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    EXHIBIT
4.6

    

    PREFERRED
SECURITIES GUARANTEE AGREEMENT

     

    by and
between

     

    PRIVATEBANCORP,
INC.,

     

    as
Guarantor

     

    and

     

    WILMINGTON TRUST
COMPANY,

     

    as
Guarantee Trustee

     

    relating
to

     

    PRIVATEBANCORP
CAPITAL TRUST IV

     

    Dated as
of  May 22, 2008

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

     

    TABLE OF
CONTENTS

    
 

    
      	 	Page 
	
              Article I  DEFINITIONS

            	
              1

            
	 
      	
              Section
      1.1

            	
              Definitions

            	
              1

            
	 	 	 	 
	
              Article II  TRUST
      INDENTURE ACT

            	
              4

            
	 
      	
              Section
      2.1

            	
              Trust
      Indenture Act; Application

            	
              4

            
	 
      	
              Section
      2.2

            	
              List
      of Holders

            	
              4

            
	 
      	
              Section
      2.3

            	
              Reports
      by the Guarantee Trustee

            	
              4

            
	 
      	
              Section
      2.4

            	
              Periodic
      Reports to the Guarantee Trustee

            	
              4

            
	 
      	
              Section
      2.5

            	
              Evidence
      of Compliance with Conditions Precedent

            	
              5

            
	 
      	
              Section
      2.6

            	
              Events
      of Default; Waiver

            	
              5

            
	 
      	
              Section
      2.7

            	
              Event
      of Default; Notice

            	
              5

            
	 
      	
              Section
      2.8

            	
              Conflicting
      Interests

            	
              5

            
	 	 	 	 
	
              Article III  POWERS,
      DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE

            	
              5

            
	 
      	
              Section
      3.1

            	
              Powers
      and Duties of the Guarantee Trustee

            	
              5

            
	 
      	
              Section
      3.2

            	
              Certain
      Rights of Guarantee Trustee

            	
              7

            
	 
      	
              Section
      3.3

            	
              Compensation;
      Indemnity; Fees

            	
              8

            
	 	 	 	 
	
              Article IV  GUARANTEE
      TRUSTEE

            	
              9

            
	 
      	
              Section
      4.1

            	
              Guarantee
      Trustee; Eligibility

            	
              9

            
	 
      	
              Section
      4.2

            	
              Appointment,
      Removal and Resignation of the Guarantee Trustee

            	
              9

            
	 	 	 	 
	
              Article V  GUARANTEE

            	
              10

            
	 
      	
              Section
      5.1

            	
              Guarantee

            	
              10

            
	 
      	
              Section
      5.2

            	
              Waiver
      of Notice and Demand

            	
              10

            
	 
      	
              Section
      5.3

            	
              Obligations
      Not Affected

            	
              10

            
	 
      	
              Section
      5.4

            	
              Rights
      of Holders

            	
              11

            
	 
      	
              Section
      5.5

            	
              Guarantee
      of Payment

            	
              11

            
	 
      	
              Section
      5.6

            	
              Subrogation

            	
              11

            
	 
      	
              Section
      5.7

            	
              Independent
      Obligations

            	
              11

            
	 	 	 	 
	
              Article VI  COVENANTS
      AND SUBORDINATION

            	
              12

            
	 
      	
              Section
      6.1

            	
              Subordination

            	
              12

            
	 
      	
              Section
      6.2

            	
              Pari
      Passu Guarantees

            	
              12

            
	 	 	 	 
	
              Article VII  TERMINATION

            	
              12

            
	 
      	
              Section
      7.1

            	
              Termination

            	
              12

            
	 	 	 	 
	
              Article VIII  MISCELLANEOUS

            	
              12

            
	 
      	
              Section
      8.1

            	
              Successors
      and Assigns

            	
              12

            
	 
      	
              Section
      8.2

            	
              Amendments

            	
              13

            
	 
      	
              Section
      8.3

            	
              Notices

            	
              13

            
	 
      	
              Section
      8.4

            	
              Benefit

            	
              13

            
	 
      	
              Section
      8.5

            	
              Governing
      Law

            	
              14

            
	 
      	
              Section
      8.6

            	
              Counterparts

            	
              14

            

    

    

    

    
      
        
           

        

        
          i

          
            

          

        

        
           

        

      

    

    

    GUARANTEE AGREEMENT, dated as
of May 22, 2008, between PRIVATEBANCORP, INC., a
Delaware corporation (the “Guarantor”), and WILMINGTON TRUST COMPANY, as
trustee (the “Guarantee Trustee”), for the benefit of the Holders (as defined
herein) from time to time of the Preferred Securities (as defined herein) of
PRIVATEBANCORP CAPITAL TRUST
IV, a Delaware statutory trust (the “Issuer Trust”).

     

    RECITALS
OF THE GUARANTOR AND THE ISSUER TRUST

     

    WHEREAS, pursuant to an
Amended and Restated Declaration of Trust, dated as of May 22, 2008 (the
“Declaration of Trust”), among PrivateBancorp, Inc., as Sponsor, Wilmington
Trust Company, as Property Trustee, Wilmington Trust Company, as Delaware
Trustee, and the Administrative Trustees named therein, the Issuer Trust is
issuing up to $125,000,000 aggregate Liquidation Amount (as defined in the
Declaration of Trust) of its 10.00% Preferred Securities (liquidation amount
$25.00 per Preferred Security) (the “Preferred Securities”), representing
preferred undivided beneficial interests in the assets of the Issuer Trust and
having the terms set forth in the Declaration of Trust; and

     

    WHEREAS, the Preferred
Securities will be issued by the Issuer Trust and the proceeds thereof, together
with the proceeds from the issuance of the Issuer Trust’s Common Securities (as
defined herein), will be used to purchase the Debentures (as defined in the
Declaration of Trust) of the Guarantor, which Debentures will be deposited with
Wilmington Trust Company, as Property Trustee under the Declaration of Trust, as
trust assets; and

     

    WHEREAS, as an incentive for
the Holders to purchase Preferred Securities, the Guarantor irrevocably and
unconditionally agrees, to the extent set forth herein, to pay to the Holders of
the Preferred Securities the Guarantee Payments (as defined herein) and to make
certain other payments on the terms and conditions set forth
herein.

     

    NOW, THEREFORE, in
consideration of the purchase of Preferred Securities by each Holder, which
purchase the Guarantor hereby acknowledges shall benefit the Guarantor, the
Guarantor executes and delivers this Guarantee Agreement for the benefit of the
Holders from time to time of the Preferred Securities.

     

    ARTICLE I

     

    DEFINITIONS

     

    Section
1.1    Definitions.

     

    For all
purposes of this Guarantee Agreement, except as otherwise expressly provided or
unless the context otherwise requires:

     

    (a)           The
terms defined in this Article have the meanings assigned to them in this
Article, and include the plural as well as the singular;

     

    (b)           All
other terms used herein that are defined in the Trust Indenture Act (as defined
herein), either directly or by reference therein, have the meanings assigned to
them therein;

     

    (c)           The
words “include”, “includes” and “including” shall be deemed to be followed by
the phrase “without limitation”;

     

    (d)           All
accounting terms used but not defined herein have the meanings assigned to them
in accordance with United States generally accepted accounting
principles;

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (e)           Unless
the context otherwise requires, any reference to an “Article” or a “Section”
refers to an Article or a Section, as the case may be, of this Guarantee
Agreement; and

     

    (f)           The
words “hereby”, “herein”, “hereof” and “hereunder” and other words of similar
import refer to this Guarantee Agreement as a whole and not to any particular
Article, Section or other subdivision.

     

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

     

    “Preferred Securities” shall
have the meaning specified in the first recital of this Guarantee
Agreement.

     

    “Common Securities” means the
securities representing common undivided beneficial interests in the assets of
the Issuer Trust.

     

    “Declaration of Trust” means
the Amended and Restated Declaration of Trust of the Issuer Trust referred to in
the recitals to this Guarantee Agreement, as modified, amended or supplemented
from time to time.

     

    Event of Default” means
(i) a default by the Guarantor in any of its payment obligations under this
Guarantee Agreement or (ii) a default by the Guarantor in any other
obligation hereunder that remains unremedied for 30 days.

     

    “Guarantee Agreement” means
this Guarantee Agreement, as modified, amended or supplemented from time to
time.

     

    “Guarantee Payments” means the
following payments or distributions, without duplication, with respect to the
Preferred Securities, to the extent not paid or made by or on behalf of the
Issuer Trust:  (i) any accumulated and unpaid Distributions (as
defined in the Declaration of Trust) required to be paid on the Preferred
Securities, to the extent the Issuer Trust shall have funds on hand available
therefor at such time; (ii) the Redemption Price (as defined in the
Declaration of Trust) with respect to any Preferred Securities called for
redemption by the Issuer Trust, to the extent the Issuer Trust shall have funds
on hand available therefor at such time; and (iii) upon a voluntary or
involuntary termination, winding-up or liquidation of the Issuer Trust, unless
Debentures are distributed to the Holders, the lesser of (a) the
Liquidation Distribution (as defined in the Declaration of Trust) with respect
to the Preferred Securities, to the extent that the Issuer Trust shall have
funds on hand available therefor at such time, and (b) the amount of assets
of the Issuer Trust remaining available for distribution to Holders on
liquidation of the Issuer Trust.

     

    “Guarantee Trustee” means
Wilmington Trust Company, solely in its capacity as Guarantee Trustee and not in
its individual capacity, until a Successor Guarantee Trustee has been appointed
and has accepted such appointment pursuant to the terms of this Guarantee
Agreement, and thereafter means each such Successor Guarantee
Trustee.

     

    “Guarantor” has the meaning
specified in the preamble to this Guarantee Agreement.

     

     

    
      
        
        

      

      
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    “Holder” means any Holder (as
defined in the Declaration of Trust) of any Preferred Securities; provided, however, that in
determining whether the holders of the requisite percentage of Preferred
Securities have given any request, notice, consent or waiver hereunder, “Holder” shall not include the
Guarantor, the Guarantee Trustee, or any Affiliate of the Guarantor or the
Guarantee Trustee.

     

    “Indenture” means the Junior
Subordinated Indenture, dated as of  May 22, 2008, between
PrivateBancorp, Inc. and Wilmington Trust Company, as trustee, as the same may
be modified, amended or supplemented from time to time.

     

    “Issuer Trust” has the meaning
specified in the preamble to this Guarantee Agreement.

     

    “List of Holders” has the
meaning specified in Section 2.2(a).

     

    “Majority in Liquidation Amount of
the Preferred Securities” means, except as provided by the Trust
Indenture Act, Preferred Securities representing more than 50% of the aggregate
Liquidation Amount (as defined in the Declaration of Trust) of all Preferred
Securities then Outstanding (as defined in the Declaration of
Trust).

     

    “Officers’ Certificate” means
a certificate signed by the Chairman of the Board of Directors, a Vice Chairman
of the Board of Directors, the Chief Executive Officer, the Chief Financial
Officer, the President or a Vice President, the Treasurer, an Assistant
Treasurer, the Secretary or an Assistant Secretary of the Guarantor, and
delivered to the Guarantee Trustee.  Any Officers’ Certificate
delivered with respect to compliance with a condition or covenant provided for
in this Guarantee Agreement shall include:

     

    (a)           a
statement by each officer signing the Officers’ Certificate that such officer
has read the covenant or condition and the definitions relating
thereto;

     

    (b)           a
brief statement of the nature and scope of the examination or investigation
undertaken by each officer in rendering the Officers’ Certificate;

     

    (c)           a
statement that each officer has made such examination or investigation as, in
such officer’s opinion, is necessary to enable such officer to express an
informed opinion as to whether or not such covenant or condition has been
complied with; and

     

    (d)           a
statement as to whether, in the opinion of each officer, such condition or
covenant has been complied with.

     

    “Person” means a legal person,
including any individual, corporation, estate, partnership, joint venture,
association, joint-stock company, company, limited liability company, trust,
business trust, statutory trust, unincorporated association, or government or
any agency or political subdivision thereof, or any other entity of whatever
nature.

     

    “Preferred Securities” has the
meaning specified in the recitals to this Guarantee Agreement.

     

    “Successor Guarantee Trustee”
means a successor Guarantee Trustee possessing the qualifications to act as
Guarantee Trustee under Section 4.1.

     

    “Trust Indenture Act” means
the Trust Indenture Act of 1939 as in force at the date as of which this
Guarantee Agreement was executed; provided, however, that in
the event the Trust Indenture 

     

    
      
        
        

      

      
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      Act of
1939 is amended after such date, “Trust Indenture Act” means,
to the extent required by any such amendment, the Trust Indenture Act of 1939 as
so amended.

    

    ARTICLE II

     

    TRUST
INDENTURE ACT

     

    Section
2.1     Trust Indenture Act;
Application.

     

    (a)           This
Guarantee Agreement is subject to the provisions of the Trust Indenture Act that
are required to be part of this Guarantee Agreement and shall, to the extent
applicable, be governed by such provisions.

     

    (b)           If
and to the extent that any provision of this Guarantee Agreement limits,
qualifies or conflicts with the duties imposed by Sections 310 to 317,
inclusive, of the Trust Indenture Act through the operation of
Section 318(c) thereof, such imposed duties shall control.  If
any provision of this Guarantee Agreement modifies or excludes any provision of
the Trust Indenture Act which may be so modified or excluded, the latter
provision shall be deemed to apply to this Guarantee Agreement as so modified or
to be excluded, as the case may be.

     

    Section
2.2    List of Holders.

     

    (a)           The
Guarantor shall furnish or cause to be furnished to the Guarantee Trustee
(a) semiannually, on or before June 30 and December 31 of each year, a
list, in such form as the Guarantee Trustee may reasonably require, of the names
and addresses of the Holders (a “List of
Holders”) as of a date not more than 15 days prior to the delivery
thereof, and (b) at such other times as the Guarantee Trustee may request
in writing, within 30 days after the receipt by the Guarantor of any such
request, a List of Holders as of a date not more than 15 days prior to the time
such list is furnished, in each case to the extent such information is in the
possession or control of the Guarantor and is not identical to a previously
supplied list of Holders or has not otherwise been received by the Guarantee
Trustee in its capacity as such.  The Guarantee Trustee may destroy
any List of Holders previously given to it on receipt of a new List of
Holders.

     

    (b)           The
Guarantee Trustee shall comply with the requirements of Section 311(a),
Section 311(b) and Section 312(b) of the Trust Indenture
Act.

     

    Section
2.3    Reports by the Guarantee Trustee.

     

    Not later
than June 15 of each year, commencing June 15, 2008, the Guarantee Trustee shall
provide to the Holders such reports, if any, as are required by Section 313
of the Trust Indenture Act in the form and in the manner provided by
Section 313 of the Trust Indenture Act.  The Guarantee Trustee
shall also comply with the requirements of Section 313(d) of the Trust
Indenture Act.

     

    Section
2.4    Periodic Reports to the Guarantee
Trustee.

     

    The
Guarantor shall provide to the Guarantee Trustee, the Securities and Exchange
Commission and the Holders such documents, reports and information, if any, as
required by Section 314 of the Trust Indenture Act and the compliance
certificate required by Section 314 of the Trust Indenture Act, in the
form, in the manner and at the times required by Section 314 of the Trust
Indenture Act.

     

    
      
        
        

      

      
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    Section
2.5    Evidence of Compliance with Conditions
Precedent.

     

    The
Guarantor shall provide to the Guarantee Trustee such evidence of compliance
with such conditions precedent, if any, provided for in this Guarantee Agreement
that relate to any of the matters set forth in Section 314(c) of the Trust
Indenture Act.  Any certificate or opinion required to be given by an
officer of the Guarantor pursuant to Section 314(c)(1) may be given in the
form of an Officers’ Certificate.

     

    Section
2.6    Events of Default; Waiver.

     

    The
Holders of at least a Majority in Liquidation Amount of the Preferred Securities
may, by vote, on behalf of the Holders of all the Preferred Securities, waive
any past default or Event of Default and its consequences.  Upon such
waiver, any such default or Event of Default shall cease to exist, and any
default or Event of Default arising therefrom shall be deemed to have been
cured, for every purpose of this Guarantee Agreement, but no such waiver shall
extend to any subsequent or other default or Event of Default or impair any
right consequent therefrom.

     

    Section
2.7    Event of Default; Notice.

     

    (a)           The
Guarantee Trustee shall, within 90 days after the occurrence of an Event of
Default, transmit by mail, first class postage prepaid, to the Holders, notice
of any such Event of Default known to the Guarantee Trustee, unless such Event
of Default has been cured before the giving of such notice, provided that,
except in the case of a default in the payment of a Guarantee Payment, the
Guarantee Trustee shall be protected in withholding such notice if and so long
as the board of directors, the executive committee or a trust committee of
directors of the Guarantee Trustee in good faith determines that the withholding
of such notice is in the interests of the Holders.

     

    (b)           The
Guarantee Trustee shall not be deemed to have knowledge of any Event of Default
unless the Guarantee Trustee shall have received written notice, or an officer
of the Guarantee Trustee charged with the administration of this Guarantee
Agreement shall have obtained written notice of such Event of
Default.

     

    Section
2.8    Conflicting
Interests.

     

    The
Declaration of Trust and the Indenture shall be deemed to be specifically
described in this Guarantee Agreement for the purposes of clause (i) of the
first proviso contained in Section 310(b) of the Trust Indenture
Act.

     

    ARTICLE III

     

    POWERS,
DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE

     

    Section
3.1    Powers and Duties of the Guarantee
Trustee.

     

    (a)           This
Guarantee Agreement shall be held by the Guarantee Trustee for the benefit of
the Holders, and the Guarantee Trustee shall not transfer this Guarantee
Agreement to any Person except to a Successor Guarantee Trustee on acceptance by
such Successor Guarantee Trustee of its appointment to act as Guarantee Trustee
hereunder.  The right, title and interest of the Guarantee Trustee, as
such, hereunder shall automatically vest in any Successor Guarantee Trustee,
upon acceptance by such Successor Guarantee Trustee of its appointment
hereunder, and such vesting of title shall be effective 

     

     

    
      
        
        

      

      
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    whether
or not conveyancing documents have been executed and delivered pursuant to the
appointment of such Successor Guarantee Trustee.

     

    (b)           If
an Event of Default has occurred and is continuing, the Guarantee Trustee shall
enforce this Guarantee Agreement for the benefit of the Holders.

     

    (c)           The
Guarantee Trustee, before the occurrence of any Event of Default, and after the
curing of all Events of Default that may have occurred, shall undertake to
perform only such duties as are specifically set forth in this Guarantee
Agreement, and no implied covenants shall be read into this Guarantee Agreement
against the Guarantee Trustee.  If an Event of Default has occurred
(that has not been cured or waived pursuant to Section 2.6), the Guarantee
Trustee shall exercise such of the rights and powers vested in it by this
Guarantee Agreement, and use the same degree of care and skill in its exercise
thereof, as a prudent person would exercise or use under the circumstances in
the conduct of his or her own affairs.

     

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

     

    (i)           Prior
to the occurrence of any Event of Default and after the curing or waiving of all
such Events of Default that may have occurred:

     

    (A)           the
duties and obligations of the Guarantee Trustee shall be determined solely by
the express provisions of this Guarantee Agreement (including pursuant to
Section 2.1), and the Guarantee Trustee shall not be liable except for the
performance of such duties and obligations as are specifically set forth in this
Guarantee Agreement; and

     

    (B)           in
the absence of bad faith on the part of the Guarantee Trustee, the Guarantee
Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon any certificates or opinions
furnished to the Guarantee Trustee and conforming to the requirements of this
Guarantee Agreement; but in the case of any such certificates or opinions that
by any provision hereof or of the Trust Indenture Act are specifically required
to be furnished to the Guarantee Trustee, the Guarantee Trustee shall be under a
duty to examine the same to determine whether or not they conform to the
requirements of this Guarantee Agreement.

     

    (ii)           The
Guarantee Trustee shall not be liable for any error of judgment made in good
faith by an officer of the Guarantee Trustee, unless it shall be proved that the
Guarantee Trustee was negligent in ascertaining the pertinent facts upon which
such judgment was made.

     

    (iii)           The
Guarantee Trustee shall not be liable with respect to any action taken or
omitted to be taken by it in good faith in accordance with the direction of the
Holders of not less than a Majority in Liquidation Amount of the Preferred
Securities relating to the time, method and place of conducting any proceeding
for any remedy available to the Guarantee Trustee, or exercising any trust or
power conferred upon the Guarantee Trustee under this Guarantee
Agreement.

     

    (iv)           No
provision of this Guarantee Agreement shall require the Guarantee Trustee to
expend or risk its own funds or otherwise incur personal financial liability in
the performance of any of its duties or in the exercise of any of its rights or
powers if the Guarantee Trustee shall have reasonable grounds for believing that
the repayment of such funds or liability 

     

     

    
      
        
        

      

      
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    is not
assured to it under the terms of this Guarantee Agreement or adequate indemnity
against such risk or liability is not reasonably assured to it.

     

    Section
3.2    Certain Rights of Guarantee
Trustee.

     

    (a)           Subject
to the provisions of Section 3.1:

     

    (i)           The
Guarantee Trustee may rely and shall be fully protected in acting or refraining
from acting upon any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond, debenture, note, other
evidence of indebtedness or other paper or document reasonably believed by it to
be genuine and to have been signed, sent or presented by the proper party or
parties.

     

    (ii)           Any
direction or act of the Guarantor contemplated by this Guarantee Agreement shall
be sufficiently evidenced by an Officers’ Certificate unless otherwise
prescribed herein.

     

    (iii)           Whenever,
in the administration of this Guarantee Agreement, the Guarantee Trustee shall
deem it desirable that a matter be proved or established before taking,
suffering or omitting to take any action hereunder, the Guarantee Trustee
(unless other evidence is herein specifically prescribed) may, in the absence of
bad faith on its part, request and rely upon an Officers’ Certificate which,
upon receipt of such request from the Guarantee Trustee, shall be promptly
delivered by the Guarantor.

     

    (iv)           The
Guarantee Trustee may consult with legal counsel, and the written advice or
opinion of such legal counsel with respect to legal matters shall be full and
complete authorization and protection in respect of any action taken, suffered
or omitted to be taken by it hereunder in good faith and in accordance with such
advice or opinion.  Such legal counsel may be legal counsel to the
Guarantor or any of its Affiliates and may be one of its
employees.  The Guarantee Trustee shall have the right at any time to
seek instructions concerning the administration of this Guarantee Agreement from
any court of competent jurisdiction.

     

    (v)           The
Guarantee Trustee shall be under no obligation to exercise any of the rights or
powers vested in it by this Guarantee Agreement at the request or direction of
any Holder unless such Holder shall have provided to the Guarantee Trustee such
adequate security and indemnity as would satisfy a reasonable person in the
position of the Guarantee Trustee against the costs, expenses (including
attorneys’ fees and expenses) and liabilities that might be incurred by it in
complying with such request or direction, including such reasonable advances as
may be requested by the Guarantee Trustee; provided that nothing contained in this
Section 3.2(a)(v) shall be taken to relieve the Guarantee Trustee, upon the
occurrence of an Event of Default, of its obligation to exercise the rights and
powers vested in it by this Guarantee Agreement.

     

    (vi)           The
Guarantee Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond, debenture, note, other
evidence of indebtedness or other paper or document, but the Guarantee Trustee,
in its discretion, may make such further inquiry or investigation into such
facts or matters as it may see fit.

     

    (vii)           The
Guarantee Trustee may execute any of the trusts or powers hereunder or perform
any duties hereunder either directly or by or through its agents or attorneys,

     

     

    
      
        
        

      

      
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    and the
Guarantee Trustee shall not be responsible for any misconduct or negligence on
the part of any such agent or attorney appointed by it with due care
hereunder.

     

    (viii)           Whenever
in the administration of this Guarantee Agreement the Guarantee Trustee shall
deem it desirable to receive instructions with respect to enforcing any remedy
or right or taking any other action hereunder, the Guarantee Trustee
(A) may request instructions from the Holders, (B) may refrain from
enforcing such remedy or right or taking such other action until such
instructions are received, and (C) shall be protected in acting in
accordance with such instructions.

     

    (b)           No
provision of this Guarantee Agreement shall be deemed to impose any duty or
obligation on the Guarantee Trustee to perform any act or acts or exercise any
right, power, duty or obligation conferred or imposed on it in any jurisdiction
in which it shall be illegal, or in which the Guarantee Trustee shall be
unqualified or incompetent in accordance with applicable law, to perform any
such act or acts or to exercise any such right, power, duty or
obligation.  No permissive power or authority available to the
Guarantee Trustee shall be construed to be a duty to act in accordance with such
power and authority.

     

    Section
3.3    Compensation; Indemnity; Fees.

     

    The
Guarantor agrees:

     

    (a)           to
pay to the Guarantee Trustee from time to time such reasonable compensation for
all services rendered by it hereunder as may be agreed by the Guarantor and the
Guarantee Trustee from time to time (which compensation shall not be limited by
any provision of law in regard to the compensation of a trustee of an express
trust);

     

    (b)           except
as otherwise expressly provided herein, to reimburse the Guarantee Trustee upon
request for all reasonable expenses, disbursements and advances incurred or made
by the Guarantee Trustee in accordance with any provision of this Guarantee
Agreement (including the reasonable compensation and the expenses and
disbursements of its agents and counsel), except any such expense, disbursement
or advance as may be attributable to its negligence or willful misconduct;
and

     

    (c)           to
indemnify the Guarantee Trustee and its directors, officers, employees and
agents (collectively with the Guarantee Trustee, the “Indemnitees”) for, and to hold them harmless
against, any loss, liability or expense, including without limitation, damages,
fines, suits, actions, demands, penalties, costs, out-of-pocket or incidental
expenses, reasonable legal fees and expenses and the costs and expenses of
defending or preparing to defend against any claim (collectively, “Losses”), that may be imposed on or incurred
by any Indemnitee for or in respect of the Guarantee Trustee’s
(i) execution and delivery of this Guarantee Agreement,
(ii) compliance or attempted compliance with or reliance upon any
instruction or other direction upon which the Guarantee Trustee is authorized to
rely pursuant to the terms of this Guarantee Agreement and
(iii) performance under this Guarantee Agreement, except in each case to
the extent that the Loss resulted from the Guarantee Trustee’s or such
Indemnitee’s negligence or willful misconduct.  The provisions of this
Section shall survive the termination of the Guarantee Agreement and the
resignation or removal of the Guarantee Trustee for any reason.  The
Guarantee Trustee will not claim or exact any lien or charge on any Guarantee
Payments as a result of any amount due to it under this Guarantee
Agreement.

