Document:

EXHIBIT 10.7
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             J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.,

                                    PURCHASER

                   AIG MORTGAGE CAPITAL, LLC AND SOME II, LLC,

                                     SELLER

                        MORTGAGE LOAN PURCHASE AGREEMENT

                          Dated as of December 1, 2006

                            Fixed Rate Mortgage Loans

                                Series 2006-LDP9

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               This Mortgage Loan Purchase Agreement (this "Agreement"), dated
as of December 1, 2006, is among J.P. Morgan Chase Commercial Mortgage
Securities Corp., as purchaser (the "Purchaser"), and AIG Mortgage Capital, LLC
("AIGMC"), as seller of the loans identified on Exhibit A-1 (the "AIGMC Loans")
and SOME II, LLC ("SOME II" and together with AIGMC, the "Sellers" and each
individually, a "Seller"), as seller of the loan identified on Exhibit A-2 (the
"SOME II Loans")].

               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 December 1, 2006 (the "Pooling and Servicing Agreement") among the
Purchaser, as depositor (the "Depositor"), Midland Loan Services, Inc., Capmark
Finance Inc. and Wachovia Bank, National Association, as master servicers (each,
a "Master Servicer"), LNR Partners, Inc., as special servicer (the "Special
Servicer"), LaSalle Bank National Association, as trustee (the "Trustee") and
Wells Fargo Bank, N.A., as paying agent (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-1 and Exhibit A-2 and
the term "Mortgaged Properties" refers to the properties securing such Mortgage
Loans.

               The Purchaser and the Sellers wish to prescribe the manner of
sale of the Mortgage Loans from the Sellers 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, each Seller does hereby
sell, transfer, assign, set over and convey to the Purchaser, without recourse
(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 Sellers) all of its right, title,
and interest in and to the related Mortgage Loans described in Exhibit A-1 or
Exhibit A-2, as applicable, including all interest and principal received on or
with respect to the 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 related 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 applicable
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 Sellers' records will accurately reflect the sale of each
Mortgage Loan sold by such Seller to the Purchaser. The Depositor will sell the
Class A-1, Class A-1S, Class A-2, Class A-2S, Class A-2SFL, Class A-3, Class
A-3SFL, Class A-1A, Class X, Class A-M, Class A-MS, Class A-J, Class A-JS, Class
B, Class B-S, Class C, Class C-S, Class D and Class D-S Certificates (the
"Offered Certificates") to the underwriters (the "Underwriters") specified in
the underwriting agreement dated December 15, 2006 (the "Underwriting
Agreement") between the Depositor and J.P. Morgan Securities Inc. ("JPMSI") for
itself and as representative of the several underwriters identified therein, and
the Depositor will sell the Class E, Class E-S, Class F, Class F-S, Class G,
Class G-S, Class H, Class H-S, Class J, Class K, Class L, Class M, Class N,
Class P and Class NR Certificates (the "Private Certificates") to JPMSI, the
initial purchaser (together with the Underwriters, the "Dealers") specified in
the certificate purchase agreement dated December 15, 2006 (the "Certificate
Purchase Agreement"), between the Depositor and JPMSI for itself and as
representative of the initial purchasers identified therein.

               The sale and conveyance of the AIGMC Loans and the SOME II Loans
are being conducted on an arms length basis and upon commercially reasonable
terms. As the purchase price for the AIGMC Loans and the SOME II Loans, the
Purchaser shall pay to the Sellers or at the Sellers' direction in immediately
available funds the sum of $125,524,410 (which amount is inclusive of accrued
interest and exclusive of AIGMC's and SOME II's pro rata share of the costs set
forth in Section 9 hereof). The purchase and sale of the AIGMC Loans and the
SOME II 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 each 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
related Seller.

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

               SECTION 3. Delivery of Mortgage Loan Documents; Additional Costs
and Expenses. (a) The Purchaser hereby directs the Sellers, and the Sellers
hereby agree, 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 sold by such Seller under
Sections 2.01(b) and 2.01(c) of the Pooling and Servicing Agreement, and meeting
all the requirements of such Sections 2.01(b) and 2.01(c), and such other
documents, instruments and agreements as the Purchaser or the Trustee shall
reasonably request. In addition, each Seller agrees to deliver or cause to be
delivered to the applicable Master Servicer, the Servicing File for each
Mortgage Loan transferred by it pursuant to this Agreement; provided that the
Sellers 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 a 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 related 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 has exercised all remedies available under the applicable
Mortgage Loan documents to collect such Transfer Modification Costs from such
Mortgagor, in which case applicable Master Servicer shall give the related
Seller notice of such failure and the amount of such Transfer Modification costs
and the related Seller shall pay such Transfer Modification Costs.

               SECTION 4. Treatment as a Security Agreement. Each Seller,
concurrently with the execution and delivery hereof, has conveyed to the
Purchaser, all of its right, title and interest in and to the related Mortgage
Loans. The parties intend that such conveyance of each Seller's right, title and
interest in and to the related 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 each
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 related 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, each 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. Each 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 applicable 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 the
related 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 Trustee (in care of the
applicable Master Servicer) 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 Trustee (in care of the applicable Master Servicer), the
related 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;

               (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 Annexes
A-1, A-2, A-3 and B thereto and the Diskette included therewith, with respect to
any information relating to the Mortgage Loans or the related Seller, in order
to make the statements therein, in the light of the circumstances when the
Prospectus Supplement is delivered to a purchaser, not misleading, or if it is
necessary to amend or supplement the Prospectus Supplement, including Annexes
A-1, A-2, A-3 and B thereto and the Diskette included therewith, with respect to
any information relating to the Mortgage Loans or the related Seller, to comply
with applicable law, such Seller shall do all things necessary to assist the
Depositor to prepare and furnish, at the expense of such Seller (to the extent
that such amendment or supplement relates to such Seller, the Mortgage Loans
sold by such Seller and/or any information relating to the same, as provided by
the Sellers), 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 Annexes A-1, A-2,
A-3 and B thereto and the Diskette included therewith, with respect to any
information relating to the Mortgage Loans or the related Seller, will not, in
the light of the circumstances when the Prospectus is so amended or
supplemented, be misleading or so that the Prospectus Supplement, including
Annexes A-1, A-2, A-3 and B thereto and the Diskette included therewith, with
respect to any information relating to the Mortgage Loans or the related 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 December 15, 2006 between the Purchaser and the AIGMC
(the "Indemnification Agreement"); and

               (d) for so long as the Trust is subject to the reporting
requirements of the Exchange Act, the Seller shall provide the Purchaser (or
with respect to any Companion Loan related to a Serviced Whole Loan or any
Serviced Securitized Companion Loan that is deposited into an Other
Securitization or a Regulation AB Companion Loan Securitization, the depositor
in such Other Securitization or Regulation AB Companion Loan Securitization) and
the Trustee with any Additional Form 10-D Disclosure and any Additional Form
10-K Disclosure set forth next to the Purchaser's name on Schedule X and
Schedule Y of the Pooling and Servicing Agreement within the time periods set
forth in the Pooling and Servicing Agreement.

               SECTION 6. Representations and Warranties.

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

               (i) it is a limited liability company organized, validly
        existing, and in good standing under the laws of Delaware;

               (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 State
        of New York. Such Seller is in compliance with the laws of each state in
        which any related 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 such Seller;

               (v) the execution, delivery and performance of this Agreement by
        such Seller have 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
        applicable 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 applicable 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 applicable 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 the 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 will 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); and

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

               (b) The Purchaser represents and warrants to each 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 or agreement 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 or agreement;

               (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 any 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 Sellers, the Dealers and their
        respective affiliates, that may be entitled to any commission or
        compensation in connection with the purchase and sale 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 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) AIGMC and SOME II each hereby make the representations and
warranties set forth in Exhibit B as to the SOME II Loans and as of the Closing
Date (or as of such other date if specifically provided in the particular
representation or warranty), which representations and warranties are subject to
the exceptions thereto set forth in Exhibit C. AIGMC further makes the
representations and warranties set forth in Exhibit B as to the AIGMC Loans and
as of the Closing Date (or as of such other date if specifically provided in the
particular representation or warranty), which representations and warranties are
subject to the exceptions thereto set forth in Exhibit C. Neither the delivery
by the related Seller of the related 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, any Master Servicer, the Special Servicer, a Certificate Owner or any
other Person shall relieve such 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, SOME II (only with respect to the SOME II Loans), AIGMC
(with respect to any Mortgage Loan) and the Purchaser shall be given notice of
any Breach or Defect that materially and adversely affects the value of any
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, AIGMC shall, not
later than 90 days from the earlier of AIGMC'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 Regulation Section 1.860G-2(f)(2) that causes a
defective mortgage loan to be treated as a qualified mortgage, the AIGMC'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 except with respect to a Defect resulting
solely from the failure by AIGMC to deliver to the Trustee or Custodian the
actual policy of lender's title insurance required pursuant to clause (ix) of
the definition of Mortgage File by a date not later than 18 months following the
Closing Date, if such Breach or Defect is capable of being cured but is not
cured within the Initial Resolution Period, and AIGMC has commenced and is
diligently proceeding with the cure of such Breach or Defect within the Initial
Resolution Period, AIGMC 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 AIGMC shall have delivered an officer's certificate to the Rating
Agencies, the applicable Master Servicer, the Special Servicer, the Trustee and
the Directing Certificateholder setting forth the reason such Breach or Defect
is not capable of being cured within the Initial Resolution Period and what
actions AIGMC 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 anything else in this Agreement to
the contrary, all of the obligations with respect to a Breach or Defect relating
to the SOME II Loans shall be solely the obligations of AIGMC, and the Purchaser
shall have no right to require SOME II to take any action following a Breach or
Default with respect to the SOME II Loans. 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, AIGMC 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 AIGMC
shall 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, AIGMC 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, AIGMC shall remit the amount of such costs and expenses and upon its
making such remittance, AIGMC 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
AIGMC 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 AIGMC pursuant to Section 2.03(f) of the Pooling and Servicing
Agreement. Notwithstanding the foregoing, the sole remedy with respect to any
breach of the representation set forth in the second to last sentence of clause
(32) of Exhibit B hereto shall be payment by AIGMC of such costs and expenses
without respect to the materiality of such breach.

               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
the Defects previously described in clauses (a) through (f)) shall be considered
to materially and adversely affect the value of any Mortgage Loan, the value of
the related Mortgaged Property or the interests of the Trustee or any
Certificateholder therein 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 its Custodian within 18 months after the
Closing Date.

               If (i) any Mortgage Loan is required to be repurchased or
substituted for in the manner described in the first paragraph of this Section
6(e), (ii) such Mortgage Loan is a Crossed Loan, and (iii) the applicable Defect
or Breach does not constitute a Defect or Breach, as the case may be, as to any
other Crossed Loan in such Crossed Group (without regard to this paragraph),
then the applicable Defect or Breach, as the case may be, will be deemed to
constitute a Defect or Breach, as the case may be, as to each other Crossed Loan
in the Crossed Group for purposes of this paragraph, and AIGMC will be required
to repurchase or substitute for all of the remaining Crossed Loans in the
related Crossed Group as provided in the first paragraph of this Section 6(e)
unless such other Crossed Loans in such Crossed Group satisfy the Crossed Loan
Repurchase Criteria, and the Mortgage Loan affected by the applicable Defect or
Breach and the Qualified Substitute Mortgage Loan, if any, satisfy all other
criteria for repurchase or substitution, as applicable, of Mortgage Loans set
forth herein. In the event that the remaining Crossed Loans satisfy the
aforementioned criteria, AIGMC may elect either to repurchase or substitute for
only the affected Crossed Loan as to which the related Breach or Defect exists
or to repurchase or substitute for all of the Crossed Loans in the related
Crossed Group. AIGMC shall be responsible for the cost of any Appraisal required
to be obtained by the applicable Master Servicer to determine if the Crossed
Loan Repurchase Criteria have been satisfied, so long as the scope and cost of
such Appraisal has been approved by AIGMC (such approval not to be unreasonably
withheld).

               To the extent that AIGMC is required to repurchase or substitute
for a Crossed Loan hereunder in the manner prescribed above while the Trustee
continues to hold any other Crossed Loans in such Crossed Group, neither AIGMC
nor the Trustee shall enforce any remedies against the other's Primary
Collateral, but each is permitted to exercise remedies against the Primary
Collateral securing its respective Crossed Loans, including with respect to the
Trustee, the Primary Collateral securing Crossed Loans still held by the
Trustee.

