counterparts,  each of which
shall constitute an original.

      21.   AMENDMENT AND TERMINATION.

      No amendment, modification,  termination or cancellation of this Agreement
shall be effective unless in writing signed by both parties hereto.

                                       7

      Your  signature  below will evidence your  agreement and  acceptance  with
respect to the foregoing.

                                         Very truly yours,

                                         FIRSTPLUS FINANCIAL GROUP, INC.

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

AGREED TO AND ACCEPTED:

----------------------------------------
Name:

                                       8

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