     

     

    
      
        
        

      

      
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    ARTICLE IV

     

    GUARANTEE
TRUSTEE

     

    Section
4.1    Guarantee Trustee; Eligibility.

     

    (a)           There
shall at all times be a Guarantee Trustee which shall:

     

    (i)           not
be an Affiliate of the Guarantor; and

     

    (ii)          be
a Person that is eligible pursuant to the Trust Indenture Act to act as such and
has a combined capital and surplus of at least $50,000,000, and shall be a
corporation meeting the requirements of Section 310(a) of the Trust
Indenture Act.  If such corporation publishes reports of condition at
least annually, pursuant to law or to the requirements of its supervising or
examining authority, then, for the purposes of this Section 4.1 and to the
extent permitted by the Trust Indenture Act, the combined capital and surplus of
such corporation shall be deemed to be its combined capital and surplus as set
forth in its most recent report of condition so published.

     

    (b)           If
at any time the Guarantee Trustee shall cease to be eligible to so act under
Section 4.1(a), the Guarantee Trustee shall immediately resign in the
manner and with the effect set out in Section 4.2.

     

    (c)           If
the Guarantee Trustee has or shall acquire any “conflicting interest” within the
meaning of Section 310(b) of the Trust Indenture Act, the Guarantee Trustee
and Guarantor shall in all respects comply with the provisions of
Section 310(b) of the Trust Indenture Act.

     

    Section
4.2    Appointment, Removal and Resignation of the Guarantee
Trustee.

     

    (a)           Subject
to Section 4.2(b), the Guarantee Trustee may be appointed or removed (i) at
any time by the action of the Holders of a Majority in Liquidation Amount of
Preferred Securities delivered to the Guarantee Trustee and (ii) by the
Guarantor (A) for cause or (B) if a Debenture Event of Default (as defined in
the Declaration of Trust) shall have occurred and be continuing at any
time.

     

    (b)           The
Guarantee Trustee shall not be removed until a Successor Guarantee Trustee has
been appointed and has accepted such appointment by written instrument executed
by such Successor Guarantee Trustee and delivered to the Guarantor.

     

    (c)           The
Guarantee Trustee appointed hereunder shall hold office until a Successor
Guarantee Trustee shall have been appointed or until its removal or
resignation.  The Guarantee Trustee may resign from office (without
need for prior or subsequent accounting) by an instrument in writing executed by
the Guarantee Trustee and delivered to the Guarantor and the Holders, which
resignation shall not take effect until a Successor Guarantee Trustee has been
appointed and has accepted such appointment by instrument in writing executed by
such Successor Guarantee Trustee and delivered to the Guarantor and the
resigning Guarantee Trustee.

     

    (d)           If
no Successor Guarantee Trustee shall have been appointed and accepted
appointment as provided in this Section 4.2 within 60 days after delivery
to the Guarantor and the Holders of an instrument of resignation, the resigning
Guarantee Trustee may petition, at the expense of the Guarantor, any court of
competent jurisdiction for appointment of a Successor Guarantee
Trustee.  Such 

     

     

    
      
        
        

      

      
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    court may
thereupon, after prescribing such notice, if any, as it may deem proper, appoint
a Successor Guarantee Trustee.

     

    ARTICLE V

     

    GUARANTEE

     

    Section
5.1    Guarantee.

     

    The
Guarantor irrevocably and unconditionally agrees to pay in full to the Holders
the Guarantee Payments (subject to the limitations contained in the definition
of that term) (without duplication of amounts theretofore paid by or on behalf
of the Issuer Trust), as and when due, regardless of any defense, right of
set-off or counterclaim which the Issuer Trust may have or assert, except the
defense of payment.  The Guarantor’s obligation to make a Guarantee
Payment may be satisfied by direct payment of the required amounts by the
Guarantor to the Holders or by causing the Issuer Trust to pay such amounts to
the Holders.

     

    Section
5.2    Waiver of Notice and Demand.

     

    The
Guarantor hereby waives notice of acceptance of this Guarantee Agreement and of
any liability to which it applies or may apply, presentment, demand for payment,
any right to require a proceeding first against the Guarantee Trustee, the
Issuer Trust or any other Person before proceeding against the Guarantor,
protest, notice of nonpayment, notice of dishonor, notice of redemption and all
other notices and demands.

     

    Section
5.3    Obligations Not Affected.

     

    The
obligations, covenants, agreements and duties of the Guarantor under this
Guarantee Agreement shall in no way be affected or impaired by reason of the
happening from time to time of any of the following:

     

    (a)           the
release or waiver, by operation of law or otherwise, of the performance or
observance by the Issuer Trust of any express or implied agreement, covenant,
term or condition relating to the Preferred Securities to be performed or
observed by the Issuer Trust;

     

    (b)           the
extension of time for the payment by the Issuer Trust of all or any portion of
the Distributions (other than an extension of time for payment of Distributions
that results from the extension of any interest payment period on the Debentures
as provided in the Indenture), Redemption Price, Liquidation Distribution or any
other sums payable under the terms of the Preferred Securities or the extension
of time for the performance of any other obligation under, arising out of, or in
connection with, the Preferred Securities;

     

    (c)           any
failure, omission, delay or lack of diligence on the part of the Holders to
enforce, assert or exercise any right, privilege, power or remedy conferred on
the Holders pursuant to the terms of the Preferred Securities, or any action on
the part of the Issuer Trust granting indulgence or extension of any
kind;

     

    (d)           the
voluntary or involuntary liquidation, dissolution, receivership, insolvency,
bankruptcy, assignment for the benefit of creditors, reorganization,
arrangement, composition or readjustment of debt of, or other similar
proceedings affecting, the Issuer Trust or any of the assets of the Issuer
Trust;

     

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

       

    

    (e)           any
invalidity of, or defect or deficiency in, the Preferred
Securities;

     

    (f)           the
settlement or compromise of any obligation guaranteed hereby or hereby incurred;
or

     

    (g)           any
other circumstance whatsoever that might otherwise constitute a legal or
equitable discharge or defense of a guarantor (other than payment of the
underlying obligation), it being the intent of this Section 5.3 that the
obligations of the Guarantor hereunder shall be absolute and unconditional under
any and all circumstances.

     

    There
shall be no obligation of the Holders to give notice to, or obtain the consent
of, the Guarantor with respect to the happening of any of the
foregoing.

     

    Section
5.4    Rights of Holders.

     

    The
Guarantor expressly acknowledges that:  (i) this Guarantee
Agreement will be deposited with the Guarantee Trustee to be held for the
benefit of the Holders; (ii) the Guarantee Trustee has the right to enforce
this Guarantee Agreement on behalf of the Holders; (iii) the Holders of a
Majority in Liquidation Amount of the Preferred Securities have the right to
direct the time, method and place of conducting any proceeding for any remedy
available to the Guarantee Trustee in respect of this Guarantee Agreement or
exercising any trust or power conferred upon the Guarantee Trustee under this
Guarantee Agreement; and (iv) any Holder may institute a legal proceeding
directly against the Guarantor to enforce its rights under this Guarantee
Agreement without first instituting a legal proceeding against the Guarantee
Trustee, the Issuer Trust or any other Person.

     

    Section
5.5    Guarantee of Payment.

     

    This
Guarantee Agreement creates a guarantee of payment and not of
collection.  This Guarantee Agreement will not be discharged except by
payment of the Guarantee Payments in full (without duplication of amounts
theretofore paid by the Issuer Trust) or upon the distribution of Debentures to
Holders as provided in the Declaration of Trust.

     

    Section
5.6    Subrogation.

     

    The
Guarantor shall be subrogated to all rights (if any) of the Holders against the
Issuer Trust in respect of any amounts paid to the Holders by the Guarantor
under this Guarantee Agreement; provided, however, that the Guarantor
shall not (except to the extent required by mandatory provisions of law) be
entitled to enforce or exercise any rights which it may acquire by way of
subrogation or any indemnity, reimbursement or other agreement, in all cases as
a result of payment under this Guarantee Agreement, if, at the time of any such
payment, any amounts are due and unpaid under this Guarantee
Agreement.  If any amount shall be paid to the Guarantor in violation
of the preceding sentence, the Guarantor agrees to hold such amount in trust for
the Holders and to pay over such amount to the Holders.

     

    Section
5.7    Independent Obligations.

     

    The
Guarantor acknowledges that its obligations hereunder are independent of the
obligations of the Issuer Trust with respect to the Preferred Securities and
that the Guarantor shall be liable as principal and as debtor hereunder to make
Guarantee Payments pursuant to the terms of this Guarantee Agreement
notwithstanding the occurrence of any event referred to in subsections (a)
through (g), inclusive, of Section 5.3 hereof.

     

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

       

    

    ARTICLE VI

     

    COVENANTS
AND SUBORDINATION

     

    Section
6.1    Subordination.

     

    The
obligations of the Guarantor under this Guarantee Agreement will constitute
unsecured obligations of the Guarantor and will rank subordinate and junior in
right of payment to all Senior Debt (as defined in the Indenture) of the
Guarantor to the extent and in the manner set forth in the Indenture with
respect to the Debentures, and the provisions of Article XIII of the
Indenture will apply,  mutatis mutandis, to the obligations of the
Guarantor hereunder.  The obligations of the Guarantor hereunder do
not constitute Senior Debt of the Guarantor.

     

    Section
6.2    Pari Passu Guarantees.

     

    The
obligations of the Guarantor under this Guarantee Agreement shall rank pari passu with the
obligations of the Guarantor under any other security, guarantee or other
agreement that is expressly stated to rank pari passu with the
obligations of the Guarantor under this Guarantee Agreement and which includes
the obligations of the Guarantor under (i) the Indenture, (ii) the Securities,
and (iii) the Expense Agreement (as defined in the Declaration of
Trust).

     

    ARTICLE VII

     

    TERMINATION

     

    Section
7.1    Termination.

     

    This
Guarantee Agreement shall terminate and be of no further force and effect upon
(i) full payment of the Redemption Price (as defined in the Declaration of
Trust) of all Preferred Securities, (ii) the distribution of Debentures to
the Holders in exchange for all of the Preferred Securities or (iii) full
payment of the amounts payable in accordance with Article IX of the
Declaration of Trust upon liquidation of the Issuer
Trust.  Notwithstanding the foregoing, this Guarantee Agreement will
continue to be effective or will be reinstated, as the case may be, if at any
time any Holder is required to repay any sums paid with respect to Preferred
Securities or this Guarantee Agreement.

     

    ARTICLE VIII

     

    MISCELLANEOUS

     

    Section
8.1    Successors and Assigns.

     

    All
guarantees and agreements contained in this Guarantee Agreement shall bind the
successors, assigns, receivers, trustees and representatives of the Guarantor
and shall inure to the benefit of the Holders of the Preferred Securities then
outstanding.  Except in connection with a consolidation, merger or
sale involving the Guarantor that is permitted under Article VIII of the
Indenture and pursuant to which the successor or assignee agrees in writing to
perform the Guarantor’s obligations hereunder, the Guarantor shall not assign
its obligations hereunder, and any purported assignment other than in accordance
with this provision shall be void.

     

     

    
      
        
        

      

      
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    Section
8.2    Amendments.

     

    Except
with respect to any changes that do not adversely affect the rights of the
Holders in any material respect (in which case no consent of the Holders will be
required), this Guarantee Agreement may only be amended with the prior approval
of the Holders of not less than a Majority in Liquidation Amount of the
Preferred Securities.  The provisions of Article VI of the
Declaration of Trust concerning meetings of the Holders shall apply to the
giving of such approval.

     

    Section
8.3    Notices.

     

    Any
notice, request or other communication required or permitted to be given
hereunder shall be in writing, duly signed by the party giving such notice, and
delivered, telecopied or mailed by first class mail as follows:

     

    (a)           if
given to the Guarantor, to the address or facsimile number set forth below or
such other address or facsimile number as the Guarantor may give notice to the
Guarantee Trustee and the Holders:

     

    PrivateBancorp,
Inc.

    70 West
Madison, Suite 900,

    Chicago,
Illinois 60602

    Facsimile
No.:  312/683-7111

    Attention:  General
Counsel

     

    (b)           if
given to the Guarantee Trustee, at the address or facsimile number set forth
below or such other address or facsimile number as the Guarantee Trustee may
give notice to the Guarantor and the Holders:

     

    Wilmington
Trust Company

    Rodney
Square North,

    1100
North Market Street,

    Wilmington,
Delaware 19801

    Facsimile
No.:  302/636-4145

    Attention:
Corporate Trust Administration

     

    (c)           if
given to any Holder, at the address set forth on the books and records of the
Issuer Trust.

     

    All
notices hereunder shall be deemed to have been given when received in person,
telecopied with receipt confirmed, or mailed by first class mail, postage
prepaid, except that if a notice or other document is refused delivery or cannot
be delivered because of a changed address of which no notice was given, such
notice or other document shall be deemed to have been delivered on the date of
such refusal or inability to deliver.

     

    Section
8.4    Benefit.

     

    This
Guarantee Agreement is solely for the benefit of the Holders and is not
separately transferable from the Preferred Securities.

     

     

    
      
        
        

      

      
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    Section
8.5    Governing Law.

     

    THIS
GUARANTEE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS.

     

    Section
8.6    Counterparts.

     

    This
instrument may be executed in any number of counterparts, each of which so
executed shall be deemed to be an original, but all such counterparts shall
together constitute but one and the same instrument.

     

    

    
      
        
           

        

        
          14

          
            

          

        

        
           

        

      

    

    

    IN WITNESS WHEREOF, the
parties hereto have executed this Guarantee Agreement as of the day and year
first above written.

     

    
      
        	 	PRIVATEBANCORP,
      INC.	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Larry
      D. Richman	 
	 	 	Name Larry
      D. Richman  	 
	 	 	Title President
      and Chief Executive Officer	 
	 	 	 	 

      

    

     

     

    
      
        	 	WILMINGTON TRUST
      COMPANY, as 
Guarantee Trustee	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Michael
      H. Wass	 
	 	 	Name Michael
      H. Wass  	 
	 	 	Title Financial
      Services OfficerEXHIBIT 10.1

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

             J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.,

                                   PURCHASER,

                            JPMORGAN CHASE BANK, N.A.

                                     SELLER

                        MORTGAGE LOAN PURCHASE AGREEMENT

                             Dated as of May 1, 2008

                                  $662,438,813

                            Fixed Rate Mortgage Loans

                                 Series 2008-C2

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

<PAGE>

            This Mortgage Loan Purchase Agreement (this "Agreement"), dated as
of May 1, 2008, is between J.P. Morgan Chase Commercial Mortgage Securities
Corp., as purchaser (the "Purchaser"), and JPMorgan Chase Bank, N.A., as seller
(the "Seller").

            Capitalized terms used in this Agreement not defined herein shall
have the meanings ascribed to them in the pooling and servicing agreement, dated
as of May 1, 2008 (the "Pooling and Servicing Agreement"), among the Purchaser,
as depositor (the "Depositor"), Midland Loan Services, Inc. and Wells Fargo
Bank, N.A. (each, a "Master Servicer"), CWCapital Investments LLC, as special
servicer (the "Special Servicer"), and LaSalle Bank National Association, as
trustee (in such capacity, the "Trustee") and as paying agent (in such capacity,
the "Paying Agent"), pursuant to which the Purchaser will sell the Mortgage
Loans (as defined herein) to a trust fund and certificates representing
ownership interests in the Mortgage Loans will be issued by the trust fund. For
purposes of this Agreement, the term "Mortgage Loans" refers to the mortgage
loans listed on Exhibit A and the term "Mortgaged Properties" refers to the
properties securing such Mortgage Loans.

            The Purchaser and the Seller wish to prescribe the manner of sale of
the Mortgage Loans from the Seller to the Purchaser and in consideration of the
premises and the mutual agreements hereinafter set forth, agree as follows:

            SECTION 1. Sale and Conveyance of Mortgages; Possession of Mortgage
File. Effective as of the Closing Date and upon receipt of the purchase price
set forth in the immediately succeeding paragraph, the Seller does hereby sell,
transfer, assign, set over and convey to the Purchaser, without recourse, all of
its right, title, and interest (subject to certain agreements regarding
servicing as provided in the Pooling and Servicing Agreement, subservicing
agreements permitted thereunder and that certain Servicing Rights Purchase
Agreement, dated as of the Closing Date between the applicable Master Servicer
and the Seller) in and to the Mortgage Loans described in Exhibit A, including
all interest and principal received on or with respect to such Mortgage Loans
after the Cut-off Date (other than payments of principal and interest first due
on the Mortgage Loans on or before the Cut-off Date). Upon the sale of the
Mortgage Loans, the ownership of each related Mortgage Note, the Mortgage and
the other contents of the related Mortgage File will be vested in the Purchaser
and immediately thereafter the Trustee and the ownership of records and
documents with respect to the related Mortgage Loan prepared by or which come
into the possession of the Seller (other than the records and documents
described in the proviso to Section 3(a) hereof) shall immediately vest in the
Purchaser and immediately thereafter the Trustee. The Seller's records will
accurately reflect the sale of each such Mortgage Loan to the Purchaser. The
Depositor will sell the Class A-1, Class A-2, Class A-3, Class A-4, Class A-4FL,
Class A-SB, Class A-1A, Class X, Class A-M and Class A-J Certificates (the
"Offered Certificates") to the underwriters specified in the underwriting
agreement, dated April 30, 2008 (the "Underwriting Agreement"), between the
Depositor and J.P. Morgan Securities Inc. ("JPMSI") for itself and as
representative of CIBC World Markets Corp. and PNC Capital Markets LLC
(collectively with JPMSI, the "Underwriters"), and the Depositor will sell the
Class B, Class C, Class D Class E, Class F, Class G, Class H, Class J, Class K,
Class L, Class M, Class N, Class P, Class Q, Class T and Class NR Certificates
(the "Private Certificates") to JPMSI, as the initial purchaser (together with
the Underwriters, the "Dealers") specified in the certificate purchase
agreement, dated May 2, 2008 (the "Certificate Purchase Agreement"), between the
Depositor and JPMSI.

            The sale and conveyance of the Mortgage Loans is being conducted on
an arms-length basis and upon commercially reasonable terms. As the purchase
price for the Mortgage Loans, the Purchaser shall pay to the Seller or at the
Seller's direction $632,688,550.74 (which amount is inclusive of accrued
interest) in immediately available funds minus the Seller's pro rata share of
the costs set forth in Section 9 hereof. The purchase and sale of the Mortgage
Loans shall take place on the Closing Date.

            SECTION 2. Books and Records; Certain Funds Received After the
Cut-off Date. From and after the sale of the Mortgage Loans to the Purchaser,
record title to each Mortgage and the related Mortgage Note shall be transferred
to the Trustee in accordance with this Agreement. Any funds due after the
Cut-off Date in connection with a Mortgage Loan received by the Seller shall be
held in trust for the benefit of the Trustee as the owner of such Mortgage Loan
and shall be transferred promptly to the applicable Master Servicer. All
scheduled payments of principal and interest due on or before the Cut-off Date
but collected after the Cut-off Date, and recoveries of principal and interest
collected on or before the Cut-off Date (only in respect of principal and
interest on the Mortgage Loans due on or before the Cut-off Date and principal
prepayments thereon), shall belong to, and shall be promptly remitted to, the
Seller.

            The transfer of each Mortgage Loan shall be reflected on the
Seller's balance sheets and other financial statements as a sale of such
Mortgage Loan by the Seller to the Purchaser. The Seller intends to treat the
transfer of each Mortgage Loan to the Purchaser as a sale for tax purposes.

            The transfer of each Mortgage Loan shall be reflected on the
Purchaser's balance sheets and other financial statements as a purchase of such
Mortgage Loan by the Purchaser from the Seller. The Purchaser intends to treat
the transfer of each Mortgage Loan from the Seller as a purchase for tax
purposes.

            SECTION 3. Delivery of Mortgage Loan Documents; Additional Costs and
Expenses. (a) The Purchaser hereby directs the Seller, and the Seller hereby
agrees, upon the transfer of the Mortgage Loans contemplated herein, to deliver
on the Closing Date to the Trustee or a Custodian appointed thereby, all
documents, instruments and agreements required to be delivered by the Purchaser
to the Trustee with respect to the Mortgage Loans under Sections 2.01(b) and (c)
of the Pooling and Servicing Agreement, and meeting all the requirements of such
Sections 2.01(b) and (c), and such other documents, instruments and agreements
as the Purchaser or the Trustee shall reasonably request and which are in the
Seller's possession or under the Seller's control. In addition, the Seller
agrees to deliver or cause to be delivered to the applicable Master Servicer,
the Servicing File for each Mortgage Loan transferred pursuant to this
Agreement; provided that the Seller shall not be required to deliver any draft
documents, or any attorney client communications which are privileged
communications or constitute legal or other due diligence analyses, or internal
communications of the Seller or its affiliates, or credit underwriting or other
analyses or data.

            (b) With respect to the transfer described in Section 1 hereof, if
the Mortgage Loan documents do not require the related Mortgagor to pay any
costs and expenses relating to any modifications to a related letter of credit
which modifications are required to effectuate such transfer (the "Transfer
Modification Costs"), then the Seller shall pay the Transfer Modification Costs
required to transfer the letter of credit to the Trustee as described in such
Section 1; provided that if the Mortgage Loan documents require the related
Mortgagor to pay any Transfer Modification Costs, such Transfer Modification
Costs shall be an expense of the Mortgagor unless such Mortgagor fails to pay
such Transfer Modification Costs after the applicable Master Servicer,
consistent with its obligations under the Pooling and Servicing Agreement, has
exercised reasonable efforts to collect such Transfer Modification Costs from
such Mortgagor, in which case the applicable Master Servicer shall give the
Seller notice of such failure and the amount of such Transfer Modification costs
and the Seller shall pay such Transfer Modification Costs.

            SECTION 4. Treatment as a Security Agreement. The Seller,
concurrently with the execution and delivery hereof, has conveyed to the
Purchaser, all of its right, title and interest in and to the Mortgage Loans.
The parties intend that such conveyance of the Seller's right, title and
interest in and to such Mortgage Loans pursuant to this Agreement shall
constitute a purchase and sale and not a loan. If such conveyance is deemed to
be a pledge and not a sale, then the parties also intend and agree that the
Seller shall be deemed to have granted, and in such event does hereby grant, to
the Purchaser, a first priority security interest in all of its right, title and
interest in, to and under the Mortgage Loans, all payments of principal or
interest on such Mortgage Loans due after the Cut-off Date, all other payments
made in respect of such Mortgage Loans after the Cut-off Date (except to the
extent such payments were due on or before the Cut-off Date) and all proceeds
thereof and that this Agreement shall constitute a security agreement under
applicable law. If such conveyance is deemed to be a pledge and not a sale, the
Seller consents to the Purchaser hypothecating and transferring such security
interest in favor of the Trustee and transferring the obligation secured thereby
to the Trustee.

            SECTION 5. Covenants of the Seller. The Seller covenants with the
Purchaser as follows:

            (a) it shall record or cause a third party to record in the
appropriate public recording office for real property the intermediate
assignments of the Mortgage Loans and the assignments of Mortgage from such
Seller to the Trustee in connection with the Pooling and Servicing Agreement.
All recording fees relating to the initial recordation of such intermediate
assignments and assignments of Mortgage shall be paid by such Seller;

            (b) it shall take any action reasonably required by the Purchaser,
the Trustee or the applicable Master Servicer, in order to assist and facilitate
in the transfer of the servicing of the Mortgage Loans to the applicable Master
Servicer, including effectuating the transfer of any letters of credit with
respect to any Mortgage Loan to the applicable Master Servicer on behalf of the
Trustee for the benefit of Certificateholders. Prior to the date that a letter
of credit, if any, with respect to any Mortgage Loan is transferred to the
applicable Master Servicer, the Seller will cooperate with the reasonable
requests of the applicable Master Servicer or Special Servicer, as applicable,
in connection with effectuating a draw under such letter of credit as required
under the terms of the related Mortgage Loan documents; and

            (c) if, during such period of time after the first date of the
public offering of the Offered Certificates as in the opinion of counsel for the
Underwriters, a prospectus relating to the Offered Certificates is required by
applicable law to be delivered in connection with sales thereof by an
Underwriter or a Dealer, any event shall occur as a result of which it is
necessary to amend or supplement the Prospectus Supplement, including Annex A-1,
A-2 and A-3 thereto and the Diskette included therewith, with respect to any
information relating to the Mortgage Loans or such Seller, in order to make the
statements therein, in the light of the circumstances when the Prospectus
Supplement is so amended or supplemented and delivered to a purchaser, not
misleading, or if it is necessary to amend or supplement the Prospectus
Supplement, including Annex A-1, A-2 and A-3 thereto and the Diskette included
therewith, with respect to any information relating to the Mortgage Loans or
such Seller, to comply with applicable law, the Seller shall do all things
necessary to assist the Depositor to prepare and furnish, at the expense of the
Seller (to the extent that such amendment or supplement relates to the Seller,
the Mortgage Loans listed on Exhibit A and/or any information relating to the
same, as provided by the Seller), to the Underwriters such amendments or
supplements to the Prospectus Supplement as may be necessary, so that the
statements in the Prospectus Supplement as so amended or supplemented, including
Annex A-1, A-2 and A-3 thereto and the Diskette included therewith, with respect
to any information relating to the Mortgage Loans or such Seller, will not, in
the light of the circumstances when the Prospectus is delivered to a purchaser,
be misleading or so that the Prospectus Supplement as so amended or
supplemented, including Annex A-1, A-2 and A-3 thereto and the Diskette included
therewith, with respect to any information relating to the Mortgage Loans or the
Seller, will comply with applicable law. All terms used in this clause (c) and
not otherwise defined herein shall have the meaning set forth in the
Indemnification Agreement, dated as of April 30, 2008 between the Purchaser and
the Seller (the "Indemnification Agreement").

            SECTION 6. Representations and Warranties.