               If the exercise of remedies by one party would materially impair
the ability of the other party to exercise its remedies with respect to the
Primary Collateral securing the Crossed Loans held by such party, then AIGMC and
the Trustee shall forbear from exercising such remedies until the Mortgage Loan
documents evidencing and securing the relevant Crossed Loans can be modified in
a manner that removes the threat of material impairment as a result of the
exercise of remedies or some other accommodation can be reached. Any reserve or
other cash collateral or letters of credit securing the Crossed Loans shall be
allocated between such Crossed Loans in accordance with the Mortgage Loan
documents, or otherwise on a pro rata basis based upon their outstanding Stated
Principal Balances. Notwithstanding the foregoing, if a Crossed Loan that
remains in the Trust Fund is modified to terminate the related cross
collateralization and/or cross default provisions, as a condition to such
modification, AIGMC shall furnish to the Trustee an Opinion of Counsel that any
modification shall not cause an Adverse REMIC Event. Any expenses incurred by
the Purchaser in connection with such modification or accommodation (including
but not limited to recoverable attorney fees) shall be paid by AIGMC.

               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 AIGMC 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
AIGMC 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 AIGMC 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.
AIGMC's obligation to cure any Breach or Defect or repurchase or substitute for
the affected Mortgage Loan pursuant to Section 6(e) herein shall constitute the
sole remedy available to the Purchaser in connection with a breach of any of
AIGMC's or SOME II's representations or warranties contained in this Section 6
and it is acknowledged and agreed that the representations and warranties are
being made for risk allocation purposes only; provided, however, that no
limitation of remedy is implied with respect to AIGMC'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 Sellers 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 Sellers 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 each Seller substantially in the form of Exhibit D.

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

               (i) copies of each Seller's limited liability company agreement
        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 each Seller issued by the Secretary of State of the State of Delaware
        dated not earlier than sixty days prior to the Closing Date;

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

                     (A) each Seller is a limited liability company organized,
               validly existing, and in good standing under the laws of
               Delaware;

                     (B) each 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 corporate or other action has been taken
               by each 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) each 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 such Seller's articles of association or by-laws 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
               either 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
               such 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
               the 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 the Sellers 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 the Sellers 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 the Sellers 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) AIGMC shall have executed and delivered concurrently herewith
the Indemnification Agreement.

               (e) The Sellers shall furnish the Purchaser with such other
certificates of their 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. Each Seller will pay its pro rata share
(such 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
sold by such Seller 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 (without duplication thereof), but
not limited to: (i) the costs and expenses of the Purchaser in connection with
the purchase of the Mortgage Loans and 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 Sellers with respect to
numerical information in respect of the Mortgage Loans, other mortgage loans and
the Certificates included in the Prospectus, 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, Prospectus and Memoranda, and the reproduction and
delivery of this Agreement and the furnishing to the Underwriters of such copies
of the Registration Statement, Prospectus, Memoranda 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 Proffitt & 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 Sellers hereby acknowledge 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 Sellers hereby acknowledge their 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 Sellers 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 Sellers, the Purchaser and their permitted successors and
permitted assigns. The warranties and representations and the agreements made by
the Sellers 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:
Dennis Schuh, fax number (212) 834-6593 with a copy to Bianca Russo, fax number
(212) 834-6593, (ii) in the case of the Sellers, AIG Mortgage Capital, LLC, 1
SunAmerica Center, 38th Floor, Los Angeles, California 90067, Attention: Alan
Nussenblatt, fax number: (310) 772-6584 and (iii) in the case of any of the
preceding parties, such other address or fax 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 the Seller
unless the 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 Sellers 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. Except as set forth in Section 6
herein, 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 Sellers and neither party
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., as
                                               Purchaser

                                           By: /s/ Charles Y. Lee
                                               ---------------------------------
                                               Name: Charles Y. Lee
                                               Title: Vice President

                                           AIG MORTGAGE CAPITAL, LLC, as Seller

                                           By: /s/ Keith C. Honig
                                               ---------------------------------
                                               Name: Keith C. Honig
                                               Title: Senior Vice President

                                           SOME II, LLC, as Seller

                                           By: /s/ Keith C. Honig
                                               ---------------------------------
                                               Name: Keith C. Honig
                                               Title: Senior Vice President

<PAGE>

                                    EXHIBIT A

                             MORTGAGE LOAN SCHEDULE

               JPMCC 2006-LDP9
               Mortgage Loan Schedule (AIG)
<TABLE>
<CAPTION>

Loan #     Mortgagor Name                                                      Property Address               City
------     -----------------------------------------------------------------   ----------------------------   ------------
<S>        <C>                                                                 <C>                            <C>
    99     Edgewater Shopping Center LLC                                       80 Central Avenue              Edgewater
   106     Lake/Ridge L.L.C.                                                   132-166 East Lake Street       Bloomingdale
   112     H-Cranford Conduit Limited Partnership                              750 Walnut Avenue              Cranford
   118     ARG Holdings I L.L.C.                                               12 Christopher Way             Eatontown
   120     NL Ventures V TWG Illiana, L.P.                                     Various                        Various
120.01                                                                         9050 West 81st Street          Justice
120.02                                                                         8900 Broadway                  Merrillville
120.03                                                                         2001 South US Route 41         Schererville
120.04                                                                         201 West 89th Avenue           Merrillville
120.05                                                                         9132-9136 Columbia Avenue      Munster
   122     CR Madison, LLC d/b/a CR Madison Management LLC                     105 West Madison Street        Chicago
   123     Lakeside Office Park, LLC                                           4704 Harlan Street             Denver
   124     St. Louis Industrial Building, LLC, Goldrich &                      1525 Woodson Road              Overland
           Kest Industries, LLC, GKHB
           Royale Investments, L.P., South Gate Business and
           Industrial Park Developers, L.P.
   171     MJL Brooke Ventura, LLC, MJL Packer Ventura, LLC, SH Ventura, LLC   480-500 South Mills Road       Ventura
   207     Arthur Smyles                                                       3056-3068 Hempstead Turnpike   Levittown

<CAPTION>

                                                                                                        Interest Rate
Loan #   State     Zip Code   County         Property Name                       Size     Measure             (%)
------   -------   --------   ------------   ---------------------------------   ------   -----------   -------------
<S>      <C>       <C>        <C>            <C>                                 <C>      <C>           <C>
    99   MD           21037   Anne Arundel   Edgewater Village Shopping Center    96711   Square Feet         6.16000
   106   IL           60108   Dupage         Springbrook Shopping Center         185630   Square Feet         5.96000
   112   NJ           07016   Union          750 Walnut                          171975   Square Feet         5.45000
   118   NJ           07724   Monmouth       12 Christopher Way                   75816   Square Feet         5.67000
   120   Various   Various    Various        TWG Illiana Portfolio               122329   Square Feet         6.98000
120.01   IL           60458   Cook           9050 West 81st Street                59959   Square Feet         6.98000
120.02   IN           46410   Lake           8900 Broadway                        16447   Square Feet         6.98000
120.03   IN           46410   Lake           2001 South US Route 41               23873   Square Feet         6.98000
120.04   IN           46410   Lake           201 West 89th Avenue                 16050   Square Feet         6.98000
120.05   IN           46321   Lake           9132-9136 Columbia Avenue             6000   Square Feet         6.98000
   122   IL           60602   Cook           105 West Madison Street             125729   Square Feet         5.95000
   123   CO           80212   Jefferson      Lakeside Office Park                116848   Square Feet         5.85000
   124   MO           63114   St. Louis      Fed Express                         162161   Square Feet         5.91000
   171   CA           93003   Ventura        Ventura Retail Center                14586   Square Feet         5.95000
   207   NY           11756   Nassau         Hempstead Turnpike                   36296   Square Feet         5.75000

<CAPTION>

         Net Mortgage                                                           Maturity/  Amort. Rem.     Monthly
Loan #   Interest Rate   Original Balance   Cutoff Balance   Term   Rem. Term   ARD Date   Term   Amort.   Debt Service
------   -------------   ----------------   --------------   ----   ---------   --------   ----   ------   ------------
<S>      <C>             <C>                <C>              <C>    <C>         <C>        <C>    <C>      <C>
    99         6.10957         18,100,000       18,100,000    120         119   11/01/16    360      360        110,388
   106         5.89957         16,000,000       15,983,950    120         119   11/01/16    360      359         95,517
   112         5.42957         14,000,000       14,000,000    120         120   12/01/16    360      360         79,052
   118         5.62957         13,000,000       13,000,000    120         120   12/01/16    360      360         75,205
   120         6.95957         13,000,000       13,000,000     60          56   08/01/11    300      300         91,716
120.01                          6,825,000        6,825,000     60          56   08/01/11    300      300
120.02                          2,002,000        2,002,000     60          56   08/01/11    300      300
120.03                          1,703,000        1,703,000     60          56   08/01/11    300      300
120.04                          1,482,000        1,482,000     60          56   08/01/11    300      300
120.05                            988,000          988,000     60          56   08/01/11    300      300
   122         5.92957         12,500,000       12,500,000    120         119   11/05/16    360      360         74,542
   123         5.82757         12,450,000       12,450,000    120         120   12/01/16    360      360         73,448
   124         5.88957         11,500,000       11,500,000    120         120   12/01/16      0        0         57,424
   171         5.90957          6,250,000        6,250,000    120         120   12/01/16    360      360         37,271
   207         5.67957          4,500,000        4,500,000    120         120   12/01/16    300      300         28,310

<CAPTION>

         Servicing                  ARD     ARD Step Up                Crossed   Originator/
Loan #   Fee Rate    Accrual Type   (Y/N)   (%)           Title Type   Loan      Loan Seller   Guarantor
------   ---------   ------------   -----   -----------   ----------   -------   -----------   -------------------------------------
<S>      <C>         <C>            <C>     <C>           <C>          <C>       <C>           <C>
    99     0.05000   Actual/360     No                    Leasehold              AIG           Greenberg Gibbons Commercial
                                                                                               Corporation
   106     0.06000   Actual/360     No                    Fee                    AIG           Stelios Aktipis and Samuel J. Girgis
   112     0.02000   Actual/360     No                    Fee                    AIG           Hartz Financial Corp.
   118     0.04000   Actual/360     No                    Fee                    AIG           Gerald N. Richter, Arvind Goel
   120     0.02000   Actual/360     No                    Fee                    AIG           NL Ventures V, L.P.
120.01                              No                    Fee                    AIG
120.02                              No                    Fee                    AIG
120.03                              No                    Fee                    AIG
120.04                              No                    Fee                    AIG
120.05                              No                    Fee                    AIG
   122     0.02000   Actual/360     No                    Fee                    AIG           Munir Rafidia
   123     0.02200   Actual/360     No                    Fee                    AIG           Anne Latham, Lloyd Latham,
                                                                                               Lea Cindy Foster,
                                                                                               Natasha Gardner,
                                                                                               Lisa Sherlock, Richard Latham
   124     0.02000   Actual/360     No                    Fee                    AIG           Jona Goldrich, Sol Kest,
                                                                                               Warren L. Breslow, Robert Hirsch
   171     0.04000   Actual/360     No                    Fee                    AIG           Scott Yorkison, Brian Appel,
                                                                                               Michael Heslov
   207     0.07000   Actual/360     No                    Fee                    AIG           Arthur Smyles
<CAPTION>

                                                   UPFRONT ESCROW
         --------------------------------------------------------------------------------------------------
         Letter        Upfront      Upfront     Upfront   Upfront                    Upfront     Upfront
         of            CapEx        Eng.        Envir.    TI/LC        Upfront RE    Ins.        Other
Loan #   Credit        Reserve      Reserve     Reserve   Reserve      Tax Reserve   Reserve     Reserve
------   -----------   ----------   ---------   -------   ----------   -----------   ---------   ----------
<S>      <C>           <C>          <C>         <C>       <C>          <C>           <C>         <C>

