Document:

Form of Warrant

    Exhibit
      10.3

    

    
      	 	
              THESE
                SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933
                OR
                ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD OR OFFERED FOR SALE
                IN THE
                ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES
                UNDER
                SAID ACT AND ANY APPLICABLE STATE SECURITIES LAW OR AN OPINION OF
                COUNSEL
                SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT
                REQUIRED.

            

    

    

    

    THIS
      WARRANT SHALL BE VOID AFTER 5:00 P.M. EASTERN TIME ON _____________, 2011 (the
      “EXPIRATION DATE”).

    

    No.
      __________

    

    

    APPLIED
      NEUROSOLUTIONS, INC.

    

    WARRANT
      TO PURCHASE _______ SHARES OF

    COMMON
      STOCK, PAR VALUE $0.0025 PER SHARE

    

    For
      VALUE
      RECEIVED, ____________________ (“Warrantholder”), is entitled to purchase,
      subject to the provisions of this Warrant, from Applied NeuroSolutions, Inc.,
      a
      Delaware corporation (“Company”), immediately upon the issuance hereof and at
      any time not later than 5:00 P.M., Eastern time, on the Expiration Date (as
      defined above), at an exercise price per share equal to $0.0025 (the exercise
      price in effect being herein called the “Warrant Price”), ______ shares
      (“Warrant Shares”) of the Company’s Common Stock, par value $0.0025 per share
      (“Common Stock”). The number of Warrant Shares purchasable upon exercise of this
      Warrant and the Warrant Price shall be subject to adjustment from time to time
      as described herein.

    

    Section
      1. Registration.
      The
      Company shall maintain books for the transfer and registration of the Warrant.
      Upon the initial issuance of this Warrant, the Company shall issue and register
      the Warrant in the name of the Warrantholder.

    

    Section
      2. Transfers.
      As
      provided herein, this Warrant may not be transferred prior to the first
      anniversary of the issuance hereof and thereafter any transfer shall only be
      pursuant to a registration statement filed under the Securities Act of 1933,
      as
      amended (the “Securities Act”), or an exemption from such registration. Subject
      to such restrictions, the Company shall transfer this Warrant from time to
      time
      upon the books to be maintained by the Company for that purpose, upon surrender
      thereof for transfer properly endorsed or accompanied by appropriate
      instructions for transfer and such other documents as may be reasonably required
      by the Company, including, if required by the Company, an opinion of its counsel
      to the effect that such transfer is exempt from the registration requirements
      of
      the Securities Act, to establish that such transfer is being made in accordance
      with the terms hereof, and a new Warrant shall be issued to the transferee
      and
      the surrendered Warrant shall be canceled by the Company.

    

    Section
      3. Exercise
      of Warrant.
      Subject
      to the provisions hereof, the Warrantholder may exercise this Warrant in whole
      or in part at any time prior to its expiration upon surrender of the Warrant,
      together with delivery of the duly executed Warrant exercise form attached
      hereto as Appendix A (the “Exercise Agreement”) and payment by cash, certified
      check or wire transfer of funds for the aggregate Warrant Price for that number
      of Warrant Shares then being purchased, to the Company during normal business
      hours on any business day at the Company’s principal executive offices (or such
      other office or agency of the Company as it may designate by notice to the
      Warrantholder). The Warrant Shares so purchased shall be deemed to be issued
      to
      the Warrantholder or the Warrantholder’s designee, as the record owner of such
      shares, as of the close of business on the date on which this Warrant shall
      have
      been surrendered (or evidence of loss, theft or destruction thereof and security
      or indemnity satisfactory to the Company), the Warrant Price shall have been
      paid and the completed Exercise Agreement shall have been delivered.
      Certificates for the Warrant Shares so purchased, representing the aggregate
      number of shares specified in the Exercise Agreement, shall be delivered to
      the
      Warrantholder within a reasonable time, not exceeding three (3) business days,
      after this Warrant shall have been so exercised. The certificates so delivered
      shall be in such denominations as may be requested by the Warrantholder and
      shall be registered in the name of the Warrantholder or such other name as
      shall
      be designated by the Warrantholder. If this Warrant shall have been exercised
      only in part, then, unless this Warrant has expired, the Company shall, at
      its
      expense, at the time of delivery of such certificates, deliver to the
      Warrantholder a new Warrant representing the number of shares with respect
      to
      which this Warrant shall not then have been exercised. As used herein, “business
      day” means a day, other than a Saturday or Sunday, on which banks in New York
      City are open for the general transaction of business. Each exercise hereof
      shall constitute the re-affirmation by the Warrantholder that the
      representations and warranties contained in Section 4 of the Subscription
      Agreement, dated as _____ __, 2006 by and between the Company and the Warrant
      Holder (the “Subscription Agreement”) are true and correct in all material
      respects with respect to the Warrantholder as of the time of such
      exercise.

    

    Section
      4. Compliance
      with the Securities Act of 1933.
      The
      Company will cause the legend set forth on the first page of this Warrant to
      be
      set forth on each Warrant or similar legend on any security issued or issuable
      upon exercise of this Warrant, unless counsel for the Company is of the opinion
      as to any such security that such legend is unnecessary.

    

    Section
      5. Payment
      of Taxes.
      The
      Company will pay any documentary stamp taxes attributable to the initial
      issuance of Warrant Shares issuable upon the exercise of the Warrant; provided,
      however, that the Company shall not be required to pay any tax or taxes which
      may be payable in respect of any transfer involved in the issuance or delivery
      of any certificates for Warrant Shares in a name other than that of the
      Warrantholder in respect of which such shares are issued, and in such case,
      the
      Company shall not be required to issue or deliver any certificate for Warrant
      Shares or any Warrant until the person requesting the same has paid to the
      Company the amount of such tax or has established to the Company’s reasonable
      satisfaction that such tax has been paid. The Warrantholder shall be responsible
      for income taxes due under federal, state or other law, if any such tax is
      due.

    

    Section
      6. Mutilated
      or Missing Warrants.
      In case
      this Warrant shall be mutilated, lost, stolen, or destroyed, the Company shall
      issue in exchange and substitution of and upon cancellation of the mutilated
      Warrant, or in lieu of and substitution for the Warrant lost, stolen or
      destroyed, a new Warrant of like tenor and for the purchase of a like number
      of
      Warrant Shares, but only upon receipt of evidence reasonably satisfactory to
      the
      Company of such loss, theft or destruction of the Warrant, and with respect
      to a
      lost, stolen or destroyed Warrant, reasonable indemnity or bond with respect
      thereto, if requested by the Company.

    

    Section
      7. Reservation
      of Common Stock.
      The
      Company hereby represents and warrants that there have been reserved, and the
      Company shall at all applicable times keep reserved until issued (if necessary)
      as contemplated by this Section 7, out of the authorized and unissued shares
      of
      Common Stock, sufficient shares to provide for the exercise of the rights of
      purchase represented by this Warrant. The Company agrees that all Warrant Shares
      issued upon due exercise of the Warrant shall be, at the time of delivery of
      the
      certificates for such Warrant Shares, duly authorized, validly issued, fully
      paid and non-assessable shares of Common Stock of the Company.

    

    Section
      8. Adjustments.
      Subject
      and pursuant to the provisions of this Section 8, the Warrant Price and number
      of Warrant Shares subject to this Warrant shall be subject to adjustment from
      time to time as set forth hereinafter.

    

    (a) If
      the
      Company shall, at any time or from time to time while this Warrant is
      outstanding, pay a dividend or make a distribution on its Common Stock in shares
      of Common Stock, subdivide its outstanding shares of Common Stock into a greater
      number of shares or combine its outstanding shares of Common Stock into a
      smaller number of shares or issue by reclassification of its outstanding shares
      of Common Stock any shares of its capital stock (including any such
      reclassification in connection with a consolidation or merger in which the
      Company is the continuing corporation), then the number of Warrant Shares
      purchasable upon exercise of the Warrant and the Warrant Price in effect
      immediately prior to the date upon which such change shall become effective,
      shall be adjusted by the Company so that the Warrantholder thereafter exercising
      the Warrant shall be entitled to receive the number of shares of Common Stock
      or
      other capital stock which the Warrantholder would have received if the Warrant
      had been exercised immediately prior to such event upon payment of a Warrant
      Price that has been adjusted to reflect a fair allocation of the economics
      of
      such event to the Warrantholder. Such adjustments shall be made successively
      whenever any event listed above shall occur.

    

    (b) If
      any
      capital reorganization, reclassification of the capital stock of the Company,
      consolidation or merger of the Company with another corporation in which the
      Company is not the survivor, or sale, transfer or other disposition of all
      or
      substantially all of the Company’s assets to another corporation shall be
      effected, then, as a condition of such reorganization, reclassification,
      consolidation, merger, sale, transfer or other disposition, lawful and adequate
      provision shall be made whereby each Warrantholder shall thereafter have the
      right to purchase and receive upon the basis and upon the terms and conditions
      herein specified and in lieu of the Warrant Shares immediately theretofore
      issuable upon exercise of the Warrant, such shares of stock, securities or
      assets as would have been issuable or payable with respect to or in exchange
      for
      a number of Warrant Shares equal to the number of Warrant Shares immediately
      theretofore issuable upon exercise of the Warrant, had such reorganization,
      reclassification, consolidation, merger, sale, transfer or other disposition
      not
      taken place, and in any such case appropriate provision shall be made with
      respect to the rights and interests of each Warrantholder to the end that the
      provisions hereof (including, without limitation, provision for adjustment
      of
      the Warrant Price) shall thereafter be applicable, as nearly equivalent as
      may
      be practicable in relation to any shares of stock, securities or assets
      thereafter deliverable upon the exercise hereof. The Company shall not effect
      any such consolidation, merger, sale, transfer or other disposition unless
      prior
      to or simultaneously with the consummation thereof the successor corporation
      (if
      other than the Company) resulting from such consolidation or merger, or the
      corporation purchasing or otherwise acquiring such assets or other appropriate
      corporation or entity shall assume the obligation to deliver to the
      Warrantholder, at the last address of the Warrantholder appearing on the books
      of the Company, such shares of stock, securities or assets as, in accordance
      with the foregoing provisions, the Warrantholder may be entitled to purchase,
      and the other obligations under this Warrant. The provisions of this paragraph
      (b) shall similarly apply to successive reorganizations, reclassifications,
      consolidations, mergers, sales, transfers or other dispositions.

    

    (c) In
      case
      the Company shall fix a payment date for the making of a distribution to all
      holders of Common Stock (including any such distribution made in connection
      with
      a consolidation or merger in which the Company is the continuing corporation)
      of
      evidences of indebtedness or assets (other than cash dividends or cash
      distributions payable out of consolidated earnings or earned surplus or
      dividends or distributions referred to in Section 8(a)), or subscription rights
      or warrants, the Warrant Price to be in effect after such payment date shall
      be
      determined by multiplying the Warrant Price in effect immediately prior to
      such
      payment date by a fraction, the numerator of which shall be the total number
      of
      shares of Common Stock outstanding multiplied by the Market Price (as defined
      below) per share of Common Stock immediately prior to such payment date, less
      the fair market value (as determined by the Company’s Board of Directors in good
      faith) of said assets or evidences of indebtedness so distributed, or of such
      subscription rights or warrants, and the denominator of which shall be the
      total
      number of shares of Common Stock outstanding multiplied by such Market Price
      per
      share of Common Stock immediately prior to such payment date. “Market Price” as
      of a particular date (the “Valuation Date”) shall mean the following: (a) if the
      Common Stock is then listed on a national stock exchange, the closing sale
      price
      of one share of Common Stock on such exchange on the last trading day prior
      to
      the Valuation Date; (b) if the Common Stock is then quoted on The Nasdaq Stock
      Market, Inc. (“Nasdaq”) or in the over-the-counter market (“OTC”), the closing
      sale price of one share of Common Stock on Nasdaq or OTC (as the case may be)
      on
      the last trading day prior to the Valuation Date or, if no such closing sale
      price is available, the average of the high bid and the low asked price quoted
      on Nasdaq on the last trading day prior to the Valuation Date; or (c) if the
      Common Stock is not then listed on a national stock exchange or quoted on Nasdaq
      or the OTC, the fair market value of one share of Common Stock as of the
      Valuation Date, shall be determined in good faith by the Board of Directors
      of
      the Company and the Warrantholder. If the Common Stock is not then listed on
      a
      national securities exchange or quoted on Nasdaq or the OTC, the Board of
      Directors of the Company shall respond promptly, in writing, to an inquiry
      by
      the Warrantholder prior to the exercise hereunder as to the fair market value
      of
      a share of Common Stock as determined by the Board of Directors of the Company.
      In the event that the Board of Directors of the Company and the Warrantholder
      are unable to agree upon the fair market value in respect of subpart (c) hereof,
      the Company and the Warrantholder shall jointly select an appraiser, who is
      experienced in such matters. The decision of such appraiser shall be final
      and
      conclusive, and the cost of such appraiser shall be borne equally by the Company
      and the Warrantholder. Such adjustment shall be made successively whenever
      such
      a payment date is fixed.

    

    (d) An
      adjustment to the Warrant Price shall become effective immediately after the
      payment date in the case of each dividend or distribution and immediately after
      the effective date of each other event which requires an
      adjustment.

    

    (e) In
      the
      event that, as a result of an adjustment made pursuant to this Section 8, the
      Warrantholder shall become entitled to receive any shares of capital stock
      of
      the Company other than shares of Common Stock, the number of such other shares
      so receivable upon exercise of this Warrant shall be subject thereafter to
      adjustment from time to time in a manner and on terms as nearly equivalent
      as
      practicable to the provisions with respect to the Warrant Shares contained
      in
      this Warrant.

    

    Section
      9. Fractional
      Interest.
      The
      Company shall not be required to issue fractions of Warrant Shares upon the
      exercise of this Warrant. If any fractional share of Common Stock would, except
      for the provisions of the first sentence of this Section 9, be deliverable
      upon
      such exercise, the Company, in lieu of delivering such fractional share, shall
      pay to the exercising Warrantholder an amount in cash equal to the Market Price
      of such fractional share of Common Stock on the date of exercise.

    

    Section
      10. Benefits.
      Nothing
      in this Warrant shall be construed to give any person, firm or corporation
      (other than the Company and the Warrantholder) any legal or equitable right,
      remedy or claim, it being agreed that this Warrant shall be for the sole and
      exclusive benefit of the Company and the Warrantholder.

    

    Section
      11. Notices
      to Warrantholder.
      Upon
      the happening of any event requiring an adjustment of the Warrant Price, the
      Company shall promptly give written notice thereof to the Warrantholder at
      the
      address appearing in the records of the Company, stating the adjusted Warrant
      Price and the adjusted number of Warrant Shares resulting from such event and
      setting forth in reasonable detail the method of calculation and the facts
      upon
      which such calculation is based. Failure to give such notice to the
      Warrantholder or any defect therein shall not affect the legality or validity
      of
      the subject adjustment.

    

    Section
      12. Identity
      of Transfer Agent.
      The
      Transfer Agent for the Common Stock is American Stock Transfer and Trust
      Company. Upon the appointment of any subsequent transfer agent for the Common
      Stock or other shares of the Company’s capital stock issuable upon the exercise
      of the rights of purchase represented by the Warrant, the Company will mail to
      the Warrantholder a statement setting forth the name and address of such
      transfer agent.

    

    Section
      13. Notices.
      Unless
      otherwise provided, any notice required or permitted under this Warrant shall
      be
      given in writing and shall be deemed effectively given as hereinafter described
      (i) if given by personal delivery, then such notice shall be deemed given upon
      such delivery, (ii) if given by telex or facsimile, then such notice shall
      be
      deemed given upon receipt of confirmation of complete transmittal, (iii) if
      given by mail, then such notice shall be deemed given upon the earlier of (A)
      receipt of such notice by the recipient or (B) three days after such notice
      is
      deposited in first class mail, postage prepaid, and (iv) if given by an
      internationally recognized overnight air courier, then such notice shall be
      deemed given one business day after delivery to such carrier. All notices shall
      be addressed as follows: if to the Warrantholder, at its address as set forth
      in
      the Company’s books and records and, if to the Company, at the address as
      follows, or at such other address as the Warrantholder or the Company may
      designate by ten days’ advance written notice to the other:

    

    If
      to the
      Company:

    

    Applied
      NeuroSolutions, Inc.

    50
      Lakeview Parkway

    Vernon
      Hills, Illinois 60061

    Attention:
      David Ellison

    Fax:
      (847) 573-8030

    

    With
      a
      copy to:

    

    Eilenberg
      & Krause LLP

    11
      East
      44th
      Street,
      17th Floor, New York, NY 10017

    Attention.:
      Adam D. Eilenberg, Esq.

    Fax:
      (212) 986-2399

    

    Section
      14. Registration
      Rights.
      The
      initial Warrantholder is entitled to the benefit of certain registration rights
      with respect to the shares of Common Stock issuable upon the exercise of this
      Warrant as provided in the Subscription Agreement, and any subsequent
      Warrantholder may be entitled to such rights.

    

    Section
      15. 
      Successors.
      All the
      covenants and provisions hereof by or for the benefit of the Warrantholder
      shall
      bind and inure to the benefit of its respective successors and assigns
      hereunder. 

    

    Section
      16. Governing
      Law; Consent to Jurisdiction; Waiver of Jury Trial.
      This
      Warrant shall be governed by, and construed in accordance with, the internal
      laws of the State of New York, without reference to the choice of law provisions
      thereof. The Company and, by accepting this Warrant, the Warrantholder, each
      irrevocably submits to the exclusive jurisdiction of the courts of the State
      of
      New York located in New York County and the United States District Court for
      the
      Southern District of New York for the purpose of any suit, action, proceeding
      or
      judgment relating to or arising out of this Warrant and the transactions
      contemplated hereby. Service of process in connection with any such suit, action
      or proceeding may be served on each party hereto anywhere in the world by the
      same methods as are specified for the giving of notices under this Warrant.
      The
      Company and, by accepting this Warrant, the Warrantholder, each irrevocably
      consents to the jurisdiction of any such court in any such suit, action or
      proceeding and to the laying of venue in such court. The Company and, by
      accepting this Warrant, the Warrantholder, each irrevocably waives any objection
      to the laying of venue of any such suit, action or proceeding brought in such
      courts and irrevocably waives any claim that any such suit, action or proceeding
      brought in any such court has been brought in an inconvenient forum.
EACH
      OF THE COMPANY AND, BY ITS ACCEPTANCE HEREOF, THE WARRANTHOLDER HEREBY WAIVES
      ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS
      WARRANT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS
      WAIVER.

    

    Section
      17. No
      Rights as Stockholder.
      Prior
      to the exercise of this Warrant, the Warrantholder shall not have or exercise
      any rights as a stockholder of the Company by virtue of its ownership of this
      Warrant.

    

    Section
      18. Amendment;
      Waiver.
      This
      Warrant is one of a series of Warrants of like tenor issued by the Company
      pursuant to one or more the subscription agreements and initially covering
      up to
      an aggregate of 1,845,000 shares of Common Stock (collectively, the
“Company
      Warrants”).
      Any
      term of this Warrant may be amended or waived (including the adjustment
      provisions included in Section 8 of this Warrant) upon the written consent
      of
      the Company and the holders of Company Warrants representing at least 50% of
      the
      number of shares of Common Stock then subject to all outstanding Company
      Warrants (the “Majority
      Holders”);
      provided,
      that
      (x) any such amendment or waiver must apply to all Company Warrants; and (y)
      the
      number of Warrant Shares subject to this Warrant, the Warrant Price and the
      Expiration Date may not be amended, and the right to exercise this Warrant
      may
      not be altered or waived, without the written consent of the
      Warrantholder.

    

    Section
      20. Section
      Headings.
      The
      section headings in this Warrant are for the convenience of the Company and
      the
      Warrantholder and in no way alter, modify, amend, limit or restrict the
      provisions hereof.

    

    

    IN
      WITNESS WHEREOF, the Company has caused this Warrant to be duly executed, as
      of
      the ______ day of July, 2006.

    

    APPLIED
      NEUROSOLUTIONS, INC.

    

    

    

    By:___________________________

    Name:
      

    Title:
      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    APPENDIX
      A

    APPLIED
      NEUROSOLUTIONS, INC.

    WARRANT
      EXERCISE FORM

    

    To
      Applied NeuroSolutions, Inc.:

    

    The
      undersigned hereby irrevocably elects to exercise the right of purchase
      represented by the within Warrant (“Warrant”) for, and to purchase thereunder by
      the payment of the Warrant Price and surrender of the Warrant, _______________
      shares of Common Stock (“Warrant Shares”) provided for therein, and requests
      that certificates for the Warrant Shares be issued as follows: 

    _______________________________

    Name

    ________________________________

    Address

    ________________________________

    ________________________________

    Federal
      Tax ID or Social Security No.

    

    and
      delivered by (certified
      mail to the above address, or 

    (electronically
      (provide DWAC 

    Instructions:___________________),
      or 

    (other
      (specify):

    __________________________________________).
      

    

    and,
      if
      the number of Warrant Shares shall not be all the Warrant Shares purchasable
      upon exercise of the Warrant, that a new Warrant for the balance of the Warrant
      Shares purchasable upon exercise of this Warrant be registered in the name
      of
      the undersigned Warrantholder or the undersigned’s Assignee as below indicated
      and delivered to the address stated below.

    

    Dated:
      ___________________, ____

    

    Note:
      The
      signature must correspond with   Signature:______________________________

    the
      name
      of the Warrantholder as written

    on
      the
      first page of the Warrant in every  
______________________________

    particular,
      without alteration or enlargement   Name
      (please print)

    or
      any
      change whatever, unless the Warrant 

    has
      been
      assigned.         ____________________________

                                         
      ____________________________

     
      Address

    ______________________________

    Federal
      Identification or

    Social
      Security No.

    

    Assignee:
      

    _______________________________

    _______________________________

     

                                    _______________________________Exhibit 4.1

WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC.
 Depositor

and

WACHOVIA BANK, NATIONAL ASSOCIATION
 Master Servicer

and

LNR PARTNERS, INC.
 Special Servicer

and

WELLS FARGO BANK, N.A.
 Trustee

POOLING AND SERVICING AGREEMENT

Dated as of June 1, 2006

$1,619,027,000

Commercial Mortgage Pass-Through Certificates

Series 2006-C26

TABLE OF CONTENTS

	  
	  
	  
	  
	  
	 Page

	  
	  
	  
	  
	  
	

    
	 ARTICLE I.
	 DEFINITIONS
	  
	 6

	 
	  
	  
	  
	  
	 

	  
	 Section 1.01.
	  
	 Defined Terms
	  
	 6

	  
	  
	  
	  
	  
	 

	 ARTICLE II.
	 CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONS AND WARRANTIES; ORIGINAL ISSUANCE OF CERTIFICATES
	  
	 90

	  
	  
	  
	  
	  
	 

	 
	 Section 2.01.
	  
	 Conveyance of Mortgage Loans
	  
	 90

	  
	  
	  
	  
	  
	 

	  
	 Section 2.02.
	  
	 Acceptance of the Trust Fund by Trustee
	  
	 93

	  
	  
	  
	  
	  
	 

	 
	 Section 2.03.
	  
	 Mortgage Loan Seller’s Repurchase or Substitution of Mortgage Loans for Document Defects and Breaches of Representations and Warranties
	  
	 96

	  
	  
	  
	  
	  
	 

	  
	 Section 2.04.
	  
	 Representations and Warranties of Depositor
	  
	 101

	  
	  
	  
	  
	  
	 

	 
	 Section 2.05.
	  
	 Conveyance of Majority Mortgage Loans and The Woodlands Mall Loan; Acceptance of the Woodlands Mall Loan REMIC, REMIC I and Grantor Trust by Trustee
	  
	 102

	  
	  
	  
	  
	  
	 

	  
	 Section 2.06.
	  
	 Issuance of Woodlands Mall Loan REMIC Regular Interests
	  
	 103

	  
	  
	  
	  
	  
	 

	 
	 Section 2.07.
	  
	 Conveyance of Woodlands Mall Loan REMIC Regular Interests; Acceptance of REMIC I by the Trustee
	  
	 103

	  
	  
	  
	  
	  
	 

	  
	 Section 2.08.
	  
	 Conveyance of Mortgage Loans; Acceptance of REMIC I and Additional Interest Grantor Trust by Trustee
	  
	 103

	  
	  
	  
	  
	  
	 

	 
	 Section 2.09.
	  
	 Issuance of the REMIC I Regular Interests; Execution, Authentication and Delivery of Class R-I Certificates
	  
	 103

	  
	  
	  
	  
	  
	 

	  
	 Section 2.10.
	  
	 Conveyance of REMIC I Regular Interests; Acceptance of REMIC II by Trustee
	  
	 104

	  
	  
	  
	  
	  
	 

	 
	 Section 2.11.
	  
	 Execution, Authentication and Delivery of REMIC II Certificates; Class A-3FL Regular Interest
	  
	 104

	  
	  
	  
	  
	  
	 

	  
	 Section 2.12.
	  
	 Execution, Authentication and Delivery of Class A-3FL Certificates
	  
	 104

	  
	  
	  
	  
	  
	 

	 
	 Section 2.13.
	  
	 Execution, Authentication and Delivery of Class Z Certificates
	  
	 104

	  
	  
	  
	  
	  
	 

	 ARTICLE III.
	 ADMINISTRATION AND SERVICING OF THE TRUST FUND
	  
	 105

	  
	  
	  
	  
	  
	 

	  
	 Section 3.01.
	  
	 Administration of the Mortgage Loans
	  
	 105

	 
	  
	  
	  
	  
	 

	  
	 Section 3.02.
	  
	 Collection of Mortgage Loan Payments
	  
	 106

	  
	  
	  
	  
	  
	 

	  
	 Section 3.03.
	  
	 Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts
	  
	 108

-i-

TABLE OF CONTENTS
 (continued)

	  
	  
	  
	  
	  
	 Page

	  
	  
	  
	  
	  
	

    
	  
	 Section 3.04.
	  
	 Certificate Account, Interest Reserve Account, Gain-on-Sale Reserve Account, Additional Interest Account, Distribution Account, Companion Distribution Account and Floating Rate Interest Shortfall Account
	  
	 112

	 
	  
	  
	  
	  
	 

	  
	 Section 3.05.
	  
	 Permitted Withdrawals from the Certificate Account, Distribution Account, Interest Reserve Account, Additional Interest Account, Gain-on-Sale Reserve Account, Companion Distribution Account and Floating Rate Interest Shortfall Account
	  
	 117

	  
	  
	  
	  
	  
	 

	  
	 Section 3.06.
	  
	 Investment of Funds in the Servicing Accounts, Reserve Accounts, Floating Rate Account, Certificate Account, Interest Reserve Account, Distribution Account, Companion Distribution Account, Additional Interest Account, Gain-on-Sale Reserve Account and REO Account
	  
	 125

	 
	  
	  
	  
	  
	 

	  
	 Section 3.07.
	  
	 Maintenance of Insurance Policies; Errors and Omissions and Fidelity Coverage
	  
	 127

	  
	  
	  
	  
	  
	 

	  
	 Section 3.08.
	  
	 Enforcement of Alienation Clauses
	  
	 130

	 
	  
	  
	  
	  
	 

	  
	 Section 3.09.
	  
	 Realization Upon Defaulted Mortgage Loans; Required Appraisals
	  
	 134

	  
	  
	  
	  
	  
	 

	  
	 Section 3.10.
	  
	 Trustee and Custodian to Cooperate; Release of Mortgage Files
	  
	 137

	 
	  
	  
	  
	  
	 

	  
	 Section 3.11.
	  
	 Servicing Compensation
	  
	 139

	  
	  
	  
	  
	  
	 

	  
	 Section 3.12.
	  
	 Property Inspections; Collection of Financial Statements; Delivery of Certain Reports
	  
	 143

	 
	  
	  
	  
	  
	 

	  
	 Section 3.13.
	  
	 Annual Reports on Assessment of Compliance with Servicing Criteria and Annual Statement as to Compliance
	  
	 146

	  
	  
	  
	  
	  
	 

	  
	 Section 3.14.
	  
	 Attestation by Independent Public Accountants
	  
	 149

	 
	  
	  
	  
	  
	 

	  
	 Section 3.15.
	  
	 Access to Certain Information
	  
	 149

	  
	  
	  
	  
	  
	 

	  
	 Section 3.16.
	  
	 Title to REO Property; REO Account
	  
	 153

	 
	  
	  
	  
	  
	 

	  
	 Section 3.17.
	  
	 Management of REO Property
	  
	 155

	  
	  
	  
	  
	  
	 

	  
	 Section 3.18.
	  
	 Resolution of Defaulted Mortgage Loans and REO Properties
	  
	 158

	 
	  
	  
	  
	  
	 

	  
	 Section 3.19.
	  
	 Additional Obligations of Master Servicer and Special Servicer
	  
	 163

	  
	  
	  
	  
	  
	 

	  
	 Section 3.20.
	  
	 Modifications, Waivers, Amendments and Consents
	  
	 163

	 
	  
	  
	  
	  
	 

	  
	 Section 3.21.
	  
	 Transfer of Servicing Between Master Servicer and Special Servicer; Record Keeping
	  
	 171

	  
	  
	  
	  
	  
	 

	  
	 Section 3.22.
	  
	 Sub-Servicing Agreements
	  
	 174

-ii-

TABLE OF CONTENTS
 (continued)

	  
	  
	  
	  
	  
	 Page

	  
	  
	  
	  
	  
	

    
	  
	 Section 3.23.
	  
	 Representations and Warranties of Master Servicer and Special Servicer
	  
	 177

	 
	  
	  
	  
	  
	 

	  
	 Section 3.24.
	  
	 Sub-Servicing Agreement Representation and Warranty
	  
	 180

	  
	  
	  
	  
	  
	 

	  
	 Section 3.25.
	  
	 Designation of Controlling Class Representative
	  
	 180

	 
	  
	  
	  
	  
	 

	  
	 Section 3.26.
	  
	 Companion Paying Agent
	  
	 183

	  
	  
	  
	  
	  
	 

	  
	 Section 3.27.
	  
	 Companion Register
	  
	 183

	 
	  
	  
	  
	  
	 

	  
	 Section 3.28.
	  
	 Future Debt Secured by Interests in Related Borrowers
	  
	 184

	  
	  
	  
	  
	  
	 

	  
	 Section 3.29.
	  
	 Certain Matters Relating to the Future Securitization of the Prime Outlets Pool II Pari Passu Companion Loan
	  
	 184

	 
	  
	  
	  
	  
	 

	  
	 Section 3.30.
	  
	 Swap Contract
	  
	 187

	  
	  
	  
	  
	  
	 

	  
	 Section 3.31.
	  
	 Litigation Control
	  
	 189

	 
	  
	  
	  
	  
	 

	 ARTICLE IV.
	 DISTRIBUTIONS TO CERTIFICATEHOLDERS
	  
	 191

	  
	  
	  
	  
	  
	 

	  
	 Section 4.01.
	  
	 Distributions
	  
	 191

	  
	  
	  
	  
	  
	 

	 
	 Section 4.02.
	  
	 Statements to Certificateholders; CMSA Loan Periodic Update File
	  
	 213

	  
	  
	  
	  
	  
	 

	  
	 Section 4.03.
	  
	 P&I Advances
	  
	 219

	  
	  
	  
	  
	  
	 

	 
	 Section 4.04.
	  
	 Allocation of Realized Losses and Additional Trust Fund Expenses; Allocation of Certificate Deferred Interest; Allocation of Appraisal Reduction Amounts
	  
	 223

	  
	  
	  
	  
	  
	 

	  
	 Section 4.05.
	  
	 Calculations
	  
	 227

	  
	  
	  
	  
	  
	 

	 
	 Section 4.06.
	  
	 Use of Agents
	  
	 228

	  
	  
	  
	  
	  
	 

	 ARTICLE V.
	 THE CERTIFICATES
	  
	 228

	  
	  
	  
	  
	  
	 

	  
	 Section 5.01.
	  
	 The Certificates
	  
	 228

	 
	  
	  
	  
	  
	 

	  
	 Section 5.02.
	  
	 Registration, Transfer and Exchange of Certificates
	  
	 229

	  
	  
	  
	  
	  
	 

	  
	 Section 5.03.
	  
	 Book-Entry Certificates
	  
	 235

	 
	  
	  
	  
	  
	 

	  
	 Section 5.04.
	  
	 Mutilated, Destroyed, Lost or Stolen Certificates
	  
	 236

	  
	  
	  
	  
	  
	 

	  
	 Section 5.05.
	  
	 Persons Deemed Owners
	  
	 237

	 
	  
	  
	  
	  
	 

	 ARTICLE VI.
	 THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER AND THE CONTROLLING CLASS REPRESENTATIVE
	  
	 237

	  
	  
	  
	  
	  
	 

	  
	 Section 6.01.
	  
	 Liability of Depositor, Master Servicer and Special Servicer
	  
	 237

	 
	  
	  
	  
	  
	 

	  
	 Section 6.02.
	  
	 Merger, Consolidation or Conversion of Depositor or Master Servicer or Special Servicer
	  
	 237

-iii-

TABLE OF CONTENTS
 (continued)

	  
	  
	  
	  
	  
	 Page

	 
	  
	  
	  
	  
	

    
	  
	 Section 6.03.
	  
	 Limitation on Liability of Depositor, Master Servicer and Special Servicer
	  
	 238

	  
	  
	  
	  
	  
	 

	  
	 Section 6.04.
	  
	 Resignation of Master Servicer and the Special Servicer
	  
	 239

	 
	  
	  
	  
	  
	 

	  
	 Section 6.05.
	  
	 Rights of Depositor and Trustee in Respect of Master Servicer and the Special Servicer
	  
	 240

	  
	  
	  
	  
	  
	 

	  
	 Section 6.06.
	  
	 Depositor, Master Servicer and Special Servicer to Cooperate with Trustee
	  
	 240

	 
	  
	  
	  
	  
	 

	  
	 Section 6.07.
	  
	 Depositor, Special Servicer and Trustee to Cooperate with Master Servicer
	  
	 240

	  
	  
	  
	  
	  
	 

	  
	 Section 6.08.
	  
	 Depositor, Master Servicer and Trustee to Cooperate with Special Servicer
	  
	 241

	 
	  
	  
	  
	  
	 

	  
	 Section 6.09.
	  
	 Designation of Special Servicer by the Controlling Class and Controlling Holders
	  
	 241

	  
	  
	  
	  
	  
	 

	  
	 Section 6.10.
	  
	 Master Servicer or Special Servicer as Owner of a Certificate
	  
	 242

	 
	  
	  
	  
	  
	 

	  
	 Section 6.11.
	  
	 The Controlling Class Representative
	  
	 243

	  
	  
	  
	  
	  
	 

	 ARTICLE VII.
	 DEFAULT
	  
	 245

	  
	  
	  
	  
	  
	 

	 
	 Section 7.01.
	  
	 Events of Default
	  
	 245

	  
	  
	  
	  
	  
	 

	  
	 Section 7.02.
	  
	 Trustee to Act; Appointment of Successor
	  
	 250

	  
	  
	  
	  
	  
	 

	 
	 Section 7.03.
	  
	 Notification to Certificateholders and Companion Holders
	  
	 252

	  
	  
	  
	  
	  
	 

	  
	 Section 7.04.
	  
	 Waiver of Events of Default
	  
	 252

	  
	  
	  
	  
	  
	 

	 
	 Section 7.05.
	  
	 Additional Remedies of Trustee Upon Event of Default
	  
	 252

	  
	  
	  
	  
	  
	 

	 ARTICLE VIII.
	 CONCERNING THE TRUSTEE
	  
	 253

	  
	  
	  
	  
	  
	 

	  
	 Section 8.01.
	  
	 Duties of Trustee
	  
	 253

	 
	  
	  
	  
	  
	 

	  
	 Section 8.02.
	  
	 Certain Matters Affecting Trustee
	  
	 254

	  
	  
	  
	  
	  
	 

	  
	 Section 8.03.
	  
	 Trustee Not Liable for Validity or Sufficiency of Certificates or Mortgage Loans
	  
	 256

	 
	  
	  
	  
	  
	 

	  
	 Section 8.04.
	  
	 Trustee May Own Certificates
	  
	 256

	  
	  
	  
	  
	  
	 

	  
	 Section 8.05.
	  
	 Fees and Expenses of Trustee; Indemnification of Trustee
	  
	 256

	 
	  
	  
	  
	  
	 

	  
	 Section 8.06.
	  
	 Eligibility Requirements for Trustee
	  
	 257

	  
	  
	  
	  
	  
	 

	  
	 Section 8.07.
	  
	 Resignation and Removal of Trustee
	  
	 258

	 
	  
	  
	  
	  
	 

	  
	 Section 8.08.
	  
	 Successor Trustee
	  
	 259

	  
	  
	  
	  
	  
	 

	  
	 Section 8.09.
	  
	 Merger or Consolidation of Trustee
	  
	 259

	 
	  
	  
	  
	  
	 

	  
	 Section 8.10.
	  
	 Appointment of Co-Trustee or Separate Trustee
	  
	 260

-iv-

TABLE OF CONTENTS
 (continued)

	  
	  
	  
	  
	  
	 Page

	 
	  
	  
	  
	  
	

    
	  
	 Section 8.11.
	  
	 Appointment of Custodians
	  
	 261

	  
	  
	  
	  
	  
	 

	  
	 Section 8.12.
	  
	 Appointment of Authenticating Agents
	  
	 261

	 
	  
	  
	  
	  
	 

	  
	 Section 8.13.
	  
	 Access to Certain Information
	  
	 263

	  
	  
	  
	  
	  
	 

	  
	 Section 8.14.
	  
	 Appointment of REMIC Administrators
	  
	 263

	 
	  
	  
	  
	  
	 

	  
	 Section 8.15.
	  
	 Representations and Warranties of Trustee
	  
	 264

	  
	  
	  
	  
	  
	 

	  
	 Section 8.16.
	  
	 Appointment of the Paying Agent
	  
	 265

	 
	  
	  
	  
	  
	 

	  
	 Section 8.17.
	  
	 Reports to the Securities and Exchange Commission; Available Information
	  
	 266

	  
	  
	  
	  
	  
	 

	  
	 Section 8.18.
	  
	 Maintenance of Mortgage File
	  
	 276

	 
	  
	  
	  
	  
	 

	 ARTICLE IX.
	 TERMINATION
	  
	 276

	  
	  
	  
	  
	  
	 

	  
	 Section 9.01.
	  
	 Termination Upon Repurchase or Liquidation of All Mortgage Loans
	  
	 276

	  
	  
	  
	  
	  
	 

	 
	 Section 9.02.
	  
	 Additional Termination Requirements
	  
	 280

	  
	  
	  
	  
	  
	 

	 ARTICLE X.
	 ADDITIONAL TAX PROVISIONS
	  
	 281

	  
	  
	  
	  
	  
	 

	  
	 Section 10.01.
	  
	 REMIC Administration
	  
	 281

	 
	  
	  
	  
	  
	 

	  
	 Section 10.02.
	  
	 Administration of the Additional Interest Grantor Trust
	  
	 285

	  
	  
	  
	  
	  
	 

	 ARTICLE XI.
	 MISCELLANEOUS PROVISIONS
	  
	 288

	  
	  
	  
	  
	  
	 

	 
	 Section 11.01.
	  
	 Amendment
	  
	 288

	  
	  
	  
	  
	  
	 

	  
	 Section 11.02.
	  
	 Recordation of Agreement; Counterparts
	  
	 290

	  
	  
	  
	  
	  
	 

	 
	 Section 11.03.
	  
	 Limitation on Rights of Certificateholders
	  
	 290

	  
	  
	  
	  
	  
	 

	  
	 Section 11.04.
	  
	 Governing Law
	  
	 291

	  
	  
	  
	  
	  
	 

	 
	 Section 11.05.
	  
	 Notices
	  
	 291

	  
	  
	  
	  
	  
	 

	  
	 Section 11.06.
	  
	 Severability of Provisions
	  
	 292

	  
	  
	  
	  
	  
	 

	 
	 Section 11.07.
	  
	 Grant of a Security Interest
	  
	 292

	  
	  
	  
	  
	  
	 

	  
	 Section 11.08.
	  
	 Streit Act
	  
	 293

	  
	  
	  
	  
	  
	 

	 
	 Section 11.09.
	  
	 Successors and Assigns; Beneficiaries
	  
	 293

	  
	  
	  
	  
	  
	 

	  
	 Section 11.10.
	  
	 Article and Section Headings
	  
	 293

	  
	  
	  
	  
	  
	 

	 
	Section 11.11.
	 
	Notices to Rating Agencies
	 
	293

	 
	 
	 
	 
	 
	 

	 
	Section 11.12.
	 
	Complete Agreement
	 
	295

-v-

EXHIBITS

	
  
Exhibit Description
  	
   
 	
  
Exhibit   No.
  	
   
 	
  
Section Reference
  
	
  

  	
   
 	
  

  	
   
 	
  

  
	
  
Form of Class A-1   Certificate
  	
  
 
  	
  
A-1
  	
  
 
  	
  
Section 1.01   Definition of “Class A-1 Certificate”
  
	
   
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Form of Class A-2   Certificate
  	
  
 
  	
  
A-2
  	
  
 
  	
  
Section 1.01   Definition of “Class A-2 Certificate”
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Form of Class A-PB   Certificate
  	
  
 
  	
  
A-3
  	
  
 
  	
  
Section 1.01 Definition of   “Class A-PB Certificate”
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  Form of Class A-3   Certificate
  	
  
 
  	
  
A-4
  	
  
 
  	
  
Section 1.01   Definition of “Class A-3 Certificate”
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Form of Class A-1A   Certificate
  	
  
 
  	
  
A-5
  	
  
 
  	
  
Section 1.01 Definition of   “Class A-1A Certificate”
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Form of Class X-P   Certificate
  	
  
 
  	
  
A-6
  	
  
 
  	
  
Section 1.01   Definition of “Class X-P Certificate”
  
	
   
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Form of Class A-M   Certificate
  	
  
 
  	
  
A-7
  	
  
 
  	
  
Section 1.01   Definition of “Class A-M Certificate”
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Form of Class A-J   Certificate
  	
  
 
  	
  
A-8
  	
  
 
  	
  
Section 1.01   Definition of “Class A-J Certificate”
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  Form of Class B   Certificate
  	
  
 
  	
  
A-9
  	
  
 
  	
  
Section 1.01   Definition of “Class B Certificate”
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Form of Class C   Certificate
  	
  
 
  	
  
A-10
  	
  
 
  	
  
Section 1.01   Definition of “Class C Certificate”
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Form of Class D   Certificate
  	
  
 
  	
  
A-11
  	
  
 
  	
  
Section 1.01   Definition of “Class D Certificate”
  
	
   
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Form of Class A-3FL   Certificate
  	
  
 
  	
  
A-12
  	
  
 
  	
  
Section 1.01   Definition of “Class A-3FL Certificate”
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Form of Class E   Certificate
  	
  
 
  	
  
A-13
  	
  
 
  	
  
Section 1.01 Definition   of “Class E Certificate”
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  Form of Class F   Certificate
  	
  
 
  	
  
A-14
  	
  
 
  	
  
Section 1.01   Definition of “Class F Certificate”
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Form of Class G   Certificate
  	
  
 
  	
  
A-15
  	
  
 
  	
  
Section 1.01   Definition of “Class G Certificate”
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Form of Class H   Certificate
  	
  
 
  	
  
A-16
  	
  
 
  	
  
Section 1.01   Definition of “Class H Certificate”
  
	
   
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Form of Class J   Certificate
  	
  
 
  	
  
A-17
  	
  
 
  	
  
Section 1.01   Definition of “Class J Certificate”
  

-vi-

	
  
Exhibit Description
  	
   
 	
  
Exhibit   No.
  	
   
 	
  
Section Reference
  
	
  

  	
   
 	
  

  	
   
 	
  

  
	
  Form of Class K   Certificate
  	
  
 
  	
  
A-18
  	
  
 
  	
  
Section 1.01   Definition of “Class K Certificate”
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Form of Class L   Certificate
  	
  
 
  	
  
A-19
  	
  
 
  	
  
Section 1.01   Definition of “Class L Certificate”
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Form of Class M   Certificate
  	
  
 
  	
  
A-20
  	
  
 
  	
  
Section 1.01 Definition of   “Class M Certificate”
  
	
   
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Form of Class N   Certificate
  	
  
 
  	
  
A-21
  	
  
 
  	
  
Section 1.01   Definition of “Class N Certificate”
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Form of Class O   Certificate
  	
  
 
  	
  
A-22
  	
  
 
  	
  
Section 1.01   Definition of “Class O Certificate”
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  Form of Class P   Certificate
  	
  
 
  	
  
A-23
  	
  
 
  	
  
Section 1.01   Definition of “Class P Certificate”
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Form of Class X-C   Certificate
  	
  
 
  	
  
A-24
  	
  
 
  	
  
Section 1.01   Definition of “Class X-C Certificate”
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Form of Class R-I  Certificate
  	
  
 
  	
  
A-25
  	
  
 
  	
  
Section 1.01 Definition of “Class R-I  Certificate”
  
	
   
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Form of Class R-II Certificate
  	
  
 
  	
  
A-26
  	
  
 
  	
  
Section 1.01 Definition of “Class R-II  Certificate”
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Form of Class Z Certificate
  	
  
 
  	
  
A-27
  	
  
 
  	
  
Section 1.01 Definition of “Class Z  Certificate”
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  Form of Class WM Certificate
  	
  
 
  	
  
A-28
  	
  
 
  	
  
Section 1.01 Definition of “Class WM Certificate”
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Mortgage Loan Schedule
  	
  
 
  	
  
B
  	
  
 
  	
  
Section 1.01   Definition of “Mortgage Loan Schedule”
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Schedule of Exceptions to   Mortgage File Delivery
  	
  
 
  	
  
C-1
  	
  
 
  	
  
Section 2.02(a)
  
	
   
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Form of Custodial   Certification
  	
  
 
  	
  
C-2
  	
  
 
  	
  
Section 2.02(b)
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Form of Master Servicer   Request for Release
  	
  
 
  	
  
D-1
  	
  
 
  	
  
Section 1.01 Definition   of “Request for Release”; Section 2.03(b); Section 3.10(a); and   Section 3.10(b)
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  Form of Special Servicer   Request for Release
  	
  
 
  	
  
D-2
  	
  
 
  	
  
Section 1.01   Definition of “Request for Release”; Section 3.10(b)
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Calculation of NOI/Debt   Service Coverage Ratios
  	
  
 
  	
  
E
  	
  
 
  	
  
Section 1.01   Definition of “Net Operating Income”
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Form of Transferor   Certificate
  	
  
 
  	
  
F-1
  	
  
 
  	
  
Section 5.02(b)
  
	
   
  	
  
 
  	
   
 	
  
 
  	
  
 
  

-vii-

	
  
Exhibit Description
  	
   
 	
  
Exhibit   No.
  	
   
 	
  
Section Reference
  
	
  

  	
   
 	
  

  	
   
 	
  

  
	
  
Form of Transferee   Certificate for QIBs
  	
  
 
  	
  
F-2
  	
  
 
  	
  
Section 5.02(b)
  
	
   
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Form of Transferee   Certificate for Non-QIBs
  	
  
 
  	
  
F-3
  	
  
 
  	
  
Section 5.02(b)
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Form of Transferee   Certificate for Transfers Pursuant to Regulation S
  	
  
 
  	
  
F-4
  	
  
 
  	
  
Section 5.02(b)
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  Form of Transferee   Certificate
  	
  
 
  	
  
G
  	
  
 
  	
  
Section 5.02(c)
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Form of Transfer Affidavit   and Agreement Pursuant to Section 5.02(d)(i)(B)
  	
  
 
  	
  
H-1
  	
  
 
  	
  
Section 5.02(d)(i)(B)
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Form of Transferor   Certificate Pursuant to Section 5.02(d)(i)(D)
  	
  
 
  	
  
H-2
  	
  
 
  	
  
Section 5.02(d)(i)(D)
  
	
   
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Form of Notice and   Acknowledgment
  	
  
 
  	
  
I-1
  	
  
 
  	
  
Section 6.09
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Form of Acknowledgment of   Proposed Special Servicer
  	
  
 
  	
  
I-2
  	
  
 
  	
  
Section 6.09
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  List of Earnout and   Holdback Mortgage Loans
  	
  
 
  	
  
J
  	
  
 
  	
  
Section 3.20(j)
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Form of Certificateholder   Confirmation Certificate Request by Beneficial Holder
  	
  
 
  	
  
K-1
  	
  
 
  	
  
Section 1.01   Definition of “Privileged Person”; Section 3.15(a)
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Form of Prospective   Purchaser Certificate
  	
  
 
  	
  
K-2
  	
  
 
  	
  
Section 1.01 Definition of   “Privileged Person”; Section 3.15(a)
  
	
   
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Initial Companion Holders
  	
  
 
  	
  
L
  	
  
 
  	
  
Section 3.27
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Form of Purchase Option   Notice
  	
  
 
  	
  
M
  	
  
 
  	
  
Section 3.18(e)
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  Form of Defeasance   Certificate
  	
  
 
  	
  
N
  	
  
 
  	
  
Section 3.20(h)
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Form of Depositor   Certification
  	
  
 
  	
  
O
  	
  
 
  	
  
Section   8.17(k)(v); Section 8.17(n)
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Form of Trustee   Certification
  	
  
 
  	
  
P
  	
  
 
  	
  
Section 8.17(d)
  
	
   
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Form of Master Servicer   Certification
  	
  
 
  	
  
Q-1
  	
  
 
  	
  
Section 8.17(d)
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Form of Special Servicer   Certification
  	
  
 
  	
  
Q-2
  	
  
 
  	
  
Section 8.17(d)
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  Class A-PB Planned   Principal Balance Schedule
  	
  
 
  	
  
R
  	
  
 
  	
  
Section 1.01   Definition of “Class A-PB Planned Principal Amount”
  

-viii-

	
  
Exhibit Description
  	
   
 	
  
Exhibit   No.
  	
   
 	
  
Section Reference
  
	
  

  	
   
 	
  

  	
   
 	
  

  
	
  
Relevant Servicing   Criteria
  	
  
 
  	
  
S
  	
  
 
  	
  
Section 1.01 Definition of   “Relevant Servicing Criteria”
  
	
   
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Class X-P Reference Rate   Schedule
  	
  
 
  	
  
T
  	
  
 
  	
  
Section 1.01 Definition of   “Class X-P Reference Rate”
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Additional Form 10-D   Disclosure
  	
  
 
  	
  
U
  	
  
 
  	
  
Section 8.17(i)
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  Additional Disclosure   Notification
  	
  
 
  	
  
V
  	
  
 
  	
  
Section 1.01 Definition of   “Additional Disclosure Notification”; Section 8.17(i)
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Additional Form 10-K   Disclosure
  	
  
 
  	
  
W
  	
  
 
  	
  
Section 8.17(k)
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Form 8-K Disclosure   Information
  	
  
 
  	
  
X
  	
  
 
  	
  
Section 8.17(j)
  
	
   
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Sub-Servicer List
  	
  
 
  	
  
Y
  	
  
 
  	
  
Section 8.17(f)
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  
Tenants-in-Common Transfer   Compliance
  	
  
 
  	
  
Z
  	
  
 
  	
  
Section 3.08(a)(ii)
  
	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  
	
  Officer’s Certificate of   Master Servicer re: Tenants-in-Common Approvals
  	
  
 
  	
  
AA
  	
  
 
  	
  
Section 3.08(a)(ii)
  

-ix-

POOLING AND SERVICING AGREEMENT

                    This Pooling and Servicing Agreement (this “Agreement”) is dated and effective as of June 1, 2006, among WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC., as Depositor, WACHOVIA BANK, NATIONAL ASSOCIATION, as Master Servicer, LNR PARTNERS, INC., as Special Servicer and WELLS FARGO BANK, N.A., as Trustee.

PRELIMINARY STATEMENT:

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

                    An election will be made to treat the segregated pool of assets consisting of The Woodlands Mall Loan and certain other related assets subject to this Agreement as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as the “Woodlands Mall Loan REMIC.”  The Class R-I Certificates will, in part, represent the sole class of “residual interests” in the Woodlands Mall Loan REMIC for purposes of the REMIC Provisions under federal income tax law.  The Woodlands Mall Loan REMIC Pooled Regular Interest and the Class WM-NP Uncertificated Interest will be the “regular interests” in the Woodlands Mall Loan REMIC for purposes of the REMIC Provisions, will not be certificated and will be held by REMIC I.

                    The ownership interest in The Woodlands Mall Loan, as part of the Woodlands Mall Loan REMIC related to The Woodlands Mall Loan, will be split into a senior undivided ownership interest in the portion of the Woodlands Mall Loan REMIC related to The Woodlands Mall Loan (the “The Woodlands Mall Pooled Component”) and a subordinate undivided ownership interest in such portion of the Woodlands Mall Loan REMIC (the “The Woodlands Mall Non-Pooled Component” and, together with The Woodlands Mall Pooled Component, the “Loan Components”).

                    The following table describes certain information regarding The Woodlands Mall Loan and the Loan Components:

	
  
Component
  	
   
 	
  
Component
   Balance/Original
   Woodlands Mall
   Loan REMIC
   Principal Amount
  	
   
 	
  
The   Woodlands
   Mall Loan
   Remittance Rate*
  	
   
 	
  
Corresponding
   Woodlands Mall
   Loan REMIC
   Regular Interest
  	
   
 	
  
Related   Class of
   Certificates
  
	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  
	
  The Woodlands Mall Pooled   Component
  	
  
 
  	
  
$175,000,000
  	
   
 	
  
5.893%
  	
  
 
  	
  
Woodlands   Mall Loan REMIC Pooled Regular Interest
  	
  
 
  	
  
N/A
  
	
  
The Woodlands Mall   Non-Pooled Component
  	
  
 
  	
  
$10,000,000
  	
   
 	
  
5.893%
  	
  
 
  	
  
Class   WM-NP Uncertificated Interest
  	
  
 
  	
  
Class
   WM
  

	
  

  
	
  
*
  	
  
Represents the Net Mortgage Rate at which interest   will accrue on The Woodlands Mall Loan based on the actual number of days   elapsed and a 360-day year.
  

REMIC I

                    As provided herein, the Trustee will elect to treat the segregated pool of assets consisting of all of the Majority Mortgage Loans (exclusive of that portion of the interest payments thereon that constitutes Additional Interest), the Woodlands Mall Loan REMIC Pooled Regular Interest, the Class WM-NP Uncertificated Interest and certain other related assets subject to this Agreement as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as REMIC I.  The Class R-I Certificates will represent the sole class of “residual interests” in REMIC I for purposes of the REMIC Provisions under federal income tax law.  For federal income tax purposes, the interests defined in the table below the heading “REMIC II” as “Corresponding REMIC I Regular
Interests”
are the “regular interests” in REMIC I.

REMIC II

                    As provided herein, the Trustee will elect to treat the segregated pool of assets consisting of all of the REMIC I Regular Interests as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as REMIC II.  The Class R-II Certificates will evidence the sole class of “residual interests” in REMIC II for purposes of the REMIC Provisions under federal income tax law.  For federal income tax purposes, each Class of Regular Certificates and the Class A-3FL Regular Interest will be designated as a separate “regular interest” in REMIC II for purposes of the REMIC Provisions under federal income tax law.  Each of the “Corresponding Components of Class X Certificates” is a “regular interest” in REMIC II and the
Class X-C

Certificates and the Class X-P Certificates represent such Corresponding Components.

                    The following table sets forth the Class or Component designation, the original REMIC I Principal Balance for each corresponding REMIC I Regular Interest (the “Corresponding REMIC I Regular Interest”), the Corresponding Components of the Class X Certificates (the “Corresponding Components”) and the Original Class Principal Balance for each Class of Sequential Pay Certificates or the Class WM Certificates, as applicable (the “Corresponding Certificates”).

	
  
Corresponding   
   Certificates
  	
   
 	
  
Original   Class Principal
   Balance
  	
   
 	
  
Corresponding   
   REMIC I
   Regular
   Interests (1)
  	
   
 	
  
Original
   REMIC I
   Principal
   Balance
  	
   
 	
  
REMIC I
   Pass-Through
   Rate
  	
   
 	
  
Corresponding   
   Components of
   Class X
   Certificates (1)
  	
  
 
  
	
  

  	
   
  	
  

  	
  

  	
  
 
  	
  

  	
  

  	
  
 
  	
  

  	
  

  	
  
 
  	
  

  	
  

  	
  
 
  	
  

  	
  

  	
  
 
  
	
  
Class A-1
  	
  
 
  	
  
$
  	
  
34,567,000
  	
  
 
  	
  
 
  	
  
LA-1-1
  	
  
 
  	
  
$
  	
  
1,687,000
  	
  
 
  	
  
 
  	
  
(2)
  	
  
 
  	
  
 
  	
  
X-A-1-1
  	
  
 
  
	
   
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LA-1-2
  	
  
 
  	
  
$
  	
  
2,237,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-A-1-2
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LA-1-3
  	
  
 
  	
  
$
  	
  
26,891,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-A-1-3
  	
  
 
  
	
   
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LA-1-4
  	
  
 
  	
  
$
  	
  
3,752,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-A-1-4
  	
  
 
  

-2-

	
  Corresponding   
   Certificates
  	
   
 	
  
Original   Class Principal
   Balance
  	
   
 	
  
Corresponding   
   REMIC I
   Regular
   Interests (1)
  	
   
 	
  
Original
   REMIC I
   Principal
   Balance
  	
   
 	
  
REMIC I
   Pass-Through
   Rate
  	
   
 	
  
Corresponding   
   Components of
   Class X
   Certificates (1)
  	
  
 
  
	
  

  	
  
 
  	
  

  	
  

  	
  
 
  	
  

  	
  

  	
  
 
  	
  

  	
  

  	
  
 
  	
  

  	
  

  	
  
 
  	
  

  	
  

  	
  
 
  
	
  Class A-2
  	
  
 
  	
  
$
  	
  
214,741,000
  	
  
 
  	
  
 
  	
  
LA-2-1
  	
  
 
  	
  
$
  	
  
27,492,000
  	
  
 
  	
  
 
  	
  
(2)
  	
  
 
  	
  
 
  	
  
X-A-2-1
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LA-2-2
  	
  
 
  	
  
$
  	
  
31,470,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-A-2-2
  	
  
 
  
	
   
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LA-2-3
  	
  
 
  	
  
$
  	
  
30,863,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-A-2-3
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LA-2-4
  	
  
 
  	
  
$
  	
  
31,964,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-A-2-4
  	
  
 
  
	
   
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LA-2-5
  	
  
 
  	
  
$
  	
  
29,370,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-A-2-5
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LA-2-6
  	
  
 
  	
  
$
  	
  
28,597,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-A-2-6
  	
  
 
  
	
   
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LA-2-7
  	
  
 
  	
  
$
  	
  
34,985,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-A-2-7
  	
  
 
  
	
  
Class A-PB
  	
  
 
  	
  
$
  	
  
83,806,000
  	
  
 
  	
  
 
  	
  
LA-PB-1
  	
  
 
  	
  
$
  	
  
5,688,000
  	
  
 
  	
  
 
  	
  
(2)
  	
  
 
  	
  
 
  	
  
X-A-PB-1
  	
  
 
  
	
   
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LA-PB-2
  	
  
 
  	
  
$
  	
  
7,338,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-A-PB-2
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LA-PB-3
  	
  
 
  	
  
$
  	
  
7,237,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-A-PB-3
  	
  
 
  
	
   
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LA-PB-4
  	
  
 
  	
  
$
  	
  
7,961,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-A-PB-4
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LA-PB-5
  	
  
 
  	
  
$
  	
  
55,582,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-A-PB-5
  	
  
 
  
	
  Class A-3
  	
  
 
  	
  
$
  	
  
509,221,000
  	
  
 
  	
  
 
  	
  
LA-3-1
  	
  
 
  	
  
$
  	
  
122,152,000
  	
  
 
  	
  
 
  	
  
(2)
  	
  
 
  	
  
 
  	
  
X-A-3-1
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LA-3-2
  	
  
 
  	
  
$
  	
  
15,120,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-A-3-2
  	
  
 
  
	
   
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LA-3-3
  	
  
 
  	
  
$
  	
  
13,161,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-A-3-3
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LA-3-4
  	
  
 
  	
  
$
  	
  
12,516,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-A-3-4
  	
  
 
  
	
   
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LA-3-5
  	
  
 
  	
  
$
  	
  
11,706,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-A-3-5
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LA-3-6
  	
  
 
  	
  
$
  	
  
334,566,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-A-3-6
  	
  
 
  
	
  Class A-3FL
  	
  
 
  	
  
$
  	
  
140,000,000
  	
  
 
  	
  
 
  	
  
LA-3FL-1(3)
  	
  

  	
  
$
  	
  
33,584,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-A-3-FL-1
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LA-3FL-2
  	
  
 
  	
  
$
  	
  
4,157,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-A-3-FL-2
  	
  
 
  
	
   
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LA-3FL-3
  	
  
 
  	
  
$
  	
  
3,618,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-A-3-FL-3
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LA-3FL-4
  	
  
 
  	
  
$
  	
  
3,441,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-A-3-FL-4
  	
  
 
  
	
   
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LA-3FL-5
  	
  
 
  	
  
$
  	
  
3,218,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-A-3-FL-5
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LA-3FL-6
  	
  
 
  	
  
$
  	
  
91,982,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-A-3-FL-6
  	
  
 
  

-3-

	
  Corresponding   
   Certificates
  	
   
 	
  
Original   Class Principal
   Balance
  	
   
 	
  
Corresponding   
   REMIC I
   Regular
   Interests (1)
  	
   
 	
  
Original
   REMIC I
   Principal
   Balance
  	
   
 	
  
REMIC I
   Pass-Through
   Rate
  	
   
 	
  
Corresponding   
   Components of
   Class X
   Certificates (1)
  	
  
 
  
	
  

  	
  
 
  	
  

  	
  

  	
  
 
  	
  

  	
  

  	
  
 
  	
  

  	
  

  	
  
 
  	
  

  	
  

  	
  
 
  	
  

  	
  

  	
  
 
  
	Class A-1A
	  
	 $
	 229,955,000
	  
	  
	 LA-1A-1
	  
	 $
	 187,000
	  
	  
	 (2)
	  
	  
	 X-A-1A-1
	  

	
   
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LA-1A-2
  	
  
 
  	
  
$
  	
  
247,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-A-1A-2
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LA-1A-3
  	
  
 
  	
  
$
  	
  
4,069,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-A-1A-3
  	
  
 
  
	
   
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LA-1A-4
  	
  
 
  	
  
$
  	
  
4,767,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-A-1A-4
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LA-1A-5
  	
  
 
  	
  
$
  	
  
4,677,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-A-1A-5
  	
  
 
  
	
   
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LA-1A-6
  	
  
 
  	
  
$
  	
  
4,569,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-A-1A-6
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LA-1A-7
  	
  
 
  	
  
$
  	
  
4,405,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-A-1A-7
  	
  
 
  
	
   
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LA-1A-8
  	
  
 
  	
  
$
  	
  
4,302,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-A-1A-8
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LA-1A-9
  	
  
 
  	
  
$
  	
  
4,149,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-A-1A-9
  	
  
 
  
	
   
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LA-1A-10
  	
  
 
  	
  
$
  	
  
28,786,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-A-1A-10
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LA-1A-11
  	
  
 
  	
  
$
  	
  
3,780,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-A-1A-11
  	
  
 
  
	
   
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LA-1A-12
  	
  
 
  	
  
$
  	
  
3,618,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-A-1A-12
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LA-1A-13
  	
  
 
  	
  
$
  	
  
3,658,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-A-1A-13
  	
  
 
  
	
   
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LA-1A-14
  	
  
 
  	
  
$
  	
  
3,642,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-A-1A-14
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LA-1A-15
  	
  
 
  	
  
$
  	
  
155,099,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-A-1A-15
  	
  
 
  
	
  Class A-M
  	
  
 
  	
  
$
  	
  
173,185,000
  	
  
 
  	
  
 
  	
  
LA-M
  	
  
 
  	
  
$
  	
  
173,185,000
  	
  
 
  	
  
 
  	
  
(2)
  	
  
 
  	
  
 
  	
  
X-A-M
  	
  
 
  
	
  
Class A-J
  	
  
 
  	
  
$
  	
  
136,382,000
  	
  
 
  	
  
 
  	
  
LA-J
  	
  
 
  	
  
$
  	
  
136,382,000
  	
  
 
  	
  
 
  	
  
(2)
  	
  
 
  	
  
 
  	
  
X-A-J
  	
  
 
  
	
  Class B
  	
  
 
  	
  
$
  	
  
30,307,000
  	
  
 
  	
  
 
  	
  
LB
  	
  
 
  	
  
$
  	
  
30,307,000
  	
  
 
  	
  
 
  	
  
(2)
  	
  
 
  	
  
 
  	
  
X-B
  	
  
 
  
	
  
Class C
  	
  
 
  	
  
$
  	
  
17,319,000
  	
  
 
  	
  
 
  	
  
LC-1
  	
  
 
  	
  
$
  	
  
2,839,000
  	
  
 
  	
  
 
  	
  
(2)
  	
  
 
  	
  
 
  	
  
X-C-1
  	
  
 
  
	
   
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LC-2
  	
  
 
  	
  
$
  	
  
10,958,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-C-2
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LC-3
  	
  
 
  	
  
$
  	
  
3,522,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-C-3
  	
  
 
  
	
  Class D
  	
  
 
  	
  
$
  	
  
28,142,000
  	
  
 
  	
  
 
  	
  
LD-1
  	
  
 
  	
  
$
  	
  
7,841,000
  	
  
 
  	
  
 
  	
  
(2)
  	
  
 
  	
  
 
  	
  
X-D-1
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LD-2
  	
  
 
  	
  
$
  	
  
11,777,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-D-2
  	
  
 
  
	
   
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LD-3
  	
  
 
  	
  
$
  	
  
8,524,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-D-3
  	
  
 
  
	
  
Class E
  	
  
 
  	
  
$
  	
  
19,484,000
  	
  
 
  	
  
 
  	
  
LE-1
  	
  
 
  	
  
$
  	
  
140,000
  	
  
 
  	
  
 
  	
  
(2)
  	
  
 
  	
  
 
  	
  
X-E-1
  	
  
 
  
	
   
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LE-2
  	
  
 
  	
  
$
  	
  
14,686,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-E-2
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LE-3
  	
  
 
  	
  
 
  	
  
4,658,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-E-3
  	
  
 
  
	
  Class F
  	
  
 
  	
  
$
  	
  
19,483,000
  	
  
 
  	
  
 
  	
  
LF-1
  	
  
 
  	
  
$
  	
  
4,412,000
  	
  
 
  	
  
 
  	
  
(2)
  	
  
 
  	
  
 
  	
  
X-F-1
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LF-2
  	
  
 
  	
  
$
  	
  
15,071,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-F-2
  	
  
 
  
	
  Class G
  	
  
 
  	
  
$
  	
  
21,648,000
  	
  
 
  	
  
 
  	
  
LG-1
  	
  
 
  	
  
$
  	
  
10,306,000
  	
  
 
  	
  
 
  	
  
(2)
  	
  
 
  	
  
 
  	
  
X-G-1
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LG-2
  	
  
 
  	
  
$
  	
  
11,342,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-G-2
  	
  
 
  
	
  Class H
  	
  
 
  	
  
$
  	
  
19,483,000
  	
  
 
  	
  
 
  	
  
LH-1
  	
  
 
  	
  
$
  	
  
13,498,000
  	
  
 
  	
  
 
  	
  
(2)
  	
  
 
  	
  
 
  	
  
X-H-1
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
LH-2
  	
  
 
  	
  
$
  	
  
5,985,000
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
X-H-2
  	
  
 
  
	
  Class J
  	
  
 
  	
  
$
  	
  
4,330,000
  	
  
 
  	
  
 
  	
  
LJ
  	
  
 
  	
  
$
  	
  
4,330,000
  	
  
 
  	
  
 
  	
  
(2)
  	
  
 
  	
  
 
  	
  
X-J
  	
  
 
  
	
  
Class K
  	
  
 
  	
  
$
  	
  
6,494,000
  	
  
 
  	
  
 
  	
  
LK
  	
  
 
  	
  
$
  	
  
6,494,000
  	
  
 
  	
  
 
  	
  
(2)
  	
  
 
  	
  
 
  	
  
X-K
  	
  
 
  
	
  Class L
  	
  
 
  	
  
$
  	
  
4,330,000
  	
  
 
  	
  
 
  	
  
LL
  	
  
 
  	
  
$
  	
  
4,330,000
  	
  
 
  	
  
 
  	
  
(2)
  	
  
 
  	
  
 
  	
  
X-L
  	
  
 
  
	
  
Class M
  	
  
 
  	
  
$
  	
  
4,329,000
  	
  
 
  	
  
 
  	
  
LM
  	
  
 
  	
  
$
  	
  
4,329,000
  	
  
 
  	
  
 
  	
  
(2)
  	
  
 
  	
  
 
  	
  
X-M
  	
  
 
  
	
  Class N
  	
  
 
  	
  
$
  	
  
6,495,000
  	
  
 
  	
  
 
  	
  
LN
  	
  
 
  	
  
$
  	
  
6,495,000
  	
  
 
  	
  
 
  	
  
(2)
  	
  
 
  	
  
 
  	
  
X-N
  	
  
 
  
	
  
Class O
  	
  
 
  	
  
$
  	
  
4,329,000
  	
  
 
  	
  
 
  	
  
LO
  	
  
 
  	
  
$
  	
  
4,329,000
  	
  
 
  	
  
 
  	
  
(2)
  	
  
 
  	
  
 
  	
  
X-O
  	
  
 
  
	
  Class P
  	
  
 
  	
  
$
  	
  
23,813,767
  	
  
 
  	
  
 
  	
  
LP
  	
  
 
  	
  
$
  	
  
23,813,767
  	
  
 
  	
  
 
  	
  
(2)
  	
  
 
  	
  
 
  	
  
X-P
  	
  
 
  
	
  
Class WM
  	
  
 
  	
  
$
  	
  
10,000,000
  	
  
 
  	
  
 
  	
  
LWM
  	
  
 
  	
  
$
  	
  
10,000,000
  	
  
 
  	
  
 
  	
  
(4)
  	
  
 
  	
  
 
  	
  
N/A
  	
  
 
  

-4-

	
  

  
	
  
(1)
  	
  
The REMIC I Regular Interest or Interests and   the Component or Components of the Class X Certificates that correspond   to any particular Class of Sequential Pay Certificates, or the Class WM   Certificates, as applicable, also correspond to each other and, accordingly,   constitute the Corresponding REMIC I Regular Interests and the   Corresponding Components (if any), respectively, with respect to each other.
  
	
  
 
  	
  
 
  
	
  
    (2)
  	
  
The Weighted Average Net Mortgage Rate.
  
	
  
 
  	
  
 
  
	
  
    (3)
  	
  
REMIC I Regular Interest LA-3FL does not correspond   to any Class of Certificates, but rather corresponds to the Class A-3FL   Regular Interest.
  
	
  
 
  	
  
 
  
	
  (4)
  	
  
The Pass-Through Rate for the Class WM Certificates.
  

                    The portion of the Trust Fund consisting of the Additional Interest and amounts held from time to time in the Additional Interest Account that represent Additional Interest shall be treated as a grantor trust (the “Additional Interest Grantor Trust”) for federal income tax purposes.  The Class Z Certificates represent undivided beneficial interests in such Additional Interest Grantor Trust.  The Class A-3FL Regular Interest, the Swap Contract, the Floating Rate Account and the proceeds thereof shall be treated as another grantor trust (the “A-3FL Grantor Trust”) for federal income tax purposes.  The Class A-3FL Certificates represent an undivided beneficial interest in the Class A-3FL Grantor Trust.  As provided herein, the Trustee shall take all actions necessary to ensure that the portions
of the Trust Fund consisting of the Grantor Trusts maintain their respective status as a “grantor trust” under federal income tax law and not be treated as part of either REMIC I or REMIC II.  The Class Z Certificates represent undivided beneficial interests in the Additional Interest Grantor Trust.

                    Each
of the five (5) mortgage loans referred to in this Agreement as The Woodlands
Mall Companion Loan, the Prime Outlets Pool II Pari Passu Companion Loan, the
Prime Outlets Pool II Subordinate Companion Loan, the Chemed Center Leasehold
Companion Loan and the Tan-Tar-A Resort Companion Loan (each, a
“Companion Loan” and, collectively, the “Companion
Loans”) are not part of the Trust Fund but are secured by corresponding
Mortgages that secure certain related Mortgage Loans that are identified on the
Mortgage Loan Schedule as The Woodlands Mall Loan (loan number 1), the Prime
Outlets Pool II Loan (loan number 2) (with respect to each of the Prime Outlets
Pool II Pari Passu Companion Loan and the Prime Outlets Pool II Subordinate
Companion Loan), the Chemed Center Leasehold Loan (loan number 4) and the
Tan-Tar-A Resort Loan (loan number 5) (each, a “Co-Lender Loan”
and, collectively, the “Co-Lender Loans”) that are part of the
Trust Fund.

                    The Prime Outlets Pool II Loan and the Prime Outlets Pool II Pari Passu Companion Loan are pari passu in right of entitlement with each other and each are senior in right of entitlement to the Prime Outlets Pool II Subordinate Companion Loan.  As and to the extent provided herein, each of the Companion Loans will be serviced and administered in accordance with this Agreement.  Amounts attributable to the Companion Loans will not be assets of the Trust Fund and will be owned by the Companion Holders.

                    The Woodlands Mall Pooled Component will have an initial Component Principal Balance of $75,000,000.  The Woodlands Mall Non-Pooled Component will have an initial Component Principal Balance of $10,000,000.  The Certificates (other than the Class WM Certificates) will be entitled to distributions from The Woodlands Mall Pooled Component.  The Class WM Certificates will be entitled to distributions from The Woodlands Mall Non-Pooled Component pursuant to Section 4.01(c).

-5-

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

ARTICLE I.

DEFINITIONS

                    Section 1.01.     Defined Terms.

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

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

                    “Accrued Woodlands Mall Component Interest”:  With respect to each Loan Component for any Distribution Date, one month’s interest at The Woodlands Mall Loan Remittance Rate for such Loan Component and such Distribution Date, accrued on an Actual/360 Basis during the one month period immediately preceding such Distribution Date on the Component Principal Balance of such Loan Component outstanding immediately after making any allocations or deemed distributions on the immediately preceding Distribution Date.

                    “Accrued Certificate Interest”:  With respect to any Class of Regular Certificates (other than the Class X Certificates) and the Class A-3FL Regular Interest for any Distribution Date, one month’s interest at the Pass-Through Rate applicable to such Class of Certificates or the Class A-3FL Regular Interest, as applicable, for such Distribution Date, accrued for the related Interest Accrual Period on the related Class Principal Balance outstanding immediately prior to such Distribution Date; and, with respect to the Class X-C and Class X-P Certificates for any Distribution Date, the sum of the Accrued Component Interest for the related Interest Accrual Period for all of their respective Components for such Distribution Date.  Except with respect to the Class A-3FL Certificates, Accrued Certificate Interest

shall be calculated on a 30/360 Basis and, with respect to any Class of Regular Certificates for any Distribution Date, shall be deemed to accrue during the calendar month preceding the month in which such Distribution Date occurs.  Accrued Certificate Interest with respect to the Class A-3FL Certificates shall be calculated on an Actual/360 Basis and, for any Distribution Date, shall be deemed to accrue during the period from and including the Distribution Date in the month preceding the month in which the related Distribution Date occurs (or, in the case of the first Distribution Date, the Closing Date) to but excluding the related Distribution Date; provided, however, that if a Class A-3FL Distribution Conversion has occurred, Accrued Certificate Interest with respect to the Class A-3FL Certificates shall be the same as for the Class A-3FL Regular Interest.

                    “Accrued Component Interest”:  With respect to each Component of the Class X-C and Class X-P Certificates for any Distribution Date, one month’s interest at the Class X-C Strip Rate or Class X-P Strip Rate, as the case may be, applicable to such Component for such Distribution Date, accrued on the Component Notional Amount of such Component

-6-

outstanding immediately prior to such Distribution Date.  Accrued Component Interest shall be calculated on a 30/360 Basis and, with respect to any Component and any Distribution Date, shall be deemed to accrue during the calendar month preceding the month in which such Distribution Date occurs.

                    “Acquisition Date”:  With respect to any REO Property, the first day on which such REO Property is considered to be acquired by the Trust Fund within the meaning of Treasury Regulations Section 1.856-6(b)(1), which is the first day on which the Trust Fund is treated as the owner of such REO Property for federal income tax purposes.

                   “Actual/360 Basis”:  The accrual of interest calculated on the basis of the actual number of days elapsed during any calendar month in a year assumed to consist of 360 days.

                   “Actual/360 Mortgage Loan”:  Each Mortgage Loan that accrues interest on an Actual/360 Basis and that is identified as an Actual/360 Mortgage Loan on the Mortgage Loan Schedule.

                   “Additional Disclosure Notification”:  The form of notification, which is attached hereto as Exhibit V, to be included with any Additional Form 10-D Disclosure, Additional Form 10-K Disclosure or Form 8-K Disclosure Information.

                   “Additional Form 10-D Disclosure”:  As defined in Section 8.17(i).

                   “Additional Form 10-K Disclosure”:  As defined in Section 8.17(k).

                   “Additional Interest”:  With respect to any ARD Loan after its Anticipated Repayment Date, all interest accrued on the principal balance of such ARD Loan at the Additional Interest Rate (the payment of which interest shall, under the terms of such Mortgage Loan, be deferred until the entire outstanding principal balance of such ARD Loan has been paid), together with all interest, if any, accrued at the related Mortgage Rate on such deferred interest.  For purposes of this Agreement, Additional Interest on an ARD Loan or any successor REO Loan shall be deemed not to constitute principal or any portion thereof and shall not be added to the unpaid principal balance or Stated Principal Balance of such ARD Loan or successor REO Loan, notwithstanding that the terms of the related Mortgage Loan documents so permit.  To the
extent that any Additional Interest is not paid on a current basis, it shall be deemed to be deferred interest.

                   “Additional Interest Account”:  The segregated account, accounts or subaccounts created and maintained by the Trustee pursuant to Section 3.04(d) which shall be entitled “Wells Fargo Bank, N.A., as Trustee, in trust for the registered holders of Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2004-C26, Additional Interest Account.”  The Additional Interest Account shall not be an asset of any of the Woodlands Mall Loan REMIC, REMIC I or REMIC II. 

                   “Additional Interest Grantor Trust”:  That certain “grantor trust” (within the meaning of the Grantor Trust Provisions), the assets of which are the Additional Interest Grantor Trust Assets.

-7-

                   “Additional Interest Grantor Trust Assets”: The segregated pool of assets consisting of (i) any Additional Interest with respect to the ARD Loans after their respective Anticipated Repayment Dates and (ii) amounts held from time to time in the Additional Interest Account.

                   “Additional Interest Rate”:  With respect to any ARD Loan (and each Loan Component) after its Anticipated Repayment Date, the incremental increase in the per annum rate at which such Mortgage Loan (or each such Loan Component) accrues interest after the Anticipated Repayment Date (in the absence of defaults) as calculated and as set forth in the related Mortgage Loan documents.

                   “Additional Servicer”:  Each Affiliate of the Master Servicer that services any of the Mortgage Loans and each Person who is not an Affiliate of the Master Servicer, other than the Special Servicer or the Trustee, who services 10% or more of the Mortgage Loans.

                   “Additional Trust Fund Expense”:  Any Special Servicing Fees, Workout Fees, Liquidation Fees and, in accordance with Sections 3.03(d) and 4.03(d), interest payable to the Master Servicer and/or the Trustee on Advances (to the extent not offset by Penalty Interest and late payment charges), the cost of contracting with a Determination Party as set forth in Section 2.03 and amounts payable to the Special Servicer in connection with inspections of Mortgaged Properties required pursuant to the first sentence of Section 3.12(a) (and not otherwise paid from Penalty Interest and late payment charges), as well as (without duplication) any of the expenses of the Trust Fund that may be withdrawn (x) pursuant to any of clauses (ix), (x), (xiii), (xiv), (xv) and (xxi) of Section 3.05(a) out of general collections

on the Mortgage Loans and any REO Properties on deposit in the Certificate Account or (y) pursuant to clause (ii) or any of clauses (iv) through (vi) of Section 3.05(b) out of general collections on the Mortgage Loans and any REO Properties on deposit in the Distribution Account; provided that for purposes of the allocations contemplated by Section 4.04, no such expense shall be deemed to have been incurred by the Trust Fund until such time as the payment thereof is actually made from the Certificate Account or the Distribution Account, as the case may be.

                   “Additional Yield Amount”:  (a) With respect to any Distribution Date and any Class of Regular Certificates (other than the Class X Certificates, the Class WM Certificates and any Excluded Class) or the Class A-3FL Regular Interest entitled to distributions of principal with respect to Loan Group 1 pursuant to Section 4.01(a) on such Distribution Date; provided that a Yield Maintenance Charge and/or Prepayment Premium was actually collected on a Mortgage Loan or an REO Loan in such Loan Group during the related Collection Period, the product of (a) such Yield Maintenance Charge and/or Prepayment Premium multiplied by (b) a fraction, which in no event will be greater than one, the numerator of which is equal to the positive excess, if any, of (i) the Pass-Through Rate for such Class of Regular Certificates or the Class
A-3FL Regular Interest then receiving principal over (ii) the related Discount Rate, and the denominator of which is equal to the positive excess, if any, of (i) the Mortgage Rate for such Mortgage Loan or REO Loan, as the case may be, over (ii) the related Discount Rate, multiplied by (c) a fraction, the numerator of which is equal to the amount of principal distributable on such Class of Regular Certificates or the Class A-3FL Regular Interest on such Distribution Date pursuant to Section 4.01(a) with respect to Loan Group 1, and the denominator of which is equal to the Loan Group 1 Principal Distribution Amount for such Distribution Date.

-8-

	
  
 
  	
  
         (b)          With   respect to any Distribution Date and any Class of Regular Certificates (other   than the Class X Certificates, the Class WM Certificates and any   Excluded Class) or the Class A-3FL Regular Interest entitled to distributions   of principal with respect to Loan Group 2 pursuant to   Section 4.01(a) on such Distribution Date; provided that a Yield   Maintenance Charge and/or Prepayment Premium was actually collected on a   Mortgage Loan or an REO Loan in such Loan Group during the related Collection   Period, the product of (a) such Yield Maintenance Charge and/or   Prepayment Premium multiplied by (b) a fraction, which in no event will   be greater than one, the numerator of which is equal to the positive excess,   if any, of (i) the Pass-Through Rate for such Class of Regular   Certificates or the Class
A-3FL Regular Interest then receiving principal   over (ii) the related Discount Rate, and the denominator of which is   equal to the positive excess, if any, of (i) the Mortgage Rate for such   Mortgage Loan or REO Loan, as the case may be, over (ii) the related   Discount Rate, multiplied by (c) a fraction, the numerator of which is   equal to the amount of principal distributable on such Class of Regular   Certificates or the Class A-3FL Regular Interest on such Distribution Date   pursuant to Section 4.01(a) with respect to Loan Group 2, and the   denominator of which is equal to the Loan Group 2 Principal Distribution   Amount for such Distribution Date.
  
	
   
  	
  
 
  
	
  
 
  	
  
         (c)          For   purposes of the foregoing, to the extent that payments of principal on any   Class of Regular Certificates (other than the Class X Certificates and any   Excluded Class) or the Class A-3FL Regular Interest could be made from   principal amounts allocable to Loan Group 1 or principal amounts allocable to   Loan Group 2, the Trustee shall assume that those payments of principal on   that Class of Regular Certificates or the Class A-3FL Regular Interest are   made from amounts allocable to each Loan Group, on a pro rata basis in   accordance with the respective amounts allocable to each Loan Group that were   available for payment on that Class of Certificates or Regular Interest.
  

                   “Advance”:  Any P&I Advance or Servicing Advance.

                   “Adverse Grantor Trust Event”:  As defined in Section 10.02(e).

                   “Adverse REMIC Event”:  As defined in Section 10.01(h).

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

                   “Agreement”:  This Pooling and Servicing Agreement and all amendments hereof and supplements hereto.

                   “Anticipated Repayment Date”:  For each ARD Loan, the date specified in the related Mortgage Note after which the Mortgage Rate for such ARD Loan will increase as specified in the related Mortgage Note (other than as a result of a default thereunder).

-9-

                   “Appraisal”:  With respect to any Mortgage Loan, an appraisal of the related Mortgaged Property from an Independent Appraiser selected by the Special Servicer or the Master Servicer prepared in accordance with 12 CFR §225.62 and conducted in accordance with the standards of the American Appraisal Institute by an Independent Appraiser which Independent Appraiser shall be advised to take into account the factors specified in Section 3.09(a), any available environmental, engineering or other third party reports, and other factors that a prudent real estate appraiser would consider.

                   “Appraisal Reduction Amount”:  The excess, if any, of (a) the sum of (without duplication), as calculated by the Special Servicer as of the first Determination Date immediately succeeding the Special Servicer obtaining knowledge of the occurrence of the Required Appraisal Date if no new Required Appraisal is required or the date on which a Required Appraisal (or letter update or internal valuation, if applicable) is obtained and each Determination Date thereafter so long as the related Mortgage Loan remains a Required Appraisal Mortgage Loan (i) the Stated Principal Balance of the subject Required Appraisal Mortgage Loan (including, with respect to The Woodlands Mall Loan, The Woodlands Mall Non-Pooled Component) (including, further, for such purposes, any related Subordinate Companion Loan serviced hereunder),
(ii) to the extent not previously advanced by or on behalf of the Master Servicer or the Trustee, all unpaid interest on the Required Appraisal Mortgage Loan (including, for such purposes, the Prime Outlets Pool II Pari Passu Companion Loan or any related Subordinate Companion Loan serviced hereunder) through the most recent Due Date prior to such Determination Date at a per annum rate equal to the related Net Mortgage Rate (exclusive of any portion thereof that constitutes Additional Interest), (iii) all accrued but unpaid Servicing Fees and all accrued but unpaid Additional Trust Fund Expenses in respect of such Required Appraisal Mortgage Loan, including, for such purposes, the Prime Outlets Pool II Pari Passu Companion Loan or any related Subordinate Companion Loan serviced hereunder, (iv) all related unreimbursed Advances and any Advances related to such Required Appraisal Mortgage Loan (including, for such purposes, the Prime Outlets Pool II Pari Passu Companion Loan or any

related Subordinate Companion Loan serviced hereunder) that were reimbursed out of general collections from the pool of Mortgage Loans (plus accrued interest thereon) made by or on behalf of the Master Servicer or the Trustee with respect to such Required Appraisal Mortgage Loan and (v) all currently due and unpaid real estate taxes and unfunded improvement reserves and assessments, insurance premiums, and, if applicable, ground rents in respect of the related Mortgaged Property over (b) an amount equal to the sum of (i) the Required Appraisal Value (or in the case of the Prime Outlets Pool II Loan, its pro rata portion of the Required Appraisal Value based on its outstanding principal balance and the outstanding principal balance of the Prime Outlets Pool II Whole Loan) and (ii) all escrows, reserves and letters of credit held for the purposes of reserves (provided such letters of credit may be drawn upon for reserve purposes under the related Mortgage Loan document)

held with respect to such Required Appraisal Mortgage Loan.  If the Special Servicer fails to obtain a Required Appraisal (or letter update or internal valuation, if applicable) within the time limit described in Section 3.09(a), the Appraisal Reduction Amount for the related Required Appraisal Mortgage Loan will equal 25% of the outstanding principal balance of such Required Appraisal Mortgage Loan (including, with respect to The Woodlands Mall Loan, The Woodlands Mall Non-Pooled Component) (including, further, for such purposes, the Prime Outlets Pool II Pari Passu Companion Loan or any related Subordinate Companion Loan serviced hereunder) to be adjusted upon receipt of a Required Appraisal or letter update or internal valuation, if applicable.  In the event a Mortgagor fails to

-10-

make a Balloon Payment on a scheduled maturity date and no Appraisal has been received within 120 days of such failure, the Appraisal Reduction Amount for the related Mortgage Loan (including, for such purposes, the Prime Outlets Pool II Pari Passu Companion Loan or any related Subordinate Companion Loan serviced hereunder) will equal 25% of the outstanding principal balance of such Mortgage Loan (including, for such purposes, the Prime Outlets Pool II Pari Passu Companion Loan or any related Subordinate Companion Loan serviced hereunder), to be adjusted upon receipt of the new Appraisal.  Any Appraisal Reduction Amount for a Co-Lender Loan shall be allocated as provided in Section 4.04(d).  Any Appraisal Reduction Amount for The Woodlands Mall Whole Loan shall be allocated as provide in The Woodlands Mall Intercreditor Agreement.

                   “Appraised Value”:  With respect to each Mortgaged Property, the appraised value thereof based upon the most recent Appraisal (or letter update or internal valuation, if applicable) that is contained in the related Servicing File.

                   “ARD Loan”:  Any Mortgage Loan that provides that if the unamortized principal balance thereof is not repaid on its Anticipated Repayment Date, such Mortgage Loan will accrue Additional Interest at the rate specified in the related Mortgage Note and the Mortgagor is required to apply excess monthly cash flow generated by the related Mortgaged Property to the repayment of the outstanding principal balance on such Mortgage Loan.

                   “Artesia”:  Artesia Mortgage Capital Corporation, or its successor in interest.

                   “Artesia Mortgage Loan Purchase Agreement”:  That certain mortgage loan purchase agreement, dated as of June 1, 2006, between the Depositor and Artesia, and relating to the transfer of the Artesia Mortgage Loans to the Depositor.

                   “Artesia Mortgage Loans”:  Each of the Mortgage Loans transferred and assigned to the Depositor pursuant to the Artesia Mortgage Loan Purchase Agreement.

                   “Asset Status Report”:  As defined in Section 3.21(d).