            (a) The Seller represents and warrants to the Purchaser as of the
Closing Date that:

                  (i) it is a national banking association, duly organized,
      validly existing, and in good standing under the laws of the United
      States;

                  (ii) it has the power and authority to own its property and to
      carry on its business as now conducted;

                  (iii) it has the power to execute, deliver and perform this
      Agreement;

                  (iv) it is legally authorized to transact business in the
      United States of America. Such Seller is in compliance with the laws of
      each state in which any Mortgaged Property is located to the extent
      necessary so that a subsequent holder of the related Mortgage Loan
      (including, without limitation, the Purchaser) that is in compliance with
      the laws of such state would not be prohibited from enforcing such
      Mortgage Loan solely by reason of any non-compliance by the Seller;

                  (v) the execution, delivery and performance of this Agreement
      by such Seller has been duly authorized by all requisite action by such
      Seller's board of directors and will not violate or breach any provision
      of its organizational documents;

                  (vi) this Agreement has been duly executed and delivered by
      such Seller and constitutes a legal, valid and binding obligation of such
      Seller, enforceable against it in accordance with its terms (except as
      enforcement thereof may be limited by bankruptcy, receivership,
      conservatorship, reorganization, insolvency, moratorium or other laws
      affecting the enforcement of creditors' rights generally and by general
      equitable principles regardless of whether enforcement is considered in a
      proceeding in equity or at law);

                  (vii) there are no legal or governmental proceedings pending
      to which such Seller is a party or of which any property of such Seller is
      the subject which, if determined adversely to such Seller, would
      reasonably be expected to adversely affect (A) the transfer of the
      Mortgage Loans and the Mortgage Loan documents as contemplated herein, (B)
      the execution and delivery by such Seller or enforceability against such
      Seller of the Mortgage Loans or this Agreement, or (C) the performance of
      such Seller's obligations hereunder;

                  (viii) it has no actual knowledge that any statement, report,
      officer's certificate or other document prepared and furnished or to be
      furnished by such Seller in connection with the transactions contemplated
      hereby (including, without limitation, any financial cash flow models and
      underwriting file abstracts furnished by such Seller) contains any untrue
      statement of a material fact or omits to state a material fact necessary
      in order to make the statements contained therein, in the light of the
      circumstances under which they were made, not misleading;

                  (ix) it is not, nor with the giving of notice or lapse of time
      or both would be, in violation of or in default under any indenture,
      mortgage, deed of trust, loan agreement or other agreement or instrument
      to which it is a party or by which it or any of its properties is bound,
      except for violations and defaults which individually and in the aggregate
      would not have a material adverse effect on the transactions contemplated
      herein; the sale of the Mortgage Loans and the performance by such Seller
      of all of its obligations under this Agreement and the consummation by
      such Seller of the transactions herein contemplated do not conflict with
      or result in a breach of any of the terms or provisions of, or constitute
      a default under, any material indenture, mortgage, deed of trust, loan
      agreement or other agreement or instrument to which such Seller is a party
      or by which such Seller is bound or to which any of the property or assets
      of such Seller is subject, nor does any such action result in any
      violation of the provisions of any applicable law or statute or any order,
      rule or regulation of any court or governmental agency or body having
      jurisdiction over such Seller, or any of its properties, except for
      conflicts, breaches, defaults and violations which individually and in the
      aggregate would not have a material adverse effect on the transactions
      contemplated herein; and no consent, approval, authorization, order,
      license, registration or qualification of or with any such court or
      governmental agency or body is required for the consummation by such
      Seller of the transactions contemplated by this Agreement, other than any
      consent, approval, authorization, order, license, registration or
      qualification that has been obtained or made;

                  (x) it has either (A) not dealt with any Person (other than
      the Purchaser or the Dealers or their respective affiliates or any
      servicer of a Mortgage Loan) that may be entitled to any commission or
      compensation in connection with the sale or purchase of the Mortgage Loans
      or entering into this Agreement or (B) paid in full any such commission or
      compensation (except with respect to any servicer of a Mortgage Loan, any
      commission or compensation that may be due and payable to such servicer if
      such servicer is terminated and does not continue to act as a servicer);

                  (xi) it is solvent and the sale of the Mortgage Loans
      hereunder will not cause it to become insolvent; and the sale of the
      Mortgage Loans is not undertaken with the intent to hinder, delay or
      defraud any of such Seller's creditors; and

                  (xii) for so long as the Trust is subject to the reporting
      requirements of the Exchange Act, such Seller shall provide the Purchaser
      (or with respect to any Companion Loan that is deposited into an Other
      Securitization, the depositor in such Other Securitization) and the Paying
      Agent with any Additional Form 10-D Disclosure and any Additional Form
      10-K Disclosure which the Purchaser is required to provide with respect to
      such Seller in its capacity as a "sponsor" pursuant to Exhibit Y and
      Exhibit Z of the Pooling and Servicing Agreement within the time periods
      set forth in the Pooling and Servicing Agreement.

            (b) The Purchaser represents and warrants to the Seller as of the
Closing Date that:

                  (i) it is a corporation duly organized, validly existing, and
      in good standing in the State of Delaware;

                  (ii) it is duly qualified as a foreign corporation in good
      standing in all jurisdictions in which ownership or lease of its property
      or the conduct of its business requires such qualification, except where
      the failure to be so qualified would not have a material adverse effect on
      the Purchaser, and the Purchaser is conducting its business so as to
      comply in all material respects with the applicable statutes, ordinances,
      rules and regulations of each jurisdiction in which it is conducting
      business;

                  (iii) it has the power and authority to own its property and
      to carry on its business as now conducted;

                  (iv) it has the power to execute, deliver and perform this
      Agreement, and neither the execution and delivery by the Purchaser of this
      Agreement, nor the consummation by the Purchaser of the transactions
      herein contemplated, nor the compliance by the Purchaser with the
      provisions hereof, will (A) conflict with or result in a breach of, or
      constitute a default under, any of the provisions of the certificate of
      incorporation or by-laws of the Purchaser or any of the provisions of any
      law, governmental rule, regulation, judgment, decree or order binding on
      the Purchaser or any of its properties, or any indenture, mortgage,
      contract or other instrument to which the Purchaser is a party or by which
      it is bound, or (B) result in the creation or imposition of any lien,
      charge or encumbrance upon any of the Purchaser's property pursuant to the
      terms of any such indenture, mortgage, contract or other instrument;

                  (v) this Agreement constitutes a legal, valid and binding
      obligation of the Purchaser enforceable against it in accordance with its
      terms (except as enforcement thereof may be limited by (a) bankruptcy,
      receivership, conservatorship, reorganization, insolvency, moratorium or
      other laws affecting the enforcement of creditors' rights generally and
      (b) general equitable principles (regardless of whether enforcement is
      considered in a proceeding in equity or law));

                  (vi) there are no legal or governmental proceedings pending to
      which the Purchaser is a party or of which any property of the Purchaser
      is the subject which, if determined adversely to the Purchaser, might
      interfere with or adversely affect the consummation of the transactions
      contemplated herein and in the Pooling and Servicing Agreement; to the
      best of the Purchaser's knowledge, no such proceedings are threatened or
      contemplated by governmental authorities or threatened by others;

                  (vii) it is not in default with respect to any order or decree
      of any court or any order, regulation or demand of any federal, state
      municipal or governmental agency, which default might have consequences
      that would materially and adversely affect the condition (financial or
      other) or operations of the Purchaser or its properties or might have
      consequences that would materially and adversely affect its performance
      hereunder;

                  (viii) it has not dealt with any broker, investment banker,
      agent or other person, other than the Seller, the Dealers and their
      respective affiliates, that may be entitled to any commission or
      compensation in connection with the sale or purchase of the Mortgage Loans
      or the consummation of any of the transactions contemplated hereby;

                  (ix) all consents, approvals, authorizations, orders or
      filings of or with any court or governmental agency or body, if any,
      required for the execution, delivery and performance of this Agreement by
      the Purchaser have been obtained or made; and

                  (x) it has not intentionally violated any provisions of the
      United States Bank Secrecy Act, the United States Money Laundering Control
      Act of 1986 or the United States International Money Laundering Abatement
      and Anti-Terrorism Financing Act of 2001.

            (c) The Seller further makes the representations and warranties as
to the Mortgage Loans set forth in Exhibit B as of the Closing Date (or as of
such other date specifically provided in the particular representation or
warranty, if any), which representations and warranties are subject to the
exceptions thereto set forth in Exhibit C. Neither the delivery by the Seller of
the Mortgage Files, Servicing Files, or any other documents required to be
delivered under Section 2.01 of the Pooling and Servicing Agreement, nor the
review thereof or any other due diligence by the Trustee, applicable Master
Servicer, Special Servicer, a Certificate Owner or any other Person shall
relieve the Seller of any liability or obligation with respect to any
representation or warranty or otherwise under this Agreement or constitute
notice to any Person of a Breach or Defect.

            (d) Pursuant to this Agreement or Section 2.03(b) of the Pooling and
Servicing Agreement, the Seller and the Purchaser shall be given notice of any
Breach or Defect that materially and adversely affects the value of a Mortgage
Loan, the value of the related Mortgaged Property or the interests of the
Trustee or any Certificateholder therein.

            (e) Upon notice pursuant to Section 6(d) above, the Seller shall,
not later than 90 days from the earlier of the Seller's receipt of the notice
or, in the case of a Defect or Breach relating to a Mortgage Loan not being a
"qualified mortgage" within the meaning of Section 860G(a)(3) of the Code, but
without regard to the rule of Treasury Regulations Section 1.860G-2(f)(2) that
causes a defective mortgage loan to be treated as a qualified mortgage, the
Seller's discovery of such Breach or Defect (the "Initial Resolution Period"),
(i) cure such Defect or Breach, as the case may be, in all material respects,
(ii) repurchase the affected Mortgage Loan at the applicable Repurchase Price
(as defined below) or (iii) substitute a Qualified Substitute Mortgage Loan (as
defined below) for such affected Mortgage Loan (provided that in no event shall
any such substitution occur later than the second anniversary of the Closing
Date) and pay the applicable Master Servicer for deposit into the Certificate
Account, any Substitution Shortfall Amount (as defined below) in connection
therewith; provided, however, that if such Breach or Defect is capable of being
cured but is not cured within the Initial Resolution Period, and the Seller has
commenced and is diligently proceeding with the cure of such Breach or Defect
within the Initial Resolution Period, the Seller shall have an additional 90
days commencing immediately upon the expiration of the Initial Resolution Period
(the "Extended Resolution Period") to complete such cure (or, failing such cure,
to repurchase the related Mortgage Loan or substitute a Qualified Substitute
Mortgage Loan as described above); and provided, further, that with respect to
the Extended Resolution Period the Seller shall have delivered an officer's
certificate to the applicable Master Servicer and the Trustee setting forth the
reason such Breach or Defect is not capable of being cured within the Initial
Resolution Period and what actions the Seller is pursuing in connection with the
cure thereof and stating that the Seller anticipates that such Breach or Defect
will be cured within the Extended Resolution Period. Notwithstanding the
foregoing, any Defect or Breach which causes any Mortgage Loan not to be a
"qualified mortgage" (within the meaning of Section 860G(a)(3) of the Code,
without regard to the rule of Treasury Regulations Section 1.860G-2(f)(2) which
causes a defective mortgage loan to be treated as a qualified mortgage) shall be
deemed to materially and adversely affect the interests of the holders of the
Certificates therein, and such Mortgage Loan shall be repurchased or a Qualified
Substitute Mortgage Loan substituted in lieu thereof without regard to the
extended cure period described in the preceding sentence. If the affected
Mortgage Loan is to be repurchased, the Seller shall remit the Repurchase Price
(defined below) in immediately available funds to the Trustee.

            If any Breach pertains to a representation or warranty that the
related Mortgage Loan documents or any particular Mortgage Loan document
requires the related Mortgagor to bear the costs and expenses associated with
any particular action or matter under such Mortgage Loan document(s), then the
Seller shall not be required to repurchase such Mortgage Loan and the sole
remedy with respect to any Breach of such representation shall be to cure such
Breach within the applicable cure period (as the same may be extended) by
reimbursing the Trust Fund (by wire transfer of immediately available funds) the
reasonable amount of any such costs and expenses incurred by the applicable
Master Servicer, the Special Servicer, the Trustee or the Trust Fund that are
the basis of such Breach and have not been reimbursed by the related Mortgagor;
provided, however, that in the event any such costs and expenses exceed $10,000,
the Seller shall have the option to either repurchase or substitute for the
related Mortgage Loan as provided above or pay such costs and expenses. Except
as provided in the proviso to the immediately preceding sentence, the Seller
shall remit the amount of such costs and expenses and upon its making such
remittance, the Seller shall be deemed to have cured such Breach in all
respects. To the extent any fees or expenses that are the subject of a cure by
the Seller are subsequently obtained from the related Mortgagor, the portion of
the cure payment equal to such fees or expenses obtained from the Mortgagor
shall be returned to the Seller pursuant to Section 2.03(f) of the Pooling and
Servicing Agreement.

            Any of the following will cause a document in the Mortgage File to
be deemed to have a Defect and to be conclusively presumed to materially and
adversely affect the interests of Certificateholders in a Mortgage Loan and to
be deemed to materially and adversely affect the interests of the
Certificateholders in and the value of a Mortgage Loan: (a) the absence from the
Mortgage File of the original signed Mortgage Note, unless the Mortgage File
contains a signed lost note affidavit and indemnity with a copy of the Mortgage
Note that appears to be regular on its face; (b) the absence from the Mortgage
File of the original signed Mortgage that appears to be regular on its face,
unless there is included in the Mortgage File a certified copy of the Mortgage
and a certificate stating that the original signed Mortgage was sent for
recordation; (c) the absence from the Mortgage File of the lender's title
insurance policy (or if the policy has not yet been issued, an original or copy
of a "marked up" written commitment or the pro forma or specimen title insurance
policy or a commitment to issue the same pursuant to written escrow instructions
signed by the title insurance company) called for by clause (ix) of the
definition of "Mortgage File" in the Pooling and Servicing Agreement; (d) the
absence from the Mortgage File of any required letter of credit; (e) with
respect to any leasehold mortgage loan, the absence from the related Mortgage
File of a copy (or an original, if available) of the related Ground Lease; or
(f) the absence from the Mortgage File of any intervening assignments required
to create a complete chain of assignments to the Trustee on behalf of the Trust,
unless there is included in the Mortgage File a certified copy of the
intervening assignment and a certificate stating that the original intervening
assignments were sent for recordation; provided, however, that no Defect (except
a Defect previously described in clauses (a) through (f) above) shall be
considered to materially and adversely affect the value of the related Mortgage
Loan, the value of the related Mortgaged Property or the interests of the
Trustee or Certificateholders unless the document with respect to which the
Defect exists is required in connection with an imminent enforcement of the
mortgagee's rights or remedies under the related Mortgage Loan, defending any
claim asserted by any borrower or third party with respect to the Mortgage Loan,
establishing the validity or priority of any lien on any collateral securing the
Mortgage Loan or for any immediate significant servicing obligation.
Notwithstanding the foregoing, the delivery of executed escrow instructions or a
commitment to issue a lender's title insurance policy, as provided in clause
(ix) of the definition of "Mortgage File" in the Pooling and Servicing
Agreement, in lieu of the delivery of the actual policy of lender's title
insurance, shall not be considered a Defect or Breach with respect to any
Mortgage File if such actual policy is delivered to the Trustee or a Custodian
on its behalf within 18 months after the Closing Date.

            Subject to the applicable time periods for cure, substitution or
repurchase provided in this Agreement, if the Seller contests its obligation to
cure, repurchase or substitute for a Mortgage Loan under the terms of this
Agreement (a "Repurchase Claim") and the Special Servicer determines that it is
in the best interest of the Certificateholders to proceed with a liquidation of
a Defaulted Mortgage Loan while pursuing the Repurchase Claim, after the Initial
Resolution Period, the Special Servicer may proceed with such liquidation
without waiving the Trust Fund's right in the event the Repurchase Claim is
determined to be valid as set forth below, to require the Seller to pay an
amount up to, but not exceeding, the amount, if any, by which the Purchase Price
of the related Mortgage Loan exceeds the aggregate of all amounts received from
the liquidation of such Mortgage Loan (such excess amount, the "Liquidation
Shortfall Amount"); provided that (i) the Special Servicer shall not actively
market the related Mortgage Loan for sale to prospective purchasers during the
Initial Resolution Period, (ii) any such action is consistent with the Servicing
Standard, (iii) the terms of the liquidation have been agreed to pursuant to an
arm's length negotiation with an unaffiliated third party purchaser, and (iv)
prior to the consummation of any such liquidation, the Seller receives ten (10)
days prior written notice of the agreed terms of such liquidation from the
Special Servicer and the Seller shall have the option during such 10 day period
to irrevocably agree to purchase the related Mortgage Loan on such agreed terms
and to consummate such purchase within thirty (30) days after receipt of such
notice. In the event that a court of competent jurisdiction determines, or the
Seller and the Special Servicer agree, that the Repurchase Claim is valid, the
Special Servicer shall have the right on behalf of the Trust Fund to take any
action or file any claim in a court of competent jurisdiction to require the
payment by the Seller of the Liquidation Shortfall Amount on such Repurchase
Claim, subject to any rights of the related Mortgage Loan Seller to assert a
claim or defense in any such proceeding that the Liquidation Shortfall Amount
should not be payable in whole or in part by the Seller.

            The "Repurchase Price" with respect to any Mortgage Loan or REO Loan
to be repurchased pursuant to this Agreement and Section 2.03 of the Pooling and
Servicing Agreement, shall have the meaning given to the term "Purchase Price"
in the Pooling and Servicing Agreement.

            A "Qualified Substitute Mortgage Loan" with respect to any Mortgage
Loan or REO Loan to be substituted pursuant to this Agreement and Section 2.03
of the Pooling and Servicing Agreement, shall have the meaning given to such
term in the Pooling and Servicing Agreement.

            A "Substitution Shortfall Amount" with respect to any Mortgage Loan
or REO Loan to be substituted pursuant to this Agreement and Section 2.03 of the
Pooling and Servicing Agreement, shall have the meaning given to such term in
the Pooling and Servicing Agreement.

            In connection with any repurchase or substitution of one or more
Mortgage Loans contemplated hereby, (i) the Purchaser shall execute and deliver,
or cause the execution and delivery of, such endorsements and assignments,
without recourse, as shall be necessary to vest in the Seller the legal and
beneficial ownership of each repurchased Mortgage Loan or replaced Mortgage
Loan, as applicable, (ii) the Purchaser shall deliver, or cause the delivery, to
the Seller of all portions of the Mortgage File and other documents (including
the Servicing File) pertaining to such Mortgage Loan possessed by the Trustee,
or on the Trustee's behalf, and (iii) the Purchaser shall release, or cause to
be released, to the Seller any escrow payments and reserve funds held by the
Trustee, or on the Trustee's behalf, in respect of such repurchased or replaced
Mortgage Loans.

            (f) The representations and warranties of the parties hereto shall
survive the execution and delivery and any termination of this Agreement and
shall inure to the benefit of the respective parties, notwithstanding any
restrictive or qualified endorsement on the Mortgage Notes or assignment of
Mortgage or the examination of the Mortgage Files.

            (g) Each party hereby agrees to promptly notify the other party of
any Breach of a representation or warranty contained in this Section 6. The
Seller's obligation to cure any Breach or Defect or repurchase or substitute for
the affected Mortgage Loan pursuant to Section 6(e) shall constitute the sole
remedy available to the Purchaser and the Trustee on behalf of the
Certificateholders in connection with a Breach or Defect. It is acknowledged and
agreed that the representations and warranties are being made for risk
allocation purposes; provided, however, that no limitation of remedy is implied
with respect to the Seller's breach of its obligation to cure, repurchase or
substitute in accordance with the terms and conditions of this Agreement.

            SECTION 7. Conditions to Closing. The obligations of the Purchaser
to purchase the Mortgage Loans shall be subject to the satisfaction, on or prior
to the Closing Date, of the following conditions:

            (a) Each of the obligations of the Seller required to be performed
by it at or prior to the Closing Date pursuant to the terms of this Agreement
shall have been duly performed and complied with and all of the representations
and warranties of the Seller under this Agreement shall be true and correct in
all material respects as of the Closing Date, and no event shall have occurred
as of the Closing Date which, with notice or passage of time, would constitute a
default under this Agreement, and the Purchaser shall have received a
certificate to the foregoing effect signed by an authorized officer of the
Seller substantially in the form of Exhibit D.

            (b) The Purchaser shall have received the following additional
closing documents:

                  (i) copies of the Seller's articles of association and
      by-laws, certified as of a recent date by the Secretary or Assistant
      Secretary of such Seller;

                  (ii) an original or copy of a certificate of corporate
      existence of the Seller issued by the Comptroller of the Currency dated
      not earlier than sixty days prior to the Closing Date;

                  (iii) an opinion of counsel of such Seller, in form and
      substance satisfactory to the Purchaser and its counsel, substantially to
      the effect that:

                  (A) the Seller is a national banking association, duly
            organized, validly existing, and in good standing under the laws of
            the United States;

                  (B) such Seller has the power to conduct its business as now
            conducted and to incur and perform its obligations under this
            Agreement and the Indemnification Agreement;

                  (C) all necessary action has been taken by such Seller to
            authorize the execution, delivery and performance of this Agreement
            and the Indemnification Agreement by such Seller and this Agreement
            is a legal, valid and binding agreement of such Seller enforceable
            against such Seller, whether such enforcement is sought in a
            procedure at law or in equity, except to the extent such enforcement
            may be limited by bankruptcy or other similar creditors' laws or
            principles of equity and public policy considerations underlying the
            securities laws, to the extent that such public policy
            considerations limit the enforceability of the provisions of the
            Agreement which purport to provide indemnification with respect to
            securities law violations;

                  (D) such Seller's execution and delivery of, and such Seller's
            performance of its obligations under, each of this Agreement and the
            Indemnification Agreement do not and will not conflict with the
            Seller's organizational documents or conflict with or result in the
            breach of any of the terms or provisions of, or constitute a default
            under, any indenture, mortgage, deed of trust, loan agreement or
            other material agreement or instrument to which such Seller is a
            party or by which such Seller is bound, or to which any of the
            property or assets of such Seller is subject or violate any
            provisions of law or conflict with or result in the breach of any
            order of any court or any governmental body binding on such Seller;

                  (E) there is no litigation, arbitration or mediation pending
            before any court, arbitrator, mediator or administrative body, or to
            such counsel's actual knowledge, threatened, against such Seller
            which (i) questions, directly or indirectly, the validity or
            enforceability of this Agreement or the Indemnification Agreement or
            (ii) would, if decided adversely to the Seller, either individually
            or in the aggregate, reasonably be expected to have a material
            adverse effect on the ability of such Seller to perform its
            obligations under this Agreement or the Indemnification Agreement;
            and

                  (F) no consent, approval, authorization, order, license,
            registration or qualification of or with any federal court or
            governmental agency or body is required for the consummation by such
            Seller of the transactions contemplated by this Agreement and the
            Indemnification Agreement, except such consents, approvals,
            authorizations, orders, licenses, registrations or qualifications as
            have been obtained; and

                  (iv) a letter from counsel of such Seller to the effect that
      nothing has come to such counsel's attention that would lead such counsel
      to believe that the Prospectus Supplement as of the date thereof or as of
      the Closing Date contains, with respect to such Seller or the Mortgage
      Loans, any untrue statement of a material fact or omits to state a
      material fact necessary in order to make the statements therein relating
      to such Seller or the Mortgage Loans, in the light of the circumstances
      under which they were made, not misleading.

            (c) The Offered Certificates shall have been concurrently issued and
sold pursuant to the terms of the Underwriting Agreement. The Private
Certificates shall have been concurrently issued and sold pursuant to the terms
of the Certificate Purchase Agreement.

            (d) The Seller shall have executed and delivered concurrently
herewith the Indemnification Agreement.

            (e) The Seller shall furnish the Purchaser with such other
certificates of its officers or others and such other documents and opinions to
evidence fulfillment of the conditions set forth in this Agreement as the
Purchaser and its counsel may reasonably request.

            SECTION 8. Closing. The closing for the purchase and sale of the
Mortgage Loans shall take place at the office of Cadwalader, Wickersham & Taft
LLP, Charlotte, North Carolina, at 10:00 a.m., on the Closing Date or such other
place and time as the parties shall agree. The parties hereto agree that time is
of the essence with respect to this Agreement.

            SECTION 9. Expenses. The Seller will pay its pro rata share (the
Seller's pro rata share to be determined according to the percentage that the
aggregate principal balance as of the Cut-off Date of all the Mortgage Loans
represents in proportion to the aggregate principal balance as of the Cut-off
Date of all the mortgage loans to be included in the Trust Fund) of all costs
and expenses of the Purchaser in connection with the transactions contemplated
herein, including, but not limited to: (i) the costs and expenses of the
Purchaser in connection with the purchase of the Mortgage Loans and the other
mortgage loans; (ii) the costs and expenses of reproducing and delivering the
Pooling and Servicing Agreement and printing (or otherwise reproducing) and
delivering the Certificates; (iii) the reasonable and documented fees, costs and
expenses of the Trustee and its counsel incurred in connection with the Trustee
entering into the Pooling and Servicing Agreement; (iv) the fees and
disbursements of a firm of certified public accountants selected by the
Purchaser and the Seller with respect to numerical information in respect of the
Mortgage Loans and the Certificates included in the Prospectus, any Free Writing
Prospectus (as defined in the Indemnification Agreement), the Memoranda (as
defined in the Indemnification Agreement) and any related 8-K Information (as
defined in the Underwriting Agreement), or items similar to the 8-K Information,
including the cost of obtaining any "comfort letters" with respect to such
items; (v) the costs and expenses in connection with the qualification or
exemption of the Certificates under state securities or blue sky laws, including
filing fees and reasonable fees and disbursements of counsel in connection
therewith; (vi) the costs and expenses in connection with any determination of
the eligibility of the Certificates for investment by institutional investors in
any jurisdiction and the preparation of any legal investment survey, including
reasonable fees and disbursements of counsel in connection therewith; (vii) the
costs and expenses in connection with printing (or otherwise reproducing) and
delivering the Registration Statement, the Prospectus, the Memoranda and any
Free Writing Prospectus, and the reproduction and delivery of this Agreement and
the furnishing to the Underwriters of such copies of the Registration Statement,
the Prospectus, the Memoranda, any Free Writing Prospectus and this Agreement as
the Underwriters may reasonably request; (viii) the fees of the rating agency or
agencies requested to rate the Certificates and (ix) the reasonable fees and
expenses of Thacher, Proffit & Wood LLP, counsel to the Underwriters, and
Cadwalader, Wickersham & Taft LLP, counsel to the Depositor.