    99   No                  0.00        0.00      0.00         0.00     35,504.00    2,909.40   206,438.84
   106   No                  0.00        0.00      0.00         0.00     71,750.08    7,337.46         0.00
   112   No                  0.00        0.00      0.00         0.00     98,690.58   33,795.84         0.00
   118   No                  0.00        0.00      0.00   125,000.00     39,289.59        0.00    41,667.00
   120   1,467,948.0         0.00        0.00      0.00         0.00    122,852.15        0.00         0.00
120.01
120.02
120.03
120.04
120.05
   122   No             75,000.00        0.00      0.00    50,000.00    126,139.44        0.00         0.00
   123   No                  0.00   28,125.00      0.00   300,000.00    149,103.80   18,149.56   250,000.00
   124   No                  0.00        0.00      0.00         0.00          0.00        0.00         0.00
   171   No            223,350.00        0.00      0.00         0.00     19,000.00        0.00   171,549.00
   207   No                  0.00        0.00      0.00         0.00     77,549.82        0.00         0.00

<CAPTION>

                                     MONTHLY ESCROW
         ----------------------------------------------------------------------
         Monthly    Monthly   Monthly                                 Monthly
         Capex      Envir.    TI/LC      Monthly RE    Monthly Ins.   Other      Grace    Lockbox
Loan #   Reserve    Reserve   Reserve    Tax Reserve   Reserve        Reserve    Period   In-place   Property Type
------   --------   -------   --------   -----------   ------------   --------   ------   --------   -------------
<S>      <C>        <C>       <C>        <C>           <C>            <C>        <C>      <C>        <C>
    99    9671.10       0.00      0.00      11834.67         323.27    3358.85        0         No          Retail
   106       0.00       0.00  15430.50      17937.52        2445.82       0.00        0         No          Retail
   112       0.00       0.00      0.00      30460.02        3755.09       0.00        0         No      Industrial
   118       0.00       0.00      0.00      13474.82           0.00       0.00        5         No          Office
   120       0.00       0.00      0.00      17550.31           0.00       0.00        0        Yes          Office
120.01                                                                                0                     Office
120.02                                                                                0                     Office
120.03                                                                                0                     Office
120.04                                                                                0                     Office
120.05                                                                                0                     Office
   122       0.00       0.00      0.00      32018.96           0.00       0.00        0         No          Office
   123    2531.71       0.00      0.00      16567.09        1649.96       0.00        0         No          Office
   124       0.00       0.00      0.00          0.00           0.00       0.00        0        Yes      Industrial
   171       0.00       0.00      0.00       4750.00           0.00       0.00        0         No          Retail
   207       0.00       0.00      0.00      25849.94           0.00       0.00        0         No          Retail

<CAPTION>

                                                      Remaining
                      Interest             Final      Amortization
         Defeasance   Accrual      Loan    Maturity   Term for
Loan #   Permitted    Period       Group   Date       Balloon Loans
------   ----------   ----------   -----   --------   -------------
<S>      <C>          <C>          <C>     <C>        <C>

    99          Yes   Actual/360       1                        360
   106          Yes   Actual/360       1                        360
   112          Yes   Actual/360       1                        360
   118           No   Actual/360       1                        360
   120           No   Actual/360       3                        300
120.01                                 3                        300
120.02                                 3                        300
120.03                                 3                        300
120.04                                 3                        300
120.05                                 3                        300
   122          Yes   Actual/360       1                        360
   123          Yes   Actual/360       1                        360
   124          Yes   Actual/360       1
   171          Yes   Actual/360       1                        360
   207          Yes   Actual/360       1                        300

</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 in
the related Mortgage Note) and no Mortgage Loan has been 30 days or more
(without giving effect to any applicable grace period in the related Mortgage
Note) 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 the Closing Date between the applicable 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 the Closing Date between the
applicable 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) as of the origination date, the Seller
(based on customary due diligence) had no knowledge, and since the origination
date, the Seller has no actual knowledge, that the related Mortgagor is 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.
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
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 actual 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 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 (a) Mortgaged Property
secures any mortgage loan not represented on the Mortgage Loan Schedule other
than a Companion Loan, (b) Mortgage Loan is cross-collateralized or
cross-defaulted with any other mortgage loan, other than a Mortgage Loan listed
on the Mortgage Loan Schedule or a Companion Loan, or (c) Mortgage Loan is
secured by property that is not a Mortgaged Property. 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 recordation
of the Mortgage or the Assignment of Leases and Rents or 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
clause (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 or otherwise approved 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 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.

            (9) The related Assignment of Mortgage and the related assignment of
the Assignment of Leases and Rents 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 and Rents 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 and Rents, 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 intentional material misrepresentation, (ii) misapplication or
misappropriation of rents, insurance proceeds or condemnation awards, (iii)
either (x) any act of actual waste by or (y) damage or destruction to the
Mortgaged Property caused by the acts or omissions of the borrower, its agents,
employees or contractors, and (iv) any breach of the environmental covenants
contained in the related Mortgage Loan documents.

            (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.

            (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) Except by a written instrument that has been delivered to the
Purchaser as a part of the related Mortgage File with respect to any immaterial
releases of the Mortgaged Property, 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 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, to the Seller's
knowledge, 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 proceeding or power of
sale proceeding has been initiated under the terms of the related Mortgage Loan
documents. 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 materially 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 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 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 clause (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 clause (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 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 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, enjoyment, 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) 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, the
related Mortgaged Property is either (i) 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 actual knowledge, such Mortgaged Property has not been damaged by fire,
wind or other casualty or physical condition that would materially and adversely
affect its value as security for the related Mortgage Loan (including, without
limitation, any soil erosion or subsidence or geological condition), 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.

            (20) The Mortgage Loans that are identified on Exhibit A as being
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) satisfy the following conditions:

            (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 or such other agreement received by the
      originator of the Mortgage Loan from the ground lessor 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 or such other agreement received by the
      originator of the Mortgage Loan from the ground lessor is, and shall
      remain, prior to any mortgage or other lien upon the related fee interest
      (other than the Permitted Encumbrances) unless a nondisturbance agreement
      is obtained from the holder of any mortgage on the fee interest which is
      assignable to or for the benefit of the related lessee and the related
      mortgagee;

            (c) such Ground Lease or other agreement 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 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 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 in existence as of the Closing Date, 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 20 years beyond the stated maturity date 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 any expenditure greater than 5% of the outstanding principal
      balance of such Mortgage Loan to achieve or maintain compliance in all
      material respects with any Environmental Laws for which adequate sums, but
      in no event less than 125% of the estimated cost as set forth in the
      Environmental Site Assessment, were reserved 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 or one
      of its affiliates is currently taking or required to take such actions
      (which may be the implementation of an operations and maintenance plan),
      if any, with respect to such conditions or circumstances as have been
      recommended by the Environmental Site Assessment or required by the
      applicable governmental authority, 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 5% 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 maturity date (or, in the case of an ARD Loan, the final maturity
      date) of the related Mortgage Loan. 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 (1) any notice of non payment of
premiums that has not been cured in a timely manner by the related Mortgagor or
(2) any notice of cancellation or termination of such Insurance Policies. 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 (a) coverage in the amount of the lesser
of full replacement cost of such Mortgaged Property and the outstanding
principal balance of the related Mortgage Loan (subject to customary
deductibles) for losses sustained by fire and against loss or damage by other
risks and hazards covered by a standard extended coverage insurance policy
providing "special" form coverage in an amount sufficient to prevent the
Mortgagor from being deemed a co-insurer and to provide coverage on a full
replacement cost basis of such Mortgaged Property (in some cases exclusive of
excavations, underground utilities, foundations and footings) with an agreed
amount 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 in an amount at least equal to (i) 12
months of operations or (ii) 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 less than 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. 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, 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 return period
of not less than 100 years, 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, 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 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 practices used by the Seller or, to its
knowledge, any prior holder of the related Mortgage Note with respect to such
Mortgage Loan have been in all material respects legal and have met customary
industry standards and since origination, the Mortgage Loan has been serviced in
all material respects in a legal manner in conformance with 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 purposes), 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, in the aggregate,
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 $15,000,000 included in the Trust
Fund is an entity whose organizational documents or related Mortgage Loan
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 related 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 (i) at the date the Mortgage Loan
was originated at least equal to 80% of the original principal balance of the
Mortgage Loan or (ii) 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 (A) the amount of any lien on the real property interest that is
senior to the Mortgage Loan and (B) 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 sub-clauses (a)(i) and (a)(ii) of this clause (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 (x) was modified as a result of the default or reasonably
foreseeable default of such Mortgage Loan or (y) satisfies the provisions of
either sub-clause (a)(i) above (substituting the date of the last such
modification for the date the Mortgage Loan was originated) or sub-clause
(a)(ii), including the proviso thereto. 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) Each of the Mortgage Loans contains 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 of worn out or obsolete furnishings, fixtures, or
equipment promptly replaced with property of equivalent value and functionality,
transfers of leases entered into in accordance with the Mortgage Loan documents,
transfers to affiliates, transfers to family members for estate planning
purposes, transfers among existing members, partners or shareholders in
Mortgagors 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 or Mortgage Note requires the Mortgagor to pay all
reasonable out-of-pocket fees and expenses associated with securing the consent
or approval of the holder of the Mortgage for a waiver of a "due on sale" or
"due on encumbrance" clause or a defeasance provision. 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 or provides (i) the replacement
collateral consist of U.S. "government securities," within the meaning of
Treasury Regulations Section 1.860 G-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 clause (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, (a) a REMIC opinion and (b) 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 125% of
the Allocated Loan Amount is defeased through the deposit of replacement
collateral (as contemplated in clause (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) Any material non-conformity with applicable zoning laws
constitutes a legal non-conforming use or structure which, in the event of
casualty or destruction, may be restored or repaired to the full extent of the
use or structure at the time of such casualty, or for which law and ordinance
insurance coverage has been obtained in amounts consistent with the standards
utilized by the Seller.

            (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) If the related Mortgage or other Mortgage Loan documents
provide for a grace period for delinquent Monthly Payments, such grace period is
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) 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 or, 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 "standard extended coverage" casualty insurance policy 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 a Phase I
environmental report meeting the requirements of the American Society for
Testing and Materials, and, if in accordance with customary industry standards a
reasonable lender would require it, a Phase II environmental report, each
prepared by a 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 applicable
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, 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 an officer, employee or agent of
the Seller responsible for the underwriting, origination and sale 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

Note: The Mortgage Loans known as Edgewater Center has an Indemnity Deed of
Trust structure. The related borrower under such Mortgage Loan executed and
delivered the related note to the lender and is obligated to make payments
thereunder. The related property owner for each such Mortgage Loan executed an
Indemnity Deed of Trust and Security Agreement in favor of the lender,
guaranteeing all amounts payable by the borrower under the related note. With
respect to certain of the representations and warranties, with respect to these
Mortgage Loans, statements regarding the borrower relate to the property owner
of the related Mortgaged Property.

Exceptions to Representation 10(d)

       Mortgage Loan                              Exception

Springbrook Shopping Center  The terms of the Mortgage Loan were modified on
                             December 20, 2006 in order to correct an error
                             regarding the amounts required to be collected in
                             respect of the rollover reserve and capital
                             expenditure reserve.

Exceptions to Representation 16

       Mortgage Loan                              Exception

105 West Madison Street      The Mortgaged Property is legally non-conforming
                             with respect to the maximum floor area ratio. In
                             the event that the Mortgaged Property is
                             intentionally destroyed, it must be constructed in
                             compliance with the then applicable zoning laws.
                             Otherwise, any partial or total damage can be
                             rebuilt to the same condition as existed prior to
                             the casualty or destruction so long as it does not
                             increase such non-compliance. Law and ordinance
                             insurance coverage was in place at origination.

Hempstead Turnpike           The Mortgaged Property is legally non-conforming
                             with respect to a deficiency of 50 parking spaces.
                             In the event that the Mortgaged Property is
                             intentionally destroyed, it must be constructed in
                             compliance with the then applicable zoning laws.
                             Otherwise, any partial or total damage can be
                             rebuilt to the same condition as existed prior to
                             the casualty or destruction so long as it does not
                             increase such non-compliance. Law and ordinance
                             insurance coverage was in place at origination.

Ventura Retail Center        The Mortgaged Property is currently under
                             construction as a result of which certificates of
                             occupancy and other required permits have not been
                             obtained.

Exceptions to Representation 18

       Mortgage Loan                              Exception

Ventura Retail Center        The Mortgaged Property is currently under
                             construction as a result of which a survey has not
                             been obtained in respect of the improvements under
                             construction. A survey endorsement has been issued
                             based on the existing survey and site plans for the
                             improvements under construction.