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

                   “Assumed
Scheduled Payment”:  With respect to any Balloon Mortgage Loan for
its Stated Maturity Date (provided that such Mortgage Loan has not been
paid in full and no other Liquidation Event has occurred in respect thereof on
or before such Stated Maturity Date) and for any Due Date thereafter as of which
such Mortgage Loan remains outstanding and part of the Trust Fund, the Periodic
Payment of principal and/or interest deemed to be due in respect thereof on such
Due Date that would have been due in respect of such Mortgage Loan on such Due
Date if the related Mortgagor had been required to continue to pay principal in
accordance with the amortization schedule, if any, and to accrue interest at the
Mortgage Rate, in effect on the Closing Date and without regard to the
occurrence of its Stated Maturity Date.  With respect to any REO Loan, for
any Due Date therefor as of which the related REO Property remains part of the
Trust Fund, the Periodic Payment of principal and/or interest deemed to be due
in respect thereof on such Due Date that would have been due in respect of the
predecessor Mortgage Loan 

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(or, if applicable, Companion Loans) on such Due Date had it remained
outstanding (or, if the predecessor Mortgage Loan was a Balloon Mortgage Loan
and such Due Date coincides with or follows what had been its Stated Maturity
Date, the Assumed Scheduled Payment that would have been deemed due in respect
of the predecessor Mortgage Loan on such Due Date had it remained
outstanding).

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

                   “Available Distribution Amount”:  With respect to any Distribution Date, an amount equal to, with respect to each Mortgage Loan, (a) the sum of, without duplication, (i) the aggregate of the amounts on deposit in the Certificate Account and the Distribution Account (without regard to any payments made to or received from the Swap Counterparty) as of the close of business on the last day of the related Collection Period and the amounts collected by or on behalf of the Master Servicer as of the close of business on the last day of such Collection Period and required to be deposited in the Certificate Account; provided, however, that with respect to The Woodlands Mall Loan, only such amounts as are allocated to The Woodlands Mall Pooled Component in accordance with the terms of this Agreement, (ii) the aggregate

amount of any P&I Advances made by the Master Servicer or the Trustee for distribution on the Certificates (other than the Class A-3FL Certificates) and the Class A-3FL Regular Interest on such Distribution Date pursuant to Section 4.03; provided, however, that with respect to The Woodlands Mall Loan, only such amounts as are allocated to The Woodlands Mall Pooled Component in accordance with the terms of this Agreement, (iii) the aggregate amount transferred from the REO Account (if established) to the Certificate Account as of the last day of the related Collection Period, on or prior to the P&I Advance Date in such month, pursuant to Section 3.16(c); provided, however, that with respect to The Woodlands Mall Loan, only such amounts as are allocated to The Woodlands Mall Pooled Component in accordance with the terms of this Agreement, (iv) the aggregate amount deposited by the Master Servicer in the Certificate Account for such Distribution Date pursuant to
Section 3.19 in connection with Prepayment Interest Shortfalls; provided, however, that with respect to The Woodlands Mall Loan, only such amounts as are allocated to The Woodlands Mall Pooled Component in accordance with the terms of this Agreement, and (v) for each Distribution Date occurring in March, and for the final Distribution Date if the final Distribution Date occurs in February or, if such year is not a leap year, in January, the aggregate of the Interest Reserve Amounts in respect of each Interest Reserve Loan (or, in the case of The Woodlands Mall Loan, The Woodlands Mall Pooled Component) deposited into the Distribution Account pursuant to Section 3.05(d); and (vi) for the initial Distribution Date only, the Interest Shortfall Amount deposited into the Distribution Account pursuant to Section 3.05, net of (b) the portion of the amount described in subclauses (a)(i) and (a)(iii) of this definition that represents one or more of the following: 
(i) collected Periodic Payments that are due on a Due Date following the end of the related Collection Period, (ii) any amounts payable or reimbursable to any Person from the (A) Certificate Account pursuant to clauses (ii)-(xvi), (xx), (xxi) and (xxiii) of Section 3.05(a) or (B) the Distribution Account pursuant to clauses (ii)-(vii) of Section 3.05(b), (iii) Prepayment Premiums and Yield Maintenance Charges, (iv) Additional Interest, (v) with respect to the Distribution Date occurring in February of each year and in January of each year that is not a leap year, the Interest Reserve Amounts with respect to the Interest Reserve Loans to be withdrawn from the Certificate Account and remitted to the Trustee for deposit in the Interest

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Reserve Account in respect of such Distribution Date and held for future distribution pursuant to Section 3.04(c), (vi) for the initial Distribution Date only and each Mortgage Loan originated in May 2006 that has its first Due Date in July 2006, any interest amounts relating to the period prior to the Cut-Off Date of such Mortgage Loan payable to the related Mortgage Loan Seller; and (vii) any amounts deposited in the Certificate Account or the Distribution Account in error.  The Available Distribution Amount will not include any amounts required to be distributed pursuant to the terms of any Intercreditor Agreement or this Agreement to a Companion Holder or any amounts allocated in respect of The Woodlands Mall Non-Pooled Component.

                   “Balloon Mortgage Loan”:  Any Mortgage Loan that by its original terms or by virtue of any modification entered into as of the Closing Date provides for an amortization schedule extending beyond its Stated Maturity Date.

                   “Balloon Payment”:  With respect to any Balloon Mortgage Loan as of any date of determination, the Scheduled Payment payable on the Stated Maturity Date of such Mortgage Loan.

                   “Bankruptcy Code”:  The federal Bankruptcy Code, as amended from time to time (Title 11 of the United States Code).

                   “Bid Allocation”:  With respect to the Master Servicer and each Sub-Servicer and the proceeds of any bid pursuant to Section 7.01(c), the amount of such proceeds (net of any expenses incurred in connection with such bid and the transfer of servicing), multiplied by a fraction equal to (a) the Servicer Fee Amount for the Master Servicer or such Sub-Servicer, as the case may be, as of such date of determination, over (b) the aggregate of the Servicer Fee Amounts for the Master Servicer and all of the Sub-Servicers as of such date of determination.

                   “Book-Entry Certificate”:  Any Certificate registered in the name of the Depository or its nominee.

                   “Breach”:  As defined in Section 2.03(a).

                   “Business Day”:  Any day other than a Saturday, a Sunday or a day on which banking institutions in New York, New York, or the cities in which the Corporate Trust Office of the Trustee (which as of the Closing Date is Columbia, Maryland), the offices of the Master Servicer (which as of the Closing Date is Charlotte, North Carolina) or the offices of the Special Servicer (which as of the Closing Date is Miami Beach, Florida) are located, are authorized or obligated by law or executive order to remain closed.

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

                   “Certificate”:  Any one of the Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2006-C26, as executed by the Certificate Registrar and authenticated and delivered hereunder by the Authenticating Agent.

                   “Certificate Account”:  The segregated account or accounts created and maintained by the Master Servicer pursuant to Section 3.04(a) on behalf of the Trustee in trust

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for Certificateholders, which shall be entitled “Wachovia Bank, National Association, as Master Servicer for Wells Fargo Bank, N.A., as Trustee, on behalf of and in trust for the registered holders of Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2006-C26.”  Subject to the related Intercreditor Agreement and taking into account that (i) each Subordinate Companion Loan is subordinate to its related Co-Lender Loan to the extent set forth in the related Intercreditor Agreement, and (ii) the Prime Outlets Pool II Pari Passu Companion Loan is pari passu with the Prime Outlets Pool II Pari Passu Loan, each subaccount described in the next to last paragraph of Section 3.04(a) that is part of the Certificate Account shall be for the benefit of the related Companion Holder, to the extent funds on deposit in such subaccount are attributed to the related Companion Loan.

                   “Certificate Deferred Interest”:  The amount by which interest distributable to any Class of Sequential Pay Certificates (other than the Class A-3FL Certificates), to the Class WM Certificates or to the Class A-3FL Regular Interest, as applicable, is reduced by the amount of Mortgage Deferred Interest allocable to such Class of Certificates or Regular Interest on any Distribution Date.

                   “Certificate Factor”:  With respect to any Class of Regular Certificates and the Class A-3FL Certificates as of any date of determination, a fraction, expressed as a decimal carried to eight places, the numerator of which is the then current Class Principal Balance, Class X-C Notional Amount or Class X-P Notional Amount, as applicable, of such Class of Regular Certificates or the Class A-3FL Certificates and the denominator of which is the Original Class Principal Balance or Original Notional Amount of such Class of Regular Certificates or the Class A-3FL Certificates, as applicable.

                   “Certificate Notional Amount”:  With respect to any Class X-C Certificate or Class X-P Certificate, as of any date of determination, the then notional amount of such Certificate equal to the product of (a) the Percentage Interest evidenced by such Certificate, multiplied by (b) the then Class X-C Notional Amount or Class X-P Notional Amount, as applicable.

                   “Certificate Owner”:  With respect to a Book-Entry Certificate, the Person who is the beneficial owner of such Certificate as reflected on the books of the Depository or on the books of a Depository Participant or on the books of an indirect participating brokerage firm for which a Depository Participant acts as agent.

                   “Certificate Principal Balance”:  With respect to any Sequential Pay Certificate or any Class WM Certificate, as of any date of determination, the then outstanding principal amount of such Certificate equal to the product of (a) the Percentage Interest evidenced by such Certificate multiplied by (b) the then Class Principal Balance of the Class of Certificates to which such Certificate belongs.  The Certificate Principal Balance of the Class A-3FL Certificates shall be equal at all times to the Certificate Principal Balance of the Class A-3FL Regular Interest.

                   “Certificate Register” and “Certificate Registrar”:  The register maintained and the registrar appointed pursuant to Section 5.02.

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                   “Certificateholder”:  The Person in whose name a Certificate is registered in the Certificate Register, except that (i) only a Permitted Transferee shall be the Holder of a Residual Certificate for any purpose hereof and, (ii) solely for the purposes of giving any consent, approval or waiver pursuant to this Agreement that relates to any of the Depositor, any Mortgage Loan Seller, the Master Servicer, the Special Servicer or the Trustee in its respective capacity as such (except with respect to amendments or waivers referred to in Sections 7.04 and 11.01 hereof and any consent, approval or waiver required or permitted to be made by the Majority Subordinate Certificateholder or the Controlling Class Representative and any election, removal or replacement of the Special Servicer or the Controlling Class Representative
pursuant to Section 6.09), any Certificate registered in the name of the Depositor, any Mortgage Loan Seller, the Master Servicer, the Special Servicer or the Trustee, as the case may be, or any Certificate registered in the name of any of their respective Affiliates, shall be deemed not to be outstanding, and the Voting Rights to which it is entitled shall not be taken into account in determining whether the requisite percentage of Voting Rights necessary to effect any such consent, approval or waiver that relates to it has been obtained.  The Certificate Registrar shall be entitled to request and rely upon a certificate of the Depositor, the Master Servicer or the Special Servicer in determining whether a Certificate is registered in the name of an Affiliate of such Person.  All references herein to “Holders” or “Certificateholders” shall reflect the rights of Certificate Owners as they may indirectly exercise such rights through the Depository and the Depository
Participants, except as otherwise specified herein; provided, however, that the parties hereto shall be required to recognize as a “Holder” or “Certificateholder” only the Person in whose name a Certificate is registered in the Certificate Register.

                   “Chemed Center Fee Loan”:  That certain Mortgage Loan which is included in the Trust Fund (identified as loan number 7 on the Mortgage Loan Schedule).

                   “Chemed Center Leasehold Companion Loan”:  That certain mortgage loan evidenced by a note, which is not an asset of the Trust Fund, secured by the Mortgaged Property securing the Chemed Center Leasehold Loan.

                   “Chemed Center Leasehold Intercreditor Agreement”:  The Intercreditor and Servicing Agreement, dated as of April 17, 2006 by and between Wachovia Bank, National Association, as Initial Lead Lender and Wachovia Bank, National Association, as Initial Co-Lender relating to the Chemed Center Leasehold Loan Pair.

                   “Chemed Center Leasehold Loan”:  That certain Mortgage Loan which is included in the Trust Fund (identified as loan number 4 on the Mortgage Loan Schedule).

                   “Chemed Center Leasehold Loan Pair”:  The Chemed Center Leasehold Loan, together with the Chemed Center Leasehold.

                   “Class”:  Collectively, all of the Certificates bearing the same alphabetical and, if applicable, numerical class designation and each designated REMIC I Regular Interest.

                   “Class A Certificates”:  The Class A-1, Class A-2, Class A-PB, Class A-3, Class A-3FL and Class A-1A Certificates.

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                   “Class A-1 Certificate”:  Any one of the Certificates with a “Class A-1” designation on the face thereof, substantially in the form of Exhibit A-1 attached hereto, and evidencing a “regular interest” in REMIC II for purposes of the REMIC Provisions.

                   “Class A-1A Certificate”:  Any one of the Certificates with a “Class A-1A” designation on the face thereof, substantially in the form of Exhibit A-5 attached hereto, and evidencing a “regular interest” in REMIC II for purposes of the REMIC Provisions.

                   “Class A-2 Certificate”:  Any one of the Certificates with a “Class A-2” designation on the face thereof, substantially in the form of Exhibit A-2 attached hereto, and evidencing a “regular interest” in REMIC II for purposes of the REMIC Provisions.

                   “Class A-3 Certificate”:  Any one of the Certificates with a “Class A-3” designation on the face thereof, substantially in the form of Exhibit A-4 attached hereto, and evidencing a regular interest in REMIC II for purposes of the REMIC Provisions.

                   “Class A-3FL Available Funds”:  With respect to any Distribution Date, will equal the sum of (i) the total amount of all principal and/or interest distributions on or in respect of the Class A-3FL Regular Interest with respect to such Distribution Date and (ii) the amounts, if any, received from the Swap Counterparty pursuant to the Swap Contract for such Distribution Date, less (iii) with respect to interest distributions, all regularly scheduled fixed interest amounts (prior to the termination of the Swap Contract or prior to the occurrence and during the continuance of a Swap Default, exclusive of any Yield Maintenance Charges or Prepayment Premiums allocated in respect of the Class A-3FL Regular Interest) required to be paid to the Swap Counterparty pursuant to the Swap Contract for such Distribution
Date.

                   “Class A-3FL Certificate”:  Any one of the Certificates with a “Class A-3FL” designation on the face thereof, substantially in the form of Exhibit A-12 attached hereto, and evidencing an undivided beneficial interest in the Class A-3FL Grantor Trust.

                   “Class A-3FL Distribution Conversion”:  With respect to any Distribution Date (i) upon the occurrence and during the continuation of a Swap Default while the Trustee (or the Paying Agent on its behalf) is pursuing remedies under the Swap Contract pursuant to Section 3.30 or (ii) immediately upon and following the termination of the Swap Contract until a replacement swap contract is entered into, if any, the conversion of distributions to the Class A-3FL Certificates from distributions based, in part, on floating interest payments from the Swap Counterparty under the Swap Contract to distributions based solely on fixed interest distributions in respect of the Class A-3FL Regular Interest, as specified in Section 4.01(m).

                   “Class A-3FL Grantor Trust”:  That certain “grantor trust” (within the meaning of the Grantor Trust Provisions), the assets of which are the Class A-3FL Grantor Trust Assets.

                   “Class A-3FL Grantor Trust Assets”:  The segregated pool of assets consisting of the Class A-3FL Regular Interest, the Swap Contract, the Floating Rate Account and the proceeds thereof, the beneficial ownership of which is represented by the Class A-3FL Certificates.

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                   “Class A-3FL Interest Distribution Amount”:  With respect to any Distribution Date, an amount equal to the sum of (i) amounts in respect of interest received in respect of the Class A-3FL Regular Interest for such Distribution Date and (ii) the Floating Swap Payment, less (iii) the Fixed Swap Payment for such Distribution Date.

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

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

                   “Class A-JCertificate”:  Any one of the Certificates with a
“Class A-J” designation on the face thereof, substantially in the
form of Exhibit A-8 attached hereto, and evidencing a “regular
interest” in REMIC II for purposes of the REMIC Provisions.

                   “Class
A-M Certificate”:  Any one of the Certificates with a “Class
A-M” designation on the face thereof, substantially in the form of
Exhibit A-7 attached hereto, and evidencing a “regular
interest” in REMIC II for purposes of the REMIC Provisions.

                   “Class A-PB Certificate”:  Any one of the Certificates with a “Class A-PB designation on the face thereof, substantially in the form of Exhibit A-3 attached hereto, and evidencing a “regular interest” in REMIC II for purposes of the REMIC Provisions.

                   “Class A-PB Planned Principal Amount”:  The planned principal amount set forth on Exhibit R hereto relating to principal payments for the Class A-PB Certificates.

                   “Class B Certificate”:  Any one of the Certificates with a “Class B” designation on the face thereof, substantially in the form of Exhibit A-9 attached hereto, and evidencing a “regular interest” in REMIC II for purposes of the REMIC Provisions.

                   “Class C
Certificate”:  Any one of the Certificates with a
“Class C” designation on the face thereof, substantially in the
form of Exhibit A-10 attached hereto, and evidencing a “regular
interest” in REMIC II for purposes of the REMIC Provisions.

                   “Class D Certificate”:  Any one of the Certificates with a “Class D” designation on the face thereof, substantially in the form of Exhibit A-11 attached hereto, and evidencing a “regular interest” in REMIC II for purposes of the REMIC Provisions.

                   “Class E Certificate”:  Any one of the Certificates with a “Class E” designation on the face thereof, substantially in the form of Exhibit A-13 attached hereto, and evidencing a “regular interest” in REMIC II for purposes of the REMIC Provisions.

                   “Class F Certificate”:  Any one of the Certificates with a “Class F” designation on the face thereof, substantially in the form of Exhibit A-14 attached hereto, and evidencing a “regular interest” in REMIC II for purposes of the REMIC Provisions.

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                   “Class G Certificate”:  Any one of the Certificates with a “Class G” designation on the face thereof, substantially in the form of Exhibit A-15 attached hereto, and evidencing a “regular interest” in REMIC II for purposes of the REMIC Provisions.

                   “Class H Certificate”:  Any one of the Certificates with a “Class H” designation on the face thereof, substantially in the form of Exhibit A-16 attached hereto, and evidencing a “regular interest” in REMIC II for purposes of the REMIC Provisions.

                   “Class J Certificate”:  Any one of the Certificates with a “Class J” designation on the face thereof, substantially in the form of Exhibit A-17 attached hereto, and evidencing a “regular interest” in REMIC II for purposes of the REMIC Provisions.

                   “Class K Certificate”:  Any one of the Certificates with a “Class K” designation on the face thereof, substantially in the form of Exhibit A-18 attached hereto, and evidencing a “regular interest” in REMIC II for purposes of the REMIC Provisions.

                   “Class L Certificate”:  Any one of the Certificates with a “Class L” designation on the face thereof, substantially in the form of Exhibit A-19 attached hereto, and evidencing a “regular interest” in REMIC II for purposes of the REMIC Provisions.

                   “Class LWM Uncertificated Interest”:  An uncertificated regular interest in REMIC I which is held as an asset of REMIC II and having the Original REMIC I Principal Balance and per annum rate of interest set forth in the Preliminary Statement hereto.

                   “Class M Certificate”:  Any one of the Certificates with a “Class M” designation on the face thereof, substantially in the form of Exhibit A-20 attached hereto, and evidencing a “regular interest” in REMIC II for purposes of the REMIC Provisions.

                   “Class N Certificate”:  Any one of the Certificates with a “Class N” designation on the face thereof, substantially in the form of Exhibit A-21 attached hereto, and evidencing a “regular interest” in REMIC II for purposes of the REMIC Provisions.

                   “Class O Certificate”:  Any one of the Certificates with a “Class O” designation on the face thereof, substantially in the form of Exhibit A-22 attached hereto, and evidencing a “regular interest” in REMIC II for purposes of the REMIC Provisions.

                   “Class P Certificate”:  Any one of the Certificates with a “Class P” designation on the face thereof, substantially in the form of Exhibit A-23 attached hereto, and evidencing a “regular interest” in REMIC II for purposes of the REMIC Provisions.

                   “Class Principal Balance”:  The aggregate principal balance of any Class of Sequential Pay Certificates (other than the Class A-3FL Certificates), the Class A-3FL Regular Interest or the Class WM Certificates outstanding from time to time.  As of the Closing Date, the Class Principal Balance of each Class of Sequential Pay Certificates (other than the Class A-3FL Certificates), the Class A-3FL Regular Interest or the Class WM Certificates shall equal the Original Class Principal Balance thereof.  On each Distribution Date, the Class Principal Balance of each such Class of Certificates or Regular Interest shall be reduced by the amount of any distributions of principal made thereon on such Distribution Date pursuant to Section 4.01 or

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9.01, as applicable, and shall be further reduced by the amount of any Realized Losses and Additional Trust Fund Expenses allocated thereto on such Distribution Date pursuant to Section 4.04(a).  The Class Principal Balance of any Class of Sequential Pay Certificates (other than the Class A-3FL Certificates), the Class A-3FL Regular Interest or the Class WM Certificates will be increased on any Distribution Date by the amount of any Certificate Deferred Interest allocated to such Class or Regular Interest on such Distribution Date.  Distributions in respect of a reimbursement of Realized Losses and Additional Trust Fund Expenses previously allocated to a Class of Sequential Pay Certificates (other than the Class A-3FL Certificates), the Class A-3FL Regular Interest or the Class WM Certificates shall not constitute distributions of principal and shall not result in reduction of the related Class Principal Balance.  The Class Principal Balance of

the Class A-3FL Certificates shall be equal at all times to the Class Principal Balance of the Class A-3FL Regular Interest.

                   “Class R-I Certificate”:  Any one of the Certificates with a “Class R-I” designation on the face thereof, substantially in the form of Exhibit A-25 attached hereto, and evidencing the sole class of “residual interests” in REMIC I for purposes of the REMIC Provisions and the sole class of “residual interests” in the Woodlands Mall Loan REMIC for purposes of the REMIC Provisions.

                   “Class R-II Certificate”:  Any one of the Certificates with a “Class R-II” designation on the face thereof, substantially in the form of Exhibit A-26 attached hereto, and evidencing the sole class of “residual interests” in REMIC II for purposes of the REMIC Provisions.

                   “Class WM Available Distribution Amount”:  With respect to any Distribution Date, an amount equal to (a) the sum of, without duplication, (i) the aggregate of the amounts collected in respect of The Woodlands Mall Loan on deposit in the Certificate Account and the Distribution Account as of the close of business at the end of the related Collection Period and the amounts collected in respect of The Woodlands Mall Loan by or on behalf of the Master Servicer as of the close of business on the last day of such Collection Period and required to be deposited in the Certificate Account; provided, in each case, only to the extent of amounts allocated to The Woodlands Mall Non-Pooled Component in accordance with this Agreement, (ii) the aggregate amount of any P&I Advances of interest in respect of The Woodlands Mall Loan made by the
Master Servicer or the Trustee, to the extent allocated to The Woodlands Mall Non-Pooled Component in accordance with this Agreement, for distribution on the Class WM Certificates on such Distribution Date pursuant to Section 4.03 and (iii) the aggregate amount deposited by the Master Servicer in the Certificate Account in respect of The Woodlands Mall Loan; provided, only to the extent of amounts allocable to The Woodlands Mall Non-Pooled Component in accordance with this Agreement for such Distribution Date pursuant to Section 3.19 in connection with Prepayment Interest Shortfalls, net of (b) the portion of the amount described in subclauses (a)(i) and (a)(iii) of this definition that represents one or more of the following:  (i) collected Periodic Payments that are due on a Due Date following the end of the related Collection Period, (ii) any amounts payable or reimbursable to any Person from the (A) Certificate Account pursuant to clauses (ii) through (xv), (xix), (xx) and (xxii) of
Section 3.05(a) or (B) the Distribution Account pursuant to clauses (ii) through (vi) of Section 3.05(b), (iii) Yield Maintenance Charges allocable to The Woodlands Mall Non-Pooled Component and (iv) any amounts deposited in the Certificate Account or Distribution Account in error.

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                   “Class WM Certificate”: Any one of the Certificates with a “Class WM” designation on the face thereof, substantially in the form of Exhibit A-28 attached hereto, and evidencing a “regular interest” in REMIC II for purposes of the REMIC Provisions entitled to payment on The Woodlands Mall Non-Pooled Component.

                   “Class WM-NP Uncertificated Interest”:  An uncertificated regular interest in the Woodlands Mall Loan REMIC which is held as an asset of REMIC I and having the original Woodlands Mall Loan REMIC Principal Amount for The Woodlands Mall Non-Pooled Component, as adjusted pursuant to this Agreement and per annum rate of interest equal to The Woodlands Mall Loan REMIC Remittance Rate.

                   “Class WM-P Uncertificated Interest”:  An uncertificated regular interest in the Woodlands Mall Loan REMIC that (i) corresponds to The Woodlands Mall Pooled Component, (ii) is held as an asset of REMIC I and (iii) has the original Woodlands Mall Loan REMIC Principal Balance for The Woodlands Mall Pooled Component, as adjusted pursuant to this Agreement, and corresponding Component Loan Remittance Rate set forth in the Preliminary Statement hereto.

                   “Class WM Principal Distribution Amount”:  With respect to any Distribution Date, the aggregate of the following, without duplication, to the extent paid by the Mortgagor under The Woodlands Mall Loan and allocable to The Woodlands Mall Non-Pooled Component in accordance with this Agreement:

	
  
 
  	
  
         (a)          the   aggregate of the principal portions of all Scheduled Payments (other than   Balloon Payments) and any Assumed Scheduled Payments due or deemed due and   allocable to The Woodlands Mall Non-Pooled Component in accordance with this   Agreement for its Due Date occurring during the related Collection Period, to   the extent not previously received with respect to a Distribution Date prior   to such Collection Period;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (b)          the   aggregate of all Principal Prepayments received on The Woodlands Mall Loan   and allocable to The Woodlands Mall Non-Pooled Component during the   Collection Period;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (c)          if   the Stated Maturity Date of The Woodlands Mall Loan occurred during or prior   to the related Collection Period, any payment of principal (other than a Principal   Prepayment) made by or on behalf of the Mortgagor during the related   Collection Period (including any Balloon Payment), net of any portion of such   payment that represents a recovery of the principal portion of any Scheduled   Payment (other than a Balloon Payment) due, or the principal portion of any   Assumed Scheduled Payment deemed due, in respect of The Woodlands Mall Loan   to the extent allocable to The Woodlands Mall Non-Pooled Component in   accordance with this Agreement on a Due Date during or prior to the related   Collection Period and not previously recovered;
  
	
   
  	
  
 
  
	
  
 
  	
  
         (d)          the   aggregate of the principal portion of all Liquidation Proceeds, Insurance   Proceeds and, to the extent not otherwise included in clause (a), (b) or (c)   above, payments that were received on The Woodlands Mall Loan, to the extent   allocable
  

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to The Woodlands Mall Non-Pooled Component in   accordance with this Agreement, during the related Collection Period and that   were identified and applied by the Master Servicer and/or Special Servicer as   recoveries of principal of The Woodlands Mall Loan, to the extent allocable   to The Woodlands Mall Non-Pooled Component in accordance with this Agreement,   in each case net of any portion of such amounts that represents a recovery of   the principal portion of any Scheduled Payment (other than a Balloon Payment)   due, or of the principal portion of any Assumed Scheduled Payment deemed due,   in respect of The Woodlands Mall Loan, to the extent allocable to The Woodlands   Mall Non-Pooled Component in accordance with this Agreement, on a Due Date   during or prior to the related Collection Period and not previously   recovered;
  
	
  
 
  	
  
 
  
	
   
  	
  
         (e)          if   such Distribution Date is subsequent to the initial Distribution Date, the   excess, if any, of the Class WM Principal Distribution Amount for the   immediately preceding Distribution Date, over the aggregate distributions of   principal made on the Class WM Certificates on such immediately preceding   Distribution Date pursuant to Section 4.01;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (f)          any   amounts that were used to reimburse Nonrecoverable Advances (including   interest on such Nonrecoverable Advances) from principal collections on The   Woodlands Mall Loan pursuant to Section 3.05(a) hereof which are subsequently   recovered on The Woodlands Mall Loan, to the extent allocable to The   Woodlands Mall Non-Pooled Component, with respect to the Distribution Date   related to the period in which such recovery occurs; less
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (g)          any   amounts that were used to reimburse Workout-Delayed Reimbursement Amounts   (including interest on such Workout-Delayed Reimbursement Amounts) from   principal collections on The Woodlands Mall Loan, to the extent allocable to   The Woodlands Mall Non-Pooled Component, pursuant to Section 3.05(a) hereof   which are subsequently recovered on The Woodlands Mall Loan with respect to   the Distribution Date related to the period in which such recovery occurs;   less
  
	
   
  	
  
 
  
	
  
 
  	
  
         (h)          the   amount of any reimbursements of (i) Nonrecoverable Advances (including   interest on such Nonrecoverable Advances) that are paid or reimbursed from   principal collections on The Woodlands Mall Loan pursuant to Section 3.05(a)   hereof with respect to such Distribution Date, to the extent allocable to The   Woodlands Mall Non-Pooled Component, and (ii) Workout-Delayed Reimbursement   Amounts (including interest on such Workout-Delayed Reimbursement Amounts)   that are paid or reimbursed from principal collections on the Mortgage Loans   pursuant to Section 3.05(a) hereof with respect to such Distribution Date, to   the extent allocable to The Woodlands Mall Non-Pooled Component, in each case   where such principal collections would have otherwise been included in the   Class WM Principal Distribution Amount for such Distribution
Date.
  

                   “Class X Certificates”:  The Class X-C and Class X-P Certificates.

                   “Class X-C Certificate”:  Any one of the Certificates with a “Class X-C” designation on the face thereof, substantially in the form of Exhibit A-24 attached hereto, and evidencing the Class X-C Components, each of which is a “regular interest” in REMIC II for purposes of the REMIC Provisions.

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                   “Class X-C Notional Amount”:  With respect to the Class X-C Certificates and any date of determination, the sum of the then Component Notional Amounts of all of the Components.

                   “Class X-C Strip Rate”:  With respect to any Class of Components (other than Components that are also Class X-P Components) for any Distribution Date, a rate per annum equal to (i) the Weighted Average Net Mortgage Rate for such Distribution Date, minus (ii) the Pass-Through Rate for the Corresponding Certificates.  In the case of any Class of Components that are also Class X-P Components, (i) for any Distribution Date occurring on or before the related Class X-P Component Crossover Date, (x) the Weighted Average Net Mortgage Rate for such Distribution Date minus (y) the sum of the Pass-Through Rate for the Corresponding Certificates for such Distribution Date and the Class X-P Strip Rate for such Component for such Distribution Date, and (ii) for any Distribution Date occurring
after the related Class X-P Component Crossover Date, a rate per annum equal to (x) the Weighted Average Net Mortgage Rate for such Distribution Date, minus (y) the Pass-Through Rate for the Corresponding Certificates (provided that in no event shall any Class X-C Strip Rate be less than zero).

                   “Class X-P Certificate”:  Any one of the Certificates with a “Class X-P” designation on the face thereof, substantially in the form of Exhibit A-8 attached hereto, and evidencing the Class X-P Components, each of which is a “regular interest” in REMIC II for purposes of the REMIC Provisions.

                   “Class X-P Component Crossover Date”:  With respect to each Component set forth in the table below, the Distribution Date occurring in the month and year set forth in the table below:

	
  Component
  	
   
 	
  
Cross-Over   Date
  
	
  

  	
   
 	
  

  
	
   
Component X-A-1-2 and Component X-A-1A-2
  	
  
 
  	
  
December 1, 2006
  
	
  
 
  	
  
 
  	
   
 
	
  
Component X-A-1-3 and Component X-A-1A-3
  	
  
 
  	
  
June 1, 2007
  
	
  
 
  	
  
 
  	
   
 
	
  
Component X-A-1-4, Component X-A-2-1 and Component   X-A-1A-4
  	
  
 
  	
  
December 1, 2007
  
	
   
  	
  
 
  	
   
 
	
  
Component    X-A-2-2 and Component X-A-1A-5
  	
  
 
  	
  
June 1, 2008
  
	
  
 
  	
  
 
  	
   
 
	
  
Component X-A-2-3, Component X-A-1A-6 and Component   X-H-1
  	
  
 
  	
  
December 1, 2008
  
	
  
 
  	
  
 
  	
   
 
	
  
Component X-A-2-4, Component X-A-1A-7,   Component  X-G-1 and Component X-H-2
  	
  
 
  	
  
June 1, 2009
  
	
  
 
  	
  
 
  	
   
 
	
  
Component X-A-2-5, Component X-A-1A-8, Component   X-F-1 and Component X-G-2
  	
  
 
  	
  
December 1, 2009
  
	
   
  	
  
 
  	
   
 
	
  
Component X-A-2-6, Component X-A-1A-9, Component   X-E-1 and Component X-F-2
  	
  
 
  	
  
June 1, 2010
  
	
  
 
  	
  
 
  	
   
 
	
  
Component X-A-2-7, Component X-A-3-1, Component   X-A-3FL-1, Component X-A-1A-10 and Component X-E-2
  	
  
 
  	
  
December 1, 2010
  

-22-

	
  
Component X-A-PB-1, Component X-A-3-2, Component   X-A-3FL-2, Component X-A-1A-11, Component X-D-1 and Component X-E-3
  	
  
 
  	
  
June 1, 2011
  
	
  
 
  	
  
 
  	
   
 
	
  
Component X-A-PB-2, Component X-A-3-3, Component   X-A-3FL-3, Component X-A-1A-12 and Component X-D-2
  	
  
 
  	
  
December 1, 2011
  
	
  
 
  	
  
 
  	
   
 
	
  
Component X-A-PB-3, Component X-A-3-4, Component   X-A-3FL-4, Component X-A-1A-13, Component X-C-1 and Component X-D-3
  	
  
 
  	
  
June 1, 2012
  
	
  
 
  	
  
 
  	
   
 
	
  
Component X-A-PB-4, Component X-A-3-5, Component   X-A-3FL-5, Component X-A-1A-14 and Component X-C-2
  	
  
 
  	
  
December 1, 2012
  
	
  
 
  	
  
 
  	
   
 
	
  
Component X-A-PB-5, Component X-A-3-6, Component   X-A-3FL-6, Component X-A-1A-15, Component X-A-M, Component X-A-J, Component   X-B and Component X-C-3
  	
  
 
  	
  
June 1, 2013
  

                   “Class X-P Components”:  Each of Component X-A-1-2, Component X-A-1-3, Component X-A-1-4, Component X-A-1A-2, Component X-A-1A-3, Component X-A-1A-4, Component X-A-1A-5, Component X-A-1A-6, Component X-A-1A-7, Component X-A-1A-8, Component X-A-1A-9, Component X-A-1A-10, Component X-A-1A-11, Component X-A-1A-12, Component X-A-1A-13, Component X-A-1A-14, Component X-A-1A-15, Component X-A-2-1, Component X-A-2-2, Component X-A-2-3, Component X-A-2-4, Component X-A-2-5, Component X-A-2-6, Component X-A-2-7, Component X-A-PB-1, Component X-A-PB-2, Component X-A-PB-3, Component X-A-PB-4, Component X-A-PB-5, Component X-A-3-1, Component X-A-3-2, Component X-A-3-3, Component X-A-3-4, Component X-A-3-5, Component X-A-3-6, Component X-A-3FL-1, Component X-A-3FL-2, Component X-A-3FL-3, Component X-A-3FL-4, Component X-A-3FL-5, Component
X-A-3FL-6, Component X-A-M, Component X-A-J, Component X-B, Component X-C-1, Component X-C-2, Component X-C-3, Component X-D-1, Component X-D-2, Component X-D-3, Component X-E-1, Component X-E-2, Component X-E-3, Component X-F-1, Component X-F-2, Component X-G-1, Component X-G-2, Component X-H-1 and Component X-H-2.

                   “Class X-P Notional Amount”:  As of any date of determination, the sum of the then Component Notional Amounts of the Class X-P Components, excluding those Class X-P Components for which the Class X-P Component Crossover Date has previously passed.

                   “Class X-P Reference Rate”:  For any Distribution Date, the rate per annum corresponding to such Distribution Date on Exhibit T.

                   “Class X-P Strip Rate”:  With respect to each of the Class X-P Components for any Distribution Date, a rate per annum equal to (i) for any Distribution Date occurring on or before the related Class X-P Component Crossover Date, (x) the lesser of (i) the Weighted Average Net Mortgage Rate for such Distribution Date and (ii) the Class X-P Reference Rate for such Distribution Date minus 0.03% per annum minus (y) the Pass-Through Rate for the Corresponding Certificates (provided that in no event shall any Class X-P Strip Rate be less than zero), and (ii) for any Distribution Date occurring after the related Class X-P Component Crossover Date, 0% per annum.

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                   “Class Z Certificate”:  Any one of the Certificates with a “Class Z” designation on the face thereof, substantially in the form of Exhibit A-27 attached hereto, and evidencing an undivided beneficial interest in the Additional Interest Grantor Trust that is described in Section 4.01(b).

                   “Closing Date”:  June 29, 2006.

                   “CMSA”: 
The Commercial Mortgage Securities Association (formerly the Commercial Real
Estate Secondary Market and Securitization Association) or any successor
organization.

                   “CMSA Advance Recovery Report”:  The report substantially in the form of, and containing the information called for in, the downloadable form of the “Advance Recovery Report” available as of the Closing Date on the CMSA Website, or such other form for the presentation of such information and containing such additional information as may from time to time be approved by the CMSA for commercial mortgage securities transactions generally.

                   “CMSA Bond File”:  The monthly report substantially in the form of, and containing the information called for in, the downloadable form of the “CMSA Bond Level File” available as of the Closing Date on the CMSA Website, or such other form for the presentation of such information and containing such additional information as may from time to time be approved by the CMSA for commercial mortgage securities transactions generally.

                   “CMSA Collateral Summary File”:  The report substantially in the form of, and containing the information called for in, the downloadable form of the “Collateral Summary File” available as of the Closing Date on the CMSA Website, or such other form for the presentation of such information and containing such additional information as may from time to time be approved by the CMSA for commercial mortgage securities transactions generally.

                   “CMSA Comparative Financial Status Report”:  The report substantially in the form of, and containing the information called for in, the downloadable form of the “Comparative Financial Status Report” available as of the Closing Date on the CMSA Website, or such other form for the presentation of such information as may from time to time be approved by the CMSA for commercial mortgage securities transactions generally.  In connection with preparing the CMSA Comparative Financial Status Report, the Master Servicer shall process (a) interim financial statements beginning with interim financial statements for the fiscal quarter ending September 30, 2006, and (b) annual financial statements beginning with annual financial statements for the 2006 fiscal year.

                   “CMSA Delinquent Loan Status Report”:  The report substantially in the form of, and containing the information called for in, the downloadable form of the “Delinquent Loan Status Report” available as of the Closing Date on the CMSA Website, or such other form for the presentation of such information and containing such additional information as may from time to time be approved by the CMSA for commercial mortgage securities transactions generally.

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                   “CMSA Financial File”:  The report substantially in the form of, and containing the information called for in, the downloadable form of the “Financial File” available as of the Closing Date on the CMSA Website, or such other form for the presentation of such information and containing such additional information as may from time to time be approved by the CMSA for commercial mortgage securities transactions generally.

                   “CMSA Historical Liquidation Report”:  The report substantially in the form of, and containing the information called for in, the downloadable form of the “Historical Liquidation Report” available as of the Closing Date on the CMSA Website, or such other form for the presentation of such information and containing such additional information as may from time to time be approved by the CMSA for commercial mortgage securities transactions generally.

                   “CMSA Historical Loan Modification and Corrected Mortgage Loan Report”:  A report substantially in the form of, and containing the information called for in, the downloadable form of the “Historical Loan Modification and Corrected Mortgage Loan Report” available as of the Closing Date on the CMSA Website, or such other form for the presentation of such information and containing such additional information as may from time to time be approved by the CMSA for commercial mortgage securities transactions generally.

                   “CMSA Loan Level Reserve/LOC Report”:  The report substantially in the form of, and containing the information called for in, the downloadable form of the “CMSA Loan Level Reserve/LOC Report” available as of the Closing Date on the CMSA Website, or such other form for the presentation of such information as may from time to time be approved by the CMSA for commercial mortgage securities transactions generally.

                   “CMSA Loan Periodic Update File”:  The monthly report substantially in the form of, and containing the information called for in, the downloadable form of the “Loan Periodic Update File” available as of the Closing Date on the CMSA Website, or such other form for the presentation of such information and containing such additional information as may from time to time be approved by the CMSA for commercial mortgage securities transactions generally.

                   “CMSA Loan Setup File”:  The report substantially in the form of, and containing the information called for in, the downloadable form of the “Loan Setup File” available as of the Closing Date on the CMSA Website, or such other form for the presentation of such information and containing such additional information as may from time to time be approved by the CMSA for commercial mortgage securities transactions generally.

                   “CMSA NOI Adjustment Worksheet”:  A report substantially in the form of, and containing the information called for in, the downloadable form of the “NOI Adjustment Worksheet” available as of the Closing Date on the CMSA Website, or such other form for the presentation of such information and containing such additional information as may from time to time be approved by the CMSA for commercial mortgage securities transactions and in any event, shall present the computations made in accordance with the methodology described in such form to “normalize” the full year net operating income and debt service coverage numbers used in the other reports required by this Agreement.

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                   “CMSA Operating Statement Analysis”:  A report substantially in the form of, and containing the information called for in, the downloadable form of the “Operating Statement Analysis Report” available as of the Closing Date on the CMSA Website or in such other form for the presentation of such information and containing such additional information as may from time to time be approved by the CMSA for commercial mortgage-backed securities transactions generally.  In connection with preparing the CMSA Operating Statement Analysis, the Master Servicer shall process (a) interim financial statements beginning with interim financial statements for the fiscal quarter ending September 30, 2006 and (b) annual financial statements beginning with annual financial statements for the 2006 fiscal year.

                   “CMSA Property File”:  A report substantially in the form of, and containing the information called for in, the downloadable form of the “Property File” available as of the Closing Date on the CMSA Website, or such other form for the presentation of such information and containing such additional information as may from time to time be approved by the CMSA for commercial mortgage securities transactions generally.

                   “CMSA Reconciliation of Funds Report”:  The monthly report in the “Reconciliation of Funds” format substantially in the form of and containing the information called for therein for the Mortgage Loans, or such other form for the presentation of such information as may be approved from time to time by the CMSA for commercial mortgage securities transactions generally.

                   “CMSA REO Status Report”:  A report substantially in the form of, and containing the information called for in, the downloadable form of the “REO Status Report” available as of the Closing Date on the CMSA Website, or in such other form for the presentation of such information and containing such additional information as may from time to time be approved by the CMSA for commercial mortgage securities transactions generally.

                   “CMSA Servicer Watchlist”:  For any Determination Date, a report substantially in the form of, and containing the information called for in, the downloadable form of the “Servicer Watchlist/Portfolio Review Guidelines” available as of the Closing Date on the CMSA Website, or in such other final form for the presentation of such information and containing such additional information as may from time to time be promulgated as approved by the CMSA for commercial mortgage securities transactions generally.

                   “CMSA Website”:  The website maintained by the CMSA with an address, as of the Closing Date, of “www.cmbs.org”.

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

                   “Co-Lender Loans”:  As defined in the Preliminary Statement.

                   “Collection Period”:  With respect to any Distribution Date, the period that begins on the twelfth day in the month immediately preceding the month in which such Distribution Date occurs (or, in the case of the initial Distribution Date, commencing on the day after the related Cut-Off Date) and ending on and including the eleventh day in the month in which such Distribution Date occurs.  Notwithstanding the foregoing, in the event that the last day of a

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Collection Period is not a Business Day, any Periodic Payments or Principal Prepayments with respect to the Mortgage Loans relating to a Due Date occurring in such Collection Period (but for the application of the next Business Day convention) received on the Business Day immediately following such day will be deemed to have been received during such Collection Period and not during any other Collection Period.  In addition, notwithstanding the foregoing, with respect to any Distribution Date, in the event that the Due Date, including any grace period, with respect to any Mortgage Loan relating to such Distribution Date occurs after the last day of the related Collection Period, any payments received with respect to the related Mortgage Loan on or before such Due Date as extended by any applicable grace period (including without limitation, any prepayments) will be deemed to have been received during such Collection Period and not during any other Collection
Period.

                   “Commission”:  The Securities and Exchange Commission or any successor agency.

                   “Companion Distribution Account”:  With respect to the Companion Loans, the separate account(s) or subaccount(s) created and maintained by the Companion Paying Agent pursuant to Section 3.04(b) and held on behalf of the Companion Holders, which shall be entitled “Wachovia Bank, National Association, as Companion Paying Agent for the Companion Holders of the Companion Loans relating to the Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2006-C26.”  The Companion Distribution Accounts shall not be assets of the Trust Fund, but instead each Companion Distribution Account shall be held by the Companion Paying Agent on behalf of the applicable Companion Holder.  Any such account(s) shall be an Eligible Account or a subaccount of an Eligible Account. 
Notwithstanding the foregoing, if the Master Servicer and the Companion Paying Agent are the same entity, the Companion Distribution Account may be the related subaccount or subaccounts of the Certificate Account referenced in the second to the last paragraph of Section 3.04(a).

                   “Companion Holder”:  With respect to any Companion Loan, the owner of the Mortgage Note representing such Companion Loan.  As of the Closing Date, the Companion Holders of the Companion Loans are (i) Metropolitan Life Insurance Company, with respect to The Woodlands Mall Companion Loan, (ii)  Wachovia Bank, National Association, with respect to the Prime Outlets Pool II Pari Passu Companion Loan, (iii) Wachovia Bank, National Association, with respect to the Prime Outlets Pool II Subordinate Companion Loan, (iv) Wachovia Bank, National Association, with respect to the Chemed Center Leasehold Companion Loan, and (v) Wachovia Bank, National Association, with respect to the Tan-Tar-A Resort Companion Loan.

                   “Companion Loan”:  As defined in the Preliminary Statement.

                   “Companion Paying Agent”:  The paying agent appointed pursuant to Section 3.26.

                   “Companion Register”:  The register maintained by the Companion Paying Agent pursuant to Section 3.27.

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                   “Component”:  Each of Component X-A-1-1, Component X-A-1-2, Component X-A-1-3, Component X-A-1-4, Component X-A-1A-1, Component X-A-1A-2, Component X-A-1A-3, Component X-A-1A-4, Component X-A-1A-5, Component X-A-1A-6, Component X-A-1A-7, Component X-A-1A-8, Component X-A-1A-9, Component X-A-1A-10, Component X-A-1A-11, Component X-A-1A-12, Component X-A-1A-13, Component X-A-1A-14, Component X-A-1A-15, Component X-A-2-1, Component X-A-2-2, Component X-A-2-3, Component X-A-2-4, Component X-A-2-5, Component X-A-2-6, Component X-A-2-7, Component X-A-PB-1, Component X-A-PB-2, Component X-A-PB-3, Component X-A-PB-4, Component X-A-PB-5, Component X-A-3-1, Component X-A-3-2, Component X-A-3-3, Component X-A-3-4, Component X-A-3-5, Component X-A-3-6, Component X-A-3FL-1, Component X-A-3FL-2, Component X-A-3FL-3, Component X-A-3FL-4,
Component X-A-3FL-5, Component X-A-3FL-6, Component X-A-M, Component X-A-J, Component X-B, Component X-C-1, Component X-C-2, Component X-C-3, Component X-D-1, Component X-D-2, Component X-D-3, Component X-E-1, Component X-E-2, Component X-E-3, Component X-F-1, Component X-F-2, Component X-G-1, Component X-G-2, Component X-H-1, Component X-H-2, Component X-J, Component X-K, Component X-L, Component X-M, Component X-N, Component X-O, Component X-P and Component X-WM.

                   “Component X-A-1-1”:  One of 69 components of the Class X-C Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-1-1 as of any date of determination.

                   “Component X-A-1-2”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-1-2 as of any date of determination.

                   “Component X-A-1-3”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-1-3 as of any date of determination.

                   “Component X-A-1-4”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-1-4 as of any date of determination.

                   “Component X-A-1A-1”:  One of 69 components of the Class X-C Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-1A-1 as of any date of determination.

                   “Component X-A-1A-2”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-1A-2 as of any date of determination.

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                   “Component X-A-1A-3”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-1A-3 as of any date of determination.

                   “Component X-A-1A-4”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-1A-4 as of any date of determination.

                   “Component X-A-1A-5”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-1A-5 as of any date of determination.

                   “Component X-A-1A-6”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-1A-6 as of any date of determination.

                   “Component X-A-1A-7”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-1A-7 as of any date of determination.

                   “Component X-A-1A-8”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-1A-8 as of any date of determination.

                   “Component X-A-1A-9”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-1A-9 as of any date of determination.

                   “Component X-A-1A-10”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-1A-10 as of any date of determination.

                   “Component X-A-1A-11”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-1A-11 as of any date of determination.

                   “Component X-A-1A-12”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-1A-12 as of any date of determination.

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                   “Component X-A-1A-13”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-1A-13 as of any date of determination.

                   “Component X-A-1A-14”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-1A-14 as of any date of determination.

                   “Component X-A-1A-15”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-1A-15 as of any date of determination.

                   “Component X-A-2-1”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-2-1 as of any date of determination.

                   “Component X-A-2-2”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-2-2 as of any date of determination.

                   “Component X-A-2-3”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-2-3 as of any date of determination.

                   “Component X-A-2-4”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-2-4 as of any date of determination.

                   “Component X-A-2-5”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-2-5 as of any date of determination.

                   “Component X-A-2-6”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-2-6 as of any date of determination.

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                   “Component X-A-2-7”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-2-7 as of any date of determination.

                   “Component X-A-3-1”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-3-1 as of any date of determination.

                   “Component X-A-3-2”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-3-2 as of any date of determination.

                   “Component X-A-3-3”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-3-3 as of any date of determination.

                   “Component X-A-3-4”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-3-4 as of any date of determination.

                   “Component X-A-3-5”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-3-5 as of any date of determination.

                   “Component X-A-3-6”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-3-6 as of any date of determination.

                   “Component X-A-3FL-1”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-3FL-1 as of any date of determination.

                   “Component X-A-3FL-2”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-3FL-2 as of any date of determination.

                   “Component X-A-3FL-3”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-3FL-3 as of any date of determination.

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                   “Component X-A-3FL-4”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-3FL-4 as of any date of determination.

                   “Component X-A-3FL-5”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-3FL-5 as of any date of determination.

                   “Component X-A-3FL-6”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-3FL-6 as of any date of determination.

                     “Component X-A-J”:  One of the 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-J as of any date of determination.

                   “Component X-A-M”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-M as of any date of determination.

                   “Component X-A-PB-1”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-PB-1 as of any date of determination.

                   “Component X-A-PB-2”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-PB-2 as of any date of determination.

                   “Component X-A-PB-3”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-PB-3 as of any date of determination.

                   “Component X-A-PB-4”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-PB-4 as of any date of determination.

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                   “Component X-A-PB-5”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LA-PB-5 as of any date of determination.

                   “Component X-B”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LB as of any date of determination.

                   “Component X-C-1”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LC-1 as of any date of determination.

                   “Component X-C-2”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LC-2 as of any date of determination.

                   “Component X-C-3”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LC-3 as of any date of determination.

                   “Component X-D-1”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LD-1 as of any date of determination.

                   “Component X-D-2”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LD-2 as of any date of determination.

                   “Component X-D-3”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LD-3 as of any date of determination.

                     “Component X-E-1”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LE-1 as of any date of determination.

                   “Component X-E-2”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LE-2 as of any date of determination.

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                   “Component X-E-3”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LE-3 as of any date of determination.

                   “Component X-F-1”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LF-1 as of any date of determination.

                   “Component X-F-2”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LF-2 as of any date of determination.

                   “Component X-G-1”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LG-1 as of any date of determination.

                   “Component X-G-2”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LG-2 as of any date of determination.

                   “Component X-H-1”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LH-1 as of any date of determination.

                   “Component X-H-2”:  One of 69 components of the Class X-C Certificates and one of 59 components of the Class X-P Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LH-2 as of any date of determination.

                   “Component X-J”:  One of 69 components of the Class X-C Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LJ as of any date of determination.

                   “Component X-K”:  One of 69 components of the Class X-C Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LK as of any date of determination.

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                     “Component X-L”:  One of 69 components of the Class X-C Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LL as of any date of determination.

                   “Component X-M”:  One of 69 components of the Class X-C Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LM as of any date of determination.

                   “Component X-N”:  One of 69 components of the Class X-C Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LN as of any date of determination.

                   “Component X-O”:  One of 69 components of the Class X-C Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LO as of any date of determination.

                   “Component X-P”:  One of 69 components of the Class X-C Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LP as of any date of determination.

                   “Component X-WM”:  One of 69 components of the Class X-C Certificates having a Component Notional Amount equal to the then current REMIC I Principal Balance of REMIC I Regular Interest LWM as of any date of determination.

                   “Controlling Class”:  With respect to each Mortgage Loan, other than The Woodlands Mall Loan, as of any date of determination, the Class of Sequential Pay Certificates, (i) which bears the latest payment priority and (ii) the Class Principal Balance of which is greater than 25% of the Original Class Principal Balance thereof; provided, however, that if no Class of Sequential Pay Certificates satisfies clause (ii) above, the Controlling Class shall be the outstanding Class of Sequential Pay Certificates bearing the latest payment priority.  With respect to determining the Controlling Class, the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-3FL and Class A-1A Certificates shall be deemed a single Class of Certificates.  With respect to The Woodlands Mall Loan, as
provided in Section 3.25(a).

                   “Controlling Class Representative”:  As defined in Section 3.25(a).

                   “Controlling Person”:  With respect to any Person, any other Person who “controls” such Person within the meaning of the Securities Act.

                   “Corporate Trust Office”:  The corporate trust office of the Trustee at which at any particular time its corporate trust business with respect to this Agreement shall be administered, which office at the date of the execution of this Agreement is located at (i) with respect to maintenance of the Certificate Registrar and the transfer and exchange of Certificates, the office of the Trustee located at Wells Fargo Center, Sixth and Marquette, Minneapolis, Minnesota 55479-0113, Attention: Corporate Trust Services-Wachovia Bank Commercial Mortgage Trust, Series 2006-C26 and (ii) for all other purposes, the office of the Trustee located at 9062 Old Annapolis Road, Columbia, Maryland 21045-1951, Attention: Corporate Trust Services (CMBS)-Wachovia Bank Commercial Mortgage Trust, Series 2006-C26.

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                   “Corrected Mortgage Loan”:  Any Mortgage Loan and, if applicable, any Companion Loan that had been a Specially Serviced Mortgage Loan but has ceased to be a Specially Serviced Mortgage Loan in accordance with the definition of “Specially Serviced Mortgage Loan.”

                   “Corresponding Certificate”:  As defined in the Preliminary Statement with respect to any Corresponding Component or any Corresponding REMIC I Regular Interest.

                   “Corresponding Component”:  As defined in the Preliminary Statement with respect to any Corresponding Certificate or any Corresponding REMIC I Regular Interest.

                   “Corresponding REMIC I Regular Interest”:  As defined in the Preliminary Statement with respect to any Class of Corresponding Certificates or any Corresponding Component of the Class X-C Certificates or Class X-P Certificates.  In the case of the Class A-3FL Certificates, “Corresponding Certificate” refers to the Class A-3FL Regular Interest.

                   “Crossed Group”:  With respect to any Mortgage Loan, such Mortgage Loan and all other Mortgage Loans that are cross-collateralized and cross-defaulted with such Mortgage Loan.

                   “Crossed Loan”:  A Mortgage Loan that is cross-collateralized and cross-defaulted with one or more other Mortgage Loans.

                   “Crossed Loan Repurchase Criteria”:  (i) The Debt Service Coverage Ratio for all remaining related Crossed Loans for the four calendar quarters immediately preceding the repurchase or substitution is not less than the Debt Service Coverage Ratio for all such related Crossed Loans, including the affected Crossed Loan, for the four calendar quarters immediately preceding the repurchase or substitution, (ii) the Loan-to-Value Ratio for any remaining related Crossed Loans determined at the time of repurchase or substitution based upon an Appraisal obtained by the Special Servicer at the expense of the related Mortgage Loan Seller is not greater than the Loan-to-Value Ratio for all such related Crossed Loans, including the affected Crossed Loan, determined at the time of repurchase or substitution based upon an Appraisal
obtained by the Special Servicer at the expense of the related Mortgage Loan Seller and (iii) the Mortgage Loan Seller, at its expense, shall have furnished the Trustee with an Opinion of Counsel that the repurchase of or substitution for a Crossed Loan, including, without limitation, any modification relating to such repurchase or substitution, shall not cause an Adverse REMIC Event.

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

                   “Cut-Off Date”:  With respect to any Mortgage Loan or Companion Loan, the Due Date for such Mortgage Loan or Companion Loan in June 2006.

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

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                   “Debt Service Coverage Ratio”:  With respect to any Mortgage Loan (other than The Woodlands Mall Loan), as of any date of determination, the ratio of (x) the annualized Net Operating Income (before payment of any debt service on such Mortgage Loan) generated by the related Mortgaged Property during the most recently ended period of not less than six months and not more than twelve months for which financial statements, if available (whether or not audited) have been received by or on behalf of the related Mortgage Loan Seller (prior to the Closing Date) or the Master Servicer or the Special Servicer (following the Closing Date), to (y) twelve times the amount of the Periodic Payment in effect for such Mortgage Loan as of such date of determination.

                   “Defaulted Mortgage Loan”:  A Mortgage Loan (i) that is delinquent sixty days or more in respect to a Periodic Payment (not including the Balloon Payment) or (ii) is delinquent in respect of its Balloon Payment unless the Master Servicer has, on or prior to the Due Date of such Balloon Payment, received written evidence from an institutional lender of such lender’s binding commitment to refinance such Mortgage Loan within 60 days after the Due Date of such Balloon Payment (provided that, if such refinancing does not occur during such time specified in the commitment, the related Mortgage Loan will immediately become a Defaulted Mortgage Loan), in either case such delinquency to be determined without giving effect to any grace period permitted by the related Mortgage or Mortgage Note and without regard to
any acceleration of payments under the related Mortgage and Mortgage Note, or (iii) as to which the Master Servicer or Special Servicer has, by written notice to the related Mortgagor, accelerated the maturity of the indebtedness evidenced by the related Mortgage Note.

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

                   “Defeasance Collateral”:  With respect to any Defeasance Loan, the United States government securities required or permitted to be pledged in lieu of prepayment pursuant to the terms thereof.

                   “Defeasance Loan”:  Any Mortgage Loan identified as a Defeasance Loan on the Mortgage Loan Schedule which permits or requires the related Mortgagor (or permits the holder of such Mortgage Loan to require the related Mortgagor) to pledge Defeasance Collateral to such holder in lieu of prepayment.

                   “Deficient Valuation”:  With respect to any Mortgage Loan, a valuation by a court of competent jurisdiction of the Mortgaged Property in an amount less than the then outstanding principal balance of the Mortgage Loan, which valuation results from a proceeding initiated under the Bankruptcy Code.

                   “Definitive Certificate”:  As defined in Section 5.03(a).

                   “Depositor”:  Wachovia Commercial Mortgage Securities, Inc. or its successor in interest.

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

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

                   “Determination Date”:  The eleventh day of each month, or if such eleventh day is not a Business Day, the Business Day immediately succeeding, commencing in July 2006.

                   “Determination Party”:  Midland Loan Services, Inc., or a second party that would qualify as a successor Special Servicer mutually agreeable to the Special Servicer, the Controlling Class Representative and the applicable Mortgage Loan Seller, or any successor in interest thereto; provided that (a) each such party is on the list of approved special servicers by Moody’s and on S&P’s Select Servicer List as a U.S. Commercial Mortgage Special Servicer or (b) each Rating Agency has confirmed in writing that contracting with such Determination Party would not result in a downgrade, qualification or withdrawal of the then current rating assigned to any of the Certificates that are then currently rated by such Rating Agency.

                   “Directly Operate”:  With respect to any REO Property, the furnishing or rendering of services to the tenants thereof, the management of such REO Property, the holding of such REO Property primarily for sale or lease or the performance of any construction work thereon, in each case other than through an Independent Contractor; provided, however, that the Trustee (or the Special Servicer or any Sub-Servicer on behalf of the Trustee) shall not be considered to Directly Operate an REO Property solely because the Trustee (or the Special Servicer or any Sub-Servicer on behalf of the Trustee) establishes rental terms, chooses tenants, enters into or renews leases, deals with taxes and insurance, or makes decisions as to repairs or capital expenditures with respect to such REO Property.

                   “Discount Rate”:  With respect to any prepaid Mortgage Loan or REO Loan for purposes of allocating any Yield Maintenance Charge or Prepayment Premium received thereon or with respect thereto among (a) the respective Classes of the Sequential Pay Certificates (other than any Excluded Class thereof), (b) The Woodlands Mall Non-Pooled Component and The Woodlands Pooled Component and/or (c) the Class A-3FL Regular Interest, an amount, calculated by the Master Servicer and reported to the Trustee pursuant to Section 4.02(b), will be equal to the discount rate stated in the related Mortgage Loan documents used in calculating the Yield Maintenance Charge or Prepayment Premium with respect to such principal prepayment.  To the extent that a discount rate is not stated therein, the “Discount Rate” will be equal
to the yield (when compounded monthly) on the U.S. Treasury issue with a maturity date closest to the maturity date for such prepaid Mortgage Loan or REO Loan.  In the event there are two or more such U.S. Treasury issues (a) with the same coupon, the issue with the lowest yield shall apply, and (b) with maturity dates equally close to the maturity date for the prepaid Mortgage Loan or REO Loan, the issue with the earliest maturity date shall apply.

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                   “Disqualified Non-United States Persons”:  With respect to a Class R-I or Class R-II Certificate, any Non-United States Person or agent thereof other than (i) a Non-United States Person that holds the Class R-I or Class R-II Certificate in connection with the conduct of a trade or business within the United States and has furnished the transferor and the Certificate Registrar with an effective IRS Form W-8ECI (or successor form) or (ii) a Non-United States Person that has delivered to both the transferor and the Certificate Registrar an opinion of a nationally recognized tax counsel to the effect that the transfer of the Class R-I or Class R-II Certificate to it is in accordance with the requirements of the Code and the regulations promulgated thereunder and that such transfer of the
Class R-I or Class R-II Certificate will not be disregarded for federal income tax purposes.

                   “Disqualified Organization”:  Any of the following:  (i) the United States or a possession thereof, any State or any political subdivision thereof, or any agency or instrumentality of any of the foregoing (other than an instrumentality which is a corporation if all of its activities are subject to tax and, except for FHLMC, a majority of its board of directors is not selected by any such governmental unit), (ii) a foreign government, international organization, or any agency or instrumentality of either of the foregoing, (iii) any organization (except certain farmers’ cooperatives described in Section 521 of the Code) which is exempt from the tax imposed by Chapter 1 of the Code (unless such organization is subject to the tax imposed by Section 511 of the Code on unrelated business taxable
income), (iv) rural electric and telephone cooperatives described in Section 1381 of the Code or (v) any other Person so designated by the Trustee or the Certificate Registrar based upon an Opinion of Counsel (which shall not be an expense of the Trustee) that the holding of an Ownership Interest in a Residual Certificate by such Person may cause the Trust Fund or any Person having an Ownership Interest in any Class of Certificates, other than such Person, to incur a liability for any federal tax imposed under the Code that would not otherwise be imposed but for the Transfer of an Ownership Interest in a Residual Certificate to such Person.  The terms “United States,” “State” and “international organization” shall have the meanings set forth in Section 7701 of the Code or successor provisions.

                   “Distributable Certificate Interest”:  With respect to:  (a) any Class of Sequential Pay Certificates(other than the Class A-3FL Certificates) and the Class A-3FL Regular Interest for any Distribution Date, the Accrued Certificate Interest in respect of such Class of Certificates or Regular Interest, as applicable, for such Distribution Date, reduced other than with respect to the Class X Certificates (to not less than zero) by (i) (x) in the case of all Regular Certificates other than the Class WM Certificates, the product of (A) any Net Aggregate Prepayment Interest Shortfall (with respect to The Woodlands Mall Loan, solely to the extent not allocated to the Class WM Certificates) for such Distribution Date, (B) a fraction, expressed as a decimal, the numerator of which is the Accrued Certificate Interest in
respect of such Class of Certificates or Regular Interest, as applicable, for such Distribution Date, and the denominator of which is the aggregate Accrued Certificate Interest in respect of all the Classes of Sequential Pay Certificates (other than the Class A-3FL Certificates) and the Class A-3FL Regular Interest for such Distribution Date, and (C) in the case of the Class WM Certificates, any Net Aggregate Prepayment Interest Shortfall relating to The Woodlands Mall Loan allocated to such Class of Certificates with respect to such Distribution Date and (ii) with respect to each such Class, such Class’ share of any Certificate Deferred Interest allocated to such Class of Certificates or the Regular Interest, as applicable, in accordance with Section 4.04(c); and (b) any Class of Class X Certificates for any Distribution Date, the Accrued Certificate Interest in respect of such Class of Certificates for such Distribution Date.

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                   “Distributable Woodlands Mall Component Interest”:  For any Distribution Date and any Woodlands Mall Loan Component, the related Accrued Woodlands Mall Component Interest for such Distribution Date, reduced by (i) the Net Aggregate Prepayment Interest Shortfall allocated to such Loan Component, and (ii) the amount of any Certificate Deferred Interest allocated to such Loan Component pursuant to Section 4.04(c).

                   “Distribution Account”:  The segregated account, accounts or subaccounts created and maintained by the Paying Agent on behalf of the Trustee pursuant to Section 3.04(b) which shall be entitled “Wells Fargo Bank, N.A., as Trustee, in trust for the registered holders of Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2006-C26.”

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

                   “Distribution Date Statement”:  As defined in Section 4.02(a).

                   “Do Not Hire List”:  The list, as may be updated at any time, provided by the Depositor to the Master Servicer, the Special Servicer and the Trustee, which lists certain parties identified by the Depositor as having failed to comply with their respective obligations under Section 8.17 of this Agreement or as having failed to comply with any similar Regulation AB reporting requirements under any pooling and servicing agreement relating to any other series of certificates offered by the Depositor.

                   “Document Defect”:  As defined in Section 2.03(a).

                   “Domestic Global Certificate”:  Any of the single, permanent global certificates that represents the Offered Certificates sold in reliance on Rule 144A under the Act.

                   “Due Date”:  With respect to (i) any Mortgage Loan on or prior to its Stated Maturity Date or any Companion Loan on or prior to its maturity date, the day of the month set forth in the related Mortgage Note on which each Periodic Payment on such Mortgage Loan or Companion Loan is scheduled to be first due; (ii) any Mortgage Loan after its Stated Maturity Date or any Companion Loan after its maturity date, the day of the month set forth in the related Mortgage Note on which each Periodic Payment on such Mortgage Loan or Companion Loan had been scheduled to be first due and (iii) any REO Loan, the day of the month set forth in the related Mortgage Note on which each Periodic Payment on the related Mortgage Loan had been scheduled to be first due.

                   “EDGAR”:  The Commission’s Electronic Data Gathering, Analysis and Retrieval system.

                   “Eligible Account”:  Any of (i) an account maintained with a federal or state chartered depository institution or trust company, and (a) with respect to deposits held for 30 days or more in such account, the  long-term deposit or unsecured debt obligations of which are

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rated at least (A) “Aa3” by Moody’s (if then rated by Moody’s), (B) ”AA-” by S&P (or “A-”; provided the short-term unsecured debt obligations are rated at least “A-1” by S&P) and (C) “AA-” by Fitch (or “A-”; provided, the short term unsecured debt obligations are rated at least “F-1” by Fitch) (or, with respect to any such Rating Agency, such lower rating as will not result in qualification, downgrading or withdrawal of the ratings then assigned to the Certificates, as evidenced in writing by the applicable Rating Agency), at any time such funds are on deposit therein or (b) with respect to deposits held for less than 30 days in such account, the short-term deposits of which are rated at least “P-1” by Moody’s (if then rated by Moody’s), “A-1” by S&P and “F1” by Fitch (or, with respect to any such Rating Agency, such lower

rating as will not result in qualification, downgrading or withdrawal of the ratings then assigned to the Certificates) as evidenced in writing by the applicable Rating Agency at any time such funds are on deposit therein; or (ii) a segregated trust account or accounts maintained with a federal or state chartered depository institution or trust company acting in its fiduciary capacity, which, in the case of a state chartered depository institution or trust company, is subject to regulations regarding fiduciary funds on deposit therein substantially similar to 12 CFR § 9.10(b), the long term deposits or unsecured debt of which, or if it is the wholly-owned subsidiary of an entity the long-term deposits or unsecured obligations of which, are rated at least “Baa3” by Moody’s and which has a combined capital and surplus of at least $50,000,000; or (iii) any other account, the use of which would not, in and of itself, cause a qualification, downgrading or withdrawal of the
then-current rating assigned to any Class of Certificates, as confirmed in writing by each Rating Agency.

                   “Environmental Assessment”:  A “Phase I assessment” as described in, and meeting the criteria of, (i) Chapter 5 of the FNMA Multifamily Guide or any successor provisions covering the same subject matter in the case of a Specially Serviced Mortgage Loan as to which the related Mortgaged Property is multifamily property or (ii)  the American Society for Testing and Materials in the case of Specially Serviced Mortgage Loan as to which the related Mortgaged Property is not multifamily property.

                   “ERISA”:  The Employee Retirement Income Security Act of 1974, as amended, and any regulations and administrative pronouncements thereunder.

                   “ERISA Restricted Certificate”:  Any Class J, Class K, Class L, Class M, Class N, Class O or Class P Certificate or any other Certificate if, at the time of its acquisition, the acquisition or holding of such Certificate is not covered by and exempt under one or more of the Exemptions; provided that any such Certificate (a) will cease to be considered an ERISA Restricted Certificate and (b) will cease to be subject to the transfer restrictions related to ERISA Restricted Certificates contained in Section 5.02(c) if, as of the date of a proposed transfer of such Certificate, either (i) it is covered by and exempt under one or more of the Exemptions or (ii) relevant provisions of ERISA and the Code would permit transfer of such Certificate to a Plan without resulting in a

non-exempt prohibited transaction.

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

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

                   “Exchange Act”:  Securities Exchange Act of 1934, as amended.

                   “Exchange Certificate”:  The certificate necessary to exchange an interest in a Regulation S Global Certificate for an interest in a Domestic Global Certificate, which is in the form of Exhibit F-4 attached hereto, as described in Section 5.02(e).

                   “Excluded Class”:  Any Class of Sequential Pay Certificates other than the Class A-1 Certificates, Class A-2 Certificates, Class A-PB Certificates, Class A-3 Certificates, Class A-3FL Certificates, Class A-1A Certificates, Class A-M Certificates, Class A-J Certificates, Class B Certificates, Class C Certificates, Class D Certificates, Class E Certificates, Class F Certificates, Class G Certificates and Class H Certificates.

                   “Exemptions”:  Department of Labor Prohibited Transaction Exemption (“PTE”) 96-22, PTE 89-89, PTE 89-88, PTE 2002-19 and PTE 91-14, each as amended from time to time, or any successor thereto.

                   “FDIC”:  Federal Deposit Insurance Corporation, or its successor in interest.

                   “FHLMC”:  Federal Home Loan Mortgage Corporation, or its successor in interest.

                   “Final Recovery Determination”:  A determination by the Special Servicer with respect to any Defaulted Mortgage Loan (and, if applicable, any defaulted Companion Loan) or REO Property (other than a Mortgage Loan or REO Property, as the case may be, that was purchased by either Mortgage Loan Seller pursuant to the applicable Mortgage Loan Purchase Agreement by the Majority Subordinate Certificateholder, the applicable Companion Holder or the Special Servicer pursuant to Section 3.18(c), 3.18(d), 3.18(e) or 3.18(h), or by the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder pursuant to Section 9.01) that there has been a recovery of all Insurance Proceeds, Liquidation Proceeds and other payments or recoveries that the Special Servicer has determined, in accordance with the Servicing Standard,
will be ultimately recoverable.

                   “Fitch”:  Fitch, Inc., or its successor in interest.  If neither Fitch nor any successor remains in existence, “Fitch” shall be deemed to refer to such other nationally recognized statistical rating agency or any other comparable Person designated by the Depositor, notice of which designation shall be given to the Trustee, the Master Servicer and the Special Servicer, and specific ratings of Fitch herein referenced shall be deemed to refer to the equivalent ratings of the party so designated.

                   “Fixed Amount”:  The “Fixed Amount” as defined in the Swap Contract.

                   “Fixed Swap Payment”:  With respect to any Distribution Date, the Fixed Amount required to be paid to the Swap Counterparty by the Trust under the Swap Contract.

                   “Floating Amount”:  The “Floating Amount” as defined in the Swap Contract.

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                   “Floating Swap Payment”:  With respect to any Distribution Date, the Floating Amount required to be paid to the Trust by the Swap Counterparty under the Swap Contract.

                   “Floating Rate Account”:  The trust account or accounts created and maintained as a separate account or accounts (or as a subaccount of the Distribution Account) by the Paying Agent pursuant to Section 3.04(g), which shall be entitled “Wells Fargo Bank, N.A., as Trustee, in trust for the registered Holders of Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass Through Certificates, Series 2006-C26 Class A-3FL Certificates, Floating Rate Account,” and which must be an Eligible Account (or a subaccount of an Eligible Account).  The Floating Rate Account shall not be an asset of either REMIC I or REMIC II formed hereunder.

                   “FNMA”:  Federal National Mortgage Association, or any successor in interest.

                   “Form 8-K Disclosure Information”:  As defined in Section 8.17(j).

                   “Gain-on-Sale Proceeds”:  With respect to any Mortgage Loan, the excess of (i) Liquidation Proceeds of the Mortgage Loan or related REO Property net of any related Liquidation Expenses, over (ii) the Purchase Price for such Mortgage Loan on the date on which such Liquidation Proceeds were received.  Any Gain-on-Sale Proceeds in respect of The Woodlands Mall Loan will be deemed distributed in respect of the residual interest in the Woodlands Mall Loan REMIC and simultaneously deemed deposited in the Gain-On-Sale Reserve Account.

                   “Gain-on-Sale Reserve Account”:  A segregated custodial account or accounts or subaccount of the Distribution Account created and maintained by the Paying Agent pursuant to Section 3.04(e) on behalf of the Trustee in trust for the Certificateholders, which shall be entitled “Wells Fargo Bank, N.A., as Trustee, in trust for the registered holders of Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2006-C26.”  Any such account shall be an Eligible Account or a subaccount of an Eligible Account.

                   “Global Certificates”:  The Offered Certificates represented by the Regulation S Global Certificates and/or the Domestic Global Certificates.

                   “Grantor Trust Provisions”:  Subpart E of Part I of subchapter J of the Code and Treasury Regulations Section 301.7701-4(c).

                   “Grantor Trusts”:  Collectively, the Additional Interest Grantor Trust and the Class A-3FL Grantor Trust.

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

                   “Group 1 Mortgage Loan”:  Any Mortgage Loan identified on the Mortgage Loan Schedule as belonging to Loan Group 1.

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                   “Group 2 Mortgage Loan”:  Any Mortgage Loan identified on the Mortgage Loan Schedule as belonging to Loan Group 2.

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

                   “Holder”:  A Certificateholder.

                   “HUD-Approved Servicer”:  A servicer approved by the Secretary of Housing and Urban Development pursuant to Section 207 of the National Housing Act.

                   “Impound Reserve”:  As defined in Section 3.16(c) hereof.

                   “Independent”:  When used with respect to any specified Person, any such Person who (i) is in fact independent of the Depositor, the Mortgage Loan Sellers, the Master Servicer, the Special Servicer, the Controlling Class Representative, the Trustee, any Companion Holder and any and all Affiliates thereof, (ii) does not have any direct financial interest in or any material indirect financial interest in any of the Depositor, the Mortgage Loan Sellers, the Master Servicer, the Special Servicer, the Controlling Class Representative, the Trustee, any Companion Holder or any Affiliate thereof, and (iii) is not connected with the Depositor, the Mortgage Loan Sellers, the Master Servicer, the Controlling Class Representative, the Special Servicer, the Trustee, any Companion Holder or any Affiliate thereof as an officer,
employee, promoter, underwriter, trustee, partner, director or Person performing similar functions; provided, however, that a Person shall not fail to be Independent of the Depositor, the Mortgage Loan Sellers, the Master Servicer, the Controlling Class Representative, the Special Servicer, the Trustee or any Affiliate thereof merely because such Person is the beneficial owner of 1% or less of any class of securities issued by the Depositor, the Mortgage Loan Sellers, the Master Servicer, the Special Servicer, the Controlling Class Representative, the Trustee or any Affiliate thereof, as the case may be.

                   “Independent Appraiser”:  An Independent professional real estate appraiser who is a member in good standing of the Appraisal Institute, and, if the State in which the subject Mortgaged Property is located certifies or licenses appraisers, certified or licensed in such State, and in each such case, who has a minimum of five years experience in the subject property type and market.

                   “Independent Contractor”:  Any Person that would be an “independent contractor” with respect to REMIC I or the Woodlands Mall Loan REMIC, as applicable, within the meaning of Section 856(d)(3) of the Code if REMIC I or the Woodlands Mall Loan REMIC, as applicable, were a real estate investment trust (except that the ownership test set forth in that section shall be considered to be met by any Person that owns, directly or indirectly, 35 percent or more of any Class of Certificates, or such other interest in any Class of Certificates as is set forth in an Opinion of Counsel, which shall be delivered, at no expense to the Master Servicer,

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the Special Servicer, the Trustee or the Trust Fund, to the Trustee and the Master Servicer, so long as REMIC I or the Woodlands Mall Loan REMIC, as applicable, does not receive or derive any income from such Person and provided that the relationship between such Person and REMIC I or the Woodlands Mall Loan REMIC, as applicable, is at arm’s length, all within the meaning of Treasury Regulations Section 1.856-4(b)(5)), or any other Person upon receipt by the Trustee of an Opinion of Counsel, which shall be at no expense to the Master Servicer, the Special Servicer, the Trustee or the Trust Fund, to the effect that the taking of any action in respect of any REO Property by such Person, subject to any conditions therein specified, that is otherwise herein contemplated to be taken by an Independent Contractor will not cause such REO Property to cease to qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of
the Code, or cause any income realized in respect of such REO Property to fail to qualify as Rents from Real Property as defined in Section 856(d) of the Code.

                   “Initial Purchaser”:  Wachovia Capital Markets, LLC, or its successor in interest.

                   “Institutional Accredited Investor”:  Institutional “accredited investors” as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act or any entity in which all the equity holders fall within any such subsections.

                   “Insurance Policy”:  With respect to any Mortgage Loan, any hazard insurance policy, flood insurance policy, title policy or other insurance policy that is maintained from time to time in respect of such Mortgage Loan or the related Mortgaged Property.

                   “Insurance Proceeds”:  Proceeds paid under any Insurance Policy, to the extent such proceeds are not applied to the restoration of the related Mortgaged Property, released to the Mortgagor, or any tenants or ground lessors, as the case may be, pursuant to the terms of the related Mortgage or lease, in accordance with the Servicing Standard.

                   “Insured Environmental Event”:  As defined in Section 3.08(c).

                   “Intercreditor Agreement”:  Each of The Woodlands Mall Intercreditor Agreement, the Prime Outlets Pool II Pari Passu Intercreditor Agreement, the Prime Outlets Pool II Subordinate Intercreditor Agreement, the Chemed Center Leasehold Intercreditor Agreement and the Tan-Tar-A Resort Intercreditor Agreement, individually or collectively, as the context may require.

                   “Interest Accrual Period”:  With respect to each Class of Regular Certificates, REMIC I Regular Interests or Component, the Class A-3FL Regular Interest or the Woodlands Mall Loan REMIC Regular Interests and any Distribution Date, the calendar month immediately preceding the calendar month in which such Distribution Date occurs.  Notwithstanding the foregoing, each Interest Accrual Period is deemed to consist of 30 days for purposes of calculating interest on the Regular Certificates, the REMIC I Regular Interests or Components, the Class A-3FL Regular Interest or the Woodlands Mall Loan REMIC Regular Interests; with respect to the Class A-3FL Certificates, interest shall be calculated on an Actual/360 Basis and, for any Distribution Date, shall be deemed to accrue during the period from and including the Distribution Date

in the month preceding the month in which the related Distribution Date occurs (or, in the case of the first Distribution Date, the Closing Date) to but excluding the related Distribution Date; provided, however, that if a Class A-3FL Distribution Conversion has occurred, Accrued Certificate Interest with respect to the Class A-3FL Certificates shall be the same as for the Class A-3FL Regular Interest.

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                     “Interest Reserve Account”:  The segregated account created and maintained by the Trustee pursuant to Section 3.04(c) in trust for Certificateholders, which shall be entitled “Wells Fargo, Bank, N.A., as Trustee, on behalf of and in trust for the registered holders of Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2006-C26”.

                   “Interest Reserve Amount”:  With respect to each Interest Reserve Loan and each Distribution Date that occurs in February of each year and in January of each year that is not a leap year, an amount equal to one day’s interest at the related Mortgage Rate (without regard to the second proviso in the definition thereof) on the related Stated Principal Balance as of the Due Date in the month in which such Distribution Date occurs (but prior to the application of any amounts owed on such Due Date), to the extent a Periodic Payment or P&I Advance is made in respect thereof for such Due Date as of the related P&I Advance Date.

                   “Interest Reserve Loan”:  Each Mortgage Loan (other than The Woodlands Mall Non-Pooled Component) that is an Actual/360 Mortgage Loan.

                   “Interest Shortfall Account”:  As defined in Section 3.04(g).

                   “Interest Shortfall Amount”:  $0.

                   “Interested
Person”:  The Depositor, any Mortgage Loan Seller, the Master
Servicer, the Special Servicer, any Independent Contractor hired by the Special
Servicer, any Holder of a Certificate, each Companion Holder (but only with
respect to the related Co-Lender Loan) or any Affiliate of any such
Person.

                   “Internet Website”:  The Internet Websites maintained by the Trustee and, if applicable, the Master Servicer initially located at “www.ctslink.com” and “www.wachovia.com”, respectively, or such other address as provided to the parties hereto from time to time.

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

                   “Issue Price”:  With respect to each Class of Certificates, the “issue price” as defined in the Code and Treasury regulations promulgated thereunder.

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

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Proceeds, REO Revenues or otherwise, which represent late collections of the principal and/or interest portions of a Scheduled Payment (other than a Balloon Payment) or an Assumed Scheduled Payment in respect of the predecessor Mortgage Loan or of an Assumed Scheduled Payment in respect of such REO Loan due or deemed due on a Due Date in a previous Collection Period and not previously recovered.

                   “LIBOR”:  With respect to the Class A-3FL Certificates and each Interest Accrual Period, the rate for deposits in U.S. Dollars, for a period equal to one month, which appears on the Dow Jones Market Service (formerly Telerate) Page 3750 as of 11:00 a.m., London time, on the related LIBOR Determination Date.  If such rate does not appear on Dow Jones Market Service Page 3750, the rate for that Interest Accrual Period will be determined on the basis of the rates at which deposits in U.S. Dollars are offered by any four major reference banks in the London interbank market selected by the Trustee to provide such bank’s offered quotation of such rates at approximately 11:00 a.m., London time, on the related LIBOR Determination Date to prime banks in the London interbank market for a period of one month,
commencing on the first day of such Interest Accrual Period and in an amount that is representative for a single such transaction in the relevant market at the relevant time.  The Trustee will request the principal London office of any four major reference banks in the London interbank market selected by the Trustee to provide a quotation of such rates, as offered by each such bank.  If at least two such quotations are provided, the rate for that Interest Accrual Period will be the arithmetic mean of the quotations.  If fewer than two quotations are provided as requested, the rate for that Interest Accrual Period will be the arithmetic mean of the rates quoted by major banks in New York City selected by the Trustee, at approximately 11:00 a.m., New York City time, on the LIBOR Determination Date with respect to such Interest Accrual Period for loans in U.S. Dollars to leading European banks for a period equal to one month, commencing on the LIBOR Determination Date with respect to such
Interest Accrual Period and in an amount that is representative for a single such transaction in the relevant market at the relevant time.  The Trustee will determine LIBOR for each Interest Accrual Period and the determination of LIBOR by Trustee will be binding absent manifest error. 

                   “LIBOR Determination Date”:  (i) with respect to the initial Interest Accrual Period, the Closing Date, and (ii) with respect to each Interest Accrual Period thereafter, the date that is two LIBOR Business Days prior to the related Interest Accrual Period.

                   “LIBOR Business Day”:  Any day on which commercial banks are open for international business (including dealings in U.S. Dollar deposits) in London, England and New York, New York.

                   “Liquidation Event”:  With respect to any Mortgage Loan, any of the following events:  (i) such Mortgage Loan is paid in full; (ii) a Final Recovery Determination is made with respect to such Mortgage Loan; (iii) such Mortgage Loan is repurchased by a Mortgage Loan Seller pursuant to the applicable Mortgage Loan Purchase Agreement; or (iv) such Mortgage Loan is purchased by the Majority Subordinate Certificateholder, the Companion Holders, the mezzanine lenders or the Special Servicer pursuant to Sections 3.18(c), 3.18(d), 3.18(e) or 3.18(m), or by the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder pursuant to Section 9.01.  With respect to any REO Property (and the related REO Loan), any of the following events:  (i) a Final Recovery
Determination is made with respect to such REO Property; (ii) such REO Property is purchased by the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder pursuant to Section 9.01; or (iii) such REO Property is purchased by the Companion Holder as described in Section 3.18(d).

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

                   “Liquidation Fee Rate”:  With respect to all amounts set forth in the third paragraph of Section 3.11(c), 1.00%.

                   “Liquidation Proceeds”:  All cash amounts (other than Insurance Proceeds and REO Revenues) received by the Master Servicer or the Special Servicer in connection with:  (i) the taking of all or a part of a Mortgaged Property or REO Property by exercise of the power of eminent domain or condemnation, subject, however, to the rights of any tenants and ground lessors, as the case may be, and the rights of the Mortgagor under the terms of the related Mortgage; (ii) the liquidation of a Mortgaged Property or other collateral constituting security for a Defaulted Mortgage Loan, through trustee’s sale, foreclosure sale, REO Disposition or otherwise, exclusive of any portion thereof required to be released to the related Mortgagor in accordance with applicable law and the terms and conditions of the related Mortgage
Note and Mortgage; (iii) the realization upon any deficiency judgment obtained against a Mortgagor; (iv) the purchase of a Defaulted Mortgage Loan by the Majority Subordinate Certificateholder, the related Companion Holder, the mezzanine lenders or the Special Servicer pursuant to Section 3.18(c), Section 3.18(d), Section 3.18(e) or Section 3.18(m); (v) the repurchase of a Mortgage Loan by a Mortgage Loan Seller pursuant to the applicable Mortgage Loan Purchase Agreement; (vi) the purchase of a Mortgage Loan or REO Property by the Master Servicer, the Special Servicer, or the Majority Subordinate Certificateholder pursuant to Section 9.01; (vii) the purchase of an REO Property by the Companion Holder pursuant to Section 3.18(d); or (viii) the remittance by the applicable Mortgage Loan Seller of amounts specified in Section 2.03(g).

                   “Loan Components”:  As defined in the Preliminary Statement.

                   “Loan Group”:  Either Loan Group 1 or Loan Group 2.

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

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

                   “Loan Group 1 Principal Distribution Amount”:  With respect to any Distribution Date, that portion, if any, of the Principal Distribution Amount attributable to Loan Group 1.

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

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

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                   “Loan Group 2 Principal Distribution Amount”:  With respect to any Distribution Date, that portion, if any, of the Principal Distribution Amount attributable to Loan Group 2.

                   “Loan Pair”:  Collectively, any Co-Lender Loan and its related Companion Loan(s).

                   “Loan-to-Value Ratio”:  With respect to any Mortgage Loan (other than The Woodlands Mall Loan), as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the then current principal amount of such Mortgage Loan, and the denominator of which is the Appraised Value of the related Mortgaged Property.

                   “Lockout Period”:  With respect to any Mortgage Note that prohibits the Mortgagor from prepaying such Mortgage Loan until a date specified in such Mortgage Note, the period from the Closing Date until such specified date.

                   “Majority Mortgage Loans”:  The Mortgage Loans other than The Woodlands Mall Loan.

                   “Majority Subordinate Certificateholder”:  As of any date of determination, any single Holder of Certificates (other than any Holder which is an Affiliate of the Depositor or the Mortgage Loan Seller) entitled to greater than 50% of the Voting Rights allocated to the Controlling Class; provided, however, that, if there is no single Holder of Certificates entitled to greater than 50% of the Voting Rights allocated to such Class, then the Majority Subordinate Certificateholder shall be the single Holder of Certificates with the largest percentage of Voting Rights allocated to such Class.  With respect to determining the Majority Subordinate Certificateholder, the Class A-1 Certificates, the Class A-2 Certificates, the Class A-PB Certificates, the Class A-3 Certificates, the Class A-3FL Certificates
and the Class A-1A Certificates shall be deemed to be a single Class of Certificates, with such Voting Rights allocated among the Holders of Certificates of such Classes in proportion to the respective Certificate Principal Balances of such Certificates as of such date of determination.

                   “Master Servicer”:  Wachovia Bank, National Association, its successor in interest (including the Trustee as successor pursuant to Section 7.02), or any successor master servicer appointed as herein provided.

                   “Master Servicing Fee”:  With respect to each Mortgage Loan and REO Loan the fee payable to the Master Servicer pursuant to Section 3.11(a).

                   “Master Servicing Fee Rate”:  With respect to each Mortgage Loan the percentage set forth under the column “Master Servicing Fee Rate” on the Mortgage Loan Schedule.

                   “Material Core Documents”:  As defined in Section 2.03.

                   “Memorandum”:  As defined in the Mortgage Loan Purchase Agreement.

                   “Money Term”:  With respect to any Mortgage Loan, the maturity date, Mortgage Rate, Stated Principal Balance, amortization term or payment frequency thereof or any provision thereof requiring the payment of a Prepayment Premium or Yield Maintenance Charge in connection with a Principal Prepayment (but not any late fees or default interest provisions).