            SECTION 10. Severability of Provisions. If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall be for any
reason whatsoever held invalid, then such covenants, agreements, provisions or
terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement. Furthermore, the
parties shall in good faith endeavor to replace any provision held to be invalid
or unenforceable with a valid and enforceable provision which most closely
resembles, and which has the same economic effect as, the provision held to be
invalid or unenforceable.

            SECTION 11. Governing Law. This Agreement shall be construed in
accordance with the laws of the State of New York without regard to conflicts of
law principles and the obligations, rights and remedies of the parties hereunder
shall be determined in accordance with such laws.

            SECTION 12. No Third-Party Beneficiaries. The parties do not intend
the benefits of this Agreement to inure to any third party except as expressly
set forth in Section 13.

            SECTION 13. Assignment. The Seller hereby acknowledges that the
Purchaser has, concurrently with the execution hereof, executed and delivered
the Pooling and Servicing Agreement and that, in connection therewith, it has
assigned its rights hereunder to the Trustee for the benefit of the
Certificateholders to the extent set forth in the Pooling and Servicing
Agreement and that the rights so assigned may be further assigned to, and shall
inure to the benefit of, any successor trustee under the Pooling and Servicing
Agreement. The Seller hereby acknowledges its obligations (subject to the
provisions hereof), including that of expense reimbursement, pursuant to
Sections 2.01, 2.02 and 2.03 of the Pooling and Servicing Agreement. Except as
set forth hereinabove and in Sections 2.01, 2.02 and 2.03 of the Pooling and
Servicing Agreement, the representations and warranties of the Seller made
hereunder and the remedies provided hereunder with respect to Breaches or
Defects may not be further assigned by the Purchaser, the Trustee or any
successor trustee. No owner of a Certificate issued pursuant to the Pooling and
Servicing Agreement shall be deemed a successor or permitted assign because of
such ownership. This Agreement shall bind and inure to the benefit of, and be
enforceable by, the Seller, the Purchaser and their permitted successors and
permitted assigns. The warranties and representations and the agreements made by
the Seller herein shall survive delivery of the Mortgage Loans to the Trustee
until the termination of the Pooling and Servicing Agreement.

            SECTION 14. Notices. All demands, notices and communications
hereunder shall be in writing and shall be deemed to have been duly given upon
receipt by the intended recipient if personally delivered at or couriered, sent
by facsimile transmission or mailed by first class or registered mail, postage
prepaid, to (i) in the case of the Purchaser, J.P. Morgan Chase Commercial
Mortgage Securities Corp., 270 Park Avenue, New York, New York 10017, Attention:
Emanuel Chrysoulakis, Vice President, telecopy number (212) 834-6593, (ii) in
the case of the Purchaser, J.P. Morgan Chase Commercial Mortgage Securities
Corp., 270 Park Avenue, New York, New York 10017, Attention: Emanuel
Chrysoulakis, Vice President, telecopy number (212) 834-6593, and (iii) in the
case of any of the preceding parties, such other address or telecopy number as
may hereafter be furnished to the other party in writing by such party.

            SECTION 15. Amendment. This Agreement may be amended only by a
written instrument which specifically refers to this Agreement and is executed
by the Purchaser and the Seller; provided, however, that unless such amendment
is to cure an ambiguity, mistake or inconsistency in this Agreement, no
amendment shall be permitted unless each Rating Agency has delivered a written
confirmation that such amendment will not result in a downgrade, withdrawal or
qualification of the then current ratings of the Certificates and the cost of
obtaining any Rating Agency confirmation shall be borne by the party requesting
such amendment. This Agreement shall not be deemed to be amended orally or by
virtue of any continuing custom or practice. No amendment to the Pooling and
Servicing Agreement which relates to defined terms contained therein or any
obligations of the Seller whatsoever shall be effective against such Seller
unless such Seller shall have agreed to such amendment in writing.

            SECTION 16. Counterparts. This Agreement may be executed in any
number of counterparts, and by the parties hereto in separate counterparts, each
of which when executed and delivered shall be deemed to be an original and all
of which taken together shall constitute one and the same instrument.

            SECTION 17. Exercise of Rights. No failure or delay on the part of
any party to exercise any right, power or privilege under this Agreement and no
course of dealing between the Seller and the Purchaser shall operate as a waiver
thereof, nor shall any single or partial exercise of any right, power or
privilege under this Agreement preclude any other or further exercise thereof or
the exercise of any other right, power or privilege. Except as set forth in
Section 6 herein, the rights and remedies herein expressly provided are
cumulative and not exclusive of any rights or remedies which any party would
otherwise have pursuant to law or equity. No notice to or demand on any party in
any case shall entitle such party to any other or further notice or demand in
similar or other circumstances, or constitute a waiver of the right of either
party to any other or further action in any circumstances without notice or
demand.

            SECTION 18. No Partnership. Nothing herein contained shall be deemed
or construed to create a partnership or joint venture between the parties
hereto. Nothing herein contained shall be deemed or construed as creating an
agency relationship between the Purchaser and the Seller and neither the
Purchaser nor the Seller shall take any action which could reasonably lead a
third party to assume that it has the authority to bind the other party or make
commitments on such party's behalf.

            SECTION 19. Miscellaneous. This Agreement supersedes all prior
agreements and understandings relating to the subject matter hereof. Neither
this Agreement nor any term hereof may be changed, waived, discharged or
terminated orally, but only by an instrument in writing signed by the party
against whom enforcement of the change, waiver, discharge or termination is
sought.

                                   * * * * * *

<PAGE>

            IN WITNESS WHEREOF, the Purchaser and the Seller have caused their
names to be signed hereto by their respective officers thereunto duly authorized
as of the day and year first above written.

                                       J.P. MORGAN CHASE COMMERCIAL MORTGAGE
                                          SECURITIES CORP.

                                       By:   /s/ Emanuel Chrysoulakis
                                          -------------------------------------
                                          Name:  Emanuel Chrysoulakis
                                          Title: Vice President

                                       JPMORGAN CHASE BANK, N.A.

                                       By:   /s/ Emanuel Chrysoulakis
                                          -------------------------------------
                                          Name:  Emanuel Chrysoulakis
                                          Title: Vice President

<PAGE>

                                   SCHEDULE I

MORTGAGE LOANS FOR WHICH A LENDER'S ENVIRONMENTAL POLICY WAS OBTAINED IN LIEU OF
                        AN ENVIRONMENTAL SITE ASSESSMENT

                                      None.

<PAGE>

                                   SCHEDULE II

       MORTGAGED PROPERTY FOR WHICH ENVIRONMENTAL INSURANCE IS MAINTAINED

                        1. Kiwi-CEI Distribution Facility

                           2. Decorative Center Dallas

                         3. 801 and 949 East Erie Avenue

<PAGE>

                                    EXHIBIT A

                             MORTGAGE LOAN SCHEDULE

JPMCC 2008-C2
Mortgage Loan Schedule (JPMCB)

<TABLE>
<CAPTION>

Loan #   Originator/Loan Seller   Mortgagor Name
------   ----------------------   -----------------------------------------------------
<S>      <C>                      <C>
     1   JPMCB                    Dos Lagos Lifestyle Center, LLC

     2   JPMCB                    Orange City Mills Limited Partnership, Orange
                                  City Mills III Limited Partnership
     3   JPMCB                    Transwest Hilton Head Property, L.L.C.,
                                  Transwest Tucson Property, L.L.C.
  3.01   JPMCB
  3.02   JPMCB
     5   JPMCB                    Cole So Las Vegas NV, LLC
    10   JPMCB                    Second Rock Spring Park Limited Partnership
    11   JPMCB                    Wes Pro II, LLC, WZ Wisco, Inc., App Pro of
                                  Appleton, Inc. and Mil Pro, LLC
 11.01   JPMCB
 11.02   JPMCB
 11.03   JPMCB
 11.04   JPMCB
    12   JPMCB                    717 14th Street, LLC
    13   JPMCB                    Wisco Partners, L.L.P., Osh Pro Partners,
                                  L.L.P., Mad Pro of Madison, Inc., Wes Pro
                                  Partners, L.L.P., Oak Pro Partners, L.L.P.
 13.01   JPMCB
 13.02   JPMCB
 13.03   JPMCB
 13.04   JPMCB
 13.05   JPMCB
    15   JPMCB                    Regency Capital Fund I, LLC
 15.01   JPMCB
 15.02   JPMCB
 15.03   JPMCB
 15.04   JPMCB
 15.05   JPMCB
 15.06   JPMCB
 15.07   JPMCB
 15.08   JPMCB
 15.09   JPMCB
 15.10   JPMCB
 15.11   JPMCB
 15.12   JPMCB
 15.13   JPMCB
 15.14   JPMCB
 15.15   JPMCB
 15.16   JPMCB
 15.17   JPMCB
 15.18   JPMCB
 15.19   JPMCB
 15.20   JPMCB
    16   JPMCB                    Florida Street Holdings LLC
    17   JPMCB                    Jefferson Plaza Venture LLC
    23   JPMCB                    LUI2 Dallas Oak Lawn II, L.P.
    30   JPMCB                    447 Old Swede Holdings, LLC
    33   JPMCB                    Three Crosswoods Venture LLC
    34   JPMCB                    ACC Boone, LLC
    35   JPMCB                    Waldorf Hotel Investors, LLC
    41   JPMCB                    Woodlands Apartments LLC
    45   JPMCB                    Northern Ohio Associates Limited Partnership
    47   JPMCB                    InSite Canton, L.L.C.
    48   JPMCB                    2600 ME Holdings LLC
    54   JPMCB                    AMS I Phoenix Investments, LLC, BNP AMS I Phoenix
                                  Investments, LLC, SHR AMS I Phoenix Investments, LLC,
                                  WMN AMS I Phoenix Investments, LLC
    56   JPMCB                    Summit Park, LLC
    57   JPMCB                    Madison Realty, LLC
    59   JPMCB                    Drake Plaza, LP
    61   JPMCB                    NSRA Sycamore, Ltd.
    63   JPMCB                    FM Frankford Associates, L.P.
    68   JPMCB                    R&T TASH, LLC
    69   JPMCB                    Central Illinois Associates, LLC
    78   JPMCB                    Aspen 1020 West Industrial, LLC

<CAPTION>

Loan #   Property Address                                  City             State     Zip Code   County
------   -----------------------------------------------   --------------   -------   --------   --------------------
<S>      <C>                                               <C>              <C>       <C>        <C>
     1   2780, 2785, 2790 and 2795 Cabot Drive; 2710,      Corona           CA           92883   Riverside
         2715, 2745, 2755, 2765 and 2785 Lakeshore Drive
     2   20 City Boulevard West                            Orange           CA           92868   Orange

     3   Various                                           Various          Various   Various    Various

  3.01   3800 East Sunrise Drive                           Tucson           AZ           85718   Pima
  3.02   2 Grasslawn Avenue                                Hilton Head      SC           29928   Beaufort
     5   1505 South Pavilion Center Drive                  Las Vegas        NV           89135   Clark
    10   6707 Democracy Boulevard                          Bethesda         MD           20817   Montgomery
    11   Various                                           Various          WI        Various    Various

 11.01   1109 Fourier Drive                                Madison          WI           53717   Dane
 11.02   1400 West Zellman Court                           Milwaukee        WI           53221   Milwaukee
 11.03   3809 West Wisconsin Avenue                        Grand Chute      WI           54914   Outagamie
 11.04   77 Holiday Lane                                   Fond du Lac      WI           54937   Fond du Lac
    12   717 14th Street Northwest                         Washington       DC           20036   District of Colombia
    13   Various                                           Various          WI        Various    Various

 13.01   6362 South 13th Street                            Oak Creek        WI           53154   Milwaukee
 13.02   625 West Rolling Meadows Drive                    Fond Du Lac      WI           54937   Fond du Lac
 13.03   8102 Excelsior Drive                              Madison          WI           53717   Dane
 13.04   1253 John Q. Hammons Drive                        Madison          WI           53717   Dane
 13.05   2251 Westowne Avenue                              Oshkosh          WI           54904   Winnebago
    15   Various                                           Various          Various   Various    Various
 15.01   2300 University Avenue                            Des Moines       IA           50311   Polk
 15.02   11304 NW 54th Avenue and 5410 NW 112th Street     Grimes           IA           50111   Polk
 15.03   710-790 Alice Road                                Waukee           IA           50263   Dallas
 15.04   4420 East University Avenue                       Pleasant Hill    IA           50327   Polk
 15.05   30 East US Highway 6                              Waukee           IA           50263   Dallas
 15.06   1422 East Scott Avenue                            Des Moines       IA           50317   Polk
 15.07   2221 South 3270 West                              Salt Lake City   UT           84119   Salt Lake
 15.08   3930 West Cavalry Court                           Lincoln          NE           68528   Lancaster
 15.09   11401 Meredith Drive                              Urbandale        IA           50322   Polk
 15.10   431 Lake Park Boulevard                           Muscatine        IA           52761   Muscatine
 15.11   5191 Maple Drive                                  Pleasant Hill    IA           50327   Polk
 15.12   1649 NW 86th Street                               Clive            IA           50325   Polk
 15.13   4771 NW 2nd Avenue                                Des Moines       IA           50313   Polk
 15.14   5330 NE 22nd Street                               Des Moines       IA           50313   Polk
 15.15   222 Lincoln Way                                   Ames             IA           50010   Story
 15.16   2020 NE Broadway Avenue                           Des Moines       IA           50313   Polk
 15.17   7003, 7007, and 7011 Douglas Avenue               Urbandale        IA           50322   Polk
 15.18   902-904 Army Post Road                            Des Moines       IA           50315   Polk
 15.19   1146 23rd Street                                  Des Moines       IA           50311   Polk
 15.20   1824 West Broadway                                Council Bluffs   IA           51501   Pottawattamie
    16   451 Florida Street                                Baton Rouge      LA           70801   East Baton Rouge
    17   100 & 110 South Jefferson Road                    Whippany         NJ           07981   Morris
    23   1617 Hi Line Drive                                Dallas           TX           75207   Dallas
    30   447 Old Swede Road                                Douglassville    PA           19518   Berks
    33   200 East Campus View Boulevard                    Columbus         OH           43235   Franklin
    34   1075 Highway 105 South                            Boone            NC           28607   Watauga
    35   3750 Crain Highway                                Waldorf          MD           20603   Charles
    41   10032 Neville Walk Street                         St. Louis        MO           63136   St. Louis
    45   1400-1438 Lowell Street                           Elyria           OH           44035   Lorain
    47   5267-5271 Southway Street SW                      Canton           OH           44706   Stark
    48   2600 Mount Ephraim Avenue                         Camden           NJ           08104   Camden
    54   9404 North 19th Avenue                            Phoenix          AZ           85021   Maricopa

    56   1591 Jordan Road                                  Huntsville       AL           35811   Madison
    57   1508 South Gallatin Road                          Madison          TN           37115   Davidson
    59   3307 Olive Street                                 St. Louis        MO           63103   St. Louis
    61   3901 Sycamore School Road                         Fort Worth       TX           76133   Tarrant
    63   801 and 949 East Erie Avenue                      Philadelphia     PA           19134   Philadelphia
    68   25 Janet Drive                                    Savannah         GA           31405   Chatham
    69   1000 South Sherman Street                         Clinton          IL           61727   DeWitt
    78   1020-1040 West Industial Avenue                   Boynton Beach    FL           33426   Palm Beach

<CAPTION>

Loan #   Property Name                      Size      Measure       Interest Rate (%)   Net Mortgage Interest Rate
------   --------------------------------   -------   -----------   -----------------   --------------------------
<S>      <C>                                <C>       <C>           <C>                 <C>
     1   The Promenade Shops at Dos Lagos    351179   Square Feet             6.36800                      6.32646

     2   Block at Orange                     698657   Square Feet             6.25150                      6.22996

     3   Westin Portfolio                       899   Rooms                   6.85900                      6.82746

  3.01   The Westin - La Paloma                 487   Rooms                   6.85900
  3.02   The Westin - Hilton Head               412   Rooms                   6.85900
     5   Station Casinos Headquarters        138558   Square Feet             6.52150                      6.47996
    10   Two Democracy Plaza                 273566   Square Feet             6.18900                      6.14746
    11   Wisco Hotel Group A2                   480   Rooms                   7.19400                      7.15246

 11.01   Holiday Inn Madison                    157   Rooms                   7.19400
 11.02   Holiday Inn Express Milwaukee          115   Rooms                   7.19400
 11.03   Comfort Suites Appleton                130   Rooms                   7.19400
 11.04   Comfort Inn Fond du Lac                 78   Rooms                   7.19400
    12   717 14th Street Office Building     124368   Square Feet             6.37010                      6.32856
    13   Wisco Hotel Group A1                   571   Rooms                   7.19400                      7.15246

 13.01   Comfort Suites Milwaukee               139   Rooms                   7.19400
 13.02   Holiday Inn Fond Du Lac                139   Rooms                   7.19400
 13.03   Baymont Inn Madison                    129   Rooms                   7.19400
 13.04   Comfort Suites Madison                  95   Rooms                   7.19400
 13.05   Holiday Inn Express OshKosh             69   Rooms                   7.19400
    15   Regency Portfolio                   321560   Square Feet             6.97600                      6.93446
 15.01   2300 University                      21012   Square Feet             6.97600
 15.02   141 Partners I/III                   13508   Square Feet             6.97600
 15.03   Westgate Business Center             28840   Square Feet             6.97600
 15.04   Water's Edge                         27400   Square Feet             6.97600
 15.05   Warrior Medical Plaza                 8638   Square Feet             6.97600
 15.06   Scott Street Properties              50713   Square Feet             6.97600
 15.07   MCO II                               21345   Square Feet             6.97600
 15.08   Penn II                               8805   Square Feet             6.97600
 15.09   Interstate Partners                  24000   Square Feet             6.97600
 15.10   PM Development Lake Park             16324   Square Feet             6.97600
 15.11   Pleasant Hill                        12000   Square Feet             6.97600
 15.12   Clark Street                          4864   Square Feet             6.97600
 15.13   RJM Investments                      24406   Square Feet             6.97600
 15.14   Delaware Partners                    24406   Square Feet             6.97600
 15.15   Lincoln Way                           6423   Square Feet             6.97600
 15.16   Broadway Partners                    16000   Square Feet             6.97600
 15.17   Douglas Avenue                        7240   Square Feet             6.97600
 15.18   East University Development           3214   Square Feet             6.97600
 15.19   University Place Rowhomes                8   Units                   6.97600
 15.20   West Broadway                         2422   Square Feet             6.97600
    16   Chase South Tower - Baton Rouge     331677   Square Feet             6.58540                      6.54386
    17   Jefferson Plaza                     172329   Square Feet             6.97100                      6.92946
    23   Decorative Center Dallas            136539   Square Feet             7.22000                      7.12846
    30   Kiwi-CEI Distribution Facility      293038   Square Feet             6.80150                      6.73996
    33   Three Crosswoods                    116934   Square Feet             7.01000                      6.94846
    34   Hampton Inn - Boone                     96   Rooms                   6.86890                      6.82736
    35   Waldorf Hampton Inn                    100   Rooms                   6.34300                      6.30146
    41   The Woodlands                          229   Units                   6.94600                      6.86446
    45   Northern Ohio Industrial Park      1056000   Square Feet             6.46300                      6.39146
    47   InSite Canton Industrial            291558   Square Feet             6.67300                      6.63146
    48   2600 Mount Ephraim Avenue           114659   Square Feet             6.81050                      6.76896
    54   Central Self Storage                   619   Units                   6.70550                      6.66396

    56   Hart & Cooley                       223500   Square Feet             6.53450                      6.44296
    57   KMart Madison                       103482   Square Feet             6.83550                      6.79396
    59   Drake Plaza Apartments                  78   Units                   6.94600                      6.86446
    61   All Storage Sycamore                   584   Units                   6.64000                      6.59846
    63   801 and 949 East Erie Avenue        450782   Square Feet             8.70700                      8.66546
    68   OfficeMax Savannah                   23500   Square Feet             6.96750                      6.87596
    69   1000 South Sherman Street           616206   Square Feet             6.46300                      6.39146
    78   1020/1040 West Industrial            11937   Square Feet             7.07550                      7.03396

<CAPTION>

Loan #   Original Balance   Cutoff Balance   Term   Rem. Term   Maturity/ARD Date   Amort. Term   Rem. Amort.
------   ----------------   --------------   ----   ---------   -----------------   -----------   -----------
<S>      <C>                <C>              <C>    <C>         <C>                 <C>           <C>
     1        125,200,000      125,200,000    120         111   08/01/17                    360           360

     2        110,000,000      110,000,000     84          77   10/01/14                    360           360

     3        104,000,000      104,000,000    120         116   01/01/18                    360           360

  3.01         74,392,344       74,392,344    120         116   01/01/18                    360           360
  3.02         29,607,656       29,607,656    120         116   01/01/18                    360           360
     5         42,250,000       42,250,000    120         114   11/01/17                    360           360
    10         31,000,000       31,000,000    120         116   01/01/18                      0             0
    11         27,826,000       27,759,716    120         117   02/01/18                    360           357

 11.01         10,679,000       10,653,562    120         117   02/01/18                    360           357
 11.02          8,916,000        8,894,761    120         117   02/01/18                    360           357
 11.03          6,173,000        6,158,295    120         117   02/01/18                    360           357
 11.04          2,058,000        2,053,098    120         117   02/01/18                    360           357
    12         27,620,000       27,620,000    114         114   11/01/17                    360           360
    13         26,847,000       26,783,048    120         117   02/01/18                    360           357

 13.01          7,055,000        7,038,194    120         117   02/01/18                    360           357
 13.02          5,879,000        5,864,996    120         117   02/01/18                    360           357
 13.03          5,095,000        5,082,863    120         117   02/01/18                    360           357
 13.04          4,899,000        4,887,330    120         117   02/01/18                    360           357
 13.05          3,919,000        3,909,665    120         117   02/01/18                    360           357
    15         25,075,000       25,075,000    120         116   01/01/18                    360           360
 15.01          5,035,000        5,035,000    120         116   01/01/18                    360           360
 15.02          2,060,000        2,060,000    120         116   01/01/18                    360           360
 15.03          1,960,000        1,960,000    120         116   01/01/18                    360           360
 15.04          1,835,000        1,835,000    120         116   01/01/18                    360           360
 15.05          1,625,000        1,625,000    120         116   01/01/18                    360           360
 15.06          1,335,000        1,335,000    120         116   01/01/18                    360           360
 15.07          1,310,000        1,310,000    120         116   01/01/18                    360           360
 15.08          1,210,000        1,210,000    120         116   01/01/18                    360           360
 15.09          1,190,000        1,190,000    120         116   01/01/18                    360           360
 15.10          1,080,000        1,080,000    120         116   01/01/18                    360           360
 15.11            900,000          900,000    120         116   01/01/18                    360           360
 15.12            865,000          865,000    120         116   01/01/18                    360           360
 15.13            845,000          845,000    120         116   01/01/18                    360           360
 15.14            840,000          840,000    120         116   01/01/18                    360           360
 15.15            680,000          680,000    120         116   01/01/18                    360           360
 15.16            670,000          670,000    120         116   01/01/18                    360           360
 15.17            605,000          605,000    120         116   01/01/18                    360           360
 15.18            430,000          430,000    120         116   01/01/18                    360           360
 15.19            405,000          405,000    120         116   01/01/18                    360           360
 15.20            195,000          195,000    120         116   01/01/18                    360           360
    16         21,500,000       21,500,000    120         116   01/01/18                    360           360
    17         21,300,000       21,300,000    120         116   01/01/18                    360           360
    23         13,860,043       13,860,043     56          56   01/01/13                    356           356
    30          9,400,000        9,369,473    120         116   01/01/18                    360           356
    33          7,450,000        7,450,000     60          56   01/01/13                    360           360
    34          7,250,000        7,215,693    120         114   11/01/17                    360           354
    35          6,650,000        6,609,508    120         113   10/01/17                    360           353
    41          5,675,000        5,657,137    120         116   01/01/18                    360           356
    45          5,500,000        5,442,791    120         112   09/01/17                    300           292
    47          5,200,000        5,200,000    120         114   11/01/17                    360           360
    48          5,200,000        5,186,645    120         117   02/01/18                    360           357
    54          4,680,000        4,680,000    120         116   01/01/18                    360           360

    56          4,500,000        4,441,215    120         116   01/01/18                    180           176
    57          4,340,000        4,319,310    120         114   11/01/17                    360           354
    59          4,200,000        4,186,779    120         116   01/01/18                    360           356
    61          4,150,000        4,133,098    120         115   12/01/17                    360           355
    63          4,000,000        3,996,314     60          58   03/01/13                    360           358
    68          3,100,000        3,090,287    120         116   01/01/18                    360           356
    69          3,100,000        3,067,755    120         112   09/01/17                    300           292
    78          2,050,000        2,045,001    120         117   02/01/18                    360           357

<CAPTION>

Loan #   Monthly Debt Service   Servicing Fee Rate   Accrual Type   ARD (Y/N)   ARD Step Up (%)   Title Type      Crossed Loan
------   --------------------   ------------------   ------------   ---------   ---------------   -------------   ------------
<S>      <C>                    <C>                  <C>            <C>         <C>               <C>             <C>
     1                780,512              0.04000   Actual/360     No                            Fee

     2                677,396              0.02000   Actual/360     No                            Fee

     3                682,094              0.03000   Actual/360     No                            Fee

  3.01                                               Actual/360     No                            Fee
  3.02                                               Actual/360     No                            Fee
     5                267,646              0.04000   Actual/360     No                            Fee
    10                162,103              0.04000   Actual/360     No                            Leasehold
    11                188,767              0.04000   Actual/360     No                            Fee

 11.01                                               Actual/360     No                            Fee
 11.02                                               Actual/360     No                            Fee
 11.03                                               Actual/360     No                            Fee
 11.04                                               Actual/360     No                            Fee
    12                172,224              0.04000   Actual/360     No                            Leasehold
    13                182,125              0.04000   Actual/360     No                            Fee