Exceptions to Representation 20(d)

       Mortgage Loan                              Exception

Edgewater Village Shopping   The ground lease may be amended or modified without
Center                       the prior written consent of the mortgagee.

Exceptions to Representation 32

       Mortgage Loan                              Exception

Ventura Retail Center        The Mortgage Loan documents permit the owners of
                             direct or indirect interests in the borrower to
                             incur mezzanine debt, subject to conditions
                             including, but not limited to a combined DSCR of
                             not less than 1.15x, a combined LTV ratio of not
                             more than 80% and delivery of confirmation in
                             writing from each applicable rating agency that the
                             incurrence of such debt will not result in a
                             qualification, downgrade or withdrawal of any
                             rating assigned to the certificates.

                             In addition, the Mortgage Loan documents permit
                             transfers of tenancy in common interests among the
                             tenants in common.

Ventura Retail Center and    The Mortgage Loan documents permit transfers of
Fed Express                  tenancy in common interests among the tenants in
                             common.

<PAGE>

                                    EXHIBIT D

                          FORM OF OFFICER'S CERTIFICATE

               I, [______], a duly appointed, qualified and acting [______] of
[___________], a [________] [______] (the "Company"), hereby certify on behalf
of the Company as follows:

               1. I have examined the Mortgage Loan Purchase Agreement, dated as
of December 1, 2006 (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 (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 the Prospectus, dated September 22, 2006, as supplemented by the Prospectus
Supplement, dated December 15, 2006 (collectively, the "Prospectus"), relating
to the offering of the Class A-1, Class A-1S, Class A-2, Class A-2S, Class
A-2SFL, Class A-3, Class A-3SFL, Class A-1A, Class X, Class A-M, Class A-MS,
Class A-J, Class A-JS, Class B, Class B-S, Class C, Class C-S, Class D and Class
D-S Certificates, the Private Placement Memorandum, dated December 15, 2006 (the
"Privately Offered Certificate Private Placement Memorandum"), relating to the
offering of the Class E, Class E-S, Class F, Class F-S, Class G, Class G-S,
Class H, Class H-S, Class J, Class K, Class L, Class M, Class N, Class P and
Class NR Certificates, and the Residual Private Placement Memorandum, dated
December 15, 2006 (together with the Privately Offered Certificate Private
Placement Memorandum, the "Private Placement Memoranda"), relating to the
offering of the Class R, Class MR and Class LR Certificates, and nothing has
come to my attention that would lead me to believe that 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 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.

                    [SIGNATURE APPEARS ON THE FOLLOWING PAGE]

               IN WITNESS WHEREOF, I have signed my name this ___ day of
December, 2006.

                                               By: _____________________________
                                                   Name:
                                                   Title:

<PAGE>

                                   SCHEDULE I

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

Reference is made to the Representations and Warranties set forth in Exhibit B
attached hereto corresponding to the Paragraph number set forth below.

Paragraph 21(a) and (e):

                                         None.

<PAGE>

                                   SCHEDULE II

                          MORTGAGED PROPERTY FOR WHICH
                      ENVIRONMENTAL INSURANCE IS MAINTAINED

Reference is made to the Representations and Warranties set forth in Exhibit B
attached hereto corresponding to the Paragraph numbers set forth below:

                                         None.EXHIBIT 10.8

(Multicurrency - Cross Border)

                                     ISDA(R)
                  International Swap Dealers Association, Inc.

                                MASTER AGREEMENT

                          dated as of December 21, 2006

    JPMORGAN CHASE BANK, N.A.         and       J.P. MORGAN CHASE COMMERCIAL
                                             MORTGAGE SECURITIES TRUST 2006-LDP9

have entered and/or anticipate entering into one or more transactions (each a
"Transaction") that are or will be governed by this Master Agreement, which
includes the schedule (the "Schedule"), and the documents and other
confirming evidence (each a "Confirmation") exchanged between the parties
confirming those Transactions.

Accordingly, the parties agree as follows: -

1.    Interpretation

(a)   Definitions. The terms defined in Section 14 and in the Schedule will
      have the meanings therein specified for the purpose of this Master
      Agreement.

(b)   Inconsistency. In the event of any inconsistency between the provisions
      of the Schedule and the other provisions of this Master Agreement, the
      Schedule will prevail. In the event of any inconsistency between the
      provisions of any Confirmation and this Master Agreement (including the
      Schedule), such Confirmation will prevail for the purpose of the
      relevant Transaction.

(c)   Single Agreement. All Transactions are entered into in reliance on the
      fact that this Master Agreement and all Confirmations form a single
      agreement between the parties (collectively referred to as this
      "Agreement"), and the parties would not otherwise enter into any
      Transactions.

2.    Obligations

(a)   General Conditions.

      (i)   Each party will make each payment or delivery specified in each
            Confirmation to be made by it, subject to the other provisions of
            this Agreement.

      (ii)  Payments under this Agreement will be made on the due date for
            value on that date in the place of the account specified in the
            relevant Confirmation or otherwise pursuant to this Agreement, in
            freely transferable funds and in the manner customary for
            payments in the required currency. Where settlement is by
            delivery (that is, other than by payment), such delivery will be
            made for receipt on the due date in the manner customary for the
            relevant obligation unless otherwise specified in the relevant
            Confirmation or elsewhere in this Agreement.

      (iii) Each obligation of each party under Section 2(a)(i) is subject to
            (1) the condition precedent that no Event of Default or Potential
            Event of Default with respect to the other party has occurred and
            is continuing, (2) the condition precedent that no Early
            Termination Date in respect of the relevant Transaction has
            occurred or been effectively designated and (3) each other
            applicable condition precedent specified in this Agreement.

(b)   Change of Account. Either party may change its account for receiving a
      payment or delivery by giving notice to the other party at least five
      Local Business Days prior to the scheduled date for the payment or
      delivery to which such change applies unless such other party gives
      timely notice of a reasonable objection to such change.

(c)   Netting. If on any date amounts would otherwise be payable:-

      (i)   in the same currency; and

      (ii)  in respect of the same Transaction,

by each party to the other, then, on such date, each party's obligation to
make payment of any such amount will be automatically satisfied and
discharged and, if the aggregate amount that would otherwise have been
payable by one party exceeds the aggregate amount that would otherwise have
been payable by the other party, replaced by an obligation upon the party by
whom the larger aggregate amount would have been payable to pay to the other
party the excess of the larger aggregate amount over the smaller aggregate
amount.

The parties may elect in respect of two or more Transactions that a net
amount will be determined in respect of all amounts payable on the same date
in the same currency in respect of such Transactions, regardless of whether
such amounts are payable in respect of the same Transaction. The election may
be made in the Schedule or a Confirmation by specifying that
subparagraph (ii) above will not apply to the Transactions identified as
being subject to the election, together with the starting date (in which case
subparagraph (ii) above will not, or will cease to, apply to such
Transactions from such date). This election may be made separately for
different groups of Transactions and will apply separately to each pairing of
Offices through which the parties make and receive payments or deliveries.

(d)   Deduction or Withholding for Tax.

      (i)   Gross-Up. All payments under this Agreement will be made without
            any deduction or withholding for or on account of any Tax unless
            such deduction or withholding is required by any applicable law,
            as modified by the practice of any relevant governmental revenue
            authority, then in effect. If a party is so required to deduct or
            withhold, then that party ("X") will:

            (1)   promptly notify the other party ("Y") of such requirement;

            (2)   pay to the relevant authorities the full amount required to
                  be deducted or withheld (including the full amount required
                  to be deducted or withheld from any additional amount paid
                  by X to Y under this Section 2(d)) promptly upon the
                  earlier of determining that such deduction or withholding
                  is required or receiving notice that such amount has been
                  assessed against Y;

            (3)   promptly forward to Y an official receipt (or a certified
                  copy), or other documentation reasonably acceptable to Y,
                  evidencing such payment to such authorities; and

            (4)   if such Tax is an Indemnifiable Tax, pay to Y, in addition
                  to the payment to which Y is otherwise entitled under this
                  Agreement, such additional amount as is necessary to ensure
                  that the net amount actually received by Y (free and clear
                  of Indemnifiable Taxes, whether assessed against X or Y)
                  will equal the full amount Y would have received had no
                  such deduction or withholding been required. However, X
                  will not be required to pay any additional amount to Y to
                  the extent that it would not be required to be paid but for:

                  (A)   the failure by Y to comply with or perform any
                        agreement contained in Section 4(a)(i), 4(a)(iii) or
                        4(d); or

                  (B)   the failure of a representation made by Y pursuant to
                        Section 3(f) to be accurate and true unless such
                        failure would not have occurred but for (I) any
                        action taken by a taxing authority, or brought in a
                        court of competent jurisdiction, on or after the date
                        on which a Transaction is entered into (regardless of
                        whether such action is taken or brought with respect
                        to a party to this Agreement) or (II) a Change in Tax
                        Law.

      (ii)  Liability. If:

            (1)   X is required by any applicable law, as modified by the
                  practice of any relevant governmental revenue authority, to
                  make any deduction or withholding in respect of which X
                  would not be required to pay an additional amount to Y
                  under Section 2(d)(i)(4);

            (2)   X does not so deduct or withhold; and

            (3)   a liability resulting from such Tax is assessed directly
                  against X,

      then, except to the extent Y has satisfied or then satisfies the
      liability resulting from such Tax, Y will promptly pay to X the amount
      of such liability (including any related liability for interest, but
      including any related liability for penalties only if Y has failed to
      comply with or perform any agreement contained in Section 4(a)(i),
      4(a)(iii) or 4(d)).

(e)   Default Interest; Other Amounts. Prior to the occurrence or effective
      designation of an Early Termination Date in respect of the relevant
      Transaction, a party that defaults in the performance of any payment
      obligation will, to the extent permitted by law and subject to
      Section 6(c), be required to pay interest (before as well as after
      judgment) on the overdue amount to the other party on demand in the
      same currency as such overdue amount, for the period from (and
      including) the original due date for payment to (but excluding) the
      date of actual payment, at the Default Rate. Such interest will be
      calculated on the basis of daily compounding and the actual number of
      days elapsed. If, prior to the occurrence or effective designation of
      an Early Termination Date in respect of the relevant Transaction, a
      party defaults in the performance of any obligation required to be
      settled by delivery, it will compensate the other party on demand if
      and to the extent provided for in the relevant Confirmation or
      elsewhere in this Agreement.

3.    Representations

Each party represents to the other party (which representations will be
deemed to be repeated by each party on each date on which a Transaction is
entered into and, in the case of the representations in Section 3(f), at all
times until the termination of this Agreement) that:

(a)   Basic Representations.

      (i)   Status. It is duly organised and validly existing under the laws
            of the jurisdiction of its organisation or incorporation and, if
            relevant under such laws, in good standing;

      (ii)  Powers. It has the power to execute this Agreement and any other
            documentation relating to this Agreement to which it is a party,
            to deliver this Agreement and any other documentation relating to
            this Agreement that it is required by this Agreement to deliver
            and to perform its obligations under this Agreement and any
            obligations it has under any Credit Support Document to which it
            is a party and has taken all necessary action to authorise such
            execution, delivery and performance;

      (iii) No Violation or Conflict. Such execution, delivery and
            performance do not violate or conflict with any law applicable to
            it, any provision of its constitutional documents, any order or
            judgment of any court or other agency of government applicable to
            it or any of its assets or any contractual restriction binding on
            or affecting it or any of its assets;

      (iv)  Consents. All governmental and other consents that are required
            to have been obtained by it with respect to this Agreement or any
            Credit Support Document to which it is a party have been obtained
            and are in full force and effect and all conditions of any such
            consents have been complied with; and

      (v)   Obligations Binding. Its obligations under this Agreement and any
            Credit Support Document to which it is a party constitute its
            legal, valid and binding obligations, enforceable in accordance
            with their respective terms (subject to applicable bankruptcy,
            reorganisation, insolvency, moratorium or similar laws affecting
            creditors' rights generally and subject, as to enforceability, to
            equitable principles of general application (regardless of
            whether enforcement is sought in a proceeding in equity or at
            law)).

(b)   Absence of Certain Events. No Event of Default or Potential Event of
      Default or, to its knowledge, Termination Event with respect to it has
      occurred and is continuing and no such event or circumstance would
      occur as a result of its entering into or performing its obligations
      under this Agreement or any Credit Support Document to which it is a
      party.