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                   “Moody’s”:  Moody’s Investors Service, Inc., or its successor in interest.  If Moody’s nor any successor remains in existence, “Moody’s” shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable Person designated by the Depositor, notice of which designation shall be given to the Trustee, the Master Servicer and the Special Servicer, and specific ratings of Moody’s herein referenced shall be deemed to refer to the equivalent ratings of the party so designated.

                   “Mortgage”:  With respect to any Mortgage Loan, the mortgage, deed of trust, deed to secure debt or similar instrument that secures the Mortgage Note and creates a lien on the fee or leasehold interest in the related Mortgaged Property.

                   “Mortgage Deferred Interest”:  With respect to any Mortgage Loan as to which the Mortgage Rate has been reduced through a modification and any Distribution Date, the amount by which (a) interest accrued at such reduced rate is less than (b) the amount of interest that would have accrued on such Mortgage Loan at the Mortgage Rate before such reduction, to the extent such amount has been added to the outstanding principal balance of such Mortgage Loan.

                   “Mortgage File”:  With respect to any Mortgage Loan, collectively the following documents:

	
  
 
  	
  
             (i)          the   original executed Mortgage Note including any power of attorney related to   the execution thereof, together with any and all intervening endorsements   thereon, endorsed on its face or by allonge attached thereto (without   recourse, representation or warranty, express or implied) to the order of   “Wells Fargo Bank, N.A., as trustee for the registered holders of Wachovia   Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through   Certificates, Series 2006-C26”, or in blank (or a lost note affidavit and   indemnity with a copy of such Mortgage Note attached thereto);
  
	
   
  	
  
 
  
	
  
 
  	
  
             (ii)          an   original or copy of the Mortgage, together with any and all intervening   assignments thereof, in each case (unless not yet returned by the applicable   recording office) with evidence of recording indicated thereon or certified   by the applicable recording office;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (iii)         an   original or copy of any related Assignment of Leases (if such item is a   document separate from the Mortgage), together with any and all intervening   assignments thereof, in each case (unless not yet returned by the applicable   recording office) with evidence of recording indicated thereon or certified   by the applicable recording office;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (iv)         an   original executed assignment, in recordable form (except for any missing   recording information), of (a) the Mortgage, (b) any related   Assignment of Leases (if such item is a document separate from the Mortgage   and to the extent not already assigned pursuant to preceding clause (a)) and   (c) any other recorded document relating to the Mortgage Loan otherwise   included in the Mortgage File, in favor of “Wells Fargo Bank, N.A., as   trustee for the registered holders of Wachovia Bank Commercial Mortgage   Trust, Commercial Mortgage Pass-Through Certificates, Series 2006-C26”, or in   blank;
  

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             (v)          an   original assignment of all unrecorded documents relating to the Mortgage Loan   (to the extent not already assigned pursuant to clause (iv) above), in favor   of “Wells Fargo Bank, N.A., as trustee for the registered holders of Wachovia   Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through   Certificates, Series 2006-C26”, or in blank;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (vi)         originals   or copies of any modification, consolidation, assumption and substitution   agreements in those instances where the terms or provisions of the Mortgage   or Mortgage Note have been consolidated or modified or the Mortgage Loan has   been assumed or consolidated;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (vii)        the   original or a copy of the policy or certificate of lender’s title insurance   or, if such policy has not been issued or located, an original or copy of an   irrevocable, binding commitment (which may be a marked version of the policy   that has been executed by an authorized representative of the title company,   a “pro forma” title policy, or an agreement to provide the same pursuant to   binding escrow instructions executed by an authorized representative of the   title company) to issue such title insurance policy;
  
	
   
  	
  
 
  
	
  
 
  	
  
             (viii)       any   filed copies (bearing evidence of filing) or other evidence of filing   satisfactory to the Trustee of any prior UCC Financing Statements in favor of   the originator of such Mortgage Loan or in favor of any assignee prior to the   Trustee (but only to the extent the Mortgage Loan Seller had possession of   such UCC Financing Statements prior to the Closing Date) and, if there is an   effective UCC Financing Statement and continuation statement in favor of the   Mortgage Loan Seller on record with the applicable public office for UCC   Financing Statements, an original UCC Amendment, in form suitable for filing   in favor of “Wells Fargo Bank, N.A., as trustee for the registered holders of   Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through   Certificates, Series 2006-C26, as assignee”, or in
blank;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (ix)         an   original or copy of (A) any Ground Lease, memorandum of ground lease and   ground lessor estoppel, and (B) any loan guaranty or indemnity and (C) any   environmental insurance policy;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (x)         any   intercreditor agreement relating to permitted debt (including, without   limitation, mezzanine debt) of the Mortgagor;
  
	
   
  	
  
 
  
	
  
 
  	
  
             (xi)        copies   of any loan agreement, escrow agreement or security agreement relating to   such Mortgage Loan;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (xii)       a   copy of any letter of credit and related transfer documents relating to such   Mortgage Loan;
  

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             (xiii)       copies   of any management agreements and applicable transfer or assignment documents;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (xiv)       copies   of any cash management agreements and applicable transfer or assignment   documents;
  
	
   
  	
  
 
  
	
  
 
  	
  
             (xv)        copies   of franchise agreements and franchisor comfort letters, if any, for   hospitality properties and applicable transfer or assignment documents; and
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (xvi)       with   respect to any Companion Loan, all of the above documents with respect to   such Companion Loan and the related Intercreditor Agreement; provided   that a copy of each Mortgage Note relating to such Companion Loan, rather   than the original, shall be provided, and no assignments shall be provided;
  

                    provided that, whenever the term “Mortgage File” is used to refer to documents actually received by the Trustee or by a Custodian on its behalf, such term shall not be deemed to include such documents required to be included therein unless they are actually so received, and with respect to any receipt or certification by the Trustee or the Custodian for documents described in clauses (vi) and (ix) (solely with respect to any guaranty) of this definition, shall be deemed to include only such documents to the extent the Trustee or Custodian has actual knowledge of their existence.

                   “Mortgage Loan”:  Each of the mortgage loans transferred and assigned to the Trust Fund pursuant to Section 2.01 and listed on the Mortgage Loan Schedule and from time to time held in the Trust Fund.  As used herein, the term “Mortgage Loan” includes the related Mortgage Note, Mortgage, and other security documents contained in the related Mortgage File.  Unless otherwise indicated, as used in this Agreement, the term “Mortgage Loan” does not include any Companion Loan.

                   “Mortgage Loan Purchase Agreement”:  Each of the Wachovia Mortgage Loan Purchase Agreement and the Artesia Mortgage Loan Purchase Agreement, individually or collectively, as the context may require.

                   “Mortgage Loan Schedule”:  The list of Mortgage Loans transferred on the Closing Date to the Trustee as part of REMIC I or, in the case of The Woodlands Mall Loan, as part of the Woodlands Mall Loan REMIC, attached hereto as Exhibit B and in a computer readable format.  Such list shall set forth the following information with respect to each Mortgage Loan:

	
  
 
  	
  
             (i)          the   Mortgage Loan number;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (ii)         the   street address (including city, county, state and zip code) and name of the   related Mortgaged Property;
  
	
  
 
  	
  
 
  
	
   
  	
  
             (iii)        the   Cut-Off Date Balance;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (iv)        the   amount of the Periodic Payment due on the first Due Date following the   Closing Date;
  

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             (v)         the   original Mortgage Rate;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (vi)        the   (A) original term to stated maturity, (B) remaining term to stated maturity   and (C) the Stated Maturity Date and, in the case of an ARD Loan, the   Anticipated Repayment Date;
  
	
   
  	
  
 
  
	
  
 
  	
  
             (vii)       in   the case of a Balloon Mortgage Loan, the remaining amortization term;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (viii)      the   original and remaining amortization term;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (ix)       whether   the Mortgage Loan is secured by a Ground Lease;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (x)         the   Master Servicing Fee Rate;
  
	
  
 
  	
  
 
  
	
   
  	
  
             (xi)       whether   such Mortgage Loan is an ARD Loan and if so the Anticipated Repayment Date   and Additional Interest Rate for such ARD Loan;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (xii)       the   related Mortgage Loan Seller;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (xiii)     whether   such Mortgage Loan is insured by an environmental policy;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (xiv)     whether   such Mortgage Loan is cross-defaulted or cross-collateralized with any other   Mortgage Loan;
  
	
  
 
  	
  
 
  
	
   
  	
  
             (xv)      whether   such Mortgage Loan is a Defeasance Loan;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (xvi)     whether   the Mortgage Loan is secured by a letter of credit;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (xvii)    whether   such Mortgage Loan is an Interest Reserve Loan;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (xviii)   whether   payments on such Mortgage Loan are made to a lock-box;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (xix)     the   amount of any Reserve Funds escrowed in respect of each Mortgage Loan;
  
	
   
  	
  
 
  
	
  
 
  	
  
             (xx)      the   number of units or square feet related to the Mortgaged Property;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (xxi)     the   number of grace days after the Due Date until Periodic Payments incur late   payment charges; and
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (xxii)    the   applicable Loan Group to which such Mortgage Loan belongs.
  

                   “Mortgage Loan Seller”:  Each of Wachovia and Artesia, or their respective successors in interest, individually or collectively as the context may require.

                   “Mortgage Note”:  The original executed note evidencing the indebtedness of a Mortgagor under a Mortgage Loan or Companion Loan, together with any rider, addendum or amendment thereto, or any renewal, substitution or replacement of such note.

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                   “Mortgage Pool”:  Collectively, all of the Mortgage Loans and any successor REO Loans.

                   “Mortgage Rate”:  With respect to (i) any Mortgage Loan (or related Loan Component) on or prior to its Stated Maturity Date, the fixed annualized rate, not including any Additional Interest Rate, at which interest is scheduled (in the absence of a default) to accrue on such Mortgage Loan from time to time in accordance with the related Mortgage Note and applicable law; (ii) any Mortgage Loan (or related Loan Component) after its Stated Maturity Date, the annualized rate described in clause (i) above determined without regard to the passage of such Stated Maturity Date, but giving effect to any modification thereof as contemplated by Section 3.20; and (iii) any REO Loan (or related Loan Component), the annualized rate described in clause (i) or (ii), as applicable, above determined as if the
predecessor Mortgage Loan had remained outstanding; provided, however, that if any Mortgage Loan does not accrue interest on the basis of a 360-day year consisting of twelve 30-day months, then, solely for purposes of calculating the Pass-Through Rates, the Mortgage Rate of such Mortgage Loan for any one-month period preceding a related Due Date will be the annualized rate at which interest would have to accrue in respect of such Mortgage Loan on the basis of a 360-day year consisting of twelve 30-day months in order to produce the aggregate amount of interest actually accrued (exclusive of Penalty Interest or Additional Interest) in respect of such Mortgage Loan during such one-month period at the related Mortgage Rate; provided, however, that, solely for the purposes of calculating the Pass-Through Rates, with respect to each Interest Reserve Loan, the Mortgage Rate for the one-month period (A) preceding the Due Dates that occur in January and February in any year which
is not a leap year or preceding the Due Date that occurs in February in any year which is a leap year will be determined exclusive of the Interest Reserve Amounts for such months (in each case unless such Due Date occurs in a January or February in which the final Distribution Date occurs), and (B) preceding the Due Date in March, and in the event the final Distribution Date occurs in February, preceding the Due Date in such February, will be determined inclusive of the Interest Reserve Amounts for the immediately preceding February and, if applicable, January; provided, further, that, if the Mortgage Rate of the related Mortgage Loan has been modified in connection with a bankruptcy or similar proceeding involving the related Mortgagor or a modification, waiver or amendment granted or agreed to by the Special Servicer pursuant to Section 3.20, solely for purposes of calculating the Pass-Through Rate, the Mortgage Rate for such Mortgage Loan shall be calculated without regard to
such event.

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

                   “Mortgagor”:  The obligor or obligors on a Mortgage Note, including without limitation, any Person that has acquired the related Mortgaged Property and assumed the obligations of the original obligor under the Mortgage Note and/or, in the case of an indemnity deed of trust, the entity which granted the lien on such Mortgaged Property.

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

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Prepayment Interest Shortfall with respect to the Prime Outlets Pool II Loan, such Prepayment Interest Shortfall will be calculated with respect to each of, and allocated pro rata among, the promissory notes related to the Prime Outlets Pool II Loan and the Prime Outlets Pool II Pari Passu Companion Loan.  The portion of such shortfall allocated to the Prime Outlets Pool II Loan, net of amounts payable by the Master Servicer, will be included in the Net Aggregate Prepayment Interest Shortfall.  For purposes of calculating the Prepayment Interest Shortfall with respect to the Co-Lender Loans (other than the Prime Outlets Pool II Loan), Prepayment Interest Shortfalls will be allocated first to the promissory note evidencing the related Subordinate Companion Loan, if any, and second to the promissory note evidencing the related Co-Lender Loan.  The portion of such shortfall allocated to the Co-Lender Loans, net of amounts payable by the Master
Servicer, will be included in the Net Aggregate Prepayment Interest Shortfall.  For purposes of calculating any Net Aggregate Prepayment Interest Shortfall which is otherwise allocable to the Class WM Certificates such shortfall shall only consist of any Prepayment Interest Shortfall which resulted from a Principal Prepayment on The Woodlands Mall Loan which was not offset by any related payment deposited by the Master Servicer pursuant to Section 3.19(a) of this Agreement in connection therewith.  For purposes of allocating any Net Aggregate Prepayment Interest Shortfall for The Woodlands Mall Loan, if any, for each Distribution Date shall be allocated first to the Class WM Certificates, up to an amount equal to the lesser of (i) any such Net Aggregate Prepayment Interest Shortfall and (ii) any Accrued Certificate Interest in respect of the Class WM Certificates, and, thereafter, if and to the extent that any portion of such Net Aggregate Prepayment Interest Shortfall remains unallocated,
among the Regular Certificates as described in the definition of Distributable Certificate Interest.

                   “Net Investment Earnings”:  With respect to (i) the Certificate Account, any Servicing Account, any Special Reserve Account, any Reserve Account or the REO Account (if any) for any Collection Period and (ii) the Distribution Account, the Interest Reserve Account, the Additional Interest Account, the Floating Rate Account and the Companion Distribution Account (if any) for the related Distribution Date, the amount, if any, by which the aggregate of all interest and other income realized during such Collection Period with respect to the accounts described in clause (i) above and as of such related Distribution Date with respect to the accounts described in clause (ii) above on funds held in such accounts, exceeds the aggregate of all losses, if any, incurred during such Collection Period with respect to the
accounts described in clause (i) above and as of such related Distribution Date with respect to the accounts described in clause (ii) above in connection with the investment of such funds in accordance with Section 3.06.

                   “Net Investment Loss”:  With respect to (i) the Certificate Account, any Servicing Account, any Special Reserve Account, any Reserve Account or the REO Account (if any) for any Collection Period and (ii) the Distribution Account, the Interest Reserve Account, the Floating Rate Account, the Additional Interest Account and the Companion Distribution Account (if any) for the related Distribution Date, the amount by which the aggregate of all losses, if any, incurred during such Collection Period with respect to the accounts described in clause (i) above and as of such related Distribution Date with respect to the accounts described in clause (ii) above in connection with the investment of funds held in such accounts in accordance with Section 3.06, exceeds the aggregate of all interest and other income
realized during such Collection Period with respect to the accounts described in clause (i) above and as of such related Distribution Date with respect to the accounts described in clause (ii) above on such funds.

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                   “Net Mortgage Rate”:  With respect to any Mortgage Loan (other than The Woodlands Mall Loan) or any REO Loan (or related Loan Component), as of any date of determination, a rate per annum equal to the related Mortgage Rate minus the sum of the Trustee Fee Rate and the applicable Master Servicing Fee Rate.

                   “Net Operating Income” or “NOI”:  As defined in and determined in accordance with the provisions of Exhibit E attached hereto.

                   “Net Swap Payment”:  With respect to the related Interest Accrual Period, the excess, if any of (i) the Fixed Swap Payment over (ii) the Floating Swap Payment.

                   “New Lease”:  Any lease of REO Property entered into at the direction of the Special Servicer on behalf of REMIC I (or the Woodlands Mall Loan REMIC), including any lease renewed, modified or extended on behalf of such REMIC if the Special Servicer has the right to renegotiate the terms of such lease.

                   “Nonrecoverable Advance”:  Any Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance; provided that Workout-Delayed Reimbursement Amounts shall constitute a Nonrecoverable Advance only when the Person making such determination in accordance with the procedures specified in the definition of Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance, as applicable, and taking into account factors such as all other outstanding Advances, either (a) has determined in accordance with the Servicing Standard or the standards applicable to the Trustee as set forth in the definitions of “Nonrecoverable P&I Advance” and “Nonrecoverable Servicing Advance” that such Workout-Delayed Reimbursement Amounts would not ultimately be recoverable from Late Collections, Insurance Proceeds or
Liquidation Proceeds, or any other recovery on or in respect of the related Mortgage Loan or REO Loan or (b) has determined in accordance with the Servicing Standard or such other applicable standard that such Workout-Delayed Reimbursement Amounts, along with any other Workout-Delayed Reimbursement Amounts and Nonrecoverable Advances, would not ultimately be recoverable from the portion of Late Collections, Insurance Proceeds or Liquidation Proceeds in respect of the pool of the Mortgage Loans or REO Loans allocable to principal, or any other recovery on or in respect of the pool of Mortgage Loans or REO Loans allocable to principal.

                   “Nonrecoverable P&I Advance”:  Any P&I Advance previously made or proposed to be made in respect of any Mortgage Loan, the Prime Outlets Pool II Pari Passu Companion Loan or any REO Loan by the Master Servicer or the Trustee, as the case may be, the Master Servicer or the Trustee, as applicable, that, as determined by the Master Servicer, the Special Servicer or the Trustee, as applicable, in accordance with the Servicing Standard (in the case of the Master Servicer or the Special Servicer) or the standard of care set forth in Section 8.01(a) (with respect to the Trustee), as applicable, with respect to such P&I Advance will not be ultimately recoverable from Late Collections, Insurance Proceeds or Liquidation Proceeds, or any other recovery on or in respect of such Mortgage Loan, Prime Outlets Pool II Pari
Passu Companion Loan or REO Loan.

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                   “Nonrecoverable Servicing Advance”:  Any Servicing Advance previously made or proposed to be made in respect of a Mortgage Loan, REO Loan or Companion Loan by the Master Servicer, the Special Servicer or the Trustee, as the case may be, that, as determined by the Master Servicer, the Special Servicer or the Trustee, as applicable, in accordance with the Servicing Standard (in the case of the Master Servicer or the Special Servicer) or the standard of care set forth in Section 8.01(a) (with respect to the Trustee), as applicable, will not be ultimately recoverable from Late Collections, Insurance Proceeds, Liquidation Proceeds, or any other recovery on or in respect of such Mortgage Loan, Companion Loan or REO Property as applicable; provided that the Master Servicer will be permitted to conclusively rely upon any such
nonrecoverability determination made by the Special Servicer.

                   “Non-Registered Certificate”:  Unless and until registered under the Securities Act, Class X-C, Class A-3FL, Class E, Class F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class O, Class P, Class WM, Class Z, Class R-I or Class R-II Certificate.

                   “Non-United States Person”:  Any Person other than a United States Person.

                   “Officer’s Certificate”:  A certificate signed by a Servicing Officer of the Master Servicer or the Special Servicer, as the case may be, or by a Responsible Officer of the Trustee.

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

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

                   “Original Class Principal Balance”:  With respect to any Class of Sequential Pay Certificates and the Class A-3FL Regular Interest, the Original Class Principal Balance thereof as of the Closing Date, in each case as specified in the Preliminary Statement.

                   “Original Class X-C Notional Amount”:  $1,731,843,767.

                   “Original Class X-P Notional Amount”:  $1,675,849,000.

                   “Original Notional Amount”:  The Original Class X-C Notional Amount or the Original Class X-P Notional Amount, as the context requires.

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

                   “Ownership Interest”:  As to any Certificate, any ownership or security interest in such Certificate as the Holder thereof and any other interest therein, whether direct or indirect, legal or beneficial, as owner or as pledgee.

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                   “P&I Advance”:  As to any Mortgage Loan or REO Loan, any advance made by the Master Servicer or the Trustee pursuant to Section 4.03(a) and (b) as applicable.

                   “P&I Advance Date”:  The Business Day immediately preceding each Distribution Date.

                   “Pari Passu Companion Loan”:  The Prime Outlets Pool II Pari Passu Companion Loan.

                   “Pari Passu Mortgage Loan”:  The Prime Outlets Pool II Loan.

                   “Pass-Through Rate”:  With respect to:

	
  
 
  	
  
             (i)          the   Class A-1 Certificates for any Distribution Date, 5.726% per annum;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (ii)         the   Class A-2 Certificates for any Distribution Date, 5.935% per annum;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (iii)        the   Class A-PB Certificates for any Distribution Date,  5.997% per annum;
  
	
  
 
  	
  
 
  
	
   
  	
  
             (iv)        the   Class A-3 Certificates for any Distribution Date, the lesser of (1)   6.011% per   annum and (2) the Weighted Average Net Mortgage Rate for such   date;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (v)         the   Class A-3FL Certificates (A) for any Distribution Date on which a Class A-3FL   Distribution Conversion has not occurred and is not continuing, a per annum   rate equal to LIBOR plus 0.19%; provided that interest payments on the   Class A-3FL Certificates will be reduced on each Distribution Date by an   amount corresponding to the excess, if any of (i) interest payments   calculated on the principal balance of the Class A-3FL Certificates at 5.973%   per   annum over (ii) interest payments calculated at a per annum   rate equal to the applicable Weighted Average Net Mortgage Rate for such date   and (B) for any Distribution Date on which a Class A-3FL Distribution   Conversion has occurred and is continuing, the lesser of (1) 5.973% per annum   and (2) the Weighted Average Net Mortgage Rate

for such date;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (vi)        the   Class A-3FL Regular Interest for any Distribution Date, 5.973% per annum;
  
	
   
  	
  
 
  
	
  
 
  	
  
             (vii)       the   Class A-1A Certificates for any Distribution Date, the lesser of   (1) 6.009% per annum and (2) the Weighted Average Net Mortgage Rate   for such date;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (viii)      the   Class A-M Certificates for any Distribution Date, the Weighted Average Net   Mortgage Rate for such date minus 0.075%;
  

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             (ix)        the   Class A-J Certificates for any Distribution Date, the Weighted Average   Net Mortgage Rate for such date minus 0.045%;
  
	
  
 
  	
  
 
  
	
   
  	
  
             (x)         the   Class B Certificates for any Distribution Date, the Weighted Average Net   Mortgage Rate for such date minus 0.015%;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (xi)        the   Class C Certificates for any Distribution Date, the Weighted Average Net   Mortgage Rate for such date;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (xii)       the   Class D Certificates for any Distribution Date, the Weighted Average Net   Mortgage Rate for such date;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (xiii)      the   Class E Certificates for any Distribution Date, the Weighted Average Net   Mortgage Rate for such date;
  
	
   
  	
  
 
  
	
  
 
  	
  
             (xiv)      the   Class F Certificates for any Distribution Date, the Weighted Average Net   Mortgage Rate for such date;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (xv)       the   Class G Certificates for any Distribution Date, the Weighted Average Net   Mortgage Rate for such date;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (xvi)      the   Class H Certificates for any Distribution Date, the Weighted Average Net   Mortgage Rate for such date;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (xvii)     the   Class J Certificates for any Distribution Date, the lesser of (1) 5.653%   per   annum and (2) the Weighted Average Net Mortgage Rate for such   date;
  
	
   
  	
  
 
  
	
  
 
  	
  
             (xviii)    the   Class K Certificates for any Distribution Date, the lesser of (1) 5.653%   per   annum and (2) the Weighted Average Net Mortgage Rate for such   date;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (xix)      the   Class L Certificates for any Distribution Date, the lesser of   (1) 5.653% per annum and (2) the Weighted Average Net Mortgage Rate   for such date;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (xx)       the   Class M Certificates for any Distribution Date, the lesser of   (1) 5.653% per annum and (2) the Weighted Average Net Mortgage Rate   for such date;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (xxi)      the   Class N Certificates for any Distribution Date, the lesser of   (1) 5.653% per annum and (2) the Weighted Average Net Mortgage Rate   for such date;
  
	
   
  	
  
 
  
	
  
 
  	
  
             (xxii)     the   Class O Certificates for any Distribution Date, the lesser of   (1) 5.653% per annum and (2) the Weighted Average Net Mortgage Rate   for such date;
  

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             (xxiii)    the   Class P Certificates for any Distribution Date, the lesser of   (1) 5.653% per annum and (2) the Weighted Average Net Mortgage Rate   for such date;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (xxiv)    the   Class X-C Certificates (1) for the initial Distribution Date, 0.038% per annum,   and (2) for any subsequent Distribution Date, the weighted average of the   Class X-C Strip Rates for the respective Class X-C Components for such   Distribution Date; provided, however, that the   Pass-Through Rate applicable to the Class X-C Certificates, in no circumstance   shall be less than zero;
  
	
   
  	
  
 
  
	
  
 
  	
  
             (xxv)     the   Class X-P Certificates for the initial Distribution Date, 0.024% per annum,   and for any subsequent Distribution Date, the weighted average of the   Class X-P Strip Rates for the respective Class X-P Components for   such Distribution Date (weighted on the basis of the respective Component   Notional Amounts of such Components outstanding immediately prior to such   Distribution Date); and
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (xxvi)    the   Class WM Certificates: (i) a per annum rate equal to 5.893% for the initial   Distribution Date, and (ii) for each Distribution Date thereafter, a per annum   rate equal to the annualized rate at which interest would have to accrue in   respect of the Class WM Certificates during the related Interest Accrual   Period (calculated on the basis of a 360-day year consisting of twelve 30-day   months) in order to produce an amount of interest equal to the portion of the   Accrued Woodlands Mall Component Interest (each of (i) and (ii) exclusive of   Penalty Interest) allocable to The Woodlands Mall Non-Pooled Component for   such Distribution Date.
  

                   “Paying Agent”:  The paying agent appointed pursuant to Section 8.16.  If no such paying agent has been appointed or if such paying agent has been so appointed but the Trustee has terminated such appointment, then the Trustee shall be the Paying Agent.

                   “Penalty Interest”:  With respect to any Mortgage Loan or Companion Loan (or successor REO Loan), any amounts collected thereon, other than late payment charges, Additional Interest, Prepayment Premiums or Yield Maintenance Charges, that represent penalty interest (arising out of a default) in excess of interest on the Stated Principal Balance of such Mortgage Loan or Companion Loan (or successor REO Loan) accrued at the related Mortgage Rate.

                   “Percentage Interest”:  With respect to any Regular Certificate, the portion
of the relevant Class evidenced by such Certificate, expressed as a
percentage, the numerator of which is the Certificate Principal Balance or
Certificate Notional Amount, as the case may be, of such Certificate as of the
Closing Date, as specified on the face thereof, and the denominator of which is
the Original Class Principal Balance or Original Notional Amount, as the case
may be, of the relevant Class.  With respect to a Residual Certificate or
Class Z Certificate, the percentage interest in distributions to be made
with respect to the relevant Class, as stated on the face of such
Certificate.

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                   “Periodic Payment”:  With respect to any Mortgage Loan or Companion Loan as of any Due Date, the scheduled payment of principal and/or interest on such Mortgage Loan or Companion Loan (exclusive of Additional Interest), including any Balloon Payment, that is actually payable by the related Mortgagor from time to time under the terms of the related Mortgage Note (as such terms may be changed or modified in connection with a bankruptcy or similar proceeding involving the related Mortgagor or by reason of a modification, waiver or amendment granted or agreed to by the Special Servicer pursuant to Section 3.20).

                   “Permitted Investments”:  Any one or more of the following obligations or securities (including obligations or securities of the Trustee if otherwise qualifying hereunder):

	
  
 
  	
  
             (i)          direct   obligations of, or obligations fully guaranteed as to timely payment of   principal and interest by, the United States or any agency or instrumentality   thereof (having original maturities of not more than 365 days); provided   such obligations are backed by the full faith and credit of the United   States.  Such obligations must be   limited to those instruments that have a predetermined fixed dollar amount of   principal due at maturity that cannot vary or change or be liquidated prior   to maturity.  Interest may either be   fixed or variable.  If such interest   is variable, interest must be tied to a single interest rate index plus   a single fixed spread (if any), and move proportionately with that index;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (ii)         repurchase   obligations with respect to any security described in clause (i) above   (having original maturities of not more than 365 days); provided that the   short-term deposit or debt obligations, of the party agreeing to repurchase   such obligations are rated in the highest rating categories of each of   S&P, Moody’s and Fitch or such lower rating as will not result in   qualification, downgrading or withdrawal of the ratings then assigned to the   Certificates, as evidenced in writing by the Rating Agencies.  In addition, its terms must have a   predetermined fixed dollar amount of principal due at maturity that cannot   vary or change.  Interest may either   be fixed or variable.  If such   interest is variable, interest must be tied to a single interest rate index plus   a
single fixed spread (if any), and move proportionately with that index;
  
	
   
  	
  
 
  
	
  
 
  	
  
             (iii)        certificates   of deposit, time deposits, demand deposits and bankers’ acceptances of any   bank or trust company organized under the laws of the United States or any   state thereof (having original maturities of not more than 365 days), the   short term obligations of which are rated in the highest rating categories of   each of S&P, Moody’s and Fitch or such lower rating as will not result in   qualification, downgrading or withdrawal of the ratings then assigned to the   Certificates, as evidenced in writing by the Rating Agencies.  In addition, its terms should have a   predetermined fixed dollar amount of principal due at maturity that cannot   vary or change.  In addition, its   terms must have a predetermined fixed dollar amount of principal due at   maturity that cannot vary or change.    Interest
may either be fixed or variable.  If such interest is variable, interest must be tied to a single   interest rate index plus a single fixed spread (if any), and   move proportionately with that index;
  

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             (iv)        commercial   paper (having original maturities of not more than 365 days) of any   corporation incorporated under the laws of the United States or any state   thereof (or if not so incorporated, the commercial paper is United States   Dollar denominated and amounts payable thereunder are not subject to any withholding   imposed by any non-United States jurisdiction) which is rated in the highest   rating category of each of S&P, Moody’s and Fitch or such lower rating as   will not result in qualification, downgrading or withdrawal of the ratings   then assigned to the Certificates, as evidenced in writing by the Rating   Agencies.  The commercial paper by its   terms must have a predetermined fixed dollar amount of principal due at   maturity that cannot vary or change.    Interest may either be fixed or
variable.  If such interest is variable, interest must be tied to a single   interest rate index plus a single fixed spread (if any), and   move proportionately with that index;
  
	
   
  	
  
 
  
	
  
 
  	
  
             (v)         units   of money market funds that maintain a constant asset value and which are rated   in the highest applicable rating category by Moody’s and Fitch and which are   rated “AAAm” or “AAAm G” by S&P (or such lower rating as will not result   in qualification, downgrading or withdrawal of the ratings then assigned to   the Certificates, as evidenced in writing by the Rating Agencies) and which   seeks to maintain a constant net asset value.  In addition, its terms must have a predetermined fixed dollar   amount of principal due at maturity that cannot vary or change; and
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (vi)        any   other obligation or security that constitutes a “cash flow investment” within   the meaning of Section 860G(a)(6) of the Code and is acceptable to each   Rating Agency, evidence of which acceptability shall be provided in writing   by each Rating Agency to the Master Servicer, the Special Servicer and the   Trustee; provided,   however,   in no event shall such other obligation or security be rated less than   “AA+/F1”, “AA/A-1” or “Aa3/P+” by Fitch, S&P or Moody’s, respectively;
  

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

                   “Permitted Transferee”:  Any Transferee of a Residual Certificate other than a Disqualified Organization, a Plan, a Disqualified Non-United States Person, a partnership any partner of which, directly or indirectly (except through a U.S. corporation), is a Disqualified Non-United States Person or a United States Person with respect to whom income on the Residual Certificate is allocable to a foreign permanent establishment or fixed base, within the meaning of an applicable income tax treaty, of such Person or any other United States Person.

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

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                   “Plan”:  As defined in Section 5.02(c).

                   “Plurality Residual Certificateholder”:  As to any taxable year of (i) the Woodlands Mall Loan REMIC, (ii) REMIC I or (iii) REMIC II, the Holder of Certificates holding the largest Percentage Interest of the related Class of Residual Certificates.

                   “Preliminary Memorandum”:  As defined in the Mortgage Loan Purchase Agreement.

                   “Preliminary Prospectus Supplement”:  As defined in the Mortgage Loan Purchase Agreement.

                   “Prepayment Assumption”:  For purposes of determining the accrual of original issue discount, market discount and premium, if any, on the Certificates for federal income tax purposes, 0% CPR (within the meaning of the Prospectus), except that it is assumed that each ARD Loan is repaid on its Anticipated Repayment Date.

                   “Prepayment Interest Excess”:  With respect to any Mortgage Loan that was subject to a Principal Prepayment in full or in part during any Collection Period, which Principal Prepayment was applied to such Mortgage Loan following such Mortgage Loan’s Due Date in such Collection Period, the amount of interest (net of the related Master Servicing Fee and, if applicable, the Additional Interest) accrued on the amount of such Principal Prepayment during the period from and after such Due Date and ending on the date such Principal Prepayment was applied to such Mortgage Loan, to the extent collected (exclusive of any related Prepayment Premium or Yield Maintenance Charge actually collected).

                   “Prepayment Interest Shortfall”:  With respect to any Mortgage Loan that was subject to a Principal Prepayment in full or in part during any Collection Period, which Principal Prepayment was applied to such Mortgage Loan prior to such Mortgage Loan’s Due Date in such Collection Period, the amount of interest, to the extent not collected from the related Mortgagor (without regard to any Prepayment Premium or Yield Maintenance Charge actually collected), that would have accrued at a rate per annum equal to the sum of (x) the related Net Mortgage Rate for such Mortgage Loan and (y) the Trustee Fee Rate on the amount of such Principal Prepayment during the period commencing on the date as of which such Principal Prepayment was applied to such Mortgage Loan and ending on the day immediately preceding such Due Date,
inclusive.

                   “Prepayment Premium”:  Any premium, penalty or fee (other than a Yield Maintenance Charge) paid or payable, as the context requires, by a Mortgagor in connection with a Principal Prepayment.

                   “Primary Collateral”:  With respect to any Crossed Loan, that portion of the Mortgaged Property designated as directly securing such Crossed Loan and excluding any Mortgaged Property as to which the related lien may only be foreclosed upon by exercise of the cross-collateralization provisions of such Crossed Loan.

                   “Prime Outlets Pool II Pari Passu Intercreditor Agreement”:  The Intercreditor and Servicing Agreement, dated as of March 31, 2006, by and between Wachovia Bank, National Association, as Note A-1 Lender, and Wachovia Bank, National Association, as Note A-2 Lender, relating to the Prime Outlets Pool II Whole Loan.

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                   “Prime Outlets Pool II Loan”:  That certain Mortgage Loan which is included in the Trust Fund (identified as loan number 2 on the Mortgage Loan Schedule).

                   “Prime Outlets Pool II Loan Pair”:  The Prime Outlets Pool II Loan, collectively with the Prime Outlets Pool II Pari Passu Companion Loan and the Prime Outlets Pool II Subordinate Companion Loan.

                   “Prime Outlets Pool II Pari Passu Companion Loan”:  That certain mortgage loan evidenced by a note, which is not an asset of the Trust Fund, secured by the Mortgaged Property securing the Prime Outlets Pool II Loan and pari passu in priority with the Prime Outlets Pool II Loan.

                   “Prime Outlets Pool II Subordinate Companion Loan”:  That certain mortgage loan evidenced by a note, which is not an asset of the Trust Fund, secured by the Mortgaged Property securing the Prime Outlets Pool II Loan.

                   “Prime Outlets Pool II Subordinate Intercreditor Agreement”:  The Intercreditor and Servicing Agreement, dated as of May 30, 2006, by and between Wachovia Bank, National Association, as Initial Lead Lender and Wachovia Bank, National Association, as Initial Co-Lender, relating to the Prime Outlets Pool II Loan Pair.

                   “Prime Outlets Pool II Whole Loan”:  The Prime Outlets Pool II Loan, collectively with the Prime Outlets Pool II Pari Passu Companion Loan.

                   “Prime Rate”:  The “prime rate” published in the “Money Rates” section of The Wall Street Journal, as such “prime rate” may change from time to time.  If The Wall Street Journal ceases to publish the “prime rate,” then the Master Servicer shall select an equivalent publication that publishes such “prime rate”; and if such “prime rate” is no longer generally published or is limited, regulated or administered by a governmental or quasi-governmental body, then the Master Servicer shall select a comparable interest rate index.  In either case, such selection shall be made by the Master Servicer in its reasonable discretion and the Master Servicer shall notify the Trustee and the Special Servicer in writing of its selection.

                   “Principal Distribution Amount”:  With respect to any Distribution Date, the aggregate of the following:

	
  
 
  	
  
         (a)          the   aggregate of the principal portions of all Scheduled Payments (other than   Balloon Payments) and any Assumed Scheduled Payments due or deemed due in   respect of the Mortgage Loans (or, with respect to The Woodlands Mall Loan,   to the extent allocable to The Woodlands Mall Pooled Component in accordance   with this Agreement) for their respective Due Dates occurring during the   related Collection Period, to the extent not previously received or advanced   with respect to a Distribution Date prior to the related Collection Period;
  

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         (b)          the   aggregate of all Principal Prepayments received on the Mortgage Loans (or,   with respect to The Woodlands Mall Loan, to the extent allocable to The   Woodlands Mall Pooled Component in accordance with this Agreement) during the   related Collection Period;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (c)          with   respect to any Mortgage Loan (or, with respect to The Woodlands Mall Loan, to   the extent allocable to The Woodlands Mall Pooled Component in accordance   with this Agreement) as to which the related Stated Maturity Date occurred   during or prior to the related Collection Period, any payment of principal   (other than a Principal Prepayment) made by or on behalf of the related   Mortgagor during the related Collection Period (including any Balloon   Payment), in each case net of any portion of such payment that represents a   recovery of the principal portion of any Scheduled Payment (other than a   Balloon Payment) due, or the principal portion of any Assumed Scheduled   Payment deemed due, in respect of such Mortgage Loan (or, with respect to The   Woodlands Mall Loan, to the extent allocable to The Woodlands Mall Pooled   Component in
accordance with the terms of this Agreement) on a Due Date   during or prior to the related Collection Period and not previously   recovered;
  
	
   
  	
  
 
  
	
  
 
  	
  
         (d)          the   aggregate of the principal portion of all Liquidation Proceeds, Insurance   Proceeds and, to the extent not otherwise included in clause (a), (b) or   (c) above, payments that were received on the related Mortgage Loans   (or, with respect to The Woodlands Mall Loan, to the extent allocable to The   Woodlands Mall Pooled Component in accordance with the terms of this   Agreement) during the related Collection Period and that were identified and   applied by the Master Servicer and/or Special Servicer as recoveries of   principal of such Mortgage Loans (or, with respect to The Woodlands Mall   Loan, to the extent allocable to The Woodlands Mall Pooled Component in   accordance with the terms of this Agreement), in each case net of any portion   of such amounts that represents a recovery of the principal portion of any   Scheduled
Payment (other than a Balloon Payment) due, or of the principal   portion of any Assumed Scheduled Payment deemed due, in respect of the related   Mortgage Loan (or, with respect to The Woodlands Mall Loan, to the extent   allocable to The Woodlands Mall Pooled Component in accordance with the terms   of this Agreement) on a Due Date during or prior to the related Collection   Period and not previously recovered;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (e)          with   respect to any REO Properties, the aggregate of the principal portions of all   Assumed Scheduled Payments (or, with respect to The Woodlands Mall Loan, to   the extent allocable to The Woodlands Mall Pooled Component in accordance   with the terms of this Agreement) deemed due in respect of the related REO   Loans for their respective Due Dates occurring during the related Collection   Period;
  
	
   
  	
  
 
  
	
  
 
  	
  
         (f)          with   respect to any REO Properties, the aggregate of all Liquidation Proceeds,   Insurance Proceeds and REO Revenues (or, with respect to The Woodlands Mall   Loan, to the extent allocable to The Woodlands Mall Pooled Component in   accordance with the terms of this Agreement) that were received during the   related Collection Period on such REO Properties and that were identified and   applied by the Master Servicer and/or Special Servicer as recoveries of   principal of the related REO Loans, in each case net of any portion of such   amounts that represents a recovery of the
  

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principal portion of any Scheduled Payment (other   than a Balloon Payment) due, or of the principal portion of any Assumed   Scheduled Payment deemed due, in respect of the related REO Loan or the   predecessor Mortgage Loan on a Due Date during or prior to the related   Collection Period and not previously recovered;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (g)          if   such Distribution Date is subsequent to the initial Distribution Date, the   excess, if any, of the Principal Distribution Amount for the immediately   preceding Distribution Date, over the aggregate distributions of principal   made on the Sequential Pay Certificates on such immediately preceding   Distribution Date pursuant to Section 4.01;
  
	
   
  	
  
 
  
	
  
 
  	
  
         (h)          any   amounts that were used to reimburse Nonrecoverable Advances (including   interest on such Nonrecoverable Advances) from principal collections on the   Mortgage Loans (in the case of The Woodlands Mall Loan, to the extent   allocable to The Woodlands Mall Pooled Component) pursuant to Section 3.05(a) hereof   which are subsequently recovered on the related Mortgage Loan with respect to   the Distribution Date related to the period in which such recovery occurs;   less
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (i)          any   amounts that were used to reimburse Workout-Delayed Reimbursement Amounts   (including interest on such Workout-Delayed Reimbursement Amounts) from   principal collections on the Mortgage Loans (or, in the case of The Woodlands   Mall Loan, to the extent allocable to The Woodlands Mall Pooled Component)   pursuant to Section 3.05(a) hereof which are subsequently recovered   on the related Mortgage Loan with respect to the Distribution Date related to   the period in which such recovery occurs, less;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (j)          the   amount of any reimbursements of (i) Nonrecoverable Advances (including   interest on such Nonrecoverable Advances) that are paid or reimbursed from   principal collections on the Mortgage Loans (or, in the case of The Woodlands   Mall Loan, to the extent allocable to The Woodlands Mall Pooled Component)   pursuant to Section 3.05(a) hereof with respect to such   Distribution Date and (ii) Workout-Delayed Reimbursement Amounts   (including interest on such Workout-Delayed Reimbursement Amounts) that are   paid or reimbursed from principal collections on the Mortgage Loans (or, in   the case of The Woodlands Mall Loan, to the extent allocable to The Woodlands   Mall Pooled Component) pursuant to Section 3.05(a) hereof with   respect to such Distribution Date, in each case where such principal   collections would
have otherwise been included in the Principal Distribution   Amount for such Distribution Date.
  

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

                   “Privileged Person”:  Any Certificateholder, Certificate Owner, any Person identified to the Trustee or the Master Servicer, as applicable, as a prospective transferee of a Certificate or interest therein, any Rating Agency, any Mortgage Loan Seller, any Companion

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Holders, any party hereto, any Underwriter or any designee of the Depositor; provided that no Certificate Owner or prospective transferee of a Certificate or interest therein shall be considered a “Privileged Person” or be entitled to a password or restricted access as contemplated by Section 3.15 or Section 4.02 unless such Person has delivered to the Trustee or the Master Servicer, as applicable, a certification in the form of Exhibit K-1 or Exhibit K-2, as applicable which certification is available on the Trustee’s Internet Website.

                   “Prohibited Party:  Any party, in the case of the Master Servicer, the Special Servicer or the Trustee, that is listed on the Depositor’s Do Not Hire List.

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

                   “Prospectus”:  The prospectus dated May 18, 2006, as supplemented by the Prospectus Supplement, relating to the Registered Certificates.

                   “Prospectus Supplement”:  The final prospectus supplement dated June 20, 2006 of the Depositor relating to the registration of the Registered Certificates under the Securities Act.

                   “PTE 95-60”:  As defined in Section 5.02(c).

                   “Purchase Option”:  As defined in Section 3.18(c).

                   “Purchase Option Notice”:  As defined in Section 3.18(e).

                   “Purchase Price”:  With respect to any Mortgage Loan or REO Loan to be purchased by a Mortgage Loan Seller pursuant to the applicable Mortgage Loan Purchase Agreement, by the Majority Subordinate Certificateholder, the Companion Holder or the Special Servicer as described in Section 3.18(c), 3.18(d) or 3.18(e), or by the Depositor, the Special Servicer, the Majority Subordinate Certificateholder or the Master Servicer pursuant to Section 9.01, a cash price equal to the outstanding principal balance of such Mortgage Loan or REO Loan, as of the date of purchase, together with (a) all accrued and unpaid interest on such Mortgage Loan or REO Loan at the related Mortgage Rate to but not including the Due Date in the Collection Period of purchase plus any accrued interest on P&I Advances made with respect
to such Mortgage Loan, (b) all related and unreimbursed Servicing Advances plus any accrued and unpaid interest thereon, (c) any reasonable costs and expenses, including, but not limited to, the cost of any enforcement action, incurred by the Master Servicer, the Special Servicer or the Trust Fund in connection with any such purchase by a Mortgage Loan Seller (to the extent not included in clause (b) above) and (d) any other Additional Trust Fund Expenses in respect of such Mortgage Loan (including any Additional Trust Fund Expenses previously reimbursed or paid by the Trust Fund but not so reimbursed by the related Mortgagor or other party or from Insurance Proceeds or condemnation proceeds or any other collections in respect of the Mortgage Loan or the related Mortgaged Property from a source other than the Trust Fund), or in the case of any Loan Pair, the purchase price specified in the related Intercreditor Agreement; provided that the Purchase Price shall not be
reduced by any outstanding P&I Advance.

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

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                   “Qualified Institutional Buyer”:  A qualified institutional buyer within the meaning of Rule 144A under the Securities Act.

                   “Qualified Insurer”:  An insurance company or security or bonding company qualified to write the related Insurance Policy in the relevant jurisdiction (i) with a minimum insurance financial strength or claims paying ability rating of at least “A” by S&P, “A” by Fitch and “A3” by Moody’s (or the obligations of which are guaranteed or backed by a company having such a claims paying ability), and (ii) with respect to the fidelity bond and errors and omissions Insurance Policy required to be maintained pursuant to Section 3.07(c), an insurance company that has a claims paying ability rated no lower than two rating categories (without regard to pluses or minuses or numerical qualifications) below the rating assigned to the then highest rated outstanding Certificate (or, for purposes

of general liability insurance only at least “A” by two nationally recognized statistical rating organizations (which may include S&P)), but in no event lower than “A” by S&P, “A” by Fitch or “A3” by Moody’s (or, if not rated by Moody’s, at least “A” by two other nationally recognized statistical rating organizations (which may include S&P)), or, in the case of clauses (i) and (ii), such other rating as each Rating Agency shall have confirmed in writing will not cause such Rating Agency to downgrade, qualify or withdraw the then-current rating assigned to any of the Certificates that are then currently being rated by such Rating Agency.

                   “Qualified Substitute Mortgage Loan”:  A mortgage loan which must, on the date of substitution:  (i) have an outstanding Stated Principal Balance, after application of all scheduled payments of principal and interest due during or prior to the month of substitution, not in excess of the Stated Principal Balance of the deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs; (ii) have a Mortgage Rate not less than the Mortgage Rate of the deleted Mortgage Loan; (iii) have the same Due Date as the deleted Mortgage Loan; (iv) accrue interest on the same basis as the deleted Mortgage Loan (for example, on the basis of a 360-day year consisting of twelve 30-day months); (v) have a remaining term to stated maturity not greater than, and not more than two years
less than, the remaining term to stated maturity of the deleted Mortgage Loan; (vi) have an original Loan-to-Value Ratio not higher than that of the deleted Mortgage Loan and a current Loan-to-Value Ratio not higher than the then current Loan-to-Value Ratio of the deleted Mortgage Loan; (vii) comply as of the date of substitution with all of the representations and warranties set forth in the applicable Mortgage Loan Purchase Agreement; (viii) have an Environmental Assessment that indicates no adverse environmental conditions with respect to the related Mortgaged Property and which will be delivered as a part of the related Servicing File; (ix) have an original Debt Service Coverage Ratio (calculated to include the additional debt from any encumbrance) of not less than the original Debt Service Coverage Ratio (calculated to include the additional debt from any encumbrance) of the deleted Mortgage Loan and a current Debt Service Coverage Ratio (calculated to include the additional
debt from any encumbrance) of not less than the current Debt Service Coverage Ratio (calculated to include the additional debt from any encumbrance) of the deleted Mortgage Loan; (x) be determined by an Opinion of Counsel (at the applicable Mortgage Loan Seller’s expense) to be a “qualified replacement mortgage” within the meaning of Section 860G(a)(4) of the Code; (xi) not have a maturity date after the date two years prior to the Rated Final Distribution Date; (xii) not be substituted for a deleted Mortgage Loan unless the Trustee has received prior confirmation in writing by each Rating Agency that such substitution will not result in the withdrawal, downgrade, or qualification of the rating assigned

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by the Rating Agency to any Class of Certificates then rated by the Rating Agency (the cost, if any, of obtaining such confirmation to be paid by the Mortgage Loan Seller); (xiii) have a date of origination that is not more than 12 months prior to the date of substitution; (xiv) have been approved by the Controlling Class Representative (or, if there is no Controlling Class Representative then serving, by the Holders of Certificates representing a majority of the Voting Rights allocated to the Controlling Class); (xv) not be substituted for a deleted Mortgage Loan if it would result in the termination of the REMIC status of the Woodlands Mall Loan REMIC, REMIC I or REMIC II or the imposition of tax on any of such REMICs other than a tax on income expressly permitted or contemplated to be received by the terms of this Agreement, as determined by an Opinion of Counsel (at the applicable Mortgage Loan Seller’s expense); and (xvi) become a part of
the same Loan Group as the deleted Mortgage Loan.  In the event that one or more mortgage loans are substituted for one or more deleted Mortgage Loans, then the amounts described in clause (i) shall be determined on the basis of aggregate principal balances and the rates described in clause (ii) above and the remaining term to stated maturity referred to in clause (v) above shall be determined on a weighted average basis; provided that no individual Mortgage Loan shall have a Net Mortgage Rate that is less than the highest Pass-Through Rate of any Class of Sequential Pay Certificates bearing a fixed rate.  When a Qualified Substitute Mortgage Loan is substituted for a deleted Mortgage Loan, the applicable Mortgage Loan Seller shall certify that the Mortgage Loan meets all of the requirements of the above definition and shall send such certification to the Trustee.  No substitutions will be permitted for The Woodlands Mall Loan.

                   “Rated Final Distribution Date”:  The Distribution Date in June 2045, the first Distribution Date after the 24th month following the end of the amortization term for the Mortgage Loan that, as of the Cut-Off Date, has the longest remaining amortization term (without regard to the related Stated Maturity Date).

                   “Rating Agency”:  Each of Moody’s and S&P.

                   “Rating Agency Trigger Event”:  The reduction of the Swap Counterparty’s long-term ratings below “A-” by S&P, “A-” by Fitch or “A3” by Moody’s.

                   “Realized Loss”:  With respect to:  (1) each Defaulted Mortgage Loan as to which a Final Recovery Determination has been made, or with respect to any successor REO Loan as to which a Final Recovery Determination has been made as to the related REO Property, an amount (not less than zero) equal to (a) the unpaid principal balance of such Mortgage Loan or REO Loan, as the case may be, as of the commencement of the Collection Period in which the Final Recovery Determination was made, plus (b) without taking into account the amount described in subclause (1)(d) of this definition, all accrued but unpaid interest on such Mortgage Loan or such REO Loan, as the case may be, at the related Mortgage Rate to but not including the Due Date in the Collection Period in which the Final Recovery Determination was made
(exclusive of any portion thereof that constitutes default interest in excess of the Mortgage Rate, Additional Interest, Prepayment Premiums or Yield Maintenance Charges), plus (c) any related unreimbursed Servicing Advances and any unreimbursed interest on any Advances as of the commencement of the Collection Period in which the Final Recovery Determination was made, together with any new related Servicing Advances made during such Collection Period, minus (d) all payments and proceeds, if any, received in respect of such Mortgage Loan or the REO

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Property that relates to such REO Loan, as the case may be, during the Collection Period in which such Final Recovery Determination was made; (2) each defaulted Mortgage Loan as to which any portion of the principal or previously accrued interest (other than Additional Interest and Penalty Interest) payable thereunder was canceled in connection with a bankruptcy or similar proceeding involving the related Mortgagor or a modification, waiver or amendment of such Mortgage Loan granted or agreed to by the Special Servicer pursuant to Section 3.20, the amount of such principal and/or interest so canceled; (3) each Mortgage Loan as to which the Mortgage Rate thereon has been permanently reduced and not recaptured for any period in connection with a bankruptcy or similar proceeding involving the related Mortgagor or a modification, waiver or amendment of such Mortgage Loan granted or agreed to by the Special Servicer pursuant to Section 3.20, the amount of the

consequent reduction in the interest portion of each successive Periodic Payment due thereon (each such Realized Loss shall be deemed to have been incurred on the Due Date for each affected Periodic Payment); and (4) each Mortgage Loan for which a Final Recovery Determination has been made, to the extent not included in clause (1) above, Nonrecoverable Advances (including interest on such Nonrecoverable Advance) to the extent amounts have been paid from the Principal Distribution Amount pursuant to Section 3.05(a) hereof.

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

                   “Registered Certificate”:  Any Class A-1, Class A-2, Class A-PB, Class A-3, Class A-1A, Class X-P, Class A-M, Class A-J, Class B, Class C or Class D Certificate.

                   “Regular Certificate”:  Any REMIC II Certificate other than a Class R-II Certificate.

                   “Regulation AB”:  Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1123, as such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission in the adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1.506-1.531 (Jan. 7, 2005)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time.

                   “Regulation AB Companion Loan Securitization”:  As defined in Section 3.29(a).

                   “Regulation S”:  Regulation S under the Act.

                   “Regulation S Certificate”:  A certificate in the form of Exhibit F attached hereto.

                   “Regulation S Global Certificate”:  A global certificate representing interests in a the Class A-3FL Certificates as provided in Section 5.02(e), initially sold in offshore transactions in reliance on Regulation S in fully registered form without interest coupons.

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

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                   “Release Date”:  The 40th day after the later of (i) commencement of the offering of the Certificates and (ii) the Closing Date.

                   “Relevant Servicing Criteria”:  The Servicing Criteria applicable to the various parties, as set forth on Exhibit S attached hereto.  For clarification purposes, multiple parties can have responsibility for the same Relevant Servicing Criteria.  With respect to a Servicing Participant engaged by the Trustee, the Master Servicer or the Special Servicer, the term “Relevant Servicing Criteria” may refer to a portion of the Relevant Servicing Criteria for each of the Master Servicer, the Special Servicer or the Trustee, as applicable.

                   “REMIC”:  A “real estate mortgage investment conduit” as defined in Section 860D of the Code.

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

                   “REMIC I”:  The segregated pool of assets subject hereto, constituting the primary trust created hereby and to be administered hereunder with respect to which a separate REMIC election is to be made and, consisting of:  (i) all of the Majority Mortgage Loans as from time to time are subject to this Agreement and all payments under and proceeds of such Mortgage Loans received after the Closing Date (excluding all Additional Interest on such Mortgage Loans), together with all documents included in the related Mortgage Files and any related Escrow Payments and Reserve Funds; (ii) all amounts held from time to time with respect to a Majority Mortgage Loan in the Interest Reserve Account, the Certificate Account, the Distribution Account, the Gain-on-Sale Reserve Account, the Interest Shortfall Account and any
REO Account; (iii) any REO Property acquired in respect of a Majority Mortgage Loan to the extent of the Trust Fund’s interest therein; (iv) the rights of the Depositor under Sections 2, 3, 9, 10, 11, 12, 13, 14, 16, 17, 18 and 19 of each of the Mortgage Loan Purchase Agreements with respect to such Majority Mortgage Loans; (v) the rights of the mortgagee under all Insurance Policies with respect to such Majority Mortgage Loans, in each of the foregoing clauses exclusive of the interest of the holder of a Companion Loan therein and (vi) the Woodlands Mall Loan REMIC Regular Interests.

                   “REMIC I Pass-Through Rate”:  As set forth in the Preliminary Statement.

                   “REMIC I Principal Balance”:  The principal balance of any REMIC I Regular Interest outstanding as of any date of determination.  As of the Closing Date, the REMIC I Principal Balance of each REMIC I Regular Interest shall equal the original REMIC I Principal Balance corresponding to the Corresponding Certificates as set forth in the Preliminary Statement hereto.  On each Distribution Date, the REMIC I Principal Balance of each REMIC I Regular Interest shall be permanently reduced by all distributions of principal deemed to have been made in respect of such REMIC I Regular Interest on such Distribution Date pursuant to Section 4.01(j), and shall be further permanently reduced on such Distribution Date by all Realized Losses and Additional Trust Fund Expenses deemed to have
been allocated thereto on such Distribution Date pursuant to Section 4.04(b) and shall be increased on such Distribution Date by Certificate Deferred Interest deemed to have been allocated thereto on such Distribution Date pursuant to Section 4.04(c).

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                   “REMIC I Regular Interest”:  Any of the separate uncertificated beneficial ownership interests in REMIC I issued hereunder, and designated as a “regular interest” in REMIC I, held as an asset of REMIC II and having the original REMIC I Principal Balance and REMIC I Pass-Through Rate as described in the Preliminary Statement hereto.

                   “REMIC II”:  The segregated pool of assets consisting of all of the REMIC I Regular Interests and all amounts held from time to time, to the extent related to REMIC II, in the Distribution Account, conveyed in trust to the Trustee for the benefit of REMIC II, as holder of the REMIC I Regular Interests, and the Holders of the Class R-II Certificates pursuant to Section 2.9, with respect to which a separate REMIC election is to be made.

                   “REMIC II Certificate”:  Any Class A-1, Class A-2, Class A-PB, Class A-3, Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class O, Class P, Class WM, Class X-C, Class X-P or Class R-II Certificate.

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

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

                   “REO Account”:  A segregated account or accounts created and maintained by the Special Servicer pursuant to Section 3.16 on behalf of the Trustee in trust for the Certificateholders, which shall be entitled “LNR Partners, Inc., as Special Servicer, in trust for the registered holders of Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2006-C26.”

                   “REO Acquisition”:  The acquisition of any REO Property by the Trust Fund pursuant to Section 3.09.

                   “REO Disposition”:  The sale or other disposition of any REO Property pursuant to Section 3.18(h).

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

                   “REO Loan”:  The Mortgage Loan deemed for purposes hereof to be outstanding with respect to each REO Property to the extent of the Trust Fund’s interest therein.  Each REO Loan shall be deemed to be outstanding for so long as the related REO Property remains part of REMIC I or the Woodlands Mall Loan REMIC and deemed to provide for Periodic Payments of principal and/or interest equal to its Assumed Scheduled Payment and otherwise to have the same terms and conditions as its predecessor Mortgage Loan (such terms and conditions to be applied without regard to the default on such predecessor Mortgage Loan and the acquisition of the related REO Property as part of the Trust Fund).  Each REO Loan shall be deemed to have an initial unpaid principal

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balance and Stated Principal Balance equal to the unpaid principal balance and Stated Principal Balance, respectively, of its predecessor Mortgage Loan (or, if applicable, Companion Loan) as of the date of the related REO Acquisition.  All Scheduled Payments (other than a Balloon Payment), Assumed Scheduled Payments (in the case of a Balloon Mortgage Loan delinquent in respect of its Balloon Payment) and other amounts due and owing, or deemed to be due and owing, in respect of the predecessor Mortgage Loan as of the date of the related REO Acquisition, shall be deemed to continue to be due and owing in respect of an REO Loan.  In addition, Nonrecoverable Advances and Unliquidated Advances (including interest on such Nonrecoverable Advances and Unliquidated Advances) with respect to such REO Loan that were paid from collections on the Mortgage Loans and resulted in principal distributed to the Certificateholders being reduced pursuant to
Section 3.05(a) hereof, shall be deemed outstanding until recovered or until a Final Recovery Determination is made.  Collections in respect of each REO Loan (after provision for amounts to be applied to the payment of, or to be reimbursed to the Master Servicer, the Special Servicer or the Trustee for the payment of, the costs of operating, managing, selling, leasing and maintaining the related REO Property or for the reimbursement of the Master Servicer, the Special Servicer or the Trustee for Advances as provided in this Agreement) shall be treated:  first, as a recovery of Nonrecoverable Advances and Unliquidated Advances (including interest on such Nonrecoverable Advances and Unliquidated Advances) with respect to such REO Loan, in each case that relate to Advances that were paid from collections on the Mortgage Loans and resulted in principal distributed to the Certificateholders being reduced pursuant to Section 3.05(a) hereof; second, as a recovery
of accrued and unpaid interest on such REO Loan at the related Mortgage Rate to but not including the Due Date in the Collection Period of receipt (exclusive of any portion thereof that constitutes Additional Interest); third, as a recovery of principal of such REO Loan to the extent of its entire unpaid principal balance; and fourth, in accordance with the normal servicing practices of the Master Servicer, as a recovery of any other amounts due and owing in respect of such REO Loan, including, without limitation, (i) Yield Maintenance Charges, Prepayment Premiums and Penalty Interest and (ii) Additional Interest and other amounts, in that order.  Notwithstanding the foregoing, all amounts payable or reimbursable to the Master Servicer, the Special Servicer or the Trustee in respect of the predecessor Mortgage Loan as of the date of the related REO Acquisition, including, without limitation, any unpaid Servicing Fees and any unreimbursed Servicing Advances and P&I
Advances, together with any interest accrued and payable to the Master Servicer, the Special Servicer or the Trustee in respect of such Servicing Advances and P&I Advances in accordance with Sections 3.03(d) and 4.03(d), shall continue to be payable or reimbursable to the Master Servicer, the Special Servicer or the Trustee, as the case may be, in respect of an REO Loan pursuant to Section 3.05(a).

                   “REO Property”:  A Mortgaged Property acquired on behalf and in the name of the Trustee for the benefit of the Certificateholders (subject to the related Intercreditor Agreement with respect to a Mortgaged Property securing a Loan Pair) through foreclosure, acceptance of a deed-in-lieu of foreclosure or otherwise in accordance with applicable law in connection with the default or imminent default of a Mortgage Loan.

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

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

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                   “Reportable Event”:  As defined in Section 8.17(j).

                   “Reporting Party”:  The Master Servicer, the Special Servicer, the Trustee, an Additional Servicer or a Servicing Participant.

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

                   “Required Appraisal”:  With respect to each Required Appraisal Mortgage Loan, an appraisal of the related Mortgaged Property from an Independent Appraiser selected by the Special Servicer.

                   “Required Appraisal Date”:  With respect to any Required Appraisal Mortgage Loan, the earliest date on which any of the items specified in clauses (i) through (vi) of the first paragraph of the definition of Required Appraisal Mortgage Loan occurs.

                   “Required Appraisal Mortgage Loan”:  Each Mortgage Loan (i) that is sixty (60) days or more delinquent in respect of any Periodic Payments, (ii) that becomes an REO Loan, (iii) that has been modified by the Special Servicer to reduce the amount of any Periodic Payment (other than a Balloon Payment), (iv) with respect to which a receiver is appointed and continues in such capacity in respect of the related Mortgaged Property, (v) with respect to which a Mortgagor declares bankruptcy or with respect to which the related Mortgagor is subject to a bankruptcy proceeding, (vi) with respect to which any Balloon Payment on such Mortgage Loan has not been paid by its scheduled maturity date, unless the Master Servicer has, on or prior to 60 days following the Stated Maturity Date, received written evidence
from an institutional lender of such lender’s binding commitment to refinance such Mortgage Loan within 120 days after the Due Date of such Balloon Payment (provided that if such refinancing does not occur during such time specified in the commitment, the related Mortgage Loan will immediately become a Required Appraisal Mortgage Loan) or (vii) that is outstanding 60 days after the third anniversary of an extension of its Stated Maturity Date; provided, however, that a Required Appraisal Mortgage Loan will cease to be a Required Appraisal Mortgage Loan:

	
  
 
  	
  
         (a)          with   respect to the circumstances described in clauses (i) and   (iii) above, when the related Mortgagor has made three consecutive full   and timely Periodic Payments under the terms of such Mortgage Loan (as such   terms may be changed or modified in connection with a bankruptcy or similar   proceeding involving the related Mortgagor or by reason of a modification,   waiver or amendment granted or agreed to by the Special Servicer pursuant to   Section 3.20); and
  
	
   
  	
  
 
  
	
  
 
  	
  
         (b)          with
respect to the circumstances described in clauses (iv), (v) and
(vi) above, when such circumstances cease to exist in the good faith
reasonable judgment of the Special Servicer and in accordance with the Servicing
Standard, but, with respect to any bankruptcy or insolvency proceedings
described in clauses (iv) and (v), no later than the entry of an order or
decree dismissing such proceeding, and with respect to the circumstances
described in clause (vi) above, no later than the date that the Special
Servicer agrees to an extension pursuant to Section 3.20 hereof; so long as
at that time no circumstance identified in clauses (i) through
(vi) above exists that would cause the Mortgage Loan to continue to be
characterized as a Required Appraisal Mortgage Loan.

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                   “Required Appraisal Value”:  An amount equal to 90% of the Appraised Value (net of any prior liens and estimated liquidation expenses and any other downward adjustments the Special Servicer may deem appropriate (without implying any obligation to do so) based upon its review of the Appraisal and such other information as the Special Servicer may deem appropriate) of the Mortgaged Property related to the subject Required Appraisal Mortgage Loan as determined by a Required Appraisal or letter update or internal valuation, if applicable; provided that for purposes of determining any Appraisal Reduction Amount in respect of such Required Appraisal Mortgage Loan, such Appraisal Reduction Amount shall be amended annually to reflect the Required Appraisal Value determined pursuant to any Required Appraisal or letter update or
internal valuation, if applicable, of a Required Appraisal conducted subsequent to the original Required Appraisal performed pursuant to Section 3.09(a).

                   “Reserve Account”:  The account or accounts created and maintained pursuant to Section 3.03(f).

                   “Reserve Funds”:  With respect to any Mortgage Loan, any amounts delivered by the related Mortgagor to be held in escrow by or on behalf of the mortgagee representing reserves for environmental remediation, repairs, capital improvements, tenant improvements and/or leasing commissions with respect to the related Mortgaged Property.

                   “Residual Certificate”:  A Class R-I Certificate or Class R-II Certificate.

                   “Responsible Officer”:  When used with respect to (i) the initial Trustee, any officer or assistant officer in the Corporate Trust Office of the initial Trustee, and (ii) any successor trustee, any officer or assistant officer in the corporate trust department of the successor trustee, or any other officer or assistant officer of the successor trustee customarily performing functions similar to those performed by any of the above designated officers to whom a particular matter is referred by the successor trustee because of such officer’s knowledge of and familiarity with the particular subject.

                   “Restricted Period”:  The 40-day period prescribed by Regulation S commencing on the later of (a) the date upon which the Certificates are first offered to persons other than the managers and any other distributor (as defined in Regulation S) of the Certificates, and (b) the Closing Date.

                   “Restricted Servicer Reports”:  Each of the CMSA Servicer Watchlist, CMSA Operating Statement Analysis, CMSA NOI Adjustment Worksheet and CMSA Comparative Financial Status Report.  If a Restricted Servicer Report is filed with the Commission, it shall thereafter be an Unrestricted Servicer Report.

                   “S&P”:  Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., or its successor in interest.  If neither such Rating Agency nor any successor remains in existence, “S&P” shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable Person designated by the Depositor, notice of which designation shall be given to the Trustee, the Master Servicer and the Special Servicer, and specific ratings of S&P herein referenced shall be deemed to refer to the equivalent ratings of the party so designated.

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                   “Sarbanes-Oxley Act”:  The Sarbanes-Oxley Act of 2002 and the rules and regulations of the Commission promulgated thereunder (including any interpretations thereof by the Commission’s staff).

                   “Sarbanes-Oxley
Certification”:  A written certification signed by an officer of
the Depositor Servicer that complies with (i) the Sarbanes-Oxley Act of 2002, as
amended from time to time, including all necessary Regulation AB certification
requirements, and (ii) Exchange Act Rules 13a-14(d) and 15d-14(d), as in effect
from time to time.

                   “Scheduled Payment”:  With respect to any Mortgage Loan, for any Due Date following the Cut-Off Date as of which it is outstanding, the scheduled Periodic Payment of principal and interest (other than Additional Interest) on such Mortgage Loan that is or would be, as the case may be, payable by the related Mortgagor on such Due Date under the terms of the related Mortgage Note as in effect on the Closing Date, without regard to any subsequent change in or modification of such terms in connection with a bankruptcy or similar proceeding involving the related Mortgagor or a modification, waiver or amendment of such Mortgage Loan granted or agreed to by the Special Servicer pursuant to Section 3.20 or acceleration of principal by reason of default, and assuming that each prior Scheduled Payment has been made in a timely
manner.

                   “Securities Act”:  The Securities Act of 1933, as amended.

                   “Senior Certificate”:  Any Class A-1, Class A-2, Class A-PB, Class A-3, Class A-3FL, Class A-1A or Class X Certificate.

                   “Sequential Pay Certificates”:  Any Class A-1, Class A-2, Class A-PB, Class A-3, Class A-3FL, Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class O or Class P Certificate.

                   “Servicer Fee Amount”:  With respect to each Sub-Servicer and any date of determination, the aggregate of the products obtained by multiplying, for each Mortgage Loan serviced by such Sub-Servicer, (a) the Stated Principal Balance of such Mortgage Loan as of the end of the immediately preceding Collection Period and (b) the servicing fee rate specified in the related Sub-Servicing Agreement for such Mortgage Loan.  With respect to the Master Servicer and any date of determination, the aggregate of the products obtained by multiplying, for each Mortgage Loan (a) the Stated Principal Balance of such Mortgage Loan as of the end of the immediately preceding Collection Period and (b) the difference between the Master Servicing Fee Rate for such Mortgage Loan over the servicing fee rate (if any) applicable to
such Mortgage Loan as specified in any Sub-Servicing Agreement related to such Mortgage Loan.

                   “Servicer Reports”:  Any of the Restricted Servicer Reports, the Unrestricted Servicer Reports, the CMSA Loan Setup File, the CMSA Loan Periodic Update File, the CMSA Financial File, CMSA Property File, the CMSA Advance Recovery Report and a report reconciling Penalty Interest and late payment charges collected with interest on Advances and Additional Trust Fund Expenses.

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

                   “Servicing Advances”:  All customary, reasonable and necessary “out of pocket” costs and expenses incurred by or on behalf of the Master Servicer, the Special Servicer or the Trustee in connection with the servicing of a Mortgage Loan or a Companion Loan, or in connection with the administration of any related REO Property, including, but not limited to, the cost of (a) compliance with the obligations of the Master Servicer and the Special Servicer, if any, set forth in Section 3.02 and Section 3.03(c), (b) the preservation, insurance, restoration, protection and management of a Mortgaged Property, including the cost of any “forced placed” insurance policy purchased by the Master Servicer to the extent such cost is allocable to a particular Mortgaged Property that the Master Servicer or the
Special Servicer is required to cause to be insured pursuant to Section 3.07(a), (c) obtaining any Insurance Proceeds or any Liquidation Proceeds of the nature described in clauses (i) through (v) of the definition of “Liquidation Proceeds,” (d) any enforcement or judicial proceedings with respect to a Mortgaged Property, including, without limitation, foreclosures, (e) any Required Appraisal or other appraisal expressly required or permitted to be obtained hereunder, (f) the operation, management, maintenance and liquidation of any such REO Property, including, without limitation, appraisals and compliance with Section 3.16(a) (to the extent not covered by available funds in the REO Account) and Section 3.20(h) (to the extent not paid by the related Mortgagor) and (g) compliance with the obligations of the Master Servicer or the Trustee set forth in Section 2.03(a) or (b).  Notwithstanding anything to the contrary,
“Servicing Advances” shall not include allocable overhead of the Master Servicer or the Special Servicer, such as costs for office space, office equipment, supplies and related expenses, employee salaries and related expenses and similar internal costs and expenses or costs and expenses incurred by any such party in connection with its purchase of a Mortgage Loan or REO Property, or costs or expenses expressly required to be borne by the Master Servicer or Special Servicer without reimbursement pursuant to the terms of this Agreement.

                   “Servicing Criteria”:  The “servicing criteria” set forth in Item 1122(d) of Regulation AB.

                   “Servicing Fees”:  With respect to each Mortgage Loan, Companion Loan and REO Loan, the Master Servicing Fee and the Special Servicing Fee.

                   “Servicing File”:  Any documents, certificates, opinions and reports (other than documents required to be part of the related Mortgage File) delivered by the related Mortgagor in connection with, or relating to the origination and servicing of any Mortgage Loan or Companion Loan which are reasonably required for the ongoing administration of the Mortgage Loan and the Companion Loan, including management agreements, cash management agreements, lockbox agreements, franchise agreements, franchise comfort letters (and evidence of required notification of transfer), appraisals, surveys, engineering reports, environmental reports, operation and maintenance (O&M) plans, financial statements, leases, rent rolls and tenant estoppels.

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

                   “Servicing Participant”:  Any Additional Servicer, Sub-Servicer, Subcontractor or any other Person, other than the Master Servicer, the Special Servicer and the Trustee, that is performing activities addressed by the Servicing Criteria, unless such Person’s activities relate only to 5% or less of the Mortgage Loans.

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

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

                   “Servicing Standard”:  With respect to the Master Servicer or the Special Servicer, as applicable, the servicing and administration of the Mortgage Loans and the Companion Loans for which it is responsible hereunder (a) in the same manner in which, and with the same care, skill, prudence and diligence with which the Master Servicer or the Special Servicer, as the case may be, generally services and administers similar mortgage loans with similar borrowers (i) for other third-parties, giving due consideration to customary and usual standards of practice of prudent institutional commercial mortgage lenders servicing their own loans or (ii) held in its own portfolio, whichever standard is higher, (b) with a view to the maximization of the recovery on such Mortgage Loan on a net present value basis and the best
interests of the Certificateholders and the Trust Fund or, if a Loan Pair is involved, with a view towards the maximization of recovery on such Co-Lender Loan Pair to the Certificateholders, the related Companion Holders and the Trust Fund (as a collective whole, taking into account that the Subordinate Companion Loans are subordinate to the related Co-Lender Loans and the Pari Passu Companion Loan is pari passu in right of payment with the Prime Outlets Pool II Pari Passu Loan, in each case to the extent set forth in the related Intercreditor Agreement) and (c) without regard to (i) any relationship that the Master Servicer or the Special Servicer, as the case may be, or any Affiliate thereof may have with the related Mortgagor, the Depositor, any Mortgage Loan Seller or any other party to the transaction or any Affiliate thereof; (ii) the ownership of any Certificate or Companion Loan (or other interest in any Mortgage Loan or Companion Loan) by the Master Servicer or the
Special Servicer, as the case may be, or by any Affiliate thereof; (iii) the right of the Master Servicer or the Special Servicer, as the case may be, to receive compensation or other fees for its services rendered pursuant to this Agreement; (iv) the obligations of the Master Servicer to make Advances; (v) the ownership, servicing or management by the Master Servicer or the Special Servicer, as the case may be, or any Affiliate thereof for others of any other mortgage loans or mortgaged property; (vi) any obligation of the Master Servicer or any Affiliate of the Master Servicer to repurchase or substitute a Mortgage Loan as a Mortgage Loan Seller; (vii) any obligation of the Master Servicer or any Affiliate of the Master Servicer to cure a breach of a representation and warranty with respect to a Mortgage Loan; and (viii) any debt the Master Servicer or Special Servicer or any Affiliate of either has extended to any Mortgagor or any Affiliate of such
Mortgagor.

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                   “Servicing Transfer Event”:  With respect to any Mortgage Loan, the occurrence of any of the events described in clauses (a) through (h) of the definition of “Specially Serviced Mortgage Loan”.

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

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

                   “Special Reserve Account”:  As used herein, the Trustee may create a segregated custodial account or accounts pursuant to Section 2.02(d) in trust for the Certificateholders, which shall be entitled “Wells Fargo Bank, N.A., as Trustee, in trust for the registered holders of Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2006-C26 and [name of party providing the funds]”.  Any such account will be an Eligible Account.

                   “Special Servicer”:  With respect to each Mortgage Loan, LNR Partners, Inc., or, any successor special servicer appointed as herein provided.

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

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

                   “Specially Serviced Mortgage Loan”:  Any Mortgage Loan or Companion Loan as to which any of the following events have occurred:

	
  
 
  	
  
         (a)          the   related Mortgagor shall have (i) failed to make within 60 days of the   date when due any Balloon Payment; provided, however, that if the Mortgagor   continues to make its Assumed Scheduled Payment and diligently pursues   refinancing, a Servicing Transfer Event shall not occur until 60 days following   such default (or, if the Mortgagor has produced a written refinancing   commitment that is reasonably acceptable to the Special Servicer and the   Controlling Class Representative has given its consent (which consent shall   be deemed denied if not granted within 10 Business Days), 120 days following   such default; provided that if such refinancing does not occur during   the time period specified in such written refinancing commitment, a Servicing   Transfer Event will be deemed to occur); or (ii) failed to make when
due   any Periodic Payment (other than a Balloon Payment), and such failure has   continued unremedied for 60 days; or
  
	
  
 
  	
  
 
  
	
   
  	
  
         (b)          the   Master Servicer or Special Servicer (in the case of the Special Servicer,   with the consent of the Controlling Class Representative) shall have   determined (with written notice of any such determination by the Special   Servicer to be promptly given by the Special Servicer to the Master   Servicer), in its good faith reasonable judgment, and in accordance with the   Servicing Standard, based on communications with the related Mortgagor, that   a default in making a Periodic Payment (including a Balloon Payment) or any   other default under the applicable Mortgage Loan documents that would
  

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(with respect to such other default) materially   impair the value of the Mortgaged Property as security for the Mortgage Loan   and, if applicable, Companion Loan or otherwise would materially adversely   affect the interests of Certificateholders and would continue unremedied   beyond the applicable grace period under the terms of the Mortgage Loan (or,   if no grace period is specified, for 60 days; provided that a default   that would give rise to an acceleration right without any grace period shall   be deemed to have a grace period equal to zero) is likely to occur and is   likely to remain unremedied for at least 60 days; or
  
	
  
 
  	
  
 
  
	
   
  	
  
         (c)          there   shall have occurred a default (other than as described in clause   (a) above) that the Master Servicer or the Special Servicer (in the case   of the Special Servicer, with the consent of the Controlling Class   Representative) shall have determined (with written notice of any such   determination by the Special Servicer to be promptly given by the Special   Servicer to the Master Servicer), in its good faith and reasonable judgment,   and in accordance with the Servicing Standard, materially impairs the value   of the Mortgaged Property as security for the Mortgage Loan and, if   applicable, Companion Loan, or otherwise materially adversely affects the   interests of Certificateholders and that continues unremedied beyond the   applicable grace period under the terms of the Mortgage Loan (or, if no grace   period is specified, for
60 days; provided that a default that gives rise   to an acceleration right without any grace period shall be deemed to have a   grace period equal to zero); provided, however, that, in the   event the Special Servicer with the consent of the Controlling Class   Representative determines that the related Mortgagor does not need to   maintain terrorism insurance as provided in Section 3.07(a), no default   related to the failure to obtain such insurance shall be deemed to be   outstanding for purposes of this clause(c); or
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (d)          a   decree or order of a court or agency or supervisory authority having   jurisdiction in the premises in an involuntary case under any present or   future federal or state bankruptcy, insolvency or similar law or the   appointment of a conservator or receiver or liquidator in any insolvency, readjustment   of debt, marshaling of assets and liabilities or similar proceedings, or for   the winding-up or liquidation of its affairs, shall have been entered against   the related Mortgagor; provided that, if   such decree or order is discharged, dismissed or stayed within 60 days it   shall not be a Specially Serviced Mortgage Loan (and no Special Servicing   Fees shall be payable); or
  
	
   
  	
  
 
  
	
  
 
  	
  
         (e)          the   related Mortgagor shall consent to the appointment of a conservator or   receiver or liquidator in any insolvency, readjustment of debt, marshaling of   assets and liabilities or similar proceedings of or relating to such   Mortgagor or of or relating to all or substantially all of its property; or
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (f)          the   related Mortgagor shall admit in writing its inability to pay its debts   generally as they become due, file a petition to take advantage of any   applicable insolvency, bankruptcy or reorganization statute, make an   assignment for the benefit of its creditors, or voluntarily suspend payment   of its obligations; or
  

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         (g)          the   Master Servicer shall have force placed insurance against damages or losses   arising from acts of terrorism due to the failure of the related borrower to   maintain or cause such insurance to be maintained and (1) subsequent to such   force placement such borrower fails to maintain or cause to be maintained   insurance coverage against damages for losses arising from acts of terrorism   for a period of 60 days (or such shorter time period as the Controlling Class   Representative may consent to) or (2) the Master Servicer fails to have been   reimbursed from any Servicing Advances made in connection with the force   placement of such insurance coverage (unless the circumstances giving rise to   such forced placement of such insurance coverage have otherwise been cured   and the Master Servicer has been reimbursed for any Servicing Advances
made   in connection with the forced placement of such insurance coverage); or
  
	
   
  	
  
 
  
	
  
 
  	
  
         (h)          the   Master Servicer shall have received notice of the commencement of foreclosure   or similar proceedings with respect to the related Mortgaged Property;
  

provided, however, that a Companion Loan shall be deemed to be a Specially Serviced Mortgage Loan if the related Co-Lender Loan becomes a Specially Serviced Mortgage Loan and a Co-Lender Loan shall be deemed to be a Specially Serviced Mortgage Loan if the related Companion Loan becomes a Specially Serviced Mortgage Loan; provided, further, however that a Mortgage Loan or Companion Loan will cease to be a Specially Serviced Mortgage Loan:

	
  
 
  	
  
             (i)          with   respect to the circumstances described in clause (a) above, when the   related Mortgagor has made three consecutive full and timely Periodic   Payments under the terms of such Mortgage Loan or Companion Loan (as such   terms may be changed or modified in connection with a bankruptcy or similar   proceeding involving the related Mortgagor or by reason of a modification,   waiver or amendment granted or agreed to by the Special Servicer pursuant to   Section 3.20);
  
	
  
 
  	
  
 
  
	
   
  	
  
             (ii)          with   respect to the circumstances described in clauses (b), (d), (e) and   (f) above, when such circumstances cease to exist in the good faith   reasonable judgment of the Special Servicer and in accordance with the   Servicing Standard, but, with respect to any bankruptcy or insolvency   proceedings described in clauses (d), (e) and (f), no later than the   entry of an order or decree dismissing such proceeding;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (iii)          with   respect to the circumstances described in clause (c) and (g) above, when   such default is cured; and
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (iv)          with   respect to the circumstances described in clause (h) above, when such   proceedings are terminated;
  

so long as at that time no circumstance identified in clauses (a) through (h) above exists that would cause the Mortgage Loan (or, with respect to a Co-Lender Loan, the related Companion Loan, or, with respect to a Companion Loan, the related Co-Lender Loan) to continue to be characterized as a Specially Serviced Mortgage Loan; provided no additional default is foreseeable in the reasonable good faith judgment of the Special Servicer.

                   “Startup Day”:  With respect to each of the Woodlands Mall Loan REMIC, REMIC I and REMIC II, the day designated as such in Section 10.01(c).

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                   “State and Local Taxes”:  Taxes imposed by the States of New York, Minnesota and North Carolina and by any other state or local taxing authorities; provided that such states and such other state and local taxing authorities, by notice to the Trustee, assert jurisdiction over the trust fund or any portion thereof, or which, according to an Opinion of Counsel addressed to the Trustee, have such jurisdiction.

                   “Stated Maturity Date”:  With respect to any Mortgage Loan, the Due Date specified in the Mortgage Note (as in effect on the Closing Date) on which the last payment of principal is due and payable under the terms of the Mortgage Note (as in effect on the Closing Date), without regard to any change in or modification of such terms in connection with a bankruptcy or similar proceeding involving the related Mortgagor or a modification, waiver or amendment of such Mortgage Loan granted or agreed to by the Special Servicer pursuant to Section 3.20 and, in the case of an ARD Loan, without regard to its Anticipated Repayment Date.

                   “Stated Principal Balance”:  With respect to any Mortgage Loan, as of any date of determination, an amount (which amount shall not be less than zero) equal to (x) the Cut-Off Date Balance of such Mortgage Loan (or, in the case of a Qualified Substitute Mortgage Loan, the unpaid principal balance after application of all principal payments due on or before the related date of substitution, whether or not received), plus (y) any Mortgage Deferred Interest added to the principal balance of such Mortgage Loan on or before the end of the immediately preceding Collection Period minus (z) the sum of:

	
  
 
  	
  
             (i)          the
principal portion of each Periodic Payment due on such Mortgage Loan after the
Cut-Off Date or the related date of substitution, as the case may be, to the
extent received from the Mortgagor or advanced by the Master Servicer or the
Trustee and distributed to Certificateholders on or before such date of
determination;
 
	
  
 
  	
  
 
  
	
  
 
  	
  
             (ii)          all   Principal Prepayments received with respect to such Mortgage Loan after the   Cut-Off Date or the related date of substitution, as the case may be, to the   extent distributed to Certificateholders on or before such date of   determination;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (iii)          the   principal portion of all Insurance Proceeds and Liquidation Proceeds received   with respect to such Mortgage Loan after the Cut-Off Date or the related date   of substitution, as the case may be, to the extent distributed to   Certificateholders on or before such date of determination;
  
	
   
  	
  
 
  
	
  
 
  	
  
             (iv)          the   principal portion of any Realized Loss incurred in respect of such Mortgage   Loan during the related Collection Period; and
  
	
  
 
  	
  
 
  
	
  
 
  	
  
             (v)          any   amount of reduction in the outstanding principal balance of such Mortgage   Loan resulting from a Deficient Valuation that occurred prior to the end of   the Collection Period for the most recent Distribution Date.
  

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                    With respect to any REO Loan, as of any date of determination, an amount equal to (x) the Stated Principal Balance of the predecessor Mortgage Loan as of the date of the related REO Acquisition, minus (y) the sum of:

	
  
 
  	
  
                 (A)          the   principal portion of any P&I Advance made with respect to the predecessor   Mortgage Loan on or after the date of the related REO Acquisition, to the   extent distributed to Certificateholders on or before such date of   determination; and
  
	
   
  	
  
 
  
	
  
 
  	
  
                    (B)         the   principal portion of all Insurance Proceeds, Liquidation Proceeds and REO   Revenues received with respect to such REO Loan, to the extent distributed to   Certificateholders on or before such date of determination.
  

                    A Mortgage Loan or an REO Loan shall be deemed to be part of the Trust Fund and to have an outstanding Stated Principal Balance until the Distribution Date on which the payments or other proceeds, if any, received in connection with a Liquidation Event in respect thereof are to be (or, if no such payments or other proceeds are received in connection with such Liquidation Event, would have been) distributed to Certificateholders.  In addition, to the extent that principal from general collections is used to reimburse Nonrecoverable Advances pursuant to Sections 3.05(a)(vii) and (viii) or Workout Delayed Reimbursement Amounts pursuant to Sections 3.05(a)(vii) and (viii) (which are only reimbursable from principal collections on the Mortgage Pool as set forth in this Agreement) and such amount has not been included as part of the
Principal Distribution Amount, such amount shall nevertheless be deemed to be part of the Principal Distribution Amount for purposes of clauses (i), (ii) and (iii) above.  Notwithstanding the foregoing, if any Mortgage Loan is paid in full, liquidated or otherwise removed from the Trust Fund, commencing as of the first Distribution Date following the Collection Period during which such event occurred, the Stated Principal Balance of such Mortgage Loan will be zero.

                    With respect to any Companion Loan on any date of determination, the Stated Principal Balance shall equal the unpaid principal balance of such Companion Loan.

                   “Subcontractor”:  Any third-party or affiliated vendor, subcontractor or other Person utilized by a Servicer, a Sub-Servicer, the Trustee or the Custodian, as applicable, that is not responsible for the overall servicing (as “servicing” is commonly understood by participants in the commercial mortgage-backed securities market) of Mortgage Loans but performs one or more discrete functions identified in Item 1122(d) of Regulation AB with respect to Mortgage Loans.

                   “Subordinate Companion Holder”:  The holders of any of the Subordinate Companion Loans.

                   “Subordinate Companion Loan”:  Each of The Woodlands Mall Companion Loan, the Prime Outlets Pool II Subordinate Companion Loan, the Chemed Center Leasehold Companion Loan and the Tan-Tar-A Resort Companion Loan, individually or collectively, as the context may require.

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                   “Subordinated Certificate”:  Any Class A-M, Class A-J, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class O, Class P, Class Z, Class R-I or Class R-II Certificate.

                   “Sub-Servicer”:  Any Person with which the Master Servicer, the Special Servicer or an Additional Servicer has entered into a Sub-Servicing Agreement for the performance (whether directly or through Sub-Servicers or Subcontractors) of a substantial portion of the material servicing functions required to be performed by the Master Servicer or the Special Servicer under this Agreement or by an Additional Servicer under a servicing agreement, with respect to some or all of the Mortgage Loans, that are identified in Item 1122(d) of Regulation AB.

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

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

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

                   “Swap Contract”:  The 1992 ISDA Master Agreement (Multi-Currency Cross Border) together with the related schedule, confirmation and any annexes thereto, dated as of June 29, 2006, by and among the Swap Counterparty and the Trustee, solely in its capacity as Trustee, on behalf of the Trust Fund, or any replacement interest rate swap agreement entered into by the Trustee in accordance with this Agreement.

                   “Swap Counterparty”: Wachovia Bank, National Association, a national banking association, acting in such capacity or its successor in interest or any Swap Counterparty under a replacement Swap Contract.

                   “Swap Default”:  Any failure on the part of the Swap Counterparty to (i) make a required payment under the Swap Contract, as and when due thereunder, or (ii) either post acceptable collateral or find an acceptable replacement swap counterparty after a Rating Agency Trigger Event has occurred as required by Part 1, paragraph (k) of the Schedule of the Master Agreement in the Swap Contract or any early termination date as designated under the Swap Contract shall have occurred.