 13.01                                               Actual/360     No                            Fee
 13.02                                               Actual/360     No                            Fee
 13.03                                               Actual/360     No                            Fee
 13.04                                               Actual/360     No                            Fee
 13.05                                               Actual/360     No                            Fee
    15                166,421              0.04000   Actual/360     No                            Various
 15.01                                               Actual/360     No                            Fee
 15.02                                               Actual/360     No                            Fee
 15.03                                               Actual/360     No                            Fee
 15.04                                               Actual/360     No                            Fee
 15.05                                               Actual/360     No                            Fee
 15.06                                               Actual/360     No                            Fee
 15.07                                               Actual/360     No                            Fee
 15.08                                               Actual/360     No                            Fee
 15.09                                               Actual/360     No                            Fee/Leasehold
 15.10                                               Actual/360     No                            Fee
 15.11                                               Actual/360     No                            Fee
 15.12                                               Actual/360     No                            Fee
 15.13                                               Actual/360     No                            Fee
 15.14                                               Actual/360     No                            Fee
 15.15                                               Actual/360     No                            Fee
 15.16                                               Actual/360     No                            Fee
 15.17                                               Actual/360     No                            Fee/Leasehold
 15.18                                               Actual/360     No                            Fee
 15.19                                               Actual/360     No                            Fee
 15.20                                               Actual/360     No                            Fee
    16                137,104              0.04000   Actual/360     No                            Fee
    17                141,295              0.04000   Actual/360     No                            Fee
    23                 94,568              0.09000   Actual/360     No                            Fee
    30                 61,290              0.06000   Actual/360     No                            Fee
    33                 49,615              0.06000   Actual/360     No                            Fee
    34                 47,598              0.04000   Actual/360     No                            Fee
    35                 41,348              0.04000   Actual/360     No                            Fee
    41                 37,550              0.08000   Actual/360     No                            Fee
    45                 37,009              0.07000   Actual/360     No                            Fee
    47                 33,461              0.04000   Actual/360     No                            Fee
    48                 33,936              0.04000   Actual/360     No                            Fee
    54                 30,216              0.04000   Actual/360     No                            Fee

    56                 39,285              0.09000   Actual/360     No                            Fee
    57                 28,396              0.04000   Actual/360     No                            Fee
    59                 27,791              0.08000   Actual/360     No                            Fee
    61                 26,614              0.04000   Actual/360     No                            Fee
    63                 31,345              0.04000   Actual/360     No                            Fee
    68                 20,557              0.09000   Actual/360     No                            Fee
    69                 20,860              0.07000   Actual/360     No                            Fee
    78                 13,743              0.04000   Actual/360     No                            Fee

<CAPTION>

Loan #   Guarantor                                                      Letter of Credit
------   ------------------------------------------------------------   ----------------
<S>      <C>                                                            <C>
     1   Poag & McEwen Lifestyle Centers, LLC                           No

     2   Simon Property Group, L.P. and Farallon                        No
         Capital Management, L.L.C.
     3   Michael J. Hanson; Randy G. Dix                                No

  3.01
  3.02
     5   Cole Operating Partnership II, LP                              No
    10   Second Rock Spring Park Limited Partnership                    No
    11   William P. Zanetis, Walter B.D. Hickey, Jr.                    No

 11.01
 11.02
 11.03
 11.04
    12   Peter C. Minshall                                              No
    13   William P. Zanetis, Walter B.D. Hickey, Jr.                    No

 13.01
 13.02
 13.03
 13.04
 13.05
    15   James M Myers and Richard D. Moffitt                           No
 15.01
 15.02
 15.03
 15.04
 15.05
 15.06
 15.07
 15.08
 15.09
 15.10
 15.11
 15.12
 15.13
 15.14
 15.15
 15.16
 15.17
 15.18
 15.19
 15.20
    16   Toby Mandel                                                    No
    17   Jerome Bergman                                                 No
    23   LUI2 Dallas Oak Lawn II, L.P.                                       1,795,000.0
    30   David Richards, Philip Richards, Peter Weisman                 No
    33   Michael Bergman, Steven Bergman, Edward Turen                  No
    34   Ashok Patel                                                    No
    35   H. Thomas Waring                                               No
    41   Debra J. Pyzyk                                                 No
    45   Stephen Rosen                                                  No
    47   Columbia Holdings, Ltd.                                        No
    48   Mathias Deutsch, Isidore Bleier                                No
    54   Stephen Kaplan, Brian L. Partridge, Nancy J. Partridge,        No
         Marsha Nonn, Wolfgang Nonn, Steven Rasky

    56   Terry W. Green, Marvin F. Green, Kae S. Green, Jana C. Green   No
    57   Edwin P. Yates                                                 No
    59   Debra J. Pyzyk                                                 No
    61   Mike Schuminsky                                                No
    63   FM Frankford Associates, L.P.                                  No
    68   Ralph Tash                                                     No
    69   Stephen Rosen                                                  No
    78   Spencer M. Partrich                                            No

<CAPTION>
                                                             UPFRONT ESCROW
         ----------------------------------------------------------------------------------------------------------------------
Loan #   Upfront CapEx Reserve   Upfront Eng. Reserve   Upfront Envir. Reserve   Upfront TI/LC Reserve   Upfront RE Tax Reserve
------   ---------------------   --------------------   ----------------------   ---------------------   ----------------------
<S>      <C>                     <C>                    <C>                      <C>                     <C>
     1                    0.00                   0.00                     0.00                    0.00               535,130.00

     2                    0.00                   0.00                     0.00                    0.00                     0.00

     3                    0.00             310,178.75                35,560.00                    0.00               833,241.46

  3.01
  3.02
     5                    0.00                   0.00                     0.00                    0.00                     0.00
    10                    0.00                   0.00                     0.00                    0.00                     0.00
    11              469,022.00              18,930.00                     0.00                    0.00               337,087.69

 11.01
 11.02
 11.03
 11.04
    12                    0.00                   0.00                     0.00            1,700,000.00               202,995.00
    13              530,978.00              43,850.00                     0.00                    0.00               381,267.69

 13.01
 13.02
 13.03
 13.04
 13.05
    15                    0.00              52,468.75                     0.00              400,000.00               269,468.72
 15.01
 15.02
 15.03
 15.04
 15.05
 15.06
 15.07
 15.08
 15.09
 15.10
 15.11
 15.12
 15.13
 15.14
 15.15
 15.16
 15.17
 15.18
 15.19
 15.20
    16                    0.00             267,866.25                     0.00                    0.00                63,126.83
    17                    0.00                   0.00                     0.00              500,000.00                13,884.65
    23                    0.00                   0.00                     0.00                    0.00                     0.00
    30                    0.00             350,000.00                     0.00                    0.00                     0.00
    33                    0.00                   0.00                     0.00                    0.00               105,500.00
    34                    0.00               3,125.00                     0.00                    0.00                 2,380.71
    35                    0.00               2,850.00                     0.00                    0.00                19,635.89
    41                    0.00                   0.00                     0.00                    0.00                30,401.43
    45                    0.00                   0.00               200,000.00                    0.00                     0.00
    47                    0.00                   0.00                     0.00              100,000.00                38,562.82
    48                    0.00              20,343.75                     0.00              200,000.00                10,928.90
    54               22,970.00                   0.00                     0.00                    0.00                16,673.45

    56                    0.00                   0.00                     0.00                    0.00                     0.00
    57                    0.00                   0.00                     0.00                    0.00                     0.00
    59                    0.00                   0.00                     0.00                    0.00                 5,708.34
    61                    0.00                   0.00                     0.00                    0.00               113,953.15
    63                    0.00             135,714.00                     0.00                    0.00                     0.00
    68                    0.00                   0.00                     0.00                    0.00                     0.00
    69                    0.00                   0.00                12,000.00                    0.00                     0.00
    78                    0.00                   0.00                     0.00               40,000.00                 3,604.10

<CAPTION>

         --------------------------------------------
Loan #   Upfront Ins. Reserve   Upfront Other Reserve
------   --------------------   ---------------------
<S>      <C>                    <C>
     1                   0.00            8,805,668.00

     2                   0.00                    0.00

     3             251,947.73                    0.00

  3.01
  3.02
     5                   0.00                    0.00
    10                   0.00                    0.00
    11              47,644.00                    0.00

 11.01
 11.02
 11.03
 11.04
    12              27,623.00              516,898.49
    13              58,787.67                    0.00

 13.01
 13.02
 13.03
 13.04
 13.05
    15              12,028.20              390,755.70
 15.01
 15.02
 15.03
 15.04
 15.05
 15.06
 15.07
 15.08
 15.09
 15.10
 15.11
 15.12
 15.13
 15.14
 15.15
 15.16
 15.17
 15.18
 15.19
 15.20
    16              14,429.33              182,425.00
    17              21,266.67              212,400.00
    23                   0.00                    0.00
    30                   0.00                    0.00
    33               1,461.50              850,000.00
    34              13,915.67                    0.00
    35              11,993.50                    0.00
    41              33,741.00                    0.00
    45                   0.00                    0.00
    47               4,578.50                    0.00
    48              10,880.25               31,909.00
    54               1,479.00                    0.00

    56                   0.00                    0.00
    57                   0.00                    0.00
    59              13,050.00                    0.00
    61               8,193.75              207,707.00
    63                   0.00              100,000.00
    68                   0.00                    0.00
    69                   0.00                    0.00
    78                   0.00                    0.00

<CAPTION>
                                                             MONTHLY ESCROW
         ----------------------------------------------------------------------------------------------------------------------
Loan #   Monthly Capex Reserve   Monthly Envir. Reserve   Monthly TI/LC Reserve   Monthly RE Tax Reserve   Monthly Ins. Reserve
------   ---------------------   ----------------------   ---------------------   ----------------------   --------------------
<S>      <C>                     <C>                      <C>                     <C>                      <C>
     1                    0.00                     0.00                    0.00                 89188.33                   0.00

     2                    0.00                     0.00                    0.00                     0.00                   0.00

     3               315987.25                     0.00                    0.00                240419.42              125973.87

  3.01
  3.02
     5                    0.00                     0.00                    0.00                     0.00                   0.00
    10                    0.00                     0.00                    0.00                     0.00                   0.00
    11                17476.58                     0.00                    0.00                 33708.77               11911.00

 11.01
 11.02
 11.03
 11.04
    12                    0.00                     0.00                13888.88                 57546.32                2393.99
    13                18766.83                     0.00                    0.00                 38126.77               14696.92

 13.01
 13.02
 13.03
 13.04
 13.05
    15                 4501.96                     0.00                    0.00                 53893.74                8018.80
 15.01
 15.02
 15.03
 15.04
 15.05
 15.06
 15.07
 15.08
 15.09
 15.10
 15.11
 15.12
 15.13
 15.14
 15.15
 15.16
 15.17
 15.18
 15.19
 15.20
    16                 4145.96                     0.00                    0.00                 29876.42                7214.67
    17                 3300.00                     0.00                12500.00                 27769.30                2126.67
    23                    0.00                     0.00                    0.00                     0.00                   0.00
    30                  977.00                     0.00                    0.00                     0.00                   0.00
    33                 2484.00                     0.00                 6250.00                 17583.33                 730.75
    34                 7470.00                     0.00                    0.00                  2380.71                3478.92
    35                 9718.83                     0.00                    0.00                  6545.30                1998.92
    41                 3816.67                     0.00                    0.00                 10133.81                2811.75
    45                 8333.33                     0.00                    0.00                     0.00                   0.00
    47                 2916.00                     0.00                    0.00                  6427.14                 763.08
    48                 1924.46                     0.00                 3821.97                 10928.90                3626.75
    54                    0.00                     0.00                    0.00                  5557.82                 493.00

    56                    0.00                     0.00                    0.00                     0.00                   0.00
    57                    0.00                     0.00                  862.35                     0.00                   0.00
    59                 1950.00                     0.00                    0.00                  1902.78                1087.50
    61                  765.11                     0.00                  500.00                  9875.93                 910.42
    63                    0.00                     0.00                    0.00                     0.00                   0.00
    68                    0.00                     0.00                    0.00                     0.00                   0.00
    69                31406.25                     0.00                    0.00                     0.00                   0.00
    78                   65.00                     0.00                  835.00                  3604.10                   0.00

<CAPTION>

         ---------------------
Loan #   Monthly Other Reserve   Grace Period   Lockbox In-place   Property Type   Defeasance Permitted   Interest Accrual Period
------   ---------------------   ------------   ----------------   -------------   --------------------   -----------------------
<S>      <C>                     <C>            <C>                <C>             <C>                    <C>
     1                    0.00              5   Yes                Retail          Yes                    Actual/360

     2                    0.00              5   Yes                Retail          Yes                    Actual/360

     3                    0.00              0   Yes                Hotel           Yes                    Actual/360

  3.01                                      0                      Hotel                                  Actual/360
  3.02                                      0                      Hotel                                  Actual/360
     5                    0.00              8   No                 Office          Yes                    Actual/360
    10                    0.00              5   No                 Office          Yes                    Actual/360
    11                    0.00              6   No                 Hotel           Yes                    Actual/360

 11.01                                      6                      Hotel                                  Actual/360
 11.02                                      6                      Hotel                                  Actual/360
 11.03                                      6                      Hotel                                  Actual/360
 11.04                                      6                      Hotel                                  Actual/360
    12                    0.00              7   No                 Office          Yes                    Actual/360
    13                    0.00              6   No                 Hotel           Yes                    Actual/360

 13.01                                      6                      Hotel                                  Actual/360
 13.02                                      6                      Hotel                                  Actual/360
 13.03                                      6                      Hotel                                  Actual/360
 13.04                                      6                      Hotel                                  Actual/360
 13.05                                      6                      Hotel                                  Actual/360
    15                    0.00              0   Yes                Various         Yes                    Actual/360
 15.01                                      0                      Mixed Use                              Actual/360
 15.02                                      0                      Retail                                 Actual/360
 15.03                                      0                      Retail                                 Actual/360
 15.04                                      0                      Retail                                 Actual/360
 15.05                                      0                      Office                                 Actual/360
 15.06                                      0                      Industrial                             Actual/360
 15.07                                      0                      Industrial                             Actual/360
 15.08                                      0                      Industrial                             Actual/360
 15.09                                      0                      Industrial                             Actual/360
 15.10                                      0                      Retail                                 Actual/360
 15.11                                      0                      Retail                                 Actual/360
 15.12                                      0                      Retail                                 Actual/360
 15.13                                      0                      Industrial                             Actual/360
 15.14                                      0                      Industrial                             Actual/360
 15.15                                      0                      Retail                                 Actual/360
 15.16                                      0                      Industrial                             Actual/360
 15.17                                      0                      Retail                                 Actual/360
 15.18                                      0                      Retail                                 Actual/360
 15.19                                      0                      Multifamily                            Actual/360
 15.20                                      0                      Retail                                 Actual/360
    16                    0.00              7   Yes                Office          Yes                    Actual/360
    17                    0.00             10   No                 Office          Yes                    Actual/360
    23                    0.00              0   No                 Retail          Yes                    Actual/360
    30                    0.00             10   Yes                Industrial      Yes                    Actual/360
    33                    0.00             10   No                 Office          Yes                    Actual/360
    34                    0.00              7   No                 Hotel           Yes                    Actual/360
    35                    0.00              7   No                 Hotel           Yes                    Actual/360
    41                    0.00              7   No                 Multifamily     Yes                    Actual/360
    45                    0.00              7   No                 Industrial      Yes                    Actual/360
    47                    0.00              7   No                 Industrial      Yes                    Actual/360
    48                    0.00              7   No                 Mixed Use       Yes                    Actual/360
    54                    0.00              7   No                 Self Storage    No                     Actual/360

    56                    0.00              7   Yes                Industrial      No                     Actual/360
    57                    0.00              7   Yes                Retail          Yes                    Actual/360
    59                    0.00              7   No                 Multifamily     Yes                    Actual/360
    61                    0.00              7   No                 Self Storage    Yes                    Actual/360
    63                    0.00             10   Yes                Industrial      Yes                    Actual/360
    68                    0.00              7   No                 Retail          Yes                    Actual/360
    69                    0.00              7   No                 Industrial      Yes                    Actual/360
    78                    0.00             10   No                 Industrial      Yes                    Actual/360

<CAPTION>

Loan #   Loan Group   Final Maturity Date   Remaining Amortization Term for Balloon Loans
------   ----------   -------------------   ---------------------------------------------
<S>      <C>          <C>                   <C>
     1            1                                                                   360

     2            1                                                                   360

     3            1                                                                   360

  3.01            1                                                                   360
  3.02            1                                                                   360
     5            1                                                                   360
    10            1
    11            1                                                                   360

 11.01            1                                                                   360
 11.02            1                                                                   360
 11.03            1                                                                   360
 11.04            1                                                                   360
    12            1                                                                   360
    13            1                                                                   360

 13.01            1                                                                   360
 13.02            1                                                                   360
 13.03            1                                                                   360
 13.04            1                                                                   360
 13.05            1                                                                   360
    15            1                                                                   360
 15.01            1                                                                   360
 15.02            1                                                                   360
 15.03            1                                                                   360
 15.04            1                                                                   360
 15.05            1                                                                   360
 15.06            1                                                                   360
 15.07            1                                                                   360
 15.08            1                                                                   360
 15.09            1                                                                   360
 15.10            1                                                                   360
 15.11            1                                                                   360
 15.12            1                                                                   360
 15.13            1                                                                   360
 15.14            1                                                                   360
 15.15            1                                                                   360
 15.16            1                                                                   360
 15.17            1                                                                   360
 15.18            1                                                                   360
 15.19            1                                                                   360
 15.20            1                                                                   360
    16            1                                                                   360
    17            1                                                                   360
    23            1                                                                   356
    30            1                                                                   360
    33            1                                                                   360
    34            1                                                                   360
    35            1                                                                   360
    41            2                                                                   360
    45            1                                                                   300
    47            1                                                                   360
    48            1                                                                   360
    54            1                                                                   360

    56            1                                                                   180
    57            1                                                                   360
    59            2                                                                   360
    61            1                                                                   360
    63            1                                                                   360
    68            1                                                                   360
    69            1                                                                   300
    78            1                                                                   360
</TABLE>

<PAGE>

                                    EXHIBIT B

                  MORTGAGE LOAN REPRESENTATIONS AND WARRANTIES

            (1) No Mortgage Loan is 30 days or more delinquent in payment of
principal and interest (without giving effect to any applicable grace period) as
of the Cut-off Date and no Mortgage Loan has been 30 days or more (without
giving effect to any applicable grace period) past due.

            (2) Except with respect to the ARD Loans, which provide that the
rate at which interest accrues thereon increases after the Anticipated Repayment
Date, the Mortgage Loans (exclusive of any default interest, late charges or
prepayment premiums) are fixed rate mortgage loans with terms to maturity, at
origination or as of the most recent modification, as set forth in the Mortgage
Loan Schedule.

            (3) The information pertaining to each Mortgage Loan set forth on
the Mortgage Loan Schedule is true and correct in all material respects as of
the Cut-off Date.

            (4) At the time of the assignment of the Mortgage Loans to the
Purchaser, the Seller had good and marketable title to and was the sole owner
and holder of, each Mortgage Loan, free and clear of any pledge, lien,
encumbrance or security interest (subject to certain agreements regarding
servicing as provided in the Pooling and Servicing Agreement, subservicing
agreements permitted thereunder and that certain Servicing Rights Purchase
Agreement, dated as of May 8, 2008 between Master Servicer and Seller) and such
assignment validly and effectively transfers and conveys all legal and
beneficial ownership of the Mortgage Loans to the Purchaser free and clear of
any pledge, lien, encumbrance or security interest (subject to certain
agreements regarding servicing as provided in the Pooling and Servicing
Agreement, subservicing agreements permitted thereunder and that certain
Servicing Rights Purchase Agreement, dated as of May 8, 2008 between Master
Servicer and Seller).

            (5) In respect of each Mortgage Loan, (A) in reliance on public
documents or certified copies of the incorporation or partnership or other
entity documents, as applicable, delivered in connection with the origination of
such Mortgage Loan, the related Mortgagor is an entity organized under the laws
of a state of the United States of America, the District of Columbia or the
Commonwealth of Puerto Rico and (B) the related Mortgagor is not a debtor in any
bankruptcy, receivership, conservatorship, reorganization, insolvency,
moratorium or similar proceeding.

            (6) Each Mortgage Loan is secured by the related Mortgage which
establishes and creates a valid and subsisting first priority lien on the
related Mortgaged Property, or leasehold interest therein, comprising real
estate, free and clear of any liens, claims, encumbrances, participation
interests, pledges, charges or security interests subject only to Permitted
Encumbrances. Such Mortgage, together with any separate security agreement, UCC
Financing Statement or similar agreement, if any, establishes and creates a
first priority security interest in favor of the Seller in all personal property
owned by the Mortgagor that is used in, and is reasonably necessary to, the
operation of the related Mortgaged Property and, to the extent a security
interest may be created therein and perfected by the filing of a UCC Financing
Statement under the Uniform Commercial Code as in effect in the relevant
jurisdiction, the proceeds arising from the Mortgaged Property and other
collateral securing such Mortgage Loan, subject only to Permitted Encumbrances,
and to the extent that the Mortgaged Property is a hotel, such personal property
includes all personal property reasonably required to operate the related
Mortgaged Property as it is currently being operated by the Mortgagor. There
exists with respect to such Mortgaged Property an assignment of leases and rents
provision, either as part of the related Mortgage or as a separate document or
instrument, which establishes and creates a first priority security interest in
and to leases and rents arising in respect of the related Mortgaged Property,
subject only to Permitted Encumbrances. Except for the holder of the Subordinate
Companion Loan with respect to the AB Mortgage Loans, to the Seller's knowledge,
no person other than the related Mortgagor and the mortgagee own any interest in
any payments due under the related leases. The related Mortgage or such
assignment of leases and rents provision provides for the appointment of a
receiver for rents or allows the holder of the related Mortgage to enter into
possession of the related Mortgaged Property to collect rent or provides for
rents to be paid directly to the holder of the related Mortgage in the event of
a default beyond applicable notice and grace periods, if any, under the related
Mortgage Loan documents. As of the origination date there were, and, to the
Seller's knowledge as of the Closing Date, there are no mechanics' or other
similar liens or claims which have been filed for work, labor or materials
affecting the related Mortgaged Property which are or may be prior or equal in
priority to the lien of the Mortgage, except those that are bonded or escrowed
for or which are insured against pursuant to the applicable Title Insurance
Policy (as defined below) and except for Permitted Encumbrances. No Mortgaged
Property secures any mortgage loan not represented on the Mortgage Loan Schedule
other than a Companion Loan; no Mortgage Loan is cross-collateralized or
cross-defaulted with any other mortgage loan other than one or more Mortgage
Loans as shown on the Mortgage Loan Schedule or a Companion Loan; no Mortgage
Loan is secured by property which secures another mortgage loan other than a
Mortgage Loan as shown on the Mortgage Loan Schedule or a Companion Loan.
Notwithstanding the foregoing, no representation is made as to the perfection of
any security interest in rent, operating revenues or other personal property to
the extent that possession or control of such items or actions other than the
filing of UCC Financing Statements are required in order to effect such
perfection.

            (7) The related Mortgagor under each Mortgage Loan has good and
indefeasible fee simple or, with respect to those Mortgage Loans described in
paragraph (20) hereof, leasehold title to the related Mortgaged Property
comprising real estate subject to any Permitted Encumbrances.

            (8) The Seller has received an American Land Title Association
(ALTA) lender's title insurance policy or a comparable form of lender's title
insurance policy (or escrow instructions binding on the Title Insurer (as
defined below) and irrevocably obligating the Title Insurer to issue such title
insurance policy or a title policy commitment or pro-forma "marked up" at the
closing of the related Mortgage Loan and countersigned by the Title Insurer or
its authorized agent) as adopted in the applicable jurisdiction (the "Title
Insurance Policy"), which was issued by a nationally recognized title insurance
company (the "Title Insurer") qualified, if required, to do business in the
jurisdiction where the applicable Mortgaged Property is located (unless such
jurisdiction is the State of Iowa), covering the portion of each Mortgaged
Property comprised of real estate and insuring that the related Mortgage is a
valid first lien in the original principal amount of the related Mortgage Loan
on the Mortgagor's fee simple interest (or, if applicable, leasehold interest)
in such Mortgaged Property comprised of real estate, subject only to Permitted
Encumbrances. Such Title Insurance Policy was issued in connection with the
origination of the related Mortgage Loan. No claims have been made under such
Title Insurance Policy. Such Title Insurance Policy is in full force and effect
and all premiums thereon have been paid and will provide that the insured
includes the owner of the Mortgage Loan and its successors and/or assigns. No
holder of the related Mortgage has done, by act or omission, anything that
would, and the Seller has no actual knowledge of any other circumstance that
would, impair the coverage under such Title Insurance Policy. Such Title
Insurance Policy contains no exception regarding the encroachment upon any
material easements by any material permanent improvements located at the related
Mortgaged Property for which the grantee of such easement has the ability to
force removal of such improvement, or such Title Insurance Policy affirmatively
insures (unless the related Mortgaged Property is located in a jurisdiction
where such affirmative insurance is not available) against losses caused by
forced removal of any material permanent improvements on the related Mortgaged
Property that encroach upon any material easements.

            (9) The related Assignment of Mortgage and the related assignment of
the Assignment of Leases executed in connection with each Mortgage, if any, have
been recorded in the applicable jurisdiction (or, if not recorded, have been
submitted for recording or are in recordable form (but for the insertion of the
name and address of the assignee and any related recording information which is
not yet available to the Seller)) and constitute the legal, valid and binding
assignment of such Mortgage and the related Assignment of Leases from the Seller
to the Purchaser. The endorsement of the related Mortgage Note by the Seller
constitutes the legal, valid, binding and enforceable (except as such
enforcement may be limited by anti-deficiency laws or bankruptcy, receivership,
conservatorship, reorganization, insolvency, moratorium or other similar laws
affecting the enforcement of creditors' rights generally, and by general
principles of equity (regardless of whether such enforcement is considered in a
proceeding in equity or at law)) assignment of such Mortgage Note, and together
with such Assignment of Mortgage and the related assignment of Assignment of
Leases, legally and validly conveys all right, title and interest in such
Mortgage Loan and Mortgage Loan documents to the Purchaser.