(c)   Absence of Litigation. There is not pending or, to its knowledge,
      threatened against it or any of its Affiliates any action, suit or
      proceeding at law or in equity or before any court, tribunal,
      governmental body, agency or official or any arbitrator that is likely
      to affect the legality, validity or enforceability against it of this
      Agreement or any Credit Support Document to which it is a party or its
      ability to perform its obligations under this Agreement or such Credit
      Support Document.

(d)   Accuracy of Specified Information. All applicable information that is
      furnished in writing by or on behalf of it to the other party and is
      identified for the purpose of this Section 3(d) in the Schedule is, as
      of the date of the information, true, accurate and complete in every
      material respect.

(e)   Payer Tax Representation. Each representation specified in the Schedule
      as being made by it for the purpose of this Section 3(e) is accurate
      and true.

(f)   Payee Tax Representations. Each representation specified in the
      Schedule as being made by it for the purpose of this Section 3(f) is
      accurate and true.

4.    Agreements

Each party agrees with the other that, so long as either party has or may
have any obligation under this Agreement or under any Credit Support Document
to which it is a party:

(a)   Furnish Specified Information. It will deliver to the other party or,
      in certain cases under subparagraph (iii) below, to such government or
      taxing authority as the other party reasonably directs:-

      (i)   any forms, documents or certificates relating to taxation
            specified in the Schedule or any Confirmation;

      (ii)  any other documents specified in the Schedule or any
            Confirmation; and

      (iii) upon reasonable demand by such other party, any form or document
            that may be required or reasonably requested in writing in order
            to allow such other party or its Credit Support Provider to make
            a payment under this Agreement or any applicable Credit Support
            Document without any deduction or withholding for or on account
            of any Tax or with such deduction or withholding at a reduced
            rate (so long as the completion, execution or submission of such
            form or document would not materially prejudice the legal or
            commercial position of the party in receipt of such demand), with
            any such form or document to be accurate and completed in a
            manner reasonably satisfactory to such other party and to be
            executed and to be delivered with any reasonably required
            certification,

in each case by the date specified in the Schedule or such Confirmation or,
if none is specified, as soon as reasonably practicable.

(b)   Maintain Authorisations. It will use all reasonable efforts to maintain
      in full force and effect all consents of any governmental or other
      authority that are required to be obtained by it with respect to this
      Agreement or any Credit Support Document to which it is a party and
      will use all reasonable efforts to obtain any that may become necessary
      in the future.

(c)   Comply with Laws. It will comply in all material respects with all
      applicable laws and orders to which it may be subject if failure so to
      comply would materially impair its ability to perform its obligations
      under this Agreement or any Credit Support Document to which it is a
      party.

(d)   Tax Agreement. It will give notice of any failure of a representation
      made by it under Section 3(f) to be accurate and true promptly upon
      learning of such failure.

(e)   Payment of Stamp Tax. Subject to Section 11, it will pay any Stamp Tax
      levied or imposed upon it or in respect of its execution or performance
      of this Agreement by a jurisdiction in which it is incorporated,
      organised, managed and controlled, or considered to have its seat, or
      in which a branch or office through which it is acting for the purpose
      of this Agreement is located ("Stamp Tax Jurisdiction") and will
      indemnify the other party against any Stamp Tax levied or imposed upon
      the other party or in respect of the other party's execution or
      performance of this Agreement by any such Stamp Tax Jurisdiction which
      is not also a Stamp Tax Jurisdiction with respect to the other party.

5.    Events of Default and Termination Events

(a)   Events of Default. The occurrence at any time with respect to a party
      or, if applicable, any Credit Support Provider of such party or any
      Specified Entity of such party of any of the following events
      constitutes an event of default (an "Event of Default") with respect to
      such party:-

      (i)   Failure to Pay or Deliver. Failure by the party to make, when
            due, any payment under this Agreement or delivery under
            Section 2(a)(i) or 2(e) required to be made by it if such failure
            is not remedied on or before the third Local Business Day after
            notice of such failure is given to the party;

      (ii)  Breach of Agreement. Failure by the party to comply with or
            perform any agreement or obligation (other than an obligation to
            make any payment under this Agreement or delivery under
            Section 2(a)(i) or 2(e) or to give notice of a Termination Event
            or any agreement or obligation under Section 4(a)(i), 4(a)(iii)
            or 4(d)) to be complied with or performed by the party in
            accordance with this Agreement if such failure is not remedied on
            or before the thirtieth day after notice of such failure is given
            to the party;

      (iii) Credit Support Default.

            (1)   Failure by the party or any Credit Support Provider of such
                  party to comply with or perform any agreement or obligation
                  to be complied with or performed by it in accordance with
                  any Credit Support Document if such failure is continuing
                  after any applicable grace period has elapsed;

            (2)   the expiration or termination of such Credit Support
                  Document or the failing or ceasing of such Credit Support
                  Document to be in full force and effect for the purpose of
                  this Agreement (in either case other than in accordance
                  with its terms) prior to the satisfaction of all
                  obligations of such party under each Transaction to which
                  such Credit Support Document relates without the written
                  consent of the other party; or

            (3)   the party or such Credit Support Provider disaffirms,
                  disclaims, repudiates or rejects, in whole or in part, or
                  challenges the validity of, such Credit Support Document;

      (iv)  Misrepresentation. A representation (other than a representation
            under Section 3(e) or (f)) made or repeated or deemed to have
            been made or repeated by the party or any Credit Support Provider
            of such party in this Agreement or any Credit Support Document
            proves to have been incorrect or misleading in any material
            respect when made or repeated or deemed to have been made or
            repeated;

      (v)   Default under Specified Transaction. The party, any Credit
            Support Provider of such party or any applicable Specified Entity
            of such party (1) defaults under a Specified Transaction and,
            after giving effect to any applicable notice requirement or grace
            period, there occurs a liquidation of, an acceleration of
            obligations under, or an early termination of, that Specified
            Transaction, (2) defaults, after giving effect to any applicable
            notice requirement or grace period, in making any payment or
            delivery due on the last payment, delivery or exchange date of,
            or any payment on early termination of, a Specified Transaction
            (or such default continues for at least three Local Business Days
            if there is no applicable notice requirement or grace period) or
            (3) disaffirms, disclaims, repudiates or rejects, in whole or in
            part, a Specified Transaction (or such action is taken by any
            person or entity appointed or empowered to operate it or act on
            its behalf);

      (vi)  Cross Default. If "Cross Default" is specified in the Schedule as
            applying to the party, the occurrence or existence of (1) a
            default, event of default or other similar condition or event
            (however described) in respect of such party, any Credit Support
            Provider of such party or any applicable Specified Entity of such
            party under one or more agreements or instruments relating to
            Specified Indebtedness of any of them (individually or
            collectively) in an aggregate amount of not less than the
            applicable Threshold Amount (as specified in the Schedule) which
            has resulted in such Specified Indebtedness becoming, or becoming
            capable at such time of being declared, due and payable under
            such agreements or instruments, before it would otherwise have
            been due and payable or (2) a default by such party, such Credit
            Support Provider or such Specified Entity (individually or
            collectively) in making one or more payments on the due date
            thereof in an aggregate amount of not less than the applicable
            Threshold Amount under such agreements or instruments (after
            giving effect to any applicable notice requirement or grace
            period);

      (vii) Bankruptcy. The party, any Credit Support Provider of such party
            or any applicable Specified Entity of such party:

                  (1) is dissolved (other than pursuant to a consolidation,
                  amalgamation or merger); (2) becomes insolvent or is unable
                  to pay its debts or fails or admits in writing its
                  inability generally to pay its debts as they become due;
                  (3) makes a general assignment, arrangement or composition
                  with or for the benefit of its creditors; (4) institutes or
                  has instituted against it a proceeding seeking a judgment
                  of insolvency or bankruptcy or any other relief under any
                  bankruptcy or insolvency law or other similar law affecting
                  creditors' rights, or a petition is presented for its
                  winding-up or liquidation, and, in the case of any such
                  proceeding or petition instituted or presented against it,
                  such proceeding or petition (A) results in a judgment of
                  insolvency or bankruptcy or the entry of an order for
                  relief or the making of an order for its winding-up or
                  liquidation or (B) is not dismissed, discharged, stayed or
                  restrained in each case within 30 days of the institution
                  or presentation thereof; (5) has a resolution passed for
                  its winding-up, official management or liquidation (other
                  than pursuant to a consolidation, amalgamation or merger);
                  (6) seeks or becomes subject to the appointment of an
                  administrator, provisional liquidator, conservator,
                  receiver, trustee, custodian or other similar official for
                  it or for all or substantially all its assets; (7) has a
                  secured party take possession of all or substantially all
                  its assets or has a distress, execution, attachment,
                  sequestration or other legal process levied, enforced or
                  sued on or against all or substantially all its assets and
                  such secured party maintains possession, or any such
                  process is not dismissed, discharged, stayed or restrained,
                  in each case within 30 days thereafter; (8) causes or is
                  subject to any event with respect to it which, under the
                  applicable laws of any jurisdiction, has an analogous
                  effect to any of the events specified in clauses (1) to (7)
                  (inclusive); or (9) takes any action in furtherance of, or
                  indicating its consent to, approval of, or acquiescence in,
                  any of the foregoing acts; or

     (viii) Merger Without Assumption. The party or any Credit Support
            Provider of such party consolidates or amalgamates with, or
            merges with or into, or transfers all or substantially all its
            assets to, another entity and, at the time of such consolidation,
            amalgamation, merger or transfer:

            (1)   the resulting, surviving or transferee entity fails to
                  assume all the obligations of such party or such Credit
                  Support Provider under this Agreement or any Credit Support
                  Document to which it or its predecessor was a party by
                  operation of law or pursuant to an agreement reasonably
                  satisfactory to the other party to this Agreement; or

            (2)   the benefits of any Credit Support Document fail to extend
                  (without the consent of the other party) to the performance
                  by such resulting, surviving or transferee entity of its
                  obligations under this Agreement.

(b)   'Termination Events. The occurrence at any time with respect to a party
      or, if applicable, any Credit Support Provider of such party or any
      Specified Entity of such party of any event specified below constitutes
      an Illegality if the event is specified in (i) below, a Tax Event if
      the event is specified in (ii) below or a Tax Event Upon Merger if the
      event is specified in (iii) below, and, if specified to be applicable,
      a Credit Event Upon Merger if the event is specified pursuant to (iv)
      below or an Additional Termination Event if the event is specified
      pursuant to (v) below:-

      (i)   Illegality. Due to the adoption of, or any change in, any
            applicable law after the date on which a Transaction is entered
            into, or due to the promulgation of, or any change in, the
            interpretation by any court, tribunal or regulatory authority
            with competent jurisdiction of any applicable law after such
            date, it becomes unlawful (other than as a result of a breach by
            the party of Section 4(b)) for such party (which will be the
            Affected Party):

            (1)   to perform any absolute or contingent obligation to make a
                  payment or delivery or to receive a payment or delivery in
                  respect of such Transaction or to comply with any other
                  material provision of this Agreement relating to such
                  Transaction; or

            (2)   to perform, or for any Credit Support Provider of such
                  party to perform, any contingent or other obligation which
                  the party (or such Credit Support Provider) has under any
                  Credit Support Document relating to such Transaction;

      (ii)  Tax Event. Due to (x) any action taken by a taxing authority, or
            brought in a court of competent jurisdiction, on or after the
            date on which a Transaction is entered into (regardless of
            whether such action is taken or brought with respect to a party
            to this Agreement) or (y) a Change in Tax Law, the party (which
            will be the Affected Party) will, or there is a substantial
            likelihood that it will, on the next succeeding Scheduled Payment
            Date (1) be required to pay to the other party an additional
            amount in respect of an Indemnifiable Tax under
            Section 2(d)(i)(4) (except in respect of interest under
            Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from
            which an amount is required to be deducted or withheld for or on
            account of a Tax (except in respect of interest under
            Section 2(e), 6(d)(ii) or 6(e)) and no additional amount is
            required to be paid in respect of such Tax under
            Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A)
            or (B));

      (iii) Tax Event Upon Merger. The party (the "Burdened Party") on the
            next succeeding Scheduled Payment Date will either (1) be
            required to pay an additional amount in respect of an
            Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of
            interest under Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a
            payment from which an amount has been deducted or withheld for or
            on account of any Indemnifiable Tax in respect of which the other
            party is not required to pay an additional amount (other than by
            reason of Section 2(d)(i)(4)(A) or (B)), in either case as a
            result of a party consolidating or amalgamating with, or merging
            with or into, or transferring all or substantially all its assets
            to, another entity (which will be the Affected Party) where such
            action does not constitute an event described in
            Section 5(a)(viii);

      (iv)  Credit Event Upon Merger. If "Credit Event Upon Merger" is
            specified in the Schedule as applying to the party, such party
            ("X"), any Credit Support Provider of X or any applicable
            Specified Entity of X consolidates or amalgamates with, or merges
            with or into, or transfers all or substantially all its assets
            to, another entity and such action does not constitute an event
            described in Section 5(a)(viii) but the creditworthiness of the
            resulting, surviving or transferee entity is materially weaker
            than that of X, such Credit Support Provider or such Specified
            Entity, as the case may be, immediately prior to such action
            (and, in such event, X or its successor or transferee, as
            appropriate, will be the Affected Party); or

      (v)   Additional Termination Event. If any "Additional Termination
            Event" is specified in the Schedule or any Confirmation as
            applying, the occurrence of such event (and, in such event, the
            Affected Party or Affected Parties shall be as specified for such
            Additional Termination Event in the Schedule or such
            Confirmation).