                   “Swap Termination Fees”:  Any fees or expenses payable by the Swap Counterparty to the Trust in connection with a Swap Default, termination of the Swap Contract or liquidation of the Swap Contract, as specified in the Swap Contract.

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                   “Tan-Tar-A Resort Companion Loan”:  That certain mortgage loan evidenced by a note, which is not an asset of the Trust Fund, secured by the Mortgaged Property securing the Tan-Tar-A Resort Loan.

                   “Tan-Tar-A Resort Intercreditor Agreement”:  The Intercreditor Agreement Among Note Holders, dated as of May 12, 2006, by and between Wachovia Bank, National Association, as A Note Holder and Wachovia Bank, National Association, as B Note Holder relating to the Tan-Tar-A Resort Loan Pair.

                   “Tan-Tar-A Resort Loan”:  That certain Mortgage Loan which is included in the Trust Fund (identified as loan number 5 on the Mortgage Loan Schedule).

                   “Tan-Tar-A Loan Pair”:  The Tan-Tar-A Resort Loan, together with the Tan-Tar-A Resort Companion Loan.

                   “Tax Matters Person”:  With respect to each of the Woodlands Mall Loan REMIC, REMIC I and REMIC II, the Person designated as the “tax matters person” of such REMIC in the manner provided under Treasury Regulations Section 1.860F-4(d) and Temporary Treasury Regulations Section 301.6231(a)(7)-1T, which Person shall be the applicable Plurality Residual Certificateholder.

                   “Tax Returns”:  The federal income tax returns on Internal Revenue Service Form 1066, U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return, including Schedule Q thereto, Quarterly Notice to Residual Interest Holders of REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed on behalf of the Woodlands Mall Loan REMIC, REMIC I and REMIC II due to its classification as a REMIC under the REMIC Provisions, and the federal income tax return to be filed on behalf of the Grantor Trusts due to their classification as a grantor trust under the Grantor Trust Provisions, together with any and all other information, reports or returns that may be required to be furnished to the Certificateholders or filed with the Internal Revenue Service under any applicable provisions of federal tax law or

any other governmental taxing authority under applicable State and Local Tax laws.

                   “Tenants-in-Common Loan”:  Those certain Mortgage Loans which are identified on Exhibit Z hereto for which the related Mortgagors own the related Mortgaged Property as tenants-in-common and the related Mortgagor is subject to further syndication.

                   “The Woodlands Mall Companion Loan”:  That certain mortgage loan evidenced by a note, which is not an asset of the Trust Fund, secured by the Mortgaged Property securing The Woodlands Mall Loan.

                   “The Woodlands Mall Intercreditor Agreement”:  The Intercreditor and Servicing Agreement, dated as of June 29, 2006, by and between Wachovia Bank, National Association, as Lead Lender and Metropolitan Life Insurance Company, as Co-Lender relating to The Woodlands Mall Loan Pair.

                   “The Woodlands Mall Loan”:  That certain Mortgage Loan which is included in the Trust Fund (identified as loan number 1 on the Mortgage Loan Schedule).

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                   “The Woodlands Mall Loan Pair”:  The Woodlands Mall Loan, together with The Woodlands Mall Companion Loan.

                   “The Woodlands Mall Loan Remittance Rate”:  With respect to any Loan Component, the rate set forth in the Preliminary Statement.

                   “The Woodlands Mall Non-Pooled Component”:  As defined in the Preliminary Statement.

                   “The Woodlands Mall Non-Pooled Percentage”:  For any Distribution Date, a fraction expressed as a percentage, the numerator of which is (x) the Component Principal Balance of The Woodlands Mall Non-Pooled Component for such Distribution Date and the denominator of which is (y) the sum of (a) the Component Principal Balance of The Woodlands Mall Pooled Component for such Distribution Date and (b) the Component Principal Balance of The Woodlands Mall Non-Pooled Component for such Distribution Date.

                   “The Woodlands Mall Pooled Component”:  As defined in the Preliminary Statement.

                   “The Woodlands Mall Pooled Percentage”:  For any Distribution Date, a fraction expressed as a percentage, the numerator of which is (x) the Component Principal Balance of The Woodlands Mall Pooled Component for such Distribution Date and the denominator of which is (y) the sum of (a) the Component Principal Balance of The Woodlands Mall Pooled Component for such Distribution Date and (b) the Component Principal Balance of The Woodlands Mall Non-Pooled Component for such Distribution Date.

                   “Time of Sale”:  As defined in that certain Underwriting Agreement, dated as of June 20, 2006, among Wachovia Commercial Mortgage Securities, Inc., Wachovia Bank, National Association, Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Goldman, Sachs & Co., J.P. Morgan Securities Inc. and Lehman Brothers Inc.

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

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

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

                   “Trust-Related Litigation”:  As defined in Section 2.03(h).

                   “Trust Fund”:  Collectively, (i) all of the assets of the Woodlands Mall Loan REMIC, REMIC I and REMIC II, (ii) the Additional Interest Grantor Trust Assets and (iii) the A-3FL Grantor Trust Assets.

                   “Trustee”:  Wells Fargo Bank, N.A., its successor in interest, or any successor trustee appointed as herein provided.

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                   “Trustee Fee”:  With respect to each Mortgage Loan and REO Loan for any Distribution Date, an amount equal to one month’s interest for the most recently ended calendar month (calculated on a 30/360 Basis), accrued at the Trustee Fee Rate on the Stated Principal Balance of such Mortgage Loan or REO Loan, as the case may be, outstanding immediately following the prior Distribution Date (or, in the case of the initial Distribution Date, as of the Closing Date).

                   “Trustee Fee Rate”:  0.0012% per annum.

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

                   “UCC Financing Statement”:  A financing statement executed and filed pursuant to the Uniform Commercial Code, as in effect in any relevant jurisdiction.

                   “Underwriter”:  Each of Wachovia Capital Markets, LLC,  Citigroup Global Markets Inc., Goldman, Sachs & Co., J.P. Morgan Securities Inc. and Lehman Brothers Inc. or, in each case, its successor in interest.

                   “United States Person”:  A citizen or resident of the United States, a corporation or partnership (including an entity treated as a corporation or partnership for federal income tax purposes) created or organized in, or under the laws of, the United States, any State thereof or the District of Columbia unless in the case of a partnership, Treasury Regulations are adopted that provide otherwise, an estate whose income is includable in gross income for United States federal income tax purposes regardless of its source or a trust if a court within the United States is able to exercise primary supervision over the administration of the trust, and one or more United States Persons have the authority to control all substantial decisions of the trust, all within the meaning of Section 7701(a)(30) of the Code (or, to the extent
provided in applicable Treasury regulations, certain trusts in existence on August 20, 1996, that are eligible to elect to be treated as United States Persons).

                   “Unliquidated Advance”:  Any Advance previously made by a party hereto that has been previously reimbursed, as between the Person that made the Advance hereunder, on the one hand, and the Trust Fund, on the other, as part of a Workout-Delayed Reimbursement Amount pursuant to subsections (ii) and (vi) of Section 3.05(a) but that has not been recovered from the Mortgagor or otherwise from collections on or the proceeds of the Mortgage Loan or REO Property in which the Trust Fund holds a beneficial interest in respect of which the Advance was made.

                   “Unrestricted Servicer Reports”:  Each of the CMSA Delinquent Loan Status Report, CMSA Historical Loan Modification and Corrected Mortgage Loan Report, CMSA Loan Level Reserve/LOC Report, CMSA Historical Liquidation Report, CMSA REO Status Report and the CMSA Advance Recovery Report.

                   “Voting Rights”:  The portion of the voting rights of all of the Certificates which is allocated to any Certificate.  At all times during the term of this Agreement, 100% of the Voting Rights shall be allocated among the Holders of the Regular Certificates and the Class A-3FL Certificates.  Ninety-six percent (96%) of the Voting Rights shall be allocated among the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-3FL, Class A-1A, Class A-M, Class A-J,

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Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class O and Class P Certificates in proportion to the respective Class Principal Balances of their Certificates (which proportion shall be calculated as equal to the product of 96% and a fraction, the numerator of which is equal to the aggregate Certificate Balance of the related Class of Certificates (adjusted as provided in the immediately succeeding provisos) and the denominator of which is equal to the aggregate Certificate Balances of all Classes of Certificates referenced above, determined as of the Distribution Date immediately preceding such time); provided that, solely for the purpose of determining the Voting Rights of the Classes of Sequential Pay Certificates, the aggregate Appraisal Reduction Amount (determined as set forth herein) shall be treated as Realized Losses
with respect to the calculation of the Certificate Principal Balances thereof; provided, further, however, that the aggregate Appraisal Reduction Amount shall not reduce the Class Principal Balance of any Class for purposes of determining the Controlling Class, the Controlling Class Representative or the Majority Subordinate Certificateholder.  Four percent (4%) in the aggregate of the Voting Rights shall be allocated to the Class X Certificates (allocated, pro rata, between the Class X-C and Class X-P Certificates based upon their Notional Amounts).  The Class Z Certificates, the Class WM Certificates and the Residual Certificates shall have no voting rights.  Voting Rights allocated to a Class of Certificateholders shall be allocated among such Certificateholders in standard proportion to the Percentage Interests evidenced by their respective Certificates.  In addition, if either the Master Servicer or the Special Servicer is
the holder of any Certificate, neither of the Master Servicer or Special Servicer, in its capacity as a Certificateholder, shall have Voting Rights with respect to matters concerning compensation affecting the Master Servicer or the Special Servicer.

                   “Wachovia”:  Wachovia Bank, National Association, or its successor in interest.

                   “Wachovia Mortgage Loan Purchase Agreement”:  That certain mortgage loan purchase agreement, dated as of June 1, 2006 between the Depositor and Wachovia and relating to the transfer of the Wachovia Mortgage Loans to the Depositor.

                   “Wachovia Mortgage Loans”:  Each of the Mortgage Loans transferred and assigned to the Depositor pursuant to the Wachovia Mortgage Loan Purchase Agreement.

                   “Weighted Average Net Mortgage Rate”:  With respect to any Distribution Date, the rate per annum equal to the weighted average, expressed as a percentage and rounded to six decimal places, of the respective Net Mortgage Rates applicable to the Mortgage Loans (excluding the applicable interest rate and Component Principal Balance of The Woodlands Mall Non-Pooled Component) as of the first day of the related Collection Period, weighted on the basis of their respective Stated Principal Balances (excluding the Component Principal Balance of The Woodlands Mall Non-Pooled Component with respect to The Woodlands Mall Loan) immediately following the preceding Distribution Date.

                   “Whole Loan”:  Collectively, each Companion Loan and its related Co-Lender Loan.

                   “Woodlands Mall Loan REMIC”:  The segregated pool of assets subject hereto constituting a portion of the primary trust created hereby and to be administered hereunder with respect to which a separate REMIC election is to be made and consisting of:  (i) The Woodlands

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Mall Loan as from time to time subject to this Agreement and all payments under and proceeds of The Woodlands Mall Loan received after the Closing Date, together with all documents included in the related Mortgage Files; (ii) proceeds of the foregoing in the Certificate Account and the Distribution Account; and (iii) amounts in the Interest Reserve Account allocable to The Woodlands Mall Loan.

                   “Woodlands Mall Loan REMIC Pooled Regular Interest”:  An uncertificated regular interest in the Woodlands Mall Loan REMIC which is held as an asset of REMIC I and having the original Woodlands Mall Loan REMIC Principal Amount and per annum rate of interest equal to The Woodlands Mall Loan REMIC Remittance Rate.

                   “Woodlands Mall Loan REMIC Principal Balance”:  The principal amount of any Woodlands Mall Loan REMIC Regular Interest outstanding as of any date of determination.  As of the Closing Date, the Woodlands Mall Loan REMIC Principal Balance of each Woodlands Mall Loan REMIC Regular Interest shall equal the original Woodlands Mall Loan REMIC Principal Balance set forth in the Preliminary Statement hereto.  On each Distribution Date, the Woodlands Mall Loan REMIC Principal Balance of each Woodlands Mall Loan REMIC Regular Interest shall be permanently reduced by all distributions of principal deemed to have been made in respect of the Woodlands Mall Loan REMIC Regular Interest on such Distribution Date pursuant to Section 4.01(e), and shall be further permanently reduced on such Distribution Date by all Realized Losses and
Additional Trust Fund Expenses deemed to have been allocated thereto on such Distribution Date pursuant to Section 4.04(l) and shall be increased on such Distribution Date by Certificate Deferred Interest deemed to have been allocated thereto on such Distribution Date pursuant to Section 4.04(c).

                   “Woodlands Mall Loan REMIC Regular Interests”:  The Woodlands Mall Loan REMIC Pooled Regular Interest and the Class WM-NP Uncertificated Interest.

                   “Workout-Delayed Reimbursement Amounts”:  With respect to any Mortgage Loan, the amount of any Advance made with respect to such Mortgage Loan on or before the date such Mortgage Loan becomes (or, but for the making of three Monthly Payments under its modified terms, would then constitute) a Corrected Mortgage Loan, together with (to the extent accrued and unpaid) interest on such Advances, to the extent that (i) such Advance (and any interest thereon) is not reimbursed to the Person who made such Advance on or before the date, if any, on which such Mortgage Loan becomes a Corrected Mortgage Loan and (ii) the amount of such Advance (and any interest thereon) becomes an obligation of the Mortgagor to pay such amount over a period of time rather than immediately or on the next Due Date under the terms of the modified
loan documents.

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

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

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                   “Yield Maintenance Charge”:  Payments paid or payable, as the context requires, on a Mortgage Loan as the result of a Principal Prepayment thereon, not otherwise due thereon in respect of principal or interest, which have been calculated (based on Scheduled Payments on such Mortgage Loan) to compensate the holder for reinvestment losses based on the value of an interest rate index at or near the time of prepayment.  Any other prepayment premiums, penalties and fees not so calculated will not be considered “Yield Maintenance Charges.”  In the event that a Yield Maintenance Charge shall become due for any particular Mortgage Loan, the Master Servicer shall be required to follow the terms and provisions contained in the applicable Mortgage Note; provided, however, in the event the particular Mortgage

Note shall not specify the U.S. Treasuries which shall be used in determining the discount rate or the reinvestment yield to be applied in such calculation, the Master Servicer shall be required to use those U.S. Treasuries having maturity dates most closely approximating the maturity of such Mortgage Loan.  Accordingly if either no U.S. Treasury issue, or more than one U.S. Treasury issue, shall coincide with the term over which the Yield Maintenance Charge shall be calculated (which depending on the applicable Mortgage Note is based on the remaining average life of the Mortgage Loan or the actual term remaining through the Maturity Date), the Master Servicer shall use the U.S. Treasury whose reinvestment yield is the lowest, with such yield being based on the bid price for such issue as published in The Wall Street Journal on the date that is fourteen (14) days prior to the date that the Yield Maintenance Charge shall become due and payable (or, if such bid price is not published on that

date, the next preceding date on which such bid price is so published) and converted to a monthly compounded nominal yield.  The monthly compounded nominal yield (“MEY”) is derived from the reinvestment yield or discount rate and shall be defined as MEY = (12X {(1+”BEY”/2)^1/6}-1) where BEY is defined as the U.S. Treasury Reinvestment Yield which is in decimal form and not in percentage, and 1/6 is the exponential power to which a portion of the equation is raised.  For example, using a BEY of 5.50%, the MEY = (12 X {(1+ 0.055/2)^0.16667}-1) where 0.055 is the decimal version of the percentage 5.5% and 0.16667 is the decimal version of the exponential power.  The MEY in the above calculation is 5.44%.

ARTICLE II.

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

                    Section 2.01.      Conveyance of Mortgage Loans.

                    (a)          The Depositor, concurrently with the execution and delivery hereof, does hereby assign, sell, transfer, set over and otherwise convey to the Trustee, in trust, without recourse, for the benefit of the Certificateholders (and for the benefit of the other parties to this Agreement as their respective interests may appear) all the right, title and interest of the Depositor, in, to and under (i) the Mortgage Loans and all documents included in the related Mortgage Files and Servicing Files, (ii) the rights of the Depositor under Sections 2, 3, 9, 10, 11, 12, 13, 14, 16, 17, 18 and 19 of each of the Mortgage Loan Purchase Agreements, and (iii) all other assets included or to be included in the Trust Fund.  Such assignment includes all interest and principal received
or receivable on or with respect to the Mortgage Loans and due after the Cut-Off Date.  The transfer of the Mortgage Loans and the related rights and property accomplished hereby is absolute and, notwithstanding Section 11.07, is intended by the parties to constitute a sale.

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                    (b)          In connection with the Depositor’s assignment pursuant to Section 2.01(a) above the Depositor shall direct, and hereby represents and warrants that it has directed, each Mortgage Loan Seller pursuant to the applicable Mortgage Loan Purchase Agreement, to deliver to and deposit with, or cause to be delivered to and deposited with, the Trustee or a Custodian appointed thereby (with a copy to the Master Servicer and Special Servicer), on or before the Closing Date, the Mortgage File for each Mortgage Loan so assigned and the Servicing File to the Master Servicer.  The Special Servicer may request the Master Servicer to deliver a copy of the Servicing File for any Mortgage Loan (other than a Specially Serviced Mortgage Loan, which will not be at the expense of the
Special Servicer) at the expense of the Special Servicer.  None of the
Trustee, any Custodian, the Master Servicer or the Special Servicer shall be
liable for any failure by any Mortgage Loan Seller or the Depositor to comply
with the document delivery requirements of the applicable Mortgage Loan Purchase
Agreement and this Section 2.01(b).

                    (c)          If any Mortgage Loan Seller cannot deliver, or cause to be delivered, on the Closing Date, as to any Mortgage Loan, any of the documents and/or instruments referred to in clauses (ii), (iii), (vi) (if recorded) and (viii) of the definition of “Mortgage File”, with evidence of recording thereon, solely because of a delay caused by the public recording office where such document or instrument has been delivered for recordation, the delivery requirements of the related Mortgage Loan Purchase Agreement and Section 2.01(b) shall be deemed to have been satisfied as to such non-delivered document or instrument, and such non-delivered document or instrument shall be deemed to have been included in the Mortgage File; provided that a photocopy of such
non-delivered document or instrument (certified by the applicable Mortgage Loan
Seller to be a true and complete copy of the original thereof submitted for
recording) is delivered to the Trustee or a Custodian appointed thereby on or
before the Closing Date, and either the original of such non-delivered document
or instrument, or a photocopy thereof, with evidence of recording thereon, is
delivered to the Trustee or such Custodian within 120 days of the Closing Date
(or within such longer period after the Closing Date as the Trustee may consent
to, which consent shall not be unreasonably withheld so long as the applicable
Mortgage Loan Seller is, in good faith, attempting to obtain from the
appropriate county recorder’s office such original or photocopy).  If
the applicable Mortgage Loan Seller cannot deliver, or cause to be delivered, as
to any Mortgage Loan, any of the documents and/or instruments referred to in
clauses (ii), (iii), (vi) (if recorded) and (viii) of the definition
of “Mortgage File”, with evidence of recording thereon, for any other
reason, including, without limitation, that such non-delivered document or
instrument has been lost, the delivery requirements of the applicable Mortgage
Loan Purchase Agreement and Section 2.01(b) shall be deemed to have
been satisfied as to such non-delivered document or instrument and such
non-delivered document or instrument shall be deemed to have been included in
the Mortgage File; provided that a photocopy of such non-delivered
document or instrument (with evidence of recording thereon) is delivered to the
Trustee or a Custodian appointed thereby on or before the Closing
Date.

                    If,
on the Closing Date as to any Mortgage Loan, the applicable Mortgage Loan Seller
does not deliver in complete and recordable form any one of the assignments in
favor of the Trustee referred to in clause (iv) or (v) of the
definition of “Mortgage File”, the applicable Mortgage Loan Seller may
provisionally satisfy the delivery requirements of the related Mortgage Loan
Purchase Agreement and Section 2.01(b) by delivering with respect to
such 

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 Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan; provided that all
required original assignments with respect to such Mortgage Loan in fully
complete and recordable form shall be delivered to the Trustee or its Custodian
within 120 days of the Closing Date (or within such longer period as the Trustee
in its discretion may permit).

                    (d)          The Trustee shall, for a fee paid to the Trustee by the Depositor on the Closing Date as to each Mortgage Loan, promptly (and in any event within 90 days following the latest of (i) the Closing Date, (ii) the delivery of all assignments and UCC Financing Statements to the Trustee and (iii) the date on which the Trustee receives, with respect to the original recorded or filed documents relating to such assignments and UCC Financing Statements, all necessary recording and filing information required for the recording or filing of such assignments and UCC Financing Statements) cause to be submitted for recording or filing, as the case may be, in the appropriate public office for real property records or UCC Financing Statements, as appropriate and to the extent timely
delivered to the Trustee in final, recordable form, each assignment of Mortgage, assignment of Assignment of Leases and any other recordable documents (to the extent the Trustee has actual knowledge that such documents are to be recorded) relating to each such Mortgage Loan, in favor of the Trustee referred to in clause (iv)(a), (b) and (c), respectively, of the definition of “Mortgage File” and each UCC-2 and UCC-3 assignment in favor of the Trustee and so delivered to the Trustee and referred to in clause (viii) of the definition of “Mortgage File.”  The applicable Mortgage Loan Seller shall reimburse the Trustee for all reasonable costs and expenses incurred for recording any documents described in clause (iv)(c) of the definition of “Mortgage File.”  Each such assignment, UCC-2 and UCC-3 shall reflect that the recorded original should be returned by the public recording office to the Trustee or its designee following recording, and each such
UCC-2 and UCC-3 assignment shall reflect that the file copy thereof should be returned to the Trustee or its designee following filing; provided that in those instances where the public recording office retains the original assignment of Mortgage or assignment of Assignment of Leases, the Trustee shall obtain therefrom a certified copy of the recorded original, at the expense of the Depositor.  If any such document or instrument is lost or returned unrecorded or unfiled, as the case may be, because of a defect therein, the Trustee shall direct the related Mortgage Loan Seller pursuant to the applicable Mortgage Loan Purchase Agreement to promptly prepare or cause to be prepared a substitute therefor or cure such defect, as the case may be, and thereafter the Trustee shall upon receipt thereof cause the same to be duly recorded or filed, as appropriate.  Upon request, the Trustee shall forward to the Master Servicer a copy of each of the aforementioned recorded assignments following
the Trustee’s receipt thereof, to the extent not previously provided.

                    (e)          All documents and records in the Servicing File in possession of the Depositor or the Mortgage Loan Sellers (except attorney client privileged communications, draft documents and any documents or materials prepared by the Mortgage Loan Sellers or their Affiliates for internal uses, including, without limitation, internal correspondence and credit analysis of the Mortgage Loan Sellers) that relate to the Mortgage Loans and that are not required to be a part of a Mortgage File in accordance with the definition thereof (including any original letters of credit), together with all Escrow Payments and Reserve Accounts in the possession thereof, shall be delivered to the Master Servicer or such other Person as may be directed by the Master Servicer (at the expense of the applicable
Mortgage Loan Seller) on or before the Closing Date and shall be held by the Master Servicer on behalf of the Trustee in trust for the benefit of the Certificateholders; provided, however, the Master Servicer shall have no responsibility for holding documents created or maintained by the Special Servicer hereunder and not delivered to the Master Servicer.

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

                    Section
2.02.     Acceptance of the Trust Fund by
Trustee.

                    (a)          The Trustee, by its execution and delivery of this Agreement, acknowledges receipt of the Depositor’s assignment to it of the Depositor’s right, title and interest in the assets that constitute the Trust Fund, and further acknowledges receipt by it or a Custodian on its behalf, subject to the provisos in the definition of “Mortgage File” and the provisions of Section 2.01 and subject to the further limitations on review provided for in Section 2.02(b) and the exceptions noted on the schedule of exceptions of (i) the Mortgage File delivered to it for each Mortgage Loan and (ii) a copy of a fully executed counterpart of each Mortgage Loan Purchase Agreement, all in good faith and without notice of any adverse claim, and declares that it or a
Custodian on its behalf holds and will hold such documents and the other documents received by it that constitute portions of the Mortgage Files, and that it holds and will hold the Mortgage Loans and other assets included in the Trust Fund, in trust for the exclusive use and benefit of all present and future Certificateholders and, with respect to any original document in the Mortgage File for a Loan Pair, any present or future Companion Holders.  The Trustee hereby certifies to each of the Depositor, the Master Servicer, the Special Servicer and each Mortgage Loan Seller that except as identified in the schedule of exceptions, which is attached hereto as Exhibit C-1 without regard to the proviso in the definition of “Mortgage File,” each of the original executed Mortgage Notes (or lost note affidavit), the Mortgage (or an executed copy thereof), the lender’s title policy (original or copy or marked-up title commitment marked as binding and countersigned by the title
company or its authorized agent or an agreement to provide the same pursuant to binding escrow instructions executed by an authorized representative of the title company), a copy of any related Ground Leases, the original (or copy if the original has been delivered to the Master Servicer) of any related letters of credit (and the related transfer or assignment documents, if applicable), as described in clauses (i), (ii), (vii), (ix)(A) and (xii), respectively, of the definition of Mortgage File are in its possession.

                    With respect to the schedule of exceptions described in the preceding paragraph, within fifteen (15) Business Days (or, in the Controlling Class Representative’s reasonable discretion, thirty (30) Business Days) of the Closing Date, with respect to the documents specified in clauses (i), (ii), (vii), (ix) (solely with respect to Ground Leases) and (xii) of the definition of Mortgage File, the related Mortgage Loan Seller shall cure any material exception listed therein (for the avoidance of doubt, any deficiencies with respect to the documents specified in clause (ii) resulting solely from a delay in the return of the related documents from the applicable recording office, shall be cured in the time and manner described in Section 2.01(c)).  If such exception is not so cured, the related Mortgage Loan Seller shall
either (1) repurchase the related Mortgage Loan, (2) with respect to exceptions relating to clause (xii) of the definition of “Mortgage File”, deposit with the Paying Agent (who shall promptly 

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notify the Master Servicer thereof) an amount, to be held in a Special Reserve Account, equal to the amount of the undelivered letter of credit (in the alternative, the related Mortgage Loan Seller may deliver to the Paying Agent, with a certified copy to the Master Servicer and Trustee, a letter of credit for the benefit of the Master Servicer on behalf of the Trustee and upon the same terms and conditions as the undelivered letter of credit) which the Master Servicer on behalf of the Trustee may use (or draw upon, as the case may be) under the same circumstances and conditions as the Master Servicer would have been entitled to draw on the undelivered letter of credit, or (3) with respect to any exceptions relating to clauses (i), (ii) and (vii), deposit with the Paying Agent on behalf of the Trustee an amount, to be held in trust in a Special Reserve Account, equal to 25% of the Stated Principal Balance of the related Mortgage Loan.  Any letter of
credit or funds deposited pursuant to clauses (2) and (3) shall be held pursuant to the related Mortgage Loan Purchase Agreement by the Paying Agent until the earlier of (x) the date on which the Master Servicer certifies to the Trustee and the Controlling Class Representative that such exception has been cured (or the Trustee certifies the same to the Controlling Class Representative), at which time such funds or letter of credit, as applicable, shall be returned to the related Mortgage Loan Seller and (y) thirty (30) Business Days or, if the Controlling Class Representative extends the cure period, forty-five (45) Business Days after the Closing Date; provided, however, that if such exception is not cured within such thirty (30) Business Days or forty-five (45) Business Days, as the case may be, (A) in the case of clause (2), the Paying Agent shall retain such funds on deposit in the related Special Reserve Account, or (B) in the case of clause (3), the related Mortgage Loan
Seller shall repurchase the related Mortgage Loan in accordance with the terms and conditions of Section 2.03(b) or the related Mortgage Loan Purchase Agreement, at which time such funds shall be applied to the Purchase Price of the related Mortgage Loan.

                    (b)          In addition, within ninety (90) days after the Closing Date (and if any exceptions are noted, a schedule of exceptions again every 90 days thereafter until the second anniversary of the Closing Date, and a schedule of exceptions every 180 days thereafter until the fifth anniversary of the Closing Date, and thereafter upon request by any party hereto, any Mortgage Loan Seller or the Majority Subordinate Certificateholder), the Trustee or the Custodian on its behalf will review the Mortgage Files and certify (in a certificate substantially in the form of Exhibit C-2) to each of the Depositor, the Master Servicer, the Special Servicer and each Mortgage Loan Seller (with copies to the Majority Subordinate Certificateholder) that, with respect to each Mortgage Loan listed in the
Mortgage Loan Schedule, except as specifically identified in the schedule of exceptions annexed thereto, (i) without regard to the proviso in the definition of “Mortgage File,” all documents specified in clauses (i), (ii), (iv)(a), (v) and (vii), and to the extent provided in the related Mortgage File and actually known by a Responsible Officer of the Trustee to be required, clauses (iii), (iv)(b), (iv)(c), (vi), (viii), (ix)(A) and (xii) of the definition of “Mortgage File” are in its possession, (ii) all documents delivered or caused to be delivered by the applicable Mortgage Loan Seller constituting the related Mortgage File have been reviewed by it and appear regular on their face and appear to relate to such Mortgage Loan, (iii) based on such examination and only as to the foregoing documents, the information set forth in the Mortgage Loan Schedule for such Mortgage Loan with respect to the items specified in clauses (v) and (vi)(C) of
the definition of “Mortgage Loan Schedule” is correct and (iv) solely with respect to the Companion Loans, all documents specified in clause (xvi) of the definition of Mortgage File are in its possession.  Further, with respect to the documents described in clause (viii) of the definition of Mortgage File, the Trustee may assume, for purposes of the certification

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delivered in this Section 2.02(b) and for purposes of determining (subject to the proviso at the end of this sentence) where to file UCC Financing Statements, that the related Mortgage File should include one state level UCC Financing Statement filing in the state of incorporation of the Mortgagor for each Mortgaged Property (or with respect to any Mortgage Loan that has two or more Mortgagors, for each Mortgagor); provided, however, that to the extent the Trustee has actual knowledge or is notified of any fixture or real property UCC Financing Statements filed in the county of the state where the related Mortgaged Property is located, the Trustee shall file an assignment to the Trust Fund with respect to such UCC Financing Statements in the appropriate jurisdiction under the UCC at the expense of the related Mortgage Loan Seller.  The UCC Financing Statements to be assigned to the Trust Fund pursuant to
Section 2.01(d) will be delivered by the related Mortgage Loan Seller to the Trustee on the new national forms, in recordable form and completed pursuant to Revised Article IX of the UCC.  The Trustee will submit such UCC Financing Statements for filing in the state of incorporation of the related Mortgagor as so indicated on the documents provided.

                    (c)          None of the Trustee, the Master Servicer, the Special Servicer or any Custodian is under any duty or obligation to inspect, review or examine any of the documents, instruments, certificates or other papers relating to the Mortgage Loans delivered to it to determine that the same are valid, legal, effective, genuine, enforceable, in recordable form, sufficient or appropriate for the represented purpose or that they are other than what they purport to be on their face.

                    (d)          The Trustee may establish a Special Reserve Account which shall be an Eligible Account, and the Trustee or its designee shall deposit any amount required to be deposited in a Special Reserve Account within one Business Day of receipt.  The related Mortgage Loan Seller may direct the Trustee to invest or cause the investment of the funds deposited in the Special Reserve Account in Permitted Investments that bear interest or are sold at a discount and that mature, unless payable on demand, no later than the Business Day prior to the next P&I Advance Date.  The Trustee shall act upon the written instructions of the related Mortgage Loan Seller with respect to the investment of the funds in the Special Reserve Account in such Permitted Investments; provided that in
the absence of appropriate and timely written instructions from the related Mortgage Loan Seller, the Trustee shall not have any obligation to invest or direct the investment funds in such Special Reserve Account.  All income and gain realized from the investment of funds deposited in such Special Reserve Account shall be for the benefit of the related Mortgage Loan Seller and shall be withdrawn by the Trustee or its designees and remitted to the related Mortgage Loan Seller on each P&I Advance Date (net of any losses incurred), and the related Mortgage Loan Seller shall remit to the Trustee from the related Mortgage Loan Seller’s own funds for deposit into such Special Reserve Account the amount of any Net Investment Loss (net of Net Investment Earnings) in respect of such Permitted Investments immediately upon realization of such Net Investment Losses and receipt of written notice thereof from the Trustee; provided that the related Mortgage Loan Seller shall not be required to
deposit any loss on an investment of funds in the Special Reserve Account if such loss is incurred solely as a result of the insolvency of the federal or state chartered depository institution or trust company that holds such Special Reserve Account; provided that such depository institution is not the related Mortgage Loan Seller or an affiliate of such Mortgage Loan Seller.  The Special Reserve Account shall be considered an “outside reserve fund” within the meaning of the REMIC Provisions, and such Special Reserve Account (or any 

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reimbursement from the Woodlands Mall Loan REMIC, REMIC I or REMIC II with respect thereto) will be beneficially owned by the related Mortgage Loan Seller, who shall be taxable on all income, if any, with respect thereto.

                    (e)          With respect to exceptions related to clause (xii) of the definition of “Mortgage File” and any cash or substitute letters of credit held by the Trustee in the Special Reserve Account from time to time, if circumstances arise in servicing the related Mortgage Loan such that the Master Servicer or Special Servicer, as the case may be, is entitled to draw upon the undelivered letter of credit, the Master Servicer or Special Servicer, as the case may be, shall present an Officer’s Certificate to the Trustee requesting that the cash or substitute letter of credit held in the Special Reserve Account, be remitted or released, as the case may be, and the Trustee shall remit such cash or release such substitute letter of credit within one (1) Business Day of receipt of
such Officer’s Certificate.  Upon release of any substitute letter of credit to the Master Servicer or Special Servicer, the Trustee shall no longer be responsible for such letter of credit.

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

                    (a)          If
any party hereto discovers or receives notice that any document or documents
constituting a part of a Mortgage File has not been properly executed, is
missing (beyond the time period required for its delivery hereunder), contains
information that does not conform in any material respect with the corresponding
information set forth in the Mortgage Loan Schedule, or does not appear to be
regular on its face (each a “Document Defect”), or discovers or
receives notice of a breach of any representation or warranty relating to any
Mortgage Loan set forth in the applicable Mortgage Loan Purchase Agreement (a
“Breach”), the party discovering such Document Defect or Breach shall
give written notice (which notice, in respect of any obligation of the Trustee
to provide notice of a Document Defect, shall be deemed given by the delivery of
the certificate as required by Section 2.02(a)) to the other parties
hereto, to the Majority Subordinate Certificateholder and to the Rating Agencies
of such Document Defect or Breach.  Promptly upon becoming aware of any
Document Defect or Breach (including through such written notice provided by any
party hereto or the Majority Subordinate Certificateholder as provided above),
if any party hereto determines that such Document Defect or Breach materially
and adversely affects the value of the affected Mortgage Loan, the interest of
the Trust therein or the interests of any Certificateholder, such party shall
notify the Master Servicer of such determination and promptly after receipt of
such notice, the Master Servicer, or with respect to a Specially Serviced
Mortgage Loan, the Special Servicer, shall request in writing (with a copy to
the other parties hereto, the Majority Subordinate Certificateholder, the Rating
Agencies and the Controlling Class Representative (if different from the
Majority Subordinate Certificateholder)) that the applicable Mortgage Loan
Seller, not later than ninety (90) days from receipt of such written request
(or, in the case of a Document Defect or Breach relating to a Mortgage Loan not
being a “qualified mortgage” within the meaning of the REMIC
Provisions, not later than ninety (90) days after any party to this Agreement
discovers such Document Defect or Breach) (i) cure such Document Defect or
Breach, as the case may be, in accordance with Section 3(c) of the
applicable Mortgage Loan Purchase Agreement, (ii) repurchase the affected
Mortgage Loan in accordance with Section 3(c) of the related Mortgage
Loan Purchase Agreement, or (iii) within two years of the Closing Date,
substitute a Qualified Substitute 

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Mortgage Loan (other than with respect to The Woodlands Mall Loan, for which no substitution will be permitted) for such affected Mortgage Loan and pay the Master Servicer for deposit into the Certificate Account any Substitution Shortfall Amount in connection therewith in accordance with Sections 3(c) and 3(d) of the applicable Mortgage Loan Purchase Agreement; provided, however, that if such Document Defect or Breach is capable of being cured, but not within such ninety (90) day period, such Document Defect or Breach does not relate to the Mortgage Loan not being treated as a “qualified mortgage” within the meaning of the REMIC Provisions, and the applicable Mortgage Loan Seller has commenced and is diligently proceeding with the cure of such Document Defect or Breach within such ninety (90) day period, the applicable Mortgage Loan Seller shall have an additional ninety (90) days to complete such cure (or, failing such cure, to
repurchase the related Mortgage Loan); provided, further, with respect to such additional ninety (90) day period the applicable Mortgage Loan Seller shall have delivered an Officer’s Certificate to the Trustee setting forth what actions the applicable Mortgage Loan Seller is pursuing in connection with the cure thereof and stating that the applicable Mortgage Loan Seller anticipates such Document Defect or Breach will be cured within the additional ninety (90) day period; provided, further, that no Document Defect (other than with respect to a Mortgage Note, Mortgage, title insurance policy, Ground Lease, any letter of credit, franchise agreement or any comfort letter and comfort letter transfer documents (collectively, the “Material Core Documents”)) shall be considered to materially and adversely affect the interests of any Certificateholder, the interest of the Trust Fund therein or the value of the related Mortgage Loan unless the document with
respect to which the Document Defect exists is required in connection with an imminent enforcement of the mortgagee’s rights or remedies under the related 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 obligations; provided, further, with respect to Document Defects which materially and adversely affect the interest of any Certificateholder, the interests of the Trust therein or the value of the related Mortgage Loan, other than with respect to Document Defects relating to the Material Core Documents, any applicable cure period following the initial ninety (90) day cure period may be extended by the Master Servicer or the Special Servicer if the document involved is not needed imminently.  Such extension will end upon 30 days notice of such need as reasonably determined by the Master
Servicer or Special Servicer (with a possible 30 day extension if the Master Servicer or Special Servicer agrees that the applicable Mortgage Loan Seller is diligently pursuing a cure).  Pursuant to the related Mortgage Loan Purchase Agreement, the related Mortgage Loan Seller shall cure all Document Defects which materially and adversely affect the interests of any Certificateholder, the interests of the Trust Fund therein or the value of the related Mortgage Loan, regardless of the document involved, no later than two years following the Closing Date; provided, however, that the initial ninety (90) day cure period referenced above shall not be reduced.  For a period of two years from the Closing Date, so long as there remains any Mortgage File as to which there is any uncured Document Defect and so long as the applicable Mortgage Loan Seller shall provide the Officer’s Certificate pursuant to Section 3(c) of the applicable Mortgage Loan Purchase Agreement, the Trustee
shall on a quarterly basis prepare and deliver to the other parties a written report as to the status of such uncured Document Defects as provided in this Section 2.03.  If the affected Mortgage Loan is to be repurchased or substituted, the Master Servicer shall designate the Certificate Account as the account to which funds in the amount of the Purchase Price or the Substitution Shortfall Amount, as applicable, are to be wired.  Any such repurchase or substitution of a Mortgage Loan shall be on a whole loan, servicing released basis.

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                    If (i) any Mortgage Loan is required to be repurchased or substituted for in the manner described in the immediately preceding paragraph, (ii) such Mortgage Loan is a Crossed Loan, and (iii) the applicable Document Defect or Breach does not constitute a Document Defect or Breach, as the case may be, as to any other Crossed Loan in such Crossed Group (without regard to this paragraph), then the applicable Document Defect or Breach, as the case may be, will be deemed to constitute a Document Defect or Breach, as the case may be, as to any other Crossed Loan in the Crossed Group for purposes of this paragraph, and the related Mortgage Loan Seller will be required to repurchase or substitute for such other Crossed Loan(s) in the related Crossed Group as provided in the immediately preceding paragraph unless such other Crossed Loans
satisfy the Crossed Loan Repurchase Criteria and satisfy all other criteria for substitution and repurchase of Mortgage Loans set forth herein.  In the event that the remaining Crossed Loans in such Crossed Group satisfy the aforementioned criteria, the Mortgage Loan Seller may elect either to repurchase or substitute for only the affected Crossed Loan as to which the related Breach or Document Defect exists or to repurchase or substitute for all of the Crossed Loans in the related Crossed Group.  Any reserve or other cash collateral or letters of credit securing the Crossed Loans shall be allocated between such Mortgage Loans in accordance with the Mortgage Loan documents.  All other terms of the Mortgage Loans shall remain in full force and effect without any modification thereof.

                    With respect to any Crossed Loan, to the extent that the applicable Mortgage Loan Seller is required to repurchase or substitute for such Mortgage Loan in the manner prescribed in this Section 2.03(a) while the Trustee continues to hold any other Crossed Loans in the related Crossed Group, the applicable Mortgage Loan Seller and the Depositor will, as set forth in the related Mortgage Loan Purchase Agreement (any expenses incurred by the Trustee or the Master Servicer in connection with any modification or accommodation referred to in such Mortgage Loan Purchase Agreement (including but not limited to reasonable attorney fees) shall be paid by the related Mortgage Loan Seller), forbear from enforcing any remedies against the other’s Primary Collateral but each will be permitted to exercise remedies against the Primary Collateral
securing its respective Mortgage Loans, including with respect to the Trustee, the Primary Collateral securing Mortgage Loans still held by the Trustee.

                    (b)          In connection with any repurchase or substitution of one or more Mortgage Loans contemplated by this Section 2.03, upon receipt of a Request for Release (in the form of Exhibit D-1 attached hereto) of a Servicing Officer of the Master Servicer certifying as to the receipt of the applicable Purchase Price(s) in the Certificate Account (in the case of any such repurchase) or the receipt of the applicable Substitution Shortfall Amount(s) in the Certificate Account and upon the delivery of the Mortgage File(s) and the Servicing File(s) for the related Qualified Substitute Mortgage Loan(s) to the Custodian and the Master Servicer, respectively (in the case of any such substitution), (i) the Trustee shall execute and deliver such endorsements and assignments as are
provided to it, in each case without recourse, representation or warranty, as shall be necessary to vest in the applicable Mortgage Loan Seller the legal and beneficial ownership of each repurchased Mortgage Loan or deleted Mortgage Loan, as applicable, being released pursuant to this Section 2.03, and (ii) the Trustee, the Custodian, the Master Servicer, and the Special Servicer shall each tender to the applicable Mortgage Loan 

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Seller, upon delivery to each of them of a receipt executed by the applicable Mortgage Loan Seller, all portions of the Mortgage File and other documents pertaining to each such Mortgage Loan possessed by it and the Master Servicer and the Special Servicer shall release to the applicable Mortgage Loan Seller any Escrow Payments and Reserve Funds held by it in respect of such repurchased or deleted Mortgage Loan; provided that such tender by the Trustee or the Custodian shall be conditioned upon its receipt from the Master Servicer or the Special Servicer of a Request for Release.  Thereafter, the Trustee, the Custodian, the Master Servicer and the Special Servicer shall have no further responsibility with regard to the related repurchased Mortgage Loan(s) or deleted Mortgage Loan(s), as applicable, and the related Mortgage File(s) and Servicing File(s).  The Master Servicer shall, and is hereby authorized and empowered by the Trustee to, prepare,
execute and deliver in its own name, on behalf of the Certificateholders and the Trustee or any of them, the endorsements and assignments contemplated by this Section 2.03, and the Trustee shall execute any powers of attorney that are prepared and delivered to the Trustee by the Master Servicer and are necessary to permit the Master Servicer to do so.  The Master Servicer shall indemnify the Trustee for any reasonable costs, fees, liabilities and expenses incurred by the Trustee in connection with the negligent or willful misuse by the Master Servicer of such powers of attorney.  At the time a substitution is made, the related Mortgage Loan Purchase Agreement will provide that the Mortgage Loan Seller shall deliver the related Mortgage File to the Trustee and certify that the substitute Mortgage Loan is a Qualified Substitute Mortgage Loan.

                    (c)          No substitution of a Qualified Substitute Mortgage Loan or Loans may be made in any calendar month after the Determination Date for such month.  Periodic Payments due with respect to any Qualified Substitute Mortgage Loan after the related date of substitution shall be part of REMIC I.  Periodic Payments due with respect to any Qualified Substitute Mortgage Loan on or prior to the related date of substitution shall not be part of the Trust Fund, the Woodlands Mall Loan REMIC or REMIC I and will (to the extent received by the Master Servicer) be remitted by the Master Servicer to the applicable Mortgage Loan Seller promptly following receipt.

                    (d)          Each Mortgage Loan Purchase Agreement provides the sole remedies available to the Certificateholders, or the Trustee on behalf of the Certificateholders, respecting any Document Defect or Breach with respect to the Mortgage Loans purchased by the Depositor thereunder.

                    (e)          The Trustee with the cooperation of the Special Servicer (in the case of Specially Serviced Mortgage Loans) shall, for the benefit of the Certificateholders, enforce the obligations of the Mortgage Loan Sellers under Section 3 of the applicable Mortgage Loan Purchase Agreement.  The Trustee shall include in the immediately succeeding Distribution Date Statement a notification to the recipients of such Distribution Date Statement of any repurchase or substitution of a Mortgage Loan required pursuant to the terms of the related Mortgage Loan Purchase Agreement.

                    (f)          Notwithstanding the foregoing, if there exists a Breach relating to whether or not the 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) with respect to matters described in Representations 23 

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and 43 of the applicable Mortgage Loan Purchase Agreement, then the Master Servicer shall (and the Special Servicer may) direct the related Mortgage Loan Seller in writing to wire transfer to the Certificate Account, within 90 days of such Mortgage Loan Seller’s receipt of such direction, the amount of any such costs and expenses borne by the Trust Fund that are the basis of such Breach.  Upon its making such deposit, the related Mortgage Loan Seller shall be deemed to have cured such Breach in all respects.  Provided such payment is made in full, this paragraph describes the sole remedy available to the Certificateholders, the Master Servicer, the Special Servicer, and the Trustee on their behalf regarding any such Breach and the related Mortgage Loan Seller shall not be obligated to repurchase the affected Mortgage Loan on account of such Breach or otherwise cure such Breach.  Amounts deposited in the Certificate Account pursuant to this
paragraph shall be used for the reimbursement or payment of costs related to such Breach.

                    (g)          With respect to any Mortgage Loan which has become a Defaulted Mortgage Loan under this Agreement or with respect to which the related Mortgaged Property has been foreclosed and which is the subject of a repurchase claim under the related Mortgage Loan Purchase Agreement, the Special Servicer with the consent of the Controlling Class Representative shall notify the related Mortgage Loan Seller in writing of its intention to sell such Defaulted Mortgage Loan or REO Property at least 45 days prior to any such action.  The related Mortgage Loan Seller shall have 10 Business Days to determine whether or not to consent to such sale.  If the related Mortgage Loan Seller consents to such sale or a court of competent jurisdiction determines that the related Mortgage Loan Seller was
liable under the related Mortgage Loan Purchase Agreement to repurchase such Defaulted Mortgage Loan or REO Property then such Mortgage Loan Seller shall be liable for the difference (if any) between the price of the Mortgage Loan or REO Property as sold and the price which the related Mortgage Loan Seller would have to pay if it repurchased such Defaulted Mortgage Loan or REO Property.  If the related Mortgage Loan Seller does not consent to such sale, the Special Servicer shall contract with a Determination Party as to the merits of such sale.  If the related Determination Party determines that such sale is in accordance with the Servicing Standard and the provisions of this Agreement with respect to the sale of Defaulted Mortgage Loans or REO Properties and subsequent to such a sale, a court of competent jurisdiction determines that related Mortgage Loan Seller was liable under the related Mortgage Loan Purchase Agreement and required to repurchase such Defaulted Mortgage Loan or REO
Property in accordance with the terms thereof, then pursuant to the related Mortgage Loan Purchase Agreement, the related Mortgage Loan Seller shall remit to the Special Servicer an amount equal to the difference (if any) between the proceeds of the related action and the price at which the related Mortgage Loan Seller would have been obligated to pay had the related Mortgage Loan Seller repurchased such Defaulted Mortgage Loan or REO Property in accordance with the terms of the related Mortgage Loan Purchase Agreement including the costs related to contracting with the related Determination Party.  If the related Determination Party determines that the sale of the related Defaulted Mortgage Loan or REO Property is not in accordance with the Servicing Standard and the provision of this Agreement with respect to the sale of Defaulted Mortgage Loans or REO Properties and the Special Servicer subsequently sells such Mortgage Loan or REO Property, then the related Mortgage Loan Seller shall not be
liable for any such difference (nor any cost of contracting with the Determination Party).  In the event that (a) the Special Servicer ignores the determination of the Determination Party and sells the related Defaulted Mortgage Loan or REO Property and/or (b) a court of competent jurisdiction determines that the related Mortgage Loan 

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Seller is not obligated to repurchase the related Defaulted Mortgage or REO Property, the costs of contracting with the Determination Party will constitute an Additional Trust Fund Expense.  If the related Mortgage Loan Seller is required pursuant to the related Mortgage Loan Purchase Agreement to remit the amounts set forth in this Section 2.03(g), the Special Servicer shall designate the Certificate Account as the account to which such funds shall be wired.

                    Section 2.04.     Representations and Warranties of Depositor.

                    (a)          The Depositor hereby represents and warrants to the Trustee, for its own benefit and the benefit of the Certificateholders, and to the Master Servicer, the Paying Agent and the Special Servicer, as of the Closing Date, that:

	
  
 
  	
  
         (i)          The   Depositor is a corporation duly organized, validly existing and in good   standing under the laws of the State of North Carolina;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (ii)          The   execution and delivery of this Agreement by the Depositor, and the   performance and compliance with the terms of this Agreement by the Depositor,   will not violate the Depositor’s certificate of incorporation or bylaws or   constitute a default (or an event which, with notice or lapse of time, or   both, would constitute a default) under, or result in the breach of, any   material agreement or other instrument to which it is a party or which is   applicable to it or any of its assets;
  
	
   
  	
  
 
  
	
  
 
  	
  
         (iii)          The   Depositor has the full power and authority to enter into and consummate all   transactions contemplated by this Agreement, has duly authorized the   execution, delivery and performance of this Agreement, and has duly executed   and delivered this Agreement;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (iv)          This   Agreement, assuming due authorization, execution and delivery by each of the   other parties hereto, constitutes a valid, legal and binding obligation of   the Depositor, enforceable against the Depositor in accordance with the terms   hereof, subject to (A) applicable bankruptcy, insolvency, reorganization,   moratorium and other laws affecting the enforcement of creditors’ rights   generally, and (B) general principles of equity, regardless of whether such   enforcement is considered in a proceeding in equity or at law;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (v)          The   Depositor is not in violation of, and its execution and delivery of this   Agreement and its performance and compliance with the terms of this Agreement   will not constitute a violation of, any law, any order or decree of any court   or arbiter, or any order, regulation or demand of any federal, state or local   governmental or regulatory authority, which violation, in the Depositor’s   good faith and reasonable judgment, is likely to affect materially and   adversely either the ability of the Depositor to perform its obligations   under this Agreement or the financial condition of the Depositor;
  
	
   
  	
  
 
  
	
  
 
  	
  
         (vi)          The   transfer of the Mortgage Loans to the Trustee as contemplated herein requires   no regulatory approval, other than any such approvals as have been obtained,   and is not subject to any bulk transfer or similar law in effect in any   applicable jurisdiction;
  

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         (vii)          No   litigation is pending or, to the best of the Depositor’s knowledge,   threatened against the Depositor that, if determined adversely to the   Depositor, would prohibit the Depositor from entering into this Agreement or   that, in the Depositor’s good faith and reasonable judgment, is likely to   materially and adversely affect either the ability of the Depositor to   perform its obligations under this Agreement or the financial condition of   the Depositor;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (viii)          Immediately   prior to the transfer of the Mortgage Loans to the Trust Fund pursuant to   this Agreement, (A) the Depositor had good and marketable title to, and was   the sole owner and holder of, each Mortgage Loan; and (B) the Depositor has   full right and authority to sell, assign and transfer the Mortgage Loans and   all servicing rights pertaining thereto; and
  
	
   
  	
  
 
  
	
  
 
  	
  
         (ix)          The   Depositor is transferring the Mortgage Loans to the Trust Fund free and clear   of any liens, pledges, charges and security interests.
  

                    (b)          The representations and warranties of the Depositor set forth in Sections 2.04(a) and 8.17 shall survive the execution and delivery of this Agreement and shall inure to the benefit of the Persons for whose benefit they were made for so long as the Trust Fund remains in existence.  Upon discovery by any party hereto of any breach of any of the foregoing representations and warranties, the party discovering such breach shall give prompt written notice thereof to the other parties.

                    Section 2.05.     Conveyance of Majority Mortgage Loans and The Woodlands Mall Loan; Acceptance of the Woodlands Mall Loan REMIC, REMIC I and Grantor Trust by Trustee.

                    The Depositor, as of the Closing Date, and concurrently with the execution and delivery of this Agreement, does hereby assign without recourse all the right, title and interest of the Depositor in and to (a) The Woodlands Mall Loan, and the other property comprising the Woodlands Mall Loan REMIC to the Trustee for the benefit of the Holders of the Class R-I Certificates (in respect of the residual interest in the Woodlands Mall Loan REMIC) and REMIC I as the holder of the Woodlands Mall Loan REMIC Regular Interests, (b) the Majority Mortgage Loans (other than any Additional Interest related thereto), the Woodlands Mall Loan REMIC Regular Interests, and the other property comprising REMIC I to the Trustee for the benefit of the Holders of the Class R I Certificates (in respect of the residual interest in REMIC I) and REMIC II as the holder of the
REMIC I Regular Interests and (c) the Additional Interest and the other property comprising the Additional Interest Grantor Trust to the Trustee for the benefit of the Holders of the Class Z Certificates.  The Trustee acknowledges the assignment to it of the Mortgage Loans and the other property comprising the Woodlands Mall Loan REMIC, REMIC I and the portion of the Grantor Trust comprised of Additional Interest, and declares that it holds and will hold the same in trust for the exclusive use and benefit of REMIC I as the holder of the Woodlands Mall Loan REMIC Regular Interests, REMIC II as the holder of the REMIC I Regular Interests and present and future holders of the Certificates (other than the Class Z Certificates) and, as to Additional Interest, the Additional Interest Grantor Trust for the benefit of the Holders of the Class Z Certificates.

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                    Section 2.06.     Issuance of Woodlands Mall Loan REMIC Regular Interests.

                    Concurrently with the assignment and in exchange for The Woodlands Mall Loan, the Trustee acknowledges the issuance of the Woodlands Mall Loan REMIC Regular Interests to the Depositor and the issuance of the Class R-I Certificates as described in Section 2.08.  The rights of REMIC I (as holder of the Woodlands Mall Loan REMIC Regular Interests) and the Class R-I Certificates to receive distributions from the proceeds of the Woodlands Mall Loan REMIC shall be as set forth in this Agreement.

                    Section 2.07.     Conveyance of Woodlands Mall Loan REMIC Regular Interests; Acceptance of REMIC I by the Trustee.

                    The Depositor, as of the Closing Date, and concurrently with the execution and delivery of this Agreement, does hereby assign without recourse all the right, title and interest of the Depositor in and to the Woodlands Mall Loan REMIC Regular Interests to the Trustee for the benefit of REMIC I.  The Trustee acknowledges the assignment to it of the Woodlands Mall Loan REMIC Regular Interests and declares that it holds and will hold the same in trust for the exclusive use and benefit of REMIC I.

                    Section 2.08.     Conveyance of Mortgage Loans; Acceptance of REMIC I and Additional Interest Grantor Trust by Trustee.

                    The Depositor, as of the Closing Date, and concurrently with the execution and delivery of this Agreement, does hereby assign without recourse all the right, title and interest of the Depositor in and to (a) the Mortgage Loans (other than any Additional Interest related thereto) and the other property comprising REMIC I to the Trustee for the benefit of the Holders of the Class R-I Certificates (in respect of the residual interest in REMIC I) and REMIC II as the holder of the REMIC I Regular Interests and (b) the Additional Interest and the other property comprising the Additional Interest Grantor Trust to the Trustee for the benefit of the Holders of the Class Z Certificates.  The Trustee acknowledges the assignment to it of the Mortgage Loans and the other property comprising REMIC I and the
Additional Interest Grantor Trust, and declares that it holds and will hold the same in trust for the exclusive use and benefit of REMIC II as the holder of the REMIC I Regular Interests and present and future holders of the Certificates (other than the Class Z Certificates) and, as to the Additional Interest Grantor Trust, for the benefit of the Holders of the Class Z Certificates.

                    Section 2.09.     Issuance of the REMIC I Regular Interests; Execution, Authentication and Delivery of Class R-I Certificates.

                    Concurrently with the assignment to the Trustee of the Majority Mortgage Loans (other than any Additional Interest related thereto) (along with the Woodlands Mall Loan REMIC Regular Interests) and in exchange therefor, the Trustee acknowledges the issuance of the REMIC I Regular Interests, to or upon the order of the Depositor and, pursuant to the written request of the Depositor executed by an officer of the Depositor, has executed, as the Certificate Registrar and the Authenticating Agent has authenticated and delivered to or upon the order of the Depositor, the Class R-I Certificates.

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                    Section 2.10.     Conveyance of REMIC I Regular Interests; Acceptance of REMIC II by Trustee.

                    The Depositor, as of the Closing Date, and concurrently with the execution and delivery of this Agreement, does hereby assign without recourse all the right, title and interest of the Depositor in and to the REMIC I Regular Interests to the Trustee for the benefit of the respective Holders of the REMIC II Certificates.  The Trustee acknowledges the assignment to it of the REMIC I Regular Interests and declares that it holds and will hold the same in trust for the exclusive use and benefit of all present and future Holders of the REMIC II Certificates.

                    Section 2.11.     Execution, Authentication and Delivery of REMIC II Certificates; Class A-3FL Regular Interest.

                    Concurrently with the assignment to the Trustee of the REMIC I Regular Interests and in exchange therefor, and pursuant to the written request of the Depositor, executed by an affiliate of the Depositor, the Trustee, as Certificate Registrar, has executed, and the Trustee, as Authenticating Agent, has authenticated and delivered to or upon the order of the Depositor, the REMIC II Certificates in authorized denominations and has issued the Class A-3FL Regular Interest evidencing the entire beneficial ownership of REMIC II.  The rights of the holders of the respective Classes of REMIC II Certificates and the Trustee as Holder of the Class A-3FL Regular Interest to receive distributions from the proceeds of REMIC II in respect of their REMIC II Certificates and the Class A-3FL Regular Interest, and all ownership
interests evidenced or constituted by the respective Classes of REMIC II Certificates and the Class A-3FL Regular Interest in such distributions, shall be as set forth in this Agreement.

                    Section 2.12.     Execution, Authentication and Delivery of Class A-3FL Certificates.

                    Concurrently with the assignment to the Trustee of the Class A-3FL Regular Interest, the executed Swap Contract and the established Floating Rate Account comprising the Class A-3FL Grantor Trust and in exchange therefor, the Trustee, pursuant to the written request of the Depositor executed by an officer of the Depositor, has executed, as Certificate Registrar, authenticated, as Authenticating Agent and delivered to or upon the order of the Depositor, the Class A-3FL Certificates.

                    Section 2.13.     Execution, Authentication and Delivery of Class Z Certificates.

                    Concurrently with the assignment to the Trustee of the Additional Interest related to the Majority Mortgage Loans, and in exchange therefor, the Trustee, pursuant to the written request of the Depositor executed by an officer of the Depositor, has executed, as Certificate Registrar, authenticated, as Authenticating Agent; delivered to or upon the order of the Depositor, the Class Z Certificates.

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ARTICLE III.

ADMINISTRATION AND SERVICING OF THE TRUST FUND

                    Section 3.01.     Administration of the Mortgage Loans.

                    (a)          Each of the Master Servicer and the Special Servicer shall service and administer the Mortgage Loans and Companion Loans that each is obligated to service and administer pursuant to this Agreement on behalf of the Trustee, for the benefit of the Certificateholders and in the case of the Companion Loans, the related Companion Holder, in accordance with any and all applicable laws, the terms of this Agreement (and, with respect to a Loan Pair, the related Intercreditor Agreement), the terms of the respective Mortgage Loans, and, if applicable, the Companion Loans and, to the extent consistent with the foregoing, in accordance with the Servicing Standard.  With respect to any Loan Pair, in the event of a conflict between this Agreement and the related Intercreditor Agreement, the
Intercreditor Agreement will control; provided that in no event shall the Master Servicer or Special Servicer take any action or omit to take any action in accordance with the terms of any Intercreditor Agreement that would cause such servicer to violate the Servicing Standard or the REMIC Provisions.  Without limiting the foregoing, and subject to Section 3.21, (i) the Master Servicer shall service and administer all Mortgage Loans and the Companion Loans that are not Specially Serviced Mortgage Loans, and (ii) the Special Servicer shall service and administer each Specially Serviced Mortgage Loan and REO Property and shall render such services with respect to all Mortgage Loans, Companion Loans and REO Properties as are specifically provided for herein; provided that the Master Servicer shall continue to receive payments, make all calculations, and prepare, or cause to be prepared, all reports required hereunder with respect to the Specially Serviced Mortgage Loans,
except for the reports specified herein as prepared by the Special Servicer, as if no Servicing Transfer Event had occurred and with respect to the REO Properties (and the related REO Loans) as if no REO Acquisition had occurred, and to render such incidental services with respect to such Specially Serviced Mortgage Loans and REO Properties as are specifically provided for herein; provided, further, however, that the Master Servicer shall not be liable for its failure to comply with such duties insofar as such failure results from a failure by the Special Servicer to provide sufficient information to the Master Servicer to comply with such duties or failure by the Special Servicer to otherwise comply with its obligations hereunder; provided, further, that the Special Servicer shall not be liable for its failure to comply with such duties insofar as such failure results from a failure by the Master Servicer to provide sufficient information to the extent required
herein to the Special Servicer to comply with such duties or failure by the Master Servicer to otherwise comply with its obligations hereunder.  All references herein to the respective duties of the Master Servicer and the Special Servicer, and to the areas in which they may exercise discretion, shall be subject to Section 3.21.

                    With respect to the Prime Outlets Pool II Loan, in the event that it or any successor REO Loan is no longer part of the Mortgage Pool, then (upon request) the Master Servicer and the Special Servicer will continue to service and administer the related Loan Pair or any related REO Property, as and to the extent contemplated by the related Intercreditor Agreement.

                    (b)          Subject to Section 3.01(a) and Section 6.11, the Master Servicer and the Special Servicer each shall have full power and authority, acting alone, to do or cause to be done any and all things in connection with such servicing and administration which it may deem necessary or desirable.  Without limiting the generality of the foregoing, each of the Master Servicer and the Special Servicer, in its own name, with respect to each of the Mortgage Loans and Companion Loans it is obligated to service hereunder, is hereby authorized and empowered by the Trustee and, pursuant to each Intercreditor Agreement, the Companion Holders to execute 

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and deliver, on behalf of the Certificateholders, the Companion Holders and the Trustee or any of them, (i) any and all financing statements, continuation statements and other documents or instruments necessary to maintain the lien created by any Mortgage or other security document in the related Mortgage File on the related Mortgaged Property and related collateral; (ii) in accordance with the Servicing Standard and subject to Section 3.20 and Section 6.11, any and all modifications, waivers, amendments or consents to or with respect to any documents contained in the related Mortgage File; (iii) any and all instruments of satisfaction or cancellation, or of partial or full release, discharge, or assignment, and all other comparable instruments; and (iv) pledge agreements and other defeasance documents in connection with a defeasance contemplated pursuant to Section 3.20(h).  Subject to Section 3.10, the Trustee shall,
at the written request of the Master Servicer or the Special Servicer, promptly execute any limited powers of attorney and other documents furnished by the Master Servicer or the Special Servicer that are necessary or appropriate to enable them to carry out their servicing and administrative duties hereunder; provided, however, that the Trustee shall not be held liable for any misuse of any such power of attorney by the Master Servicer or the Special Servicer; provided, further, that, the Master Servicer and the Special Servicer shall not, without the Trustee’s written consent, (A) initiate any action in the Trustee’s name without indicating the Master Servicer’s or Special Servicer’s representative capacity or (B) cause the Trustee to be registered to do business in any state.

                    (c)          The relationship of each of the Master Servicer and the Special Servicer to the Trustee under this Agreement is intended by the parties to be that of an independent contractor and not that of a joint venture, partner or agent.  Unless the same Person acts as both Master Servicer and Special Servicer, the Master Servicer shall not be responsible for the actions of or failure to act by the Special Servicer and the Special Servicer shall not be responsible for the actions of or the failure to act by the Master Servicer.

                    (d)          Notwithstanding anything herein to the contrary, in no event shall the Master Servicer make a Servicing Advance with respect to any Companion Loan to the extent the related Co-Lender Loan has been paid in full or is no longer included in the Trust Fund.

                    (e)          Servicing and administration of each Companion Loan shall continue hereunder for so long as the corresponding Co-Lender Loan or any related REO Property is part of the Trust Fund or for such longer period as any amounts payable by the related Companion Holder to or for the benefit of the Trust Fund or any party hereto in accordance with the related Intercreditor Agreement remain due and owing; provided, however, if any Companion Loan is securitized, the Master Servicer’s servicing obligations and duties with respect to the related Companion Loan shall be limited to those obligations and duties described in the related Intercreditor Agreement and this Agreement.

                    Section 3.02.     Collection of Mortgage Loan Payments.

                    (a)          Each of the Master Servicer or the Special Servicer shall undertake reasonable efforts consistent with the Servicing Standard to collect all payments required under the terms and provisions of the Mortgage Loans and Companion Loans it is obligated to service hereunder and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures in accordance with the Servicing Standard; provided, however, 

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that nothing herein shall be construed as an express or implied guarantee by the Master Servicer or the Special Servicer of collectibility; provided, further that with respect to the Mortgage Loans that have Anticipated Repayment Dates, so long as the related Mortgagor is in compliance with each provision of the related Mortgage Loan documents, the Master Servicer and Special Servicer (including the Special Servicer in its capacity as a Certificateholder), shall not take any enforcement action with respect to the failure of the related Mortgagor to make any payment of Additional Interest or principal in excess of the principal component of the constant Periodic Payment, other than requests for collection, until the maturity date of the related Mortgage Loan; provided that the Master Servicer or Special Servicer, as the case may be, may take action to enforce the Trust Fund’s right to apply excess cash flow to principal in accordance with
the terms of the Mortgage Loan documents.  Consistent with the foregoing and subject to Section 3.20, the Special Servicer, with regard to a Specially Serviced Mortgage Loan, or the Master Servicer, with regard to a Mortgage Loan or Companion Loan that is not a Specially Serviced Mortgage Loan, may waive any Penalty Interest or late payment charge in connection with any payment on a Mortgage Loan or Companion Loan.

                    (b)          All amounts collected in respect of any Mortgage Loan or Companion Loan in the form of payments from Mortgagors, Liquidation Proceeds (insofar as such Liquidation Proceeds are of the nature described in clauses (i) through (iii) of the definition thereof) or Insurance Proceeds shall be applied to either amounts due and owing under the related Mortgage Note and Mortgage (including, without limitation, for principal and accrued and unpaid interest) in accordance with the express provisions of the related Mortgage Note and Mortgage (and, with respect to a Loan Pair, the related Intercreditor Agreement) or, if required pursuant to the express provisions of the related Mortgage, or as determined by the Master Servicer or Special Servicer in accordance with the Servicing Standard,
to the repair or restoration of the related Mortgaged Property, and, in the absence of such express provisions, shall be applied for purposes of this Agreement:  first, as a recovery of any related and unreimbursed Advances plus unreimbursed interest accrued thereon; second, as a recovery of Nonrecoverable Advances, Unliquidated Advances and Workout Delayed Reimbursement Amounts (including interest on such Nonrecoverable Advances), that were paid from collections on the Mortgage Loans (allocable to principal) and resulted in principal from the Mortgage Pool distributed to the Certificateholders being reduced pursuant to Section 3.05(a) hereof; third, as a recovery of accrued and unpaid interest at the related Mortgage Rate on such Mortgage Loan, to the extent such amounts have not been previously advanced, and exclusive of any portion thereof that constitutes Additional Interest; fourth, as a recovery of principal of such Mortgage Loan then due and
owing, to the extent such amounts have not been previously advanced, including, without limitation, by reason of acceleration of the Mortgage Loan following a default thereunder; fifth, in accordance with the normal servicing practices of the Master Servicer or the Special Servicer, as a recovery of any other amounts then due and owing under such Mortgage Loan (other than Additional Interest), including, without limitation, Prepayment Premiums, Yield Maintenance Charges and Penalty Interest; sixth, as a recovery of any remaining principal of such Mortgage Loan to the extent of its entire remaining unpaid principal balance; and seventh, with respect to any ARD Loan after its Anticipated Repayment Date, as a recovery of any unpaid Additional Interest.  All amounts collected on any Mortgage Loan in the form of Liquidation Proceeds of the nature described in clauses (iv) through (vi) of the definition thereof shall be deemed to be applied:  first, as a
recovery of any related and unreimbursed Advances plus interest accrued thereon; second, as a recovery of accrued and unpaid interest at the related 

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Mortgage Rate on such Mortgage Loan to but not including the Due Date in the Collection Period of receipt, to the extent such amounts have not been previously advanced, and exclusive of any portion thereof that constitutes Additional Interest; third, as a recovery of principal, to the extent such amounts have not been previously advanced, of such Mortgage Loan to the extent of its entire unpaid principal balance; and fourth, with respect to any ARD Loan after its Anticipated Repayment Date, as a recovery of any unpaid Additional Interest.  No such amounts shall be applied to the items constituting additional servicing compensation as described in the first sentence of either Section 3.11(b) or 3.11(d) unless and until all principal and interest then due and payable on such Mortgage Loan has been collected.  Amounts collected on any REO Loan shall be deemed to be applied in accordance with the definition thereof.  The
provisions of this paragraph with respect to the application of amounts collected on any Mortgage Loan shall not alter in any way the right of the Master Servicer, the Special Servicer or any other Person to receive payments from the Certificate Account as set forth in clauses (ii) through (xvi) of Section 3.05(a) from amounts so applied.

                    (c)          Within 60 days after the later of (i) the Closing Date and (ii) the Master Servicer’s receipt of the applicable letter of credit, the Master Servicer shall notify each provider of a letter of credit for each Mortgage Loan identified as having a letter of credit on the Mortgage Loan Schedule, that the Master Servicer or the Special Servicer on behalf of the Trustee for the benefit of the Certificateholders shall be the beneficiary under each such letter of credit.  If a draw upon a letter of credit is needed before its transfer to the Trust Fund can be completed, the applicable Mortgage Loan Seller shall draw upon such letter of credit for the benefit of the Trust Fund pursuant to written instructions from the Master Servicer.

                    (d)          In the event that the Master Servicer or Special Servicer receives Additional Interest in any Collection Period, or receives notice from the related Mortgagor that the Master Servicer or Special Servicer will be receiving Additional Interest in any Collection Period, the Master Servicer or Special Servicer, as applicable, will promptly notify the Trustee.  Subject to the provisions of Section 3.02(a) hereof, none of the Master Servicer, the Trustee or the Special Servicer shall be responsible for any such Additional Interest not collected after notice from the related Mortgagor.

                    (e)          With respect to any Mortgage Loan in connection with which the Mortgagor was required to escrow funds or to post a letter of credit related to obtaining certain performance objectives described in the applicable Mortgage Loan documents, the Master Servicer shall, to the extent consistent with the Servicing Standard, hold such escrows, letters of credit and proceeds thereof as additional collateral and not apply such items to reduce the principal balance of such Mortgage Loan unless otherwise required to do so pursuant to the applicable Mortgage Loan documents.

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

                    (a)          The
Master Servicer shall, as to all Mortgage Loans and Companion Loans, establish
and maintain one or more accounts (the “Servicing Accounts”), into
which all Escrow Payments shall be deposited and retained, and shall administer
such accounts in accordance with the terms of the Mortgage Loan documents. 
Each Servicing Account shall be 

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an Eligible Account.  Withdrawals of amounts so collected from a Servicing Account may be made (to the extent amounts have been escrowed for such purpose) only to:  (i) effect payment of items for which Escrow Payments were collected and comparable items; (ii) reimburse the Master Servicer or the Trustee for any unreimbursed Servicing Advances; (iii) refund to Mortgagors any sums as may be determined to be overages; (iv) pay interest, if required and as described below, to Mortgagors on balances in the Servicing Account; (v) pay itself interest and investment income on balances in the Servicing Account as described in Section 3.06(b), if and to the extent not required by law or the terms of the applicable Mortgage Loan to be paid to the Mortgagor; (vi) withdraw amounts deposited in error or (vii) clear and terminate the Servicing Account at the termination of this Agreement in accordance with
Section 9.01.  To the extent permitted by law or the applicable Mortgage Loan, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06 and in accordance with the terms of the related Mortgage Loan documents.  The Master Servicer shall pay or cause to be paid to the Mortgagors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if required by law or the terms of the related Mortgage Loan.  If the Master Servicer shall deposit in a Servicing Account any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding.  The Servicing Accounts shall not be considered part of the segregated pool of assets constituting the Woodlands Mall Loan REMIC, REMIC I, REMIC II or the Grantor Trusts.

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

                    (c)          The Master Servicer shall, as to all Mortgage Loans and Companion Loans, subject to Section 3.01(d), make a Servicing Advance with respect to the related Mortgaged Property in an amount equal to all such funds as are necessary for the purpose of effecting the payment of (i) real estate taxes, assessments, penalties and other similar items, (ii) ground rents (if applicable), and (iii) premiums on Insurance Policies in each instance if and 

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to the extent Escrow Payments (if any) collected from the related Mortgagor are insufficient to pay such item when due and the related Mortgagor has failed to pay such item on a timely basis; provided that the Master Servicer shall not make any Servicing Advance prior to the penalty date or cancellation date, as applicable, if the Master Servicer reasonably anticipates in accordance with the Servicing Standard that the Mortgagor will pay such amount on or before the penalty date or cancellation date; provided, further, that the Master Servicer shall not be obligated to make any Servicing Advance that would, if made, constitute a Nonrecoverable Servicing Advance but may, but is not required to, pay such amounts out of funds in the Certificate Account if it determines that such payment would be in the best interests of the Certificateholders and such payment may be withdrawn from amounts in the Certificate Account; provided that the
Master Servicer may conclusively rely upon any such nonrecoverability determination by the Special Servicer.  All such Servicing Advances or amounts withdrawn from the Certificate Account shall be reimbursable in the first instance from related collections from the Mortgagors, and further as provided in Section 3.05(a).  No costs incurred by the Master Servicer or the Trustee in effecting the payment of real estate taxes, assessments and, if applicable, ground rents on or in respect of such Mortgaged Properties shall, for purposes of this Agreement, including, without limitation, the Paying Agent’s calculation of monthly distributions to Certificateholders, be added to the unpaid Stated Principal Balances of the related Mortgage Loans or Companion Loans, notwithstanding that the terms of such Mortgage Loans or Companion Loans so permit.  The foregoing shall in no way limit the Master Servicer’s ability to charge and collect from the Mortgagor such costs together with
interest thereon.  

                    The Special Servicer shall give the Master Servicer and the Trustee not less than five Business Days’ notice with respect to Servicing Advances to be made on any Specially Serviced Mortgage Loan or REO Property, before the date on which the Master Servicer is required to make any Servicing Advance with respect to a given Mortgage Loan, Companion Loan or REO Property; provided, however, that only two Business Days’ notice shall be required in respect of Servicing Advances required to be made on an urgent or emergency basis (which may include, without limitation, Servicing Advances required to make tax or insurance payments).  In addition, the Special Servicer shall provide the Master Servicer and the Trustee  with such information in its possession as the Master Servicer or the Trustee, as applicable, may
reasonably request to enable the Master Servicer or the Trustee, as applicable, to determine whether a requested Servicing Advance would constitute a Nonrecoverable Servicing Advance.  Any request by the Special Servicer that the Master Servicer make a Servicing Advance shall be deemed to be a determination by the Special Servicer that such requested Servicing Advance is not a Nonrecoverable Servicing Advance, and the Master Servicer shall be entitled to conclusively rely on such determination.  On the fourth Business Day before each Distribution Date, the Special Servicer shall report to the Master Servicer the Special Servicer’s determination as to whether any Servicing Advance previously made with respect to a Specially Serviced Mortgage Loan or REO Loan is a Nonrecoverable Servicing Advance.  The Master Servicer shall be entitled to conclusively rely on such a determination.

                    If the Master Servicer is required under any provision of this Agreement (including, but not limited to, this Section 3.03(c)) to make a Servicing Advance, but does not do so within 15 days after such Advance is required to be made (or such shorter period as may be required to avoid foreclosure of liens for delinquent real estate taxes or a lapse in insurance 

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coverage), the Trustee shall, if a Responsible Officer of the Trustee has actual knowledge of such failure on the part of the Master Servicer, give written notice of such failure to the Master Servicer.  If such Servicing Advance is not made by the Master Servicer within three Business Days after such notice then (subject to a determination that such Servicing Advance would not be a Nonrecoverable Servicing Advance) the Trustee shall make such Servicing Advance.  Any failure by the Master Servicer to make a Servicing Advance hereunder shall constitute an Event of Default by the Master Servicer subject to and as provided in Section 7.01.

                    (d)          In connection with its recovery of any Servicing Advance from the Certificate Account pursuant to Section 3.05(a), each of the Master Servicer and the Trustee shall be entitled to receive, out of any amounts then on deposit in the Certificate Account, any unpaid interest at the Reimbursement Rate in effect from time to time, compounded annually, accrued on the amount of such Servicing Advance (to the extent made with its own funds) from the date made to but not including the date of reimbursement such interest to be payable, subject to the terms of the related Intercreditor Agreement with respect to a Loan Pair, first out of late payment charges and Penalty Interest received on the related Mortgage Loan or REO Property during the Collection Period in which such reimbursement is
made, and to the extent that such late payment charges and Penalty Interest are insufficient, but only after or at the same time the related Advance has been or is reimbursed pursuant to this Agreement, then from general collections on the Mortgage Loans then on deposit in the Certificate Account.  The Master Servicer shall reimburse itself or the Trustee, as applicable, for any outstanding Servicing Advance made thereby as soon as practicable after funds available for such purpose have been received by the Master Servicer, and in no event shall interest accrue in accordance with this Section 3.03(d) on any Servicing Advance as to which the corresponding Escrow Payment or other similar payment by the Mortgagor was received by the Master Servicer on or prior to the date the related Servicing Advance was made.  Notwithstanding anything herein to the contrary, in no event shall the Master Servicer or the Trustee make any Servicing Advances with respect to any Companion Loan after the
related Co-Lender Loan has been paid in full.

                    (e)          The determination by the Master Servicer or the Special Servicer that the Master Servicer has made a Nonrecoverable Servicing Advance or that any proposed Servicing Advance, if made, would constitute a Nonrecoverable Servicing Advance, shall be made in accordance with the Servicing Standard and shall be evidenced by an Officer’s Certificate delivered promptly to the Trustee and the Depositor, setting forth the basis for such determination, together with a copy of any Appraisal (the cost of which may be paid out of the Certificate Account pursuant to Section 3.05(a)) of the related Mortgaged Property or REO Property, as the case may be; which Appraisal shall be conducted pursuant to Section 3.09(a) by the Master Servicer, or by or on behalf of the Special
Servicer if the Mortgage Loan is a Specially Serviced Mortgage Loan or, if no such Appraisal has been performed, a copy of an Appraisal of the related Mortgaged Property or REO Property, performed within the twelve months preceding such determination and the party delivering such appraisal has no actual knowledge of a material adverse change in the condition of the related Mortgaged Property that would draw into question the applicability of such Appraisal, by an Independent Appraiser or other expert in real estate matters, and further accompanied by related Mortgagor operating statements and financial statements, budgets and rent rolls of the related Mortgaged Property and any engineers’ reports, environmental surveys or similar reports that the Master Servicer or the Special Servicer may have obtained and that support such determination.  The Master Servicer 

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shall be entitled to rely, conclusively, on any determination by the Special Servicer that a Servicing Advance, if made, would be a Nonrecoverable Advance.  The Trustee shall be entitled to rely, conclusively, on any determination by the Master Servicer or the Special Servicer that a Servicing Advance, if made, would be a Nonrecoverable Advance; provided, however, that, if the Master Servicer has failed to make a Servicing Advance for reasons other than a determination by the Master Servicer or the Special Servicer that such Servicing Advance would be a Nonrecoverable Advance, the Trustee shall make such Servicing Advance within the time periods required by Section 3.03(c) unless the Trustee in good faith, makes a determination that such Servicing Advance would be a Nonrecoverable Advance.

                    (f)          The
Master Servicer shall, as to all Mortgage Loans and Companion Loans, establish
and maintain, as applicable, one or more accounts (the “Reserve
Accounts”), into which all Reserve Funds, if any, shall be deposited and
retained.  Withdrawals of amounts so deposited may be made (i) to pay
for, or to reimburse the related Mortgagor in connection with, the related
environmental remediation, repairs and/or capital improvements at the related
Mortgaged Property if the repairs and/or capital improvements have been
completed, and such withdrawals are made in accordance with the Servicing
Standard and the terms of the related Mortgage Note, Mortgage and any agreement
with the related Mortgagor governing such Reserve Funds and any other items for
which such Reserve Funds were intended pursuant to the related Mortgage Loan
documents and (ii) to pay the Master Servicer interest and investment
income earned on amounts in the Reserve Accounts as described below if permitted
under the related Mortgage Loan documents.  To the extent permitted in the
applicable Mortgage, funds in the Reserve Accounts to the extent invested may be
only invested in Permitted Investments in accordance with the provisions of
Section 3.06.  All Reserve Accounts shall be Eligible Accounts. 
The Reserve Accounts shall not be considered part of the segregated pool of
assets comprising the Woodlands Mall Loan REMIC, REMIC I, REMIC II or
the Grantor Trusts.  Consistent with the Servicing Standard, the Master
Servicer may waive or extend the date set forth in any agreement governing such
Reserve Funds by which the required repairs and/or capital improvements at the
related Mortgaged Property must be completed.

                    Section 3.04.     Certificate Account, Interest Reserve Account, Gain-on-Sale Reserve Account, Additional Interest Account, Distribution Account, Companion Distribution Account and Floating Rate Interest Shortfall Account.

                    (a)          The
Master Servicer shall establish and maintain one or more accounts (collectively,
the “Certificate Account”), held on behalf of the Trustee in trust for
the benefit of the Certificateholders and, to the extent funds on deposit in the
Certificate Account are allocable to the related Companion Loans, the related
Companion Holders, but solely to the extent set forth in the related
Intercreditor Agreement and subject to any provisions relating to subordination
of rights with respect to the Co-Lender Loans.  The Certificate Account
shall be an Eligible Account.  The Master Servicer shall deposit or cause
to be deposited in the Certificate Account, within one Business Day of receipt
of available funds (in the case of payments by Mortgagors or other collections
on the Mortgage Loans or the Companion Loans) or as otherwise required
hereunder, the following payments and collections received or made by the Master
Servicer or on its behalf subsequent to the Cut-Off Date (other than in respect
of principal and interest on the Mortgage Loans or the Companion Loans due and
payable on or before the Cut-Off Date, which payments shall be delivered
promptly to the applicable Mortgage Loan Seller 

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or its designee, with negotiable instruments endorsed as necessary and appropriate without recourse), other than amounts received from Mortgagors which are to be used to purchase defeasance collateral, or payments (other than Principal Prepayments) received by it on or prior to the Cut-Off Date but allocable to a period subsequent thereto:

	
  
 
  	
  
         (i)          all   payments on account of principal of the Mortgage Loans or Companion Loans,   including Principal Prepayments;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (ii)          all   payments on account of interest on the Mortgage Loans or Companion Loans,   including Additional Interest;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (iii)         all   Prepayment Premiums and Yield Maintenance Charges;
  
	
   
  	
  
 
  
	
  
 
  	
  
         (iv)          all   Insurance Proceeds and Liquidation Proceeds (other than Liquidation Proceeds   described in clause (vi) of the definition thereof that are required to   be deposited in the Distribution Account pursuant to Section 9.01)   received in respect of any Mortgage Loan or Companion Loan (including,   without limitation, any amounts representing recoveries of Nonrecoverable   Advances or Unliquidated Advances, including interest on such Nonrecoverable   Advances or Unliquidated Advances in respect of the related Mortgage Loans);
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (v)          any   amounts required to be deposited by the Master Servicer pursuant to   Section 3.06(b) in connection with losses incurred with respect to   Permitted Investments of funds held in the Certificate Account;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (vi)          any   amounts required to be deposited by the Master Servicer or the Special   Servicer pursuant to Section 3.07(b) in connection with losses   resulting from a deductible clause in a blanket hazard policy;
  
	
   
  	
  
 
  
	
  
 
  	
  
         (vii)          any   amounts required to be transferred from an REO Account pursuant to   Section 3.16(c) and any amounts received from a Mortgage Loan   Seller with respect to a Special Reserve Account pursuant to   Section 2.02(d);
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (viii)         any   amount in respect of Purchase Prices and Substitution Shortfall Amounts   pursuant to Section 2.03(b);
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (ix)           any   amount required to be deposited by the Master Servicer pursuant to   Section 3.19(a) in connection with Prepayment Interest Shortfalls;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (x)           any   amount required to be deposited by the Master Servicer pursuant to   Section 3.03(d) and 4.03(d) in connection with reimbursing the   Trust Fund for interest paid on a P&I Advance or Servicing Advance, as   applicable;
  
	
   
  	
  
 
  
	
  
 
  	
  
         (xi)          any   amount paid by a Mortgagor to cover items for which a Servicing Advance has   been previously made and for which the Master Servicer, the Special Servicer   or the Trustee, as applicable, has been previously reimbursed out of the   Certificate Account; and
  

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         (xii)          any   amount required to be deposited by the Master Servicer or the Special   Servicer pursuant to Section 3.11(b) and 3.11(d), respectively, in   connection with reimbursing the Trust Fund for Additional Trust Fund   Expenses.
  

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

                    The Master Servicer may maintain, as part of the Certificate Account, a subaccount for each Companion Loan on behalf of and in trust for the benefit of the related Companion Holder, into which subaccount the Master Servicer shall deposit or cause to be deposited all amounts described in the first paragraph of this Section 3.04(a) to the extent allocable to the related Companion Loan in accordance with this Agreement and the related Intercreditor Agreement, and out of which subaccount the Master Servicer may make withdrawals to the extent withdrawals of such funds are provided for in Section 3.05(a) of this Agreement or in the related Intercreditor Agreement.  Each such subaccount shall be an Eligible Account or a subaccount of an Eligible Account and shall be entitled “Wachovia Bank, National Association, as
Master Servicer, on behalf of and in trust for the related Companion Holder.”

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

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                    (b)          The
Trustee shall establish and maintain one or more trust accounts (collectively,
the “Distribution Account”) at the office of the Trustee to be held in
trust for the benefit of the Certificateholders (other than the Class Z
Certificateholders).  The Distribution Account shall be an Eligible
Account.  The Trustee hereby authorizes the Paying Agent to make deposits
in and withdrawals from the Distribution Account in accordance with the terms of
this Agreement.  The Master Servicer shall deliver to the Paying Agent each
month on or before 1:30 p.m. New York City time on the P&I Advance Date
therein, for deposit in the Distribution Account, an aggregate amount of
immediately available funds equal to that portion of the Available Distribution
Amount (calculated without regard to clauses (a)(ii), (a)(v) and (b)(ii)(B)
of the definition thereof) for the related Distribution Date then on deposit in
the Certificate Account, together with (i) any Prepayment Premiums and/or
Yield Maintenance Charges received on the Mortgage Loans during the related
Collection Period, and (ii) in the case of the final Distribution Date, any
additional amounts contemplated by the third paragraph of
Section 9.01.

                    The
Companion Paying Agent shall establish and maintain one or more trust accounts
for distributions to the Companion Loans (collectively, the “Companion
Distribution Account”) to be held on behalf of the related Companion
Holder(s).  The Companion Distribution Account shall be an Eligible Account
and may be a subaccount of the Certificate Account.  The Master Servicer
hereby authorizes the Companion Paying Agent to make deposits in and withdrawals
from the Companion Distribution Account in accordance with the terms of this
Agreement.  Unless the Companion Distribution Account is the related
subaccount or subaccounts of the Certificate Account as allowed by the last
sentence of the definition of Companion Distribution Account, the Master
Servicer shall deliver to the Companion Paying Agent each month on or before
2:00 p.m. New York City time on the P&I Advance Date therein for deposit in
the Companion Distribution Account, an aggregate amount of immediately available
funds equal to the amount available to be distributed to the related Companion
Holder(s) pursuant to the related Intercreditor Agreement.

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

	
  
 
  	
  
         (i)          any   P&I Advances required to be made by the Master Servicer in accordance   with Section 4.03(a); and
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (ii)          the   Purchase Price paid in connection with the purchase by the Master Servicer of   all of the Mortgage Loans and any REO Properties, pursuant to   Section 9.01, exclusive of the portion of such amounts required to be   deposited in the Certificate Account pursuant to Section 9.01.
  

                    The Paying Agent shall, upon receipt, deposit in the Distribution Account any and all amounts received by the Paying Agent that are required by the terms of this Agreement to be deposited therein.

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                    (c)          The
Trustee shall establish and maintain one or more accounts (collectively, the
“Interest Reserve Account”), held in trust for the benefit of the
Certificateholders (other than the Class WM Certificateholders).  The
Interest Reserve Account shall be an Eligible Account.  On or before each
Distribution Date in February and, during each year that is not a leap year,
January (unless, in each case, the related Distribution Date is the final
Distribution Date), the Master Servicer shall withdraw from the Certificate
Account and remit to the Trustee for deposit in the Interest Reserve Account,
with respect to each Interest Reserve Loan, an amount equal to the Interest
Reserve Amount in respect of such Interest Reserve Loan (or, with respect to The
Woodlands Mall Loan, The Woodlands Mall Pooled Component only), for such
Distribution Date (such withdrawal from the Certificate Account to be made out
of general collections on the Mortgage Pool where any related P&I Advance
was deposited in the Distribution Account).