            (10) (a) The Mortgage Loan documents for each Mortgage Loan provide
that such Mortgage Loan is non-recourse to the related parties thereto except
that the related Mortgagor and at least one individual or entity shall be fully
liable for actual losses, liabilities, costs and damages arising from certain
acts of the related Mortgagor and/or its principals specified in the related
Mortgage Loan documents, which acts generally include the following: (i) fraud
or material misrepresentation, (ii) the misapplication or misappropriation of
rents, insurance proceeds or condemnation awards, (iii) any act of actual waste,
(iv) any breach of the environmental covenants contained in the related Mortgage
Loan documents and (v) filing voluntary bankruptcy or similar insolvency
proceedings in which the Mortgaged Property or any portion thereof is an asset
of the bankruptcy estate.

            (b) The Mortgage Loan documents for each Mortgage Loan contain
            enforceable provisions such as to render the rights and remedies of
            the holder thereof adequate for the practical realization against
            the Mortgaged Property of the principal benefits of the security
            intended to be provided thereby, including realization by judicial
            or, if applicable, non-judicial foreclosure, and there is no
            exemption available to the related Mortgagor which would interfere
            with such right of foreclosure except any statutory right of
            redemption or as may be limited by anti-deficiency or one form of
            action laws or by bankruptcy, receivership, conservatorship,
            reorganization, insolvency, moratorium or other similar laws
            affecting the enforcement of creditors' rights generally, and by
            general principles of equity (regardless of whether such enforcement
            is considered in a proceeding in equity or at law).

            (c) Each of the related Mortgage Notes and Mortgages are the legal,
            valid and binding obligations of the related Mortgagor named on the
            Mortgage Loan Schedule and each of the other related Mortgage Loan
            documents is the legal, valid and binding obligation of the parties
            thereto (subject to any non-recourse provisions therein),
            enforceable in accordance with its terms, except as such enforcement
            may be limited by anti-deficiency or one form of action laws or
            bankruptcy, receivership, conservatorship, reorganization,
            insolvency, moratorium or other similar laws affecting the
            enforcement of creditors' rights generally, and by general
            principles of equity (regardless of whether such enforcement is
            considered in a proceeding in equity or at law), and except that
            certain provisions of such Mortgage Loan documents are or may be
            unenforceable in whole or in part under applicable state or federal
            laws, but the inclusion of such provisions does not render any of
            the Mortgage Loan documents invalid as a whole, and such Mortgage
            Loan documents taken as a whole are enforceable to the extent
            necessary and customary for the practical realization of the
            principal rights and benefits afforded thereby.

            (d) The terms of the Mortgage Loans or the related Mortgage Loan
            documents, have not been altered, impaired, modified or waived in
            any material respect, except prior to the Cut-off Date by written
            instrument duly submitted for recordation, to the extent required,
            and as specifically set forth in the related Mortgage File and no
            such alterations, impairments, modifications, or waivers have been
            completed or consented to since March 28, 2008.

            (e) With respect to each Mortgage which is a deed of trust, a
            trustee, duly qualified under applicable law to serve as such,
            currently so serves and is named in the deed of trust or may be
            substituted in accordance with applicable law, and no fees or
            expenses are or will become payable to the trustee under the deed of
            trust, except in connection with a trustee's sale after default by
            the Mortgagor and de minimis fees paid in connection with the
            release of the related Mortgaged Property or related security for
            such Mortgage Loan following payment of such Mortgage Loan in full.

            (11) No Mortgage Loan has been satisfied, canceled, subordinated,
released or rescinded, in whole or in part, and the related Mortgagor has not
been released, in whole or in part, from its obligations under any related
Mortgage Loan document.

            (12) Except with respect to the enforceability of any provisions
requiring the payment of default interest, late fees, additional interest,
prepayment premiums or yield maintenance charges, neither the Mortgage Loan nor
any of the related Mortgage Loan documents is subject to any right of
rescission, set-off, abatement, diminution, valid counterclaim or defense,
including the defense of usury, nor will the operation of any of the terms of
any such Mortgage Loan documents, or the exercise (in compliance with procedures
permitted under applicable law) of any right thereunder, render any Mortgage
Loan documents subject to any right of rescission, set-off, abatement,
diminution, valid counterclaim or defense, including the defense of usury
(subject in each case above to anti-deficiency or one form of action laws and to
bankruptcy, receivership, conservatorship, reorganization, insolvency,
moratorium or other similar laws affecting the enforcement of creditor's rights
generally and to general principles of equity (regardless of whether such
enforcement is considered in a proceeding in equity or at law)), and no such
right of rescission, set-off, abatement, diminution, valid counterclaim or
defense has been asserted with respect thereto. None of the Mortgage Loan
documents provides for a release of a portion of the Mortgaged Property from the
lien of the Mortgage except upon payment or defeasance in full of all
obligations under the Mortgage, provided that, notwithstanding the foregoing,
certain of the Mortgage Loans may allow partial release (a) upon payment or
defeasance of an Allocated Loan Amount which may be formula based, but in no
event less than 125% of the Allocated Loan Amount, or (b) in the event the
portion of the Mortgaged Property being released was not given any material
value in connection with the underwriting or appraisal of the related Mortgage
Loan.

            (13) As of the Closing Date, there is no payment default, after
giving effect to any applicable notice and/or grace period, and, as of the
Closing Date, there is no other material default under any of the related
Mortgage Loan documents, after giving effect to any applicable notice and/or
grace period; no such material default or breach has been waived by the Seller
or on its behalf or, to the Seller's knowledge, by the Seller's predecessors in
interest with respect to the Mortgage Loans; and, to the Seller's actual
knowledge, no event has occurred which, with the passing of time or giving of
notice would constitute a material default or breach; provided, however, that
the representations and warranties set forth in this sentence do not cover any
default, breach, violation or event of acceleration that specifically pertains
to or arises out of any subject matter otherwise covered by any other
representation or warranty made by the Seller in this Exhibit B. No Mortgage
Loan has been accelerated and no foreclosure or power of sale proceeding has
been initiated in respect of the related Mortgage. The Seller has not waived any
material claims against the related Mortgagor under any non-recourse exceptions
contained in the Mortgage Note.

            (14) (a) The principal amount of the Mortgage Loan stated on the
Mortgage Loan Schedule has been fully disbursed as of the Closing Date (except
for certain amounts that were fully disbursed by the mortgagee, but were
escrowed pursuant to the terms of the related Mortgage Loan documents) and there
are no future advances required to be made by the mortgagee under any of the
related Mortgage Loan documents. Any requirements under the related Mortgage
Loan documents regarding the completion of any on-site or off-site improvements
and to disbursements of any escrow funds therefor have been or are being
complied with or such escrow funds are still being held. The value of the
Mortgaged Property relative to the value reflected in the most recent appraisal
thereof is not impaired by any improvements which have not been completed. The
Seller has not, nor, to the Seller's knowledge, have any of its agents or
predecessors in interest with respect to the Mortgage Loan, in respect of
payments due on the related Mortgage Note or Mortgage, directly or indirectly,
advanced funds or induced, solicited or knowingly received any advance of funds
by a party other than the Mortgagor other than (a) interest accruing on such
Mortgage Loan from the date of such disbursement of such Mortgage Loan to the
date which preceded by thirty (30) days the first payment date under the related
Mortgage Note and (b) application and commitment fees, escrow funds, points and
reimbursements for fees and expenses, incurred in connection with the
origination and funding of the Mortgage Loan.

            (b) No Mortgage Loan has capitalized interest included in its
            principal balance, or provides for any shared appreciation rights or
            other equity participation therein and no contingent or additional
            interest contingent on cash flow or negative amortization (other
            than with respect to the deferment of payment of interest with
            respect to ARD Loans) is due thereon.

            (c) Each Mortgage Loan identified in the Mortgage Loan Schedule as
            an ARD Loan starts to amortize no later than the Due Date of the
            calendar month immediately after the calendar month in which such
            ARD Loan closed and substantially fully amortizes over its stated
            term, which term is at least 60 months after the related Anticipated
            Repayment Date. Each ARD Loan has an Anticipated Repayment Date not
            less than seven years following the origination of such Mortgage
            Loan. If the related Mortgagor elects not to prepay its ARD Loan in
            full on or prior to the Anticipated Repayment Date pursuant to the
            existing terms of the Mortgage Loan or a unilateral option (as
            defined in Treasury Regulations under Section 1001 of the Code) in
            the Mortgage Loan exercisable during the term of the Mortgage Loan,
            (i) the Mortgage Loan's interest rate will step up to an interest
            rate per annum as specified in the related Mortgage Loan documents;
            provided, however, that payment of such Excess Interest shall be
            deferred until the principal of such ARD Loan has been paid in full;
            (ii) all or a substantial portion of the Excess Cash Flow (which is
            net of certain costs associated with owning, managing and operating
            the related Mortgaged Property) collected after the Anticipated
            Repayment Date shall be applied towards the prepayment of such ARD
            Loan and once the principal balance of an ARD Loan has been reduced
            to zero all Excess Cash Flow will be applied to the payment of
            accrued Excess Interest; and (iii) if the property manager for the
            related Mortgaged Property can be removed by or at the direction of
            the mortgagee on the basis of a debt service coverage test, the
            subject debt service coverage ratio shall be calculated without
            taking account of any increase in the related Mortgage Interest Rate
            on such Mortgage Loan's Anticipated Repayment Date. No ARD Loan
            provides that the property manager for the related Mortgaged
            Property can be removed by or at the direction of the mortgagee
            solely because of the passage of the related Anticipated Repayment
            Date.

            (d) Each Mortgage Loan identified in the Mortgage Loan Schedule as
            an ARD Loan with a hard lockbox requires that tenants at the related
            Mortgaged Property shall (and each Mortgage Loan identified in the
            Mortgage Loan Schedule as an ARD Loan with a springing lockbox
            requires that tenants at the related Mortgaged Property shall, upon
            the occurrence of a specified trigger event, including, but not
            limited to, the occurrence of the related Anticipated Repayment
            Date) make rent payments into a lockbox controlled by the holder of
            the Mortgage Loan and to which the holder of the Mortgage Loan has a
            first perfected security interest; provided however, with respect to
            each ARD Loan which is secured by a multi-family property with a
            hard lockbox, or with respect to each ARD Loan which is secured by a
            multi-family property with a springing lockbox, upon the occurrence
            of a specified trigger event, including, but not limited to, the
            occurrence of the related Anticipated Repayment Date, tenants either
            pay rents to a lockbox controlled by the holder of the Mortgage Loan
            or deposit rents with the property manager who will then deposit the
            rents into a lockbox controlled by the holder of the Mortgage Loan.

            (15) The terms of the Mortgage Loan documents evidencing such
Mortgage Loan comply in all material respects with all applicable local, state
and federal laws and regulations, and the Seller has complied with all material
requirements pertaining to the origination, funding and servicing of the
Mortgage Loans, including but not limited to, usury and any and all other
material requirements of any federal, state or local law to the extent
non-compliance would have a material adverse effect on the Mortgage Loan.

            (16) To the Seller's knowledge and subject to paragraph (37) hereof,
as of the date of origination of the Mortgage Loan, based on inquiry customary
in the industry, the related Mortgaged Property was, and to the Seller's actual
knowledge and subject to paragraph (37) hereof, as of the Closing Date, the
related Mortgaged Property is, in all material respects, in compliance with, and
is used and occupied in accordance with, all restrictive covenants of record
applicable to such Mortgaged Property and applicable zoning laws and all
inspections, licenses, permits and certificates of occupancy required by law,
ordinance or regulation to be made or issued with regard to the Mortgaged
Property have been obtained and are in full force and effect, except to the
extent (a) any material non-compliance with all restrictive covenants of record
applicable to such Mortgaged Property or applicable zoning laws is insured by an
ALTA lender's title insurance policy (or binding commitment therefor), or the
equivalent as adopted in the applicable jurisdiction, or a law and ordinance
insurance policy, or (b) the failure to obtain or maintain such inspections,
licenses, permits or certificates of occupancy does not materially impair or
materially and adversely affect the use and/or operation of the Mortgaged
Property as it was used and operated as of the date of origination of the
Mortgage Loan or the rights of a holder of the related Mortgage Loan.

            (17) All (a) taxes, water charges, sewer rents, assessments or other
similar outstanding governmental charges and governmental assessments which
became due and owing prior to the Closing Date in respect of the related
Mortgaged Property (excluding any related personal property), and if left
unpaid, would be, or might become, a lien on such Mortgaged Property having
priority over the related Mortgage and (b) insurance premiums or ground rents
which became due and owing prior to the Closing Date in respect of the related
Mortgaged Property (excluding any related personal property), have been paid, or
if disputed, or if such amounts are not delinquent prior to the Closing Date, an
escrow of funds in an amount sufficient (together with escrow payments required
to be made prior to delinquency) to cover such taxes and assessments and any
late charges due in connection therewith has been established. As of the date of
origination, the related Mortgaged Property was comprised of one or more
separate and complete tax parcels. For purposes of this representation and
warranty, the items identified herein shall not be considered due and owing
until the date on which interest or penalties would be first payable thereon.

            (18) To the Seller's knowledge based on surveys or the Title
Insurance Policy, (i) none of the material improvements that were included for
the purpose of determining the appraised value of the related Mortgaged Property
at the time of the origination of such Mortgage Loan lies outside the boundaries
and building restriction lines of such Mortgaged Property, except to the extent
they are legally nonconforming as contemplated by representation (37) below, and
(ii) no improvements on adjoining properties encroach upon such Mortgaged
Property, except in the case of either (i) or (ii) for (a) immaterial
encroachments which do not materially adversely affect the security intended to
be provided by the related Mortgage or the use, value or marketability of such
Mortgaged Property or (b) encroachments affirmatively covered by the related
Title Insurance Policy. With respect to each Mortgage Loan, the property legally
described in the survey, if any, obtained for the related Mortgaged Property for
purposes of the origination thereof is the same as the property legally
described in the Mortgage.

            (19) (a) Except with respect to repairs estimated to cost less than
$10,000 in the aggregate, as of the date of the applicable engineering report
(which was performed within 12 months prior to the Cut-off Date) related to the
Mortgaged Property and, to Seller's knowledge as of the Closing Date, either (i)
the related Mortgaged Property is in good repair, free and clear of any damage
that would materially adversely affect the value of such Mortgaged Property as
security for such Mortgage Loan or the use and operation of the Mortgaged
Property as it was being used or operated as of the origination date or (ii)
escrows in an amount consistent with the standard utilized by the Seller with
respect to similar loans it holds for its own account have been established,
which escrows will in all events be not less than 100% of the estimated cost of
the required repairs. Since the origination date, to the Seller's knowledge,
such Mortgaged Property has not been damaged by fire, wind or other casualty or
physical condition (including, without limitation, any soil erosion or
subsidence or geological condition) that would materially and adversely affect
its value, which damage has not been fully repaired or fully insured, or for
which escrows in an amount consistent with the standard utilized by the Seller
with respect to loans it holds for its own account have not been established.

            (b) As of the origination date of such Mortgage Loan and to the
            Seller's actual knowledge, as of the Closing Date, there are no
            proceedings pending or, to the Seller's actual knowledge,
            threatened, for the partial or total condemnation of the relevant
            Mortgaged Property; provided, that solely for purposes of this
            Representation 19(b), the Seller's actual knowledge shall include
            the actual knowledge of any servicer that has serviced the Mortgage
            Loan on behalf of the Seller. The "actual knowledge" of any such
            Seller as it relates to the actual knowledge of any servicer shall
            be deemed to be knowledge derived from the servicer by the Seller
            based on a level of inquiry that is customary for sellers of conduit
            loans in the commercial real estate lending industry.

            (20) With respect to the Mortgage Loans that are secured in whole or
in part by a leasehold estate (a "Ground Lease") (except with respect to any
Mortgage Loan also secured by the related fee interest in the Mortgaged
Property):

            (a) such Ground Lease or a memorandum thereof has been or will be
            duly recorded; such Ground Lease, or other agreement received by the
            originator of the Mortgage Loan from the ground lessor, provides
            that the interest of the lessee thereunder may be encumbered by the
            related Mortgage and does not restrict the use of the related
            Mortgaged Property by such lessee, its successors or assigns, in a
            manner that would materially and adversely affect the security
            provided by the Mortgage; as of the date of origination of the
            Mortgage Loan, there was no material change of record in the terms
            of such Ground Lease with the exception of written instruments which
            are part of the related Mortgage File and Seller has no knowledge of
            any material change in the terms of such Ground Lease since the
            recordation of the related Mortgage, with the exception of written
            instruments which are part of the related Mortgage File;

            (b) such Ground Lease is not subject to any liens or encumbrances
            superior to, or of equal priority with, the related Mortgage, other
            than the related fee interest and Permitted Encumbrances and such
            Ground Lease is, and shall remain, prior to any mortgage or other
            lien upon the related fee interest (other than Permitted
            Encumbrances) unless a nondisturbance agreement is obtained from the
            holder of any such mortgage or lien on the fee interest, which
            nondisturbance agreement is assignable to or for the benefit of the
            related lessee and the related mortgagee;

            (c) such Ground Lease or other agreement received by the originator
            of the Mortgage Loan from the ground lessor provides that upon
            foreclosure of the related Mortgage or assignment of the Mortgagor's
            interest in such Ground Lease in lieu thereof, the mortgagee under
            such Mortgage is entitled to become the owner of such interest upon
            notice to, but without the consent of, the ground lessor thereunder
            and, in the event that such mortgagee (or any of its successors and
            assigns under the Mortgage) becomes the owner of such interest, such
            interest is further assignable by such mortgagee (or any of its
            successors and assigns under the Mortgage) upon notice to such
            lessor, but without a need to obtain the consent of such ground
            lessor;

            (d) such Ground Lease is in full force and effect and no default of
            tenant or ground lessor was in existence at origination, or to the
            Seller's knowledge, is currently in existence under such Ground
            Lease, nor at origination was, or to the Seller's knowledge, is
            there any condition which, but for the passage of time or the giving
            of notice, would result in a default under the terms of such Ground
            Lease; either such Ground Lease or a separate agreement contains the
            ground lessor's covenant that it shall not amend, modify, cancel or
            terminate such Ground Lease without the prior written consent of the
            mortgagee under such Mortgage and any amendment, modification,
            cancellation or termination of the Ground Lease without the prior
            written consent of the related mortgagee, or its successors or
            assigns is not binding on such mortgagee, or its successor or
            assigns;

            (e) such Ground Lease or other agreement requires the lessor
            thereunder to give written notice of any material default by the
            lessee to the mortgagee under the related Mortgage, provided that
            such mortgagee has provided the lessor with notice of its lien in
            accordance with the provisions of such Ground Lease; and such Ground
            Lease or other agreement provides that no such notice of default and
            no termination of the Ground Lease in connection with such notice of
            default shall be effective against such mortgagee unless such notice
            of default has been given to such mortgagee and any related Ground
            Lease or other agreement contains the ground lessor's covenant that
            it will give to the related mortgagee, or its successors or assigns,
            any notices it sends to the Mortgagor;

            (f) either (i) the related ground lessor has subordinated its
            interest in the related Mortgaged Property to the interest of the
            holder of the Mortgage Loan or (ii) such Ground Lease or other
            agreement provides that (A) the mortgagee under the related Mortgage
            is permitted a reasonable opportunity to cure any default under such
            Ground Lease which is curable, including reasonable time to gain
            possession of the interest of the lessee under the Ground Lease,
            after the receipt of notice of any such default before the lessor
            thereunder may terminate such Ground Lease; (B) in the case of any
            such default which is not curable by such mortgagee, or in the event
            of the bankruptcy or insolvency of the lessee under such Ground
            Lease, such mortgagee has the right, following termination of the
            existing Ground Lease or rejection thereof by a bankruptcy trustee
            or similar party, to enter into a new ground lease with the lessor
            on substantially the same terms as the existing Ground Lease; and
            (C) all rights of the Mortgagor under such Ground Lease (insofar as
            it relates to the Ground Lease) may be exercised by or on behalf of
            such mortgagee under the related Mortgage upon foreclosure or
            assignment in lieu of foreclosure;

            (g) such Ground Lease has an original term (or an original term plus
            one or more optional renewal terms that under all circumstances may
            be exercised, and will be enforceable, by the mortgagee or its
            assignee) which extends not less than the greater of (x) 20 years
            beyond the stated maturity date of the related Mortgage Loan and (y)
            ten years beyond the amortization term of the related Mortgage Loan;

            (h) under the terms of such Ground Lease and the related Mortgage,
            taken together, any related insurance proceeds will be applied
            either to the repair or restoration of all or part of the related
            Mortgaged Property, with the mortgagee under such Mortgage or a
            financially responsible institution acting as trustee appointed by
            it, or consented to by it, or by the lessor having the right to hold
            and disburse such proceeds as the repair or restoration progresses
            (except in such cases where a provision entitling another party to
            hold and disburse such proceeds would not be viewed as commercially
            unreasonable by a prudent commercial mortgage lender), or to the
            payment in whole or in part of the outstanding principal balance of
            such Mortgage Loan together with any accrued and unpaid interest
            thereon; and

            (i) such Ground Lease does not impose any restrictions on subletting
            which would be viewed as commercially unreasonable by the Seller;
            such Ground Lease contains a covenant (or applicable laws provide)
            that the lessor thereunder is not permitted, in the absence of an
            uncured default, to disturb the possession, interest or quiet
            enjoyment of any lessee in the relevant portion of such Mortgaged
            Property subject to such Ground Lease for any reason, or in any
            manner, which would materially adversely affect the security
            provided by the related Mortgage.

            (21) (a) Except for those Mortgage Loans set forth on Schedule I
hereto for which a lender's environmental insurance policy was obtained in lieu
of an Environmental Site Assessment, an Environmental Site Assessment relating
to each Mortgaged Property and prepared no earlier than 12 months prior to the
Closing Date was obtained and reviewed by the Seller in connection with the
origination of such Mortgage Loan and a copy is included in the Servicing File.

            (b) Such Environmental Site Assessment does not identify, and the
            Seller has no actual knowledge of, any adverse circumstances or
            conditions with respect to or affecting the Mortgaged Property that
            would constitute or result in a material violation of any
            Environmental Laws, other than with respect to a Mortgaged Property
            (i) for which environmental insurance (as set forth on Schedule II
            hereto) is maintained, or (ii) which would require (x) any
            expenditure less than or equal to the lesser of $250,000 or 2% of
            the outstanding principal balance of the Mortgage Loan to achieve or
            maintain compliance in all material respects with any Environmental
            Laws or (y) any expenditure greater than the lesser of $250,000 or
            2% of the outstanding principal balance of such Mortgage Loan to
            achieve or maintain compliance in all material respects with any
            Environmental Laws for which, in connection with this clause (y),
            adequate sums, but in no event less than 125% of the estimated cost
            as set forth in the Environmental Site Assessment, were reserved by
            escrow or letter of credit in connection with the origination of the
            Mortgage Loan and for which the related Mortgagor has covenanted to
            perform, or (iii) as to which the related Mortgagor is currently
            implementing or required to implement, and to comply with the
            recommendations of the Environmental Site Assessment with respect to
            such conditions or circumstances, is only required to implement, an
            operations and maintenance plan addressing such conditions or
            circumstances, or (iv) as to which another responsible party not
            related to the Mortgagor with assets reasonably estimated by the
            Seller at the time of origination to be sufficient to effect all
            necessary or required remediation identified in a notice or other
            action from the applicable governmental authority is currently
            taking or required to take such actions, if any, with respect to
            such regulatory authority's order or directive, or (v) as to which
            such conditions or circumstances identified in the Environmental
            Site Assessment were investigated further and based upon such
            additional investigation, an environmental consultant recommended no
            further investigation or remediation, or (vi) as to which a party
            with financial resources reasonably estimated to be adequate to cure
            the condition or circumstance provided a guaranty or indemnity to
            the related Mortgagor or to the mortgagee to cover the costs of any
            required investigation, testing, monitoring or remediation, or (vii)
            as to which the related Mortgagor or other responsible party
            obtained a "No Further Action" letter or other evidence reasonably
            acceptable to a prudent commercial mortgage lender that applicable
            federal, state, or local governmental authorities had no current
            intention of taking any action, and are not requiring any action, in
            respect of such condition or circumstance, or (viii) which would not
            require substantial cleanup, remedial action or other extraordinary
            response under any Environmental Laws reasonably estimated to cost
            in excess of the lesser of $250,000 or 2% of the outstanding
            principal balance of such Mortgage Loan;

            (c) To the Seller's actual knowledge and in reliance upon the
            Environmental Site Assessment, except for any Hazardous Materials
            being handled in accordance with applicable Environmental Laws and
            except for any Hazardous Materials present at such Mortgaged
            Property for which, to the extent that an Environmental Site
            Assessment recommends remediation or other action, (A) there exists
            either (i) environmental insurance with respect to such Mortgaged
            Property (as set forth on Schedule II hereto) or (ii) an amount in
            an escrow account pledged as security for such Mortgage Loan under
            the relevant Mortgage Loan documents equal to no less than 125% of
            the amount estimated in such Environmental Site Assessment as
            sufficient to pay the cost of such remediation or other action in
            accordance with such Environmental Site Assessment or (B) one of the
            statements set forth in clause (b) above is true, (1) such Mortgaged
            Property is not being used for the treatment or disposal of
            Hazardous Materials; (2) no Hazardous Materials are being used or
            stored or generated for off-site disposal or otherwise present at
            such Mortgaged Property other than Hazardous Materials of such types
            and in such quantities as are customarily used or stored or
            generated for off-site disposal or otherwise present in or at
            properties of the relevant property type; and (3) such Mortgaged
            Property is not subject to any environmental hazard (including,
            without limitation, any situation involving Hazardous Materials)
            which under the Environmental Laws would have to be eliminated
            before the sale of, or which could otherwise reasonably be expected
            to adversely affect in more than a de minimis manner the value or
            marketability of, such Mortgaged Property.

            (d) The related Mortgage or other Mortgage Loan documents contain
            covenants on the part of the related Mortgagor requiring its
            compliance with any present or future federal, state and local
            Environmental Laws and regulations in connection with the Mortgaged
            Property. The related Mortgagor (or an affiliate thereof) has agreed
            to indemnify, defend and hold the Seller, and its successors and
            assigns, harmless from and against any and all losses, liabilities,
            damages, penalties, fines, expenses and claims of whatever kind or
            nature (including attorneys' fees and costs) imposed upon or
            incurred by or asserted against any such party resulting from a
            breach of the environmental representations, warranties or covenants
            given by the related Mortgagor in connection with such Mortgage
            Loan.