(c)   Event of Default and Illegality. If an event or circumstance which
      would otherwise constitute or give rise to an Event of Default also
      constitutes an Illegality, it will be treated as an Illegality and will
      not constitute an Event of Default.

6.    Early Termination

(a)   Right to Terminate Following Event of Default. If at any time an Event
      of Default with respect to a party (the "Defaulting Party") has
      occurred and is then continuing, the other party (the "Non-defaulting
      Party") may, by not more than 20 days notice to the Defaulting Party
      specifying the relevant Event of Default, designate a day not earlier
      than the day such notice is effective as an Early Termination Date in
      respect of all outstanding Transactions. If, however, "Automatic Early
      Termination" is specified in the Schedule as applying to a party, then
      an Early Termination Date in respect of all outstanding Transactions
      will occur immediately upon the occurrence with respect to such party
      of an Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6)
      or, to the extent analogous thereto, (8), and as of the time
      immediately preceding the institution of the relevant proceeding or the
      presentation of the relevant petition upon the occurrence with respect
      to such party of an Event of Default specified in Section 5(a)(vii)(4)
      or, to the extent analogous thereto, (8).

(b)   Right to Terminate Following Termination Event.

      (i)   Notice. If a Termination Event occurs, an Affected Party will,
            promptly upon becoming aware of it, notify the other party,
            specifying the nature of that Termination Event and each Affected
            Transaction and will also give such other information about that
            Termination Event as the other party may reasonably require.

      (ii)  Transfer to Avoid Termination Event. If either an Illegality
            under Section 5(b)(i)(1) or a Tax Event occurs and there is only
            one Affected Party, or if a Tax Event Upon Merger occurs and the
            Burdened Party is the Affected Party, the Affected Party will, as
            a condition to its right to designate an Early Termination Date
            under Section 6(b)(iv), use all reasonable efforts (which will
            not require such party to incur a loss, excluding immaterial,
            incidental expenses) to transfer within 20 days after it gives
            notice under Section 6(b)(i) all its rights and obligations under
            this Agreement in respect of the Affected Transactions to another
            of its Offices or Affiliates so that such Termination Event
            ceases to exist.

            If the Affected Party is not able to make such a transfer it will
            give notice to the other party to that effect within such 20 day
            period, whereupon the other party may effect such a transfer
            within 30 days after the notice is given under Section 6(b)(i).

            Any such transfer by a party under this Section 6(b)(ii) will be
            subject to and conditional upon the prior written consent of the
            other party, which consent will not be withheld if such other
            party's policies in effect at such time would permit it to enter
            into transactions with the transferee on the terms proposed.

      (iii) Two Affected Parties. If an Illegality under Section 5(b)(i)(1)
            or a Tax Event occurs and there are two Affected Parties, each
            party will use all reasonable efforts to reach agreement within
            30 days after notice thereof is given under Section 6(b)(i) on
            action to avoid that Termination Event.

      (iv)  Right to Terminate. If:

            (1)   a transfer under Section 6(b)(ii) or an agreement under
                  Section 6(b)(iii), as the case may be, has not been
                  effected with respect to all Affected Transactions within
                  30 days after an Affected Party gives notice under
                  Section 6(b)(i); or

            (2)   an Illegality under Section 5(b)(i)(2), a Credit Event Upon
                  Merger or an Additional Termination Event occurs, or a Tax
                  Event Upon Merger occurs and the Burdened Party is not the
                  Affected Party,

      either party in the case of an Illegality, the Burdened Party in the
      case of a Tax Event Upon Merger, any Affected Party in the case of a
      Tax Event or an Additional Termination Event if there is more than one
      Affected Party, or the party which is not the Affected Party in the
      case of a Credit Event Upon Merger or an Additional Termination Event
      if there is only one Affected Party may, by not more than 20 days
      notice to the other party and provided that the relevant Termination
      Event is then continuing, designate a day not earlier than the day such
      notice is effective as an Early Termination Date in respect of all
      Affected Transactions.

(c)   Effect of Designation.

      (i)   If notice designating an Early Termination Date is given under
            Section 6(a) or (b), the Early Termination Date will occur on the
            date so designated, whether or not the relevant Event of Default
            or Termination Event is then continuing.

      (ii)  Upon the occurrence or effective designation of an Early
            Termination Date, no further payments or deliveries under
            Section 2(a)(i) or 2(e) in respect of the Terminated Transactions
            will be required to be made, but without prejudice to the other
            provisions of this Agreement. The amount, if any, payable in
            respect of an Early Termination Date shall be determined pursuant
            to Section 6(e).

(d)   Calculations.

      (i)   Statement. On or as soon as reasonably practicable following the
            occurrence of an Early Termination Date, each party will make the
            calculations on its part, if any, contemplated by Section 6(e)
            and will provide to the other party a statement (1) showing, in
            reasonable detail, such calculations (including all relevant
            quotations and specifying any amount payable under Section 6(e))
            and (2) giving details of the relevant account to which any
            amount payable to it is to be paid. In the absence of written
            confirmation from the source of a quotation obtained in
            determining a Market Quotation, the records of the party
            obtaining such quotation will be conclusive evidence of the
            existence and accuracy of such quotation.

      (ii)  Payment Date. An amount calculated as being due in respect of any
            Early Termination Date under Section 6(e) will be payable on the
            day that notice of the amount payable is effective (in the case
            of an Early Termination Date which is designated or occurs as a
            result of an Event of Default) and on the day which is two Local
            Business Days after the day on which notice of the amount payable
            is effective (in the case of an Early Termination Date which is
            designated as a result of a Termination Event). Such amount will
            be paid together with (to the extent permitted under applicable
            law) interest thereon (before as well as after judgment) in the
            Termination Currency, from (and including) the relevant Early
            Termination Date to (but excluding) the date such amount is paid,
            at the Applicable Rate. Such interest will be calculated on the
            basis of daily compounding and the actual number of days elapsed.

(e)   Payments on Early Termination. If an Early Termination Date occurs, the
      following provisions shall apply based on the parties' election in the
      Schedule of a payment measure, either "Market Quotation" or "Loss", and
      a payment method, either the "First Method" or the "Second Method". If
      the parties fail to designate a payment measure or payment method in
      the Schedule, it will be deemed that "Market Quotation" or the "Second
      Method", as the case may be, shall apply. The amount, if any, payable
      in respect of an Early Termination Date and determined pursuant to this
      Section will be subject to any Set-off.

      (i)   Events of Default. If the Early Termination Date results from an
            Event of Default:

            (1)   First Method and Market Quotation. If the First Method and
                  Market Quotation apply, the Defaulting Party will pay to
                  the Non-defaulting Party the excess, if a positive number,
                  of (A) the sum of the Settlement Amount (determined by the
                  Non-defaulting Party) in respect of the Terminated
                  Transactions and the Termination Currency Equivalent of the
                  Unpaid Amounts owing to the Non-defaulting Party over
                  (B) the Termination Currency Equivalent of the Unpaid
                  Amounts owing to the Defaulting Party.

            (2)   First Method and Loss. If the First Method and Loss apply,
                  the Defaulting Party will pay to the Non-defaulting Party,
                  if a positive number, the Non-defaulting Party's Loss in
                  respect of this Agreement.

            (3)   Second Method and Market Quotation. If the Second Method
                  and Market Quotation apply, an amount will be payable equal
                  to (A) the sum of the Settlement Amount (determined by the
                  Non-defaulting Party) in respect of the Terminated
                  Transactions and the Termination Currency Equivalent of the
                  Unpaid Amounts owing to the Non-defaulting Party less
                  (B) the Termination Currency Equivalent of the Unpaid
                  Amounts owing to the Defaulting Party. If that amount is a
                  positive number, the Defaulting Party will pay it to the
                  Non-defaulting Party; if it is a negative number, the
                  Non-defaulting Party will pay the absolute value of that
                  amount to the Defaulting Party.

            (4)   Second Method and Loss. If the Second Method and Loss
                  apply, an amount will be payable equal to the
                  Non-defaulting Party's Loss in respect of this Agreement.
                  If that amount is a positive number, the Defaulting Party
                  will pay it to the Non-defaulting Party; if it is a
                  negative number, the Non-defaulting Party will pay the
                  absolute value of that amount to the Defaulting Party.

      (ii)  Termination Events. If the Early Termination Date results from a
            Termination Event:

            (1)   One Affected Party. If there is one Affected Party, the
                  amount payable will be determined in accordance with
                  Section 6(e)(i)(3), if Market Quotation applies, or
                  Section 6(e)(i)(4), if Loss applies, except that, in either
                  case, references to the Defaulting Party and to the
                  Non-defaulting Party will be deemed to be references to the
                  Affected Party and the party which is not the Affected
                  Party, respectively, and, if Loss applies and fewer than
                  all the Transactions are being terminated, Loss shall be
                  calculated in respect of all Terminated Transactions.

            (2)   Two Affected Parties. If there are two Affected Parties:

                  (A)   if Market Quotation applies, each party will
                        determine a Settlement Amount in respect of the
                        Terminated Transactions, and an amount will be
                        payable equal to (I) the sum of (a) one-half of the
                        difference between the Settlement Amount of the party
                        with the higher Settlement Amount ("X") and the
                        Settlement Amount of the party with the lower
                        Settlement Amount ("Y") and (b) the Termination
                        Currency Equivalent of the Unpaid Amounts owing to X
                        less (II) the Termination Currency Equivalent of the
                        Unpaid Amounts owing to Y; and

                  (B)   if Loss applies, each party will determine its Loss
                        in respect of this Agreement (or, if fewer than all
                        the Transactions are being terminated, in respect of
                        all Terminated Transactions) and an amount will be
                        payable equal to one-half of the difference between
                        the Loss of the party with the higher Loss ("X") and
                        the Loss of the party with the lower Loss ("Y").

            If the amount payable is a positive number, Y will pay it to X;
            if it is a negative number, X will pay the absolute value of that
            amount to Y.

      (iii) Adjustment for Bankruptcy. In circumstances where an Early
            Termination Date occurs because "Automatic Early Termination"
            applies in respect of a party, the amount determined under this
            Section 6(e) will be subject to such adjustments as are
            appropriate and permitted by law to reflect any payments or
            deliveries made by one party to the other under this Agreement
            (and retained by such other party) during the period from the
            relevant Early Termination Date to the date for payment
            determined under Section 6(d)(ii).

      (iv)  Pre-Estimate. The parties agree that if Market Quotation applies
            an amount recoverable under this Section 6(e) is a reasonable
            pre-estimate of loss and not a penalty. Such amount is payable
            for the loss of bargain and the loss of protection against future
            risks and except as otherwise provided in this Agreement neither
            party will be entitled to recover any additional damages as a
            consequence of such losses.

7.    Transfer

Subject to Section 6(b)(ii), neither this Agreement nor any interest or
obligation in or under this Agreement may be transferred (whether by way of
security or otherwise) by either party without the prior written consent of
the other party, except that:

(a)   a party may make such a transfer of this Agreement pursuant to a
      consolidation or amalgamation with, or merger with or into, or transfer
      of all or substantially all its assets to, another entity (but without
      prejudice to any other right or remedy under this Agreement); and

(b)   a party may make such a transfer of all or any part of its interest in
      any amount payable to it from a Defaulting Party under Section 6(e).