                    (d)          Prior to any Collection Period during which Additional Interest is received, and upon notification from the Master Servicer or Special Servicer pursuant to Section 3.02(d), the Trustee (on behalf of the Certificateholders) shall establish and maintain the Additional Interest Account in the name of the Trustee in trust for the benefit of the Class Z Certificateholders.  The Additional Interest Account shall be established and maintained as an Eligible Account.  Prior to the applicable Distribution Date, the Master Servicer shall remit to the Trustee for deposit in the Additional Interest Account an amount equal to the Additional Interest received during the applicable Collection Period.

                    Following the distribution of Additional Interest to the Class Z Certificateholders, on the first Distribution Date after which there are no longer any Mortgage Loans outstanding which pursuant to their terms could pay Additional Interest, the Trustee shall terminate the Additional Interest Account.

                    (e)          The Paying Agent, on behalf of the Trustee for the benefit of the Certificateholders, shall establish (upon notice from Special Servicer of an event occurring that generates Gain-on-Sale Proceeds) and maintain the Gain-on-Sale Reserve Account in the name of the Paying Agent on behalf of the Trustee for the benefit of the Certificateholders.  The Gain-on-Sale Reserve Account shall be maintained as a segregated account, separate and apart from trust funds for mortgage pass-through certificates of other series administered by the Paying Agent and other accounts of the Paying Agent.  Upon the disposition of any REO Property in accordance with Section 3.09 or Section 3.18, the Special Servicer will calculate the Gain-on-Sale Proceeds, if any, realized in connection with
such sale and remit such funds to the Paying Agent for deposit into the Gain-on-Sale Reserve Account; provided, that any Gain-on-Sale Proceeds with respect to The Woodlands Mall Loan shall be deemed to be distributed by the Woodlands Mall Loan REMIC in respect of the Class R-I Certificates and then deposited in the Gain-on-Sale Reserve Account held by the Lower-Tier REMIC to cover losses or shortfalls on the Majority Mortgage Loans in accordance with Section 4.01(k).

                    (f)          Funds in the Certificate Account, the Interest Reserve Account, the Distribution Account, the Floating Rate Account, the Additional Interest Account and the Gain-on-Sale Reserve Account may be invested only in Permitted Investments in accordance with the provisions of Section 3.06.  Funds on deposit in the Gain-on-Sale Reserve Account shall be invested pursuant to Section 3.06.  The Master Servicer shall give written notice to the Trustee, 

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the Special Servicer and the Rating Agencies of the location of the Certificate Account as of the Closing Date and of the new location of the Certificate Account prior to any change thereof.  The Paying Agent shall give written notice to the Trustee, the Master Servicer, the Special Servicer and the Rating Agencies of any new location of the Distribution Account prior to any change thereof.

                    (g)          On or before the Closing Date, the Paying Agent shall establish and maintain the Floating Rate Account in trust for the benefit of the Class A-3FL Certificateholders and the Swap Counterparty.  The Floating Rate Account shall (i) at all times be Eligible Accounts and (ii) relate solely to the Class A-3FL Certificates and amounts payable in respect of the Swap Contract.

                    (h)          The Paying Agent shall deposit into the Floating Rate Account all amounts received in respect of distributions on the Class A-3FL Regular Interest as specified in Section 3.04(b), and shall immediately deposit into the Floating Rate Account all amounts received under the Swap Contract.

                    (i)          On or before the Closing Date, the Trustee shall establish and maintain one or more accounts (collectively, the “Interest Shortfall Account”), held on behalf of the Trustee in trust for the benefit of the Certificateholders.  On the Closing Date, the Depositor shall deposit or cause to be deposited the Interest Shortfall Amount.

                    Section 3.05.     Permitted Withdrawals from the Certificate Account, Distribution Account, Interest Reserve Account, Additional Interest Account, Gain-on-Sale Reserve Account, Companion Distribution Account and Floating Rate Interest Shortfall Account.

                    (a)          The Master Servicer may, from time to time, make withdrawals from the Certificate Account for any of the following purposes (the order set forth below not constituting an order of priority for such withdrawals):

	
  
 
  	
  
         (i)          (A)   to remit to the Paying Agent for deposit in the Distribution Account the   amounts required to be so deposited pursuant to the first paragraph of   Section 3.04(b) and any amount that may be applied to make P&I   Advances pursuant to Section 4.03(a); and (B) to deposit in and remit to   the Companion Paying Agent for deposit in each Companion Distribution Account   the amounts required to be so deposited pursuant to the second paragraph of   Section 3.04(b) and any amount relating to a Companion Loan that   may be applied to make P&I Advances pursuant to Section 4.03(a);
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (ii)          to   reimburse the Trustee and itself, in that order, for unreimbursed P&I   Advances (the Trustee’s and Master Servicer’s right to reimbursement pursuant   to this clause (ii) with respect to any P&I Advance (other than   Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts that are   reimbursed pursuant to clause (vii) below) being limited to amounts that   represent Late Collections of interest (net of the related Servicing Fees)   and principal (net of any related Workout Fee or Liquidation Fee) received in   respect of the particular Mortgage Loan, REO Loan or Companion Loan as to   which such P&I Advance was made);
  

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         (iii)          to   pay to itself earned and unpaid Master Servicing Fees in respect of each   Mortgage Loan and REO Loan, the Master Servicer’s right to payment pursuant   to this clause (iii) with respect to any Mortgage Loan or REO Loan being   limited to amounts received on or in respect of such Mortgage Loan (whether   in the form of payments, Liquidation Proceeds or Insurance Proceeds) or such   REO Loan (whether in the form of REO Revenues, Liquidation Proceeds or   Insurance Proceeds) that are allocable as a recovery of interest thereon;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (iv)          to   pay to the Special Servicer earned and unpaid Special Servicing Fees in   respect of each Specially Serviced Mortgage Loan and REO Loan;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (v)          to   pay the Special Servicer (or, if applicable, a predecessor Special Servicer)   earned and unpaid Workout Fees or Liquidation Fees in respect of each   Specially Serviced Mortgage Loan, Corrected Mortgage Loan, and REO Loan, the   Special Servicer’s (or, if applicable, any predecessor Special Servicer’s)   right to payment pursuant to this clause (v) with respect to any such   Mortgage Loan or REO Loan being limited to amounts received on or in respect   of such Specially Serviced Mortgage Loan or Corrected Mortgage Loan (whether in   the form of payments or Liquidation Proceeds) or such REO Loan (whether in   the form of REO Revenues or Liquidation Proceeds) that are allocable as a   recovery of principal or interest thereon (provided that no   Liquidation Fee shall be payable out of (i) Insurance Proceeds and
(ii) any Liquidation Proceeds received in connection with the purchase   of any Mortgage Loan or REO Property by a Mortgage Loan Seller pursuant to   the applicable Mortgage Loan Purchase Agreement (if purchased within the   required time period set forth in such Mortgage Loan Purchase Agreement), by   the Special Servicer, the Companion Holder or the Majority Subordinate   Certificateholder or the Class WM Controlling Holder, as described in   Section 3.18(c), Section 3.18(d), Section 3.18(e) or   Section 3.18(h), or by any mezzanine lender pursuant to the terms of the   related mezzanine intercreditor agreement, or by the Master Servicer,   the Special Servicer or the Majority Subordinate Certificateholder or the   purchasing Certificateholder pursuant to Section 9.01);
  
	
   
  	
  
 
  
	
  
 
  	
  
         (vi)          to   reimburse the Trustee, itself or the Special Servicer, in that order, for any   unreimbursed Servicing Advances, the Trustee’s, the Master Servicer’s and the   Special Servicer’s respective rights to reimbursement pursuant to this clause   (vi) with respect to any Servicing Advance (other than Nonrecoverable   Advances and Workout-Delayed Reimbursement Amounts that are reimbursed   pursuant to clause (vii) below) being limited to payments made by the   related Mortgagor that are allocable to such Servicing Advance, or to   Liquidation Proceeds, Insurance Proceeds and, if applicable, REO Revenues   received in respect of the particular Mortgage Loan, Companion Loan or REO   Property as to which such Servicing Advance was made (provided that, in case of   such reimbursement relating to any Co-Lender Loan, such
reimbursements shall   be made first, from amounts collected on the related Subordinate Companion   Loan and then from the related Co-Lender Loan (and Pari Passu Companion   Loans, if any) in accordance with the terms of the related Intercreditor   Agreement);
  

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         (vii)          to   reimburse the Trustee, itself or the Special Servicer, in that order,   (A) for any unreimbursed Advances (including interest at the Reimbursement   Rate) that have been or are determined to be Nonrecoverable Advances and for   any Workout-Delayed Reimbursement Amounts, in that order, and (B) to pay   itself, with respect to any Mortgage Loan, Companion Loan or any REO   Property, any related earned Master Servicing Fee that remained unpaid in   accordance with clause (iii) above, in the case of clause (B), following   a Final Recovery Determination made with respect to such Mortgage Loan or REO   Property and the deposit into the Certificate Account of all amounts received   in connection therewith; provided, however, that any   reimbursement of Nonrecoverable Advances or Workout Delayed Reimbursement   Amounts
payable pursuant to this Section 3.05(a)(vii), with respect to   Nonrecoverable Advances shall be deemed to be recovered, first, from   collections or receipts on the Mortgage Loans and REO Properties in respect   of principal and then in respect of interest and other collections, and, with   respect to Workout Delayed Reimbursement Amounts, only out of collections   and receipts on the Mortgage Loans and REO Properties in respect of   principal; provided, further, that amounts with respect to The Woodlands Mall   Non-Pooled Component shall not be available to reimburse any party with   respect to this Section 3.05(a)(vii) except in connection with Advances and   interest on unreimbursed Advances in respect of The Woodlands Mall Loan;
  
	
   
  	
  
 
  
	
  
 
  	
  
         (viii)          at   such time as it reimburses the Trustee, itself or the Special Servicer, in   that order, for any unreimbursed Advance (including any Advance that   constitutes a Workout-Delayed Reimbursement Amount) pursuant to clause (ii),   (vi), (vii) or (viii) above, to pay the Trustee, itself or the Special   Servicer, as the case may be, in that order, any interest accrued and payable   thereon in accordance with Section 3.03(d) or 4.03(d) as   applicable; provided that the Trustee’s, the Master Servicer’s and the   Special Servicer’s rights to payment pursuant to this clause (ix) with   respect to interest on any Advance shall be satisfied (A) subject to and in   accordance with the terms of the Intercreditor Agreement with respect to the   related Loan Pair, first out of late payment charges and Penalty
Interest   collected on or in respect of the related Mortgage Loan (and if the Advance was   made with respect to a Co-Lender Loan, out of such amounts collected on or in   respect of the related Companion Loan(s)) and REO Loan, during the Collection   Period in which such Advance is reimbursed (the use of such late payment   charges and Penalty Interest to be allocated between the Master Servicer and   the Special Servicer on a pro rata basis based on the amount of   late payment charges and Penalty Interest that the Master Servicer and the   Special Servicer have received as additional servicing compensation during   such period), and (B) to the extent that the late payment charges and Penalty   Interest described in the immediately preceding clause (A) are insufficient,   but only at the same time or after such Advance has been reimbursed, out of   general collections on the Mortgage Loans, Companion Loans and any REO   Properties on deposit in the Certificate Account; provided that
amounts with   respect to The Woodlands Mall Non-Pooled Component shall not be available to   reimburse any party with respect to this Section 3.05(a)(viii) except in   connection with interest on unreimbursed Advances in respect of The Woodlands   Mall Loan;
  
	
   
  	
  
 
  
	
  
 
  	
  
         (ix)          to   pay for costs and expenses incurred by the Trust Fund pursuant to the first   sentence of Section 3.12(a) or, pursuant to Section 3.12, as   to any Mortgage Loan that is a Specially Serviced Mortgage Loan;
  

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         (x)          to   pay itself, as additional servicing compensation in accordance with   Section 3.11(b), (A) interest and investment income earned in respect of   amounts held in the Certificate Account as provided in Section 3.06(b),   but only to the extent of the Net Investment Earnings with respect to the   Certificate Account for any Collection Period; (B) any Prepayment Interest   Excesses, and (C) Penalty Interest and late payment charges on Mortgage Loans   that are not Specially Serviced Mortgage Loans (to the extent such Penalty   Interest and/or late payment charges were not applied to offset interest on   Advances pursuant to Section 3.05(a)(ix)(A) or Additional Trust Fund Expenses   pursuant to Section 3.11(b) or inspection expenses pursuant to   Section 3.12(a));
  
	
  
 
  	
  
 
  
	
   
  	
  
         (xi)          to   pay to the Special Servicer, as additional servicing compensation in   accordance with Section 3.11(d) (to the extent such Penalty   Interest and/or late payment charges were not applied to offset interest on   Advances pursuant to clause (ix)(A) of this Section or Additional Trust   Fund Expenses pursuant to Section 3.11(d) or inspection expenses   pursuant to Section 3.12(a));
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xii)          to   pay for the cost of an independent appraiser or other expert in real estate   matters retained pursuant to Section 3.03(e), 3.09(a), 3.18(b),   4.03(c) or 9.01;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xiii)         to   pay itself, the Special Servicer, the Depositor, or any of their respective   directors, officers, members, managers, employees and agents, as the case may   be, any amounts payable to any such Person pursuant to Section 6.03;
  
	
  
 
  	
  
 
  
	
   
  	
  
         (xiv)          to   pay for (A) the advice of counsel and tax accountants contemplated by   Section 3.17(a)(iii), (B) the cost of the Opinions of Counsel   contemplated by Sections 3.09(b)(ii), 3.20(d) and 11.02(a), (C) the cost   of an Opinion of Counsel contemplated by Section 11.01(a) or   11.01(c) in connection with any amendment to this Agreement requested by   the Master Servicer or the Special Servicer that protects or is in   furtherance of the rights and interests of Certificateholders, and (D) the   cost of recording this Agreement in accordance with Section 11.02(a);
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xv)          to   pay itself, the Special Servicer, any of the Mortgage Loan Sellers, the   Majority Subordinate Certificateholder, a Companion Holder, a mezzanine   lender or any other Person, as the case may be, with respect to each Mortgage   Loan, if any, previously purchased by such Person pursuant to this Agreement,   all amounts received thereon subsequent to the date of purchase;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xvi)          to   withdraw any Interest Reserve Amount and remit such Interest Reserve Amount   to the Trustee for deposit into the Interest Reserve Account pursuant to   Section 3.04(c);
  
	
   
  	
  
 
  
	
  
 
  	
  
         (xvii)         to   remit to the Trustee for deposit into the Additional Interest Account the   amounts required to be deposited pursuant to Section 3.04(d);
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xviii)        to   remit to the Paying Agent for deposit into the Distribution Account the   amounts required to be deposited pursuant to Section 3.04(b);
  

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         (xix)          to   remit to the Companion Paying Agent for deposit into the Companion   Distribution Account the amounts required to be deposited pursuant to   Section 3.04(b);
  
	
  
 
  	
  
 
  
	
   
  	
  
         (xx)           to   pay the cost of any Environmental Assessment or any remedial, corrective or   other action pursuant to Section 3.09(c);
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xxi)          to   withdraw any amounts deposited in error;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xxii)         to   withdraw any other amounts that this Agreement expressly provides may be   withdrawn from the Certificate Account; and
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xxiii)        to   clear and terminate the Certificate Account at the termination of this   Agreement pursuant to Section 9.01.
  

                    The Master Servicer shall keep and maintain separate accounting records, on a loan-by-loan basis when appropriate, in connection with any withdrawal from the Certificate Account pursuant to clauses (ii)-(xxiii) above.  Upon request, the Master Servicer shall provide to the Trustee such records and any other information in the possession of the Master Servicer to enable the Trustee to determine the amounts attributable to the Woodlands Mall Loan REMIC (with respect to The Woodlands Mall Loan), REMIC I (with respect to the Majority Mortgage Loans and the Woodlands Mall Loan REMIC Pooled Regular Interests) and the Companion Loans.  The Master Servicer shall, to the extent permitted by the terms of the related Intercreditor Agreement, make claims for reimbursement from the related Companion Holder in connection with related Servicing
Advances and interest thereon and other related expenses so as to minimize the total amount of withdrawals on the Certificate Account for such items.  Nothing in the foregoing sentence shall limit the Master Servicer’s rights to be reimbursed for claims relating to the Companion Loans that are reimbursable claims pursuant to the terms of this Agreement.  Notwithstanding anything in this Section 3.05(a) to the contrary, in no event shall the Master Servicer withdraw from funds on deposit in the Certificate Account any amount to be applied to, or to provide reimbursement for, any amounts referenced in this Section 3.05(a) (other than amounts referenced in clause (xix)) which relate to any Companion Loan to the extent the related Co-Lender Loan has been paid in full in a prior Collection Period.  

                    The Master Servicer shall pay to the Special Servicer (or to third party contractors at the direction of the Special Servicer) or the Trustee from the Certificate Account amounts permitted to be paid to the Special Servicer (or to such third party contractors) or the Trustee therefrom promptly upon receipt of a certificate of a Servicing Officer of the Special Servicer or of a Responsible Officer of the Trustee, describing the item and amount to which the Special Servicer (or such third party contractors) or the Trustee is entitled.  The Master Servicer may rely conclusively on any such certificate and shall have no duty to re-calculate the amounts stated therein.  The Special Servicer shall keep and maintain separate accounting for each Specially Serviced Mortgage Loan and REO Property, on a loan-by-loan and property-by-property
basis, for the purpose of justifying any request for withdrawal from the Certificate Account.  With respect to each Mortgage Loan or Companion Loan for which it makes an Advance, the Trustee shall similarly keep and maintain separate accounting for each Mortgage Loan or Companion Loan, on a loan-by-loan and property-by-property basis, for the purpose of justifying any request for withdrawal from the Certificate Account for reimbursements of Advances or interest thereon.

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                    Upon the determination that a previously made Advance is a Nonrecoverable Advance, instead of obtaining reimbursement out of general collections immediately, the Master Servicer or the Trustee, as applicable, may, in its sole discretion, elect to obtain reimbursement for such Nonrecoverable Advance over time (not to exceed twelve (12) months or such longer period of time as agreed to by the Master Servicer or the Trustee, as applicable, and the Controlling Class Representative, each in its sole discretion) and the unreimbursed portion of such Advance will accrue interest at the Prime Rate.  At any time after such a determination to obtain reimbursement over time, the Master Servicer, the Special Servicer or the Trustee, as applicable, may, in its sole discretion and subject to the immediately following paragraph, decide to obtain
reimbursement immediately.  The fact that a decision to recover such Nonrecoverable Advances over time, or not to do so, benefits some Classes of Certificateholders to the detriment of other Classes shall not, with respect to the Master Servicer, constitute a violation of the Servicing Standard and/or with respect to the Trustee, constitute a violation of any fiduciary duty to Certificateholders or contractual duty hereunder.

                    The Master Servicer or the Trustee, as applicable, shall give Moody’s and S&P at least 15 days notice prior to any reimbursement to it of Nonrecoverable Advances from amounts in the Certificate Account allocable to interest on the Mortgage Loans unless (1) the Master Servicer or the Trustee, as applicable, determines in its sole discretion that waiting 15 days after such a notice could jeopardize the Master Servicer’s or the Trustee’s ability, as applicable, to recover such Nonrecoverable Advances, (2) changed circumstances or new or different information becomes known to the Master Servicer or the Trustee, as applicable, that could affect or cause a determination of whether any Advance is a Nonrecoverable Advance, whether to defer reimbursement of a Nonrecoverable Advance or the determination in clause (1) above, or (3) the
Master Servicer has not timely received from the Trustee information requested by the Master Servicer to consider in determining whether to defer reimbursement of a Nonrecoverable Advance; provided that, if clause (1), (2) or (3) apply, the Master Servicer or the Trustee, as applicable, shall give Moody’s and S&P notice of an anticipated reimbursement to it of Nonrecoverable Advances from amounts in the Certificate Account or Distribution Account, as applicable, allocable to interest on the Mortgage Loans as soon as reasonably practicable in such circumstances.  The Master Servicer and the Trustee, as applicable, shall have no liability for any loss, liability or expense resulting from any notice provided to Moody’s and S&P contemplated by the immediately preceding sentence.

                    If
the Master Servicer or the Trustee, as applicable, is reimbursed out of general
collections for any unreimbursed Advances that are determined to be
Nonrecoverable Advances (together with any interest accrued and payable
thereon), then (for purposes of calculating distributions on the Certificates)
such reimbursement and payment of interest shall be deemed to have been
made:  first, out of the Principal Distribution Amount or the Class WM
Principal Distribution Amount, which, but for its application to reimburse a
Nonrecoverable Advance and/or to pay interest thereon, would be included in the
Available Distribution Amount or the Class WM Principal Distribution Amount, for
any subsequent Distribution Date, and second, out of other amounts which, but
for their application to reimburse a Nonrecoverable Advance and/or to pay
interest thereon, would be included in the Available Distribution Amount or the
Class WM Principal Distribution Amount for any subsequent Distribution
Date.  If and to the extent that any payment is deemed to be applied in
accordance with clause first above to reimburse a Nonrecoverable Advance or to
pay interest thereon, then the Principal Distribution Amount or 

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the Class WM Principal Distribution Amount for such Distribution Date shall be reduced, to
not less than zero, by the amount of such reimbursement.  If and to the
extent (i) any Advance is determined to be a Nonrecoverable Advance,
(ii) such Advance and/or interest thereon is reimbursed out of the
Principal Distribution Amount or the Class WM Principal Distribution Amount as
contemplated by clause first of the immediately preceding sentence and
(iii) the particular item for which such Advance was originally made is
subsequently collected out of payments or other collections in respect of the
related Mortgage Loan, then the Principal Distribution Amount or the Class WM
Principal Distribution Amount for the Distribution Date that corresponds to the
Collection Period in which such item was recovered shall be increased by an
amount equal to the lesser of (A) the amount of such item and (B) any previous
reduction in the Principal Distribution Amount or the Class WM Principal
Distribution Amount for a prior Distribution Date pursuant to clause first above
resulting from the reimbursement of the subject Advance and/or the payment of
interest thereon.

                    (b)          The Paying Agent may, from time to time, make withdrawals from the Distribution Account for any of the following purposes (in no particular order of priority):

	
  
 
  	
  
         (i)          to   make deemed distributions to itself as holder of the Woodlands Mall Loan   REMIC Regular Interests and the REMIC I Regular Interests and to make   distributions to Certificateholders on each Distribution Date, pursuant to   Sections 4.01 and 9.01, as applicable, and to make distributions to the   Floating Rate Account with respect to the Class A-3FL Regular Interest   pursuant to this Agreement;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (ii)          to   pay the Trustee or any of its directors, officers, employees and agents, as   the case may be, any amounts payable or reimbursable to any such Person   pursuant to Section 8.05;
  
	
   
  	
  
 
  
	
  
 
  	
  
         (iii)          to   pay the Trustee the Trustee Fee as contemplated by   Section 8.05(a) hereof with respect to each Mortgage Loan and REO   Loan and to pay the Trustee, as additional compensation, interest and   investment income, if any, earned in respect of amounts held in the   Distribution Account as provided in Section 3.06, but only to the extent   of the Net Investment Earnings with respect to such account for the related   Distribution Date;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (iv)          to
pay for the cost of the Opinions of Counsel sought by the Trustee (A) as
provided in clause (v) of the definition of “Disqualified
Organization”, (B) as contemplated by Section 3.20(d),
9.02(a) and 10.01(h), or (C) as contemplated by
Section 11.01(a) or 11.01(c) in connection with any amendment to
this Agreement requested by the Trustee which amendment is in furtherance of the
rights and interests of Certificateholders;
 
	
  
 
  	
  
 
  
	
  
 
  	
  
         (v)          to   pay any and all federal, state and local taxes imposed on the Woodlands Mall   Loan REMIC, REMIC I or REMIC II or on the assets or transactions of   either such REMIC, together with all incidental costs and expenses, to the   extent none of the Trustee, the REMIC Administrator, the Master Servicer   or the Special Servicer is liable therefor pursuant to Section 10.01(i);
  

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         (vi)          to   pay the REMIC Administrator any amounts reimbursable to it pursuant to   Section 10.01(e);
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (vii)          to   pay to the Master Servicer any amounts deposited by the Master Servicer in   the Distribution Account not required to be deposited therein; and
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (viii)          to   clear and terminate the Distribution Account at the termination of this   Agreement pursuant to Section 9.01.
  

                    Taxes imposed on the Woodlands Mall Loan REMIC, REMIC I or REMIC II shall be allocated to the related REMIC.

                    (c)          The Companion Paying Agent may, from time to time, make withdrawals from the Companion Distribution Account as contemplated by Section 4.01(l).

                    (d)          The Trustee shall on each P&I Advance Date to occur in March of each year, and in the event the final Distribution Date occurs in February on the P&I Advance Date to occur in such February, withdraw from the Interest Reserve Account and deposit into the Distribution Account in respect of each Interest Reserve Loan, an amount equal to the aggregate of the Interest Reserve Amounts deposited into the Interest Reserve Account pursuant to Section 3.04(c) during the immediately preceding Collection Period and, if applicable, the second preceding Collection Period.

                    (e)          The Paying Agent shall, on any Distribution Date, make withdrawals from the Additional Interest Account to the extent required to make the distributions of Additional Interest required by Section 4.01(b).

                    (f)          The Paying Agent shall, on any Distribution Date, make withdrawals from the Gain-On-Sale Reserve Account as contemplated by Section 4.01(m).

                    (g)          The Paying Agent shall make withdrawals from the Floating Rate Account in the following order of priority and only for the following purposes:

	
  
 
  	
  
         (i)          to   withdraw amounts deposited in the Floating Rate Account in error and pay such   amounts to Persons entitled thereto;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (ii)          out   of interest amounts to make regularly scheduled payments of interest required   to be paid to the Swap Counterparty under the Swap Contract as specified in   Section 3.29(c), provided there is no Swap Default;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (iii)          to   make distributions to the Holders of the Class A-3FL Certificates pursuant to   Section 4.01(l); and
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (iv)          to   clear and terminate the Floating Rate Account pursuant to Section 9.01.
  

                    (h)          The Master Servicer shall withdraw the Interest Shortfall Amount from the Interest Shortfall Account on the first P&I Advance Date only and deposit such amount into the Distribution Account.

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                    Section 3.06.     Investment of Funds in the Servicing Accounts, Reserve Accounts, Floating Rate Account, Certificate Account, Interest Reserve Account, Distribution Account, Companion Distribution Account, Additional Interest Account, Gain-on-Sale Reserve Account and REO Account.

                    (a)          The
Master Servicer may direct in writing any depository institution maintaining a
Servicing Account, a Reserve Account or the Certificate Account (each, for
purposes of this Section 3.06, an “Investment Account”); the
Companion Paying Agent may direct in writing any depository institution
maintaining the Companion Distribution Account (also, for purposes of this
Section 3.06, an “Investment Account”); the Special Servicer may
direct in writing any depository institution maintaining the REO Account (also,
for purposes of this Section 3.06, an “Investment Account”); and
the Trustee may direct in writing any depository institution maintaining the
Distribution Account, the Floating Rate Account, the Gain-on-Sale Reserve
Account, the Interest Reserve Account or the Additional Interest Account (also,
for purposes of this Section 3.06, an “Investment
Account”) to invest, or if it is such depository institution, may
itself invest, the funds held therein only in one or more Permitted Investments
bearing interest or sold at a discount, and maturing, unless payable on demand,
no later than the Business Day immediately preceding the next succeeding date on
which such funds are required to be withdrawn from such account pursuant to this
Agreement.  Funds held in the Distribution Account, the Companion
Distribution Account, the Additional Interest Account, the Floating Rate
Account, the Interest Reserve Account and the Gain-on-Sale Reserve Account may
remain uninvested.  In the event that the Master Servicer shall have failed
to give investment directions for any Servicing Account, any Reserve Account or
the Certificate Account (exclusive of any accounts as are held by the Master
Servicer) or the Special Servicer shall have failed to give investment
directions for the REO Account by 11:00 a.m. New York time on any Business Day
on which there may be uninvested cash, such funds held in the REO Account shall
be invested in securities described in clause (i) of the definition of the
term “Permitted Investments”; and such funds held in such other
accounts shall be invested in securities described in clause (v) of such
definition.  All such Permitted Investments shall be held to maturity,
unless payable on demand.  Any investment of funds in an Investment Account
shall be made in the name of the Trustee (in its capacity as such).  The
Master Servicer on behalf of the Trustee for the benefit of Certificateholders
(with respect to Permitted Investments of amounts in the Servicing Accounts, the
Reserve Accounts or the Certificate Account), the Special Servicer on behalf of
the Trustee for the benefit of Certificateholders (with respect to Permitted
Investments of amounts in the REO Account) and the Trustee (with respect to
Permitted Investments of amounts in the Distribution Account, the Floating Rate
Account, the Gain-on-Sale Reserve Account, the Interest Reserve Account or the
Additional Interest Account) for the benefit of the Certificateholders, and the
Companion Paying Agent with respect to the Companion Distribution Account, shall
(and the Trustee hereby designates the Master Servicer and the Special Servicer,
with respect to any Investment Account maintained by them, and itself, with
respect to the Distribution Account, the Additional Interest Account, the
Interest Reserve Account, the Floating Rate Account and the Gain-on-Sale Reserve
Account, as applicable, as the Person that shall) maintain continuous possession
of any Permitted Investment that is either (i) a “certificated
security”, as such term is defined in the UCC, or (ii) other property
in which a secured party may perfect its security interest by possession under
the UCC or any other applicable law.  Possession of any such Permitted
Investment by the Master Servicer, the Special Servicer or the Trustee shall
constitute possession by the Trustee, as secured party, for purposes of
Section 9-313 of the 

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UCC and any other applicable law.  If amounts on deposit in an Investment Account are at any time invested in a Permitted Investment payable on demand, the Master Servicer (in the case of the Certificate Account, Servicing Accounts and Reserve Accounts), the Special Servicer (in the case of the REO Account), the Trustee (with respect to Permitted Investments of amounts in the Distribution Account, the Gain-on-Sale Reserve Account, the Interest Reserve Account, the Floating Rate Account and the Additional Interest Account) or the Companion Paying Agent with respect to the Companion Distribution Account, shall:

                    (x)          consistent with any notice required to be given thereunder, demand that payment thereon be made on the last day such Permitted Investment may otherwise mature hereunder in an amount equal to the lesser of (1) all amounts then payable thereunder and (2) the amount required to be withdrawn on such date; and

                    (y)          demand payment of all amounts due thereunder promptly upon determination by the Master Servicer, the Special Servicer or the Trustee, as the case may be, that such Permitted Investment would not constitute a Permitted Investment in respect of funds thereafter on deposit in the Investment Account.

                    (b)          Whether or not the Master Servicer directs the investment of funds in any of the Servicing Accounts, the Reserve Accounts or the Certificate Account, interest and investment income realized on funds deposited therein, to the extent of the related Net Investment Earnings, if any, for each Collection Period and, in the case of a Reserve Account or a Servicing Account, to the extent not otherwise payable to the related Mortgagor in accordance with applicable law or the related Mortgage Loan documents, shall be for the sole and exclusive benefit of the Master Servicer and shall be subject to its withdrawal in accordance with Section 3.03(a), 3.03(f) or 3.05(a), as applicable.  Whether or not the Special Servicer directs the investment of funds in the REO Account, interest
and investment income realized on funds deposited therein, to the extent of the Net Investment Earnings, if any, for each Collection Period, shall be for the sole and exclusive benefit of the Special Servicer and shall be subject to its withdrawal in accordance with Section 3.16(b).  Whether or not the Trustee directs the investment of funds in the Distribution Account, the Interest Reserve Account, the Floating Rate Account, the Additional Interest Account or the Gain-on-Sale Reserve Account, interest and investment income realized on funds deposited therein, to the extent of the Net Investment Earnings, if any, for each related Distribution Date, shall be for the sole and exclusive benefit of the Trustee and shall be subject to its (or the Paying Agent’s on its behalf) withdrawal in accordance with Section 3.05(b).  If any loss shall be incurred in respect of any Permitted Investment on deposit in any Investment Account, the Master Servicer (in the case of the Servicing
Accounts, the Reserve Accounts and the Certificate Account, excluding any accounts containing amounts invested solely for the benefit of, and at the direction of, the Mortgagor under the terms of the Mortgage Loan or applicable law), the Companion Paying Agent (in the case of the Companion Distribution Account), the Special Servicer (in the case of the REO Account) and the Trustee (with respect to Permitted Investments of amounts in the Distribution Account, the Additional Interest Account, the Floating Rate Account, the Interest Reserve Account and the Gain-on-Sale Reserve Account) shall promptly deposit therein from its own funds, without right of reimbursement, no later than, in the case of the Master Servicer and Special Servicer, the end of the Collection Period during which such loss was incurred and in the case of the Trustee, no later than 12:00 noon, New York City time, on the Distribution Date, the 

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amount of the Net Investment Loss, if any, for such Collection Period or on such Distribution Date; provided that none of the Master Servicer, the Special Servicer or the Trustee shall be required to deposit any loss on an investment of funds in an Investment Account if such loss is incurred solely as a result of the insolvency of the federal or state chartered depository institution or trust company that holds such Investment Account, so long as such depository institution or trust company satisfied the qualifications set forth in the definition of Eligible Account at the time such investment was made.

                    (c)          Except as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any Permitted Investment, or if a default occurs in any other performance required under any Permitted Investment and the Trustee, the Special Servicer or the Master Servicer fails to deposit any losses with respect to such Permitted Investment pursuant to Section 3.06(b), the Trustee may (or, in the event of a default by the Trustee, the Master Servicer or Special Servicer shall) and, subject to Section 8.02, upon the request of Holders of Certificates entitled to not less than 25% of the Voting Rights allocated to any Class, shall take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of
appropriate proceedings.

                    (d)          Notwithstanding the investment of funds held in any Investment Account, for purposes of the calculations hereunder, including, without limitation, the calculation of the Available Distribution Amount or the Class WM Distribution Amount, the amounts so invested shall be deemed to remain on deposit in such Investment Account.

                    Section 3.07.     Maintenance of Insurance Policies; Errors and Omissions and Fidelity Coverage.

                    (a)          The Master Servicer (with respect to Mortgage Loans and Companion Loans to the extent that the Trust Fund has an insurable interest) and the Special Servicer (with respect to REO Properties to the extent that the Trust Fund has an insurable interest) shall, consistent with the Servicing Standard, cause to be maintained for each Mortgaged Property all insurance coverage as is required under the related Mortgage; provided that, if and to the extent that any such Mortgage permits the holder thereof any discretion (by way of consent, approval or otherwise) as to the insurance coverage that the related Mortgagor is required to maintain, the Master Servicer shall exercise such discretion in a manner consistent with the Servicing Standard; provided, further, if and to
the extent that a Mortgage so permits, the related Mortgagor shall be required to exercise its reasonable best efforts to obtain the required insurance coverage from Qualified Insurers and required insurance coverage obtained by the Master Servicer shall be from Qualified Insurers.  REO Property with respect to The Woodlands Mall Loan is excluded for all purposes of this Section 3.07.  The cost of any such insurance coverage obtained by either the Master Servicer or the Special Servicer shall be a Servicing Advance to be paid by the Master Servicer pursuant to Section 3.03.  Whether or not the applicable Mortgage Loan documents require such insurance, the Majority Subordinate Certificateholder may request that earthquake insurance be secured for one or more Mortgaged Properties at the expense of the Majority Subordinate Certificateholder.  Subject to Section 3.17(a), the Special Servicer shall also cause to be maintained for each REO Property no less insurance
coverage than was previously required of the Mortgagor under the related Mortgage; provided that all such insurance shall be obtained from Qualified Insurers.  All such 

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insurance policies maintained by the Master Servicer or the Special Servicer (i) shall contain (if they insure against loss to property and do not relate to an REO Property) a “standard” mortgagee clause, with loss payable to the Trustee or the Master Servicer on behalf of the Trustee (in the case of insurance maintained in respect of Mortgage Loans); (ii) shall be in the name of the Special Servicer (in the case of insurance maintained in respect of REO Properties), on behalf of the Trustee; (iii) shall be non-cancelable without 30 days’ prior written notice to the insured party; (iv) shall include coverage in an amount not less than the lesser of (x) the full replacement cost of the improvements securing a Mortgaged Property or REO Property, as applicable, or (y) the outstanding principal balance owing on the related Mortgage Loan or REO Loan, as applicable, and in any event, the amount necessary to avoid the operation of
any co-insurance provisions; (v) shall include a replacement cost endorsement providing no deduction for depreciation (unless such endorsement is not permitted under the related Mortgage Loan documents); (vi) shall include such other insurance, including, to the extent available at commercially reasonable rates, earthquake insurance, where applicable, as required under the applicable Mortgage or other Mortgage Loan document; and (vii) in each case such insurance shall be issued by an insurer authorized under applicable law to issue such insurance.  Any amounts collected by the Master Servicer or the Special Servicer under any such policies (other than amounts to be applied to the restoration or repair of the related Mortgaged Property or REO Property or amounts to be released to the related Mortgagor, in each case subject to the rights of any tenants and ground lessors, as the case may be, and in each case in accordance with the terms of the related Mortgage and the Servicing
Standard) shall be deposited in the Certificate Account, subject to withdrawal pursuant to Section 3.05(a), in the case of amounts received in respect of a Mortgage Loan or Companion Loan, or in the REO Account, subject to withdrawal pursuant to Section 3.16(c), in the case of amounts received in respect of an REO Property.  Any cost incurred by the Master Servicer or the Special Servicer in maintaining any such insurance shall not, for purposes hereof, including, without limitation, calculating monthly distributions to Certificateholders, be added to unpaid principal balance of the related Mortgage Loan, notwithstanding that the terms of such Mortgage Loan or Companion Loans so permit.

                    Notwithstanding the foregoing, the Master Servicer or Special Servicer, as applicable, will not be required to maintain (and in the case of the Special Servicer, with respect to any Specially Serviced Mortgage Loan), and shall not cause a Mortgagor to be in default with respect to the failure of the related Mortgagor to obtain, all-risk casualty insurance which does not contain any carve-out for terrorist or similar acts or windstorm coverage, if and only if the Master Servicer with respect to non-Specially Serviced Mortgage Loans or the Special Servicer with respect to Specially Serviced Mortgage Loans, in consultation with the Controlling Class Representative, and, with respect to each Co-Lender Loan, in consultation with the related Companion Holder if required under the applicable Intercreditor Agreement, has determined in accordance with
the Servicing Standard that either (a) such insurance is not available at any rate or (b) such insurance is not available at commercially reasonably rates (which determination as to whether such insurance is available at commercially reasonable rates shall be made by the Special Servicer in consultation with and subject to the approval of the Controlling Class Representative with respect to all Mortgage Loans) and that such hazards are not at the time commonly insured against for properties similar to the Mortgaged Property and located in or around the region in which such Mortgaged Property is located and the Controlling Class Representative has approved the decision not to require the borrower to maintain terrorism insurance or windstorm coverage (provided that the decision of the Controlling Class 

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Representative to grant or withhold such consent shall be disregarded by the Special Servicer if such consent or lack of consent would cause the Master Servicer or the Special Servicer, as applicable, to violate the Servicing Standard); provided, however, the Controlling Class Representative’s approval shall be deemed to have been given if it has not responded within five Business Days of receipt of the Master Servicer’s or the Special Servicer’s written recommendation and the information upon which such recommendation is based; provided, further, that upon the Master Servicer’s or the Special Servicer’s determination, as applicable, consistent with the Servicing Standard, that exigent circumstances do not allow the Master Servicer or the Special Servicer to consult with the Controlling Class Representative or Companion Holder, if applicable, the Master Servicer or the Special Servicer, as applicable, shall not be required to
do so; provided, further, during the period that the Special Servicer or Controlling Class Representative is evaluating such insurance hereunder, the Master Servicer shall not be liable for any loss related to its failure to require the Mortgagor to maintain terrorism insurance or windstorm coverage and shall not be in default of its obligations hereunder as a result of such failure.  The Special Servicer shall promptly notify the Master Servicer of each determination under this paragraph.

                    (b)          If the Master Servicer or the Special Servicer shall obtain and maintain, or cause to be obtained and maintained, a blanket policy insuring against hazard losses on all of the Mortgage Loans, Companion Loans and/or REO Properties that it is required to service and administer, then, to the extent such policy (i) is obtained from a Qualified Insurer and (ii) provides protection equivalent to the individual policies otherwise required, the Master Servicer or the Special Servicer, as the case may be, shall conclusively be deemed to have satisfied its obligation to cause hazard insurance to be maintained on the related Mortgaged Properties and/or REO Properties.  Such blanket policy may contain a deductible clause (not in excess of a customary amount), in which case the
Master Servicer or the Special Servicer, as appropriate, shall, if there shall not have been maintained on the related Mortgaged Property or REO Property a hazard insurance policy complying with the requirements of Section 3.07(a), and there shall have been one or more losses that would have been covered by such policy, promptly deposit into the Certificate Account from its own funds the amount not otherwise payable under the blanket policy because of such deductible clause.  The Master Servicer or the Special Servicer, as appropriate, shall prepare and present, on behalf of itself, the Trustee and Certificateholders, claims under any such blanket policy in a timely fashion in accordance with the terms of such policy.

                    (c)          Each of the Master Servicer and the Special Servicer shall at all times during the term of this Agreement (or, in the case of the Special Servicer, at all times during the term of this Agreement in which Specially Serviced Mortgage Loans or REO Properties are part of the Trust Fund) keep in force a fidelity bond with Qualified Insurers, such fidelity bond to be in such form and amount as would permit it to be a qualified FNMA or FHLMC, whichever is greater, seller-servicer of multifamily mortgage loans, or in such other form and amount as would not cause the qualification, downgrading or withdrawal of any rating assigned by any Rating Agency to the Certificates (as evidenced in writing from each Rating Agency).  Each of the Master Servicer and the Special Servicer shall be deemed
to have complied with the foregoing provision if an Affiliate thereof has such fidelity bond coverage and, by the terms of such fidelity bond, the coverage afforded thereunder extends to the Master Servicer or the Special Servicer, as the case may be.  Such fidelity bond shall provide for ten days’ written notice to the Trustee prior to any cancellation.

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                    Each of the Master Servicer and the Special Servicer shall at all times during the term of this Agreement (or, in the case of the Special Servicer, at all times during the term of this Agreement in which Specially Serviced Mortgage Loans and/or REO Properties exist as part of the Trust Fund) also keep in force with Qualified Insurers, a policy or policies of insurance covering loss occasioned by the errors and omissions of its officers, employees and agents in connection with its servicing obligations hereunder, which policy or policies shall be in such form and amount as would permit it to be a qualified FNMA seller-servicer of multifamily mortgage loans, or in such other form and amount as would not cause the qualification, downgrade or withdrawal of any rating assigned by any Rating Agency to the Certificates (as evidenced in writing from each
Rating Agency).  Each of the Master Servicer and the Special Servicer shall be deemed to have complied with the foregoing provisions if an Affiliate thereof has such insurance and, by the terms of such policy or policies, the coverage afforded thereunder extends to the Master Servicer or the Special Servicer, as the case may be.  Any such errors and omissions policy shall provide for ten days’ written notice to the Trustee prior to cancellation.  The Master Servicer and the Special Servicer shall each cause the Trustee to be an additional loss payee on any policy currently in place or procured pursuant to the requirements of this Section 3.07(c).

                    For so long as the long-term debt obligations of the Master Servicer or Special Servicer, as the case may be (or in the case of the initial Master Servicer and Special Servicer, their respective direct or indirect parent), are rated at least “A” or the equivalent by all of the Rating Agencies (or such lower rating as will not result in qualification, downgrading or withdrawal of the ratings then assigned to the Certificates, as evidenced in writing by the Rating Agencies), such Person may self-insure with respect to the risks described in this subsection.

                    Section 3.08.     Enforcement of Alienation Clauses.

                    (a)          (i)  Upon receipt of any request of a waiver in respect of a due-on-sale or due-on-encumbrance provision, the Master Servicer, with respect to Mortgage Loans that are not Specially Serviced Mortgage Loans, and the Special Servicer, with respect to Specially Serviced Mortgage Loans, shall promptly analyze such waiver, including the preparation of written materials in connection with such analysis, and will close the related transaction, subject to the consent rights (if any) of each Companion Holder pursuant to the related Intercreditor Agreement as provided in this Section 3.08.  With respect to all Mortgage Loans other than Specially Serviced Mortgage Loans, the Master Servicer or, in the case of Specially Serviced Mortgage Loans, the Special Servicer, on behalf of the
Trustee as the mortgagee of record, shall, to the extent permitted by applicable law, enforce the restrictions contained in the related Mortgage on transfers or further encumbrances of the related Mortgaged Property and on transfers of interests in the related Mortgagor, unless following its receipt of a request of a waiver in respect of a due-on-sale or due-on-encumbrance provision the Master Servicer (with the written consent of the Special Servicer, which consent shall be deemed given if not denied within the later of (a) 15 Business Days after the Special Servicer’s receipt of the written recommendation of the Master Servicer for such action and any additional information the Special Servicer may reasonably request for the analysis of such request (such recommendation 

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and information may be delivered in an electronic format reasonably acceptable to the Master Servicer and the Special Servicer) and (b) five (5) Business Days after the Controlling Class Representative’s receipt of the written recommendation of the Special Servicer for such action and any additional information the Controlling Class Representative may reasonably request for the analysis of such request, which notice shall be given by the Special Servicer no later than 10 Business Days after the commencement of the 15 Business Day period described in the preceding clause (a)) or the Special Servicer (with the written consent of the Controlling Class Representative, which consent shall be deemed given if not denied within five Business Days after the Controlling Class Representative’s receipt of the written recommendation of the Special Servicer for such action and any additional information the Controlling Class Representative may reasonably request
for the analysis of such request), as applicable, has determined, consistent with the Servicing Standard, that the waiver of such restrictions would be in accordance with the Servicing Standard.  Promptly after the Master Servicer (with the written consent of the Special Servicer to the extent required in the preceding sentence) or the Special Servicer (with the written consent of the Controlling Class Representative to the extent required in the preceding sentence), as applicable, has made any such determination, the Master Servicer or the Special Servicer shall deliver to the Trustee, the Rating Agencies and each other party hereto an Officer’s Certificate setting forth the basis for such determination.  Neither the Master Servicer nor the Special Servicer shall exercise (and the Special Servicer shall not consent to) any such waiver in respect of a due-on-encumbrance provision of any Mortgage Loan (i) with respect to which the aggregate of the Stated Principal Balance of such
Mortgage Loan and the Stated Principal Balance of all other Mortgage Loans that are cross-collateralized, cross-defaulted or have been made to Mortgagors affiliated with the Mortgagor on such Mortgage Loan, are one of the ten largest Mortgage Loans or concentrations of Mortgage Loans, as of the date of such waiver request, without receiving prior written confirmation from S&P and Moody’s that such action would not result in a downgrading, qualification or withdrawal of the ratings then assigned to the Certificates or (ii) with respect to which (a) the aggregate of the Stated Principal Balance of such Mortgage Loan and the Stated Principal Balance of all other Mortgage Loans that are cross-collateralized, cross-defaulted or have been made to Mortgagors affiliated with the Mortgagor on such Mortgage Loan, is equal to or in excess of $20,000,000, (b) the aggregate of the Stated Principal Balance of such Mortgage Loan and the Stated Principal Balance of all other Mortgage Loans
that are cross-collateralized, cross-defaulted or have been made to Mortgagors affiliated with the Mortgagor on such Mortgage Loan, are greater than 2% of the aggregate Stated Principal Balance of all Mortgage Loans, (c) such Mortgage Loan is one of the ten largest Mortgage Loans as of the date of the waiver (by Stated Principal Balance), or (d) such Mortgage Loan has a Loan-to-Value Ratio (calculated to include the additional indebtedness secured by any encumbrance) that is equal to or greater than 85% and a Debt Service Coverage Ratio (calculated to include the additional debt from any encumbrance) of 1.2x or less, without receiving a prior written confirmation from S&P that such action would not result in a downgrading, qualification or withdrawal of the ratings then assigned to the Certificates.  With respect to a waiver of a due-on-sale provision, neither the Master Servicer nor the Special Servicer shall waive any such restriction without receiving prior written confirmation
from Moody’s and S&P that such action would not result in a downgrading, qualification or withdrawal of the ratings then assigned to the Certificates; provided that, if the Mortgage Loan (a) does not have an aggregate Stated Principal Balance (including the Stated Principal Balance of all other Mortgage Loans that are cross-collateralized, cross-defaulted or have been made to 

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Mortgagors affiliated with the Mortgagor on such Mortgage Loan) equal to or in excess of $35,000,000 (or $25,000,000 with respect to Moody’s), (b) does not have an aggregate Stated Principal Balance (including the Stated Principal Balance of all other Mortgage Loans that are cross-collateralized, cross-defaulted or have been made to Mortgagors affiliated with the Mortgagor on such Mortgage Loan) greater than 5% of the aggregate Stated Principal Balance of all Mortgage Loans or (c) is not one of the ten largest Mortgage Loans as of the date of the waiver (by Stated Principal Balance), the Master Servicer or the Special Servicer, as applicable, may waive such requirement without confirmation by S&P in accordance with the Servicing Standard; provided, further, that, if the Mortgage Loan does not meet the criteria set forth in clause (ii) of the immediately preceding sentence, the Master Servicer or Special Servicer, as
applicable, may waive such requirement without approval by S&P or Moody’s in accordance with the Servicing Standard; provided, further, that, if the Mortgage Loan is not one of the ten largest Mortgage Loans (by Stated Principal Balance, including all other Mortgage Loans that are cross-collateralized and cross-defaulted with such Mortgage Loan) as of the date of the waiver, the Master Servicer or Special Servicer, as applicable, may waive such requirement without approval by Fitch in accordance with the Servicing Standard.  With respect to each Co-Lender Loan, no waiver of a due-on-sale or due-on-encumbrance provision will be effective unless the Master Servicer or Special Servicer, as applicable, first consults with the related Subordinate Companion Holder if required under the applicable Intercreditor Agreement.  The Special Servicer and the Rating Agencies shall be notified upon the completion of any such syndication.

                     (ii)  With respect to any Tenants-in-Common Loan, the Master Servicer, on behalf of the Trustee as the mortgagee of record, shall review (A) each request for a sale, transfer or syndication of any Mortgagor’s equity interests in the related Mortgagor and shall promptly analyze such request, including, with regard to each proposed Mortgagor transferee, the financial statements, credit information, organizational documents and other written materials set forth on the applicable schedule on Exhibit Z hereto, to determine, in accordance with the Servicing Standard, whether the requested sale, transfer or syndication meets the applicable requirements and to obtain any consents required under any related Intercreditor Agreement, and (B) the corresponding waiver of any applicable due-on-sale or due-on-encumbrance provision and
determine whether approval of such waiver is consistent with the Servicing Standard.  Promptly after the Master Servicer has made any such affirmative determination that such sale, transfer or syndication meets the applicable requirements on Exhibit Z hereto, the Master Servicer shall deliver to the Special Servicer, the Trustee, the Rating Agencies and each other party hereto, no later than five (5) Business Days prior to such sale, transfer or syndication, an Officer’s Certificate in the form of Exhibit AA hereto setting forth notice of the approval or disapproval and the basis for such determination, including evidence of compliance with each of the requirements for such Mortgage Loan described on Exhibit Z hereto; provided, further, that it is understood and agreed that the Master Servicer shall make reasonable efforts to deliver a complete package five (5) Business Days prior to such sale, transfer or syndication (provided, however, that
any documents not delivered with the Officer’s Certificate will be delivered by the Master Servicer as soon as reasonably possible, and the Special Servicer shall rely on the initial documents sent in such package and the Officer’s Certificate delivered by the Master Servicer for its review).

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                    (b)          Notwithstanding any other provisions of this Section 3.08, the Master Servicer (with respect to Mortgage Loans other than Specially Serviced Mortgage Loans) (without the Special Servicer’s consent) or the Special Servicer (with respect to Specially Serviced Mortgage Loans) may grant, without any Rating Agency confirmation as provided in paragraph (a) above, a Mortgagor’s request for consent to subject the related Mortgaged Property to an easement or right-of-way for utilities, access, parking, public improvements or another purpose, and may consent to subordination of the related Mortgage Loan to such easement or right-of-way provided the Master Servicer or the Special Servicer, as applicable, shall have determined in accordance with the Servicing Standard that
such easement or right-of-way shall not materially interfere with the then-current use of the related Mortgaged Property, or the security intended to be provided by such Mortgage, the related Mortgagor’s ability to repay the Mortgage Loan, or materially or adversely affect the value of such Mortgaged Property or cause the Mortgage Loan to cease to be a “qualified mortgage” for REMIC purposes.

                    (c)          Within
ninety (90) days of the Closing Date, with respect to each of the Mortgage Loans
covered by an environmental insurance policy, if any, the Master Servicer shall
notify the insurer under such environmental insurance policy and take all other
action necessary for the Trustee, on behalf of the Certificateholders, to be an
insured (and for the Master Servicer, on behalf of the Trust Fund, to make
claims) under such environmental insurance policy.  In the event that the
Master Servicer has actual knowledge of any event (an “Insured
Environmental Event”) giving rise to a claim under any environmental
insurance policy in respect of any Mortgage Loan covered thereby, the Master
Servicer shall, in accordance with the terms of such environmental insurance
policy and the Servicing Standard, timely make a claim thereunder with the
appropriate insurer and shall take such other actions in accordance with the
Servicing Standard which are necessary under such environmental insurance policy
in order to realize the full value thereof for the benefit of the
Certificateholders.  Any legal fees, premiums or other out-of-pocket costs
incurred in accordance with the Servicing Standard in connection with any such
claim under an environmental insurance policy shall be paid by the Master
Servicer and shall be reimbursable to it as a Servicing Advance.  With
respect to each environmental insurance policy that relates to one or more
Mortgage Loans, the Master Servicer shall review and familiarize itself with the
terms and conditions relating to enforcement of claims and shall monitor the
dates by which any claim must be made or any action must be taken under such
policy to realize the full value thereof for the benefit of the
Certificateholders in the event the Master Servicer has actual knowledge of an
Insured Environmental Event giving rise to a claim under such policy.

                    In the event that the Master Servicer receives notice of any termination of any environmental insurance policy that relates to one or more Mortgage Loans, the Master Servicer shall, within five Business Days after receipt of such notice, notify the Special Servicer, the Controlling Class Representative, the related Companion Holder (in the case of a Co-Lender Loan), the Rating Agencies and the Trustee of such termination in writing.  Upon receipt of such notice, the Master Servicer with respect to non-Specially Serviced Mortgage Loans, and the Special Servicer with respect to Specially Serviced Mortgage Loans, shall address such termination in accordance with Section 3.07(a) in the same manner as it would the termination of any other Insurance Policy required under the related Mortgage Loan documents.  Any legal fees,
premiums or other out-of-pocket costs incurred in accordance with the Servicing Standard in connection with a resolution of such termination of an environmental insurance policy shall be paid by the Master Servicer and shall be reimbursable to it as a Servicing Advance.

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                    (d)          For the avoidance of doubt, any servicing obligation set forth under this Section 3.08 of the Master Servicer or Special Servicer, as applicable, for any Co-Lender Loan shall also apply to the related Companion Loan.

                    Section 3.09.     Realization Upon Defaulted Mortgage Loans; Required Appraisals.

                    (a)          The Special Servicer shall, subject to Sections 3.09(b) through 3.09(d) and Section 6.11, exercise reasonable efforts, consistent with the Servicing Standard, to foreclose upon or otherwise comparably convert the ownership of properties securing such of the Mortgage Loans or Companion Loans as come into and continue in default and as to which no satisfactory arrangements can be made for collection of delinquent payments, including, without limitation, pursuant to Section 3.20.  Subject to the second paragraph of Section 3.03(c), the Master Servicer shall advance all costs and expenses (other than costs or expenses that would, if incurred, constitute a Nonrecoverable Servicing Advance) incurred by the Special Servicer in any such proceedings, and shall be
entitled to reimbursement therefor as provided in Section 3.05(a).  Nothing contained in this Section 3.09 shall be construed so as to require the Special Servicer, on behalf of the Trust Fund, to make a bid on any Mortgaged Property at a foreclosure sale or similar proceeding that is in excess of the fair market value of such property, as determined by the Special Servicer in accordance with the Servicing Standard and in its reasonable and good faith judgment taking into account, as applicable, among other factors, the period and amount of any delinquency on the affected Mortgage Loan or Companion Loan, the occupancy level and physical condition of the Mortgaged Property or REO Property, the state of the local economy, the obligation to dispose of any REO Property within the time period specified in Section 3.16(a) and the results of any appraisal obtained pursuant to the following sentence, all such bids to be made in a manner consistent with the Servicing Standard.  If
and when the Master Servicer or the Special Servicer deems it necessary and prudent for purposes of establishing the fair market value of any Mortgaged Property securing a Defaulted Mortgage Loan or defaulted Companion Loan, whether for purposes of bidding at foreclosure or otherwise, it may, at the expense of the Trust Fund, have an appraisal performed with respect to such property by an Independent Appraiser or other expert in real estate matters; which appraisal shall take into account, as applicable, among other factors, the period and amount of any delinquency on the affected Mortgage Loan, the occupancy level and physical condition of the Mortgaged Property or REO Property, the state of the local economy and the obligation to dispose of any REO Property within the time period specified in Section 3.16(a), including without limitation, any environmental, engineering or other third party reports available, and other factors that a prudent real estate appraiser would consider.

                    With respect to each Required Appraisal Mortgage Loan, the Special Servicer will be required to obtain a Required Appraisal (or with respect to any Mortgage Loan with an outstanding principal balance less than $2,000,000, an internal valuation performed by the Special Servicer) within 60 days of a Mortgage Loan becoming a Required Appraisal Mortgage Loan (unless an appraisal meeting the requirements of a Required Appraisal was obtained for such Required Appraisal Mortgage Loan within the prior 12 months and the Special Servicer has 

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no actual knowledge of a material adverse change in the condition of the related Mortgaged Property in which case such appraisal may be a letter update of the Required Appraisal) and thereafter shall obtain a Required Appraisal (or with respect to any Mortgage Loan with an outstanding principal balance less than $2,000,000, and in lieu of an Appraisal, an internal valuation performed by the Special Servicer) once every 12 months (or sooner if the Special Servicer has actual knowledge of a material adverse change in the condition of the related Mortgaged Property) if such Mortgage Loan remains a Required Appraisal Mortgage Loan.  The Special Servicer will deliver a copy of each Required Appraisal (or letter update or internal valuation) to the Master Servicer, the Controlling Class Representative and the Trustee (and, if such Required Appraisal Mortgage Loan is a Co-Lender Loan, to the related Companion Holder) within 10 Business Days of obtaining such
Required Appraisal (or letter update or internal valuation).  Subject to the second paragraph of Section 3.03(c), the Master Servicer shall advance the cost of such Required Appraisal; provided, however, that such expense will be subject to reimbursement to the Master Servicer as a Servicing Advance out of the Certificate Account pursuant to Section 3.05(a)(vi) and 3.05(a)(vii).

                    Notwithstanding the foregoing, in no event shall the Master Servicer or the Special Servicer obtain an appraisal of a Companion Loan pursuant to this Section 3.09(a) to the extent the related Co-Lender Loan has been paid in full.

                    (b)          The Special Servicer shall not acquire any personal property pursuant to this Section 3.09 unless either:

	
  
 
  	
  
         (i)          such   personal property is incident to real property (within the meaning of   Section 856(e)(1) of the Code) so acquired by the Special Servicer; or
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (ii)          the   Special Servicer shall have obtained an Opinion of Counsel (the cost of which   may be withdrawn from the Certificate Account pursuant to   Section 3.05(a)) to the effect that the holding of such personal   property as part of the Trust Fund (to the extent not allocable to a   Companion Loan) will not cause the imposition of a tax on the Woodlands Mall   Loan REMIC, REMIC I or REMIC II under the REMIC Provisions or cause   the Woodlands Mall Loan REMIC, REMIC I or REMIC II to fail to   qualify as a REMIC at any time that any Certificate is outstanding.
  

                    (c)          Notwithstanding the foregoing provisions of this Section 3.09, neither the Master Servicer nor the Special Servicer shall, on behalf of the Trustee (which may include through a single member limited liability company owned by the Trust), initiate foreclosure proceedings, obtain title to a Mortgaged Property by deed in lieu of foreclosure or otherwise, or take any other action with respect to any Mortgaged Property, if, as a result of any such action, the Trustee, on behalf of the Certificateholders, could, in the reasonable judgment of the Master Servicer or the Special Servicer, as the case may be, made in accordance with the Servicing Standard, be considered to hold title to, to be a “mortgagee-in-possession” of, or to be an “owner” or “operator”
of such Mortgaged Property within the meaning of CERCLA or any comparable law (a “potentially responsible party”), unless (as evidenced by an Officer’s Certificate to such effect delivered to the Trustee that shall specify all of the bases for such determination) the Special Servicer has previously determined in accordance with the Servicing Standard, and based on an Environmental Assessment of such Mortgaged Property performed by 

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an Independent Person who regularly conducts Environmental Assessments and performed within six months prior to any such acquisition of title or other action (a copy of which Environmental Assessment shall be delivered to the Trustee, the Controlling Class Representative and the Master Servicer), that:

	
  
 
  	
  
         (i)          the   Mortgaged Property is in compliance with applicable environmental laws and   regulations or, if not, that it would maximize the recovery to the   Certificateholders on a present value basis (the relevant discounting of   anticipated collections that will be distributable to Certificateholders to be   performed at the related Net Mortgage Rate) to acquire title to or possession   of the Mortgaged Property and to take such actions as are necessary to bring   the Mortgaged Property into compliance therewith in all material respects;   and
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (ii)          there   are no circumstances or conditions present at the Mortgaged Property relating   to the use, management or disposal of Hazardous Materials for which   investigation, testing, monitoring, containment, clean-up or remediation   could be required under any applicable environmental laws and regulations or,   if such circumstances or conditions are present for which any such action   could reasonably be expected to be required, that it would maximize the   recovery to the Certificateholders on a present value basis (the relevant   discounting of anticipated collections that will be distributable to   Certificateholders to be performed at the related Net Mortgage Rate) to   acquire title to or possession of the Mortgaged Property and to take such   actions with respect to the affected Mortgaged Property.
  

                    The Special Servicer shall undertake, in good faith, reasonable efforts to make the determination referred to in the preceding paragraph and may conclusively rely on the Environmental Assessment referred to above in making such determination.  The cost of any such Environmental Assessment, as well as the cost of any remedial, corrective or other further action contemplated by clause (i) and/or clause (ii) of the preceding paragraph shall be at the expense of the Trust Fund (except to the extent that such Additional Trust Fund Expense is payable out of the proceeds of any Companion Loan pursuant to the related Intercreditor Agreement and this Agreement); and if any such Environmental Assessment so warrants, the Special Servicer shall perform such additional environmental testing as it deems necessary and prudent to determine
whether the conditions described in clauses (i) and (ii) of the preceding paragraph have been satisfied, the cost of which shall be at the expense of the Trust Fund.

                    (d)          If the environmental testing contemplated by Section 3.09(c) above establishes that any of the conditions set forth in clauses (i) and (ii) thereof has not been satisfied with respect to any Mortgaged Property securing a Defaulted Mortgage Loan and there is no breach of a representation or warranty requiring repurchase under the applicable Mortgage Loan Purchase Agreement, the Special Servicer shall take such action as is in accordance with the Servicing Standard (other than proceeding against the Mortgaged Property) and, at such time as it deems appropriate, may, on behalf of the Trustee, release all or a portion of such Mortgaged Property from the lien of the related Mortgage; provided that, if such Mortgage Loan has a then outstanding principal balance of
greater than $1,000,000, then prior to the release of all or a portion of the related Mortgaged Property from the lien of the related Mortgage, (i) the Special Servicer shall have notified the Rating Agencies, the Trustee, the Controlling Class 

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Representative and the Master Servicer in writing of its intention to so release all or a portion of such Mortgaged Property and the bases for such intention, (ii) the Trustee shall have notified the Certificateholders in writing of the Special Servicer’s intention to so release all or a portion of such Mortgaged Property and (iii) the Holders of Certificates entitled to a majority of the Voting Rights shall have consented to such release within 30 days of the Trustee’s distributing such notice (failure to respond by the end of such 30-day period being deemed consent).

                    (e)          The Special Servicer shall report to the Master Servicer, the Controlling Class Representative and the Trustee monthly in writing as to any actions taken by the Special Servicer with respect to any Mortgaged Property that represents security for a Defaulted Mortgage Loan as to which the environmental testing contemplated in Section 3.09(c) above has revealed that any of the conditions set forth in clauses (i) and (ii) thereof has not been satisfied, in each case until the earlier to occur of satisfaction of all such conditions and release of the lien of the related Mortgage on such Mortgaged Property.

                    (f)          The Special Servicer shall have the right to determine, in accordance with the Servicing Standard, the advisability of seeking to obtain a deficiency judgment if the state in which the Mortgaged Property is located and the terms of the Mortgage Loan or Companion Loan permit such an action and shall, in accordance with the Servicing Standard, seek such deficiency judgment if it deems advisable.

                    (g)          The Master Servicer shall, with the reasonable cooperation of the Special Servicer, prepare and file information returns with respect to reports of foreclosures and abandonments of any Mortgaged Property and the information returns relating to any Mortgaged Property securing a Mortgage Loan and, if applicable, Companion Loan required by Sections 6050J and 6050P of the Code and each year deliver to the Trustee an Officer’s Certificate stating that such reports have been filed.  Such reports shall be in form and substance sufficient to meet the reporting requirements imposed by Sections 6050J and 6050P of the Code.

                    (h)          The Special Servicer shall maintain accurate records, prepared by a Servicing Officer, of each Final Recovery Determination in respect of any Mortgage Loan, Companion Loan or REO Property and the basis thereof.  Each Final Recovery Determination shall be evidenced by an Officer’s Certificate (together with the basis and back-up documentation for the determination) delivered to the Trustee, the Controlling Class Representative and the Master Servicer no later than the third Business Day following such Final Recovery Determination.

                    (i)          Upon reasonable request of the Master Servicer, the Special Servicer shall deliver to it and the related Sub-Servicer any other information and copies of any other documents in its possession with respect to a Specially Serviced Mortgage Loan or the related Mortgaged Property.

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

                    (a)          Upon the payment in full of any Mortgage Loan, or the receipt by the Master Servicer of a notification that payment in full shall be escrowed in a manner customary for such purposes, the Master Servicer shall promptly notify the Trustee in writing, who shall 

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release or cause the related Custodian to release, by a certification (which certification shall be in the form of a Request for Release in the form of Exhibit D-1 attached hereto and shall be accompanied by the form of a release or discharge and shall include a statement to the effect that all amounts received or to be received in connection with such payment which are required to be deposited in the Certificate Account pursuant to Section 3.04(a) have been or will be so deposited) of a Servicing Officer (a copy of which certification shall be delivered to the Special Servicer) and shall request delivery to it of the related Mortgage File.  Upon receipt of such certification and request, the Trustee shall release, or cause any related Custodian to release, the related Mortgage File to the Master Servicer and shall deliver to the Master Servicer such release or discharge, duly executed.  No expenses incurred in connection with any
instrument of satisfaction or deed of reconveyance shall be chargeable to the Certificate Account or the Distribution Account.

                    (b)          If from time to time, and as appropriate for servicing or foreclosure of any Mortgage Loan (including any related Companion Loan), the Master Servicer or the Special Servicer shall otherwise require any Mortgage File (or any portion thereof), the Trustee, upon request of the Master Servicer and receipt from the Master Servicer of a Request for Release in the form of Exhibit D-1 attached hereto signed by a Servicing Officer thereof, or upon request of the Special Servicer and receipt from the Special Servicer of a Request for Release in the form of Exhibit D-2 attached hereto, shall release, or cause any related Custodian to release, such Mortgage File (or portion thereof) to the Master Servicer or the Special Servicer, as the case may be.  Upon return of such
Mortgage File (or portion thereof) to the Trustee or related Custodian, or the delivery to the Trustee of a certificate of a Servicing Officer of the Special Servicer stating that such Mortgage Loan was liquidated and that all amounts received or to be received in connection with such liquidation that are required to be deposited into the Certificate Account pursuant to Section 3.04(a) have been or will be so deposited, or that such Mortgage Loan has become an REO Property, a copy of the Request for Release shall be released by the Trustee or related Custodian to the Master Servicer or the Special Servicer, as applicable.

                    (c)          Within seven (7) Business Days (or within such shorter period (but no less than three Business Days) as execution and delivery can reasonably be accomplished if the Special Servicer notifies the Trustee of an exigency) of the Special Servicer’s request therefor, the Trustee shall execute and deliver to the Special Servicer (or the Special Servicer may, subject to Section 3.01(b), execute and deliver in the name of the Trustee based on a limited power of attorney issued in favor of the Special Servicer pursuant to Section 3.01(b)), in the form supplied to the Trustee, any court pleadings, requests for trustee’s sale or other documents stated by the Special Servicer to be reasonably necessary to the foreclosure or trustee’s sale in respect of a Mortgaged
Property or REO Property or to any legal action brought to obtain judgment against any Mortgagor on the Mortgage Note (including any note evidencing a related Companion Loan) or Mortgage or to obtain a deficiency judgment, or to enforce any other remedies or rights provided by the Mortgage Note or Mortgage or otherwise available at law or in equity or to defend any legal action or counterclaim filed against the Trust Fund, the Master Servicer or the Special Servicer.  Together with such documents or pleadings, the Special Servicer shall deliver to the Trustee a certificate of a Servicing Officer requesting that such pleadings or documents be executed by the Trustee and certifying as to the reason such documents or pleadings are required and that the execution and delivery thereof by the Trustee will not invalidate or otherwise affect the lien of the Mortgage, except for the termination of such a lien upon completion of the foreclosure or trustee’s sale.

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                    Section 3.11.     Servicing Compensation.

                    (a)          As compensation for its activities hereunder, the Master Servicer shall be entitled to receive the Master Servicing Fee with respect to each Mortgage Loan (including each Specially Serviced Mortgage Loan) and REO Loan.  No Master Servicing Fee shall be payable with respect to any Companion Loan unless such fee is expressly set forth in the related Intercreditor Agreement.  As to each such Mortgage Loan and REO Loan, the Master Servicing Fee shall accrue at the related Master Servicing Fee Rate and on the same principal amount respecting which the related interest payment due on such Mortgage Loan or deemed to be due on such REO Loan is computed and calculated on the basis of a 360-day year consisting of twelve 30-day months (or, in the event of a Principal Prepayment in full
or other Liquidation Event with respect to a Mortgage Loan or REO Loan, on the basis of the actual number of days to elapse from and including the related Due Date to but excluding the date of such Principal Prepayment or Liquidation Event in a month consisting of 30 days).  The Master Servicing Fee with respect to any Mortgage Loan or REO Loan shall cease to accrue if a Liquidation Event occurs in respect thereof.  Earned but unpaid Master Servicing Fees shall be payable monthly, on a loan-by-loan basis, from payments of interest on each Mortgage Loan and REO Revenues allocable as interest on each REO Loan.  The Master Servicer shall be entitled to recover unpaid Master Servicing Fees in respect of any Mortgage Loan or REO Loan out of that portion of related Insurance Proceeds or Liquidation Proceeds allocable as recoveries of interest, to the extent permitted by Section 3.05(a)(iii) and otherwise as provided in Section 3.05(a)(vii).  The right to receive the Master
Servicing Fee may not be transferred in whole or in part except in connection with the transfer of all of the Master Servicer’s responsibilities and obligations under this Agreement.

                    (b)          Additional servicing compensation in the form of:  (i) all late payment charges, Penalty Interest, assumption application fees if the related assumption is completed, Tenant-in-Common Loan transfer and assumption application fees if the related transfer and assumption application is completed and an assumption fee is collected on such Tenant-in-Common Loan, modification fees for modifications to Mortgage Loans or Companion Loans that are not Specially Serviced Mortgage Loans made by the Master Servicer pursuant to Section 3.20(i), defeasance fees, charges for beneficiary statements or demands, amounts collected for checks returned for insufficient funds and any similar fees (excluding Prepayment Premiums or Yield Maintenance Charges), in each case to the extent
actually paid by a Mortgagor with respect to a Mortgage Loan or Companion Loan and, with respect to late payment charges and penalty charges, accrued during the time that such Mortgage Loan or Companion Loan was not a Specially Serviced Mortgage Loan, and (ii) fifty percent (50%) of (A) any assumption fees or Tenant-in-Common Loan assumption fees and (B) any assumption application fees and Tenant-in-Common Loan transfer and assumption application fees if the related assumption or Tenant-in-Common Loan transfer and assumption fails to be completed or no assumption fee is collected with respect to a Tenant-In-Common Loan, in each case to the extent actually paid by a Mortgagor with respect to any Mortgage Loan or Companion Loan if such Mortgage Loan or Companion Loan is not a Specially Serviced Mortgage Loan, may be retained by the Master Servicer and are not required to be deposited in the Certificate Account; 

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provided that the Master Servicer’s right to receive late payment charges and Penalty Interest pursuant to clause (i) above shall be limited to the portion of such items that have not been applied to pay interest on Advances as provided in Sections 3.03(d) and 4.03(d) or Additional Trust Fund Expenses (other than Special Servicing Fees, Workout Fees and/or Liquidation Fees) or interest on Advances pursuant to this Section 3.11(b).  To the extent the Master Servicer or the Special Servicer receives late payment charges or Penalty Interest on a Mortgage Loan for which interest on Advances or Additional Trust Fund Expenses (other than Special Servicing Fees, Workout Fees and/or Liquidation Fees) related to such Mortgage Loan and not previously reimbursed to the Trust Fund, the Master Servicer shall deposit in the Certificate Account, on or prior to the P&I Advance Date following the collection of such late payment charges or
Penalty Interest, an amount equal to the lesser of (i) the amount of late payment charges or Penalty Interest received on such Mortgage Loan or (ii) the sum of the amount of interest paid to the Master Servicer on Advances related to such Mortgage Loan since the Closing Date for which the Trust Fund has not been previously reimbursed and the amount of Additional Trust Fund Expenses (other than Special Servicing Fees, Workout Fees and/or Liquidation Fees) related to such Mortgage Loan incurred since the Closing Date and not previously reimbursed to the Trust Fund.  To the extent that the Master Servicer is not entitled to late payment charges or Penalty Interest pursuant to the immediately preceding sentence, the Master Servicer shall deposit such late payment charges and Penalty Interest in the Certificate Account.  Penalty Interest or late payment charges in respect of any Mortgage Loan or Companion Loan which has accrued during the period when the related Mortgage Loan or
Companion Loan is not a Specially Serviced Mortgage Loan shall be additional compensation to the Master Servicer even if collected during the period when the related Mortgage Loan or Companion Loan is a Specially Serviced Mortgage Loan.  The Master Servicer shall also be entitled to additional servicing compensation in the form of (i)  Prepayment Interest Excesses; (ii) interest or other income earned on deposits in the Certificate Account and the Interest Reserve Account, in accordance with Section 3.06(b) (but only to the extent of the Net Investment Earnings, if any, with respect to such account for each Collection Period), and (iii) to the extent not required to be paid to any Mortgagor under applicable law or the terms of the related Mortgage Loan or Companion Loan, any interest or other income earned on deposits in the Reserve Accounts and Servicing Accounts maintained thereby.

                    The Master Servicer shall be required to pay out of its own funds all expenses incurred by it in connection with its servicing activities hereunder (including, without limitation, payment of any amounts due and owing to any of its Sub-Servicers and the premiums for any blanket policy insuring against hazard losses pursuant to Section 3.07(b)), if and to the extent such expenses are not payable directly out of the Certificate Account, and the Master Servicer shall not be entitled to reimbursement therefor except as expressly provided in this Agreement.  The Master Servicer shall not waive or agree to any discount of any portion of assumption fees to which the Special Servicer is entitled.

                    (c)          As compensation for its activities hereunder, the Special Servicer shall be entitled to receive the Special Servicing Fee with respect to each Specially Serviced Mortgage Loan and each REO Loan.  As to each Specially Serviced Mortgage Loan and REO Loan, the Special Servicing Fee shall accrue at the Special Servicing Fee Rate and on the same principal amount respecting which the related interest payment due on such Specially Serviced Mortgage Loan or deemed to be due on such REO Loan is computed and calculated on the basis of a 360-day 

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year consisting of twelve 30-day months (or, in the event of a Principal Prepayment in full or other Liquidation Event with respect to a Mortgage Loan or REO Loan, on the basis of the actual number of days to elapse from and including the related Due Date to but excluding the date of such Principal Prepayment or Liquidation Event in a month consisting of 30 days).  The Special Servicing Fee with respect to any Specially Serviced Mortgage Loan or REO Loan shall cease to accrue as of the date a Liquidation Event occurs in respect thereof or it becomes a Corrected Mortgage Loan.  Earned but unpaid Special Servicing Fees shall be payable monthly out of general collections on the Mortgage Loans, Companion Loans and any REO Properties on deposit in the Certificate Account pursuant to Section 3.05(a).

                    As further compensation for its activities hereunder, the Special Servicer shall be entitled to receive the Workout Fee with respect to each Corrected Mortgage Loan, so long as such loan remains a Corrected Mortgage Loan.  As to each Corrected Mortgage Loan, the Workout Fee shall be payable out of, and shall be calculated by application of the Workout Fee Rate to, each collection of interest (other than Additional Interest and Penalty Interest) and principal received on such Mortgage Loan or Companion Loan for so long as it remains a Corrected Mortgage Loan (net of any portion of such collection payable or reimbursable to the Master Servicer, the Special Servicer, or the Trustee for any related unpaid or unreimbursed Master Servicing Fees and/or Advances) received on such Mortgage Loan or Companion Loan for so long as it remains a
Corrected Mortgage Loan.  The Workout Fee with respect to any Corrected Mortgage Loan will cease to be payable if a Servicing Transfer Event occurs with respect thereto or if the related Mortgaged Property becomes an REO Property; provided that a new Workout Fee would become payable if and when such Mortgage Loan and, if applicable, Companion Loan again became a Corrected Mortgage Loan.  If the Special Servicer is terminated or resigns, it will retain the right to receive any and all Workout Fees payable with respect to any Specially Serviced Mortgage Loan that became a Corrected Mortgage Loan during the period that it acted as Special Servicer and remained a Corrected Mortgage Loan at the time of its termination or resignation or if the Special Servicer resolved the circumstances and/or conditions (including by way of a modification of the related Mortgage Loan documents) causing the Mortgage Loan to be a Specially Serviced Mortgage Loan, but the Mortgage Loan had not as of the time
the Special Servicer is terminated or resigns become a Corrected Mortgage Loan because the related borrower had not made three consecutive monthly debt service payments (but made the most recent monthly debt service payment prior to the termination of the Special Servicer) and subsequently becomes a Corrected Mortgage Loan as a result of making three such consecutive payments.  The successor Special Servicer will not be entitled to any portion of those Workout Fees.

                    In addition, with respect to each Specially Serviced Mortgage Loan and REO Loan or Mortgage Loan subject to repurchase by the applicable Mortgage Loan Seller (to the extent such Mortgage Loan was not repurchased within the cure period specified in the related Mortgage Loan Purchase Agreement) (or Qualified Substitute Mortgage Loan substituted in lieu thereof), the Special Servicer shall be entitled to the Liquidation Fee payable out of, and calculated by application of the Liquidation Fee Rate to, all amounts (whether in the form of payments of Liquidation Proceeds or REO Revenues or a full or discounted payoff by the Mortgagor) received in respect of such Mortgage Loan or Companion Loan (or, in the case of an REO Loan, in respect of the related REO Property) and allocable as a full or partial recovery of principal, interest and expenses in
accordance with Section 3.02(b) or the definition of “REO 

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Loan,” as applicable; provided that no Liquidation Fee shall be payable in connection with, or out of (i) Insurance Proceeds and (ii) Liquidation Proceeds resulting from the purchase of any Mortgage Loan or REO Property by a Mortgage Loan Seller pursuant to the applicable Mortgage Loan Purchase Agreement if purchased within the cure period set forth in Section 3(c) of such Mortgage Loan Purchase Agreement, by the Majority Subordinate Certificateholder, the Companion Holder, or the Special Servicer pursuant to Section 3.18(c), Section 3.18(d), Section 3.18(e), Section 3.18(h) or by the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder or the purchasing Certificateholder pursuant to Section 9.01, or any mezzanine lender pursuant to the related mezzanine intercreditor agreement if purchased by the mezzanine lender within 90 days of the related Mortgage Loan becoming a Specially
Serviced Mortgage Loan; and (iii) Liquidation Proceeds resulting from the remittance by the related Mortgage Loan Seller pursuant to Section 2.03 (if remitted within the cure period set forth for repurchase in the related Mortgage Loan Purchase Agreement); and provided, further, that no Liquidation Fee shall be payable (i) in connection with a Periodic Payment received in connection with such Mortgage Loan or (ii) to the extent a Workout Fee is payable concerning the Liquidation Proceeds.

                    The Special Servicer’s right to receive the Special Servicing Fee, the Workout Fee and the Liquidation Fee may not be transferred in whole or in part except in connection with the transfer of all of the Special Servicer’s responsibilities and obligations under Sections 6.02, 6.04 and 6.09.

                    (d)          Additional servicing compensation in the form of:  (i) all late payment charges, Penalty Interest received on or with respect to Specially Serviced Mortgage Loans actually collected that, with respect to late payment charges and penalty charges, accrued during the time that the related Mortgage Loan was a Specially Serviced Mortgage Loan, (ii) one hundred percent (100%) of any assumption application fees and assumption fees with respect to any Specially Serviced Mortgage Loan and fifty percent (50%) of (A) any assumption fees or Tenant-in-Common Loan assumption fees and (B) any assumption application fees and Tenant-in-Common Loan transfer and assumption application fees if the related Tenant-in-Common Loan transfer and assumption fails to be completed or no assumption
fee is collected with respect to a Tenant-In-Common Loan with respect to any Mortgage Loan or Companion Loan if such Mortgage Loan or Companion Loan is not a Specially Serviced Mortgage Loan, in each case to the extent actually paid by a Mortgagor, and (iii) modification fees collected on all Mortgage Loans or Companion Loans (other than modifications made by the Master Servicer pursuant to Section 3.20(i)), in each case to the extent actually paid by the related Mortgagor, shall be retained by the Special Servicer or promptly paid to the Special Servicer by the Master Servicer and shall not be required to be deposited in the Certificate Account; provided that the Special Servicer’s right to receive late payment charges and Penalty Interest pursuant to clause (i) above shall be limited to the portion of such items that have not been applied to pay interest on Advances and property inspection costs in respect of the related Mortgage Loan as provided in Sections 3.03(d),
3.12(a) and 4.03(d) or Additional Trust Fund Expenses (other than Special Servicing Fees, Workout Fees and/or Liquidation Fees) pursuant to this Section 3.11(d).  To the extent the Master Servicer or the Special Servicer receives late payment charges or Penalty Interest on a Mortgage Loan for which interest on Advances or Additional Trust Fund Expenses (other than Special Servicing Fees, Workout Fees and/or Liquidation Fees) related to such Mortgage Loan and not previously reimbursed to the Trust Fund, the Special Servicer shall 

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transfer to the Master Servicer for deposit in the Certificate Account, on or prior to the P&I Advance Date following the collection of such late payment charges or Penalty Interest, an amount equal to the lesser of (i) the amount of late payment charges or Penalty Interest received on such Mortgage Loan or (ii) the sum of the amount of interest paid to the Master Servicer on Advances related to such Mortgage Loan incurred since the Closing Date for which the Trust Fund has not been previously reimbursed and the amount of Additional Trust Fund Expenses (other than Special Servicing Fees, Workout Fees and/or Liquidation Fees) related to such Mortgage Loan since the Closing Date and not previously reimbursed to the Trust Fund.  To the extent that the Special Servicer is not entitled to late payment charges or Penalty Interest pursuant to the immediately preceding sentence, the Special Servicer shall promptly transfer such late payment charges and
Penalty Interest to the Master Servicer who shall deposit such late payment charges and Penalty Interest in the Certificate Account.  The Special Servicer shall also be entitled to additional servicing compensation in the form of:  (i) interest or other income earned on deposits in the REO Account, if established, in accordance with Section 3.06(b) (but only to the extent of the Net Investment Earnings, if any, with respect to the REO Account for each Collection Period); and (ii) to the extent not required to be paid to any Mortgagor under applicable law, any interest or other income earned on deposits in the Servicing Accounts maintained by the Special Servicer.  The Special Servicer shall be required to pay out of its own funds all general and administrative expenses incurred by it in connection with its servicing activities hereunder, and the Special Servicer shall not be entitled to reimbursement therefor except as expressly provided in
Section 3.05(a) if and to the extent such expenses are not payable directly out of the Certificate Account or the REO Account.

                    Section 3.12.     Property Inspections; Collection of Financial Statements; Delivery of Certain Reports.

                    (a)          (i)  The Special Servicer shall perform or cause to be performed a physical inspection of a Mortgaged Property as soon as practicable after a related Mortgage Loan becomes a Specially Serviced Mortgage Loan and (ii) the Master Servicer (in the case of non-Specially Serviced Mortgage Loans) or the Special Servicer (in the case of Specially Serviced Mortgage Loans) shall perform or cause to be performed a physical inspection of a Mortgaged Property as soon as the related Debt Service Coverage Ratio set forth in the CMSA Comparative Financial Status Report of a Mortgage Loan is below 1.0x; provided that, with respect to inspections prepared by the Special Servicer, such expense shall be reimbursable first out of Penalty Interest and late payment charges otherwise
payable to the Special Servicer and received in the Collection Period during which such inspection related expenses were incurred, then as an Additional Trust Fund Expense (except to the extent that such Additional Trust Fund Expense is payable out of the proceeds of any Companion Loan pursuant to the related Intercreditor Agreement and this Agreement).  Each of the Master Servicer for each Mortgage Loan (other than a Specially Serviced Mortgage Loan or REO Loan) and the Special Servicer for each Specially Serviced Mortgage Loan and REO Loan shall (and, in the case of the Master Servicer, at its expense) perform or cause to be performed an inspection of all the Mortgaged Properties at least once per calendar year (or, in the case of each Mortgaged Property securing a Mortgage Loan (other than a Specially Serviced Mortgage Loan) with a then current principal balance (or allocated loan amount) of less than $2,000,000 at the time of such inspection, every other calendar year) beginning in 2006;
provided, however, the Master Servicer shall not be required to inspect any Mortgaged Property that has been inspected by the Special Servicer 

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during the immediately preceding six months.  The Special Servicer and the Master Servicer shall each prepare (and, in the case of the Special Servicer, shall deliver to the Master Servicer) a written report of each such inspection performed by it that sets forth in detail the condition of the Mortgaged Property and that specifies the existence of:  (i) any sale, transfer or abandonment of the Mortgaged Property of which it is aware, (ii) any change in the condition or value of the Mortgaged Property that it, in its reasonable judgment, considers material, or (iii) any visible waste committed on the Mortgaged Property.  The Master Servicer shall deliver such reports to the Trustee within 45 days of the related inspection and the Trustee shall, subject to Section 3.15, make copies of all such inspection reports available for review by Certificateholders and Certificate Owners during normal business hours at the offices of the
Trustee at all times after the Trustee’s receipt thereof.  Upon written request and at the expense of the requesting party, the Trustee shall deliver copies of any such inspection reports to Certificateholders and Certificate Owners.  The Special Servicer shall have the right to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to a loan that is not a Specially Serviced Mortgage Loan; provided that the Special Servicer obtains the approval of the Master Servicer prior to such inspection, and provides a copy of such inspection to the Master Servicer; provided, further, that the Master Servicer and the Special Servicer shall not both inspect a Mortgaged Property that is not securing a Specially Serviced Mortgage Loan in the same calendar year.  If the Special Servicer performs such inspection, such inspection shall satisfy the Master Servicer’s inspection obligations pursuant to this
paragraph (a).

                    With respect to site inspection information, the Master Servicer shall make such inquiry of any Mortgagor under any related Mortgage Loan as the Special Servicer may reasonably request.

                    If the Special Servicer initiates a servicing transfer under clause (b) or (c) of the definition of “Specially Serviced Mortgage Loan,” the Special Servicer shall give written notice thereof to the Master Servicer, the Controlling Class Representative and the Trustee in order to effectuate such transfer.

                    (b)          Not later than 2:00 p.m. (New York City time) on the second Business Day prior to each Determination Date, the Special Servicer shall deliver or cause to be delivered to the Master Servicer the following reports with respect to the Specially Serviced Mortgage Loans and any REO Properties providing the required information as of the end of the preceding calendar month:  (i) a CMSA Property File; (ii) a CMSA Comparative Financial Status Report and (iii) CMSA Financial File.  Not later than 5:00 p.m. (New York City time) on the first Business Day following each Determination Date, the Special Servicer shall deliver or cause to be delivered to the Master Servicer the following reports with respect to the Mortgage Loans (and, if applicable, the related REO
Properties) (or, as to clause (v) below, only with respect to Specially Serviced Mortgage Loans) providing the required information as of such Determination Date:  (i) a CMSA Historical Liquidation Report; (ii) a CMSA Historical Loan Modification and Corrected Mortgage Loan Report; (iii) a CMSA REO Status Report, (iv) a CMSA Advance Recovery Report and (v) a CMSA Delinquent Loan Status Report.