            (e) Each of the Mortgage Loans which is covered by a lender's
            environmental insurance policy obtained in lieu of an Environmental
            Site Assessment ("In Lieu of Policy") is identified on Schedule I,
            and each In Lieu of Policy is in an amount equal to 125% of the
            outstanding principal balance of the related Mortgage Loan and has a
            term ending no sooner than the date which is five years after the
            maturity date (or, in the case of an ARD Loan, the final maturity
            date) of the related Mortgage Loan, is non-cancelable by the insurer
            during such term and the premium for such policy has been paid in
            full. All environmental assessments or updates that were in the
            possession of the Seller and that relate to a Mortgaged Property
            identified on Schedule I, as being insured by an In Lieu of Policy
            have been delivered to or disclosed to the In Lieu of Policy carrier
            issuing such policy prior to the issuance of such policy.

            (22) As of the date of origination of the related Mortgage Loan,
and, as of the Closing Date, the Mortgaged Property is covered by insurance
policies providing the coverage described below and the Mortgage Loan documents
permit the mortgagee to require the coverage described below. All premiums with
respect to the Insurance Policies insuring each Mortgaged Property have been
paid in a timely manner or escrowed to the extent required by the Mortgage Loan
documents, and the Seller has not received any notice of cancellation or
termination. The relevant Servicing File contains the Insurance Policy required
for such Mortgage Loan or a certificate of insurance for such Insurance Policy.
Each Mortgage requires that the related Mortgaged Property and all improvements
thereon are covered by Insurance Policies providing (subject to customary
deductibles) (A) coverage for losses sustained by fire and other risks and
hazards covered by a casualty insurance policy providing "special" form coverage
in an amount sufficient to prevent the Mortgagor from being deemed a co-insurer
and to provide coverage in an amount equal to the lesser of the full replacement
cost of such Mortgaged Property (in some cases exclusive of excavations,
underground utilities, foundations and footings) and the outstanding principal
balance of the related Mortgage Loan with an appropriate endorsement to avoid
application of any coinsurance provision; such policies contain a standard
mortgage clause naming mortgagee and its successor in interest as additional
insureds or loss payee, as applicable; (B) business interruption or rental loss
insurance with no exclusion for acts of terrorism in an amount at least equal to
(a) 12 months of operations or (b) in some cases all rents and other amounts
customarily insured under this type of insurance of the Mortgaged Property; (C)
flood insurance (if any portion of the improvements on the Mortgaged Property is
located in an area identified by the Federal Emergency Management Agency
("FEMA"), with respect to certain Mortgage Loans and the Secretary of Housing
and Urban Development with respect to other Mortgage Loans, as having special
flood hazards) in an amount not to exceed amounts prescribed by FEMA; (D)
workers' compensation, if required by law; (E) comprehensive general liability
insurance in an amount consistent with the standard utilized by the Seller with
respect to loans it holds for its own account, but not less than $1 million; all
such Insurance Policies contain clauses providing they are not terminable and
may not be terminated, without thirty (30) days prior written notice to the
mortgagee (except where applicable law requires a shorter period or except for
nonpayment of premiums, in which case not less than ten (10) days prior written
notice to the mortgagee is required). In addition, each Mortgage permits the
related mortgagee to make premium payments to prevent the cancellation thereof
and shall entitle such mortgagee to reimbursement therefor. Any insurance
proceeds in respect of a casualty loss or taking will be applied either to the
repair or restoration of all or part of the related Mortgaged Property or the
payment of the outstanding principal balance of the related Mortgage Loan
together with any accrued interest thereon. If the Mortgaged Property is located
within 25 miles of the coast of the Gulf of Mexico or the Atlantic coast of
Florida, Georgia, South Carolina or North Carolina, such Mortgaged Property is
insured by windstorm insurance in an amount at least equal to (subject to
customary deductibles) the lesser of (i) the outstanding principal balance of
such Mortgage Loan and (ii) 100% of the full insurable value, or 100% of the
replacement cost, of the improvements located on the related Mortgaged Property.
The related Mortgaged Property is insured by an Insurance Policy, issued by an
insurer meeting the requirements of such Mortgage Loan and having a
claims-paying or financial strength rating of at least "A-:V" from A.M. Best
Company or "A-" (or the equivalent) from Standard & Poor's Ratings Services, a
division of The McGraw-Hill Companies, Inc., Fitch, Inc. or Moody's Investors
Service, Inc. An architectural or engineering consultant has performed an
analysis of each of the Mortgaged Properties located in seismic zones 3 or 4 in
order to evaluate the structural and seismic condition of such property, for the
sole purpose of assessing the probable maximum loss ("PML") for the Mortgaged
Property in the event of an earthquake. In such instance, the PML was based on a
450 or 475 year return period, an exposure period of 50 years and a 10%
probability of exceedence. If the resulting report concluded that the PML would
exceed 20% of the amount of the replacement costs of the improvements,
earthquake insurance on such Mortgaged Property was obtained by an insurer rated
at least "A-:V" by A.M. Best Company or "A-" (or the equivalent) from Standard &
Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc., Fitch,
Inc. or Moody's Investors Service, Inc. To the Seller's actual knowledge, the
insurer issuing each of the foregoing insurance policies is qualified, if
required, to write insurance in the jurisdiction where the related Mortgaged
Property is located.

            (23) All amounts required to be deposited by each Mortgagor at
origination under the related Mortgage Loan documents have been deposited or
have been withheld from the related Mortgage Loan proceeds at origination and
there are no deficiencies with regard thereto.

            (24) Whether or not a Mortgage Loan was originated by the Seller, to
the Seller's knowledge, with respect to each Mortgage Loan originated by the
Seller and each Mortgage Loan originated by any Person other than the Seller, as
of the date of origination of the related Mortgage Loan, and, to the Seller's
actual knowledge, with respect to each Mortgage Loan originated by the Seller
and any prior holder of the Mortgage Loan, as of the Closing Date, there are no
actions, suits, arbitrations or governmental investigations or proceedings by or
before any court or other governmental authority or agency now pending against
or affecting the Mortgagor under any Mortgage Loan or any of the Mortgaged
Properties which, if determined against such Mortgagor or such Mortgaged
Property, would materially and adversely affect the value of such Mortgaged
Property, the security intended to be provided with respect to the related
Mortgage Loan, or the ability of such Mortgagor and/or the current use of such
Mortgaged Property to generate net cash flow to pay principal, interest and
other amounts due under the related Mortgage Loan; and to the Seller's actual
knowledge there are no such actions, suits or proceedings threatened against
such Mortgagor.

            (25) The origination (or acquisition, as the case may be), servicing
and collection practices used by the Seller or, to the knowledge of the Seller,
any predecessor or prior servicer with respect to the Mortgage Loan, have been
in all material respects legal and have met customary industry standards.

            (26) The originator of the Mortgage Loan or the Seller has inspected
or caused to be inspected each related Mortgaged Property within the 12 months
prior to the Closing Date.

            (27) The Mortgage Loan documents require the Mortgagor to provide
the holder of the Mortgage Loan with at least annual operating statements,
financial statements and except for Mortgage Loans for which the related
Mortgaged Property is leased to a single tenant, rent rolls.

            (28) All escrow deposits and payments required by the terms of each
Mortgage Loan are in the possession, or under the control of the Seller (except
to the extent they have been disbursed for their intended purpose), and all
amounts required to be deposited by the applicable Mortgagor under the related
Mortgage Loan documents have been deposited, and there are no deficiencies with
regard thereto (subject to any applicable notice and cure period). All of the
Seller's interest in such escrows and deposits will be conveyed by the Seller to
the Purchaser hereunder.

            (29) No two or more Mortgage Loans representing more than 5% of the
aggregate outstanding principal amount of all the mortgage loans included in the
Trust Fund have the same Mortgagor or, to the Seller's knowledge, are to
Mortgagors which are entities controlled by one another or under common control.

            (30) Each Mortgagor with respect to a Mortgage Loan with a principal
balance as of the Cut-off Date in excess of $5,000,000 included in the Trust
Fund is an entity whose Mortgage Loan documents require that it be a Single
Purpose Entity and, with respect to a Mortgage Loan with a principal balance as
of the Cut-off Date in excess of $15,000,000 its organizational documents
provide that it is, and at least so long as the Mortgage Loan is outstanding
will continue to be, a Single Purpose Entity. For this purpose, "Single Purpose
Entity" shall mean a Person, other than an individual, whose organizational
documents or Mortgage Loan documents provide that it shall engage solely in the
business of owning and operating the Mortgaged Property and which does not
engage in any business unrelated to such property and the financing thereof,
does not have any assets other than those related to its interest in the
Mortgaged Property or the financing thereof or any indebtedness other than as
permitted by the related Mortgage or the other Mortgage Loan documents, and the
organizational documents of which require that it have its own separate books
and records and its own accounts, in each case which are separate and apart from
the books and records and accounts of any other Person.

            (31) The gross proceeds of each Mortgage Loan to the related
Mortgagor at origination did not exceed the non-contingent principal amount of
the Mortgage Loan and either: (A) such Mortgage Loan is secured by an interest
in real property having a fair market value (1) at the date the Mortgage Loan
was originated at least equal to 80% of the original principal balance of the
Mortgage Loan or (2) at the Closing Date at least equal to 80% of the original
principal balance of the Mortgage Loan on such date; provided that for purposes
hereof, the fair market value of the real property interest must first be
reduced by (X) the amount of any lien on the real property interest that is
senior to the Mortgage Loan and (Y) a proportionate amount of any lien that is
in parity with the Mortgage Loan (unless such other lien secures a Mortgage Loan
that is cross-collateralized with such Mortgage Loan, in which event the
computation described in clauses (A)(1) and (A)(2) of this paragraph (31) shall
be made on a pro rata basis in accordance with the fair market values of the
Mortgaged Properties securing such cross-collateralized Mortgage Loan; or (B)
substantially all the proceeds of such Mortgage Loan were used to acquire,
improve or protect the real property which served as the only security for such
Mortgage Loan (other than a recourse feature or other third party credit
enhancement within the meaning of Treasury Regulations Section
1.860G-2(a)(1)(ii)). If the Mortgage Loan was "significantly modified" prior to
the Closing Date so as to result in a taxable exchange under Section 1001 of the
Code, it either (i) was modified as a result of the default or reasonably
foreseeable default of such Mortgage Loan or (ii) satisfies the provisions of
either clause (A)(1) above (substituting the date of the last such modification
for the date the Mortgage Loan was originated) or clause (A)(2), including the
proviso thereto. Accordingly, the Mortgage Loan is a "qualified mortgage" within
the meaning of Section 860G(a)(3) of the Code (but without regard to the rule in
Treasury Regulations Section 1.860G-2(f)(2) that treats certain defective
mortgage loans as qualified mortgages). Any prepayment premium and yield
maintenance charges applicable to the Mortgage Loan constitute "customary
prepayment penalties" within the meaning of Treasury Regulations Section
1.860G-1(b)(2).

            (32) The Mortgage Loans contain a "due on sale" clause, which
provides for the acceleration of the payment of the unpaid principal balance of
the Mortgage Loan if, without the prior written consent of the holder of the
Mortgage Loan, the property subject to the Mortgage, or any controlling interest
therein, is directly or indirectly transferred or sold (except that it may
provide for transfers by devise, descent or operation of law upon the death of a
member, manager, general partner or shareholder of a Mortgagor and that it may
provide for transfers subject to the Mortgage Loan holder's approval of
transferee, transfers to affiliates, transfers to family members for estate
planning purposes, transfers among existing members, partners or shareholders in
Mortgagor or transfers of passive interests so long as the key principals or
general partner retains control). The Mortgage Loan documents contain a "due on
encumbrance" clause, which provides for the acceleration of the payment of the
unpaid principal balance of the Mortgage Loan if the property subject to the
Mortgage or any controlling interest in the Mortgagor is further pledged or
encumbered, unless the prior written consent of the holder of the Mortgage Loan
is obtained (except that it may provide for assignments subject to the Mortgage
Loan holder's approval of transferee, transfers to affiliates or transfers of
passive interests so long as the key principals or general partner retains
control). The Mortgage Loan documents require the Mortgagor to pay all
reasonable fees and expenses of the holder of the Mortgage associated with
assumptions or transfers of interest in connection with any repayment of the
Mortgage Loan on the related Mortgaged Property. As of the Closing Date, the
Seller holds no preferred equity interest in any Mortgagor and the Seller holds
no mezzanine debt related to such Mortgaged Property.

            (33) Except with respect to the AB Mortgage Loans, each Mortgage
Loan is a whole loan and not a participation interest in a mortgage loan.

            (34) Each Mortgage Loan containing provisions for defeasance of
mortgage collateral provides that: defeasance may not occur any earlier than two
years after the Closing Date; and requires that (i) the replacement collateral
consist of U.S. "government securities," within the meaning of Treasury
Regulations Section 1.860G-2(a)(8)(i), in an amount sufficient to make all
scheduled payments under the Mortgage Note when due (up to the maturity date for
the related Mortgage Loan, the Anticipated Repayment Date for ARD Loans or the
date on which the Mortgagor may prepay the related Mortgage Loan without payment
of any prepayment penalty); (ii) the loan may be assumed by a Single Purpose
Entity approved by the holder of the Mortgage Loan; (iii) counsel provide an
opinion that the trustee has a perfected security interest in such collateral
prior to any other claim or interest; and (iv) such other documents and
certifications as the mortgagee may reasonably require which may include,
without limitation, (A) a certification that the purpose of the defeasance is to
facilitate the disposition of the mortgaged real property or any other customary
commercial transaction and not to be part of an arrangement to collateralize a
REMIC offering with obligations that are not real estate mortgages and (B) a
certification from an independent certified public accountant that the
collateral is sufficient to make all scheduled payments under the Mortgage Note
when due. Each Mortgage Loan containing provisions for defeasance provides that,
in addition to any cost associated with defeasance, the related Mortgagor shall
pay, as of the date the mortgage collateral is defeased, all scheduled and
accrued interest and principal due as well as an amount sufficient to defease in
full the Mortgage Loan (except as contemplated in paragraph (35) hereof). In
addition, if the related Mortgage Loan permits defeasance, then the Mortgage
Loan documents provide that the related Mortgagor shall (x) pay all reasonable
fees associated with the defeasance of the Mortgage Loan and all other
reasonable expenses associated with the defeasance, or (y) provide all opinions
required under the related Mortgage Loan documents, and in the case of any
Mortgage Loan with an outstanding principal balance as of the Cut-off Date of
$40,000,000 or greater, (1) a REMIC opinion and (2) rating agency letters
confirming that no downgrade or qualification shall occur as a result of the
defeasance.

            (35) In the event that a Mortgage Loan is secured by more than one
Mortgaged Property, then, in connection with a release of less than all of such
Mortgaged Properties, a Mortgaged Property may not be released as collateral for
the related Mortgage Loan unless, in connection with such release, an amount
equal to not less than 125% of the Allocated Loan Amount for such Mortgaged
Property is prepaid or, in the case of a defeasance, an amount equal to not less
than 125% of the Allocated Loan Amount is defeased through the deposit of
replacement collateral (as contemplated in paragraph (34) hereof) sufficient to
make all scheduled payments with respect to such defeased amount, or such
release is otherwise in accordance with the terms of the Mortgage Loan
documents.

            (36) Each Mortgaged Property is owned by the related Mortgagor,
except for Mortgaged Properties which are secured in whole or in a part by a
Ground Lease and for out-parcels, and is used and occupied for commercial or
multifamily residential purposes in accordance with applicable law.

            (37) In the event of casualty or destruction of the Mortgaged
Property, any non-conformity with applicable zoning laws as of the origination
date will not prohibit the Mortgaged Property improvements from being restored
or repaired in all material respects, to the use or structure at the time of
such casualty, except for restrictions on its use, repair or restoration for
which (i) law and ordinance insurance coverage has been obtained in amounts
consistent with the standards utilized by the Seller or (ii) an ALTA lender's
title insurance policy (or binding commitment therefor) or the equivalent as
adopted in the applicable jurisdiction insures against such non-conformity. For
purposes of the foregoing sentence, it is understood that any change to the use
or structure of the Mortgaged Property which materially and adversely affects
the related Mortgagor's ability to timely make payments on the related Mortgage
Loan shall be deemed to be a material change to such use or structure.

            (38) Neither the Seller nor any affiliate thereof has any obligation
to make any capital contributions to the related Mortgagor under the Mortgage
Loan. The Mortgage Loan was not originated for the sole purpose of financing the
construction of incomplete improvements on the related Mortgaged Property.

            (39) No court of competent jurisdiction will determine in a final
decree that fraud, with respect to the Mortgage Loans has taken place on the
part of the Seller or, to the Seller's actual knowledge, on the part of any
originator, in connection with the origination of such Mortgage Loan.

            (40) The related Mortgage or other Mortgage Loan documents provide a
grace period for delinquent Monthly Payments no longer than ten (10) days from
the applicable payment date or with respect to acceleration or the commencement
of the accrual of default interest under any Mortgage Loan, five (5) days after
notice to the Mortgagor of default.

            (41) The following statements are true with respect to the related
Mortgaged Property: (a) the Mortgaged Property is located on or adjacent to a
dedicated road or has access to an irrevocable easement permitting ingress and
egress and (b) the Mortgaged Property is served by public or private utilities,
water and sewer (or septic facilities) and otherwise appropriate for the use in
which the Mortgaged Property is currently being utilized.

            (42) None of the Mortgage Loan documents contain any provision that
expressly excuses the related borrower from obtaining and maintaining insurance
coverage for acts of terrorism and, in circumstances where terrorism insurance
is not expressly required, the mortgagee is not prohibited from requesting that
the related borrower maintain such insurance, in each case, to the extent such
insurance coverage is generally available for like properties in such
jurisdictions at commercially reasonable rates. Each Mortgaged Property is
insured by a casualty insurance policy providing "special" form coverage that
does not contain an express exclusion for (or, alternatively, is covered by a
separate policy that insures against property damage resulting from) acts of
terrorism.

            (43) An appraisal of the related Mortgaged Property was conducted in
connection with the origination of such Mortgage Loan, and such appraisal
satisfied the guidelines in Title XI of the Financial Institutions Reform,
Recovery and Enforcement Act of 1989, as in effect on the date such Mortgage
Loan was originated.

Defined Terms:

            The term "Allocated Loan Amount" shall mean, for each Mortgaged
Property, the portion of principal of the related Mortgage Loan allocated to
such Mortgaged Property for certain purposes (including determining the release
prices of properties, if permitted) under such Mortgage Loan as set forth in the
related loan documents. There can be no assurance, and it is unlikely, that the
Allocated Loan Amounts represent the current values of individual Mortgaged
Properties, the price at which an individual Mortgaged Property could be sold in
the future to a willing buyer or the replacement cost of the Mortgaged
Properties.

            The term "Anticipated Repayment Date" shall mean the date on which
all or substantially all of any Excess Cash Flow is required to be applied
toward prepayment of the related Mortgage Loan and on which any such Mortgage
Loan begins accruing Excess Interest.

            The term "ARD Loan" shall have the meaning assigned thereto in the
Pooling and Servicing Agreement.

            The term "Environmental Site Assessment" shall mean (x) a Phase I
environmental report meeting the requirements of the American Society for
Testing and Materials and being generally consistent with assessments of
environmental hazards undertaken by the Seller for similar properties, as of the
date of such assessment, and (y) if in accordance with customary industry
standards a reasonable lender would require it, a Phase II environmental report,
each report in clauses (x) and (y) prepared by an independent licensed third
party professional experienced in environmental matters.

            The term "Excess Cash Flow" shall mean the cash flow from the
Mortgaged Property securing an ARD Loan after payments of interest (at the
Mortgage Interest Rate) and principal (based on the amortization schedule), and
(a) required payments for the tax and insurance fund and ground lease escrows
fund, (b) required payments for the monthly debt service escrows, if any, (c)
payments to any other required escrow funds and (d) payment of operating
expenses pursuant to the terms of an annual budget approved by the Master
Servicer and discretionary (lender approved) capital expenditures.

            The term "Excess Interest" shall mean any accrued and deferred
interest on an ARD Loan in accordance with the following terms. Commencing on
the respective Anticipated Repayment Date each ARD Loan (pursuant to its
existing terms or a unilateral option, as defined in Treasury Regulations under
Section 1001 of the Code, in the Mortgage Loans exercisable during the term of
the Mortgage Loan) generally will bear interest at a fixed rate (the "Revised
Rate") per annum equal to the Mortgage Interest Rate plus a percentage specified
in the related Mortgage Loan documents. Until the principal balance of each such
Mortgage Loan has been reduced to zero (pursuant to its existing terms or a
unilateral option, as defined in Treasury Regulations under Section 1001 of the
Code, in the Mortgage Loans exercisable during the term of the Mortgage Loan),
such Mortgage Loan will only be required to pay interest at the Mortgage
Interest Rate and the interest accrued at the excess of the related Revised Rate
over the related Mortgage Interest Rate will be deferred (such accrued and
deferred interest and interest thereon, if any, is "Excess Interest").

            The term "in reliance on" shall mean that:

                  (a) the Seller has examined and relied in whole or in part
            upon one or more of the specified documents or other information in
            connection with a given representation or warranty;

                  (b) that the information contained in such document or
            otherwise obtained by the Seller appears on its face to be
            consistent in all material respects with the substance of such
            representation or warranty;

                  (c) the Seller's reliance on such document or other
            information is consistent with the standard of care exercised by
            prudent lending institutions originating commercial mortgage loans;
            and

                  (d) although the Seller is under no obligation to verify
            independently the information contained in any document specified as
            being relied upon by it, the Seller believes the information
            contained therein to be true, accurate and complete in all material
            respects and has no actual knowledge of any facts or circumstances
            which would render reliance thereon unjustified without further
            inquiry.

            The term "Mortgage Interest Rate" shall mean the fixed rate of
interest per annum that each Mortgage Loan bears as of the Cut-off Date.

            The term "Permitted Encumbrances" shall mean:

                  (a) the lien of current real property taxes, water charges,
            sewer rents and assessments not yet delinquent or accruing interest
            or penalties;

                  (b) covenants, conditions and restrictions, rights of way,
            easements and other matters of public record acceptable to mortgage
            lending institutions generally and referred to in the related
            mortgagee's title insurance policy;

                  (c) other matters to which like properties are commonly
            subject, and

                  (d) the rights of tenants, as tenants only, whether under
            ground leases or space leases at the Mortgaged Property.

                  which together do not materially and adversely affect the
            related Mortgagor's ability to timely make payments on the related
            Mortgage Loan, which do not materially interfere with the benefits
            of the security intended to be provided by the related Mortgage or
            the use, for the use currently being made, the operation as
            currently being operated, enjoyment, value or marketability of such
            Mortgaged Property, provided, however, that, for the avoidance of
            doubt, Permitted Encumbrances shall exclude all pari passu, second,
            junior and subordinated mortgages but shall not exclude mortgages
            that secure other Mortgage Loans or Companion Loans that are
            cross-collateralized with the related Mortgage Loan.

            Other. For purposes of these representations and warranties, the
term "to the Seller's knowledge" shall mean that no officer, employee or agent
of the Seller responsible for the underwriting, origination or sale of the
Mortgage Loans or of any servicer responsible for servicing the Mortgage Loan on
behalf of the Seller, has knowledge or believes that a given representation or
warranty is not true or is inaccurate based upon the Seller's reasonable inquiry
and during the course of such inquiry, no such officer, employee or agent of the
Seller has obtained any actual knowledge of any facts or circumstances that
would cause such person to believe that such representation or warranty was
inaccurate. Furthermore, all information contained in documents which are part
of or required to be part of a Mortgage File shall be deemed to be within the
Seller's knowledge. For purposes of these representations and warranties, the
term "to the Seller's actual knowledge" shall mean that any director, officer,
employee or agent of the Seller responsible for the underwriting, origination,
sale or servicing of the Mortgage Loans does not actually know of any facts or
circumstances that would cause such person to believe that such representation
or warranty was inaccurate.

<PAGE>

                                    EXHIBIT C

           EXCEPTIONS TO MORTGAGE LOAN REPRESENTATIONS AND WARRANTIES

                                  JPMCC 2008-C2
                          Exceptions to Representations

Representation #(4)

 Loan Number          Loan Name                  Description of Exception

     13       Wisco Hotel Group A1       The Mortgaged Property secures the
                                         Mortgage Loan and a B-Note held by Mezz
                                         Cap Finance, LLC.

     11       Wisco Hotel Group A2       The Mortgaged Property secures the
                                         Mortgage Loan and a B-Note held by Mezz
                                         Cap Finance, LLC.

     15       Regency Portfolio          The Mortgaged Property secures the
                                         Mortgage Loan and a B-Note held by Mezz
                                         Cap Finance, LLC.

      2       Block at Orange            The Mortgaged Property secures the
                                         Mortgage Loan (consisting of a Fixed
                                         Rate A-2 Note) and a Fixed Rate A-1
                                         Note (which is pari passu with the
                                         Mortgage Loan and is not included in
                                         the trust fund).

      3       Westin Portfolio           The Mortgaged Property secures the
                                         Mortgage Loan (consisting of a Fixed
                                         Rate A-2 Note) and a Fixed Rate A-1
                                         Note (which is pari passu with the
                                         Mortgage Loan and is not included in
                                         the trust fund).

Representation #(6)

 Loan Number          Loan Name                  Description of Exception

     35       Waldorf Hampton Inn        The Mortgaged Loan is structured as an
                                         indemnity deed of trust ("IDOT"), under
                                         which the Mortgage Note is secured by
                                         an indemnity guaranty, which indemnity
                                         guaranty is secured by the fee interest
                                         in the Mortgaged Property. The
                                         guarantor of the Mortgage Note owns the
                                         Mortgaged Property and thus has an
                                         interest in the lease payments.

      2       Block at Orange            The Mortgaged Property secures the
                                         Mortgage Loan (consisting of a Fixed
                                         Rate A-2 Note) and a Fixed Rate A-1
                                         Note (which is pari passu with the
                                         Mortgage Loan and is not included in
                                         the trust fund).

      5       Station Casinos            Station Casinos, the sole tenant at the
              Headquarters               Mortgaged Property, has multiple rights
                                         to purchase the Mortgaged Property
                                         during the term of the Mortgage Loan.