Any purported transfer that is not in compliance with this Section will be
void.

8.    Contractual Currency

(a)   Payment in the Contractual Currency. Each payment under this Agreement
      will be made in the relevant currency specified in this Agreement for
      that payment (the "Contractual Currency"). To the extent permitted by
      applicable law, any obligation to make payments under this Agreement in
      the Contractual Currency will not be discharged or satisfied by any
      tender in any currency other than the Contractual Currency, except to
      the extent such tender results in the actual receipt by the party to
      which payment is owed, acting in a reasonable manner and in good faith
      in converting the currency so tendered into the Contractual Currency,
      of the full amount in the Contractual Currency of all amounts payable
      in respect of this Agreement. If for any reason the amount in the
      Contractual Currency so received falls short of the amount in the
      Contractual Currency payable in respect of this Agreement, the party
      required to make the payment will, to the extent permitted by
      applicable law, immediately pay such additional amount in the
      Contractual Currency as may be necessary to compensate for the
      shortfall. If for any reason the amount in the Contractual Currency so
      received exceeds the amount in the Contractual Currency payable in
      respect of this Agreement, the party receiving the payment will refund
      promptly the amount of such excess.

(b)   Judgments. To the extent permitted by applicable law, if any judgment
      or order expressed in a currency other than the Contractual Currency is
      rendered (i) for the payment of any amount owing in respect of this
      Agreement, (ii) for the payment of any amount relating to any early
      termination in respect of this Agreement or (iii) in respect of a
      judgment or order of another court for the payment of any amount
      described in (i) or (ii) above, the party seeking recovery, after
      recovery in full of the aggregate amount to which such party is
      entitled pursuant to the judgment or order, will be entitled to receive
      immediately from the other party the amount of any shortfall of the
      Contractual Currency received by such party as a consequence of sums
      paid in such other currency and will refund promptly to the other party
      any excess of the Contractual Currency received by such party as a
      consequence of sums paid in such other currency if such shortfall or
      such excess arises or results from any variation between the rate of
      exchange at which the Contractual Currency is converted into the
      currency of the judgment or order for the purposes of such judgment or
      order and the rate of exchange at which such party is able, acting in a
      reasonable manner and in good faith in converting the currency received
      into the Contractual Currency, to purchase the Contractual Currency
      with the amount of the currency of the judgment or order actually
      received by such party. The term "rate of exchange" includes, without
      limitation, any premiums and costs of exchange payable in connection
      with the purchase of or conversion into the Contractual Currency.

(c)   Separate Indemnities. To the extent permitted by applicable law, these
      indemnities constitute separate and independent obligations from the
      other obligations in this Agreement, will be enforceable as separate
      and independent causes of action, will apply notwithstanding any
      indulgence granted by the party to which any payment is owed and will
      not be affected by judgment being obtained or claim or proof being made
      for any other sums payable in respect of this Agreement.

(d)   Evidence of Loss. For the purpose of this Section 8, it will be
      sufficient for a party to demonstrate that it would have suffered a
      loss had an actual exchange or purchase been made.

9.    Miscellaneous

(a)   Entire Agreement. This Agreement constitutes the entire agreement and
      understanding of the parties with respect to its subject matter and
      supersedes all oral communication and prior writings with respect
      thereto.

(b)   Amendments. No amendment, modification or waiver in respect of this
      Agreement will be effective unless in writing (including a writing
      evidenced by a facsimile transmission) and executed by each of the
      parties or confirmed by an exchange of telexes or electronic messages
      on an electronic messaging system.

(c)   Survival of Obligations. Without prejudice to Sections 2(a)(iii) and
      6(c)(ii), the obligations of the parties under this Agreement will
      survive the termination of any Transaction.

(d)   Remedies Cumulative. Except as provided in this Agreement, the rights,
      powers, remedies and privileges provided in this Agreement are
      cumulative and not exclusive of any rights, powers, remedies and
      privileges provided by law.

(e)   Counterparts and Confirmations.

      (i)   This Agreement (and each amendment, modification and waiver in
            respect of it) may be executed and delivered in counterparts
            (including by facsimile transmission), each of which will be
            deemed an original.

      (ii)  The parties intend that they are legally bound by the terms of
            each Transaction from the moment they agree to those terms
            (whether orally or otherwise). A Confirmation shall he entered
            into as soon as practicable and may he executed and delivered in
            counterparts (including by facsimile transmission) or be created
            by an exchange of telexes or by an exchange of electronic
            messages on an electronic messaging system, which in each case
            will be sufficient for all purposes to evidence a binding
            supplement to this Agreement. The parties will specify therein or
            through another effective means that any such counterpart, telex
            or electronic message constitutes a Confirmation.

(f)   No Waiver of Rights. A failure or delay in exercising any right, power
      or privilege in respect of this Agreement will not be presumed to
      operate as a waiver, and a single or partial exercise of any right,
      power or privilege will not be presumed to preclude any subsequent or
      further exercise, of that right, power or privilege or the exercise of
      any other right, power or privilege.

(g)   Headings. The headings used in this Agreement are for convenience of
      reference only and are not to affect the construction of or to be taken
      into consideration in interpreting this Agreement.

10.   Offices; Multibranch Parties

(a)   If Section 10(a) is specified in the Schedule as applying, each party
      that enters into a Transaction through an Office other than its head or
      home office represents to the other party that, notwithstanding the
      place of booking office or jurisdiction of incorporation or
      organisation of such party, the obligations of such party are the same
      as if it had entered into the Transaction through its head or home
      office. This representation will be deemed to be repeated by such party
      on each date on which a Transaction is entered into.

(b)   Neither party may change the Office through which it makes and receives
      payments or deliveries for the purpose of a Transaction without the
      prior written consent of the other party.

(c)   If a party is specified as a Multibranch Party in the Schedule, such
      Multibranch Party may make and receive payments or deliveries under any
      Transaction through any Office listed in the Schedule, and the Office
      through which it makes and receives payments or deliveries with respect
      to a Transaction will be specified in the relevant Confirmation.

11.   Expenses

A Defaulting Party will, on demand, indemnify and hold harmless the other
party for and against all reasonable out-of-pocket expenses, including legal
fees and Stamp Tax, incurred by such other party by reason of the enforcement
and protection of its rights under this Agreement or any Credit Support
Document to which the Defaulting Party is a party or by reason of the early
termination of any Transaction, including, but not limited to, costs of
collection.

12.   Notices

(a)   Effectiveness. Any notice or other communication in respect of this
      Agreement may be given in any manner set forth below (except that a
      notice or other communication under Section 5 or 6 may not be given by
      facsimile transmission or electronic messaging system) to the address
      or number or in accordance with the electronic messaging system details
      provided (see the Schedule) and will be deemed effective as indicated:-

      (i)   if in writing and delivered in person or by courier, on the date
            it is delivered;

      (ii)  if sent by telex, on the date the recipient's answerback is
            received;

      (iii) if sent by facsimile transmission, on the date that transmission
            is received by a responsible employee of the recipient in legible
            form (it being agreed that the burden of proving receipt will be
            on the sender and will not be met by a transmission report
            generated by the sender's facsimile machine);

      (iv)  if sent by certified or registered mail (airmail, if overseas) or
            the equivalent (return receipt requested), on the date that mail
            is delivered or its delivery is attempted; or

      (v)   if sent by electronic messaging system, on the date that
            electronic message is received,

unless the date of that delivery (or attempted delivery) or that receipt, as
applicable, is not a Local Business Day or that communication is delivered
(or attempted) or received, as applicable, after the close of business on a
Local Business Day, in which case that communication shall be deemed given
and effective on the first following day that is a Local Business Day.

(b)   Change of Addresses. Either party may by notice to the other change the
      address, telex or facsimile number or electronic messaging system
      details at which notices or other communications are to be given to it.

13.   Governing Law and Jurisdiction

(a)   Governing Law. This Agreement will be governed by and construed in
      accordance with the law specified in the Schedule.

(b)   Jurisdiction. With respect to any suit, action or proceedings relating
      to this Agreement ("Proceedings"), each party irrevocably:-

      (i)   submits to the jurisdiction of the English courts, if this
            Agreement is expressed to be governed by English law, or to the
            non-exclusive jurisdiction of the courts of the State of New York
            and the United States District Court located in the Borough of
            Manhattan in New York City, if this Agreement is expressed to be
            governed by the laws of the State of New York; and

      (ii)  waives any objection which it may have at any time to the laying
            of venue of any Proceedings brought in any such court, waives any
            claim that such Proceedings have been brought in an inconvenient
            forum and further waives the right to object, with respect to
            such Proceedings, that such court does not have any jurisdiction
            over such party.

Nothing in this Agreement precludes either party from bringing Proceedings in
any other jurisdiction (outside, if this Agreement is expressed to be
governed by English law, the Contracting States, as defined in Section 1(3)
of the Civil Jurisdiction and Judgments Act 1982 or any modification,
extension or re-enactment thereof for the time being in force) nor will the
bringing of Proceedings in any one or more jurisdictions preclude the
bringing of Proceedings in any other jurisdiction.

(c)   Service of Process. Each party irrevocably appoints the Process Agent
      (if any) specified opposite its name in the Schedule to receive, for it
      and on its behalf, service of process in any Proceedings. If for any
      reason any party's Process Agent is unable to act as such, such party
      will promptly notify the other party and within 30 days appoint a
      substitute process agent acceptable to the other party. The parties
      irrevocably consent to service of process given in the manner provided
      for notices in Section 12. Nothing in this Agreement will affect the
      right of either party to serve process in any other manner permitted by
      law.

(d)   Waiver of Immunities. Each party irrevocably waives, to the fullest
      extent permitted by applicable law, with respect to itself and its
      revenues and assets (irrespective of their use or intended use), all
      immunity on the grounds of sovereignty or other similar grounds from
      (i) suit, (ii) jurisdiction of any court, (iii) relief by way of
      injunction, order for specific performance or for recovery of property,
      (iv) attachment of its assets (whether before or after judgment) and
      (v) execution or enforcement of any judgment to which it or its
      revenues or assets might otherwise be entitled in any Proceedings in
      the courts of any jurisdiction and irrevocably agrees, to the extent
      permitted by applicable law, that it will not claim any such immunity
      in any Proceedings.

14.   Definitions

As used in this Agreement:-

"Additional Termination Event" has the meaning specified in Section 5(b).

"Affected Party" has the meaning specified in Section 5(b).

"Affected Transactions" means (a) with respect to any Termination Event
consisting of an Illegality, Tax Event or Tax Event Upon Merger, all
Transactions affected by the occurrence of such Termination Event and
(b) with respect to any other Termination Event, all Transactions.

"Affiliate" means, subject to the Schedule, in relation to any person, any
entity controlled, directly or indirectly, by the person, any entity that
controls, directly or indirectly, the person or any entity directly or
indirectly under common control with the person. For this purpose, "control"
of any entity or person means ownership of a majority of the voting power of
the entity or person.

"Applicable Rate" means:-

(a)   in respect of obligations payable or deliverable (or which would have
      been but for Section 2(a)(iii)) by a Defaulting Party. the Default Rate;

(b)   in respect of an obligation to pay an amount under Section 6(e) of
      either party from and after the date (determined in accordance with
      Section 6(d)(ii)) on which that amount is payable, the Default Rate;

(c)   in respect of all other obligations payable or deliverable (or which
      would have been but for Section 2(a)(iii)) by a Non-defaulting Party,
      the Non-default Rate; and

(d)   in all other cases, the Termination Rate.

"Burdened Party" has the meaning specified in Section 5(b).

"Change in Tax Law" means the enactment, promulgation, execution or
ratification of, or any change in or amendment to, any law (or in the
application or official interpretation of any law) that occurs on or after
the date on which the relevant Transaction is entered into.

"consent" includes a consent, approval, action, authorisation, exemption,
notice, filing, registration or exchange control consent.

"Credit Event Upon Merger" has the meaning specified in Section 5(b).

"Credit Support Document" means any agreement or instrument that is specified
as such in this Agreement.

"Credit Support Provider" has the meaning specified in the Schedule.

"Default Rate" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the relevant payee (as certified by it) if it
were to fund or of funding the relevant amount plus 1% per annum.