                    (c)          Not later than 4:00 p.m. (New York City time) on the third Business Day after each Determination Date, the Master Servicer shall deliver or cause to be delivered to the Trustee (in electronic format acceptable to the Master Servicer and the Trustee) (A) the most 

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recent CMSA Historical Loan Modification and Corrected Mortgage Loan Report, CMSA Historical Liquidation Report and CMSA REO Status Report received from the Special Servicer pursuant to Section 3.12(b); (B) a CMSA Property File, a CMSA Comparative Financial Status Report and a CMSA Financial File, each with the required information as of the end of the preceding calendar month (in each case combining the reports prepared by the Special Servicer and the Master Servicer); (C) a CMSA Loan Level Reserve/LOC Report and CMSA Delinquent Loan Status Report, each with the required information as of such Determination Date (in each case combining the reports prepared by the Special Servicer and the Master Servicer); (D) a CMSA Servicer Watchlist Report with the required information as of such Determination Date; and (E) a CMSA Advance Recovery Report, with the required information as of such Determination Date.

                    (d)          The Special Servicer will deliver to the Master Servicer the reports set forth in Section 3.12(b) and this Section 3.12(d) and the Master Servicer shall deliver to the Trustee the reports set forth in this Section 3.12 in an electronic format reasonably acceptable to the Special Servicer and the Master Servicer with respect to the reports set forth in Section 3.12(b) and this Section 3.12(d) and the Master Servicer and the Trustee with respect to the reports set forth in Section 3.12(c).  The Master Servicer may, absent manifest error, conclusively rely on the reports to be provided by the Special Servicer pursuant to Section 3.12(b) and this Section 3.12(d).  The Trustee may, absent manifest error, conclusively
rely on the CMSA Loan Periodic Update File to be provided by the Master Servicer pursuant to Section 4.02(b).  In the case of information or reports to be furnished by the Master Servicer to the Trustee pursuant to this Section 3.12, to the extent that such information is based on reports to be provided by the Special Servicer pursuant to Section 3.12(b) and this Section 3.12(d) and, to the extent that such reports are to be prepared and delivered by the Special Servicer pursuant to Section 3.12(b) and this Section 3.12(d), the Master Servicer shall have no obligation to provide such information or reports until it has received such information or reports from the Special Servicer and the Master Servicer shall not be in default hereunder due to a delay in providing the reports required by this Section 3.12 to the extent caused by the Special Servicer’s failure to timely provide any report required under Section 3.12(b) and this
Section 3.12(d) of this Agreement.

                    The Special Servicer, in the case of any Specially Serviced Mortgage Loan and REO Loan, and the Master Servicer, in the case of all other Mortgage Loans, shall endeavor, consistent with the Servicing Standard, to obtain quarterly and annual operating statements and rent rolls with respect to the related Mortgage Loans and REO Properties, which efforts shall include  in the case of the Mortgage Loans, a letter sent to the related Mortgagor each quarter (followed up with telephone calls) requesting such quarterly and annual operating statements and rent rolls until they are received to the extent such action is consistent with applicable law and the related Mortgage Loan documents.

                    The Special Servicer shall promptly, following receipt, deliver copies of the operating statements and rent rolls received or obtained by it to the Master Servicer, and the Master Servicer shall deliver copies of the operating statements and rent rolls received or obtained by it to the Rating Agencies, the Trustee, the Special Servicer or the Controlling Class Representative in each case (other than the Rating Agencies and the Controlling Class Representative which shall be sent copies within 30 days following the Master Servicer’s receipt) upon request.

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                    Within 30 days after receipt by the Master Servicer or the Special Servicer of any annual operating statements with respect to any Mortgaged Property or REO Property, as applicable each of the Master Servicer and the Special Servicer shall prepare or update and, with respect to any CMSA NOI Adjustment Worksheet prepared or updated by the Special Servicer, forward to the Master Servicer, a CMSA NOI Adjustment Worksheet for such Mortgaged Property or REO Property (with the annual operating statements attached thereto as an exhibit).

                    The Special Servicer with respect to each Specially Serviced Mortgage Loan and REO Loan, and the Master Servicer with respect to each other Mortgage Loan, shall each prepare and maintain and forward to each other one CMSA Operating Statement Analysis for each Mortgaged Property and REO Property, as applicable.  The CMSA Operating Statement Analysis for each Mortgaged Property and REO Property is to be updated by each of the Master Servicer and the Special Servicer, as applicable, within thirty days after its respective receipt of updated operating statements for such Mortgaged Property and REO Property, as the case may be, but in no event less frequently than annually by June 30th of each year.  The Master Servicer and the Special Servicer shall each use the “Normalized” column from the CMSA NOI Adjustment
Worksheet for any Mortgaged Property or REO Property, as the case may be, to update the corresponding CMSA Operating Statement Analysis and shall use any operating statements received with respect to any Mortgaged Property or REO Property, as the case may be, to prepare the CMSA NOI Adjustment Worksheet for such property.  Copies of CMSA Operating Statement Analyses and CMSA NOI Adjustment Worksheets are to be made available by the Master Servicer to the Trustee, the Special Servicer or the Controlling Class Representative in each case upon request.

                    (e)          With respect to the Prime Outlets Pool II Loan, the Master Servicer and the Special Servicer, as applicable, will provide the related Companion Holders with copies of any and all documents, certificates, instruments, notices, reports, operating statements, rent rolls, correspondences and other information required to be delivered pursuant to the terms of the Prime Outlets Pool II Pari Passu Intercreditor Agreement.

                    Section 3.13.     Annual Reports on Assessment of Compliance with Servicing Criteria and Annual Statement as to Compliance.

                    (a)          On or before noon (Eastern Time) on March 5 (with a 7 Business Day notice and cure period as provided in Section 7.01(a)(iv) herein) of each year, commencing in March 2007, the Master Servicer, the Special Servicer and the Trustee, each at its own expense, shall furnish, and the Master Servicer and Special Servicer shall cause each Servicing Participant with which it has entered into a relationship with respect to the Mortgage Loans to furnish and the Master Servicer shall cause each Additional Servicer to furnish to the Trustee and the Depositor, with a copy to the Rating Agencies and the Controlling Class Representative, a report on an assessment of compliance with the Servicing Criteria that contains (i) a statement by such Reporting Party of its responsibility for assessing
compliance with the Servicing Criteria applicable to it, (ii) a statement that such Reporting Party used the Servicing Criteria to assess compliance with the Relevant Servicing Criteria, (iii) such Reporting Party’s assessment of 

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compliance with the Relevant Servicing Criteria as of and for the period ending the end of the fiscal year covered by the Form 10-K required to be filed pursuant to Section 8.17, including, if there has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof, and (iv) a statement that a registered public accounting firm has issued an attestation report on such Reporting Party’s assessment of compliance with the Relevant Servicing Criteria as of and for such period.  Promptly after receipt of each such report, the Depositor may review each such report and, if applicable, consult with the Trustee, the Master Servicer and the Special Servicer as to the nature of any material instance of noncompliance with the Relevant Servicing Criteria by the Trustee, the Master Servicer, the Special Servicer or any Servicing Participant with which it has entered into a servicing
relationship with respect to the Mortgage Loans.  Neither the Master Servicer nor the Special Servicer shall be required to cause the delivery of any such statements until April 15 in any given year so long as it has received written confirmation from the Depositor that a Report on Form 10-K is not required to be filed in respect of the Trust Fund for the preceding calendar year.

                    Each such report shall be addressed to the Depositor and signed by an authorized officer of the applicable company, and shall address each of the Relevant Servicing Criteria specified on a certification substantially in the form of Exhibit S hereto delivered to the Depositor on the Closing Date.  Promptly after receipt of each such report, (i) the Depositor may review each such report and, if applicable, consult with the Master Servicer, the Special Servicer and/or the Trustee as to the nature of any material instance of noncompliance with the Relevant Servicing Criteria (and each Sub-Servicer or Servicing Participant engaged or utilized by the Master Servicer, the Special Servicer or the Trustee, as applicable), and (ii) the Trustee shall confirm that the assessments taken individually address the Relevant Servicing Criteria
as set forth on Exhibit S and notify the Depositor of any exceptions.  None of the Master Servicer, the Special Servicer, the Trustee or any Servicing Participant shall be required to cause the delivery of any such assessments until March 10 in any given year so long as it has received written confirmation from the Depositor that a Report on Form 10-K is not required to be filed in respect of the Trust for the preceding calendar year.  To the extent the Trustee has actual knowledge of a deficiency in the reporting of the Relevant Servicing Criteria (whether individually with respect to the Relevant Servicing Criteria, or in the aggregate with respect to the Servicing Criteria taken as a whole), the Trustee shall promptly notify in accordance with the last paragraph of Section 8.17(n) the Depositor and whichever of the Master Servicer or the Special Servicer failed to provide the Relevant Servicing Criteria.

                    No later than the end of each fiscal year for the Trust Fund, the Master Servicer and the Special Servicer shall notify the Trustee, the Master Servicer or the Special Servicer, as applicable, and the Depositor as to the name of each Sub-Servicer engaged by it and each Servicing Participant utilized by it, and the Trustee shall notify the Depositor as to the name of each Servicing Participant utilized by it, and each such notice will specify which Relevant Servicing Criteria will be addressed in the report on assessment of compliance prepared by such Servicing Participant and/or Sub-Servicer.  When the Master Servicer, the Special Servicer and the Trustee submit their assessments pursuant to Section 3.13(a), the Master Servicer, the Special Servicer and the Trustee, as applicable, will also at such time include the assessment (and related
attestation pursuant to Section 3.14) of each Servicing Participant and/or Sub-Servicer engaged by it.

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                    In the event the Master Servicer, the Special Servicer or the Trustee is terminated or resigns pursuant to the terms of this Agreement, such party shall provide, and each such party shall cause any Servicing Participant engaged by it or formerly engaged by it to provide, and the Master Servicer shall use its reasonable efforts to cause any Additional Servicer that resigns or is terminated under any applicable servicing agreement to provide, an annual assessment of compliance pursuant to this Section 3.13, coupled with an attestation as required in Section 8.17 with respect to the period of time that the Master Servicer, the Special Servicer or the Trustee was subject to this Agreement or the period of time that the Additional Servicer was subject to such other servicing agreement.

                    (b)          The
Trustee, the Master Servicer and the Special Servicer shall, and the Master
Servicer (or, in the case of the Master Servicer with respect to the
Sub-Servicers identified on Exhibit Y hereto, shall use
reasonable efforts to cause) and Special Servicer shall cause each Servicing
Participant with which it has entered into a relationship with respect to the
Mortgage Loans, to deliver to the Depositor and the Trustee on or before March 5
(with a 7 Business Day notice and cure period as provided in Section 7.01(a)(iv)
herein) of each year, commencing in March 2007, an Officer’s Certificate
stating, as to the Trustee, the Master Servicer, the Special Servicer or the
Additional Servicer, as applicable, that (i) a review of such entity’s
activities during the preceding calendar year or portion thereof and of such
entity’s performance under this Agreement, or the applicable servicing
agreement in the case of any Additional Servicer, has been made under such
officer’s supervision and (ii) to the best of such officer’s
knowledge, based on such review, such entity has fulfilled all its obligations
under this Agreement, or the applicable Sub-Servicing Agreement or primary
servicing agreement in the case of any Additional Servicer, in all material
respects throughout such year or portion thereof, or, if there has been a
failure to fulfill any such obligation in any material respect, specifying each
such failure known to such officer and the nature and status thereof.  The
Trustee, the Master Servicer and the Special Servicer shall, and the Master
Servicer (or, in the case of the Master Servicer with respect to the
Sub-Servicers identified on Exhibit Y hereto, shall use reasonable
efforts to cause) and the Special Servicer shall cause each Additional Servicer
with which it has entered into a servicing relationship with respect to the
Mortgage Loans to, forward, or make available a copy of each such statement to
the Rating Agencies and the Controlling Class Representative. Promptly after
receipt of each such Officer’s Certificate, the Depositor may review such
Officer’s Certificate and, if applicable, consult with the Trustee, the
Master Servicer or the Special Servicer, as applicable, as to the nature of any
failures by the Trustee, the Master Servicer or the Special Servicer,
respectively, or any related any Additional Servicer with which the Master
Servicer or the Special Servicer, as applicable, has entered into a servicing
relationship with respect to the Mortgage Loans in the fulfillment of any of the
Master Servicer’s or Special Servicer’s obligations hereunder or under
the applicable servicing agreement.

                    The obligations of the Master Servicer, the Special Servicer, the Trustee and each Additional Servicer under this Section apply to the Master Servicer, the Special Servicer, the Trustee and each Additional Servicer that serviced a Mortgage Loan during the applicable period, whether or not the Master Servicer, the Special Servicer, the Trustee or Additional Servicer is acting as the Master Servicer, the Special Servicer, the Trustee or Additional Servicer at the time such Officer’s Certificate is required to be delivered.

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                    In the event the Master Servicer, the Special Servicer or the Trustee is terminated or resigns pursuant to the terms of this Agreement, such party shall provide, and the Master Servicer shall use its reasonable efforts to cause any Additional Servicer that resigns or is terminated under any applicable servicing agreement to provide, an annual statement of compliance pursuant to this Section 3.13 with respect to the period of time that the Master Servicer, the Special Servicer or the Trustee was subject to this Agreement or the period of time that the Additional Servicer was subject to such other servicing agreement.

                    Section 3.14.     Attestation by Independent Public Accountants.

                    On or before noon (Eastern Time) on March 5 (with a 7 Business Day notice and cure period as provided in Section 7.01(a)(iv) herein) of each year, commencing in March 2007, the Master Servicer, the Special Servicer and the Trustee, each at its own expense, shall cause, and the Master Servicer (or, in the case of the Master Servicer with respect to the Sub-Servicers identified on Exhibit Y hereto, shall use reasonable efforts to cause), the Special Servicer and the Trustee shall cause each Servicing Participant with which it has entered into a relationship with respect to the Mortgage Loans to cause, and the Master Servicer shall cause each Additional Servicer to cause, a registered public accounting firm (which may also render other services to the Master Servicer, the Special Servicer, the Trustee or the applicable Servicing Participant,
as the case may be) and that is a member of the American Institute of Certified Public Accountants to furnish a report to the Trustee and the Depositor, with a copy to the Rating Agencies and the Controlling Class Representative, to the effect that (i) it has obtained a representation regarding certain matters from the management of such Reporting Party, which includes an assertion that such Reporting Party has complied with the Relevant Servicing Criteria and (ii) on the basis of an examination conducted by such firm in accordance with standards for attestation engagements issued or adopted by the Public Company Accounting Oversight Board, attests to and reports on such Reporting Party’s assessment of compliance with the Relevant Servicing Criteria.  In the event that an overall opinion cannot be expressed, such registered public accounting firm shall state in such report why it was unable to express such an opinion.  Each such related accountant’s attestation report
shall be made in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act.  Such report must be available for general use and not contain restricted use language.  Promptly after receipt of such report from the Trustee, the Master Servicer, the Special Servicer or any Servicing Participant, the Depositor may review the report and, if applicable, consult with the Trustee, the Master Servicer or the Special Servicer as to the nature of any defaults by the Trustee, the Master Servicer, the Special Servicer or any Servicing Participant with which it has entered into a servicing relationship with respect to the Mortgage Loans, as the case may be, in the fulfillment of any of the Trustee’s, the Master Servicer’s, the Special Servicer’s or the applicable Servicing Participant’s obligations hereunder or under the applicable servicing agreement.  The Trustee, the Master Servicer and the Special Servicer shall not be required
to cause the delivery of such reports until April 15 in any given year so long as it has received written confirmation from the Depositor that a Report on Form 10-K is not required to be filed in respect of the Trust Fund for the preceding calendar year.  The Trustee shall confirm that each accountants’ attestation report submitted pursuant to this Section relates to an assessment of compliance that on its face meets the requirements of Section 3.13(a) and notify the Depositor of any exceptions.

                    Section 3.15.     Access to Certain Information.

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                    (a)          Upon reasonable prior written notice, not required to be greater than ten days, the Master Servicer (with respect to the items in clauses (a), (b) (other than Distribution Date Statements), (c), (d), (e), (f), (h) and (i) below, unless such item was not delivered to the Master Servicer), the Special Servicer (with respect to the items in clauses (c), (d), (g), (h) and (i) below) to the extent such items are in its possession and the Trustee (with respect to the items in clauses (b) and (i) below and any other items, to the extent in its possession) shall make available at their respective offices primarily responsible for administration of the Mortgage Loans (or in the case of the Trustee, at its Corporate Trust Office, except with respect to documents which
constitute part of the Mortgage Files, which will be maintained at its offices in Minnesota), during normal business hours, or send to the requesting party, such party having been certified to the Trustee, the Master Servicer or the Special Servicer, as applicable, in accordance with (a) and (b) in the following paragraph, as appropriate, at the expense of such requesting party (unless otherwise provided in this Agreement), for review by any Certificate Owner or Certificateholder or any Person identified by a Certificate Owner or Certificateholder or its designated agent to the Trustee, the Master Servicer or the Special Servicer, as the case may be, as a prospective transferee of any Certificate or interest therein or a Companion Loan or any interest therein (to the extent such information is related to such Companion Loan or the related Mortgage Loan), the Trustee, the Rating Agencies, the Underwriters and any applicable regulator or potential purchaser specified thereby and the Depositor, originals
or copies of the following items:  (a) this Agreement and any amendments thereto, (b) all Distribution Date Statements delivered to holders of the relevant Class of Certificates since the Closing Date and all reports, statements and analyses delivered by the Master Servicer since the Closing Date pursuant to Section 3.12(c), (c) all Officer’s Certificates delivered by the Master Servicer or the Special Servicer since the Closing Date pursuant to Section 3.13, (d) all accountants’ reports delivered to the Master Servicer in respect of itself or the Special Servicer since the Closing Date as described in Section 3.14, (e) the most recent property inspection report prepared by or on behalf of the Master Servicer in respect of each Mortgaged Property and any Environmental Assessments prepared pursuant to Section 3.09, (f) the most recent Mortgaged Property annual operating statements and rent roll, if any, collected by or on behalf of the
Master Servicer, (g) any and all modifications, waivers and amendments of the terms of a Mortgage Loan entered into by the Special Servicer and the Asset Status Report prepared pursuant to Section 3.21(d), (h) the Servicing File relating to each Mortgage Loan and (i) any and all Officer’s Certificates and other evidence delivered by the Master Servicer or the Special Servicer, as the case may be, to support its determination that any Advance was, or if made, would be, a Nonrecoverable Advance pursuant to Sections 3.03(e) or 4.03(c), including appraisals affixed thereto and any Required Appraisal prepared pursuant to Section 3.09(a).  Copies of any and all of the foregoing items will be available from the Master Servicer, the Special Servicer or the Trustee, as the case may be, upon request and shall be provided to any of the Rating Agencies at no cost pursuant to their reasonable requests.

                    In connection with providing access to or copies of the items described in the preceding paragraph pursuant to this Section 3.15, or with respect to the Controlling Class Representative, in connection with providing access to or copies of any items in accordance with this Agreement, the Trustee, the Master Servicer or the Special Servicer, as applicable, shall require:  (a) in the case of Certificate Owners and the Controlling Class Representative, a confirmation (which in the case of the Controlling Class Representative may be a standing confirmation) executed by the requesting Person substantially in the form of Exhibit K-1 hereto 

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(or such other form as may be reasonably acceptable to the Trustee, the Master Servicer or the Special Servicer, as applicable) generally to the effect that such Person is a beneficial holder of Book-Entry Certificates, or a representative of a beneficial holder of Book-Entry Certificates, and, subject to the last sentence of this paragraph, will keep such information confidential (except that such Certificate Owner and the Controlling Class Representative may provide such information to any other Person that holds or is contemplating the purchase of any Certificate or interest therein; provided that such other Person confirms in writing such ownership interest or prospective ownership interest and agrees to keep such information confidential); and (b) in the case of a prospective purchaser of a Certificate or an interest therein, confirmation executed by the requesting Person substantially in the form of Exhibit K-2 hereto (or such other form
as may be reasonably acceptable to the Trustee, the Master Servicer or the Special Servicer, as applicable) generally to the effect that such Person is a prospective purchaser of a Certificate or an interest therein, is requesting the information for use in evaluating a possible investment in Certificates and, subject to the last sentence of this paragraph, will otherwise keep such information confidential.  The Holders of the Certificates, by their acceptance thereof, and the Controlling Class Representative, by its acceptance of its appointment, will be deemed to have agreed, subject to the last sentence of this paragraph, to keep such information confidential (except that any Holder may provide such information obtained by it to any other Person that holds or is contemplating the purchase of any Certificate or interest therein; provided that such other Person confirms in writing such ownership interest or prospective ownership interest and agrees to keep such information confidential)
and agrees not to use such information in any manner that would violate federal, state or local securities laws.  Notwithstanding the foregoing, no Certificateholder, Certificate Owner or prospective Certificateholder or Certificate Owner shall be obligated to keep confidential any information received from the Trustee, the Master Servicer or the Special Servicer, as applicable, pursuant to this Section 3.15 that has previously been made available via the Trustee’s, the Master Servicer’s or Special Servicer’s Internet Website without restriction as to access as permitted pursuant to the terms of this Agreement, as applicable, or has previously been filed with the Commission, and the Trustee, the Master Servicer or the Special Servicer, as applicable, shall not require either of the certifications contemplated by the second preceding sentence in connection with providing any information pursuant to this Section 3.15 that has previously been made available via the
Trustee’s, the Master Servicer’s or Special Servicer’s Internet Website without restriction as to access in compliance with the terms of this Agreement, as applicable, or has previously been filed with the Commission.

                    Each of the Master Servicer and the Special Servicer shall afford to the Trustee, the Rating Agencies and the Depositor, and to the OTS, the FDIC, the Federal Reserve Board and any other banking or insurance regulatory authority that may exercise authority over any Certificateholder or a Companion Loan or any interest therein (to the extent such information is related to such Companion Loan or the related Mortgage Loan), access to any records regarding the Mortgage Loans and the servicing thereof within its control, except to the extent it is prohibited from doing so by applicable law or contract or to the extent such information is subject to a privilege under applicable law to be asserted on behalf of the Certificateholders or the Companion Holders.  Such access shall be afforded only upon reasonable prior written request and during
normal business hours at the offices of the Master Servicer or the Special Servicer, as the case may be, designated by it.

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                    The Trustee, the Master Servicer, the Special Servicer and the Underwriters may require payment from the Certificateholder or Certificate Owner or holder of a Companion Loan, as applicable, of a sum sufficient to cover the reasonable costs and expenses of providing any such information or access pursuant to this Section 3.15 to, or at the request of, the Certificateholders or Certificate Owners or prospective transferees or holder of a Companion Loan, as applicable, including, without limitation, copy charges and, in the case of Certificateholders or Certificate Owners or holder of a Companion Loan, if applicable, requiring on site review in excess of three Business Days, reasonable fees for employee time and for space.

                    (b)          The Trustee shall, and the Master Servicer may, but is not required to, make available on or prior to the Distribution Date in each month to the general public (i) the Distribution Date Statement via their respective Internet Websites, (ii) as a convenience for the general public, the Prospectus Supplement, the Prospectus and this Agreement on their respective Internet Websites and (iii) any other items at the request of the Depositor via their respective Internet Websites.  In addition, the Trustee shall make available each month, on each Distribution Date, the Unrestricted Servicer Reports, the CMSA Loan Periodic Update File, the CMSA Loan Setup File, the CMSA Bond File and the CMSA Collateral Summary File to the general public on its Internet Website (on a
password protected basis).  The Trustee shall, upon written request, make available each month, on each Distribution Date, (i) the Restricted Servicer Reports, and (ii) the CMSA Property File and the CMSA Financial File to any Privileged Person and to any other Person upon the direction of the Depositor.

                    The Master Servicer may, but is not required to, make available each month via its Internet Website (i) to any interested party, the Unrestricted Servicer Reports, the CMSA Loan Setup File and the CMSA Loan Periodic Update File, and (ii) to any Privileged Person, with the use of a password provided by the Master Servicer, the Restricted Servicer Reports, the CMSA Financial File and the CMSA Property File.  Any Restricted Servicer Report or Unrestricted Servicer Report that is not available on the Master Servicer’s Internet Website as described in the immediately preceding sentence by 5:00 p.m. (New York City time) on the related Distribution Date shall be provided (in electronic format, or if electronic mail is unavailable, by facsimile) by the Master Servicer, upon request, to any Person otherwise entitled to access such
report on the Master Servicer’s Internet Website.

                    In connection with providing access to the Trustee’s Internet Website or the Master Servicer’s Internet Website, the Trustee or the Master Servicer, as applicable, may require registration and the acceptance of a disclaimer.

                    If three or more Holders or the Controlling Class Representative (hereinafter referred to as “Applicants” with a single Person which (together with its Affiliates) is the Holder of more than one Class of Certificates being viewed as a single Applicant for these purposes) apply in writing to Trustee, and such application states that the Applicants’ desire to communicate with other Holders with respect to their rights under this Agreement or under the Certificates and is accompanied by a copy of the communication which such Applicants propose to transmit, then the Trustee shall, within five Business Days after the receipt of such application, send, at the Applicants’ expense, the written communication proffered by the Applicants to all Certificateholders at their addresses as they appear in the Certificate Register.

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                    (c)          The Master Servicer and the Special Servicer shall not be required to confirm, represent or warrant the accuracy or completeness of any other Person’s information or report included in any communication from the Master Servicer or the Special Servicer under this Agreement.  Neither the Master Servicer nor the Trustee shall be liable for the dissemination of information in accordance with this Section 3.15(c).  The Trustee makes no representations or warranties as to the accuracy or completeness of any report, document or other information made available on the Trustee’s Website and assumes no responsibility therefor.  In addition, the Trustee, the Master Servicer and the Special Servicer may disclaim responsibility for any information distributed by the
Trustee, the Master Servicer or the Special Servicer, respectively, for which it is not the original source.

                    (d)          Upon the request of the Controlling Class Representative made not more frequently than once a month (which request may be a standing, continuing request), or at such mutually acceptable time each month as the Controlling Class Representative shall reasonably designate, each of the Master Servicer and Special Servicer shall, without charge, make a knowledgeable Servicing Officer available, at the option of the Controlling Class Representative either by telephone or at the office of such Servicing Officer, to answer questions from the Controlling Class Representative regarding the performance and servicing of the Mortgage Loans and/or REO Properties for which such Master Servicer or Special Servicer, as the case may be, is responsible.  The Master Servicer and the Special Servicer
each shall condition such disclosure upon the Controlling Class Representative entering into a reasonable and customary confidentiality agreement reasonably acceptable to such servicer and the Controlling Class Representative regarding such disclosure to it.  Neither the Master Servicer nor the Special Servicer shall be required to provide any information or disclosures in violation of any applicable law, rule or regulation.

                    (e)          With respect to any Companion Loan, the Companion Holders shall receive and have access to any information described in this Section 3.15 which such Companion Holder is entitled to pursuant to the related Intercreditor Agreement.

                    Section 3.16.     Title to REO Property; REO Account.

                    (a)          If
title to any REO Property is acquired, the deed or certificate of sale shall be
issued to the Trustee or its nominee on behalf of the Certificateholders and, if
applicable, the Companion Holder, as their interests shall appear.  The
Special Servicer, on behalf of the Trust Fund, shall sell any REO Property as
soon as practicable in accordance with the Servicing Standard, but prior to the
end of the third year following the calendar year in which REMIC I acquires
ownership of such REO Property (or applicable portion thereof) for purposes of
Section 860G(a)(8) of the Code, unless the Special Servicer either
(i) applies for, more than sixty days prior to the end of such third
succeeding year, and is granted an extension of time (an “REO
Extension”) by the Internal Revenue Service to sell such REO Property or
(ii) obtains for the Trustee an Opinion of Counsel, addressed to the
Trustee, the Special Servicer and the Master Servicer, to the effect that the
holding by REMIC I or the Woodlands Mall Loan REMIC of such REO Property
subsequent to the end of such third succeeding year will not result in the
imposition of taxes on “prohibited transactions” (as defined in
Section 860F of the Code) of any of the Woodlands Mall Loan REMIC,
REMIC I or REMIC II or cause any of the Woodlands Mall Loan REMIC,
REMIC I or REMIC II to fail to qualify as a REMIC at any time
that any 

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Certificates are outstanding.  If the Special Servicer is granted the REO Extension contemplated by clause (i) of the immediately preceding sentence or obtains the Opinion of Counsel contemplated by clause (ii) of the immediately preceding sentence, the Special Servicer shall sell such REO Property within such extended period as is permitted by such REO Extension or such Opinion of Counsel, as the case may be.  Any expense incurred by the Special Servicer in connection with its obtaining the REO Extension contemplated by clause (i) of the second preceding sentence or its obtaining the Opinion of Counsel contemplated by clause (ii) of the second preceding sentence, shall first be payable from the related REO Account to the extent of available funds and then be a Servicing Advance by the Master Servicer.  

                    (b)          The
Special Servicer shall segregate and hold all funds collected and received in
connection with any REO Property separate and apart from its own funds and
general assets.  If an REO Acquisition shall occur, the Special Servicer
shall establish and maintain one or more accounts (collectively, the “REO
Account”), held on behalf of the Trustee in trust for the benefit of the
Certificateholders and, if applicable, the Companion Holder, as their interests
shall appear, for the retention of revenues and other proceeds derived from each
REO Property.  The REO Account shall be an Eligible Account.  The
Special Servicer shall deposit, or cause to be deposited, in the REO Account,
upon receipt, all REO Revenues, Insurance Proceeds and Liquidation Proceeds (net
of Liquidation Expenses) received in respect of an REO Property within 2
Business Days of receipt.  Funds in the REO Account may be invested in
Permitted Investments in accordance with Section 3.06.  The Special
Servicer shall be entitled to make withdrawals from the REO Account to pay
itself, as additional servicing compensation in accordance with
Section 3.11(d), interest and investment income earned in respect of
amounts held in the REO Account as provided in Section 3.06(b) (but
only to the extent of the Net Investment Earnings with respect to the REO
Account for any Collection Period).  The Special Servicer shall give
written notice to the Trustee, and the Master Servicer of the location of the
REO Account when first established and of the new location of the REO Account
prior to any change thereof.

                    (c)          The
Special Servicer shall withdraw from the REO Account funds necessary for the
proper operation, management, maintenance and disposition of any REO Property,
but only to the extent of amounts on deposit in the REO Account relating to such
REO Property (including any monthly reserve or escrow amounts necessary to
accumulate sufficient funds for taxes, insurance and anticipated capital
expenditures (the “Impound Reserve”)).  On the last day of the
related Collection Period, the Special Servicer shall withdraw from the REO
Account and deposit into the Certificate Account or deliver to the Master
Servicer or such other Person as may be directed by the Master Servicer (which
shall deposit such amounts into the Certificate Account) the aggregate of all
amounts received in respect of each REO Property during the most recently ended
Collection Period, net of any withdrawals made out of such amounts pursuant to
the preceding sentence; provided that, in addition to the Impound
Reserve, the Special Servicer may retain in the REO Account such portion of
proceeds and collections as may be necessary to maintain a reserve of sufficient
funds for the proper operation, management and maintenance of the related REO
Property (including, without limitation, the creation of a reasonable reserve
for repairs, replacements and other related expenses).

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                    (d)          The Special Servicer shall keep and maintain separate records, on a property-by-property basis, for the purpose of accounting for all deposits to, and withdrawals from, the REO Account pursuant to Section 3.16(b) or (c).  The Special Servicer shall provide the Master Servicer any information with respect to the REO Account as is reasonably requested by the Master Servicer.

                    Section 3.17.     Management of REO Property.

                    (a)          Prior to the acquisition of title to a Mortgaged Property, the Special Servicer shall review the operation of such Mortgaged Property and determine the nature of the income that would be derived from such property if it were acquired by the Trust Fund.  If the Special Servicer determines from such review in compliance with the Servicing Standard that in its good faith and reasonable judgment:

	
  
 
  	
  
         (i)          None
of the income from Directly Operating such REO Property would be subject to tax
as “net income from foreclosure property” within the meaning of the
REMIC Provisions (such tax referred to herein as an “REO Tax”), and
the Special Servicer does not engage in any of the activities described in the
definition of “Directly Operate” that would cause the REO Property to
cease to qualify as “foreclosure property” within the meaning of
Section 860G(a)(8) of the Code, then such Mortgaged Property may be
Directly Operated by the Special Servicer as REO Property;
 
	
  
 
  	
  
 
  
	
  
 
  	
  
         (ii)          Directly   Operating such Mortgaged Property as an REO Property could result in income   from such property that would be subject to an REO Tax, but that a lease of   such property to another party to operate such property, or the performance   of some services by an Independent Contractor with respect to such property,   or another method of operating such property would not result in income   subject to an REO Tax, then the Special Servicer may (provided that in the good   faith and reasonable judgment of the Special Servicer, such alternative is   commercially feasible and would result in a greater net recovery on a present   value basis than earning income subject to an REO Tax) acquire such Mortgaged   Property as REO Property and so lease or manage such REO Property; or
  
	
  
 
  	
  
 
  
	
   
  	
  
         (iii)          It
is reasonable to believe that Directly Operating such property as REO Property
could result in income subject to an REO Tax and that such method of operation
is commercially feasible and would result in a greater net recovery on a present
value basis than leasing or other method of operating the REO Property that
would not incur an REO Tax, the Special Servicer shall deliver to the
REMIC Administrator, in writing, a proposed plan (the “Proposed
Plan”) to manage such property as REO Property.  Such plan shall
include potential sources of income, and to the extent commercially feasible,
estimates of the amount of income from each such source.  Within a
reasonable period of time after receipt of such plan, the
REMIC Administrator shall consult with the Special Servicer and shall
advise the Special Servicer of the REMIC Administrator’s federal
income tax reporting position with respect to the various sources of income that
the Trust Fund would derive under the Proposed Plan.  In addition, the
REMIC Administrator shall (to the extent reasonably possible) advise the
Special Servicer of the estimated amount of taxes that the Trust Fund would be
required to pay with respect to each such source of income.  After
receiving the information described in the two preceding sentences from the
REMIC Administrator, the Special Servicer shall either (A) implement the
Proposed 
 

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Plan (after   acquiring the respective Mortgaged Property as REO Property) or (B) manage   such property in a manner that would not result in the imposition of an REO   Tax on the income derived from such property.  All of the REMIC Administrator’s expenses (including any   fees and expenses of counsel or other experts reasonably retained by it)   incurred pursuant to this Section shall be reimbursed to it from the   Trust Fund in accordance with Section 10.01(e).
  

                    The Special Servicer’s decision as to how each REO Property shall be managed shall be based on the Servicing Standard and in any case on the good faith and reasonable judgment of the Special Servicer as to which means would be in the best interest of the Certificateholders (or, if the REO Property was formerly a Mortgaged Property securing a Co-Lender Loan, the Certificateholders and the related Companion Holder (as a collective whole in accordance with the Servicing Standard, taking into account the subordinate nature of the Companion Loan, if applicable)) by maximizing (to the extent commercially feasible and consistent with Section 3.17(b)) the net after-tax REO Revenues received by the Trust Fund with respect to such property and, to the extent consistent with the foregoing, in the same manner as would prudent mortgage loan
servicers operating acquired mortgaged property comparable to the respective Mortgaged Property.  Both the Special Servicer and the REMIC Administrator may, at the expense of the Trust Fund payable pursuant to Section 3.05(a)(xv), consult with counsel.

                    (b)          If
title to any REO Property is acquired, the Special Servicer shall manage,
conserve and protect such REO Property for the benefit of the Certificateholders
(or, if the REO Property was formerly a Mortgaged Property securing a Co-Lender
Loan, the Certificateholders and the related Companion Holder (as a collective
whole in accordance with the Servicing Standard, taking into account the
subordinate nature of the Companion Loan, if applicable)) solely for the purpose
of its prompt disposition and sale in a manner that does not and will not cause
such REO Property to fail to qualify as “foreclosure property” within
the meaning of Section 860G(a)(8) of the Code or either result in the
receipt by the Woodlands Mall Loan REMIC or REMIC I of any “income
from non-permitted assets” within the meaning of Section 860F(a)(2)(B)
of the Code or result in an Adverse REMIC Event.  Subject to the
foregoing, however, the Special Servicer shall have full power and authority to
do any and all things in connection therewith as are consistent with the
Servicing Standard and, consistent therewith, shall withdraw from the REO
Account, to the extent of amounts on deposit therein with respect to any such
REO Property, funds necessary for the proper management, maintenance and
disposition of such REO Property, including without limitation:

	
  
 
  	
  
         (i)          all   insurance premiums due and payable in respect of such REO Property;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (ii)         all   real estate taxes and assessments in respect of such REO Property that may   result in the imposition of a lien thereon;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (iii)        any   ground rents in respect of such REO Property; and
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (iv)        all   costs and expenses necessary to maintain, lease, sell, protect, manage and   restore such REO Property.
  

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                    To the extent that amounts on deposit in the REO Account in respect of any REO Property are insufficient for the purposes set forth in the preceding sentence with respect to such REO Property, the Master Servicer, subject to the second paragraph of Section 3.03(c), shall make Servicing Advances in such amounts as are necessary for such purposes unless (as evidenced by an Officer’s Certificate delivered to the Trustee) the Master Servicer would not make such advances if the Master Servicer owned such REO Property or the Master Servicer determines, in accordance with the Servicing Standard, that such payment would be a Nonrecoverable Advance; provided, however, that the Master Servicer may make any such Servicing Advance without regard to recoverability if it is a necessary fee or expense incurred in connection with the
defense or prosecution of legal proceedings.

                    (c)          Unless
Section 3.17(a)(i) applies, the Special Servicer shall contract with
any Independent Contractor (if required by the REMIC Provisions for the REO
Property to remain classified as “foreclosure property” within the
meaning of Section 860G(a)(8) of the Code) for the operation and management
of any REO Property; provided that:

	
  
 
  	
  
         (i)          the   terms and conditions of any such contract may not be inconsistent herewith   and shall reflect an agreement reached at arm’s length;
  
	
   
  	
  
 
  
	
  
 
  	
  
         (ii)          the   fees of such Independent Contractor (which shall be expenses of the Trust   Fund) shall be reasonable and customary in consideration of the nature and   locality of the REO Property;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (iii)         except   as permitted under Section 3.17(a), any such contract shall require, or   shall be administered to require, that the Independent Contractor, in a   timely manner, pay all costs and expenses incurred in connection with the   operation and management of such REO Property, including, without limitation,   those listed in Section 3.17(b) above, and remit all related   revenues collected (net of its fees and such costs and expenses) to the   Special Servicer upon receipt;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (iv)          none   of the provisions of this Section 3.17(d) relating to any such   contract or to actions taken through any such Independent Contractor shall be   deemed to relieve the Special Servicer of any of its duties and obligations   hereunder with respect to the operation and management of any such REO   Property; and
  
	
   
  	
  
 
  
	
  
 
  	
  
         (v)          the   Special Servicer shall be obligated with respect thereto to the same extent   as if it alone were performing all duties and obligations in connection with   the operation and management of such REO Property.
  

                    The Special Servicer shall be entitled to enter into any agreement with any Independent Contractor performing services for it related to its duties and obligations hereunder for indemnification of the Special Servicer by such Independent Contractor, and nothing in this Agreement shall be deemed to limit or modify such indemnification.  No agreement entered into pursuant to this Section 3.17(d) shall be deemed a Sub-Servicing Agreement for purposes of Section 3.22.

                    (d)          Without limiting the generality of the foregoing, the Special Servicer shall not:

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         (i)          permit   the Trust Fund to enter into, renew or extend any New Lease with respect to   any REO Property, if the New Lease by its terms will give rise to any income   that does not constitute Rents from Real Property;
  
	
   
  	
  
 
  
	
  
 
  	
  
         (ii)          permit   any amount to be received or accrued under any New Lease other than amounts   that will constitute Rents from Real Property;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (iii)         authorize   or permit any construction on any REO Property, other than the repair or   maintenance thereof or the completion of a building or other improvement   thereon, but only to the extent provided in Section 856(e)(4)(B) of the Code;   or
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (iv)          except   as otherwise provided for in Section 3.17(a)(i) and (a)(ii) above,   Directly Operate, or allow any other Person, other than an Independent   Contractor, to Directly Operate, any REO Property on any date more than 90   days after its Acquisition Date;
  

unless, in any such case, the Special Servicer has obtained an Opinion of Counsel (the cost of which shall be paid by the Master Servicer as a Servicing Advance unless nonrecoverable, in which case it shall be paid by the Master Servicer as an Additional Trust Fund Expense from amounts on deposit in the Certificate Account) to the effect that such action will not cause such REO Property to fail to qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of the Code at any time that it is held by the Trust Fund, in which case the Special Servicer may take such actions as are specified in such Opinion of Counsel.  Except as limited above in this Section 3.17 and by this Section 3.17(d), the Special Servicer shall be permitted to cause the Trust Fund to earn “net income from foreclosure property”, subject to the Servicing Standard.

                    Section 3.18.     Resolution of Defaulted Mortgage Loans and REO Properties.

                    (a)          The Master Servicer, the Special Servicer or the Trustee may sell or purchase, or permit the sale or purchase of, a Mortgage Loan or an REO Property only on the terms and subject to the conditions set forth in this Section 3.18 or as otherwise expressly provided in or contemplated by Sections 2.03 and 9.01.

                    (b)          Within 60 days after a Mortgage Loan becomes a Defaulted Mortgage Loan, the Special Servicer shall determine the fair value of such Mortgage Loan in accordance with the Servicing Standard; provided, however, that such determination shall be made without taking into account any effect the restrictions on the sale of such Mortgage Loan contained herein may have on the value of such Defaulted Mortgage Loan; provided, further, that, the Special Servicer shall use reasonable efforts promptly to obtain an Appraisal with respect to the related Mortgaged Property unless it has an Appraisal that is less than 12 months old and has no actual knowledge of, or notice of, any event which in the Special Servicer’s judgment would materially affect the validity of such
Appraisal.  The Special Servicer shall make its fair value determination as soon as reasonably practicable (but in any event within thirty (30) days) after its receipt of such new Appraisal, if applicable.  The Special Servicer is permitted to change, from time to time, its determination of the fair value of a Defaulted Mortgage Loan based upon changed circumstances, new information or otherwise, in accordance with the Servicing 

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Standard; provided, however, the Special Servicer shall update its determination of the fair value at least once every 90 days.  The Special Servicer shall notify the Trustee, the Master Servicer, each Rating Agency and the Majority Subordinate Certificateholder promptly upon its fair value determination and any adjustment thereto.  In determining the fair value of any Defaulted Mortgage Loan, the Special Servicer shall take into account, among other factors, the period and amount of the delinquency on such Mortgage Loan, the occupancy level and physical condition of the related Mortgaged Property, the state of the local economy in the area where the Mortgaged Property is located, and the time and expense associated with a purchaser’s foreclosing on the related Mortgaged Property.  In addition, the Special Servicer shall refer to all other relevant information obtained by it or otherwise contained in the Mortgage Loan File;
provided that the Special Servicer shall take account of any change in circumstances regarding the related Mortgaged Property known to the Special Servicer that has occurred subsequent to, and that would, in the Special Servicer’s reasonable judgment, materially affect the value of the related Mortgaged Property reflected in the most recent related Appraisal.  Furthermore, the Special Servicer shall consider all available objective third-party information obtained from generally available sources, as well as information obtained from vendors providing real estate services to the Special Servicer, concerning the market for distressed real estate loans and the real estate market for the subject property type in the area where the related Mortgaged Property is located.  The Special Servicer may conclusively rely on the opinion and reports of Independent third parties in making such determination.

                    (c)          Subject
to the terms set forth in Section 2.03, in the event a Mortgage Loan
becomes a Defaulted Mortgage Loan, each of the Majority Subordinate
Certificateholder and the Special Servicer shall have an assignable option (a
“Purchase Option”) to purchase such Defaulted Mortgage Loan from the
Trust Fund at a price (the “Option Price”) equal to (i) the
Purchase Price, if the Special Servicer has not yet determined the fair value of
the Defaulted Mortgage Loan, or (ii) the fair value of the Defaulted
Mortgage Loan as determined by the Special Servicer in the manner described in
Section 3.18(b) and in accordance with the Servicing Standard, if the
Special Servicer has made such fair value determination.  Any holder of a
Purchase Option may sell, transfer, assign or otherwise convey its Purchase
Option with respect to any Defaulted Mortgage Loan to any party other than the
related Mortgagor or an Affiliate of the related Mortgagor under the Mortgage
Loan at any time after the related Mortgage Loan becomes a Defaulted Mortgage
Loan.  The transferor of any Purchase Option shall notify the Trustee and
the Master Servicer of such transfer and such notice shall include the
transferee’s name, address, telephone number, facsimile number and
appropriate contact person(s) and shall be acknowledged in writing by the
transferee at least five (5) Business Days in advance of such intended
transfer.  Notwithstanding the foregoing, and subject to
Section 3.18(d) of this Agreement, the Majority Subordinate
Certificateholder shall have the right to exercise its Purchase Option prior to
any exercise of the Purchase Option by any other holder of a Purchase Option;
provided, however, if the Purchase Option is not exercised by the
Majority Subordinate Certificateholder or any assignee thereof within 60 days of
a Mortgage Loan becoming a Defaulted Mortgage Loan, then the Special Servicer
shall have the right to exercise its Purchase Option prior to any exercise by
the Majority Subordinate Certificateholder and the Special Servicer or its
assignee may exercise such Purchase Option at any time during the fifteen day
period immediately following the expiration of such 60-day period. 
Following the expiration of such fifteen day period, the Majority Subordinate
Certificateholder shall again have the right to exercise its Purchase Option
prior to any exercise of the Purchase Option by the Special Servicer. 

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If not exercised earlier, the Purchase Option with respect to any Defaulted Mortgage Loan will automatically terminate (i) once the related Defaulted Mortgage Loan is no longer a Defaulted Mortgage Loan; provided, however, that, if such Mortgage Loan subsequently becomes a Defaulted Mortgage Loan, the related Purchase Option shall again be exercisable, (ii) upon the acquisition, by or on behalf of the Trust Fund, of title to the related Mortgaged Property through foreclosure or deed in lieu of foreclosure or (iii) the modification or pay-off, in full or at a discount, of such Defaulted Mortgage Loan in connection with a workout.

                    (d)          Notwithstanding the provisions of Section 3.18(c), Section 3.18(g) or Section 3.18(h), pursuant to the terms of the Intercreditor Agreements, a Companion Holder will have the right to purchase the related Co-Lender Loan or related REO Property in certain circumstances.  Such right of the related Companion Holder shall have priority over any provision described in Section 3.18(c), Section 3.18(g) or Section 3.18(h).  If the Co-Lender Loan or REO Property is purchased by the related Companion Holder, repurchased by the applicable Mortgage Loan Seller or otherwise ceases to be subject to this Agreement, the related Companion Loan will no longer be subject to this Agreement.  Neither the Trustee nor the Trust Fund shall acquire a
Companion Loan; provided, however, the Master Servicer or an affiliate may own or acquire the Companion Loans.  With respect to each Loan Pair, the related Companion Holder shall be entitled to exercise any cure rights given to it under the related Intercreditor Agreement, in each case subject to any conditions or restrictions described in or incorporated by reference into such sections.

                    (e)          Upon
receipt of notice from the Special Servicer indicating that a Mortgage Loan has
become a Defaulted Mortgage Loan, the holder (whether the original grantee of
such option or any subsequent transferee) of the Purchase Option may exercise
the Purchase Option by providing the Master Servicer and the Trustee written
notice thereof (the “Purchase Option Notice”), in the form of
Exhibit M, which notice shall identify the Person that, on its own or
through an Affiliate, will acquire the related Mortgage Loan upon closing and
shall specify a cash exercise price at least equal to the Option Price. 
The Purchase Option Notice shall be delivered in the manner specified in
Section 11.05.  The exercise of any Purchase Option pursuant to this
clause (e) shall be irrevocable.

                    (f)          If the Special Servicer or the Majority Subordinate Certificateholder, or any of their respective Affiliates, is identified in the Purchase Option Notice as the Person expected to acquire the related Mortgage Loan, the Trustee shall determine as soon as reasonably practicable (and, in any event, within thirty (30) days) after the Trustee has received the written notice, whether the Option Price represents fair value for the Defaulted Mortgage Loan; provided that, if the Special Servicer is then in the process of obtaining a new Appraisal with respect to the related Mortgaged Property, then the Trustee shall, in accordance with its good faith and reasonable judgment, make its fair value determination with respect to such Mortgage Loan as soon as reasonably practicable (but in
any event within thirty (30) days) after the Trustee’s receipt of such new Appraisal.  The Trustee may rely on the opinion and reports of independent third parties in making such determination; provided that the Trustee may rely on the most current Appraisal obtained for the related Mortgaged Property pursuant to this Agreement.  In determining the fair value of any Defaulted Mortgage Loan, the Trustee shall take into account, and any Independent third party shall be instructed to take into account, among other factors, the period and amount of the delinquency on such Mortgage Loan, the occupancy level and physical 

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condition of the related Mortgaged Property, the state of the local economy in the area where the Mortgaged Property is located, and the time and expense associated with a purchaser’s foreclosing on the related Mortgaged Property.  In addition, the Trustee shall refer, and any Independent third party shall be instructed to refer, to all relevant information delivered to it by the Special Servicer or otherwise contained in the Mortgage Loan File.  Furthermore, the Trustee shall consider, and any Independent third party shall be instructed to consider, all available objective third-party information obtained from generally available sources, concerning the market for distressed real estate loans and the real estate market for the subject property type in the area where the related Mortgaged Property is located.  The reasonable costs of all appraisals, inspection reports and broker opinions of value, reasonably incurred by the Trustee or any such
third party pursuant to this subsection shall be advanced by the Master Servicer and shall constitute, and be reimbursable as, Servicing Advances (or if such Advance is deemed to be a Nonrecoverable Advance such costs shall be reimbursable as Additional Trust Fund Expenses from the Certificate Account pursuant to Section 3.05(a)).  The other parties to this Agreement shall cooperate with all reasonable requests for information.

                    (g)          Unless and until the Purchase Option with respect to a Defaulted Mortgage Loan is exercised, the Special Servicer shall pursue such other resolution strategies available hereunder with respect to such Defaulted Mortgage Loan, including, without limitation, workout and foreclosure, as the Special Servicer may deem appropriate consistent with the Servicing Standard; provided, however, the Special Servicer will not be permitted to sell the Defaulted Mortgage Loan other than in connection with the exercise of the related Purchase Option.

                    (h)          In the event that title to any REO Property is acquired by the Trust Fund in respect of any Defaulted Mortgage Loan, the deed or certificate of sale shall be issued to the Trust Fund, the Trustee or to its nominees.  The Special Servicer, after notice to the Controlling Class Representative, shall use its reasonable best efforts to sell any such REO Property as soon as practicable in accordance with Section 3.16(a).  If the Special Servicer on behalf of the Trustee has not received an REO Extension or an Opinion of Counsel described in Section 3.16(a) and the Special Servicer is not able to sell such REO Property within the period specified above, or if an REO Extension has been granted and the Special Servicer is unable to sell such REO Property within the
extended time period, the Special Servicer shall, after consultation with the Controlling Class Representative, before the end of such period or extended period, as the case may be, auction the REO Property to the highest bidder (which may be the Special Servicer) in accordance with the Servicing Standard.  The Special Servicer shall give the Controlling Class Representative, the Master Servicer and the Trustee not less than five days’ prior written notice of its intention to sell any REO Property, and in respect of such sale, the Special Servicer shall offer such REO Property in a commercially reasonable manner.  Where any Interested Person is among those bidding with respect to an REO Property, the Special Servicer shall require that all bids be submitted in writing and be accompanied by a refundable deposit of cash in an amount equal to 5% of the bid amount.  No Interested Person shall be permitted to purchase the REO Property at a price less than the Purchase Price;
provided, further, that, if the Special Servicer intends to bid on any REO Property, (i) the Special Servicer shall notify the Trustee of such intent, (ii) the Trustee shall promptly obtain, at the expense of the Trust Fund, an Appraisal of such REO Property and (iii) the Special Servicer shall not bid less than the greater of (a) the fair market value set forth in such Appraisal or (b) the Purchase Price.

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                    (i)          Subject to the REMIC Provisions, the Special Servicer shall act on behalf of the Trust Fund in negotiating and taking any other action necessary or appropriate in connection with the sale of any REO Property or the exercise of a Purchase Option, including the collection of all amounts payable in connection therewith.  Notwithstanding anything to the contrary herein, neither the Trustee, in its individual capacity, nor any of its Affiliates may bid for or purchase any REO Property or purchase any Defaulted Mortgage Loan.  Any sale of a Defaulted Mortgage Loan (pursuant to a Purchase Option) or an REO Property shall be without recourse to, or representation or warranty by, the Trustee, the Depositor, the Special Servicer, the Master Servicer, any Mortgage Loan Seller or the
Trust Fund.  Notwithstanding the foregoing, nothing herein shall limit the liability of the Master Servicer, the Special Servicer or the Trustee to the Trust Fund and the Certificateholders for failure to perform its duties in accordance herewith.  None of the Special Servicer, the Master Servicer, the Depositor or the Trustee shall have any liability to the Trust Fund or any Certificateholder with respect to the price at which a Defaulted Mortgage Loan is sold if the sale is consummated in accordance with the terms of this Agreement.

                    (j)          Upon exercise of a Purchase Option, the holder of such Purchase Option shall be required to pay the purchase price specified in its Purchase Option Notice to the Special Servicer within 10 Business Days of exercising its Purchase Option.  The proceeds of any sale of a Defaulted Mortgage Loan, after deduction of the expenses of such sale incurred in connection therewith, shall be remitted by the Special Servicer to the Master Servicer within one Business Day of receipt for deposit into the Certificate Account.  The Special Servicer shall immediately notify the Trustee upon the holder of the effective Purchase Option’s failure to remit the purchase price specified in its Purchase Option Notice pursuant to this Section 3.18(j).  Thereafter, the Special Servicer
shall notify each holder of a Purchase Option of such failure and such holder of a Purchase Option may then exercise its Purchase Option in accordance with this Section 3.18.

                    (k)          Notwithstanding anything herein to the contrary, the Special Servicer shall not take or refrain from taking any action pursuant to instructions from the Controlling Class Representative that would cause it to violate applicable law or any term or provision of this Agreement, including the REMIC Provisions and the Servicing Standard.

                    (l)          The amount paid for a Defaulted Mortgage Loan or related REO Property purchased under this Agreement shall be deposited into the Certificate Account, or if applicable, applied in accordance with the related Intercreditor Agreement (except that portion of any purchase price constituting Gain-on-Sale Proceeds which shall be deposited in the Gain-on-Sale Reserve Account).  Upon receipt of an Officer’s Certificate from the Master Servicer to the effect that such deposit has been made, the Trustee shall execute and deliver such instruments of transfer or assignment, in each case without recourse, as shall be provided to it and are reasonably necessary to vest in the purchaser of such Defaulted Mortgage Loan or REO Property ownership of the Defaulted Mortgage Loan or related REO
Property.  The Custodian, upon receipt of a Request for Release, shall release or cause to be released to the Master Servicer or Special Servicer the related Mortgage File.  In connection with any such purchase, the Special Servicer shall deliver the related Servicing File to the purchaser of a Defaulted Mortgage Loan or related REO Property.

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                    (m)          Notwithstanding the foregoing, each mezzanine lender will have the right to purchase the related Mortgage Loan and cure defaults relating thereto as set forth in the related mezzanine intercreditor agreement.

                    Section 3.19.     Additional Obligations of Master Servicer and Special Servicer.

                    (a)          The Master Servicer shall deposit in the Certificate Account on each P&I Advance Date, without any right of reimbursement therefor with respect to each Mortgage Loan (other than a Specially Serviced Mortgage Loan and other than any Mortgage Loan for which the Special Servicer has waived a prepayment restriction) that was subject to a voluntary Principal Prepayment during the most recently ended Collection Period creating a Prepayment Interest Shortfall, an amount equal to the lesser of (i) the amount of the related Prepayment Interest Shortfall and (ii) the sum of (A) the Master Servicing Fee (calculated for this purpose only at a rate of 0.0100% per annum) received by the Master Servicer during such Collection Period on such Mortgage Loan and (B) investment
income earned by the Master Servicer on the related Principal Prepayment during the most recently ended Collection Period; provided, however, to the extent any such Prepayment Interest Shortfall is the result of the Master Servicer’s failure to enforce the applicable Mortgage Loan documents the amount in clause (A) shall include the entire Master Servicing Fee on the applicable Mortgage Loan for such Collection Period.

                    (b)          The Master Servicer shall, as to each Mortgage Loan which is secured by the interest of the related Mortgagor under a Ground Lease, promptly (and in any event within 60 days of the Closing Date) notify the related ground lessor in writing of the transfer of such Mortgage Loan to the Trust Fund pursuant to this Agreement and inform such ground lessor that any notices of default under the related Ground Lease should thereafter be forwarded to the Master Servicer.

                    (c)          The Master Servicer shall provide to each Companion Holder any reports or notices required to be delivered to such Companion Holder pursuant to the related Intercreditor Agreement.

                    Section 3.20.     Modifications, Waivers, Amendments and Consents.

                    (a)          Subject to Sections 3.20(b) through 3.20(n) below and further subject to Sections 3.08(b) and 6.11 and further subject to any applicable intercreditor agreement or similar agreement, the Master Servicer (to the extent provided in Section 3.02(a) and Section 3.20(i) below) and the Special Servicer may, on behalf of the Trustee, agree to any modification, waiver or amendment of any term of any Mortgage Loan (including, subject to Section 3.20(i), the lease reviews and lease consents related thereto) without the consent of the Trustee or any Certificateholder.

                    (b)          All modifications, waivers or amendments of any Mortgage Loan (including, subject to Section 3.20(i), the lease reviews and lease consents related thereto) shall be in writing and shall be considered and effected in accordance with the Servicing Standard; provided, however, that neither the Master Servicer nor the Special Servicer, as applicable, shall make or permit or consent to, as applicable, any modification, waiver or amendment of any term of any Mortgage Loan not otherwise permitted by this Section 3.20 that would constitute a “significant modification” of such Mortgage Loan within the meaning of Treasury Regulations Section 1.860G-2(b).

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                    (c)          Except as provided in 3.20(d) and the last sentence of Section 3.02(a), the Special Servicer, on behalf of the Trustee, shall not agree or consent to any modification, waiver or amendment of any term of any Mortgage Loan that would:

	
  
 
  	
  
         (i)          affect   the amount or timing of any related payment of principal, interest or other   amount (including Prepayment Premiums or Yield Maintenance Charges, but   excluding Penalty Interest and amounts payable as additional servicing   compensation) payable thereunder;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (ii)          affect   the obligation of the related Mortgagor to pay a Prepayment Premium or Yield   Maintenance Charge or permit a Principal Prepayment during any period in   which the related Mortgage Note prohibits Principal Prepayments;
  
	
  
 
  	
  
 
  
	
   
  	
  
         (iii)         except   as expressly contemplated by the related Mortgage or pursuant to   Section 3.09(d), result in a release of the lien of the Mortgage on any   material portion of the related Mortgaged Property without a corresponding   Principal Prepayment in an amount not less than the fair market value (as   determined by an appraisal by an Independent Appraiser delivered to the   Special Servicer at the expense of the related Mortgagor and upon which the   Special Servicer may conclusively rely) of the property to be released other   than in connection with a taking of all or part of the related Mortgaged   Property or REO Property for not less than fair market value by exercise of   the power of eminent domain or condemnation or casualty or hazard losses with   respect to such Mortgaged Property or REO Property;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (iv)          if   such Mortgage Loan is equal to or in excess of 5% of the then aggregate   current principal balances of all Mortgage Loans or $35,000,000 (or, with   respect to Moody’s, $25,000,000), or is one of the ten largest Mortgage Loans   by Stated Principal Balance as of such date, permit the transfer or transfers   of (A) the related Mortgaged Property or any interest therein or (B) equity   interests in the borrower or any equity owner of the borrower that would   result, in the aggregate during the term of the related Mortgage Loan, in a   transfer greater than 49% of the total interest in the borrower and/or any   equity owner of the borrower or a transfer of voting control in the borrower   or an equity owner of the borrower without the prior written confirmation   from each Rating Agency that such changes will not result in the
qualification, downgrade or withdrawal to the ratings then assigned to the   Certificates;
  
	
   
  	
  
 
  
	
  
 
  	
  
         (v)          allow   any additional lien on the related Mortgaged Property if such Mortgage Loan   is equal to or in excess of 2% of the then aggregate current principal   balances of the Mortgage Loans or $20,000,000, is one of the ten largest   Mortgage Loans by Stated Principal Balance as of such date, or with respect   to S&P only, has an aggregate Loan-to-Value Ratio that is equal to or   greater than 85% or has an aggregate Debt Service Coverage Ratio that is less   than 1.20x, without the prior written confirmation from each Rating Agency   (as applicable) that such change will not result in the qualification,   downgrade or withdrawal or the ratings then assigned to the Certificates; or
  

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         (vi)          in   the reasonable, good faith judgment of the Special Servicer, otherwise   materially impair the security for such Mortgage Loan or reduce the   likelihood of timely payment of amounts due thereon.
  

                    (d)          Notwithstanding Section 3.20(c), but subject to the third paragraph of this Section 3.20(d), and the rights of the Controlling Class Representative and the rights (if any) of a Companion Holder pursuant to the related Intercreditor Agreement, the Special Servicer may (i) reduce the amounts owing under any Specially Serviced Mortgage Loan by forgiving principal, accrued interest or any Prepayment Premium or Yield Maintenance Charge, (ii) reduce the amount of the Periodic Payment on any Specially Serviced Mortgage Loan, including by way of a reduction in the related Mortgage Rate, (iii) forbear in the enforcement of any right granted under any Mortgage Note or Mortgage relating to a Specially Serviced Mortgage Loan, (iv) extend the maturity date of any
Specially Serviced Mortgage Loan (and the Master Servicer may extend the maturity date of Mortgage Loans with an original maturity of five years or less with the approval of the Controlling Class for up to two (2) six-month extensions), or (v) accept a Principal Prepayment on any Specially Serviced Mortgage Loan during any Lockout Period; provided that (A) the related Mortgagor is in default with respect to the Specially Serviced Mortgage Loan or, in the reasonable, good faith judgment of the Special Servicer, such default is reasonably foreseeable, and (B) in the reasonable, good faith judgment of the Special Servicer, such modification would increase the recovery on the Mortgage Loan to Certificateholders on a net present value basis (the relevant discounting of amounts that will be distributable to Certificateholders to be performed at the related Net Mortgage Rate).  In the case of every other modification, waiver or consent, the Special Servicer shall determine and may
rely on an Opinion of Counsel (which Opinion of Counsel shall be an expense of the Trust Fund to the extent not paid by the related Mortgagor) to the effect that such modification, waiver or amendment would not both (1) effect an exchange or reissuance of the Mortgage Loan under Treasury Regulations Section 1.860G-2(b) of the Code and (2) cause any of the Woodlands Mall Loan REMIC, REMIC I or REMIC II to fail to qualify as a REMIC under the Code or result in the imposition of any tax on “prohibited transactions” or “contributions” after the Startup Day under the REMIC Provisions.

                    In addition, notwithstanding Section 3.20(c), but subject to the third paragraph of this Section 3.20(d), the Special Servicer may extend the date on which any Balloon Payment is scheduled to be due in respect of a Specially Serviced Mortgage Loan if the conditions set forth in the proviso to the prior paragraph are satisfied and the Special Servicer has obtained an Appraisal of the related Mortgaged Property, in connection with such extension, which Appraisal supports the determination of the Special Servicer contemplated by clause (B) of the proviso to the immediately preceding paragraph.

                    In no event will the Special Servicer (i) extend the maturity date of a Mortgage Loan beyond a date that is two years prior to the Rated Final Distribution Date, (ii) reduce the Mortgage Rate of a Mortgage Loan to less than the lesser of (A) the original Mortgage Rate of such Mortgage Loan, (B) the highest Pass-Through Rate of any Class of Certificates (other than the Class X Certificates) then outstanding and (C) a rate below the then prevailing interest rate 

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for comparable loans, as determined by the Special Servicer, (iii) if the Mortgage Loan is secured by a Ground Lease (and not by the corresponding fee simple interest), extend the maturity date of such Mortgage Loan beyond a date which is less than 20 years prior to the expiration of the term of such Ground Lease; (iv) defer interest due on any Mortgage Loan in excess of 10% of the Stated Principal Balance of such Mortgage Loan or defer the collection of interest on any Mortgage Loan without accruing interest on such deferred interest at a rate at least equal to the Mortgage Rate of such Mortgage Loan.

                    The determination of the Special Servicer contemplated by clause (B) of the proviso to the first paragraph of this Section 3.20(d) shall be evidenced by an Officer’s Certificate to such effect delivered to the Trustee and the Master Servicer and describing in reasonable detail the basis for the Special Servicer’s determination.  The Special Servicer shall append to such Officer’s Certificate any information including but not limited to income and expense statements, rent rolls, property inspection reports and appraisals that support such determination.

                    (e)          Any payment of interest that is deferred pursuant to any modification, waiver or amendment permitted hereunder, shall not, for purposes hereof, including, without limitation, calculating monthly distributions to Certificateholders, be added to the unpaid principal balance or Stated Principal Balance of the related Mortgage Loan, notwithstanding that the terms of such modification, waiver or amendment so permit.  The foregoing shall in no way limit the Special Servicer’s ability to charge and collect from the Mortgagor costs otherwise collectible under the terms of the related Mortgage Note and this Agreement together with interest thereon.

                    (f)          The Special Servicer or, with respect to clause (i) below, the Master Servicer may, as a condition to granting any request by a Mortgagor for consent, modification, waiver or indulgence or any other matter or thing, the granting of which is within its discretion pursuant to the terms of the instruments evidencing or securing the related Mortgage Loan and is permitted by the terms of this Agreement, require that such Mortgagor pay to it (i) as additional servicing compensation, a reasonable or customary fee for the additional services performed in connection with such request; provided such fee would not itself be a “significant modification” pursuant to Treasury Regulations Section 1.1001-3(e)(2) and (ii) any related costs and expenses
incurred by it.  In no event shall the Master Servicer or the Special Servicer be entitled to payment for such fees or expenses unless such payment is collected from the related Mortgagor.

                    (g)          The Special Servicer shall notify the Master Servicer, any related Sub-Servicers, the Trustee, the Controlling Class Representative, the Rating Agencies and with respect to any Co-Lender Loan, the related Companion Holder, in writing, of any material modification, waiver or amendment of any term of any Mortgage Loan (including fees charged the Mortgagor) and the date thereof, and shall deliver to the Custodian for deposit in the related Mortgage File, an original counterpart of the agreement relating to such modification, waiver or amendment, promptly (and in any event within ten Business Days) following the execution thereof.  Copies of each agreement whereby any such modification, waiver or amendment of any term of any Mortgage Loan is effected shall be made available for
review upon prior request during normal business hours at the offices of the Special Servicer pursuant to Section 3.15 hereof.

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                    (h)          The Master Servicer shall not permit defeasance of any Mortgage Loan to the extent inconsistent with the terms of such Mortgage Loan.  Unless and to the extent the Master Servicer is precluded from preventing such defeasance by the related Mortgage Loan documents or otherwise (provided that the Master Servicer shall not allow such defeasance to cause any of the Woodlands Mall Loan REMIC, REMIC I or REMIC II created hereunder to fail to qualify as a REMIC; provided, further, the Master Servicer may rely on an Opinion of Counsel as provided for in (ii) below), the Master Servicer will not permit defeasance of any Mortgage Loan, unless:  (i) the defeasance collateral consists of non-callable “government securities” within the
meaning of the Investment Company Act of 1940, (ii) the Master Servicer has determined that the defeasance will not result in an Adverse REMIC Event (provided that the Master Servicer shall be entitled to rely conclusively on an Opinion of Counsel to that effect), (iii) the Master Servicer has notified the Rating Agencies, (iv) to the extent the defeasance of the Mortgage Loan is required by the then current applicable Rating Agency criteria to be reviewed by a Rating Agency, such Rating Agency has confirmed that such defeasance will not result in the qualification, downgrade or withdrawal of the rating then assigned to any Class of Certificates to which a rating has been assigned by such Rating Agency, (provided that no confirmation from S&P shall be required if the Mortgage Loan being defeased, together with all Mortgage Loans cross-collateralized with such Mortgage Loan, (i) is not one of the ten (10) largest Mortgage Loans (or cross-collateralized groups
of Mortgage Loans) by Stated Principal Balance in the Trust Fund, and (ii) has a Stated Principal Balance at the time of the defeasance that is less than $20,000,000 and less than 5% of the aggregate Stated Principal Balance at the time of the defeasance of the Mortgage Loans and the Master Servicer shall have delivered a Defeasance Certificate substantially in the form of Exhibit N hereto), (v) the Master Servicer has requested and received from the related Mortgagor (A) an Opinion of Counsel generally to the effect that the Trustee will have a perfected, first priority security interest in such defeasance collateral and (B) written confirmation from a firm of Independent accountants stating that payments made on such defeasance collateral in accordance with the terms thereof will be sufficient to pay the subject Mortgage Loan in full on or before its Stated Maturity Date and in accordance with the Periodic Payment (or, in the case of an ARD Loan, on or before its Anticipated
Repayment Date) and to timely pay each Periodic Payment scheduled to be due on or prior thereto but after the defeasance and (vi) a single purpose entity (as defined below) is designated to assume the Mortgage Loan and own the defeasance collateral; provided that, if under the terms of the related Mortgage Loan documents, the related Mortgagor delivers cash to purchase the defeasance collateral rather than the defeasance collateral itself, the Master Servicer shall purchase the U.S. government obligations contemplated by the related Mortgage Loan documents on behalf of the related Mortgagor.  Any customary and reasonable out-of-pocket expense incurred by the Master Servicer pursuant to this Section 3.20(h) shall be paid by the Mortgagor of the defeased Mortgage Loan pursuant to the related Mortgage, Mortgage Note or other pertinent document.  Notwithstanding the foregoing, if at any time, a court with jurisdiction in the matter shall hold that the related Mortgagor may
obtain a release of the subject Mortgaged Property but is not obligated to deliver the full amount of the defeasance collateral contemplated by the related Mortgage Loan documents (or cash sufficient to purchase such defeasance collateral), then the Master Servicer shall (i) if consistent with the related Mortgage Loan documents, refuse to allow the defeasance of the Mortgage Loan or (ii) if the Master Servicer cannot so refuse and if the related Mortgagor has delivered cash to purchase the defeasance collateral, the Master Servicer shall either (A) buy such defeasance collateral or (B) prepay the 

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Mortgage Loan, in either case, in accordance with the Servicing Standard.  For purposes of this paragraph, a “single purpose entity” shall mean a Person, other than an individual, whose organizational documents provide as follows:  it is formed solely for the purpose of owning and pledging Defeasance Collateral related to one or more of the Mortgage Loans; it may not engage in any business unrelated to such Defeasance Collateral and the financing thereof; it does not have and may not own any assets other than those related to its interest in the Defeasance Collateral or the financing thereof and may not incur any indebtedness other than as permitted by the related Mortgage or Mortgages; it shall maintain its own books, records and accounts, in each case which are separate and apart from the books, records and accounts of any other person; it shall hold regular meetings, as appropriate, to conduct its business, and shall observe all entity-level
formalities and record keeping; it shall conduct business in its own name and use separate stationery, invoices and checks; it may not guarantee or assume the debts or obligations of any other person other than in connection with the defeasance of a Mortgage Loan; it shall not commingle its assets or funds with those of any other person; it shall pay its obligations and expenses from its own funds and allocate and charge reasonably and fairly any common employees or overhead shared with affiliates; it shall prepare separate tax returns and financial statements or, if part of a consolidated group, shall be shown as a separate member of such group; it shall transact business with affiliates on an arm’s length basis pursuant to written agreements; and it shall hold itself out as being a legal entity, separate and apart from any other person.  The single purpose entity organizational documents shall provide that any dissolution and winding up or insolvency filing for such entity requires the
unanimous consent of all partners or members, as applicable, and that such documents may not be amended with respect to the single purpose entity requirements during the term of the Mortgage Loan.

                    (i)          For any Mortgage Loan (other than a Specially Serviced Mortgage Loan and The Woodlands Mall Loan) and subject to the rights of the Special Servicer set forth in this Section 3.20, the Master Servicer, without the consent of the Special Servicer or the Controlling Class Representative, as applicable, shall be responsible for any request by a Mortgagor for the consent of the mortgagee for a modification, waiver or amendment of any term with respect to:

	
  
 
  	
  
         (i)          approving   routine leasing activity (including any subordination, standstill and   attornment agreements) with respect to any lease for less than the lesser of   (a) 20,000 square feet and (b) 20% of the related Mortgaged   Property;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (ii)         approving   a change of the property manager at the request of the related Mortgagor; provided   that (A) the successor property manager is not affiliated with the Mortgagor   and is a nationally or regionally recognized manager of similar properties,   (B) the related Mortgage Loan does not have an outstanding principal   balance in excess of $5,000,000 and (C) the subject Mortgaged Property does   not secure a Companion Loan;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (iii)        approving   any waiver affecting the timing of receipt of financial statements from any   Mortgagor; provided that such financial statements are delivered no   less than quarterly and within 60 days of the end of the calendar quarter;
  

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         (iv)         approving   annual budgets for the related Mortgaged Property; provided that no such   budget (1) provides for the payment of operating expenses in an amount equal   to more than 110% of the amounts budgeted therefor for the prior year or   (2) provides for the payment of any material expenses to any affiliate   of the Mortgagor (other than the payment of a management fee to any property   manager if such management fee is no more than the management fee in effect   on the Cut-Off Date);
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (v)          subject   to other restrictions herein regarding Principal Prepayments, waiving any   provision of a Mortgage Loan requiring a specified number of days notice   prior to a Principal Prepayment;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (vi)         approving   modifications, consents or waivers (other than those set forth in   Section 3.20(c)) in connection with a defeasance permitted by the terms   of the related Mortgage Loan if the Master Servicer receives an Opinion of   Counsel (which Opinion of Counsel shall be an expense of the Mortgagor) to   the effect that such modification, waiver or consent would not cause any   REMIC to fail to qualify as a REMIC under the Code or result in a   “prohibited transaction” under the REMIC Provisions; and
  
	
   
  	
  
 
  
	
  
 
  	
  
         (vii)         consent   to subject the related Mortgaged Property to an easement or right-of-way for   utilities, access, parking, public improvements or another purpose, and may   consent to subordination of the related Mortgage Loan to such easement or   right-of-way provided the Master Servicer shall have determined in accordance   with the Servicing Standard that such easement or right-of-way shall not   materially interfere with the then current use of the related Mortgaged   Property, or the security intended to be provided by such Mortgage, the   related Mortgagor’s ability to repay the Mortgage Loan, or materially or   adversely affect the value of such Mortgaged Property or cause the Mortgage   Loan to cease to be a “qualified mortgage” for REMIC purposes;
  

provided, however, if the Mortgage Loan is a Co-Lender Loan, the Master Servicer shall provide written notice of such modification, waiver and amendment to the related Companion Holder to the extent required under the related Intercreditor Agreement; provided, further, that the Master Servicer shall promptly notify the Special Servicer of any requests not subject to this Section 3.20(i) for which the Special Servicer is responsible pursuant to this Section 3.20 and shall deliver to the Special Servicer (which delivery may be by electronic transmission in a format acceptable to the Master Servicer and Special Servicer) a copy of the request, and all information in the possession of the Master Servicer that the Special Servicer may reasonably request related thereto.

                    (j)          For the avoidance of doubt, and without limiting the generality of the foregoing, any request for the disbursement of earnouts or holdback amounts with respect to any Mortgage Loan set forth on attached Exhibit J hereto received by the Master Servicer shall be submitted to the Special Servicer for approval (which approval shall be deemed given if the request is not denied by the Special Servicer in writing to the Master Servicer within ten (10) Business Days of the Special Servicer’s receipt of such request).  For purposes of this Agreement, “disbursement of earnouts or holdback amounts” shall mean the disbursement or funding to a Mortgagor of previously unfunded, escrowed or otherwise reserved portions of the loan proceeds of the applicable Mortgage Loan
until certain conditions precedent thereto relating to the satisfaction of performance related criteria (i.e., project reserve thresholds, lease–up requirements, sales requirements, etc.) as set forth in the applicable Mortgage Loan documents, have been satisfied.

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                    (k)          To the extent that either the Master Servicer or Special Servicer waives any Penalty Interest or late charge in respect of any Mortgage Loan, whether pursuant to Section 3.02(a) or this Section 3.20, the respective amounts of additional servicing compensation payable to the Master Servicer and the Special Servicer under Section 3.11 out of such Penalty Interest or late payment charges shall be reduced proportionately, based upon the respective amounts that had been payable thereto out of such Penalty Interest or late payment charges immediately prior to such waiver.

                    (l)          Notwithstanding anything to the contrary in this Agreement, neither the Master Servicer nor the Special Servicer, as applicable, shall take the following action unless it has received prior written confirmation (the cost of which shall be paid by the related Mortgagor, if so allowed by the terms of the related loan documents) from the Rating Agencies that such action will not result in a qualification, downgrade or withdrawal of any of the ratings assigned by such Rating Agency to the Certificates:

	
  
 
  	
  
         (i)          With   respect to any Mortgaged Property that secures a Mortgage Loan with an unpaid   principal balance that is at least equal to five percent (5%) of the then   aggregate principal balance of all Mortgage Loans or $20,000,000, the giving   of any consent, approval or direction regarding the termination of the   related property manager or the designation of any replacement property   manager; and
  
	
   
  	
  
 
  
	
  
 
  	
  
         (ii)          With   respect to each Mortgage Loan with an unpaid principal balance that is equal   to or greater than (A) two percent (2%) of the then aggregate principal   balance of all the Mortgage Loans or (B) $10,000,000 and which is secured by   a Mortgaged Property which is a hospitality property, the giving of any   consent to any change in the franchise affiliation of such Mortgaged   Property.
  

                    (m)          In the event the Special Servicer, in connection with a modification, waiver or amendment in respect of any Co-Lender Loan, modifies, waives or amends the terms thereof such that (i) the Stated Principal Balance is decreased, (ii) the Mortgage Rate is reduced, (iii) payments of interest or principal are waived, reduced or deferred or (iv) any other adjustment is made to any of the terms of such Co-Lender Loan, all payments made in respect of the related Mortgage Loan shall be made as though such modification, waiver or amendment did not occur, with the payment terms of such Co-Lender Loan remaining the same as they are on the related Cut Off Date, and the related Subordinate Companion Loan(s) shall bear the full economic effect of all waivers, reductions or
deferrals of amounts due on such Co-Lender Loan attributable to such modification, waiver or amendment.

                    (n)          Subject to the terms of the related Intercreditor Agreement, the Master Servicer may extend the maturity date of Mortgage Loans with an original maturity of five years or less with the approval of the Controlling Class Representative for up to two six-month extensions.

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

                    (a)          Upon determining that a Servicing Transfer Event has occurred with respect to any Mortgage Loan, the Master Servicer or Special Servicer, as applicable, shall promptly notify the Trustee and Master Servicer or Special Servicer, as applicable, and, if the Master Servicer is not also the Special Servicer, the Master Servicer shall immediately deliver or cause to be delivered a copy of the related Mortgage File and Servicing File, to the Special Servicer and shall use reasonable efforts to provide the Special Servicer with all information, documents (or copies thereof) and records (including records stored electronically on computer tapes, magnetic discs and the like) relating to the Mortgage Loan and, if applicable the related Companion Loan, either in the Master Servicer’s or any
of its directors’, officers’, employees’, affiliates’ or agents’ possession or control or otherwise available to the Master Servicer without undue burden or expense, and reasonably requested by the Special Servicer to enable it to assume its functions hereunder with respect thereto without acting through a Sub-Servicer.  The Master Servicer shall use reasonable efforts to comply with the preceding sentence within five Business Days of the occurrence of each related Servicing Transfer Event; provided, however, if the information, documents and records requested by the Special Servicer are not contained in the Servicing File, the Master Servicer shall have such period of time as reasonably necessary to make such delivery.  Notwithstanding the occurrence of a Servicing Transfer Event, the Master Servicer shall continue to receive payments on such Mortgage Loan (including amounts collected by the Special Servicer).

                    Upon determining that a Specially Serviced Mortgage Loan has become a Corrected Mortgage Loan and if the Master Servicer is not also the Special Servicer, the Special Servicer shall immediately give notice thereof to the Master Servicer, and shall return the related Mortgage File and Servicing File and all other information, documents and records that were not part of the Servicing File when it was delivered to the Special Servicer within five Business Days of the occurrence, to the Master Servicer (or such other Person as may be directed by the Master Servicer) and upon giving such notice, and returning such Servicing File, to the Master Servicer (or such other Person as may be directed by the Master Servicer), the Special Servicer’s obligation to service such Mortgage Loan, and, if applicable, the Companion Loan, and the Special
Servicer’s right to receive the Special Servicing Fee with respect to such Mortgage Loan shall terminate, and the obligations of the Master Servicer to service and administer such Mortgage Loan and, if applicable, the related Companion Loan shall resume.

                    (b)          In servicing any Specially Serviced Mortgage Loans, the Special Servicer shall provide to the Custodian originals of documents included within the definition of “Mortgage File” for inclusion in the related Mortgage File (with a copy of each such original to the Master Servicer), and copies of any additional related Mortgage Loan information, including correspondence with the related Mortgagor.

                    (c)          On or before each Determination Date, the Special Servicer shall deliver to the Master Servicer and each Rating Agency (or such other Person as may be directed by the Master Servicer) a statement in writing and in computer readable format (the form of such statement to be agreed upon by the Master Servicer) describing, on a loan-by-loan and property-by-property basis, (1) insofar as it relates to Specially Serviced Mortgage Loans and REO 

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Properties, the information described in clauses (x) through (xiii) of Section 4.02(a) and, insofar as it relates to the Special Servicer, the information described in clauses (xxiv), (xxv) and (xxvi) of Section 4.02(a), (2) the amount of all payments, Insurance Proceeds and Liquidation Proceeds received, and the amount of any Realized Loss incurred, with respect to each Specially Serviced Mortgage Loan during the related Collection Period, and the amount of all REO Revenues, Insurance Proceeds and Liquidation Proceeds received, and the amount of any Realized Loss incurred, with respect to each REO Property during the related Collection Period, (3) the amount, purpose and date of all Servicing Advances requested by the Special Servicer with respect to each Specially Serviced Mortgage Loan and REO Property during the related Collection Period and (4) such additional information relating to the Specially Serviced Mortgage Loans and REO Properties
as the Master Servicer reasonably requests to enable it to perform its responsibilities under this Agreement.  Notwithstanding the foregoing provisions of this subsection (c), the Master Servicer shall maintain ongoing payment records with respect to each of the Specially Serviced Mortgage Loans and REO Properties and shall provide the Special Servicer with any information reasonably available to the Master Servicer required by the Special Servicer to perform its duties under this Agreement.

                    (d)          No
later than 60 days after a Mortgage Loan and, if applicable, Companion Loan
becomes a Specially Serviced Mortgage Loan, the Special Servicer shall deliver
to each Rating Agency, the Trustee, the Master Servicer and the Controlling
Class Representative (and, in the case of a Co-Lender Loan, the related
Companion Holder), a report (the “Asset Status Report”) with respect
to such Mortgage Loan and the related Mortgaged Property.  Such Asset
Status Report shall set forth the following information to the extent reasonably
determinable:

	
  
 
  	
  
         (i)          summary   of the status of such Specially Serviced Mortgage Loan and negotiations with the   related Mortgagor;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (ii)          a   discussion of the legal and environmental considerations reasonably known to   the Special Servicer, consistent with the Servicing Standard, that are   applicable to the exercise of remedies as aforesaid and to the enforcement of   any related guaranties or other collateral for the related Specially Serviced   Mortgage Loan and whether outside legal counsel has been retained;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (iii)          the   most current rent roll and income or operating statement available for the   related Mortgaged Property;
  
	
  
 
  	
  
 
  
	
   
  	
  
         (iv)          the   Appraised Value of the Mortgaged Property together with the assumptions used   in the calculation thereof;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (v)          summary   of the Special Servicer’s recommended action with respect to such Specially   Serviced Mortgage Loan; and
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (vi)          such   other information as the Special Servicer deems relevant in light of the   Servicing Standard.
  

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                    Any Asset Status Report with respect to a Co-Lender Loan shall also include any additional information required by the related Intercreditor Agreement.  In addition, with respect to a Co-Lender Loan, the Controlling Class Representative’s approval or disapproval of any actions recommended by such Asset Status Report relating to such Co-Lender Loan will be subject to the rights of the related Companion Holder pursuant to the terms of the related Intercreditor Agreement.

                    If within ten (10) Business Days of receiving an Asset Status Report which relates to a recommended action for which the Controlling Class Representative is entitled to object under Section 6.11, the Controlling Class Representative does not disapprove such Asset Status Report in writing, the Special Servicer shall implement the recommended action as outlined in such Asset Status Report; provided, however, that the Special Servicer may not take any action that is contrary to applicable law, the Servicing Standard, or the terms of the applicable Mortgage Loan documents.  If the Controlling Class Representative disapproves such Asset Status Report, the Special Servicer will revise such Asset Status Report and deliver to the Controlling Class Representative, the Rating Agencies and the Master Servicer a new Asset Status
Report as soon as practicable, but in no event later than 30 days after such disapproval.

                    The Special Servicer shall revise such Asset Status Report as described above in this Section 3.21(d) until the Controlling Class Representative shall fail to disapprove such revised Asset Status Report in writing within ten (10) Business Days of receiving such revised Asset Status Report or until the Special Servicer makes one of the determinations described below. The Special Servicer may, from time to time, modify any Asset Status Report it has previously delivered and implement such report; provided such report shall have been prepared, reviewed and not rejected pursuant to the terms of this Section.  Notwithstanding the foregoing, the Special Servicer (i) may, following the occurrence of an extraordinary event with respect to the related Mortgaged Property, take any action set forth in such Asset Status Report (and
consistent with the terms hereof) before the expiration of a ten (10) Business Day period if the Special Servicer has reasonably determined that failure to take such action would materially and adversely affect the interests of the Certificateholders or, if a Loan Pair is involved, the Certificateholders and the related Companion Holders, (as a collective whole) and it has made a reasonable effort to contact the Controlling Class Representative and (ii) in any case, shall determine whether such affirmative disapproval is not in the best interest of all the Certificateholders pursuant to the Servicing Standard.

                    Upon making such determination in clause (ii) of the immediately preceding paragraph, the Special Servicer shall notify the Trustee of such rejection and deliver to the Trustee a proposed notice to Certificateholders which shall include a copy of the Asset Status Report, and the Trustee shall send such notice to all Certificateholders.  If the majority of such Certificateholders, as determined by Voting Rights, fail, within 5 days of the Trustee’s sending such notice, to reject such Asset Status Report, the Special Servicer shall implement the same.  If the Asset Status Report is rejected by a majority of the Certificateholders, (other than for a reason which violates the Servicing Standard, which shall control), the Special Servicer shall revise such Asset Status Report as described above in this Section 3.21(d) and
provide a copy of such revised report to the Master Servicer.  The Trustee shall be entitled to reimbursement from the Trust Fund for the reasonable expenses of providing such notices.  Notwithstanding the foregoing, the Controlling Class Representative’s approval of or failure to respond to an Asset Status Report shall not be deemed to be a substitute for any specific consent required pursuant to Section 6.11(a).

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                    The Special Servicer shall have the authority to meet with the Mortgagor for any Specially Serviced Mortgage Loan and take such actions consistent with the Servicing Standard, the terms hereof and the related Asset Status Report.  The Special Servicer shall not take any action inconsistent with the related Asset Status Report, unless such action would be required in order to act in accordance with the Servicing Standard.

                    No direction of the Controlling Class Representative or the majority of the Certificateholders shall (a) require or cause the Special Servicer to violate the terms of a Specially Serviced Mortgage Loan, applicable law or any provision of this Agreement, including the Special Servicer’s obligation to act in accordance with the Servicing Standard and to maintain the REMIC status of the Woodlands Mall Loan REMIC, REMIC I and REMIC II, (b) result in the imposition of a “prohibited transaction” or “prohibited contribution” tax under the REMIC Provisions or (c) expose the Master Servicer, the Special Servicer, the Depositor, any of the Mortgage Loan Sellers, the Trust Fund or the Trustee or the officers and the directors of each party to claim, suit or liability or (d) expand the scope of the
Master Servicer’s, Trustee’s or Special Servicer’s responsibilities under this Agreement.  Notwithstanding the foregoing, it is agreed and acknowledged that, with respect to the Co-Lender Loans, the holders of the Companion Loans have certain consent and direction rights in the related Intercreditor Agreements, but nothing herein shall be construed to prevent the Controlling Class Representative from consulting on a non-binding basis with the Special Servicer about any applicable Mortgage Loan.

                    Section 3.22.     Sub-Servicing Agreements.