      3       Westin Portfolio           The Mortgagor leases certain golf carts
                                         and other equipment in connection with
                                         the golf course at the Mortgaged
                                         Property and other office equipment
                                         pursuant to operating leases, the
                                         transfer and assignment of which
                                         requires consent of the applicable
                                         lessor, which has not been obtained by
                                         the mortgagee in connection with the
                                         Mortgage Loan.

                                         The Mortgaged Property secures the
                                         Mortgage Loan (consisting of a Fixed
                                         Rate A-2 Note) and a Fixed Rate A-1
                                         Note (which is pari passu with the
                                         Mortgage Loan and is not included in
                                         the trust fund).

     15       Regency Portfolio          QRS Investments, L.L.C., a tenant at
                                         one of the Mortgaged Properties, has a
                                         right to purchase such property during
                                         the term of the Mortgage Loan.

Representation #(7)

 Loan Number          Loan Name                  Description of Exception

     35       Waldorf Hampton Inn        Because the Mortgage Loan is structured
                                         for tax purposes as an IDOT, the
                                         guarantor of the Mortgage Note is the
                                         owner of the related Mortgaged Property
                                         instead of the related Mortgagor.

      5       Station Casinos            Station Casinos, the sole tenant at the
              Headquarters               Mortgaged Property, has multiple rights
                                         to purchase the Mortgaged Property
                                         during the term of the Mortgage Loan.

     15       Regency Portfolio          QRS Investments, L.L.C., a tenant at
                                         one of the Mortgaged Properties, has a
                                         right to purchase such property during
                                         the term of the Mortgage Loan.

Representation #(10(a))

 Loan Number          Loan Name                  Description of Exception

     10       Two Democracy Plaza        There is no individual or entity other
                                         than the Mortgagor who is liable for
                                         the non-recourse carveouts.

     15       Regency Portfolio          The non-recourse carveout does not
                                         cover "actual waste".

      2       Block at Orange            There is no individual or entity other
                                         than the Mortgagor who is liable for
                                         the non-recourse carveouts.

                                         The non-recourse carveout does not
                                         cover "actual waste".

     23       Decorative Center Dallas   There is no individual or entity other
                                         than the Mortgagor who is liable for
                                         the non-recourse carveouts.

     63       801 and 949 East Erie      There is no individual or entity other
              Avenue                     than the Mortgagor who is liable for
                                         the non-recourse carveouts.

Representation #(10(c))

 Loan Number          Loan Name                  Description of Exception

     35       Waldorf Hampton Inn        The Mortgage Loan is structured as an
                                         IDOT, and while the related Mortgagor
                                         was the maker of the Mortgage Note, the
                                         Mortgage was given by the indemnity
                                         guarantor.

Representation #(10(d))

 Loan Number          Loan Name                  Description of Exception

     12       717 14th Street Office     The terms of the respective Mortgage
              Building                   Loan documents were modified after the
                                         Cut-off Date because the Mortgagor
                                         exercised a one time option to receive
                                         additional funding.

     69       1000 South Sherman Street  The terms of the respective Mortgage
                                         Loan documents were modified after the
                                         Cut-off Date to extend the completion
                                         date for immediate repairs to August 1,
                                         2008 and reduce the reserve amounts for
                                         the immediate repairs escrow because
                                         certain required repairs have been
                                         completed.

     45       Northern Ohio Industrial   The terms of the respective Mortgage
              Park                       Loan documents were modified after the
                                         Cut-off Date to extend the completion
                                         date for immediate repairs to August 1,
                                         2008 and reduce the reserve amounts for
                                         the immediate repairs escrow because
                                         certain required repairs have been
                                         completed.

     23       Decorative Center Dallas   The terms of the respective Mortgage
                                         Loan documents were modified after the
                                         Cut-off Date because the Mortgagor
                                         exercised a one time option to receive
                                         additional funding.

     56       Hart & Cooley              The terms of the respective Mortgage
                                         Loan documents were modified after the
                                         Cut-off Date to establish trigger
                                         events for the lockbox.

   13; 11     Wisco Hotel Group A1;      The terms of each of the respective
              Wisco Hotel Group A2       Mortgage Loan documents were modified
                                         after the Cut-off Date to delete all
                                         cross-collateralization and
                                         cross-default provisions.

      1       The Promenade Shops at     The terms of the respective Mortgage
              Dos Lagos                  Loan documents were modified after the
                                         Cut-off Date to provide for a letter of
                                         credit as additional security for
                                         certain tenant lease payments.

Representation #(10(e))

 Loan Number          Loan Name                  Description of Exception

      2       Block at Orange            Pursuant to the Mortgage Loan
                                         documents, the Mortgagor shall pay all
                                         reasonable costs, fees and expenses
                                         incurred by the trustee and the
                                         trustee's agents and counsel in
                                         connection with the performance by the
                                         trustee of its duties and all such
                                         costs, fees and expenses shall be
                                         secured by the Mortgage Loan documents.
                                         Additionally, the trustee shall be
                                         entitled to reimbursement for actual
                                         expenses it incurs in the performance
                                         of its duties.

Representation #(12)

 Loan Number          Loan Name                  Description of Exception

      3       Westin Portfolio           Each Westin Portfolio property may be
                                         released from the lien of the Mortgage
                                         upon defeasance of an amount equal to
                                         115% of the allocated loan amount.

Representation #(19(a))

 Loan Number          Loan Name                  Description of Exception

     23       Decorative Center Dallas   The mortgagee waived escrows for
                                         immediate repairs in the amount of
                                         $14,523 recommended by the property
                                         condition report.

     68       OfficeMax Savannah         The mortgagee waived escrows for
                                         immediate repairs in the amount of
                                         $17,842 recommended by the property
                                         condition report.

Representation #(19(b))

 Loan Number          Loan Name                  Description of Exception

      1       The Promenade Shops at     The California Department of
              Dos Lagos                  Transportation has notified the
                                         Mortgagor that an access road to the
                                         Mortgaged Property may have to be
                                         relocated due to improvements to an
                                         adjoining interstate.

Representation #(20(c))

 Loan Number          Loan Name                  Description of Exception

     15       Regency Portfolio          An individual Mortgaged Property is
                                         subject to a ground lease and pursuant
                                         to such ground lease, the consent of
                                         the ground lessor is required for any
                                         assignment; however, such consent may
                                         not be unreasonably be withheld,
                                         delayed or conditioned.

Representation #(20(d))

 Loan Number          Loan Name                  Description of Exception

     12       717 14th Street Office     There is a potential dispute between
              Building                   the Mortgagor and ground lessor over
                                         which party is responsible for the
                                         payment of taxes attributable to an
                                         adjacent alley. The Mortgagor has
                                         agreed to escrow funds for such taxes
                                         until the dispute is resolved.

Representation #(21(d))

 Loan Number          Loan Name                  Description of Exception

     35       Waldorf Hampton Inn        This loan is secured by an IDOT. The
                                         indemnity guarantor and not the
                                         Mortgagor, is required to comply with
                                         environmental laws and regulations.

Representation #(22)

 Loan Number          Loan Name                  Description of Exception

     69       1000 South Sherman Street  Mortgagor may maintain all-risk
                                         insurance with a deductible that does
                                         not exceed $100,000. However, Mortgagor
                                         must maintain an escrow account in an
                                         amount equal to the amount by which the
                                         actual deductible exceeds $25,000.

     45       Northern Ohio Industrial   Mortgagor may maintain all-risk
              Park                       insurance with a deductible that does
                                         not exceed $100,000. However, Mortgagor
                                         must maintain an escrow account in an
                                         amount equal to the amount by which the
                                         actual deductible exceeds $50,000.

     57       KMart Madison              So long as KMart, the sole tenant at
                                         the Mortgaged Property, has a credit
                                         rating of "BB-" by S&P, KMart is
                                         permitted to self insure. However, the
                                         guaranty covers any shortfall if this
                                         amount is insufficient to fully restore
                                         the Mortgaged Property in the event of
                                         any casualty, including any casualty
                                         due to terrorism.

      2       Block at Orange            Mortgagor may maintain all-risk
                                         insurance with a deductible that does
                                         not exceed $250,000.

                                         The Mortgage Loan documents provide for
                                         a windstorm, earthquake and flood
                                         deductible of 5% of the insured value
                                         of the Mortgaged Property.

                                         The Mortgagor is required to carry
                                         insurance policies from carriers having
                                         a claims paying ability rating of (i)
                                         if there is only one insurance company
                                         issuing the Policies, "A" or better
                                         (and the equivalent thereof) by at
                                         least two (2) of the Rating Agencies
                                         rating the Certificates, or if only one
                                         Rating Agency is rating the
                                         Certificates, then only by such Rating
                                         Agency, or (ii) if there are more than
                                         one, but less than five, insurance
                                         companies collectively issuing the
                                         policies, seventy five percent (75%) or
                                         more of the insured amount shall have a
                                         claims paying ability rating of "A" or
                                         better (and the equivalent thereof) by
                                         at least two (2) of the Rating Agencies
                                         rating the Certificates, or if only one
                                         Rating Agency is rating the
                                         Certificates, then only by such Rating
                                         Agency, and the remaining twenty five
                                         percent (25%) (or lesser remaining
                                         amount) of which shall have a claims
                                         paying ability rating of "BBB" or
                                         better (and the equivalent thereof) by
                                         at least two (2) of the Rating Agencies
                                         rating the Certificates, or if only one
                                         Rating Agency is rating the
                                         Certificates, then only by such Rating
                                         Agency, or (iii) if there are five or
                                         more insurance companies collectively
                                         issuing the policies, sixty percent
                                         (60%) or more of the insured amount
                                         shall have a claims paying ability
                                         rating of "A" or better (and the
                                         equivalent thereof) by at least two (2)
                                         of the Rating Agencies rating the
                                         Certificates, or if only one Rating
                                         Agency is rating the Certificates, then
                                         only by such Rating Agency, and the
                                         remaining forty percent (40%) (or
                                         lesser remaining amount) of which shall
                                         have a claims paying ability rating of
                                         "BBB" or better (and the equivalent
                                         thereof) by at least two (2) of the
                                         Rating Agencies rating the
                                         Certificates, or if only one Rating
                                         Agency is rating the Certificates, then
                                         only by such Rating Agency.

     30       Kiwi-CEI Distribution      Mortgagor may maintain comprehensive
              Facility                   commercial general liability insurance
                                         with a deductible that does not exceed
                                         $5,000 and all-risk insurance with a
                                         deductible that does not exceed
                                         $100,000.

                                         Instead of maintaining rental loss
                                         insurance of an amount equal to at
                                         least 12 months of operations, the sole
                                         tenant maintains coverage in an amount
                                         of $1,052,505, which provides coverage
                                         in excess of the annual debt service
                                         and tax payments.

      5       Station Casinos            Mortgagor may maintain all-risk
              Headquarters               insurance with a deductible that does
                                         not exceed $100,000; provided however,
                                         subject to the satisfaction of certain
                                         criteria, Station Casinos, the sole
                                         tenant, may maintain all-risk insurance
                                         with a deductible that does not exceed
                                         $2,000,000.

     10       Two Democracy Plaza        If (A) more than one (1) but less than
                                         five (5) insurance companies issue the
                                         Policies, then at least seventy five
                                         percent (75%) of the applicable
                                         insurance coverages represented by the
                                         Policies must be provided by insurance
                                         companies having a credit rating of "A"
                                         or better by S&P (or the equivalent
                                         rating by Moody's and Fitch) and the
                                         balance of the applicable insurance
                                         coverages represented by the Policies
                                         must be provided by insurance companies
                                         having a credit rating "BBB" or better
                                         by S&P (or the equivalent rating by
                                         Moody's and Fitch), provided that FM
                                         Global can participate for no more than
                                         forty percent (40%) so long as it
                                         maintains a rating of "BBB" from S&P
                                         and is not part of the primary layer of
                                         insurance providers or (B) five (5) or
                                         more insurance companies issue the
                                         Policies, then at least sixty percent
                                         (60%) of the applicable insurance
                                         coverages must be provided by insurance
                                         companies having a credit rating of "A"
                                         or better by S&P (or the equivalent
                                         rating by Moody's and Fitch) and at
                                         least one hundred percent (100%) of the
                                         total of the applicable insurance
                                         coverages must be provided by insurance
                                         companies having a credit rating of
                                         "BBB" or better by S&P (or the
                                         equivalent rating by Moody's and
                                         Fitch); provided that FM Global will be
                                         treated as having a credit rating "BBB"
                                         and may participate for no more than
                                         forty percent (40%) so long as it
                                         maintains a rating of "BBB" from S&P
                                         and is not part of the primary layer of
                                         insurance providers. Notwithstanding
                                         the foregoing, the Mortgagor shall be
                                         permitted to maintain the Policies with
                                         the insurance companies which do not
                                         meet the foregoing requirements (an
                                         "Otherwise Rated Insurer"), provided
                                         the Mortgagor obtains a "cut-through"
                                         endorsement (that is, an endorsement
                                         which permits recovery against the
                                         provider of such endorsement)
                                         acceptable to the mortgagee with
                                         respect to any Otherwise Rated Insurer
                                         from an insurance company which meets
                                         the claims paying ability ratings
                                         required above. Moreover, if the
                                         Mortgagor desires to maintain insurance
                                         from an insurance company which does
                                         not meet the claims paying ability
                                         ratings set forth herein but the parent
                                         of such insurance company, which owns
                                         at least fifty one percent (51%) of
                                         such insurance company, maintains such
                                         ratings, the Mortgagor may use such
                                         insurance companies if approved by the
                                         Rating Agencies.

     23       Decorative Center Dallas   Mortgagor may maintain all-risk
                                         insurance with a deductible that does
                                         not exceed $100,000.

                                         The Mortgage Loan documents provide for
                                         a windstorm, earthquake and flood
                                         deductible of 5% of the insured value
                                         of the Mortgaged Property.

     15       Regency Portfolio          Mortgagor may maintain comprehensive
                                         commercial general liability insurance
                                         with a deductible that does not exceed
                                         $1,000.

     68       OfficeMax Savannah         So long as OfficeMax, the sole tenant
                                         at the Mortgaged Property, has a credit
                                         rating of "BB-" by S&P and remains the
                                         sole tenant, it is permitted to
                                         maintain deductibles up to $1,000,000
                                         for all-risk and comprehensive
                                         commercial general liability insurance.
                                         However, the guarantor and Mortgagor
                                         shall be personally liable for losses
                                         that the mortgagee incurs as a result
                                         of failure to cover these deductibles.
                                         Additionally, if the tenant's S&P
                                         credit rating drops below "BB-", is
                                         removed or if it is no longer the sole
                                         tenant, then the Mortgagor has agreed
                                         to obtain or cause the tenant to obtain
                                         insurance policies that meet the
                                         requirements set forth in the Mortgage
                                         Loan documents. The guarantor and
                                         Mortgagor shall be personally liable
                                         for any losses that the mortgagee
                                         incurs as a result of failure to obtain
                                         such required insurance policies.

     61       All Storage Sycamore       Mortgagor may maintain all-risk
                                         insurance with a deductible that does
                                         not exceed $50,000, so long as it is
                                         consistent with the custom and practice
                                         in the retail industry in the
                                         Dallas-Fort Worth Metroplex. However,
                                         the guarantor is responsible for
                                         deductibles in excess of $10,000.

              All Loans                  Although the Mortgage Loan Documents
                                         require comprehensive general liability
                                         insurance consistent with this
                                         representation and warranty, as of the
                                         date hereof, the mortgagee has not
                                         received evidence of the endorsement
                                         necessary to include it as an
                                         additional insured. At closing, the
                                         mortgagee accepted evidence of
                                         comprehensive commercial general
                                         liability insurance and its inclusion
                                         as an additional insured on standard
                                         Accord form 25 or other similar forms.

Representation #(24)

 Loan Number          Loan Name                  Description of Exception

      1       The Promenade Shops at     The California Department of
              Dos Lagos                  Transportation has notified the
                                         Mortgagor that an access road to the
                                         Mortgaged Property may have to be
                                         relocated due to improvements to an
                                         adjoining interstate.

     12       717 14th Street Office     There is a potential dispute between
              Building                   the Mortgagor and ground lessor over
                                         which party is responsible for the
                                         payment of taxes attributable to an
                                         adjacent alley. The Mortgagor has
                                         agreed to escrow funds for such taxes
                                         until the dispute is resolved.

Representation #(27)

 Loan Number          Loan Name                  Description of Exception

     35       Waldorf Hampton Inn        This loan is secured by an IDOT. The
                                         indemnity guarantor and not the
                                         Mortgagor, is required to provide
                                         financial information to the mortgagee.

Representation #(32)

 Loan Number          Loan Name                  Description of Exception

     30       Kiwi-CEI Distribution      Subject to the satisfaction of certain
              Facility                   conditions, transfers to affiliates and
                                         other entities or individuals are
                                         permitted pursuant to the Mortgage Loan
                                         documents.

                                         Subject to the satisfaction of certain
                                         criteria, the Mortgage Loan documents
                                         allow members of the Mortgagor the
                                         right to pledge their interests in the
                                         Mortgagor to secure a mezzanine loan
                                         pursuant to the security instrument.

     69       1000 South Sherman Street  Subject to the satisfaction of certain
                                         criteria, the Mortgage Loan documents
                                         allow members of the Mortgagor the
                                         right to pledge their interests in the
                                         Mortgagor to secure a mezzanine loan
                                         pursuant to the security instrument.

     45       Northern Ohio Industrial   Subject to the satisfaction of certain
              Park                       criteria, the Mortgage Loan documents
                                         allow members of the Mortgagor the
                                         right to pledge their interests in the
                                         Mortgagor to secure a mezzanine loan
                                         pursuant to the security instrument.

     10       Two Democracy Plaza        Subject to the satisfaction of certain
                                         conditions, transfers to affiliates and
                                         other entities or individuals are
                                         permitted pursuant to the Mortgage Loan
                                         documents.

      2       Block at Orange            Subject to the satisfaction of certain
                                         conditions, transfers to affiliates and
                                         other entities or individuals are
                                         permitted pursuant to the Mortgage Loan
                                         documents.

                                         Subject to the satisfaction of certain
                                         criteria, the Mortgage Loan documents
                                         allow members of the Mortgagor the
                                         right to pledge their interests in the
                                         Mortgagor to secure a mezzanine loan
                                         pursuant to the security instrument.

      5       Station Casinos            Subject to the satisfaction of certain
              Headquarters               conditions, transfers to affiliates and
                                         other entities or individuals are
                                         permitted pursuant to the Mortgage Loan
                                         documents.

      3       Westin Portfolio           The direct and indirect owners of the
                                         Mortgagor have pledged their ownership
                                         interests in the Mortgagor to secure
                                         two mezzanine loans held by Ashford
                                         Hospitality Trust Inc. and Starwood
                                         Capital Group respectively. If such
                                         entities default on the mezzanine
                                         loans, the interests in such direct and
                                         indirect owners may be transferred to
                                         such mezzanine lenders without the
                                         consent of the mortgagee.

                                         Subject to the satisfaction of certain
                                         conditions, transfers to affiliates and
                                         other entities or individuals are
                                         permitted pursuant to the Mortgage Loan
                                         documents.

      1       The Promenade Shops at     Subject to the satisfaction of certain
              Dos Lagos                  conditions, transfers to affiliates and
                                         other entities or individuals are
                                         permitted pursuant to the Mortgage Loan
                                         documents.

                                         Subject to the satisfaction of certain
                                         criteria, the Mortgage Loan documents
                                         allow members of the Mortgagor the
                                         right to pledge their interests in the
                                         Mortgagor to secure a mezzanine loan
                                         pursuant to the security instrument.

                                         The direct and indirect owners of the
                                         Mortgagor have pledged their ownership
                                         interests in the Mortgagor to secure
                                         mezzanine loans. If such entities
                                         default on the mezzanine loans, the
                                         interests in such direct and indirect
                                         owners may be transferred to such
                                         mezzanine lenders without the consent
                                         of the mortgagee.

     23       Decorative Center Dallas   Subject to the satisfaction of certain
                                         criteria, the Mortgage Loan documents
                                         allow members of the Mortgagor the
                                         right to pledge their interests in the
                                         Mortgagor to secure a mezzanine loan
                                         pursuant to the security instrument.

     61       All Storage Sycamore       Subject to the satisfaction of certain
                                         criteria, the Mortgage Loan documents
                                         allow members of the Mortgagor the
                                         right to pledge their interests in the
                                         Mortgagor to secure a mezzanine loan
                                         pursuant to the security instrument.

     78       1020/1040 West Industrial  Subject to the satisfaction of certain
                                         conditions, transfers to affiliates and
                                         other entities or individuals are
                                         permitted pursuant to the Mortgage Loan
                                         documents.

     15       Regency Portfolio          Subject to the satisfaction of certain
                                         conditions, transfers to affiliates and
                                         other entities or individuals are
                                         permitted pursuant to the Mortgage Loan
                                         documents.

Representation #(33)

 Loan Number          Loan Name                  Description of Exception

      2       Block at Orange            The Mortgaged Property secures the
                                         Mortgage Loan (consisting of a Fixed
                                         Rate A-2 Note) and a Fixed Rate A-1
                                         Note (which is pari passu with the
                                         Mortgage Loan and is not included in
                                         the trust fund).

      3       Westin Portfolio           The Mortgaged Property secures the
                                         Mortgage Loan (consisting of a Fixed
                                         Rate A-2 Note) and a Fixed Rate A-1
                                         Note (which is pari passu with the
                                         Mortgage Loan and is not included in
                                         the trust fund).

Representation #(35)

 Loan Number          Loan Name                  Description of Exception

      3       Westin Portfolio           Each Westin Portfolio property may be
                                         released from the lien of the Mortgage
                                         upon defeasance of an amount equal to
                                         115% of the allocated loan amount.

Representation #(36)

 Loan Number          Loan Name                  Description of Exception

     35       Waldorf Hampton Inn        Because the Mortgage Loan is structured
                                         for tax purposes as an IDOT, the
                                         indemnity guarantor of the IDOT owns
                                         the related Mortgaged Property instead
                                         of the related Mortgagor.

Representation #(42)

 Loan Number          Loan Name                  Description of Exception

     57       KMart Madison              The Mortgaged Property is not covered
                                         by terrorism insurance. However, the
                                         guaranty covers any shortfall if the
                                         existing insurance policies are
                                         insufficient to fully restore the
                                         Mortgaged Property in the event of any
                                         casualty, including any casualty due to
                                         terrorism.

      5       Station Casinos            Terrorism insurance premiums are capped
              Headquarters               at $75,000 per year.

      3       Westin Portfolio           Terrorism insurance premiums are capped
                                         at $200,000 per year.

     10       Two Democracy Plaza        Terrorism insurance premiums are capped
                                         at $150,000 per year.

     61       All Storage Sycamore       Terrorism insurance premiums are capped
                                         at $10,000 per year.

     12       717 14th Street Office     Terrorism insurance premiums are capped
              Building                   at $53,000 per year.

     30       Kiwi-CEI Distribution      Terrorism insurance premiums are capped
              Facility                   at $40,000 per year, subject to annual
                                         increases based on the Consumer Price
                                         Index.

<PAGE>

                                    EXHIBIT D

                          FORM OF OFFICER'S CERTIFICATE

            I, [______], a duly appointed, qualified and acting [______] of
JPMorgan Chase Bank, N.A., a national banking association (the "Company"),
hereby certify (on behalf of the Company) as follows:

1.    I have examined the Mortgage Loan Purchase Agreement, dated as of May 1,
      2008 (the "Agreement"), between the Company and J.P. Morgan Chase
      Commercial Mortgage Securities Corp., and all of the representations and
      warranties of the Company under the Agreement are true and correct in all
      material respects on and as of the date hereof with the same force and
      effect as if made on and as of the date hereof (or, in the case of any
      particular representation or warranty set forth on Exhibit B to the
      Agreement, as of such other date provided for in such representation or
      warranty) with the same force and effect as if made on and as of the date
      hereof, subject to the exceptions set forth in the Agreement (including
      Exhibit C thereto).

2.    The Company has complied with all the covenants and satisfied all the
      conditions on its part to be performed or satisfied under the Agreement on
      or prior to the date hereof and no event has occurred which, with notice
      or the passage of time or both, would constitute a default under the
      Agreement.

3.    I have examined the information regarding the Mortgage Loans in each Free
      Writing Prospectus (as defined in the Indemnification Agreement), when
      read in conjunction with the other Time of Sale Information (as defined in
      the Indemnification Agreement), the Prospectus, dated April 18, 2008, as
      supplemented by the Prospectus Supplement, dated April 30, 2008
      (collectively, the "Prospectus"), relating to the offering of the Class
      A-1, Class A-2, Class A-3, Class A-4, Class A-4FL, Class A-SB, Class A-1A,
      Class X, Class A-M and Class A-J Certificates, the Private Placement
      Memorandum, dated May 2, 2008 (the "Privately Offered Certificate Private
      Placement Memorandum"), relating to the offering of the Class B, Class C,
      Class D Class E, Class F, Class G, Class H, Class J, Class K, Class L,
      Class M, Class N, Class P, Class Q, Class T and Class NR Certificates, and
      the Residual Private Placement Memorandum, dated May 2, 2008 (together
      with the Privately Offered Certificate Private Placement Memorandum, the
      "Private Placement Memoranda"), relating to the offering of the Class R
      and Class LR Certificates, and nothing has come to my attention that would
      lead me to believe that any Free Writing Prospectus, including any
      diskette attached thereto, when read in conjunction with the other Time of
      Sale Information, as of the Time of Sale (as defined in the
      Indemnification Agreement) or as of the date hereof, the Prospectus, as of
      the date of the Prospectus Supplement or as of the date hereof, or the
      Private Placement Memoranda, as of the date of the Private Placement
      Memoranda or as of the date hereof, included or includes any untrue
      statement of a material fact relating to the Mortgage Loans or in the case
      of any Free Writing Prospectus, when read in conjunction with the other
      Time of Sale Information, omitted or omits to state therein a material
      fact necessary in order to make the statements therein relating to the
      Mortgage Loans, in light of the circumstances under which they were made,
      not misleading.

            Capitalized terms used herein without definition have the meanings
given them in the Agreement.

<PAGE>

            IN WITNESS WHEREOF, I have signed my name this 8th day of May 2008.

                                       By:_____________________________
                                          Name:
                                          Title:

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