"Defaulting Party" has the meaning specified in Section 6(a).

"Early Termination Date" means the date determined in accordance with
Section 6(a) or 6(b)(iv).

"Event of Default" has the meaning specified in Section 5(a) and, if
applicable, in the Schedule.

"Illegality" has the meaning specified in Section 5(h).

"Indemnifiable Tax" means any Tax other than a Tax that would not be imposed
in respect of a payment under this Agreement but for a present or former
connection between the jurisdiction of the government or taxation authority
imposing such Tax and the recipient of such payment or a person related to
such recipient (including, without limitation, a connection arising from such
recipient or related person being or having been a citizen or resident of
such jurisdiction, or being or having been organised, present or engaged in a
trade or business in such jurisdiction, or having or having had a permanent
establishment or fixed place of business in such jurisdiction, but excluding
a connection arising solely from such recipient or related person having
executed, delivered, performed its obligations or received a payment under,
or enforced, this Agreement or a Credit Support Document).

"law" includes any treaty, law, rule or regulation (as modified, in the case
of tax matters, by the practice of any relevant governmental revenue
authority) and "lawful" and "unlawful" will be construed accordingly.

"Local Business Day" means, subject to the Schedule, a day on which
commercial banks are open for business (including dealings in foreign
exchange and foreign currency deposits) (a) in relation to any obligation
under Section 2(a)(i), in the place(s) specified in the relevant Confirmation
or, if not so specified, as otherwise agreed by the parties in writing or
determined pursuant to provisions contained, or incorporated by reference, in
this Agreement, (b) in relation to any other payment, in the place where the
relevant account is located and, if different, in the principal financial
centre, if any, of the currency of such payment, (c) in relation to any
notice or other communication, including notice contemplated under
Section 5(a)(i), in the city specified in the address for notice provided by
the recipient and, in the case of a notice contemplated by Section 2(b), in
the place where the relevant new account is to be located and (d) in relation
to Section 5(a)(v)(2), in the relevant locations for performance with respect
to such Specified Transaction.

"Loss" means, with respect to this Agreement or one or more Terminated
Transactions, as the case may be, and a party, the Termination Currency
Equivalent of an amount that party reasonably determines in good faith to be
its total losses and costs (or gain, in which case expressed as a negative
number) in connection with this Agreement or that Terminated Transaction or
group of Terminated Transactions, as the case may be, including any loss of
bargain, cost of funding or, at the election of such party but without
duplication, loss or cost incurred as a result of its terminating,
liquidating, obtaining or reestablishing any hedge or related trading
position (or any gain resulting from any of them). Loss includes losses and
costs (or gains) in respect of any payment or delivery required to have been
made (assuming satisfaction of each applicable condition precedent) on or
before the relevant Early Termination Date and not made, except, so as to
avoid duplication, if Section 6(e)(i)(1) or (3) or 6(e)(ii)(2)(A) applies.
Loss does not include a party's legal fees and out-of-pocket expenses
referred to under Section 11. A party will determine its Loss as of the
relevant Early Termination Date, or, if that is not reasonably practicable,
as of the earliest date thereafter as is reasonably practicable. A party may
(but need not) determine its Loss by reference to quotations of relevant
rates or prices from one or more leading dealers in the relevant markets.

"Market Quotation" means, with respect to one or more Terminated Transactions
and a party making the determination, an amount determined on the basis of
quotations from Reference Market-makers. Each quotation will be for an
amount, if any, that would be paid to such party (expressed as a negative
number) or by such party (expressed as a positive number) in consideration of
an agreement between such party (taking into account any existing Credit
Support Document with respect to the obligations of such party) and the
quoting Reference Market-maker to enter into a transaction (the "Replacement
Transaction") that would have the effect of preserving for such party the
economic equivalent of any payment or delivery (whether the underlying
obligation was absolute or contingent and assuming the satisfaction of each
applicable condition precedent) by the parties under Section 2(a)(i) in
respect of such Terminated Transaction or group of Terminated Transactions
that would, but for the occurrence of the relevant Early Termination Date,
have been required after that date. For this purpose, Unpaid Amounts in
respect of the Terminated Transaction or group of Terminated Transactions are
to be excluded but, without limitation, any payment or delivery that would,
but for the relevant Early Termination Date, have been required (assuming
satisfaction of each applicable condition precedent) after that Early
Termination Date is to be included. The Replacement Transaction would be
subject to such documentation as such party and the Reference Market-maker
may, in good faith, agree. The party making the determination (or its agent)
will request each Reference Market-maker to provide its quotation to the
extent reasonably practicable as of the same day and time (without regard to
different time zones) on or as soon as reasonably practicable after the
relevant Early Termination Date. The day and time as of which those
quotations are to be obtained will be selected in good faith by the party
obliged to make a determination under Section 6(e), and, if each party is so
obliged, after consultation with the other. If more than three quotations are
provided, the Market Quotation will be the arithmetic mean of the quotations,
without regard to the quotations having the highest and lowest values. If
exactly three such quotations are provided, the Market Quotation will be the
quotation remaining after disregarding the highest and lowest quotations. For
this purpose, if more than one quotation has the same highest value or lowest
value, then one of such quotations shall be disregarded. If fewer than three
quotations are provided, it will be deemed that the Market Quotation in
respect of such Terminated Transaction or group of Terminated Transactions
cannot be determined.

"Non-default Rate" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the Non-defaulting Party (as certified by it)
if it were to fund the relevant amount.

"Non-defaulting Party" has the meaning specified in Section 6(a).

"Office" means a branch or office of a party, which may be such party's head
or home office.

"Potential Event of Default" means any event which, with the giving of notice
or the lapse of time or both, would constitute an Event of Default.

"Reference Market-makers" means four leading dealers in the relevant market
selected by the party determining a Market Quotation in good faith (a) from
among dealers of the highest credit standing which satisfy all the criteria
that such party applies generally at the time in deciding whether to offer or
to make an extension of credit and (b) to the extent practicable, from among
such dealers having an office in the same city.

"Relevant Jurisdiction" means, with respect to a party, the jurisdictions
(a) in which the party is incorporated, organised, managed and controlled or
considered to have its seat, (b) where an Office through which the party is
acting for purposes of this Agreement is located, (c) in which the party
executes this Agreement and (d) in relation to any payment, from or through
which such payment is made.

"Scheduled Payment Date" means a date on which a payment or delivery is to be
made under Section 2(a)(i) with respect to a Transaction.

"Set-off" means set-off, offset, combination of accounts, right of retention
or withholding or similar right or requirement to which the payer of an
amount under Section 6 is entitled or subject (whether arising under this
Agreement, another contract, applicable law or otherwise) that is exercised
by, or imposed on, such payer.

"Settlement Amount" means, with respect to a party and any Early Termination
Date, the sum of:

(a)   the Termination Currency Equivalent of the Market Quotations (whether
      positive or negative) for each Terminated Transaction or group of
      Terminated Transactions for which a Market Quotation is determined; and

(b)   such party's Loss (whether positive or negative and without reference
      to any Unpaid Amounts) for each Terminated Transaction or group of
      Terminated Transactions for which a Market Quotation cannot be
      determined or would not (in the reasonable belief of the party making
      the determination) produce a commercially reasonable result.

"Specified Entity" has the meanings specified in the Schedule.

"Specified Indebtedness" means, subject to the Schedule, any obligation
(whether present or future, contingent or otherwise, as principal or surety
or otherwise) in respect of borrowed money.

"Specified Transaction "means, subject to the Schedule, (a) any transaction
(including an agreement with respect thereto) now existing or hereafter
entered into between one party to this Agreement (or any Credit Support
Provider of such party or any applicable Specified Entity of such party) and
the other party to this Agreement (or any Credit Support Provider of such
other party or any applicable Specified Entity of such other party) which is
a rate swap transaction, basis swap, forward rate transaction, commodity
swap, commodity option, equity or equity index swap, equity or equity index
option, bond option, interest rate option, foreign exchange transaction, cap
transaction, floor transaction, collar transaction, currency swap
transaction, cross-currency rate swap transaction, currency option or any
other similar transaction (including any option with respect to any of these
transactions), (b) any combination of these transactions and (c) any other
transaction identified as a Specified Transaction in this Agreement or the
relevant confirmation.

"Stamp Tax" means any stamp, registration, documentation or similar tax.

"Tax" means any present or future tax, levy, impost, duty, charge, assessment
or fee of any nature (including interest, penalties and additions thereto)
that is imposed by any government or other taxing authority in respect of any
payment under this Agreement other than a stamp, registration, documentation
or similar tax.

"Tax Event" has the meaning specified in Section 5(b).

"Tax Event Upon Merger" has the meaning specified in Section 5(b).

"Terminated Transactions" means with respect to any Early Termination Date
(a) if resulting from a Termination Event, all Affected Transactions and
(b) if resulting from an Event of Default, all Transactions (in either case)
in effect immediately before the effectiveness of the notice designating that
Early Termination Date (or, if "Automatic Early Termination" applies,
immediately before that Early Termination Date).

"Termination Currency" has the meaning specified in the Schedule.

"Termination Currency Equivalent" means, in respect of any amount denominated
in the Termination Currency, such Termination Currency amount and, in respect
of any amount denominated in a currency other than the Termination Currency
(the "Other Currency"), the amount in the Termination Currency determined by
the party making the relevant determination as being required to purchase
such amount of such Other Currency as at the relevant Early Termination Date,
or, if the relevant Market Quotation or Loss (as the case may be), is
determined as of a later date, that later date, with the Termination Currency
at the rate equal to the spot exchange rate of the foreign exchange agent
(selected as provided below) for the purchase of such Other Currency with the
Termination Currency at or about 11:00 a.m. (in the city in which such
foreign exchange agent is located) on such date as would be customary for the
determination of such a rate for the purchase of such Other Currency for
value on the relevant Early Termination Date or that later date. The foreign
exchange agent will, if only one party is obliged to make a determination
under Section 6(e), be selected in good faith by that party and otherwise
will be agreed by the parties.

"Termination Event" means an Illegality, a Tax Event or a Tax Event Upon
Merger or, if specified to be applicable, a Credit Event Upon Merger or an
Additional Termination Event.

"Termination Rate" means a rate per annum equal to the arithmetic mean of the
cost (without proof or evidence of any actual cost) to each party (as
certified by such party) if it were to fund or of funding such amounts.

"Unpaid Amounts" owing to any party means, with respect to an Early
Termination Date, the aggregate of (a) in respect of all Terminated
Transactions, the amounts that became payable (or that would have become
payable but for Section 2(a)(iii)) to such party under Section 2(a)(i) on or
prior to such Early Termination Date and which remain unpaid as at such Early
Termination Date and (b) in respect of each Terminated Transaction, for each
obligation under Section 2(a)(i) which was (or would have been but for
Section 2(a)(iii)) required to be settled by delivery to such party on or
prior to such Early Termination Date and which has not been so settled as at
such Early Termination Date, an amount equal to the fair market value of that
which was (or would have been) required to be delivered as of the originally
scheduled date for delivery, in each case together with (to the extent
permitted under applicable law) interest, in the currency of such amounts,
from (and including) the date such amounts or obligations were or would have
been required to have been paid or performed to (but excluding) such Early
Termination Date, at the Applicable Rate. Such amounts of interest will be
calculated on the basis of daily compounding and the actual number of days
elapsed. The fair market value of any obligation referred to in clause (b)
above shall be reasonably determined by the party obliged to make the
determination under Section 6(e) or, if each party is so obliged, it shall be
the average of the Termination Currency Equivalents of the fair market values
reasonably determined by both parties.

IN WITNESS WHEREOF the parties have executed this document on the respective
dates specified below with effect from the date specified on the first page
of this document.

                                         J.P. MORGAN CHASE COMMERCIAL MORTGAGE
JPMORGAN CHASE BANK, N.A.                SECURITIES TRUST 2006-LDP9
---------------------------------------  ---------------------------------------
            (Name of Party)                          (Name of Party)

                                         By: LaSalle Bank National Association,
                                         not in its individual capacity, but
                                         solely as Trustee

By: /s/ Andrew B. Taylor                 By: /s/ Andy Streepey
   ------------------------------------     ------------------------------------
   Name:  Andrew B. Taylor                  Name:  Andy Streepey
   Title: Vice President                    Title: Assistant Vice President
   Date:  December 21, 2006                 Date:

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