                    (a)          The Master Servicer and the Special Servicer (and, with respect to the Special Servicer, only with the consent of the Controlling Class Representative) may enter into Sub-Servicing Agreements to provide for the performance by third parties of any or all of their respective obligations hereunder; provided that, in each case, the Sub-Servicing Agreement:  (i) is consistent with this Agreement in all material respects, requires the Sub-Servicer to comply with all of the applicable conditions of this Agreement and includes events of default with respect to the Sub-Servicer substantially similar to the Events of Default set forth in Section 7.01(a) hereof (other than Section 7.01(a)(ix) and (x) to the extent applicable (modified to apply to the Sub-Servicer
instead of the Master Servicer); (ii) provides that if the Master Servicer or the Special Servicer, as the case may be, shall for any reason no longer act in such capacity hereunder (including, without limitation, by reason of an Event of Default), the Trustee or its designee may thereupon assume all of the rights and, except to the extent such obligations arose prior to the date of assumption, obligations of the Master Servicer or the Special Servicer, as the case may be, under such agreement or (except with respect only to the Sub-Servicing Agreements in effect as of the date of this Agreement) may terminate such Sub-Servicing Agreement without cause and without payment of any penalty or termination fee (other than the right of reimbursement and indemnification); (iii) provides that the Trustee, for the benefit of the Certificateholders, shall be a third party beneficiary under such agreement, but that (except to the extent the Trustee or its designee assumes the obligations of the Master
Servicer or the Special Servicer, as the case may be, thereunder as contemplated by the immediately preceding clause (ii) none of the Trustee, the Trust Fund, any successor Master Servicer or Special Servicer, as the case may be, or any Certificateholder shall have any duties under such agreement or any liabilities arising therefrom; (iv) permits any purchaser of a Mortgage Loan pursuant to this 

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Agreement to terminate such agreement with respect to such purchased Mortgage Loan at its option and without penalty; (v) with respect to any Sub-Servicing Agreement entered into by the Special Servicer, does not permit the Sub-Servicer to enter into or consent to any modification, waiver or amendment or otherwise take any action on behalf of the Special Servicer contemplated by Section 3.20 hereof without the consent of such Special Servicer or conduct any foreclosure action contemplated by Section 3.09 hereof or sale of a Mortgage Loan or REO Property contemplated by Section 3.18 hereof; (vi) does not permit the Sub-Servicer any direct rights of indemnification that may be satisfied out of assets of the Trust Fund; and (vii) with respect to any Sub-Servicing Agreement entered into after the Closing Date and prior to the date upon which the Trust Fund’s Exchange Act reporting obligations are terminated by the filing of a Form 15
Suspension Notice as contemplated by Section 8.17(m), any Sub-Servicer (which is a Reporting Party) is not a Prohibited Party.  In addition, each Sub-Servicing Agreement entered into by the Master Servicer shall provide that such agreement shall be subject to Section 3.21 hereof with respect to any Mortgage Loan that becomes a Specially Serviced Mortgage Loan.  The Master Servicer and the Special Servicer shall each deliver to the Trustee and to each other copies of all Sub-Servicing Agreements, and any amendments thereto and modifications thereof, entered into by it promptly upon its execution and delivery of such documents.  References in this Agreement to actions taken or to be taken by the Master Servicer or the Special Servicer include actions taken or to be taken by a Sub-Servicer on behalf of the Master Servicer or the Special Servicer, as the case may be; and, in connection therewith, all amounts advanced by any Sub-Servicer to satisfy the obligations of the Master Servicer
or the Special Servicer hereunder to make P&I Advances or Servicing Advances shall be deemed to have been advanced by the Master Servicer or the Special Servicer, as the case may be, out of its own funds and, accordingly, such P&I Advances or Servicing Advances shall be recoverable by such Sub-Servicer in the same manner and out of the same funds as if such Sub-Servicer were the Master Servicer or the Special Servicer, as the case may be.  For so long as they are outstanding, Advances shall accrue interest in accordance with Sections 3.03(d) and 4.03(d), such interest to be allocable between the Master Servicer or the Special Servicer, as the case may be, and such Sub-Servicer as they may agree.  For purposes of this Agreement, the Master Servicer and the Special Servicer each shall be deemed to have received any payment when a Sub-Servicer retained by it receives such payment.  The Master Servicer and the Special Servicer each shall notify the other, the Trustee and the
Depositor in writing promptly of the appointment by it of any Sub-Servicer.

                    (b)          Each Sub-Servicer shall be authorized to transact business in the state or states in which the related Mortgaged Properties it is to service are situated, if and to the extent required by applicable law.

                    (c)          The Master Servicer and the Special Servicer, for the benefit of the Trustee and the Certificateholders, shall (at no expense to the Trustee, the Certificateholders or the Trust Fund) monitor the performance and enforce the obligations of their respective Sub-Servicers under the related Sub-Servicing Agreements.  Such enforcement, including, without limitation, the legal prosecution of claims, termination of Sub-Servicing Agreements in accordance with their respective terms and the pursuit of other appropriate remedies, shall be in such form and carried out to such an extent and at such time as the Master Servicer or the Special Servicer, as applicable, in its good faith business judgment, would require were it the owner of the Mortgage Loans.  Subject to the terms of the
related Sub-Servicing Agreement, the Master Servicer and the Special Servicer may each have the right to remove a Sub-Servicer at any time it considers such removal to be in the best interests of Certificateholders.

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                    (d)          In the event of the resignation, removal or other termination of Wachovia Bank, National Association, or any successor Master Servicer hereunder for any reason, the Trustee or other Person succeeding such resigning, removed or terminated party as Master Servicer, shall elect, with respect to any Sub-Servicing Agreement in effect as of the date of this Agreement:  (i) to assume the rights and obligations of the Master Servicer under such Sub-Servicing Agreement and continue the sub-servicing arrangements thereunder on the same terms (including without limitation the obligation to pay the same sub-servicing fee); (ii) to enter into a new Sub-Servicing Agreement with such Sub-Servicer on such terms as the Trustee or other successor Master Servicer and such Sub-Servicer
shall mutually agree (it being understood that such Sub-Servicer is under no obligation to accept any such new Sub-Servicing Agreement or to enter into or continue negotiations with the Trustee or other successor Master Servicer in which case the existing Sub-Servicing Agreement shall remain in effect); or (iii) to terminate the Sub-Servicing Agreement if an Event of Default (as defined in such Sub-Servicing Agreement) has occurred and is continuing or otherwise in accordance with the Sub-Servicing Agreement, in each case without paying any Sub-Servicer termination fee.

                    Each Sub-Servicing Agreement will provide, among other things, that the Master Servicer and its successors may at its sole option, terminate any rights the Sub-Servicer may have thereunder with respect to any or all Mortgage Loans if S&P or Moody’s (i) reduces the rating assigned to one or more Classes of the respective Certificates as a result of the sub-servicing of the Mortgage Loans by the Sub-Servicer, or (ii) advises the Master Servicer or the Trustee in writing that it will cause a qualification, downgrade or withdrawal of such rating due to the continued servicing by the Sub-Servicer.

                    (e)          Notwithstanding any Sub-Servicing Agreement, the Master Servicer and the Special Servicer shall remain obligated and liable to the Trustee and the Certificateholders for the performance of their respective obligations and duties under this Agreement in accordance with the provisions hereof to the same extent and under the same terms and conditions as if each alone were servicing and administering the Mortgage Loans or REO Properties for which it is responsible.

                    (f)          The Special Servicer shall not enter into a Sub-Servicing Agreement unless it receives the consent of the Controlling Class Representative and each Rating Agency has confirmed in writing that the execution of such agreement will not result in a qualification, downgrade, or withdrawal of the then-current ratings on the outstanding Certificates or such Sub-Servicing Agreement relates to a Mortgage Loan or Mortgage Loans (along with any Mortgage Loans previously sub-serviced pursuant to this section) that represent less than 25% of the outstanding principal balance of all Specially Serviced Mortgage Loans.  The Special Servicer shall comply with the terms of each such Sub-Servicing Agreement to the extent the terms thereof are not inconsistent with the terms of this Agreement and
the Special Servicer’s obligations hereunder.

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                    (g)          The Master Servicer shall cause any Sub-Servicer engaged by the Master Servicer (or by any Sub-Servicer) for the benefit of the Depositor and the Trustee to comply with the provisions of this Section 3.22 and with Section 8.17 of this Agreement to the same extent as if such Sub-Servicer were the Master Servicer, and to provide the information required with respect to such Sub-Servicer under this Section 3.22.  The Master Servicer shall be responsible for obtaining from each such Sub-Servicer and delivering to the Trustee and any applicable Persons any servicer compliance statement required to be delivered by such Sub-Servicer under Section 3.13 and any assessment of compliance report and related accountant’s attestation required to be delivered by such Sub-Servicer under
Section 3.14, in each case, as and when required to be delivered.

                    (h)          Each of the Master Servicer, the Special Servicer, the Sub-Servicer and the Trustee (each of the Master Servicer, the Special Servicer and the Trustee and each Sub-Servicer, for purposes of this paragraph and the succeeding paragraph, a “Servicer”) is permitted to utilize one or more Subcontractors to perform certain of its obligations hereunder.  Such Servicer shall promptly upon request provide to the Depositor and the Trustee a written description (in form and substance satisfactory to the Depositor) of the role and function of each Subcontractor utilized by such Servicer, specifying (i) the identity of each Subcontractor, (ii) which (if any) of such Subcontractors are Servicing Participants, and (iii) which elements of the Servicing Criteria will be addressed
in assessments of compliance provided by each Subcontractor identified pursuant to clause (ii) of this paragraph.  As a condition to the utilization by such Servicer of any Subcontractor determined to be a Servicing Participant, such Servicer shall cause any such Subcontractor used by such Servicer for the benefit of the Depositor and the Trustee to comply with the provisions of Sections 3.13, 3.14 and 8.17 of this Agreement to the same extent as if such Subcontractor were such Servicer.  Such Servicer shall be responsible for obtaining from each such Subcontractor and delivering to the applicable Persons any assessment of compliance report and related accountant’s attestation required to be delivered by such Subcontractor under Section 3.13, Section 3.14 and Section 3.17, in each case, as and when required to be delivered.

                    (i)          Notwithstanding the foregoing, if a Servicer engages a Subcontractor in connection with the performance of any of its duties under this Agreement, such Servicer shall be responsible for determining whether such Subcontractor is a “servicer” within the meaning of Item 1101 of Regulation AB and whether any such affiliate or third-party vendor meets the criteria in Item 1108(a)(2)(i) or (ii) or (iii) of Regulation AB.  If a Servicer determines, pursuant to the preceding sentence, that such Subcontractor is a “servicer” within the meaning of Item 1101 of Regulation AB and meets the criteria in Item 1108(a)(2)(i) or (ii) or (iii) of Regulation AB, then such Subcontractor shall be deemed to be a Sub-Servicer for purposes of this Agreement, the engagement of such
Sub-Servicer shall not be effective unless and until notice is given to the Depositor and the Trustee of any such Sub-Servicer and Sub-Servicing Agreement.  No Sub-Servicing Agreement shall be effective until 30 days after such written notice is received by the Depositor and the Trustee.  Such notice shall contain all information reasonably necessary to enable the Trustee to accurately and timely report the event pursuant to Section 8.17.

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

                    (a)          Wachovia Bank, National Association, in its capacity as Master Servicer, hereby represents and warrants to the Trustee, for its own benefit and the benefit of the Certificateholders and the Companion Holders, and to the Depositor and the Special Servicer, as of the Closing Date, that:

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         (i)          The   Master Servicer is a national banking association, duly organized under the   laws of the United States of America, and the Master Servicer is in   compliance with the laws of each State in which any Mortgaged Property is   located to the extent necessary to perform its obligations under this   Agreement.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (ii)          The   execution and delivery of this Agreement by the Master Servicer, and the   performance and compliance with the terms of this Agreement by the Master   Servicer, will not violate the Master Servicer’s articles of association or   by-laws or constitute a default (or an event which, with notice or lapse of   time, or both, would constitute a default) under, or result in the breach of,   any material agreement or other material instrument to which it is a party or   by which it is bound.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (iii)         The   Master Servicer has the full power and authority to enter into and consummate   all transactions contemplated by this Agreement, has duly authorized the   execution, delivery and performance of this Agreement, and has duly executed   and delivered this Agreement.
  
	
   
  	
  
 
  
	
  
 
  	
  
            (iv)         This   Agreement, assuming due authorization, execution and delivery by each of the   other parties hereto, constitutes a valid, legal and binding obligation of   the Master Servicer, enforceable against the Master Servicer in accordance   with the terms hereof, subject to (A) applicable receivership, insolvency,   reorganization, moratorium and other laws affecting the enforcement of   creditors’ rights generally and the rights of creditors of banks, and (B)   general principles of equity, regardless of whether such enforcement is   considered in a proceeding in equity or at law.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (v)          The   Master Servicer is not in violation of, and its execution and delivery of   this Agreement and its performance and compliance with the terms of this Agreement   will not constitute a violation of, any law, any order or decree of any court   or arbiter, or any order, regulation or demand of any federal, state or local   governmental or regulatory authority, which violation, in the Master   Servicer’s good faith and reasonable judgment, is likely to affect materially   and adversely either the ability of the Master Servicer to perform its   obligations under this Agreement or the financial condition of the Master   Servicer.
  
	
  
 
  	
  
 
  
	
   
  	
  
         (vi)         No   litigation is pending or, to the best of the Master Servicer’s knowledge,   threatened, against the Master Servicer that would prohibit the Master   Servicer from entering into this Agreement or, in the Master Servicer’s good   faith and reasonable judgment, is likely to materially and adversely affect   either the ability of the Master Servicer to perform its obligations under   this Agreement or the financial condition of the Master Servicer, calculated   on a consolidated basis.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (vii)         Each   officer, director, employee, consultant or advisor of the Master Servicer   with responsibilities concerning the servicing and administration of Mortgage   Loans is covered by errors and omissions insurance in the amounts and with   the coverage as, and to the extent, required by Section 3.07(c).
  

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         (viii)         The   net worth of the Master Servicer (or, in the case of the initial Master   Servicer, the consolidated net worth thereof and of its direct or indirect   parent), determined in accordance with generally accepted accounting   principles, is not less than $15,000,000.
  
	
   
  	
  
 
  
	
  
 
  	
  
         (ix)          Any   consent, approval, authorization or order of any court or governmental agency   or body required for the execution, delivery and performance by the Master   Servicer of or compliance by the Master Servicer with this Agreement or the   consummation of the transactions contemplated by this Agreement has been   obtained and is effective.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (x)          The   Master Servicer possesses the fidelity bond required pursuant to   Section 3.07(c) of this Agreement.
  

                    (b)          LNR Partners, Inc., in its capacity as Special Servicer, hereby represents and warrants to the Trustee, for its own benefit and the benefit of the Certificateholders and the Companion Holders, and to the Depositor and the Master Servicer, as of the Closing Date, that:

	
  
 
  	
  
         (i)           The   Special Servicer is a corporation duly organized under the laws of the State   of Florida, validly existing and the Special Servicer is in compliance with   the laws of each State in which any Mortgaged Property is located to the   extent necessary to perform its obligations under this Agreement.
  
	
   
  	
  
 
  
	
  
 
  	
  
         (ii)          The   execution and delivery of this Agreement by the Special Servicer, and the   performance and compliance with the terms of this Agreement by the Special   Servicer, will not violate the Special Servicer’s organizational documents or   constitute a default (or an event which, with notice or lapse of time, or   both, would constitute a default) under, or result in the breach of, any   material agreement or other material instrument by which it is bound.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (iii)         The   Special Servicer has the full power and authority to enter into and   consummate all transactions contemplated by this Agreement, has duly   authorized the execution, delivery and performance of this Agreement, and has   duly executed and delivered this Agreement.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (iv)          This   Agreement, assuming due authorization, execution and delivery by each of the   other parties hereto, constitutes a valid, legal and binding obligation of   the Special Servicer, enforceable against the Special Servicer in accordance   with the terms hereof, subject to (A) applicable bankruptcy, insolvency,   reorganization, moratorium and other laws affecting the enforcement of   creditors’ rights generally, and (B) general principles of equity, regardless   of whether such enforcement is considered in a proceeding in equity or at   law.
  

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         (v)          The   Special Servicer is not in violation of, and its execution and delivery of   this Agreement and its performance and compliance with the terms of this   Agreement will not constitute a violation of, any law, any order or decree of   any court or arbiter, or any order, regulation or demand of any federal,   state or local governmental or regulatory authority, which violation, in the   Special Servicer’s good faith and reasonable judgment, is likely to affect   materially and adversely either the ability of the Special Servicer or to   perform its obligations under this Agreement or the financial condition of   the Special Servicer.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (vi)          No   litigation is pending or, to the best of the Special Servicer’s knowledge,   threatened, against the Special Servicer the outcome of which in the Special   Servicer’s good faith and reasonable judgment could reasonably be expected to   prohibit the Special Servicer from entering into this Agreement or, in the   Special Servicer’s good faith and reasonable judgment, is likely to   materially and adversely affect either the ability of the Special Servicer to   perform its obligations under this Agreement or the financial condition of   the Special Servicer.
  
	
   
  	
  
 
  
	
  
 
  	
  
         (vii)          Each   officer, director and employee of the Special Servicer and each consultant or   advisor of the Special Servicer with responsibilities concerning the   servicing and administration of Mortgage Loans is covered by errors and   omissions insurance in the amounts and with the coverage required by   Section 3.07(c).
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (viii)         Any   consent, approval, authorization or order of any court or governmental agency   or body required for the execution, delivery and performance by the Special   Servicer of or compliance by the Special Servicer with this Agreement or the   consummation of the transactions contemplated by this Agreement has been   obtained and is effective.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (ix)          The   Special Servicer possesses all insurance required pursuant to   Section 3.07(c) of this Agreement.
  

                    (c)          The representations and warranties of the Master Servicer and the Special Servicer, set forth in Section 3.23(a) (with respect to the Master Servicer) and Section 3.23(b) (with respect to the Special Servicer) respectively, shall survive the execution and delivery of this Agreement and shall inure to the benefit of the Persons for whose benefit they were made for so long as the Trust Fund remains in existence.  Upon discovery by any party hereto of any breach of any of the foregoing representations and warranties, the party discovering such breach shall give prompt written notice to the other parties hereto.

                    Section 3.24.     Sub-Servicing Agreement Representation and Warranty.

                    The Master Servicer, in such capacity, hereby represents and warrants to the Trustee, for its own benefit and the benefit of the Certificateholders, and to the Depositor and the Special Servicer, as of the Closing Date, that each Sub-Servicing Agreement satisfies the requirements for such Sub-Servicing Agreements set forth in Sections 3.22(a) and the second paragraph of 3.22(d) in all material respects.

                    Section 3.25.     Designation of Controlling Class Representative.

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                    (a)          The Holders (or, in the case of Book-Entry Certificates, the Certificate Owners) of Certificates representing more than 50% of the Class Principal Balance of the Controlling Class shall be entitled in accordance with this Section 3.25 to select a representative having the rights and powers specified in this Agreement (including those specified in Section 6.11) or to replace an existing Controlling Class Representative.  With respect to The Woodlands Mall Loan, the Controlling Class Representative is appointed first by the holder of a majority of the Class WM Certificates until the Component Principal Balance of The Woodlands Mall Non-Pooled Component minus the portion of any Appraisal Reduction Amount allocable to The Woodlands Mall Non-Pooled Component is less
than 25% of its original Component Principal Balance, and then by the holders of
Certificates representing more than 50% of the Certificate Balance of the
Controlling Class; provided that the Controlling Class Representative
with respect to The Woodlands Mall Loan may not be the related Mortgagor or an
affiliate of the related Mortgagor.  Each advisor referred to above is
referred to herein as the “Controlling Class Representative”. 
Upon (i) the receipt by the Trustee of written requests for the selection
of a Controlling Class Representative from the Holders (or, in the case of
Book-Entry Certificates, the Certificate Owners) of Certificates representing
more than 50% of the Class Principal Balance of the Controlling Class,
(ii) the resignation or removal of the Person acting as Controlling Class
Representative or (iii) a determination by the Trustee that the Controlling
Class has changed, the Trustee shall promptly notify the Depositor and the
Holders (and, in the case of Book-Entry Certificates, to the extent actually
known to a Responsible Officer of the Trustee or identified thereto by the
Depository or the Depository Participants, the Certificate Owners) of the
Controlling Class that they may select a Controlling Class
Representative.  Such notice shall set forth the process for selecting a
Controlling Class Representative, which shall be the designation of the
Controlling Class Representative by the Holders (or Certificate Owners) of
Certificates representing more than 50% of the Class Principal Balance of the
Controlling Class by a writing delivered to the Trustee.  No
appointment of any Person as a Controlling Class Representative shall be
effective until such Person provides the Trustee and the Master Servicer with
written confirmation of its acceptance of such appointment, an address and
telecopy number for the delivery of notices and other correspondence and a list
of officers or employees of such Person with whom the parties to this Agreement
may deal (including their names, titles, work addresses and telecopy
numbers).  American Capital Strategies, Ltd., or an affiliate, shall be the
initial Controlling Class Representative without need for further designation or
notice.  The Controlling Class Representative with respect to The Woodlands
Mall Loan shall initially be Teachers Insurance and Annuity
Association.

                    Notwithstanding anything in this Section 3.25(a), the holders of the Companion Loans have certain consent and direction rights pursuant to the terms of the related Intercreditor Agreements as incorporated in this Agreement, and this Section shall not supersede any such rights, but nothing herein shall be construed to limit the right of the Controlling Class Representative to consult on a non-binding basis with the Special Servicer about any applicable Mortgage Loan.

                    (b)          Within ten (10) Business Days (or as soon thereafter as practicable if the Controlling Class consists of Book-Entry Certificates) of receiving a request therefor from the Master Servicer or Special Servicer, the Trustee shall, to the extent in its possession, deliver to the requesting party the identity of the Controlling Class Representative and a list of each Holder (or, in the case of Book-Entry Certificates, to the extent actually known to a Responsible Officer 

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of the Trustee or identified thereto by the Depository or the Depository Participants, each Certificate Owner) of the Controlling Class, including, in each case, names and addresses.  With respect to such information, the Trustee shall be entitled to conclusively rely on information provided to it by the Depository, and the Master Servicer and the Special Servicer shall be entitled to rely on such information provided by the Trustee with respect to any obligation or right hereunder that the Master Servicer and the Special Servicer may have to deliver information or otherwise communicate with the Controlling Class Representative or any of the Holders (or, if applicable, Certificate Owners) of the Controlling Class.  In addition to the foregoing, within two (2) Business Days of the selection, resignation or removal of a Controlling Class Representative, the Trustee shall notify the other parties to this Agreement of such event.  The expenses incurred
by the Trustee in connection with obtaining information from the Depository or Depository Participants with respect to any Book-Entry Certificate shall be expenses of the Trust Fund payable out of the Certificate Account pursuant to Section 3.05(a).

                    (c)          A Controlling Class Representative may at any time resign as such by giving written notice to the Trustee and to each Holder (or, in the case of Book-Entry Certificates, Certificate Owner) of the Controlling Class.  The Holders (or, in the case of Book-Entry Certificates, the Certificate Owners) of Certificates representing more than 50% of the Class Principal Balance of the Controlling Class shall be entitled to remove any existing Controlling Class Representative by giving written notice to the Trustee and to such existing Controlling Class Representative.

                    (d)          Once a Controlling Class Representative has been selected pursuant to this Section 3.25, each of the parties to this Agreement and each Certificateholder (or Certificate Owner, if applicable) shall be entitled to rely on such selection unless a majority of the Holders (or, in the case of Book-Entry Certificates, the Certificate Owners) of the Controlling Class, by aggregate Certificate Principal Balance, or such Controlling Class Representative, as applicable, shall have notified the Trustee and each other Holder (or, in the case of Book-Entry Certificates, Certificate Owner) of the Controlling Class, in writing, of the resignation or removal of such Controlling Class Representative.

                    (e)          Any and all expenses of the Controlling Class Representative shall be borne by the Holders (or, if applicable, the Certificate Owners) of Certificates of the Controlling Class, pro rata according to their respective Percentage Interests in such Class, and not by the Trust Fund.  Notwithstanding the foregoing, if a claim is made against the Controlling Class Representative by a Mortgagor with respect to this Agreement or any particular Mortgage Loan, the Controlling Class Representative shall immediately notify the Trustee, the Master Servicer and the Special Servicer, whereupon (if the Special Servicer or the Trust Fund are also named parties to the same action and, in the reasonable judgment of the Special Servicer, (i) the Controlling Class Representative had acted
in good faith, without negligence or willful misfeasance with regard to the particular matter, and (ii) there is no potential for the Special Servicer or the Trust Fund to be an adverse party in such action as regards the Controlling Class Representative) the Special Servicer on behalf of the Trust Fund shall, subject to Section 6.03, assume the defense of any such claim against the Controlling Class Representative.  This provision shall survive the termination of this Agreement and the termination or resignation of the Controlling Class Representative.

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                    (f)          All rights to, and requirements for, information or notice (including, but not limited to the delivery of information, notice or access to information) provided to the Controlling Class Representative or Certificateholders (which information, with respect to the Holders of the Class WM Certificates, does not include the fair value determination of The Woodlands Mall Loan), in general contained in this Agreement shall also apply to each Companion Holder (provided such Companion Holder is not a Mortgagor or an affiliate of a Mortgagor) with respect to information relating to the related Co-Lender Loan (but, in the case of information relating to a Co-Lender Loan, excluding the fair value determination thereof).

                    Section 3.26.     Companion Paying Agent.

                    (a)          The Master Servicer shall be the initial Companion Paying Agent hereunder.  The Companion Paying Agent undertakes to perform such duties and only such duties as are specifically set forth herein.  The Companion Paying Agent shall promptly make available to the Companion Holders all reports available to the Companion Paying Agent that the Trustee has made available to Certificateholders under this Agreement.

                    (b)          No provision of this Agreement shall be construed to relieve the Companion Paying Agent from liability for its own negligent failure to act, bad faith or its own willful misfeasance; provided, however, that the duties and obligations of the Companion Paying Agent shall be determined solely by the express provisions of this Agreement, the Companion Paying Agent shall not be liable except for the performance of such duties and obligations, no implied covenants or obligations shall be read into this Agreement against the Companion Paying Agent and, in the absence of bad faith on the part of the Companion Paying Agent, the Companion Paying Agent may conclusively rely, as to the truth and correctness of the statements or conclusions expressed therein, upon any resolutions,
certificates, statements, opinions, reports, documents, orders or other instrument furnished to the Companion Paying Agent by any Person and which on their face do not contradict the requirements of this Agreement.

                    (c)          If the Companion Paying Agent is also the Master Servicer, upon the resignation or removal of the Master Servicer pursuant to this Agreement, the Companion Paying Agent shall be deemed simultaneously to resign or be removed.

                    (d)          This Section shall survive the termination of this Agreement or the resignation or removal of the Companion Paying Agent, as regards rights accrued prior to such resignation or removal.

                    Section 3.27.     Companion Register.

                    The
Companion Paying Agent shall maintain a register (the “Companion
Register”) on which it will record the names and addresses of, and wire
transfer instructions for, the Companion Holders from time to time, to the
extent such information is provided in writing to it by the Companion
Holder.  Each initial Companion Holder, along with its name, address,
wiring instructions and tax identification number, is listed on Exhibit L
hereto.  The Companion Holders shall inform the Companion Paying Agent and
the Master Servicer of the name, address, wiring instructions and taxpayer
identification number of any subsequent Companion Holders upon any transfer of a
Companion Loan.  Upon the sale of a Companion Loan or portion thereof,

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the transferring Companion Holder shall inform the Companion Paying Agent and the Master Servicer in writing that such transfer has taken place and provide the Companion Paying Agent and the Master Servicer with the name, address, wiring instructions and tax identification number of the transferee.  In the event the Companion Holder transfers a Companion Loan without notice to the Companion Paying Agent, the Companion Paying Agent shall have no liability for any misdirected payment in the related Companion Loan and shall have no obligation to recover and redirect such payment.

                    The Companion Paying Agent shall promptly provide the name and address of the Companion Holders to any party hereto or any successor Companion Holders upon written request and any such Person may, without further investigation, conclusively rely upon such information.  The Companion Paying Agent shall have no liability to any Person for the provision of any such names and addresses.

                    Section 3.28.     Future Debt Secured by Interests in Related Borrowers.

                    In the event the Mortgage Loan documents permit ownership interests in the related borrower to be pledged as security for mezzanine debt in the future, in addition to any consents required hereunder, the Master Servicer shall require, to the extent not inconsistent with the Mortgage Loan documents, the execution in favor of the Trust Fund of a subordination and standstill agreement or an intercreditor agreement, as applicable, in form and substance that would be satisfactory to a commercially reasonable and prudent mortgage lender.

                    Section 3.29.     Certain Matters Relating to the Future Securitization of the Prime Outlets Pool II Pari Passu Companion Loan.

                    (a)          Each of the Trustee, the Master Servicer and the Special Servicer shall, and the Master Servicer and the Special Servicer shall use reasonable efforts to cause any Sub-Servicer appointed by such party with respect to the Prime Outlets Pool II Pari Passu Companion Loan to, upon request or notice from such Mortgage Loan Seller, cooperate with any Mortgage Loan Seller that is selling the Prime Outlets Pool II Pari Passu Companion Loan into a securitization that is required to comply with Regulation AB (a “Regulation AB Companion Loan Securitization”) and, to the extent necessary in order to comply with Regulation AB, provide to the Mortgage Loan Seller information about itself that such Mortgage Loan Seller reasonably requires to meet the requirements of Items 1117 and
1119 and paragraphs (b), (c)(3), (c)(4) and (c)(5) of Item 1108 of Regulation AB and shall cooperate with such Mortgage Loan Seller to provide such other information as may be necessary to comply with the requirements of Regulation AB.  Each of the Trustee, the Master Servicer and the Special Servicer understands that such information provided by the Trustee (where such information pertains to Wells Fargo Bank, N.A. individually and not to any specific aspect of the Trustee’s duties or obligations under this Agreement), the Master Servicer (where such information pertains to Wachovia Bank, National Association individually and not to any specific aspect of the Master Servicer’s duties or obligations under this Agreement) and the Special Servicer (where such information pertains to LNR Partners, Inc. individually and not to any specific aspect of the Special Servicer’s duties or obligations under this Agreement), as applicable, to such Mortgage Loan Seller as required by this clause
(a) may be included in the offering material related to a Regulation AB Companion Loan Securitization and agrees to indemnify and hold the related depositor and underwriter(s) of 

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the Regulation AB Loan Securitization harmless for any costs, liabilities, fees and expenses incurred by the Mortgage Loan Seller as a result of any material misstatements or omissions or any alleged material misstatements or alleged omissions in any such offering material to the extent that such material misstatement or omission was made in reliance upon any such information provided by such person.  Any such indemnification shall be in substantially the same form as provided by such party in this transaction.  Notwithstanding the foregoing, to the extent that the information provided by the Trustee, the Master Servicer or the Special Servicer, as applicable, for inclusion in the offering materials related to such Regulation AB Companion Loan Securitization is substantially and materially similar to the information provided by such party with respect to the offering materials related to this transaction, subject to any required changes due to any
amendments to Regulation AB or any changes in the interpretation of Regulation AB, such party shall be deemed to be in compliance with this Section 3.29(a).  Each of the Trustee, the Master Servicer and the Special Servicer shall provide an opinion of counsel in substantially the same form as provided in this transaction which provides that any information provided by such party pursuant to this Section 3.29(a) with respect to such Regulation AB Companion Loan Securitization complies with Items 1117 and 1119 (with respect to Item 1119, only as it relates to any Sub-Servicer, subcontractor or agent retained by it) and paragraphs (b), (c)(3), (c)(4) (but only with regard to second sentence thereof) and (c)(5) of Item 1108 of Regulation AB and that the offering material related to such Regulation AB Companion Loan Securitization contains all information required of such party to meet the requirements of Items 1117 and 1119 (with respect to Item 1119, only as it relates to any Sub-Servicer,
subcontractor or agent retained by it) and paragraphs (b), (c)(3), (c)(4) (but only with regard to second sentence thereof) and (c)(5) of Item 1108 of Regulation AB to the extent that any such party would be required pursuant to Regulation AB to provide such information.

                    (b)          Each of the Trustee, the Master Servicer and the Special Servicer shall, and the Master Servicer and the Special Servicer shall use reasonable efforts to cause any Sub-Servicer, if any, appointed with respect to the Prime Outlets Pool II Pari Passu Companion Loan to, upon request or notice from such parties (which request or notice shall be given each time a filing is required), cooperate with the trustee, master servicer or special servicer for any Regulation AB Companion Loan Securitization in preparing each Form 10-D required to be filed by such Regulation AB Companion Loan Securitization (until January 30 of the first year in which the trustee for such Regulation AB Companion Loan Securitization files a Form 15 Suspension Notice with respect to the related trust fund)
and shall provide to such trustee or master servicer within the time period set forth in the pooling and servicing agreement for such Regulation AB Companion Loan Securitization such information relating to the Prime Outlets Pool II Pari Passu Companion Loan as may be necessary for the servicer and trustee of the Regulation AB Companion Loan Securitization to comply with the reporting requirements of Regulation AB (provided such time period is not earlier than the time period set forth in this Agreement); provided, however that any parties to any Regulation AB Companion Loan Securitization shall consult with the Trustee, the Master Servicer and the Special Servicer (and the Master Servicer shall consult with any Sub-Servicer appointed with respect to the Prime Outlets Pool II Pari Passu Companion Loan), and the Trustee, the Master Servicer and the Special Servicer shall cooperate with such parties in respect of establishing the time periods for preparation of the Form 10-D reports
in the documentation for such Regulation AB Companion Loan Securitization.  Notwithstanding the foregoing, to the extent the Trustee, the Master Servicer or the Special Servicer complies in all material respects with the timing, reporting and 

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attestation requirements in Section 8.17 of this Agreement with respect to the comparable timing, reporting and attestation requirements contemplated in this Section 3.29(b) with respect to such Regulation AB Companion Loan Securitization, such party shall be deemed to be in compliance with the provisions of this Section 3.29(b).

                    (c)          Each of the Trustee, the Master Servicer and the Special Servicer shall, and the Master Servicer and the Special Servicer shall use reasonable efforts to cause any Sub-Servicer, if any, appointed with respect to the Prime Outlets Pool II Pari Passu Companion Loan to, upon request from the trustee under the Regulation AB Companion Loan Securitization (which request or notice shall be given each time a filing is required), provide the trustee under a Regulation AB Companion Loan Securitization (until January 30 of the first year in which the trustee for such Regulation AB Companion Loan Securitization files a Form 15 Suspension Notice with respect to the related trust fund) information with respect to any event that is required to be disclosed under Form 8-K with respect to
the Prime Outlets Pool II Pari Passu Companion Loan within two Business Days after the occurrence of such event of which it has knowledge.  Notwithstanding the foregoing, to the extent the Trustee, the Master Servicer or the Special Servicer complies in all material respects with the timing, reporting and attestation requirements in Section 8.17 of this Agreement with respect to the comparable timing, reporting and attestation requirements contemplated in this Section 3.29(c) with respect to such Regulation AB Companion Loan Securitization, such party shall be deemed to be in compliance with the provisions of this Section 3.29(c).

                    (d)          On or before March 5 (with a 7 Business Day notice and cure period as provided in Section 7.01(a)(iv) herein) of each year during which a Regulation AB Companion Loan Securitization is required to file an annual report on Form 10-K (and not in respect of any year in which such Regulation AB Companion Loan Securitization is not required to file an annual report on Form 10-K because a Form 15 Suspension Notice with respect to the related trust fund was filed), each of the Trustee, the Master Servicer and the Special Servicer shall, and the Master Servicer and the Special Servicer shall use reasonable efforts to cause any Sub-Servicer appointed with respect to the Prime Outlets Pool II Pari Passu Companion Loan to, upon request from the trustee under the Regulation AB Companion Loan
Securitization (which request or notice shall be given each time a filing is required), provide, with respect to itself, to the trustee under such Regulation AB Companion Loan Securitization, to the extent required pursuant to Item 1122 of Regulation AB, (i) a report on an assessment of compliance with the servicing criteria to the extent required pursuant to Item 1122(a) of Regulation AB, (ii) a registered accounting firm’s attestation report on such Person’s assessment of compliance with the applicable servicing criteria to the extent required pursuant to Item 1122(b) of Regulation AB and (iii) such other information as may be required pursuant to Item 1122(c) of Regulation AB.  Notwithstanding the foregoing, to the extent the Trustee, the Master Servicer or the Special Servicer complies in all material respects with the timing, reporting and attestation requirements in Section 8.17 of this Agreement with respect to the comparable timing, reporting and attestation
requirements contemplated in this Section 3.29(d) with respect to such Regulation AB Companion Loan Securitization, such party shall be deemed to be in compliance with the provisions of this Section 3.29(d).

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                    (e)          On or before March 5 (with a 7 Business Day notice and cure period as provided in Section 7.01(a)(iv) herein) of each year during which a Regulation AB Companion Loan Securitization is required to file an annual report on Form 10-K (and not in respect of any year in which such Regulation AB Companion Loan Securitization is not required to file an annual report on Form 10-K because a Form 15 Suspension Notice with respect to the related trust fund was filed), each of the Trustee, the Master Servicer and the Special Servicer shall, and the Master Servicer shall use reasonable efforts to cause the Primary Servicer, if applicable, and any Sub-Servicer appointed with respect to the Prime Outlets Pool II Pari Passu Companion Loan to, to the extent required pursuant to Item 1123 of
Regulation AB, deliver, with respect to itself, to the trustee, upon request from such trustee (which request or notice shall be given each time a filing is required), under such Regulation AB Companion Loan Securitization a servicer compliance statement signed by an authorized officer of such Person that satisfies the requirements of Item 1123 of Regulation AB.  Notwithstanding the foregoing, to the extent the Trustee, the Master Servicer or the Special Servicer complies in all material respects with the timing, reporting and attestation requirements in Section 8.17 of this Agreement with respect to the comparable timing, reporting and attestation requirements contemplated in this Section 3.29(e) with respect to such Regulation AB Companion Loan Securitization, such party shall be deemed to be in compliance with the provisions of this Section 3.29(e).

                    (f)          Each of the Trustee, the Master Servicer and the Special Servicer shall use reasonable efforts to cause a Sub-Servicer to agree, (severally but not jointly) to indemnify (such indemnity limited to each such parties respective failure described below) and hold the related depositor or underwriter(s) under a Regulation AB Companion Loan Securitization harmless for any costs, liabilities, fees and expenses incurred by such Mortgage Loan Seller, depositor, trustee or master servicer as a result of any failure by the Trustee, the Master Servicer and the Special Servicer, as applicable, to comply with the reporting requirements to the extent applicable set forth under Sections 3.29(b), (c), (d) and (e) above.  Any such indemnification by a Sub-Servicer shall be in substantially the
same form as provided by the Trustee, the Master Servicer or the Special Servicer, as applicable, in this transaction.

                    Each Sub-Servicing Agreement related to the Prime Outlets Pool II Pari Passu Companion Loan shall use commercially reasonable efforts to contain a provision requiring the related Sub-Servicer to provide to the Master Servicer or Special Servicer, as applicable, information, reports and certificates with respect to itself comparable to any information, reports or certificates required to be provided by the Master Servicer or Special Servicer pursuant to this Section 3.29, even if such Sub-Servicer is not otherwise required to provide such information, reports or certificates to any Person in order to comply with Regulation AB.  Such information, reports or certificates shall be provided to the Master Servicer or Special Servicer, as applicable, no later than two Business Days prior to the date on which the Master Servicer or Special
Servicer, as applicable, is required to deliver its comparable information, reports or certificates pursuant to this Section 3.29.

                    Section 3.30.     Swap Contract.

                    (a)          On or before the Closing Date, the Trustee, not in its individual capacity but solely in its capacity as Trustee, on behalf of the Trust, shall enter into the Swap Contract and related agreements with the Swap Counterparty.  The Paying Agent shall perform the duties and obligations of the Trustee under the Swap Contract.

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                    (b)          Not later than 11:00 a.m. New York City time, on the Business Day prior to each Distribution Date, based on the CMSA Loan Periodic Update File for the related Collection Period provided by the Master Servicer pursuant to Section 4.01(b), information obtained by the Paying Agent from the Swap Counterparty pursuant to the Swap Contract, and subject to the priorities set forth in Sections 4.01(a), 4.01(b) and 4.01(m) hereof, the Paying Agent shall (i) calculate the Fixed Swap Payment, if any, and the Floating Swap Payment, if any, in accordance with the terms of the Swap Contract and this Agreement, and (ii) notify the Swap Counterparty of any Floating Swap Payment or Net Swap Payment.  In the event the Trustee (or the Paying Agent on behalf of the Trust) fails to receive any
Floating Swap Payment payable by the Swap Counterparty on the Business Day prior to the related Distribution Date, the Trustee (or Paying Agent) shall provide the Swap Counterparty with notice of such non-payment no later than 5:00 p.m. New York City time on such date.  On the related Distribution Date following such notice of non-payment, if the Trustee fails to receive the Floating Swap Payment by 11:00 a.m. New York City time on such Distribution Date, a Swap Default and a Class A-3FL Distribution Conversion shall occur on such Distribution Date.

                    (c)          On each Distribution Date, the Paying Agent shall remit the Net Swap Payment, if any, to the Swap Counterparty from the Floating Rate Account; provided, that upon and during the continuation of a Class A-3FL Distribution Conversion, the Paying Agent shall not make such payments to the Swap Counterparty.  Promptly upon receipt of any payment or other receipt in respect of the Swap Contract, the Paying Agent shall deposit the same into the Floating Rate Account.  

                    (d)          The Trustee (or the Paying Agent on the behalf of the Trustee) shall at all times enforce the Trust’s rights under the Swap Contract.  In the event of a Swap Default, the Trustee (or the Paying Agent on its behalf) shall promptly provide written notice to the Holders of the Class A-3FL Certificates and shall be required to take such actions (following the expiration of any applicable grace period specified in the Swap Contract), unless otherwise directed in writing by the holders of 25% by Certificate Balance of the Class A-3FL Certificates, to enforce the rights of the Trust under the Swap Contract as may be permitted by the terms thereof, including termination thereof, and use Swap Termination Fees, if any, received from the Swap Counterparty to enter into a replacement
interest rate swap contract on substantially identical terms or on such other terms reasonably acceptable to the Trustee (or the Paying Agent on its behalf), with a replacement swap counterparty that would not cause a Rating Agency Trigger Event, subject, in each case, to written confirmation by the Rating Agencies that such action will not result in a qualification, downgrade or withdrawal of the then current ratings of the Certificates.  If the costs attributable to entering into a replacement interest rate swap contract would exceed the amount of any Swap Termination Fees, a replacement interest rate swap contract shall not be entered into and any such proceeds will instead be distributed to the holders of the Class A-3FL Certificates on the immediately succeeding Distribution Date.  Notwithstanding anything to the contrary in this Agreement or the Swap Contract, the Trustee shall be under no obligation to take any action to enforce the rights of the Trust Fund under the Swap Contract
unless it is assured, in its sole discretion, that the costs and expenses of such action(s) will be reimbursed or indemnified by the Holders of the Class A-3FL Certificates or any other party (other than the Trust Fund).

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                    Any Class A-3FL Distribution Conversion shall become permanent following the determination by the Trustee (or the Paying Agent acting on its behalf) not to enter into a replacement interest rate swap contract and distribution of any Swap Termination Fees to the Holders of the Class A-3FL Certificates.  Any such Swap Default (or termination of the Swap Contract) and the resulting Class A-3FL Distribution Conversion shall not, in and of itself, constitute an Event of Default under this Agreement.

                    Upon any change (or notification to the Paying Agent that such change is imminent) in the payment terms on the Class A-3FL Certificates, including as a result of a Class A-3FL Distribution Conversion, termination of a Class A-3FL Distribution Conversion, a Swap Default or the cure of a Swap Default, the Paying Agent shall promptly notify the Depositor of the change in payment terms.

                    (e)          In the event that the Swap Contract is terminated and no replacement Swap Contract is entered into, the Paying Agent shall provide notice of such termination to the Class A-3FL Certificateholders, which notice shall include: “The Swap Contract with respect to the Class A-3FL Certificates is terminated as of [date].  Certificateholders and beneficial owners that are Plans are advised that the Exemptions will no longer apply to the Class A-3FL Certificates, effective 60 days after the receipt of this notice.  All capitalized terms used in this notice shall have the meaning assigned to them in the Pooling and Servicing Agreement.”

                    (f)          The Paying Agent’s obligation to pay to the Swap Counterparty any funds under the Swap Contract shall be limited to the provisions of Section 3.05(h) and in accordance with the priorities set forth herein; the Trustee will have no obligation on behalf of the Trust Fund to pay or cause to be paid to the Swap Counterparty any portion of the amounts due to the Swap Counterparty under the Swap Contract for any Distribution Date unless and until the related interest payment on the Class A-3FL Regular Interest for such Distribution Date is actually received by the Trustee.  

                    (g)          Any
costs and expenses related to the Swap Contract will not be payable from the
Floating Rate Account of the Trust and will not constitute Additional Trust Fund
Expenses.  No party hereunder shall advance any Floating Swap
Payments.  Simultaneous with the delivery to the Certificateholders, the
Trustee shall (1) make available to the Swap Counterparty the Distribution Date
Statement (as defined in the Swap Contract) and (2) make available or deliver to
the Swap Counterparty copies of any other reports or notices delivered to the
Class A-3FL Certificateholders as and to the extent required by the Swap
Contract.

                    Section
3.31.     Litigation Control.

                    The Special Servicer shall with respect to Specially Serviced Mortgage Loans and at the direction of the Controlling Class Representative any other Mortgage Loan, (1) direct, manage, prosecute and/or defend  any action brought by a Mortgagor against the Trust Fund and/or the Special Servicer and (2) represent the interests of the Trust Fund in any litigation  relating to the rights and obligations of the Mortgagor or the Trust Fund, or the enforcement of the obligations of a Mortgagor, under the Mortgage Loan documents (“Trust-Related Litigation”).

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                    To the extent the Master Servicer is named in Trust-Related Litigation, and the Trust Fund or Special Servicer is not named, in order to effectuate the role of the Special Servicer as contemplated by the immediately preceding paragraph, the Master Servicer shall (1) notify the Special Servicer of such Trust-Related Litigation within ten (10) days of  the Master Servicer receiving service of such Trust-Related Litigation; (2) provide monthly status reports to the Special Servicer, regarding such Trust-Related Litigation; (3) seek to have the Trust Fund replace the Master Servicer as the appropriate party to the lawsuit; and (4) so long as the Master Servicer remains a party to the lawsuit, consult with and act at the direction of the Special Servicer with  respect to decisions and resolutions related to the interests of the Trust Fund in
such Trust-Related Litigation, including but not limited to the selection of counsel, provided however, if there are claims against the Master Servicer and the Master Servicer has not determined that  separate counsel is required for such claims, such counsel shall be reasonably acceptable to the Master Servicer.

                    Notwithstanding the right of the Special Servicer to represent the interests of the Trust Fund in Trust-Related Litigation, and subject to the rights of the Special Servicer to direct the Master Servicer’s actions in this Section 3.31 below, the Master Servicer shall retain the  right  to make determinations relating to claims against the Master Servicer, including but not limited to the right to engage separate counsel in the Master Servicer’s reasonable discretion, the cost of which shall be subject to indemnification pursuant to this Section 3.31.

                    Further, nothing in this section shall require the Master Servicer to take or fail to take any action which, in the Master Servicer’s good faith and reasonable judgment, may (1) result in an Adverse REMIC Event or Adverse Grantor Trust Event or (2) subject the Master Servicer to liability or materially expand the scope of the Master Servicer’s obligations under this Agreement.

                    Notwithstanding
the Master Servicer’s right to make determinations relating to claims
against the Master Servicer, the Special Servicer shall have the right at any
time to (1) direct the Master Servicer to settle any claims brought against the
Trust Fund, including claims asserted against the Master Servicer (whether or
not the Trust Fund or the Special Servicer is named in any such claims or
Trust-Related Litigation) and (2) otherwise reasonably direct the actions of the
Master Servicer relating to claims against the Master Servicer (whether or not
the Trust Fund or the Special Servicer is named in any such claims or
Trust-Related Litigation); provided in either case that (A) such
settlement  or  other direction does not require any admission, or is
not likely to result in a finding of liability or wrongdoing on the part of the
Master Servicer, (B) the cost of such settlement or any resulting judgment is
and shall be paid by the Trust Fund, (C) the Master Servicer is and shall be
indemnified pursuant to Section 6.03 hereof for all costs and expenses of the
Master Servicer incurred in defending and settling the Trust-Related Litigation
and for any judgment, (D) any such action taken by the Master Servicer at the
direction of the Special Servicer be deemed (as to the Master Servicer) to be in
compliance with the Servicing Standard and (E) the Special Servicer provides the
Master Servicer with assurance reasonably satisfactory to the Master Servicer as
to the items in clauses (A), (B) and (C).

                    In
the event both the Master Servicer and the Special Servicer or Trust Fund are
named in litigation, the Master Servicer and the Special Servicer shall
cooperate with each other to afford the Master Servicer and the Special Servicer
the rights afforded to such party in this Section 3.31.

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                    Notwithstanding anything to the contrary herein, if the Master Servicer controls certain Trust-Related Litigation on behalf of the Trust Fund with respect to Performing Serviced Mortgage Loans in accordance with this Section 3.31, the Special Servicer shall retain the right to make determinations relating to claims against the Special Servicer, including but not limited to the right to engage separate counsel in the Special Servicer’s reasonable discretion, the cost of which shall be subject to indemnification pursuant to Section 6.03.  Nothing in this Section 3.31 shall be intended to limit the rights of the Controlling Class Representative under any other section of this Agreement.

                    The Special Servicer or the Master Servicer, as applicable, will have the right to direct, manage, prosecute and/or defend any and all litigation and/or claims relating to (a) the enforcement of the obligations of a Mortgagor under the related Mortgage Loan documents and (b) any claim or action brought by a Mortgagor against the Trust Fund; provided that (i) in the event that any action, suit, litigation or proceeding names the Trustee in its individual capacity, or in the event that any judgment is rendered against the Trustee in its individual capacity, the Trustee, upon prior written notice to the Special Servicer or the Master Servicer, as applicable, may retain counsel and appear in any such proceeding on its own behalf in order to protect and represent its interests (but not to otherwise direct, manage or prosecute such litigation or

claim), (ii) in the event of any action, suit, litigation or proceeding, other than an action, suit, litigation or proceeding relating to the enforcement of the obligations of a Mortgagor under the related Mortgage Loan documents or otherwise relating to a Mortgage Loan or Mortgaged Property, neither the Master Servicer nor the Special Servicer shall, without the prior written consent of the Trustee, (A) initiate any action, suit, litigation or proceeding in the name of the Trustee, whether in such capacity or individually, (B) engage counsel to represent the Trustee, or (C) prepare, execute or deliver any government filings, forms, permits, registrations or other documents or take any other similar action with the intent to cause, and that actually causes, the Trustee to be registered to do business in any state (provided that none of the Master Servicer, the Special Servicer or the Trustee shall be responsible for any delay due to the unwillingness of the Trustee to grant such consent), and
(iii) in the event that any court finds that the Trustee is a necessary party in respect of any action, suit, litigation or proceeding relating to or arising from this Agreement or any Mortgage Loan, the Trustee shall have the right to retain counsel and appear in any such proceeding on its own behalf in order to protect and represent its interest (but not to otherwise direct, manage or prosecute such litigation or claim).

ARTICLE IV.

DISTRIBUTIONS TO CERTIFICATEHOLDERS

                    Section 4.01.     Distributions.

                    (a)          On each Distribution Date the Paying Agent shall (except as otherwise provided in Section 9.01), based on information provided by the Master Servicer and the Special Servicer, apply amounts on deposit in the Distribution Account, after payment of amounts payable from the Distribution Account in accordance with Section 3.05(b)(ii) through (vii),

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deemed distributions from the Woodlands Mall Loan REMIC to REMIC I pursuant to Section 4.01(k) and deemed distributions from REMIC I to REMIC II pursuant to Section 4.01(h), for the following purposes and in the following order of priority, in each case to the extent of the remaining portion of the Available Distribution Amount:

	
  
 
  	
  
         (i)          concurrently,   (i) from the Loan Group 1 Available Distribution Amount, to   distributions of interest to the Holders of the Class A-1, Class A-2, Class   A-PB and Class A-3 Certificates and the Class A-3FL Regular Interest, up   to an amount equal to, and pro rata as among such Classes in   accordance with, all Distributable Certificate Interest in respect of such   Class of Certificates and Regular Interest for such Distribution Date and, to   the extent not previously paid, for all prior Distribution Dates, if any,   (ii) from the Loan Group 2 Available Distribution Amount, to   distributions of interest to the Holders of the Class A-1A Certificates, up   to an amount equal to all Distributable Certificate Interest in respect of   such Class of Certificates for such Distribution Date and, to the extent not   previously
paid, for all prior Distribution Dates, if any, and   (iii) from the Loan Group 1 Available Distribution Amount and/or the   Loan Group 2 Available Distribution Amount, to distributions of interest to   the Holders of the Class X-C and Class X-P Certificates, up to an amount   equal to, and pro rata as between such Classes of Certificates, all   Distributable Certificate Interest in respect of such Class of Certificates   for such Distribution Date and, to the extent not previously paid, for all   prior Distribution Dates, if any; provided, however, that if the Loan   Group 1 Available Distribution Amount and/or the Loan Group 2 Available   Distribution Amount is insufficient to pay in full the total amount of   Distributable Certificate Interest, as provided above, payable in respect of   any Class of Senior Certificates (other than the Class A-3FL Certificates)   and the Class A-3FL Regular Interest on such Distribution Date, then the   entire Available Distribution Amount
shall be applied to make distributions   of interest to the Holders of the respective Classes of the Senior   Certificates and the Class A-3FL Regular Interest, up to an amount equal to,   and pro   rata as among such Classes in accordance with, all Distributable   Certificate Interest in respect of each such Class of Certificates and   Regular Interest for such Distribution Date and, to the extent not previously   paid, for all prior Distribution Dates, if any;
  
	
   
  	
  
 
  
	
  
 
  	
  
         (ii)         to   distributions of principal to the Holders of the Class A-PB Certificates, in   an amount equal to the Loan Group 1 Principal Distribution Amount for such   Distribution Date and, after the Class A-1A Certificates have been   retired, the Loan Group 2 Principal Distribution Amount remaining after   payments to the Class A-1A Certificates have been made on such Distribution   Date, until the Certificate Balance of the Class A-PB Certificates is reduced   to the Class A-PB Planned Principal Balance;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (iii)        after   the Class Principal Balance of the Class A-PB Certificates has been reduced   to the Class A-PB Planned Principal Balance, to distributions of principal to   the Holders of the Class A-1 Certificates, in an amount (not to exceed the   Class Principal Balance of the Class A-1 Certificates outstanding immediately   prior to such Distribution Date) equal to the entire Loan Group 1 Principal   Distribution Amount and, after the Class Principal Balance of the Class A-1A   Certificates has been reduced to zero, the entire Loan Group 2 Principal   Distribution Amount for such Distribution Date remaining after making any   distributions required pursuant to clause (x) below on such Distribution   Date, less any portion thereof distributed in respect of the Class A-PB Certificates   on such Distribution Date;
  

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         (iv)        after   the Class Principal Balance of the Class A-PB Certificates has been reduced   to the Class A-PB Planned Principal Balance and after the Class Principal   Balance of the Class A-1 Certificates has been reduced to zero, to   distributions of principal to the Holders of the Class A-2 Certificates, in   an amount (not to exceed the Class Principal Balance of the Class A-2   Certificates outstanding immediately prior to such Distribution Date) equal   to the entire Loan Group 1 Principal Distribution Amount and, after the Class   Principal Balance of the Class A-1A Certificates has been reduced to zero,   the entire Loan Group 2 Principal Distribution Amount for such Distribution   Date remaining after making any distributions required pursuant to clause (x)   below on such Distribution Date (in each case, net of any portion thereof   distributed on such
Distribution Date to the Holders of the Class A-PB   Certificates and the Class A-1 Certificates pursuant to clauses (ii) and   (iii) above);
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (v)          after   the Class Principal Balance of the Class A-PB Certificates has been reduced   to the Class A-PB Planned Principal Balance and after the Class Principal   Balances of each of the Class A-1 and Class A-2 Certificates have been   reduced to zero, pro rata, to distributions of principal   to the Holders of the Class A-3 Certificates and the Class A-3FL Regular   Interest, in an amount (not to exceed the Class Principal Balance of the   Class A-3 Certificates or the Class A-3FL Regular Interest, respectively,   outstanding immediately prior to such Distribution Date) equal to the entire   Loan Group 1 Principal Distribution Amount and, after the Class Principal   Balance of the Class A-1A Certificates has been reduced to zero, the entire   Loan Group 2 Principal Distribution Amount for such Distribution Date   remaining after making any
distributions required pursuant to clause   (x) below on such Distribution Date (in each case, net of any portion   thereof distributed on such Distribution Date to the Holders of the Class   A-PB, Class A-1 and Class A-2 Certificates pursuant to clauses (ii),   (iii) and (iv) above);
  
	
   
  	
  
 
  
	
  
 
  	
  
         (vi)         after   the Class Principal Balances of the Class A-1, Class A-2 and Class A-3   Certificates have been reduced to zero and the Class Principal Balance of the   Class A-PB Certificates has been reduced to the Planned Principal Balance, to   distributions of principal to the Holders of the Class A-PB Certificates, in   an amount (not to exceed the Class Principal Balance of the Class A-PB   Certificates outstanding immediately prior to such Distribution Date) equal   to the entire Loan Group 1 Principal Distribution Amount and, after the Class   Principal Balance of the Class A-1A Certificates has been reduced to zero,   the entire Loan Group 2 Principal Distribution Amount for such Distribution   Date remaining after making any distributions required pursuant to clause   (x) below on such Distribution Date (in each case, net of any portion   thereof

distributed on such Distribution Date to the Holders of the Class   A-PB, Class A-1, Class A-2 and Class A-3 Certificates and the Class A-3FL   Regular Interest pursuant to clauses (ii), (iii), (iv) and (v) above);
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (vii)        after   the Class Principal Balances of the Class A-1, Class A-2 and Class A-3   Certificates have been reduced to zero, to distributions of principal to the   Holders of the Class A-PB Certificates, in an amount (not to exceed the Class   Principal Balance of 
  

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the Class   A-PB Certificates outstanding immediately prior to such Distribution Date)   equal to the entire Loan Group 1 Principal Distribution Amount and, after the   Class Principal Balance of the Class A-1A Certificates has been reduced to   zero, the entire Loan Group 2 Principal Distribution Amount for such   Distribution Date remaining after making any distributions required pursuant   to clause (x) below on such Distribution Date (in each case, net of any   portion thereof distributed on such Distribution Date to the Holders of the   Class A-PB, Class A-1, Class A-2 and Class A-3 Certificates and the Class   A-3FL Regular Interest pursuant to clauses (ii), (iii), (iv), (v) and   (vi) above);
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (viii)       to   distributions of principal to the Holders of the Class A-1A Certificates, in   an amount (not to exceed the Class Principal Balance of the Class A-1A   Certificates outstanding immediately prior to such Distribution Date) equal   to the entire Loan Group 2 Principal Distribution Amount and, after the   Class Principal Balances of the Class A-PB, Class A-1, Class A-2 and   Class A-3 Certificates and the Class A-3FL Regular Interest have been reduced   to zero, the entire Loan Group 1 Principal Distribution Amount for such   Distribution Date remaining after making any distributions required pursuant   to clauses (ii), (iii), (iv), (v), (vi) and (vii) above;
  
	
   
  	
  
 
  
	
  
 
  	
  
         (ix)         to   distributions to the Holders of the Class A-PB Certificates, the Class A-1   Certificates, the Class A-2 Certificates, the Class A-3 Certificates, Class   A-3FL Regular Interest and the Class A-1A Certificates, pro rata as among such   Classes of Certificates, in accordance with, in an amount equal to, and in   reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if   any, previously allocated to each such Class of Certificates and not   previously reimbursed;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (x)          to   distributions of interest to the Holders of the Class A-M Certificates, in an   amount equal to all Distributable Certificate Interest in respect of such Class   of Certificates for such Distribution Date (net of any portion thereof   distributed on such Distribution Date to the Holders of any other Class of   Certificates pursuant to any prior clause of this Section 4.01(a));
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xi)         after   the Class Principal Balances of the Class A Certificates (other than the   Class A-3FL Certificates) and the Class A-3FL Regular Interest have been   reduced to zero, to distributions of principal to the Holders of the   Class A-M Certificates, in an amount (not to exceed the Class Principal   Balance of the Class A-M Certificates outstanding immediately prior to such   Distribution Date) equal to the Principal Distribution Amount for such   Distribution Date (net of any portion thereof distributed on such   Distribution Date to the Holders of any other Class of Certificates and/or   Regular Interest pursuant to any prior clause of this Section 4.01(a));
  
	
   
  	
  
 
  
	
  
 
  	
  
         (xii)        to   distributions to the Holders of the Class A–M Certificates, in an amount   equal to, and in reimbursement of, all Realized Losses and Additional Trust   Expenses, if any, previously allocated to the Class A-M Certificates and not   previously reimbursed;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xiii)       to   distributions of interest to the Holders of the Class A-J Certificates in an   amount equal to all Distributable Certificate Interest in respect of such   Class of Certificates for such Distribution Date and, to the extent not   previously paid, for all prior Distribution Dates;
  

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         (xiv)        after   the Class Principal Balances of the Class A Certificates (other than the   Class A-3FL Certificates), the Class A-3FL Regular Interest and the   Class A-M Certificates have been reduced to zero, to distributions of   principal to the Holders of the Class A-J Certificates, in an amount (not to   exceed the Class Principal Balance of the Class A-J Certificates outstanding   immediately prior to such Distribution Date) equal to the entire Principal   Distribution Amount for such Distribution Date (net of any portion thereof   distributed on such Distribution Date to the Holders of any other Class of   Certificates and/or Regular Interest pursuant to any prior clause of this   Section 4.01(a));
  
	
   
  	
  
 
  
	
  
 
  	
  
         (xv)         to   distributions to the Holders of the Class A-J Certificates, in an amount   equal to, and in reimbursement of, all Realized Losses and Additional Trust   Fund Expenses, if any, previously allocated to the Class A-J Certificates and   not previously reimbursed;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xvi)        to   distributions of interest to the Holders of the Class B Certificates in   an amount equal to all Distributable Certificate Interest in respect of such   Class of Certificates for such Distribution Date and, to the extent not   previously paid, for all prior Distribution Dates;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xvii)       after   the Class Principal Balance of the Class A-J Certificates has been   reduced to zero, to distributions of principal to the Holders of the   Class B Certificates, in an amount (not to exceed the Class Principal   Balance of the Class B Certificates outstanding immediately prior to   such Distribution Date) equal to the entire Principal Distribution Amount for   such Distribution Date (net of any portion thereof distributed on such   Distribution Date to the Holders of any other Class of Certificates and/or   Regular Interest pursuant to any prior clause of this Section 4.01(a));
  
	
   
  	
  
 
  
	
  
 
  	
  
         (xviii)      to   distributions to the Holders of the Class B Certificates, in an amount   equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund   Expenses, if any, previously allocated to the Class B Certificates and   not previously reimbursed;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xix)        to   distributions of interest to the Holders of the Class C Certificates in   an amount equal to all Distributable Certificate Interest in respect of such   Class of Certificates for such Distribution Date and, to the extent not   previously paid, for all prior Distribution Dates;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xx)         after   the Class Principal Balance of the Class B Certificates has been reduced   to zero, to distributions of principal to the Holders of the Class C   Certificates, in an amount (not to exceed the Class Principal Balance of the   Class C Certificates outstanding immediately prior to such Distribution   Date) equal to the entire Principal Distribution Amount for such Distribution   Date (net of any portion thereof distributed on such Distribution Date to the   Holders of any other Class of Certificates and/or Regular Interest pursuant   to any prior clause of this Section 4.01(a));
  

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         (xxi)        to   distributions to the Holders of the Class C Certificates, in an amount   equal to, and in reimbursement of, all Realized Losses and Additional Trust   Fund Expenses, if any, previously allocated to the Class C Certificates   and not previously reimbursed;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xxii)       to   distributions of interest to the Holders of the Class D Certificates, in   an amount equal to all Distributable Certificate Interest in respect of the   Class D Certificates for such Distribution Date and, to the extent not   previously paid, for all prior Distribution Dates;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xxiii)      after   the Class Principal Balance of the Class C Certificates has been reduced   to zero, to distributions of principal to the Holders of the Class D   Certificates, in an amount (not to exceed the Class Principal Balance of the   Class D Certificates outstanding immediately prior to such Distribution   Date) equal to the entire Principal Distribution Amount for such Distribution   Date (net of any portion thereof distributed on such Distribution Date to the   Holders of any other Class of Certificates and/or Regular Interest  pursuant to any prior clause of this   Section 4.01(a));
  
	
   
  	
  
 
  
	
  
 
  	
  
         (xxiv)      to   distributions to the Holders of the Class D Certificates, in an amount   equal to, and in reimbursement of, all Realized Losses and Additional Trust   Fund Expenses, if any, previously allocated to the Class D Certificates   and not previously reimbursed;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xxv)       to   distributions of interest to the Holders of the Class E Certificates, in   an amount equal to all Distributable Certificate Interest in respect of the   Class E Certificates for such Distribution Date and, to the extent not   previously paid, for all prior Distribution Dates;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xxvi)      after   the Class Principal Balance of the Class D Certificates has been reduced   to zero, to distributions of principal to the Holders of the Class E   Certificates, in an amount (not to exceed the Class Principal Balance of the   Class E Certificates outstanding immediately prior to such Distribution   Date) equal to the entire Principal Distribution Amount for such Distribution   Date (net of any portion thereof distributed on such Distribution Date to the   Holders of any other Class of Certificates and/or Regular Interest pursuant   to any prior clause of this Section 4.01(a));
  
	
   
  	
  
 
  
	
  
 
  	
  
         (xxvii)     to   distributions to the Holders of the Class E Certificates, in an amount   equal to, and in reimbursement of, all Realized Losses and Additional Trust   Fund Expenses, if any, previously allocated to the Class E Certificates   and not previously reimbursed;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xxviii)    to   distributions of interest to the Holders of the Class F Certificates, in   an amount equal to all Distributable Certificate Interest in respect of the   Class F Certificates for such Distribution Date and, to the extent not   previously paid, for all prior Distribution Dates;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xxix)      after   the Class Principal Balance of the Class E Certificates has been reduced   to zero, to distributions of principal to the Holders of the Class F   Certificates, in 
  

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an amount   (not to exceed the Class Principal Balance of the Class F Certificates   outstanding immediately prior to such Distribution Date) equal to the entire   Principal Distribution Amount for such Distribution Date (net of any portion   thereof distributed on such Distribution Date to the Holders of any other   Class of Certificates and/or Regular Interest pursuant to any prior clause of   this Section 4.01(a));
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xxx)       to   distributions to the Holders of the Class F Certificates, in an amount   equal to, and in reimbursement of, all Realized Losses and Additional Trust   Fund Expenses, if any, previously allocated to the Class F Certificates   and not previously reimbursed;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xxxi)      to   distributions of interest to the Holders of the Class G Certificates, in   an amount equal to all Distributable Certificate Interest in respect of the Class G   Certificates for such Distribution Date and, to the extent not previously   paid, for all prior Distribution Dates;
  
	
   
  	
  
 
  
	
  
 
  	
  
         (xxxii)     after   the Class Principal Balance of the Class F Certificates has been reduced   to zero, to distributions of principal to the Holders of the Class G   Certificates, in an amount (not to exceed the Class Principal Balance of the   Class G Certificates outstanding immediately prior to such Distribution   Date) equal to the entire Principal Distribution Amount for such Distribution   Date (net of any portion thereof distributed on such Distribution Date to the   Holders of any other Class of Certificates and/or Regular Interest pursuant   to any prior clause of this Section 4.01(a));
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xxxiii)    to   distributions to the Holders of the Class G Certificates, in an amount   equal to, and in reimbursement of, all Realized Losses and Additional Trust   Fund Expenses, if any, previously allocated to the Class G Certificates   and not previously reimbursed;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xxxiv)    to   distributions of interest to the Holders of Class H Certificates, in an   amount equal to all Distributable Certificate Interest in respect of the   Class H Certificates for such Distribution Date and, to the extent not   previously paid, for all prior Distribution Dates;
  
	
   
  	
  
 
  
	
  
 
  	
  
         (xxxv)     after   the Class Principal Balance of the Class G Certificates has been reduced   to zero, to distributions of principal to the Holders of the Class H   Certificates, in an amount (not to exceed the Class Principal Balance of the   Class H Certificates outstanding immediately prior to such Distribution   Date) equal to the entire Principal Distribution Amount for such Distribution   Date (net of any portion thereof distributed on such Distribution Date to the   Holders of any other Class of Certificates and/or Regular Interest pursuant   to any prior clause of this Section 4.01(a));
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xxxvi)    to   distributions to the Holders of the Class H Certificates in an amount   equal to, and in reimbursement of, all Realized Losses and Additional Trust   Fund Expenses, if any, previously allocated to the Class H Certificates   and not previously reimbursed;
  

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         (xxxvii)   to   distributions of interest to the Holders of the Class J Certificates, in   an amount equal to all Distributable Certificate Interest in respect of the   Class J Certificates for such Distribution Date and, to the extent not   previously paid, for all prior Distribution Dates;
  
	
   
  	
  
 
  
	
  
 
  	
  
         (xxxviii)  after   the Class Principal Balance of the Class H Certificates has been reduced   to zero, to distributions of principal to the Holders of the Class J   Certificates, in an amount (not to exceed the Class Principal Balance of the   Class J Certificates outstanding immediately prior to such Distribution   Date) equal to the entire Principal Distribution Amount for such Distribution   Date (net of any portion thereof distributed on such Distribution Date to the   Holders of any other Class of Certificates and/or Regular Interest pursuant   to any prior clause of this Section 4.01(a));
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xxxix)     to   distributions to the Holders of the Class J Certificates, in an amount   equal to, and in reimbursement of, all Realized Losses and Additional Trust   Fund Expenses, if any, previously allocated to the Class J Certificates   and not previously reimbursed;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xl)           to   distributions of interest to the Holders of the Class K Certificates, in   an amount equal to all Distributable Certificate Interest in respect of the   Class K Certificates for such Distribution Date and, to the extent not   previously paid, for all prior Distribution Dates;
  
	
   
  	
  
 
  
	
  
 
  	
  
         (xli)          after   the Class Principal Balance of the Class J Certificates has been reduced   to zero, to distributions of principal to the Holders of the Class K   Certificates, in an amount (not to exceed the Class Principal Balance of the   Class K Certificates outstanding immediately prior to such Distribution   Date) equal to the entire Principal Distribution Amount for such Distribution   Date (net of any portion thereof distributed on such Distribution Date to the   Holders of any other Class of Certificates and/or Regular Interest pursuant   to any prior clause of this Section 4.01(a));
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xlii)         to   distributions to the Holders of the Class K Certificates, in an amount   equal to, and in reimbursement of, all Realized Losses and Additional Trust   Fund Expenses, if any, previously allocated to the Class K Certificates   and not previously reimbursed;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xliii)        to   distributions of interest to the Holders of the Class L Certificates, in   an amount equal to all Distributable Certificate Interest in respect of the   Class L Certificates for such Distribution Date and, to the extent not   previously paid, for all prior Distribution Dates;
  
	
   
  	
  
 
  
	
  
 
  	
  
         (xliv)        after   the Class Principal Balance of the Class K Certificates has been reduced   to zero, to distributions of principal to the Holders of the Class L   Certificates, in an amount (not to exceed the Class Principal Balance of the   Class L Certificates outstanding immediately prior to such Distribution   Date) equal to the entire Principal Distribution Amount for such Distribution   Date (net of any portion thereof distributed on such Distribution Date to the   Holders of any other Class of Certificates and/or Regular Interest pursuant   to any prior clause of this Section 4.01(a));
  

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         (xlv)          to   distributions to the Holders of the Class L Certificates, in an amount   equal to, and in reimbursement of, all Realized Losses and Additional Trust   Fund Expenses, if any, previously allocated to the Class L Certificates   and not previously reimbursed;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xlvi)         to   distributions of interest to the Holders of the Class M Certificates, in   an amount equal to all Distributable Certificate Interest in respect of the Class M   Certificates for such Distribution Date and, to the extent not previously   paid, for all prior Distribution Dates;
  
	
   
  	
  
 
  
	
  
 
  	
  
         (xlvii)        after   the Class Principal Balance of the Class L Certificates has been reduced   to zero, to distributions of principal to the Holders of the Class M   Certificates, in an amount (not to exceed the Class Principal Balance of the   Class M Certificates outstanding immediately prior to such Distribution   Date) equal to the entire Principal Distribution Amount for such Distribution   Date (net of any portion thereof distributed on such Distribution Date to the   Holders of any other Class of Certificates and/or Regular Interest pursuant   to any prior clause of this Section 4.01(a));
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xlviii)       to   distributions to the Holders of the Class M Certificates, in an amount   equal to, and in reimbursement of, all Realized Losses and Additional Trust   Fund Expenses, if any, previously allocated to the Class M Certificates   and not previously reimbursed;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xlix)         to   distributions of interest to the Holders of the Class N Certificates, in   an amount equal to all Distributable Certificate Interest in respect of the   Class N Certificates for such Distribution Date and, to the extent not   previously paid, for all prior Distribution Dates;
  
	
   
  	
  
 
  
	
  
 
  	
  
         (l)              after   the Class Principal Balance of the Class M Certificates has been reduced   to zero, to distributions of principal to the Holders of the Class N   Certificates, in an amount (not to exceed the Class Principal Balance of the   Class N Certificates outstanding immediately prior to such Distribution   Date) equal to the entire Principal Distribution Amount for such Distribution   Date (net of any portion thereof distributed on such Distribution Date to the   Holders of any other Class of Certificates and/or Regular Interest pursuant   to any prior clause of this Section 4.01(a));
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (li)             to   distributions to the Holders of the Class N Certificates, in an amount   equal to, and in reimbursement of, all Realized Losses and Additional Trust   Fund Expenses, if any, previously allocated to the Class N Certificates   and not previously reimbursed;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (lii)            to   distributions of interest to the Holders of the Class O Certificates, in   an amount equal to all Distributable Certificate Interest in respect of the   Class O Certificates for such Distribution Date and, to the extent not   previously paid, for all prior Distribution Dates;
  

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         (liii)           after   the Class Principal Balance of the Class N Certificates has been reduced   to zero, to distributions of principal to the Holders of the Class O   Certificates, in an amount (not to exceed the Class Principal Balance of the   Class O Certificates outstanding immediately prior to such Distribution   Date) equal to the entire Principal Distribution Amount for such Distribution   Date (net of any portion thereof distributed on such Distribution Date to the   Holders of any other Class of Certificates and/or Regular Interest pursuant   to any prior clause of this Section 4.01(a));
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (liv)           to   distributions to the Holders of the Class O Certificates, in an amount   equal to, and in reimbursement of, all Realized Losses and Additional Trust   Fund Expenses, if any, previously allocated to the Class O Certificates   and not previously reimbursed;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (lv)            to   distributions of interest to the Holders of the Class P Certificates, in   an amount equal to all Distributable Certificate Interest in respect of the   Class P Certificates for such Distribution Date and, to the extent not   previously paid, for all prior Distribution Dates;
  
	
   
  	
  
 
  
	
  
 
  	
  
         (lvi)           after   the Class Principal Balance of the Class O Certificates has been reduced   to zero, to distributions of principal to the Holders of the Class P   Certificates, in an amount (not to exceed the Class Principal Balance of the   Class P Certificates outstanding immediately prior to such Distribution   Date) equal to the entire Principal Distribution Amount for such Distribution   Date (net of any portion thereof distributed on such Distribution Date to the   Holders of any other Class of Certificates and/or Regular Interest pursuant   to any prior clause of this Section 4.01(a));
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (lvii)          to   distributions to the Holders of the Class P Certificates, in an amount   equal to, and in reimbursement of, all Realized Losses and Additional Trust   Fund Expenses, if any, previously allocated to the Class P Certificates   and not previously reimbursed; and
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (lviii)         to   make distributions to the Holders of the Class R-II Certificates, in an   amount equal to the excess, if any, of (A) the aggregate distributions deemed   made in respect of the REMIC I Regular Interests (other than REMIC I Regular   Interests LWM) on such Distribution Date pursuant to Section 4.01(h),   over (B) the aggregate distributions made in respect of the Regular   Certificates (other than the Class WM Certificates) on such Distribution Date   pursuant to clauses (i) through (lxiv) above;
  

provided that on each Distribution Date after the aggregate of Class Principal Balances of each Class of Subordinated Certificates have been reduced to zero, but any two or more of the Class A-1 Certificates, the Class A-2 Certificates, the Class A-PB Certificates, the Class A-3 Certificates and the Class A-1A Certificates and the Class A-3FL Regular Interest remain outstanding, the payments of principal to be made as contemplated by clauses (iii) through (x) above with respect to the Class A Certificates and Regular Interest will be made to the Holders of the respective Classes of such Class A Certificates (other than the Class A-3FL Certificates) and the Class A-3FL Regular Interest up to an amount equal to, and pro rata as among such Classes in accordance with, the respective then outstanding Class Principal Balances 

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of such Classes of Certificates and the Class A-3FL Regular Interest and without regard to the Principal Distribution Amount for such Distribution Date and without regard to Loan Group.  Distributions in reimbursement of Realized Losses and Additional Trust Fund Expenses previously allocated to a Class of Certificates and Regular Interest shall not constitute distributions of principal and shall not result in reduction of the related Class Principal Balance.

                    All distributions of interest made in respect of the Class X-C and Class X-P Certificates on any Distribution Date pursuant to clause (i) above, shall be deemed to have been made in respect of all the Components of such Class, pro rata in accordance with the respective amounts of interest that would be payable on such Components on such Distribution Date based on the Class X-C Strip Rate and Class X-P Strip Rate, as applicable, of such Component multiplied by its Component Notional Amount, together with any amounts thereof remaining unpaid from previous Distribution Dates.

                    (b)          On each Distribution Date, the Paying Agent shall withdraw from the Distribution Account any amounts that represent Prepayment Premiums and/or Yield Maintenance Charges actually collected on the Mortgage Loans (excluding, with respect to The Woodlands Mall Loan, The Woodlands Mall Non-Pooled Component) and any REO Loans during the related Collection Period and shall be deemed to distribute such Prepayment Premiums and/or Yield Maintenance Charges from REMIC I to REMIC II in respect of REMIC I Regular Interest LA-1-1 (whether or not such Class has received all distributions of interest and principal to which it is entitled), and then shall distribute each such Prepayment Premium and/or Yield Maintenance Charge, as additional yield, as follows:

	
  
 
  	
  
         (i)          First,   to the Holders of the respective Classes of Regular Certificates (other than   any Excluded Class thereof and the Class WM Certificates) and the Class   A-3FL Regular Interest entitled to distributions of principal pursuant to   Section 4.01(a) on such Distribution Date, up to an amount equal   to, and pro   rata based on, the Additional Yield Amounts for each such Class of   Certificates and Regular Interest for such Distribution Date; and
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (ii)         Second,   (A) on or before the Distribution Date in June 2013, 14% of such Yield   Maintenance Charges and/or Prepayment Premiums to the Holders of the   Class X-P Certificates and 86% of such Yield Maintenance Charges and/or   Prepayment Premiums to the Holders of the Class X-C Certificates and (B)   after the Distribution Date in June 2013, 100% to the Holders of the Class   X-C Certificates, in each case, to the extent of any remaining portion of   such Yield Maintenance Charges and/or Prepayment Premiums.
  

                    Notwithstanding the above, in the event of a prepayment on the Chemed Center Fee Loan resulting from a default under the Chemed Center Leasehold Loan and the subsequent exercise of the related ground lessee’s purchase option by the mortgagee under the Chemed Center Leasehold Loan, no Prepayment Premium or Yield Maintenance Charge received in connection with such a prepayment (if any) will be distributed to the Holders of the Class A Certificates, the Class B Certificates, the Class C Certificates, the Class D Certificates, the Class E Certificates, the F Certificates, the Class G Certificates or the Class H Certificates.

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                    Any distribution of Additional Yield Amounts in respect of the Class A-3FL Regular Interest shall be paid to the Holders of the Class A-3FL Certificates or to the related Swap Counterparty as specified in Section 4.01(j).

                    On each Distribution Date, the Paying Agent shall withdraw from the Additional Interest Account any amounts that represent (A) Additional Interest actually collected during the related Collection Period on the ARD Loans and any related REO Loans and shall distribute such amounts among the Holders of the Class Z Certificates pro rata in accordance with the respective Percentage Interests of such Class and (B) interest and investment income, if any, earned in respect of amounts held in the Additional Interest Account as provided in Section 3.06, but only to the extent of the Net Investment Earnings with respect to such account for the related Distribution Date, and shall distribute such amount to the Trustee as additional compensation.

                    (c)          (1)          On each Distribution Date the Paying Agent shall (except as otherwise provided in Section 9.01), based on information provided by the Master Servicer and the Special Servicer and allocations set forth in Section 4.01(i), apply amounts on deposit in the Distribution Account, after payment of amounts payable from the Distribution Account in accordance with Section 3.05(b)(ii) through (vii), for the following purposes and in the following order of priority, in each case to the extent of the Class WM Available Distribution Amount:

	
   
  	
  
         (i)          to   distributions of interest to the Holders of the Class WM Certificates in an   amount equal to Distributable Certificate Interest in respect of such Class   of Certificates for such Distribution Date and, to the extent not previously   paid, for all prior Distribution Dates;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (ii)         to   distributions of principal to the Holders of the Class WM Certificates in an   amount (not to exceed the Class Principal Balance of the Class WM   Certificates outstanding immediately prior to such Distribution Date) equal   to the entire Class WM Principal Distribution Amount for such Distribution   Date;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (iii)        to   distributions to the Holders of the Class WM Certificates in an amount equal   to, and in reimbursement of, all Realized Losses and Additional Trust Fund   Expenses, if any, previously allocated to such Class of Class WM Certificates   and not previously reimbursed; and
  
	
  
 
  	
  
 
  
	
   
  	
  
         (iv)        to   distributions to the Holders of the Class R-I Certificates in an amount equal   to the excess, if any of (A) the distribution deemed made in respect of REMIC   I Regular Interest LWM on such Distribution Date pursuant to Section 4.01   over (B) the distribution to be made on such Distribution Date as described   in clauses (i) through (iii) above and in the next succeeding sentence.
  

                    In addition, all Yield Maintenance Charges collected on The Woodlands Mall Loan (to the extent allocable to The Woodlands Mall Non-Pooled Component in accordance with Section 4.01(i)) will be distributed to the Class WM Certificates on the Distribution Date when the related principal prepayment is distributed.

                    (d)          All distributions made with respect to each Class on each Distribution Date shall be allocated pro rata among the outstanding Certificates in such Class based on their 

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respective Percentage Interests.  Except as otherwise provided below, all such distributions with respect to each Class on each Distribution Date shall be made to the Certificateholders of the respective Class of record at the close of business on the related Record Date and shall be made by wire transfer of immediately available funds to the account of any such Certificateholder at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided the Paying Agent with wiring instructions no less than five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent Distribution Dates), or otherwise by check mailed to the address of such Certificateholder as it appears in the Certificate Register.  The final distribution on each Certificate (determined, in the case of a Sequential Pay Certificate, without regard to any possible

future reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated to such Certificate, but taking into account possible future distributions of Additional Interest) will be made in a like manner, but only upon presentation and surrender of such Certificate at the offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.  Prior to any termination of the Trust Fund pursuant to Section 9.01, any distribution that is to be made with respect to a Certificate in reimbursement of a Realized Loss or Additional Trust Fund Expense previously allocated thereto, which reimbursement is to occur after the date on which such Certificate is surrendered as contemplated by the preceding sentence, will be made by check mailed to the address of the Certificateholder that surrendered such Certificate as such address last appeared in the Certificate Register or to any other address of which the Paying Agent
was subsequently notified in writing.  If such check is returned to the Paying Agent, the Paying Agent, directly or through an agent, shall take such reasonable steps to contact the related Holder and deliver such check as it shall deem appropriate.  Any funds in respect of a check returned to the Paying Agent shall be set aside by the Paying Agent and held uninvested in trust and credited to the account of the appropriate Holder.  The costs and expenses of locating the appropriate Holder and holding such funds shall be paid out of such funds.  No interest shall accrue or be payable to any former Holder on any amount held in trust hereunder.  If the Paying Agent has not, after having taken such reasonable steps, located the related Holder by the second anniversary of the initial sending of a check, the Paying Agent shall, subject to applicable law, distribute the unclaimed funds to the Holders of the Class R-II Certificates.

                    (e)          Each
distribution with respect to a Book-Entry Certificate shall be paid to the
Depository, as Holder thereof, and the Depository shall be responsible for
crediting the amount of such distribution to the accounts of its Depository
Participants in accordance with its normal procedures.  Each Depository
Participant shall be responsible for disbursing such distribution to the related
Certificate Owners that it represents and to each indirect participating
brokerage firm (a “brokerage firm” or “indirect
participating firm”) for which it acts as agent.  Each brokerage
firm shall be responsible for disbursing funds to the related Certificate Owners
that it represents.  None of the Trustee, the Paying Agent, the Certificate
Registrar, the Depositor or the Master Servicer shall have any responsibility
therefor except as otherwise provided by this Agreement or applicable law. 
The Trustee and the Depositor shall perform their respective obligations under a
Letter of Representations among the Depositor, the Trustee and the Initial
Depository dated as of the Closing Date.

                    (f)          The rights of the Certificateholders to receive distributions from the proceeds of the Trust Fund in respect of the Certificates, and all rights and interests of the 

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Certificateholders in and to such distributions, shall be as set forth in this Agreement.  Neither the Holders of any Class of Certificates nor any party hereto shall in any way be responsible or liable to the Holders of any other Class of Certificates in respect of amounts properly previously distributed on the Certificates.

                    (g)          Except as otherwise provided in Section 9.01, whenever the Paying Agent receives written notification of or expects that the final distribution with respect to any Class of Certificates (determined without regard to any possible future reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated to such Class of Certificates) will be made on the next Distribution Date, the Paying Agent shall, no later than five days after the related Determination Date, mail to each Holder of record on such date of such Class of Certificates a notice to the effect that:

	
  
 
  	
  
         (i)          the   Paying Agent expects that the final distribution with respect to such Class   of Certificates will be made on such Distribution Date but only upon   presentation and surrender of such Certificates at the office of the   Certificate Registrar or at such other location therein specified, and
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (ii)         no   interest shall accrue on such Certificates from and after such Distribution   Date.
  

                    Any funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure of such Holder or Holders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited to the account or accounts of the appropriate non-tendering Holder or Holders.  If any Certificates as to which notice has been given pursuant to this Section 4.01(f) shall not have been surrendered for cancellation within six months after the time specified in such notice, the Paying Agent shall mail a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation in order to receive the final distribution with respect thereto.  If within one year after the second notice all such Certificates shall not have been
surrendered for cancellation, the Paying Agent, directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders concerning the surrender of their Certificates as it shall deem appropriate.  The costs and expenses of holding such funds in trust and of contacting such Certificateholders following the first anniversary of the delivery of such second notice to the non-tendering Certificateholders shall be paid out of such funds.  No interest shall accrue or be payable to any former Holder on any amount held in trust pursuant to this paragraph.  If all of the Certificates shall not have been surrendered for cancellation by the second anniversary of the delivery of the second notice, the Paying Agent shall, subject to applicable law, distribute to the Holders of the Class R-II Certificates all unclaimed funds and other assets which remain subject thereto.

                    (h)          Notwithstanding any other provision of this Agreement, the Paying Agent shall comply with all federal withholding requirements respecting payments to Certificateholders of interest or original issue discount that the Paying Agent reasonably believes are applicable under the Code.  The Certificate Registrar shall promptly provide the Paying Agent with any IRS Forms W-9, W-8BEN, W-8IMY (and all appropriate attachments) or W-8ECI upon its receipt thereof.  The consent of Certificateholders shall not be required for such withholding.  If the 

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Paying Agent does withhold any amount from interest or original issue discount payments or advances thereof to any Certificateholder pursuant to federal withholding requirements, the Paying Agent shall indicate the amount withheld to such Certificateholders.  Such amounts shall be deemed to have been distributed to such Certificateholders for all purposes of this Agreement.

                    (i)          On each Distribution Date, the Paying Agent shall allocate amounts received or collected with respect to The Woodlands Mall Loan or any related REO Property related to The Woodlands Mall Loan as follows:

	
  
 
  	
  
 
  	
  
             (A)          For   so long as no monetary event of default has occurred and is continuing with   respect to The Woodlands Mall Loan:
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
                  A.          to   The Woodlands Mall Pooled Component, as part of the Available Distribution   Amount for such Distribution Date, up to an amount equal to all Distributable   The Woodlands Mall Component Interest for such Distribution Date, and to the   extent not previously paid, for all prior Distribution Dates;
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
                  B.          to   The Woodlands Mall Pooled Component, as part of the Available Distribution   Amount for such Distribution Date, up to the product of (x) The Woodlands   Mall Principal Distribution Amount for such Distribution Date, and (y) The   Woodlands Mall Pooled Percentage for such Distribution Date until the   Component Principal Balance thereof is reduced to zero;
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
                  C.          to   The Woodlands Mall Pooled Component, as part of the Available Distribution   Amount for such Distribution Date, as reimbursement for any Realized Losses   and Additional Trust Fund Expenses, if any, previously allocated to The   Woodlands Mall Pooled Component and for which no reimbursement has previously   been received;
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
                  D.          to   The Woodlands Mall Non-Pooled Component, as part of the Class WM Available   Distribution Amount, up to an amount equal to all Distributable The Woodlands   Mall Component Interest for such Distribution Date, and to the extent not   previously paid, for all prior Distribution Dates;
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
                  E.          to   The Woodlands Mall Non-Pooled Component, as part of the Class WM Available   Distribution Amount, up to the product of (x) The Woodlands Mall Principal   Distribution Amount for such Distribution Date, and (y) The Woodlands Mall   Non-Pooled Percentage for such Distribution Date, until the Component   Principal Balance thereof is reduced to zero;
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
                  F.          to   The Woodlands Mall Non-Pooled Component, as part of the Class WM Available   Distribution Amount, as reimbursement for any Realized Losses and Additional   Trust Fund Expenses, if any, previously allocated to The Woodlands Mall   Non-Pooled Component and for which no reimbursement has previously been   received;
  

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                  G.          to   The Woodlands Mall Pooled Component for distribution among the Classes of   Regular Certificates and the Class X Certificates as set forth in Section   4.01(b) hereof an amount equal to the product of (x) Yield Maintenance   Charges received in respect of The Woodlands Mall Loan, and (y) The Woodlands   Mall Pooled Percentage for such Distribution Date;
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
                  H.          to   The Woodlands Mall Non-Pooled Component for distribution to the Class WM   Certificates as set forth in Section 4.01(c) hereof an amount equal to the   product of (x) Yield Maintenance Charges received in respect of The Woodlands   Mall Loan, and (y) The Woodlands Mall Non-Pooled Percentage for such   Distribution Date; and
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
                  I.          to   the Trust Fund, in an amount equal to any Penalty Interest received in   respect of The Woodlands Mall Loan.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
                    The   amounts to be applied pursuant to clauses (A), (B) and (C) above will be   included as part of the Available Distribution Amount for the subject   Distribution Date and will be applied as described above to make   distributions on the Certificates (other than the Class WM Certificates and   Class Z Certificates).
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
             (B)          If   a monetary event of default has occurred and is continuing with respect to   The Woodlands Mall Loan or upon any REO Property related to The Woodlands   Mall Loan becoming property of the Trust Fund:
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
                  A.          to   The Woodlands Mall Pooled Component, as part of the Available Distribution   Amount for such Distribution Date, up to all Distributable The Woodlands Mall   Component Interest for such Distribution Date, and to the extent not previously   paid, for all prior Distribution Dates;
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
                  B.          to   The Woodlands Mall Pooled Component, as part of the Available Distribution   Amount for such Distribution Date, any payments received in respect of The   Woodlands Mall Loan until the Component Principal Balance of The Woodlands   Mall Pooled Component is reduced to zero;
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
                  C.          to   The Woodlands Mall Pooled Component, as part of the Available Distribution   Amount for such Distribution Date, as reimbursement for any Realized Losses   and Additional Trust Fund Expenses, if any, previously allocated to The   Woodlands Mall Pooled Component and for which no reimbursement has previously   been received;
  

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                  D.          to   The Woodlands Mall Non-Pooled Component, as part of the Class WM Available   Distribution Amount in an amount equal to all Distributable The Woodlands   Mall Component Interest for such Distribution Date, and to the extent not   previously paid, for all prior Distribution Dates;
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
                  E.          to   The Woodlands Mall Non-Pooled Component, as part of the Class WM Available   Distribution Amount, any principal payments received in respect of The   Woodlands Mall Loan until the Component Principal Balance of The Woodlands   Mall Non-Pooled Component is reduced to zero;
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
                  F.          to   The Woodlands Mall Non-Pooled Component, as part of the Class WM Available   Distribution Amount, as reimbursement for any Realized Losses and Additional   Trust Fund Expenses, if any, previously allocated to The Woodlands Mall   Non-Pooled Component and for which no reimbursement has previously been   received;
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
                  G.          to   The Woodlands Mall Pooled Component for distribution among the Classes of   Regular Certificates entitled thereto as set forth in Section 4.01(b) hereof   an amount equal to the product of (x) Yield Maintenance Charges received in   respect of The Woodlands Mall Loan, and (y) The Woodlands Mall Pooled   Percentage for such Distribution Date;
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
                  H.          to   The Woodlands Mall Non-Pooled Component for distribution to the Class WM   Certificates as set forth in Section 4.01(c) hereof an amount equal to the   product of (x) Yield Maintenance Charges received in respect of The Woodlands   Mall Loan, and (y) The Woodlands Mall Non-Pooled Percentage for such   Distribution Date; and
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
                  I.          to   the Master Servicer or Special Servicer, as applicable, as additional   servicing compensation (to the extent not used to offset interest on Advances   pursuant to Section 3.11 above), in an amount equal to any Penalty Interest   received in respect of The Woodlands Mall Loan.
  

                    The amounts to be applied pursuant to clauses (A), (B) and (C) above will be included as part of the Available Distribution Amount for the subject Distribution Date and will be applied as described above to make distributions on the Certificates (other than the Class WM Certificates and the Class Z Certificates). 

                    Amounts advanced in respect of The Woodlands Mall Loan shall be allocated to The Woodlands Mall Pooled Component and The Woodlands Mall Non-Pooled Component pursuant to Section 4.03 hereof and not pursuant to the foregoing Section 4.01(i).  

                    (j)          All distributions made in respect of any Class of Sequential Pay Certificates (other than the Class A-3FL Certificates), the Class A-3FL Regular Interest and the Class WM Certificates on each Distribution Date pursuant to Section 4.01(a) or Section 9.01 

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shall be deemed to have first been distributed, with respect to the Sequential Pay Certificates (other than the Class A-3FL Certificates) and the Class A-3FL Regular Interest from REMIC I to REMIC II in respect of its Corresponding REMIC I Regular Interest set forth in the Preliminary Statement hereto and, with respect to the Class WM Certificates, from the Woodlands Mall Loan REMIC to REMIC I in respect of the Class WM-NP Uncertificated Interest, with respect to Woodlands Mall Loan REMIC Pooled Regular Interest, from the Woodlands Mall Loan REMIC to REMIC I, and from REMIC I to REMIC II in respect of the Corresponding REMIC I Regular Interest(s) set forth in the Preliminary Statement hereto; provided that interest shall be deemed to have been distributed pro rata among two or more Corresponding REMIC  I Regular Interests that correspond to a Class of Sequential Pay Certificates and all distributions made in respect of the Class
X-C and Class X-P Certificates on each Distribution Date pursuant to Section 4.01(a) or Section 9.01, and allocable to any particular Component of such Class of Certificates (other than the Class A-3FL Certificates) and the Class A-3FL Regular Interest in accordance with the last paragraph of Section 4.01(a), shall be deemed to have been first distributed from REMIC I to REMIC II in respect of such Component’s Corresponding REMIC I Regular Interest; provided, further, that distributions of principal:

	
  
 
  	
  
 
  	
  
 
  	
  
                  (1)          with   respect to the Class A-1 Certificates, shall be deemed to have first been   distributed from REMIC I to REMIC II in respect of REMIC I Regular Interest   LA-1-1; second, to REMIC I Regular Interest LA-1-2; third, to REMIC I Regular   Interest LA-1-3; and fourth, to REMIC I Regular Interest LA-1-4; in each case   until their respective REMIC I Principal Balances are reduced to zero;
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
                  (2)          with   respect to the Class A-2 Certificates, shall be deemed to have first been   distributed from REMIC I to REMIC II in respect of REMIC I Regular Interest   LA-2-1; second, to REMIC I Regular Interest LA-2-2; third, to REMIC I Regular   Interest LA-2-3; fourth, to REMIC I Regular Interest LA-2-4; fifth, to REMIC   I Regular Interest LA-2-5; sixth, to REMIC I Regular Interest LA-2-6; and   seventh, to REMIC I Regular Interest LA-2-7; in each case, until their   respective REMIC I Principal Balances are reduced to zero;
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
                  (3)          with   respect to the Class A-PB Certificates, shall be deemed to have first been   distributed from REMIC I to REMIC II in respect of REMIC I Regular Interest   LA-PB-1; second, to REMIC I Regular Interest LA-PB-2; third, to REMIC I   Regular Interest LA-PB-3; fourth, to REMIC I Regular Interest LA-PB-4; and   fifth, to REMIC I Regular Interest LA-PB-5; in each case, until their   respective REMIC I Principal Balances are reduced to zero;
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
                  (4)          with   respect to the Class A-3 Certificates, shall be deemed to have first been   distributed from REMIC I to REMIC II in respect of REMIC I Regular Interest   LA-3-1; second, to REMIC I Regular Interest LA-3-2; third, to REMIC I Regular   Interest LA-3-3; fourth, to REMIC I Regular Interest LA-3-4; fifth, to REMIC   I Regular Interest LA-3-5; and sixth, to REMIC I Regular Interest LA-3-6; in   each case, until their respective REMIC I Principal Balances are reduced to   zero;
  

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                  (5)          with   respect to the Class A-3FL Certificates, shall be deemed to have first been   distributed from REMIC I to REMIC II in respect of REMIC I Regular Interest   LA-3FL-1; second, to REMIC I Regular Interest LA-3FL-2; third, to REMIC I   Regular Interest LA-3FL-3; fourth, to REMIC I Regular Interest LA-3FL-4;   fifth, to REMIC I Regular Interest LA-3FL-5; and sixth, to REMIC I Regular   Interest LA-3FL-6; in each case, until their respective REMIC I Principal   Balances are reduced to zero;
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
                  (6)          with   respect to the Class A-1A Certificates, shall be deemed to have first been   distributed from REMIC I to REMIC II in respect of the REMIC I Regular   Interest LA-1A-1; second, to REMIC I Regular Interest LA-1A-2; third, to   REMIC I Regular Interest LA-1A-3; fourth, to REMIC I Regular Interest   LA-1A-4; fifth, to REMIC I Regular Interest LA-1A-5; sixth, to REMIC I   Regular Interest LA-1A-6; seventh, to REMIC I Regular Interest LA-1A-7;   eighth, to REMIC I Regular Interest LA-1A-8; ninth, to REMIC I Regular   Interest LA-1A-9; tenth, to REMIC I Regular Interest LA-1A-10; eleventh, to   REMIC I Regular Interest LA-1A-11; twelfth, to REMIC I Regular Interest   LA-1A-12; thirteenth, to REMIC I Regular Interest LA-1A-13; fourteenth, to   REMIC I Regular Interest LA-1A-14; and fifteenth, to
REMIC I Regular Interest   LA-1A-15; in each case, until their respective REMIC I Principal Balances are   reduced to zero;
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
                  (7)          with   respect to the Class C Certificates, shall be deemed to have first been   distributed from REMIC I to REMIC II in respect of REMIC I Regular Interest   LC-1; second, to REMIC I Regular Interest LC-2; and third, to REMIC I Regular   Interest LC-3; in each case, until their respective REMIC I Principal   Balances are reduced to zero;
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
                  (8)          with   respect to the Class D Certificates, shall be deemed to have first been   distributed from REMIC I to REMIC II in respect of REMIC I Regular Interest   LD-1; second, to REMIC I Regular Interest LD-2; and third, to REMIC I Regular   Interest LD-3; in each case, until their respective REMIC I Principal   Balances are reduced to zero;
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
                  (9)          with   respect to the Class E Certificates, shall be deemed to have first been   distributed from REMIC I to REMIC II in respect of REMIC I Regular Interest   LE-1; second, to REMIC I Regular Interest LE-2; and third, to REMIC I Regular   Interest LE-3; in each case, until their respective REMIC I Principal   Balances are reduced to zero;
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
                  (10)         with   respect to the Class F Certificates, shall be deemed to have first been   distributed from REMIC I to REMIC II in respect of 
  

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REMIC I   Regular Interest LF-1; and second, to REMIC I Regular Interest LF-2; in each   case, until their respective REMIC I Principal Balances are reduced to zero;
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
 
  	
  
                  (11)          with   respect to the Class G Certificates, shall be deemed to have first been distributed   from REMIC I to REMIC II in respect of REMIC I Regular Interest LG-1; and   second, to REMIC I Regular Interest LG-2; each case, until their respective   REMIC I Principal Balances are reduced to zero; and
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
                  (12)          with   respect to the Class H Certificates, shall be deemed to have first been distributed   from REMIC I to REMIC II in respect of REMIC I Regular Interest LH-1; and   second, to REMIC I Regular Interest LH-2; in each case, until their   respective REMIC I Principal Balances are reduced to zero;
  

provided, however, all distributions made in respect of the Class X-C and Class X-P Certificates on each Distribution Date pursuant to Section 4.01(a) or Section 9.01, and allocable to any particular Component of a Class of Sequential Pay Certificates in accordance with the last paragraph of Section 4.01(a) shall be deemed to have first been distributed from REMIC I to REMIC II in respect of such Component’s Corresponding REMIC I Regular Interest.

                    (k)          Reimbursements of Realized Losses and Additional Trust Fund Expenses to the classes of Sequential Pay Certificates (other than the Class A-3FL Certificates) and the Class A-3FL Regular Interest shall be allocated to the corresponding REMIC I Regular Interests in the same manner as distributions of principal specified above.  Reimbursements of Realized Losses and Additional Trust Fund Expenses to the Class WM Certificates shall be allocated in the Woodlands Mall Loan REMIC to the Class WM-NP Uncertificated Interest and in REMIC I to the Corresponding REMIC I Regular Interest set forth in the Preliminary Statement hereto.  All distributions of principal and reimbursements of Realized Losses and Additional Trust Fund Expenses made in respect of any Class of Sequential Pay
Certificates (other than the Class A-3FL Certificates) and the Class A-3FL Regular Interest on each Distribution Date pursuant to Section 4.01(a) shall be deemed to have first been distributed from REMIC I to REMIC II in respect of its Corresponding REMIC I Regular Interest set forth in the Preliminary Statement hereto; provided, however, that distributions of reimbursements of Realized Losses and Additional Trust Fund Expenses shall be made in sequential order of the priority set forth in Section 4.01(h) for principal distributions, up to the amount of Realized Losses and Additional Trust Fund Expenses previously allocated to a particular Component of such Class of Certificates or Regular Interest.  Any amounts remaining in REMIC I on any Distribution Date after the foregoing distributions shall be distributed to the Holders of the Class R-I Certificates.

                    (l)           (i)          On each Distribution Date, to the extent of the Class A-3FL Available Funds for such Distribution Date, the Paying Agent shall make distributions from the Floating Rate Account in the following order of priority, satisfying in full, to the extent required and possible, each priority before making any distribution with respect to any succeeding priority:

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             (A)          First,   to the Holders of the Class A-3FL Certificates, in respect of interest, up to   an amount equal to the Class A-3FL Interest Distribution Account for such   Distribution Date;
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
             (B)          Second,   to the Holders of the Class A-3FL Certificates, in reduction of the   Certificate Balances thereof, an amount equal to the Class A-3FL  Principal Distribution Amount, until the   outstanding Certificate Balance thereof has been reduced to zero;
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
             (C)          Third,   to the Holders of the Class A-3FL Certificates, until all Realized Losses and   Additional Trust Fund Expenses previously allocated to the Class A-3FL  Certificates (as a result of the   allocation of Realized Losses and Additional Trust Fund Expenses to the Class   A-3FL  Regular Interest) but not previously   reimbursed, have been reimbursed in full; and
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
             (D)          Fourth,   to pay termination payments, if any, to the A-3FL Swap Counterparty; and
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
             (E)          Fifth,   any remaining amount to the Holders of the Class A-3FL  Certificates.
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
          (ii)         So   long as a Class A-3FL Distribution Conversion is not in effect, any   Additional Yield Amounts paid on the Class A-3FL Regular Interest shall be   payable to the Swap Counterparty pursuant to the terms of the Swap Contract   on the net basis as part of the Net Swap Payment specified in Section   3.30.  On each Distribution Date for   which a Class A-3FL  Distribution   Conversion is in effect, any Additional Yield Amount paid on a Class   A-3FL  Regular Interest shall be   distributed to the Holders of the Class A-3FL  Certificates.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (iii)        Any   termination payments due to the Swap Counterparty under the Swap Contract   shall be payable solely from (1) amounts, if any, remaining in the Floating   Rate Account after all other amounts have been paid to the Class A-3FL   Regular Interest (including all principal amounts outstanding) and to the   Class A-3FL Certificates pursuant to Section 4.01(l)(i)(A)-(C) and (2) to the   extent of any payment made by a replacement swap counterparty to the Trust   Fund in consideration for entering into such replacement swap contract, if   any (less any costs and expenses incurred by the Trust Fund in connection   with entering into such replacement swap contract).
  

                    (m)          On each Distribution Date, or with respect to a Companion Loan then included in a securitization, on each P&I Advance Date, the Companion Paying Agent (based upon a statement of the Master Servicer to be delivered to the Companion Paying Agent that specifies the amount required to be deposited in the Companion Distribution Account and any amounts payable to the Master Servicer from the Companion Distribution Account pursuant to this Section 4.01(m)) shall make withdrawals and payments from the Companion Distribution Account for the related Companion Loans in the following order of priority:

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         (i)          to   pay the Trustee or any of its directors, officers, employees or agents, as   the case may be, any amounts payable or reimbursable to any such Person   pursuant to Section 8.05, to the extent any such amounts relate solely   to a Loan Pair;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (ii)         to   pay for the cost of the Opinions of Counsel sought by the Trustee as   contemplated by Sections 9.02(a) and 10.01(h), to the extent any   such costs relate to a Loan Pair;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (iii)        to   pay to the Master Servicer any amounts deposited by the Master Servicer in   the Companion Distribution Account not required to be deposited therein;
  
	
  
 
  	
  
 
  
	
   
  	
  
         (iv)        on   each Distribution Date, to pay all amounts remaining in the Companion   Distribution Account to the Companion Holder; and
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (v)         to   clear and terminate the Companion Distribution Account at the termination of   this Agreement pursuant to Section 9.01.
  

                    All distributions from a Companion Distribution Account required hereunder shall be made by the Companion Paying Agent to the Companion Holder by wire transfer in immediately available funds to the account of such Companion Holder or an agent therefor appearing on the Companion Register on the related Record Date (or, if no such account so appears or information relating thereto is not provided at least five Business Days prior to the related Record Date, by check sent by first-class mail to the address of such Companion Holder or its agent appearing on the Companion Register).  Any such account shall be located at a commercial bank in the United States. For the avoidance of doubt, in no event shall the Companion Paying Agent withdraw from funds on deposit in the Companion Distribution Account any amounts allocable to the Prime Outlets Pool
II Pari Passu Companion Loan (other than Penalty Interest and late payment charges) to be applied to, or to provide reimbursement for, any costs, expenses, indemnities, losses or liabilities relating or allocable to any Mortgage Loan or Companion Loan other than the Prime Outlets Pool II Pari Passu Companion Loan or the Prime Outlets Pool II Loan.

                    To the extent amounts are payable to or in respect of the Trust Fund pursuant to this Section 4.01(l)(i) or (ii), the Companion Distribution Account shall be considered an “outside reserve fund” within the meaning of the REMIC Provisions, beneficially owned by the Companion Holder for federal income tax purposes, who shall be taxable on all reinvestment income thereon, and who shall be deemed to have received any amounts reimbursed from the Trust Fund to the Companion Distribution Account.

                    (n)          On each Distribution Date, the Paying Agent shall withdraw amounts from the Gain-on-Sale Reserve Account and shall distribute such amounts to reimburse the Holders of the Class WM Certificates as described in the last sentence of this paragraph and the Holders of each Class of Sequential Pay Certificates (other than the Class A-3FL Certificates) and the Class A-3FL Regular Interest (in order of priority) up to an amount equal to all Realized Losses and Additional Trust Fund Expenses, if any, previously deemed allocated to such Classes and unreimbursed after application of the Available Distribution Amount and the Class WM Available Distribution Amount, for such Distribution Date.  Amounts paid from the Gain-on-

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Sale Reserve Account pursuant to the preceding sentence shall first be deemed to have been distributed to the Corresponding REMIC I Regular Interest(s) in reimbursement of Realized Losses and Additional Trust Fund Expenses previously allocated thereto (or in the case of the Class LWM Uncertificated Interest, first deemed paid to the Class WM-NP Uncertificated Interest, or in the case of amounts relating to The Woodlands Mall Pooled Component, first deemed paid to Woodlands Mall Loan REMIC Pooled Regular Interest and then, in either case deemed paid to the Corresponding REMIC I Regular Interest) as provided in Section 4.01(j).  Amounts paid from the Gain-on-Sale Reserve Account will not reduce the Certificate Principal Balances of the Classes of Sequential Pay Certificates (other than the Class A-3FL Certificates) or the Class A-3FL Regular Interest receiving such distributions.  Any amounts remaining in the Gain-on-Sale Reserve
Account after such distributions shall be applied to offset future Realized Losses and Additional Trust Fund Expenses and upon termination of the Trust Fund, any amounts remaining in the Gain-on-Sale Reserve Account shall be distributed to the Class R-I Certificateholders.  Notwithstanding the foregoing, on each Distribution Date, the Paying Agent shall withdraw amounts from the Gain-on-Sale Reserve Account related to The Woodlands Mall Loan, to the extent allocable to The Woodlands Mall Non-Pooled Component, from the Gain-on-Sale Reserve Account and shall distribute such amounts to reimburse the Holders of the Class WM Certificates up to an amount equal to all Realized Losses and Additional Trust Fund Expenses, if any, previously deemed allocated to them and unreimbursed after application of the Class WM Available Distribution Amount for such Distribution Date.

                    (o)          Notwithstanding any other provision of this Agreement, the Paying Agent shall comply with all federal withholding requirements respecting payments to Certificateholders of interest or original issue discount that the Paying Agent reasonably believes are applicable under the Code taking into account any applicable exemptions from, or reductions in, withholding upon receipt of appropriate Internal Revenue Service forms and documentation.  The consent of Certificateholders shall not be required for such withholding.  In the event the Paying Agent does withhold any amount from interest or original issue discount payments or advances thereof to any Certificateholder pursuant to federal withholding requirements, the Paying Agent shall indicate the amount withheld to such
Certificateholders.  Such amounts shall be deemed to have been distributed to such Certificateholders for all purposes of this Agreement.

                    Section 4.02.     Statements to Certificateholders; CMSA Loan Periodic Update File.

                    (a)          On each Distribution Date, the Trustee shall make available on the Trustee’s Internet Website or, upon written request, forward by mail (or by electronic transmission acceptable to the recipient) to each Certificateholder, each initial Certificate Owner and (upon written request made to the Trustee) each subsequent Certificate Owner (as identified to the reasonable satisfaction of the Trustee), the Depositor, the Master Servicer, the Special Servicer, the Companion Holders, the Underwriters, the Swap Counterparty and each Rating Agency, a statement (a “Distribution Date Statement”), as to the distributions made on such Distribution Date, based on information provided to it by the Master Servicer and the Special Servicer, setting forth:

	
  
 
  	
  
         (i)          the   Record Date, the Determination Date, the Distribution Date and dates of the   Interest Accrual Period for each Class of Certificates;
  

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         (ii)         the   amount of the distribution on such Distribution Date to the Holders of each   Class of Regular Certificates and the Class A-3FL Certificates in reduction   of the Class Principal Balance thereof;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (iii)        the   amount of the distribution on such Distribution Date to the Holders of each   Class of Regular Certificates and the Class A-3FL Certificates allocable to   Distributable Certificate Interest or the Class A-3FL Interest Distribution   Amount, as applicable, and, with respect to the Class A-3FL Certificates   notification that the amount of interest distribution thereon is equal to the   interest distribution amount with respect to the Class A-3FL Regular Interest   which is being paid as a result of a Class A-3FL Distribution Conversion and   the applicable Interest Distribution Amount;
  
	
   
  	
  
 
  
	
  
 
  	
  
         (iv)        the   amount of the distribution on such Distribution Date to the Holders of each   Class of Regular Certificates and the Class A-3FL Certificates allocable to   Prepayment Premiums and/or Yield Maintenance Charges;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (v)         the   amount of the distribution on such Distribution Date to the Holders of each   Class of Regular Certificates and the Class A-3FL Certificates in   reimbursement of previously allocated Realized Losses and Additional Trust   Fund Expenses;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (vi)        the   Available Distribution Amount, the Class WM Available Distribution Amount and   Class A-3FL Available Funds for such Distribution Date and the sources for   such amount;
  
	
  
 
  	
  
 
  
	
   
  	
  
         (vii)       (a) the   aggregate amount of P&I Advances made in respect of such Distribution   Date with respect to the Mortgage Pool and each Loan Group pursuant to   Section 4.03(a), including, without limitation, any amounts applied   pursuant to Section 4.03(a)(ii), and the aggregate amount of   unreimbursed P&I Advances with respect to the Mortgage Pool and each Loan   Group that had been outstanding at the close of business on the related   Determination Date payable to the Master Servicer or the Trustee in respect   of such unreimbursed P&I Advances in accordance with   Section 4.03(d) as of the close of business on the related   Determination Date and, (b) the aggregate amount of Servicing Advances   with respect to the Mortgage Pool and each Loan Group as of the close of business   on the related Determination Date;

	
  
 
  	
  
 
  
	
  
 
  	
  
         (viii)      the   aggregate unpaid principal balance of the Mortgage Pool and each Loan Group   outstanding as of the close of business on the related Determination Date;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (ix)        the   aggregate Stated Principal Balance of the Mortgage Pool and each Loan Group   outstanding immediately before and immediately after such Distribution Date;
  
	
   
  	
  
 
  
	
  
 
  	
  
         (x)         the   number, aggregate unpaid principal balance, weighted average remaining term   to maturity or Anticipated Repayment Date, each Mortgage Rate and weighted   average Mortgage Rate of the Mortgage Loans in the Mortgage Pool and each   Loan Group as of the close of business on the related Determination Date   presented in distributional groups and/or incremental ranges acceptable to   the Depositor in its reasonable discretion;
  

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         (xi)        the   number of Mortgage Loans and the aggregated Stated Principal Balance   (immediately after such Distribution Date) (and with respect to each delinquent   Mortgage Loan, a brief description of the reason for delinquency, if known by   the Master Servicer or Special Servicer, as applicable, and provided to the   Trustee) (A) delinquent 30-59 days, (B) delinquent 60-89 days, (C)   delinquent more than 89 days, (D) as to which foreclosure proceedings have   been commenced, (E) with respect to each Specially Serviced Mortgage Loan,   the Mortgaged Property type and a brief description of the reason for   delinquency and the Mortgage Loan’s status, if known by the Master Servicer   or Special Servicer, as applicable, and provided to the Trustee, (F) to the   actual knowledge of the Master Servicer or Special Servicer in bankruptcy   proceedings and
(G) any material changes to the information specified in Item   1100(b)(5) of Regulation AB, as amended;
  
	
   
  	
  
 
  
	
  
 
  	
  
         (xii)       as   to each Mortgage Loan referred to in the preceding clause (x) above, (A)   the loan number thereof, (B) the Stated Principal Balance thereof immediately   following such Distribution Date, and (C) a brief description of any loan   modification, extension or waiver (identifying the relevant loan number);
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xiii)      with   respect to any Mortgage Loan as to which a Liquidation Event occurred during   the related Collection Period (other than a payment in full), (A) the loan   number thereof, (B) the aggregate of all Liquidation Proceeds and other   amounts received in connection with such Liquidation Event (separately   identifying the portion thereof allocable to distributions on the   Certificates), and (C) the amount of any Realized Loss in connection with   such Liquidation Event;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xiv)      with   respect to any REO Property included in the Trust Fund as to which a Final   Recovery Determination was made during the related Collection Period, (A) the   loan number of the related Mortgage Loan, (B) the aggregate of all   Liquidation Proceeds and other amounts received in connection with such Final   Recovery Determination (separately identifying the portion thereof allocable   to distributions on the Certificates), and (C) the amount of any Realized   Loss in respect of the related REO Property, in connection with such Final   Recovery Determination;
  
	
   
  	
  
 
  
	
  
 
  	
  
         (xv)       the   Accrued Certificate Interest and Distributable Certificate Interest in   respect of each Class of Regular Certificates and the Class A-3FL   Certificates for such Distribution Date;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xvi)      any   unpaid Distributable Certificate Interest in respect of each Class of Regular   Certificates and the Class A-3FL Certificates after giving effect to the   distributions made on such Distribution Date;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xvii)     the   Pass-Through Rate for each Class of Regular Certificates and the Class A-3FL   Certificates for such Distribution Date;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xviii)    the   Principal Distribution Amount;
  
	
   
  	
  
 
  
	
  
 
  	
  
         (xix)      the   Principal Distribution Amount, the Loan Group 1 Principal Distribution Amount   and the Loan Group 2 Principal Distribution Amount and the Class 
  

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WM Principal   Distribution Amount for such Distribution Date, separately identifying the   respective components thereof (and, in the case of any Principal Prepayment   or other unscheduled collection of principal received during the related   Collection Period, the loan number for the related Mortgage Loan and the   amount of such prepayment or other collection of principal);
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xx)       the   aggregate of all Realized Losses incurred during the related Collection   Period and all Additional Trust Fund Expenses incurred during the related   Collection Period;
  
	
  
 
  	
  
 
  
	
   
  	
  
         (xxi)      the   aggregate of all Realized Losses and Additional Trust Fund Expenses that were   allocated to each Class of Certificates on such Distribution Date;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xxii)     the   Class Principal Balance of each Class of Regular Certificates (other than the   Class X Certificates) and the Class A-3FL Certificates immediately   before and immediately after such Distribution Date, separately identifying   any reduction therein due to the allocation of Realized Losses and Additional   Trust Fund Expenses on such Distribution Date;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xxiii)    the   Certificate Factor for each Class of Regular Certificates and the Class A-3FL   Certificates immediately following such Distribution Date;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xxiv)    the   aggregate amount of interest on P&I Advances paid to the Master Servicer   and the Trustee, with respect to the Mortgage Pool and each Loan Group during   the related Collection Period in accordance with Section 4.03(d);
  
	
   
  	
  
 
  
	
  
 
  	
  
         (xxv)     the   aggregate amount of interest on Servicing Advances paid to the Master   Servicer, the Trustee and the Special Servicer, during the related Collection   Period in accordance with Section 3.03(d) with respect to the   Mortgage Pool and each Loan Group;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xxvi)    the   aggregate amount of (i) Servicing Fees paid to the Master Servicer   (including each fee separately), (ii) the Servicing Fees paid to the Special   Servicer and (iii) Trustee Fees paid to the Trustee during the related   Collection Period;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xxvii)   the   loan number for each Required Appraisal Mortgage Loan and any related   Appraisal Reduction Amount as of the related Determination Date;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xxviii)  the   loan number for each Mortgage Loan which has experienced a breach of the   representations and warranties, including identification of the applicable   representation and warranty, given with respect to a Mortgage Loan by the   applicable Mortgage Loan Seller, as provided by the Master Servicer or the   Depositor;
  
	
   
  	
  
 
  
	
  
 
  	
  
         (xxix)    the   original and thereafter, the current credit support levels for each Class of   Regular Certificates and the Class A-3FL Certificates;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xxx)     the   original and thereafter, the current ratings for each Class of Regular   Certificates and the Class A-3FL Certificates;
  

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         (xxxi)    the   aggregate amount of Prepayment Premiums and Yield Maintenance Charges with   respect to the Mortgage Pool and each Loan Group collected during the related   Collection Period;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xxxii)   the   amounts, if any, actually distributed with respect to the Class Z   Certificates, the Class WM Certificates, Class R-I Certificates or   Class R-II Certificates on such Distribution Date;
  
	
   
  	
  
 
  
	
  
 
  	
  
         (xxxiii)  the   value of any REO Property included in the Trust Fund as of the end of the   related Collection Period, based on the most recent Appraisal or valuation;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xxxiv)     identification of any Mortgage Loan which has been substituted as a result of   a breach of a representation and warranty;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xxxv)   LIBOR   as calculated for the related Distribution Date and the next succeeding   Distribution Date;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xxxvi)  the   amounts received and paid in respect of the related Swap Contract;
  
	
   
  	
  
 
  
	
  
 
  	
  
         (xxxvii) identification   of any Rating Agency Trigger Event or Swap Default as of the close of   business on the last day of the immediately preceding calendar month with   respect to the Swap Contract;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xxxviii) the   amount of any (A) payment by the related Swap Counterparty as a termination   payment, (B) payment in connection with the acquisition of a replacement   interest rate swap contract and (C) collateral posted in connection with any   Rating Agency Trigger Event; and
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xxxix)  the   amount of, and identification of, any interest due thereon (including without   limitation, any termination payment received in connection with the Swap   Contract).
  

                    In the case of information to be furnished pursuant to clauses (i) through (iv) above, the amounts shall be expressed as a dollar amount in the aggregate for all Certificates of each applicable Class and per Single Certificate.  In the case of information provided to the Trustee as a basis for information to be furnished pursuant to clauses (x) through (xiii), and (xxv) and (xxxiii) above, insofar as the underlying information is solely within the control of the Special Servicer, the Trustee and the Master Servicer may, absent manifest error, conclusively rely on the reports to be provided by the Special Servicer.

                    The Trustee may rely on and shall not be responsible absent manifest error for the content or accuracy of any information provided by third parties for purposes of preparing the Distribution Date Statement and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).

                    The Trustee shall, and the Master Servicer may, but is not required to, make available on or prior to the Distribution Date in each month to the general public (i) the Distribution Date Statement via their respective Internet Websites, (ii) as a convenience for 

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interested parties, the Prospectus Supplement, the Prospectus and this Agreement on the Trustee’s and/or the Master Servicer’s respective Internet Websites and (iii) any other items at the request of the Depositor via the Trustee’s and/or the Master Servicer’s respective Internet Websites.  In addition, the Trustee shall make available each month, on each Distribution Date, the Unrestricted Servicer Reports, the CMSA Loan Periodic Update File, the CMSA Loan Setup File, the CMSA Bond File, and the CMSA Collateral Summary File to the general public on its Internet Website.  The Trustee shall make available each month, on each Distribution Date, (i) the Restricted Servicer Reports and (ii) the CMSA Property File and the CMSA Financial File to any Privileged Person and to any other Person upon the direction of the Depositor.

                    Absent manifest error, none of the Master Servicer or the Special Servicer shall be responsible for the accuracy or completeness of any information supplied to it by a borrower or third party that is included in any reports, statements, materials or information prepared or provided by the Master Servicer or the Special Servicer, as applicable.  The Trustee shall not be responsible absent manifest error for the accuracy or completeness of any information supplied to it for delivery pursuant to this Section 4.02(a).  Neither the Trustee, the Master Servicer nor the Special Servicer shall have any obligation to verify the accuracy or completeness of any information provided by a Mortgagor or third party.

                    Within a reasonable period of time after the end of each calendar year, the Trustee shall, upon request, send to each Person who at any time during the calendar year was a Certificateholder of record, a report summarizing on an annual basis (if appropriate) the items provided to Certificateholders pursuant to clauses (i), (ii), (iii) and (iv) of the description of “Distribution Date Statement” above and such other information as may be required to enable such Certificateholders to prepare their federal income tax returns.  Such information shall include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trust Fund.  Such requirement shall be deemed to be satisfied to the extent such information is provided pursuant to applicable requirements of

the Code from time to time in force.

                    If any Certificate Owner does not receive through the Depository or any of its Depository Participants any of the statements, reports and/or other written information described above in this Section 4.02(a) that it would otherwise be entitled to receive if it were the Holder of a Definitive Certificate evidencing its ownership interest in the related Class of Book Entry Certificates, then the Trustee shall mail or cause the mailing of or, provide electronically or cause the provision electronically of, such statements, reports and/or other written information to such Certificate Owner upon the request of such Certificate Owner made in writing to the Corporate Trust Office (accompanied by current verification of such Certificate Owner’s ownership interest).  Such portion of such information as may be agreed upon by the
Depositor and the Trustee shall be furnished to any such Person via overnight courier delivery or telecopy from the Trustee; provided that the cost of such overnight courier delivery or telecopy shall be an expense of the party requesting such information.

                    The Trustee shall only be obligated to deliver the statements, reports and information contemplated by this Section 4.02(a) to the extent it receives the necessary underlying information from the Special Servicer or Master Servicer, as applicable, and shall not be liable for any failure to deliver any thereof on the prescribed due dates, to the extent caused 

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by failure to receive timely such underlying information.  Nothing herein shall obligate the Trustee or the Master Servicer to violate any applicable law prohibiting disclosure of information with respect to any Mortgagor and the failure of the Trustee, Master Servicer or the Special Servicer to disseminate information for such reason shall not be a breach hereof.

                    (b)          Not later than 2:00 p.m. New York City time on the second Business Day preceding each Distribution Date the Master Servicer shall furnish to the Trustee, the Depositor, the Special Servicer and the Underwriters, by electronic transmission (or in such other form to which the Trustee or the Depositor, as the case may be, and the Master Servicer may agree), with a hard copy (other than in the case of the Trustee) of such transmitted information to follow promptly, an accurate and complete CMSA Loan Periodic Update File providing the required information for the Mortgage Loans as of such Determination Date.  The Depositor shall provide the information necessary for the CMSA Loan Setup File on the Closing Date.  Not later than 2:00 p.m. New York City time on the second Business
Day preceding each Distribution Date, the Master Servicer shall deliver to the Trustee notice of the Discount Rate applicable to each Principal Prepayment received in the related Collection Period.

                    In the performance of its obligations set forth in Section 4.05, and its other duties hereunder, the Trustee (including in its capacity as Paying Agent) may conclusively rely on reports provided to it by the Master Servicer, and the Trustee shall not be responsible to recompute, recalculate or verify the information provided to it by the Master Servicer.  In the case of information to be furnished by the Master Servicer to the Trustee pursuant to this Section 4.02(b), insofar as such information is solely within the control of the Special Servicer, the Master Servicer shall have no obligation to provide such information until it has received such information from such party, shall not be in default hereunder due to a delay in providing the CMSA Loan Periodic Update File caused by the such party’s failure to timely provide any
report required under this Agreement and may, absent manifest error, conclusively rely on the reports to be provided by the such party.

                    Section 4.03.     P&I Advances.

                    (a)          On or before 1:30 p.m., New York City time, on each P&I Advance Date, the Master Servicer shall (i) apply amounts in the Certificate Account received after the end of the related Collection Period or otherwise held for future distribution to Certificateholders in subsequent months in discharge of its obligation to make P&I Advances or (ii) subject to Section 4.03(c) below, remit from its own funds to the Paying Agent for deposit into the Distribution Account (with respect to The Woodlands Mall Loan, to the extent of both principal and interest allocable to The Woodlands Mall Pooled Component and, with respect to The Woodlands Mall Non-Pooled Component, the amount of P&I Advances of interest only, and not principal, allocable to The Woodlands Mall
Non-Pooled Component), an amount equal to the aggregate amount of P&I Advances, if any, to be made in respect of the related Distribution Date.  The Master Servicer may also make P&I Advances in the form of any combination of clauses (i) and (ii) above aggregating the total amount of P&I Advances to be made.  Any amounts held in the Certificate Account for future distribution and so used to make P&I Advances shall be appropriately reflected in the Master Servicer’s records and replaced by the Master Servicer by deposit in the Certificate Account on or before the next succeeding Determination Date (to the extent not previously replaced through the deposit of Late Collections 

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of the delinquent principal and interest in respect of which such P&I Advances were made).  If, as of 3:00 p.m., New York City time, on any P&I Advance Date, the Master Servicer shall not have made any P&I Advance required to be made on such date pursuant to this Section 4.03(a) (and shall not have delivered to the Trustee the requisite Officer’s Certificate and documentation related to a determination of nonrecoverability of a P&I Advance), then the Trustee shall provide notice of such failure to a Servicing Officer of the Master Servicer by facsimile transmission sent to telecopy (704) 715-0036 (or such alternative number provided by the Master Servicer to the Trustee in writing) and by telephone at (704) 593-7836 or (704) 593-7867 (or such alternative number provided by the Master Servicer to the Trustee in writing) as soon as possible, but in any event before 4:00 p.m., New York City time, on such P&I

Advance Date.  If the Trustee does not receive the full amount of such P&I Advances by 10:00 a.m., New York City time, on the related Distribution Date, then, subject to Section 4.03(c), (i) the Trustee shall, no later than 11:00 a.m., New York City time, on such related Distribution Date make the portion of such P&I Advances that was required to be, but was not, made by the Master Servicer on such P&I Advance Date, and (ii) the provisions of Sections 7.01 and 7.02 shall apply.

                    (b)          The aggregate amount of P&I Advances to be made by the Master Servicer or the Trustee in respect of any Distribution Date shall, subject to Section 4.03(c) and Section 4.03(e) below, equal the aggregate of all Periodic Payments (except that in the case of The Woodlands Mall Non-Pooled Component, only the interest portion of the Periodic Payment due on The Woodlands Mall Loan allocable to The Woodlands Mall Non-Pooled Component) (other than Balloon Payments) and any Assumed Scheduled Payments, net of related Servicing Fees due or deemed due, as the case may be, in respect of the Mortgage Loans (including, without limitation, Balloon Mortgage Loans delinquent as to their respective Balloon Payments) and any REO Loans on their respective Due Dates during (or
deemed to be during) the related Collection Period  in each case, to the extent such amount was not paid by or on behalf of the related Mortgagor or otherwise collected (including as net income from REO Properties) as of the close of business on the last day of related Collection Period, the Master Servicer shall be required to make such P&I Advance only to the extent that the Master Servicer has received all information necessary to determine whether such P&I Advance is a Nonrecoverable Advance; provided that, (x) if the Periodic Payment on any Mortgage Loan has been reduced in connection with a bankruptcy or similar proceeding involving the related Mortgagor or a modification, waiver or amendment granted or agreed to by the Special Servicer pursuant to Section 3.20, or if the final maturity on any Mortgage Loan shall be extended in connection with a bankruptcy or similar proceeding involving the related Mortgagor or a modification, waiver or amendment granted or agreed
to by the Special Servicer pursuant to Section 3.20, and the Periodic Payment due and owing during the extension period is less than the related Assumed Scheduled Payment, then the Master Servicer or the Trustee shall, as to such Mortgage Loan only, advance only the amount of the Periodic Payment (or in the case of The Woodlands Mall Non-Pooled Component, only the interest portion of the Periodic Payment due on The Woodlands Mall Non-Pooled Component) due and owing after taking into account such reduction (net of related Servicing Fees) in the event of subsequent delinquencies thereon; and (y) if it is determined that an Appraisal Reduction Amount exists with respect to any Required Appraisal Mortgage Loan, then, with respect to the Distribution Date immediately following the date of such determination and with respect to each subsequent Distribution Date for so long as such Appraisal Reduction Amount exists with respect to such Required Appraisal Mortgage Loan, the Master Servicer or the Trustee

will be required in the event of subsequent delinquencies to advance in respect of 

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such Mortgage Loan only an amount equal to the sum of (A) the amount of the interest portion of the P&I Advance that would otherwise be required without regard to this clause (y), minus the product of (1) such Appraisal Reduction Amount and (2) the per annum Pass-Through Rate (i.e., for any month, one-twelfth of the Pass-Through Rate) applicable to the Class of Certificates to which such Appraisal Reduction Amount is allocated pursuant to Section 4.04(d) and (B) the amount of the principal portion of the P&I Advance that would otherwise be required without regard to this clause (y) (or, in the case of The Woodlands Mall Non-Pooled Component, an amount equal to clause (A) only).

                    (c)          Notwithstanding anything herein to the contrary, no P&I Advance shall be required to be made hereunder if such P&I Advance would, if made, constitute a Nonrecoverable P&I Advance.  The determination by the Master Servicer or the Special Servicer that the Master Servicer has made a Nonrecoverable P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance, shall be evidenced by an Officer’s Certificate delivered to the Trustee and the Depositor on or before the related P&I Advance Date, setting forth the basis for such determination, together with any other information, including Appraisals (the cost of which may be paid out of the Certificate Account pursuant to Section 3.05(a)) (or, if no such
Appraisal has been performed pursuant to this Section 4.03(c), a copy of an Appraisal of the related Mortgaged Property performed within the twelve months preceding such determination), related Mortgagor operating statements and financial statements, budgets and rent rolls of the related Mortgaged Properties, engineers’ reports, environmental surveys and any similar reports that the Master Servicer may have obtained consistent with the Servicing Standard and at the expense of the Trust Fund, that support such determination by the Master Servicer or the Special Servicer.  As soon as reasonably practical after making such determination, the Special Servicer shall report to the Master Servicer the Special Servicer’s determination as to whether each P&I Advance made with respect to any previous Distribution Date or required to be made with respect to such Distribution Date with respect to any Specially Serviced Mortgage Loan or REO Loan is a Nonrecoverable P&I Advance. 
The Master Servicer shall be entitled to conclusively rely on such determination by the Special Servicer.  The Trustee shall be entitled to rely, conclusively, on any determination by the Master Servicer or the Special Servicer that a P&I Advance, if made, would be a Nonrecoverable Advance (and with respect to a P&I Advance, the Trustee shall rely on the Master Servicer’s determination that the P&I Advance would be a Nonrecoverable Advance if the Trustee determines that it does not have sufficient time to make such determination); provided, however, that, if the Master Servicer has failed to make a P&I Advance for reasons other than a determination by the Master Servicer or the Special Servicer that such P&I Advance would be Nonrecoverable Advance, the Trustee shall make such Advance within the time periods required by Section 4.03(a) unless the Trustee, in accordance with the standard of care set forth in Section 8.01(a), makes a determination
prior to the times specified in Section 4.03(a) that such P&I Advance would be a Nonrecoverable Advance.  The Trustee, in determining whether or not a P&I Advance previously made is, or a proposed P&I Advance, if made, would be, a Nonrecoverable Advance shall be subject to the standards set forth in Section 8.01(a) hereunder, including utilizing its good faith business judgment to make such determination.

                    (d)          In connection with the recovery by the Master Servicer or the Trustee of any P&I Advance out of the Certificate Account pursuant to Section 3.05(a), subject to the next sentence, the Master Servicer shall be entitled to pay itself or the Trustee, as the case may be, out 

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of any amounts then on deposit in the Certificate Account, interest at the Reimbursement Rate in effect from time to time, compounded annually, accrued on the amount of such P&I Advance (to the extent made with its own funds) from the date made (provided, however, no such interest shall accrue during any grace period under a Mortgage Loan) to but not including the date of reimbursement, such interest to be payable, subject to the terms of the Intercreditor Agreement with respect to the related Loan Pair, first out of late payment charges and Penalty Interest received on the related Mortgage Loan or REO Property during the Collection Period in which such reimbursement is made and then from general collections on the Mortgage Loans (other than The Woodlands Mall Non-Pooled Component unless the Advance is related to such Mortgage Loan) then on deposit in the Certificate Account.  The Master Servicer shall reimburse itself or the Trustee, as
applicable, for any outstanding P&I Advance made thereby as soon as practicable after funds available for such purpose have been received by the Master Servicer, and in no event shall interest accrue in accordance with this Section 4.03(d) on any P&I Advance as to which the corresponding payment of principal and interest or Late Collection was received by the Master Servicer on or prior to the related P&I Advance Date.

                    (e)          In no event shall the Trustee make a P&I Advance with respect to any Companion Loan.

                    (f)          None of the Master Servicer, the Paying Agent or the Trustee shall advance any amount due to be paid by the Swap Counterparty for distribution to the Class A-3FL Certificates.

                    (g)          Amounts in respect of The Woodlands Mall Non-Pooled Component are not available for distributions on the Sequential Pay Certificates, nor are they available for the reimbursement of advances on the Sequential Pay Certificates or the Class WM Certificates if such Nonrecoverable Advance was unrelated to The Woodlands Mall Loan.  If an Advance on The Woodlands Mall Non-Pooled Component becomes a Nonrecoverable Advance (including, among other considerations set forth herein, the Master Servicer or the Trustee, as applicable, is unable to recover such amounts from amounts otherwise available for distribution on the Class WM Certificates) the Master Servicer or the Trustee, as applicable, may recover such Nonrecoverable Advance (including interest thereon) from the assets of the trust
available for distribution on the Certificates pursuant to the terms hereof.

                    (h)          Subject to Section 4.03(b) and Section 4.03(c), the Master Servicer shall make P&I Advances in respect of the Prime Outlets Pool II Pari Passu Companion Loan only during such time the Prime Outlets Pool II Pari Passu Companion Loan is included in a securitization or a collateralized debt obligation in which interests therein are issued or created pursuant to the terms of the Prime Outlets Pool Pari Passu II Intercreditor Agreement.  With respect to any P&I Advance made on the Prime Outlets Pool II Pari Passu Companion Loan, the Master Servicer shall be entitled to recovery of such amounts from the holder thereof.  For the avoidance of doubt, the Trust Fund shall not be liable for any recoveries of P&I Advances made by the Master Servicer on the Prime Outlets Pool

II Pari Passu Companion Loan.  Notwithstanding anything to the contrary contained herein, the Trustee shall have no obligation hereunder to, and shall not make P&I Advances in respect of, the Prime Outlets Pool II Pari Passu Companion Loan.

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                    Section 4.04.     Allocation of Realized Losses and Additional Trust Fund Expenses; Allocation of Certificate Deferred Interest; Allocation of Appraisal Reduction Amounts.

                    (a)          On each Distribution Date, following all distributions to be made on such date pursuant to Section 4.01, the Paying Agent shall allocate to the respective Classes of Sequential Pay Certificates (other than the Class A-3FL Certificates) and the Class A-3FL Regular Interest the aggregate of all Realized Losses and Additional Trust Fund Expenses that were incurred at any time following the Cut-Off Date through the end of the related Collection Period and in any event that were not previously allocated pursuant to this Section 4.04(a) on any prior Distribution Date, but only to the extent that (i) the aggregate Certificate Principal Balance of the Sequential Pay Certificates (other than the Class A-3FL Certificates) and the Class A-3FL Regular Interest as of such
Distribution Date (after taking into account all of the distributions made on such Distribution Date pursuant to Section 4.01), exceeds (ii) the aggregate Stated Principal Balance of the Mortgage Pool that will be outstanding immediately following such Distribution Date (for purposes of this calculation only, not giving effect to any reductions of the Stated Principal Balance for payments of principal collected on the Mortgage Loans that were used to reimburse any Nonrecoverable Advances, to the extent a Final Recovery Determination has not been made with respect thereto, and Workout-Delayed Reimbursement Amounts pursuant to Sections 3.05(a)(vii) and (viii) hereof):  first, to the Class P Certificates, until the remaining Class Principal Balance thereof has been reduced to zero; second, to the Class O Certificates, until the remaining Class Principal Balance thereof has been reduced to zero; third, to the Class N Certificates, until the
remaining Class Principal Balance thereof has been reduced to zero; fourth, to the Class M Certificates, until the remaining Class Principal Balance thereof has been reduced to zero; fifth, to the Class L Certificates, until the remaining Class Principal Balance thereof has been reduced to zero; sixth, to the Class K Certificates, until the remaining Class Principal Balance thereof has been reduced to zero; seventh, to the Class J Certificates, until the remaining Class Principal Balance thereof has been reduced to zero; eighth, to the Class H Certificates, until the remaining Class Principal Balance thereof has been reduced to zero; ninth, to the Class G Certificates, until the remaining Class Principal Balance thereof has been reduced to zero; tenth, to the Class F Certificates, until the remaining Class Principal Balance thereof has been reduced to zero; eleventh, to the Class E Certificates, until the
remaining Class Principal Balance thereof has been reduced to zero; twelfth, to the Class D Certificates, until the remaining Class Principal Balance thereof has been reduced to zero; thirteenth to the Class C Certificates, until the remaining Class Principal Balance thereof has been reduced to zero; fourteenth to the Class B Certificates, until the remaining Class Principal Balance thereof has been reduced to zero; fifteenth, to the Class A-J Certificates, until the remaining Class Principal Balance thereof has been reduced to zero; sixteenth to the Class A-M Certificates, until the remaining Class Principal Balance thereof has been reduced to zero; and seventeenth, pro rata (based on remaining Class Principal Balances) to the Class A-1 Certificates, the Class A-2 Certificates, the Class A-PB Certificates, the Class A-3 Certificates and the Class A-1A Certificates and the Class A-3FL Regular Interest (and, therefore, to
the Class A-3FL Certificates), until the Class Principal Balances thereof are reduced to zero.  Any allocation of Realized Losses and Additional Trust Fund Expenses to a Class of Regular Certificates and the Class A-3FL Regular Interest shall be made by reducing the Class Principal Balances thereof by the amount so allocated.  All Realized Losses and Additional Trust Fund Expenses, if any, allocated to the Class A-3FL Regular Interest shall result in a corresponding 

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reduction of the Certificate Balance of the Class A-3FL Certificates.  All Realized Losses and Additional Trust Fund Expenses, if any, allocated to a Class of Regular Certificates (or, with respect to the Class A-3FL Certificates, an amount corresponding to any Realized Losses and Additional Trust Fund Expenses allocated to the Class A-3FL Regular Interest) shall be allocated among the respective Certificates of such Class in proportion to the Percentage Interests evidenced thereby; provided, however, that all Realized Losses and Additional Trust Fund Expenses, if any, relating to The Woodlands Mall Loan will be allocated first, to the Class WM Certificates until the Certificate Balance thereof is reduced to zero, and thereafter will be allocated to the respective Classes of Sequential Pay Certificates (in each case, to the extent and in reduction of their respective Certificate Balances) in the order above.  All Realized Losses and Additional Trust

Fund Expenses, if any, that have not been allocated to the Regular Certificates and the Class A-3FL Regular Interest as of the Distribution Date on which the aggregate Certificate Principal Balance of such Regular Certificates and the Class Principal Balance of the Class A-3FL Regular Interest have been reduced to zero, shall be deemed allocated to the Residual Certificates.

                    (b)          On each Distribution Date, following the deemed distributions of principal or reimbursement of previously allocated Realized Losses and Additional Trust Fund Expenses made in respect of the REMIC I Regular Interests pursuant to Section 4.01(j), the REMIC I Principal Balance (or aggregate REMIC I Principal Balance with respect to the REMIC I Regular Interests corresponding to each of the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-1A, Class E, Class F, Class G, Class H, Class J and Class K Certificates) of the Corresponding REMIC I Regular Interests (after taking account of such deemed distributions) shall be reduced as a result of Realized Losses and Additional Trust Fund Expenses to equal the Class Principal
Balance of the Corresponding Certificates that will be outstanding immediately following such Distribution Date; provided that Realized Losses and Additional Trust Fund Expenses shall be allocated:

	
  
 
  	
  
         (i)          with   respect to the Class A-1 Certificates, shall be deemed to have first been   distributed from REMIC I to REMIC II in respect of REMIC I Regular Interest   LA-1-1; second, to REMIC I Regular Interest LA-1-2; third, to REMIC I Regular   Interest LA-1-3; and fourth, to REMIC I Regular Interest LA-1-4; in each case   until their respective REMIC I Principal Balances are reduced to zero;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (ii)         with   respect to the Class A-2 Certificates, shall be deemed to have first been   distributed from REMIC I to REMIC II in respect of REMIC I Regular Interest   LA-2-1; second, to REMIC I Regular Interest LA-2-2; third, to REMIC I Regular   Interest LA-2-3; fourth, to REMIC I Regular Interest LA-2-4; fifth, to REMIC   I Regular Interest LA-2-5; sixth, to REMIC I Regular Interest LA-2-6; and   seventh, to REMIC I Regular Interest LA-2-7; in each case, until their   respective REMIC I Principal Balances are reduced to zero;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (iii)        with   respect to the Class A-PB Certificates, shall be deemed to have first been   distributed from REMIC I to REMIC II in respect of REMIC I Regular Interest   LA-PB-1; second, to REMIC I Regular Interest LA-PB-2; third, to REMIC I   Regular Interest LA-PB-3; fourth, to REMIC I Regular Interest LA-PB-4; and   fifth, to REMIC I Regular Interest LA-PB-5; in each case, until their   respective REMIC I Principal Balances are reduced to zero;
  

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         (iv)        with   respect to the Class A-3 Certificates, shall be deemed to have first been   distributed from REMIC I to REMIC II in respect of REMIC I Regular Interest   LA-3-1; second, to REMIC I Regular Interest LA-3-2; third, to REMIC I Regular   Interest LA-3-3; fourth, to REMIC I Regular Interest LA-3-4; fifth, to REMIC   I Regular Interest LA-3-5; and sixth, to REMIC I Regular Interest LA-3-6; in   each case, until their respective REMIC I Principal Balances are reduced to   zero;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (v)         with   respect to the Class A-3FL Certificates, shall be deemed to have first been   distributed from REMIC I to REMIC II in respect of REMIC I Regular Interest   LA-3FL-1; second, to REMIC I Regular Interest LA-3FL-2; third, to REMIC I   Regular Interest LA-3FL-3; fourth, to REMIC I Regular Interest LA-3FL-4;   fifth, to REMIC I Regular Interest LA-3FL-5; and sixth, to REMIC I Regular   Interest LA-3FL-6; in each case, until their respective REMIC I Principal   Balances are reduced to zero;
  
	
  
 
  	
  
 
  
	
   
  	
  
         (vi)        with   respect to the Class A-1A Certificates, shall be deemed to have first been   distributed from REMIC I to REMIC II in respect of the REMIC I Regular   Interest LA-1A-1; second, to REMIC I Regular Interest LA-1A-2; third, to   REMIC I Regular Interest LA-1A-3; fourth, to REMIC I Regular Interest   LA-1A-4; fifth, to REMIC I Regular Interest LA-1A-5; sixth, to REMIC I   Regular Interest LA-1A-6; seventh, to REMIC I Regular Interest LA-1A-7;   eighth, to REMIC I Regular Interest LA-1A-8; ninth, to REMIC I Regular   Interest LA-1A-9; tenth, to REMIC I Regular Interest LA-1A-10; eleventh, to   REMIC I Regular Interest LA-1A-11; twelfth, to REMIC I Regular Interest   LA-1A-12; thirteenth, to REMIC I Regular Interest LA-1A-13; fourteenth, to   REMIC I Regular Interest LA-1A-14; and fifteenth, to REMIC I Regular Interest   LA-1A-15; in each case, until their
respective REMIC I Principal Balances are   reduced to zero;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (vii)       with   respect to the Class C Certificates, shall be deemed to have first been   distributed from REMIC I to REMIC II in respect of REMIC I Regular Interest   LC-1; second, to REMIC I Regular Interest LC-2; and third, to REMIC I Regular   Interest LC-3; in each case, until their respective REMIC I Principal Balances   are reduced to zero;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (viii)      with   respect to the Class D Certificates, shall be deemed to have first been   distributed from REMIC I to REMIC II in respect of REMIC I Regular Interest   LD-1; second, to REMIC I Regular Interest LD-2; and third, to REMIC I Regular   Interest LD-3; in each case, until their respective REMIC I Principal   Balances are reduced to zero;
  
	
   
  	
  
 
  
	
  
 
  	
  
         (ix)        with   respect to the Class E Certificates, shall be deemed to have first been   distributed from REMIC I to REMIC II in respect of REMIC I Regular Interest   LE-1; second, to REMIC I Regular Interest LE-2; and third, to REMIC I Regular   Interest LE-3; in each case, until their respective REMIC I Principal   Balances are reduced to zero;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (x)         with   respect to the Class F Certificates, shall be deemed to have first been   distributed from REMIC I to REMIC II in respect of REMIC I Regular Interest   LF-1; and second, to REMIC I Regular Interest LF-2; in each case, until their   respective REMIC I Principal Balances are reduced to zero;
  

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         (xi)        with   respect to the Class G Certificates, shall be deemed to have first been   distributed from REMIC I to REMIC II in respect of REMIC I Regular Interest   LG-1; and second, to REMIC I Regular Interest LG-2; each case, until their   respective REMIC I Principal Balances are reduced to zero; and
  
	
   
  	
  
 
  
	
  
 
  	
  
         (xii)       with   respect to the Class H Certificates, shall be deemed to have first been   distributed from REMIC I to REMIC II in respect of REMIC I Regular Interest   LH-1; and second, to REMIC I Regular Interest LH-2; in each case, until their   respective REMIC I Principal Balances are reduced to zero.
  

                    (c)          Realized Losses and Additional Trust Fund Expenses on The Woodlands Mall Loan will be allocated first, on The Woodlands Mall Non-Pooled Component and therefore the Class WM Certificates (and in a corresponding amount on REMIC I Regular Interest LWM and the Class WM-NP Uncertificated Interest) and then as Realized Losses and Additional Trust Fund Expenses on The Woodlands Mall Pooled Component and therefore on the Sequential Pay Certificates (and in a corresponding amount on the REMIC I Regular Interests and the Woodlands Mall Loan REMIC Pooled Regular Interest) in accordance with the terms of Section 4.04(c).  

                    (d)          On any Distribution Date, the amount of any Mortgage Deferred Interest (except as provided below with respect to The Woodlands Mall Loan) will be allocated as Certificate Deferred Interest to each outstanding Class of Sequential Pay Certificates (other than the Class A-3FL Certificates) and the Class A-3FL Regular Interest in reverse order of priorities (except with respect to the Class A-1, Class A-2, Class A-PB, Class A-3 and Class A-1A Certificates and the Class A-3FL Regular Interest, which amounts shall be applied pro rata (based on remaining Class Principal Balances) to such Certificates and the Class A-3FL Regular Interest), in each case up to the respective Accrued Certificate Interest for each such Class of Certificates (other than the Class A-3FL
Certificates) or the Class A-3FL Regular Interest, as applicable, for such Distribution Date.  On each such Distribution Date, the Certificate Principal Balance of each Class of Certificates or the Class A-3FL Regular Interest, as applicable, to which Certificate Deferred Interest has been allocated shall be increased by the amount of Certificate Deferred Interest allocated to such Class of Certificates (other than the Class A-3FL Certificates) or the Class A-3FL Regular Interest.  All Certificate Deferred Interest, if any, allocated to the Class A-3FL Regular Interest shall result in a corresponding increase of the Certificate Balances of the Class A-3FL Certificates.  The amount of Certificate Deferred Interest allocated to any Class of Sequential Pay Certificates (other than the Class A-3FL Certificates) or the Class A-3FL Regular Interest, as applicable, shall be allocated to, and will increase the REMIC I Principal Balances of the Corresponding REMIC I Regular Interest(s)

in reverse order of priority specified for deemed distributions of principal in Section 4.01(h); provided, however, that with respect to the Class A-1, Class A-2, Class A-PB, Class A-3 and Class A-1A Certificates and the Class A-3FL Regular Interest, allocations to the Corresponding REMIC I Regular Interests shall be made on a pro rata basis.  Mortgage Deferred Interest on The Woodlands Mall Loan will be allocated first, as Certificate Deferred Interest on the Class WM Certificates (and in a corresponding amount on REMIC I Regular Interest LWM and Class 

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WM-NP Uncertificated Interest) and then as Certificate Deferred Interest on the Sequential Pay Certificates in accordance with the terms of this Section 4.04(c) (and in a corresponding amount on the Corresponding REMIC I Regular Interests and the Class WM-P Uncertificated Interest).

                    (e)          Any Appraisal Reduction Amounts shall be allocated only for purposes of determining the amount of P&I Advances with respect to the related Mortgage Loan, as follows:  to the Class Principal Balance of the Class P, Class O, Class N, Class M, Class L, Class K, Class J, Class H, Class G, Class F, Class E, Class D, Class C, Class B, Class A-J and Class A-M Certificates, in that order, up to the amount of their respective Class Principal Balances, and then to the Class A Certificates on a pro rata basis; provided, however, that with respect to any Appraisal Reduction Amount relating to The Woodlands Mall Loan, such Appraisal Reduction Amount will be applied to The Woodlands
Mall Non-Pooled Component (and allocated to the Class WM Certificates) prior to any allocation of a Co-Lender Loan (other than the Prime Outlets Pool II Loan), such Appraisal Reduction Amount to The Woodlands Mall Pooled Component and, therefore, the Sequential Pay Certificates (other than the Class A-3FL Certificates) and the Class A-3FL Regular Interest, and will be applied, first to the Subordinate Companion Loans from the most junior to the most senior, and with respect to the Prime Outlets Pool II Whole Loan, will be applied pro rata to the Prime Outlets Pool II Loan and the Prime Outlets Pool II Pari Passu Companion Loan; provided, further, that with respect to any Appraisal Reduction Amount relating to The Woodlands Mall Loan, such Appraisal Reduction Amount will be applied to The Woodlands Mall Non-Pooled Component (and allocated to the Class WM Certificates) prior to any allocation of such Appraisal Reduction to The Woodlands Mall Pooled
Component and, therefore, the Sequential Pay Certificates (other than the Class A-3FL Certificates) and the Class A-3FL Regular Interest.  On any Distribution Date, an Appraisal Reduction Amount that otherwise would be allocated to a Class of Certificates shall be allocated to the next most subordinate Class to the extent that the Class Principal Balance on such Distribution Date for such Class of Certificates (prior to taking the Appraisal Reduction Amount into account) is less than the Appraisal Reduction Amount for the Distribution Date.  The Master Servicer shall report to the Trustee on or before each Determination Date all Appraisal Reduction Amounts and the Trustee shall report to the Master Servicer no later than 10:00 a.m. on the related P&I Advance Date the Pass-Through Rates necessary to calculate the allocation required by this Section 4.04(d).

                    Section 4.05.     Calculations.

                    The Paying Agent shall, provided it receives the necessary information from the Master Servicer and the Special Servicer, be responsible for performing all calculations necessary in connection with the actual and deemed distributions and allocations to be made pursuant to Section 4.01, Section 5.02(d) and Article IX and the actual and deemed allocations of Realized Losses and Additional Trust Fund Expenses to be made pursuant to Section 4.04.  The Paying Agent shall calculate the Class WM Available Distribution Amount, the Available Distribution Amount, the Class A-3FL Interest Distribution Amount and the Class A-3FL Principal Distribution Amount for each Distribution Date and shall allocate such amount among Certificateholders in accordance with this Agreement, and the Paying Agent shall have no obligation to recompute,
recalculate or verify any information provided to it by the Special Servicer or Master Servicer.  The calculations by the Paying Agent of such amounts shall, in the absence of manifest error, be presumptively deemed to be correct for all purposes hereunder.

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                    Section 4.06.     Use of Agents.

                    The Master Servicer or the Trustee may at its own expense utilize agents or attorneys-in-fact in performing any of its obligations under this Article IV (except the obligation to make P&I Advances), but no such utilization shall relieve the Master Servicer or the Trustee from any of such obligations or liabilities, and the Master Servicer or the Trustee, as applicable, shall remain responsible for all acts and omissions of any such agent or attorney-in-fact (other than with respect to limited powers-of-attorney delivered by the Trustee to the Master Servicer or Special Servicer pursuant to Section 2.03(b) and 3.01(b), as applicable, in which case the Trustee shall have no such responsibility).

ARTICLE V.

THE CERTIFICATES

                    Section 5.01.     The Certificates.

                    (a)          The Certificates will be substantially in the respective forms attached hereto as Exhibit A; provided that any of the Certificates may be issued with appropriate insertions, omissions, substitutions and variations, and may have imprinted or otherwise reproduced thereon such legend or legends, not inconsistent with the provisions of this Agreement, as may be required to comply with any law or with rules or regulations pursuant thereto, or with the rules of any securities market in which the Certificates are admitted to trading, or to conform to general usage.  The Certificates will be issuable in registered form only; provided, however, that in accordance with Section 5.03 beneficial ownership interests in the Regular Certificates and the Class
A-3FL Certificates shall initially be held and transferred through the book-entry facilities of the Depository.  The Regular Certificates and the Class A-3FL Certificates will be issuable only in denominations corresponding to initial Certificate Principal Balances or initial Certificate Notional Amounts, as the case may be, as of the Closing Date of not less than $10,000 in the case of the Registered Certificates, $1,000,000 in the case of the Class X Certificates, and $250,000 in the case of Non-Registered Certificates (other than the Residual Certificates and the Class X Certificates), and in each such case in integral multiples of $1 in excess thereof.  The Class Z Certificates, Class R-I Certificates and the Class R-II Certificates shall have no minimum denomination and shall each be represented by a single definitive certificate.

                    (b)          The Certificates shall be executed by manual or facsimile signature on behalf of the Trustee by the Certificate Registrar hereunder by an authorized signatory.  Certificates bearing the manual or facsimile signatures of individuals who were at any time the authorized signatories of the Certificate Registrar shall be entitled to all benefits under this Agreement, subject to the following sentence, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Certificates or did not hold such offices at the date of such Certificates.  No Certificate shall be entitled to any benefit under this Agreement, or be valid for any purpose, however, unless there appears on such Certificate a certificate of
authentication substantially in the form provided for herein executed by the Authenticating Agent by manual signature, and such certificate of authentication upon any Certificate shall be conclusive evidence, and the only evidence, that such Certificate has been duly authenticated and delivered hereunder.  All Certificates shall be dated the date of their authentication.

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                    Section 5.02.     Registration, Transfer and Exchange of Certificates.

                    (a)          At all times during the term of this Agreement, there shall be maintained at the office of the Certificate Registrar a Certificate Register in which, subject to such reasonable regulations as the Certificate Registrar may prescribe, the Certificate Registrar (located as of the Closing Date at the Corporate Trust Office), shall provide for the registration of Certificates and of transfers and exchanges of Certificates as herein provided.  The Certificate Register shall contain the aggregate holdings of Certificates represented by each Regulation S Global Certificate and each Domestic Global Certificate.  The Trustee is hereby initially appointed (and hereby agrees to act in accordance with the terms hereof) as Certificate Registrar for the purpose of registering Certificates
and transfers and exchanges of Certificates as herein provided.  The Certificate Registrar may appoint, by a written instrument delivered to the Depositor, the Trustee, the Special Servicer and the Master Servicer, any other bank or trust company to act as Certificate Registrar under such conditions as the predecessor Certificate Registrar may prescribe; provided that the predecessor Certificate Registrar shall not be relieved of any of its duties or responsibilities hereunder by reason of such appointment.  If the Trustee resigns or is removed in accordance with the terms hereof, the successor trustee shall immediately succeed to its duties as Certificate Registrar.  The Depositor, the Trustee (if it is no longer the Certificate Registrar), the Master Servicer and the Special Servicer shall have the right to inspect the Certificate Register or to obtain a copy thereof at all reasonable times, and to rely conclusively upon a certificate of the Certificate Registrar as to the
information set forth in the Certificate Register.  Upon written request of any Certificateholder made for purposes of communicating with other Certificateholders with respect to their rights under this Agreement, the Certificate Registrar shall promptly furnish such Certificateholder with a list of the other Certificateholders of record identified in the Certificate Register at the time of the request.

                    (b)          No transfer of any Non-Registered Certificate shall be made unless that transfer is made pursuant to an effective registration statement under the Securities Act, and effective registration or qualification under applicable state securities laws, or is made in a transaction that does not require such registration or qualification.  If such a transfer is to be made without registration under the Securities Act (other than in connection with the initial issuance thereof or the initial transfer thereof by the Depositor, the Initial Purchasers or their respective Affiliates), then the Certificate Registrar shall refuse to register such transfer unless it receives (and upon receipt, may conclusively rely upon) either:  (i) a certificate from the Certificateholder desiring

to effect such transfer substantially in the form attached as Exhibit F-1 hereto, and a certificate from such Certificateholder’s prospective transferee substantially in the form attached as either Exhibit F-2 hereto, Exhibit F-3 hereto or Exhibit F-4 hereto; or (ii) an Opinion of Counsel reasonably satisfactory to the Certificate Registrar to the effect that such transfer may be made without registration under the Securities Act (which Opinion of Counsel shall not be an expense of the Trust Fund or of the Depositor, the Master Servicer, the Special Servicer, the Trustee or the Certificate Registrar in their respective capacities as such), together with the written certification(s) as to the facts surrounding such transfer from the Certificateholder desiring to effect such transfer and/or such Certificateholder’s prospective transferee on which such Opinion of Counsel is based.  None of the Depositor, the Trustee or the 

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Certificate Registrar is obligated to register or qualify any Class of Non-Registered Certificates under the Securities Act or any other securities law or to take any action not otherwise required under this Agreement to permit the transfer of any Non-Registered Certificate without registration or qualification.  Any Holder of a Non-Registered Certificate desiring to effect such a transfer shall, and upon acquisition of such a Certificate shall be deemed to have agreed to, indemnify the Trustee, the Certificate Registrar and the Depositor against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

                    In connection with transfer of the Non-Registered Certificates (other than the Class A-3FL Certificates), the Depositor shall furnish upon request of a Certificateholder or Certificate Owner to such Holder or Certificate Owner and any prospective purchaser designated by such Certificateholder or Certificate Owner the information required to be delivered under paragraph (d)(4) of Rule 144A of the Securities Act.

                    Notwithstanding the foregoing, for so long as any Non-Registered Certificate is a Book-Entry Certificate, (a) each prospective transferor of such Certificate shall be deemed to have represented to the Trustee, the Depositor and the transferee of such Certificate the information set forth on Exhibit F-1 upon or prior to such transfer and (b) each prospective transferee of such Certificate shall be deemed to have represented to the Trustee, the Depositor and the transferor of such Certificate the information set forth on Exhibit F-2, Exhibit F-3 or Exhibit F-4, as applicable, upon or prior to such transfer.  In addition, if such prospective transferee is an Institutional Accredited Investor (but not also a Qualified Institutional Buyer), such prospective transferee shall be deemed to have acknowledged that any
beneficial interest in a Book-Entry Certificate that is transferred to it is required to be delivered in the form of a Definitive Certificate and shall cease to be an interest in such Book-Entry Certificate and, thereafter, shall be subject to all transfer restrictions and other procedures applicable to Certificates in definitive form.

                    (c)          No
transfer of a Certificate or any interest therein shall be made to any
“employee benefit plan” subject to Title I of ERISA, any
“plan” subject to Section 4975 of the Code or any other
retirement plan or other employee benefit plan or arrangement subject to any
federal, state, local or other law (“Similar Law”)
substantively similar to the foregoing provisions of ERISA or the Code, or any
Person directly or indirectly acquiring such Certificate for, on behalf of, or
with any assets of any such plan (each, a “Plan”) unless (A) in
the case of a Certificate other than a Residual Certificate or a Class Z
Certificate, the transferee is an insurance company general account which is
eligible for, and satisfies all the requirements for exemptive relief under
Sections I and III of Department of Labor Prohibited Transaction
Class Exemption 95-60 (“PTE 95-60”) or (B) in the case of
a Certificate other than an ERISA Restricted Certificate, a Residual Certificate
or a Class Z Certificate, (1) the transferee qualifies as an accredited
investor as defined in Rule 501(a)(1) of Regulation D under the Securities
Act,  (2) the transferee’s acquisition and holding of such Certificate
satisfies all the requirements of and is covered by the Exemptions as in effect
at the time of such transfer and (3) in the case of a Class A-3FL Certificate,
the Plan fiduciary is a qualified professional asset manager (as defined in PTE
84-14, an inhouse asset manager (as defined in PTE 96-23), or a Plan fiduciary
with total assets under management of at least $100 million at the time the
Certificate is acquired.  Each Person who acquires a Certificate in
Definitive Certificate form shall be required to certify in

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writing in the form attached as Exhibit G hereto that it meets the foregoing conditions and that it will not transfer such Certificate in violation of the foregoing, and each Person who acquires a Certificate in Book-Entry Certificate form shall be deemed to have represented that the foregoing conditions are satisfied and that it will not transfer such Certificate in violation of the foregoing.

                    (d)          (i)          Each Person who has or who acquires any Ownership Interest in a Residual Certificate shall be deemed by the acceptance or acquisition of such Ownership Interest to have agreed to be bound by the following provisions and to have irrevocably authorized the Paying Agent under clause (ii)(A) below to deliver payments to a Person other than such Person and to have irrevocably authorized the Certificate Registrar under clause (ii)(B) below to negotiate the terms of any mandatory disposition and to execute all instruments of Transfer and to do all other things necessary in connection with any such sale.  The rights of each Person acquiring any Ownership Interest in a Residual Certificate are expressly subject to the
following provisions:

	
  
 
  	
  
 
  	
  
             (A)         Each   Person holding or acquiring any Ownership Interest in a Residual Certificate   shall be a Permitted Transferee and shall promptly notify the Master   Servicer, the Paying Agent and the Certificate Registrar of any change or impending   change in its status as a Permitted Transferee.
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
             (B)          In   connection with any proposed Transfer of any Ownership Interest in a Residual   Certificate, the Certificate Registrar shall require delivery to it, and   shall not register the Transfer of any Residual Certificate until its receipt   of an affidavit and agreement substantially in the form attached hereto as   Exhibit H-1 (a “Transfer Affidavit and Agreement”), from the proposed   Transferee, in form and substance satisfactory to the Certificate Registrar,   and upon which the Certificate Registrar may, in the absence of actual   knowledge by a Responsible Officer of either the Trustee or the Certificate   Registrar to the contrary, conclusively rely, representing and warranting, among   other things, that such Transferee is a Permitted Transferee; that it is not   acquiring its Ownership Interest in the

Residual Certificate that is the   subject of the proposed Transfer as a nominee, trustee or agent for any   Person that is not a Permitted Transferee; that for so long as it retains its   Ownership Interest in a Residual Certificate, it will endeavor to remain a   Permitted Transferee; that it has historically paid its debts as they have   come due, intends to pay its debts as they come due in the future and intends   to pay all taxes associated with the Residual Certificate as they come due;   and that it has reviewed the provisions of this Section 5.02(d) and   agrees to be bound by them.
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
             (C)          Notwithstanding   the delivery of a Transfer Affidavit and Agreement by a proposed Transferee   under clause (B) above, if a Responsible Officer of the Certificate Registrar   has actual knowledge that the proposed Transferee is not a Permitted   Transferee, no Transfer of an Ownership Interest in a Residual Certificate to   such proposed Transferee shall be effected.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
             (D)          Each   Person holding or acquiring any Ownership Interest in a Residual Certificate   shall agree (a) to require a Transfer Affidavit and Agreement 
  

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from any   prospective Transferee to whom such Person attempts to transfer its Ownership   Interest in such Residual Certificate and (b) not to transfer its   Ownership Interest in such Residual Certificate unless it provides to the   Certificate Registrar a certificate substantially in the form attached hereto   as Exhibit H-2 stating that, among other things, it has no actual knowledge   that such prospective Transferee is not a Permitted Transferee.
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
             (E)          Each   Person holding or acquiring an Ownership Interest in a Residual Certificate,   by purchasing an Ownership Interest in such Certificate, agrees to give the   Master Servicer and the Trustee written notice that it is a “pass-through   interest holder” within the meaning of temporary Treasury regulation   Section 1.67-3T(a)(2)(i)(A) immediately upon acquiring an Ownership   Interest in a Residual Certificate, if it is, or is holding an Ownership   Interest in a Residual Certificate on behalf of, a “pass-through interest holder.”
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
             (F)          Each   investor in the Certificates will be deemed, by its investment in such   Certificates, to represent that neither (a) the investor nor (b) any owner of   a five percent or greater interest in the investor is an employer with   employees covered by the Internal Union of Painters and Allied Trade Industry   Pension Fund.  Any transfer in   violation of this deemed representation will be void ab initio.
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
         (ii)         (A)          If   any purported Transferee shall become a Holder of a Residual Certificate in   violation of the provisions of this Section 5.02(d), then the last   preceding Holder of such Residual Certificate that was in compliance with the   provisions of this Section 5.02(d) shall be restored, to the extent   permitted by law, to all rights as Holder thereof retroactive to the date of   registration of such Transfer of such Residual Certificate.  None of the Trustee, the Master Servicer   or the Certificate Registrar shall be under any liability to any Person for   any registration of Transfer of a Residual Certificate that is in fact not   permitted by this Section 5.02(d) or for making any payments due on   such Certificate to the Holder thereof or for taking any other
action with   respect to such Holder under the provisions of this Agreement.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
             (A)          If   any purported Transferee shall become a Holder of a Residual Certificate in   violation of the restrictions in this Section 5.02(d), then, to the   extent that the retroactive restoration of the rights of the preceding Holder   of such Residual Certificate as described in clause (ii)(A) above shall be   invalid, illegal or unenforceable, the Certificate Registrar shall have the   right, without notice to the Holder or any prior Holder of such Residual   Certificate, to cause the transfer of such Residual Certificate to a   Permitted Transferee on such terms as the Certificate Registrar may   choose.  Such purported Transferee   shall promptly endorse and deliver such Residual Certificate in accordance   with the instructions of the Certificate Registrar.  Such Permitted Transferee may be the Certificate
Registrar   itself or any Affiliate of the Certificate Registrar.  Any proceeds of such sale, net of the   commissions (which may include commissions payable to the Certificate   Registrar or its Affiliates), expenses and taxes due, if any, will be   remitted by the Paying Agent to such purported Transferee.  The terms and 
  

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conditions   of any sale under this clause (ii)(B) shall be determined in the sole discretion   of the Certificate Registrar, and the Certificate Registrar shall not be   liable to any Person having an Ownership Interest in a Residual Certificate   as a result of its exercise of such discretion.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
         (iii)        The   Certificate Registrar shall make available to the Internal Revenue Service   and to those Persons specified by the REMIC Provisions any information   available to it which is necessary to compute any tax imposed as a result of   the Transfer of an Ownership Interest in a Residual Certificate to any Person   who is a Disqualified Organization or agent thereof, including the   information described in Treasury Regulations Sections 1.860D-1(b)(5) and   1.860E-2(a)(5) with respect to the “excess inclusions” of such Residual   Certificate, and the Master Servicer and the Special Servicer shall furnish   to the Certificate Registrar all information in its possession necessary for   the Certificate Registrar to discharge such obligation.  The transferor of such Ownership Interest   shall be responsible for the reasonable compensation of
the
Certificate   Registrar, the Master Servicer and the Special Servicer for providing such   information.
  
	
   
  	
  
 
  
	
  
 
  	
  
         (iv)          The   provisions of this Section 5.02(d) set forth prior to this clause   (iv) may be modified, added to or eliminated; provided that there shall   have been delivered to the Certificate Registrar and the Master Servicer the   following:
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
                (A)          written   confirmation from each Rating Agency to the effect that the modification of,   addition to or elimination of such provisions will not cause such Rating   Agency to qualify, downgrade or withdraw its then-current rating of any Class   of Certificates; and
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
                (B)          an   Opinion of Counsel, in form and substance satisfactory to the Certificate   Registrar and the Master Servicer, obtained at the expense of the party   seeking such modification of, addition to or elimination of such provisions   (but in no event at the expense of the Trust Fund), to the effect that doing   so will not cause any of the Woodlands Mall Loan REMIC, REMIC I or   REMIC II to (x) cease to qualify as a REMIC or (y) be subject   to an entity-level tax caused by the Transfer of any Residual Certificate to   a Person which is not a Permitted Transferee, or cause a Person other than   the prospective Transferee to be subject to a REMIC-related tax caused by the   Transfer of a Residual Certificate to a Person that is not a Permitted   Transferee.
  

                    (e)          (i) No interest in the Regulation S Global Certificates may be held by or transferred to a U.S. Person (as defined in Regulation S) except for exchanges for a beneficial interest in a Domestic Global Certificate or a Definitive Certificate as described below. Any beneficial interest in a Regulation S Global Certificate that is transferred to a U.S. Person that is an institutional “accredited investor” (which is not a QIB) is required to be delivered in the form of a definitive certificate and will cease to be an interest in such Regulation S Global Certificate and, thereafter, will be subject to all transfer restrictions and other procedures applicable to Certificates in definitive form described below. Notwithstanding the foregoing, no transfer of a beneficial interest
in a Regulation S Global Certificate to a Definitive Certificate as described below will be made prior to the Release Date.

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         (i)          Any   holder of an interest in a Regulation S Global Certificate in respect of the   Offered Certificates will have the right, upon prior written notice to the   Depositor, the Trustee, Euroclear or Clearstream, as applicable, and DTC, in   the form of the Exchange Certificate, to exchange all or a portion of such   interest for an equivalent interest in a Domestic Global Certificate in   connection with a transfer of its interest therein to a transferee that is   eligible to hold an interest in a Domestic Global Certificate as described   herein. The Exchange Certificate will specify the denomination of the   Certificates to be exchanged. The Exchange Certificate will also contain a   representation that the transfer is being made in a transaction meeting the   requirements of the Pooling and Servicing Agreement and Rule 144A.  Following
receipt of any Exchange   Certificate by the Trustee, (i) the Trustee will endorse the schedule to any   Global Certificate representing the Certificate or Certificates being   exchanged to reduce the stated principal amount of such Global Certificate by   the denominations of the Certificate or Certificates for which such exchange   is to be made and (ii) the Trustee will endorse the schedule to any Global   Certificate representing the Certificate or Certificates for which such   exchange is to be made to increase the stated principal amount of such Global   Certificate by the denominations of the Certificate or Certificates being   exchanged therefor.
  
	
   
  	
  
 
  
	
  
 
  	
  
         (ii)         Investors   may hold their interests in a Regulation S Global Certificate through   Euroclear or Clearstream, if they are participants in such systems, or   indirectly through organizations that are participants in such systems. After   the end of the Restricted Period, investors may also hold such interests   through organizations that have accounts with DTC other than Euroclear and   Clearstream (the “DTC Participants”). Euroclear and   Clearstream will hold interests in a Regulation S Global Certificate on   behalf of their participants through customers’ securities accounts in their   respective names on the books of their respective depositaries, which in turn   will hold such interests in a Regulation S Global Certificate in customers’   securities accounts in the depositaries’ names on the books of DTC.
Clearstream and Euroclear will from time to time appoint financial institutions   to act as depositary for such entities. Investors may hold their interests in   a Domestic Global Certificate directly through DTC, if they are DTC   Participants, or indirectly through organizations which are DTC Participants.
  

                    (f)          Subject to the preceding provisions of this Section 5.02, upon surrender for registration of transfer of any Certificate at the offices of the Certificate Registrar maintained for such purpose, the Certificate Registrar shall execute and the Authenticating Agent shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Certificates of the same Class of a like aggregate Percentage Interest.

                    (g)          At the option of any Holder, its Certificates may be exchanged for other Certificates of authorized denominations of the same Class of a like aggregate Percentage Interest, upon surrender of the Certificates to be exchanged at the offices of the Certificate Registrar maintained for such purpose.  Whenever any Certificates are so surrendered for exchange, the Certificate Registrar shall execute and the Authenticating Agent shall authenticate and deliver the Certificates which the Certificateholder making the exchange is entitled to receive.

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                    (h)          Every Certificate presented or surrendered for transfer or exchange shall (if so required by the Certificate Registrar) be duly endorsed by, or be accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar duly executed by, the Holder thereof or his attorney duly authorized in writing.

                    (i)          No service charge shall be imposed for any transfer or exchange of Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

                    (j)          All Certificates surrendered for transfer and exchange shall be physically canceled by the Certificate Registrar, and the Certificate Registrar shall dispose of such canceled Certificates in accordance with its standard procedures.

                    (k)          Upon request, the Certificate Registrar shall provide to the Master Servicer, the Special Servicer and the Depositor notice of each transfer of a Certificate and shall provide to each such Person with an updated copy of the Certificate Register.

                    (l)          Each Person who has or who acquires any Ownership Interest in a Certificate shall be deemed by the acceptance or acquisition of such Ownership Interest to have agreed to be bound by the provisions of any Intercreditor Agreement affecting such Certificate.

                    Section 5.03.     Book-Entry Certificates.

                    (a)          Each
Class of Regular Certificates and the Class A-3FL Certificates shall initially
be issued as one or more Certificates registered in the name of the Depository
or its nominee and, except as provided in Section 5.03(c) below,
transfer of such Certificates may not be registered by the Certificate Registrar
unless such transfer is to a successor Depository that agrees to hold such
Certificates for the respective Certificate Owners with Ownership Interests
therein.  Such Certificate Owners shall hold and transfer their respective
Ownership Interests in and to such Certificates through the book-entry
facilities of the Depository and, except as provided in
Section 5.03(c) below, shall not be entitled to definitive, fully
registered Certificates (“Definitive Certificates”) in respect of such
Ownership Interests.  All transfers by Certificate Owners of their
respective Ownership Interests in the Book-Entry Certificates shall be made in
accordance with the procedures established by the Depository Participant or
brokerage firm representing each such Certificate Owner.  Each Depository
Participant shall only transfer the Ownership Interests in the Book-Entry
Certificates of Certificate Owners it represents or of brokerage firms for which
it acts as agent in accordance with the Depository’s normal
procedures.

                    (b)          The Trustee, the Master Servicer, the Special Servicer, the Depositor and the Certificate Registrar may for all purposes, including the making of payments due on the Book-Entry Certificates, deal with the Depository as the authorized representative of the Certificate Owners with respect to such Certificates for the purposes of exercising the rights of Certificateholders hereunder.  The rights of Certificate Owners with respect to the Book-Entry Certificates shall be limited to those established by law and agreements between such Certificate Owners and the Depository Participants and brokerage firms representing such Certificate 

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Owners.  Multiple requests and directions from, and votes of, the Depository as Holder of the Book-Entry Certificates with respect to any particular matter shall not be deemed inconsistent if they are made with respect to different Certificate Owners.  The Trustee may establish a reasonable record date in connection with solicitations of consents from or voting by Certificateholders and shall give notice to the Depository of such record date.

                    (c)          If (i)(A) the Depositor advises the Trustee and the Certificate Registrar in writing that the Depository is no longer willing or able to properly discharge its responsibilities with respect to a Class of the Book-Entry Certificates, and (B) the Depositor is unable to locate a qualified successor, or (ii) the Depositor at its option advises the Trustee and the Certificate Registrar in writing that it elects to terminate the book-entry system through the Depository with respect to a Class of Book-Entry Certificates, the Certificate Registrar shall notify all affected Certificate Owners, through the Depository, of the occurrence of any such event and of the availability of Definitive Certificates to such Certificate Owners requesting the same.  Upon surrender to the Certificate

Registrar of the Book-Entry Certificates of any Class thereof by the Depository, accompanied by registration instructions from the Depository for registration of transfer, the Certificate Registrar shall execute, at the Depositor’s expense, and the Authenticating Agent shall authenticate and deliver, the Definitive Certificates in respect of such Class to the Certificate Owners identified in such instructions.  The Depositor shall provide the Certificate Registrar with an adequate inventory of Definitive Certificates.  None of the Depositor, the Master Servicer, the Special Servicer, the Trustee or the Certificate Registrar shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions.  Upon the issuance of Definitive Certificates for purposes of evidencing ownership of any Class of Registered Certificates, the registered holders of such Definitive Certificates shall be recognized as
Certificateholders hereunder and, accordingly, shall be entitled directly to receive payments on, to exercise Voting Rights with respect to, and to transfer and exchange such Definitive Certificates.

                    (d)          Notwithstanding any other provisions contained herein, neither the Trustee nor the Certificate Registrar shall have any responsibility whatsoever to monitor or restrict the transfer of ownership interests in any Certificate (including, but not limited to, any Non-Registered Certificate, any Subordinated Certificate, any Class WM Certificate and any Class Z Certificate) which interests are transferable through the book-entry facilities of the Depository.

                    Section 5.04.     Mutilated, Destroyed, Lost or Stolen Certificates.

                    If (i) any mutilated Certificate is surrendered to the Certificate Registrar, or the Certificate Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Certificate, and (ii) there is delivered to the Trustee and the Certificate Registrar such security or indemnity as may be required by them to save each of them harmless, then, in the absence of actual notice to the Trustee and the Certificate Registrar that such Certificate has been acquired by a bona fide purchaser, the Certificate Registrar shall execute and the Authenticating Agent shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of the same Class and like Percentage Interest.  Upon the issuance of any new Certificate under this Section, the Trustee
and the Certificate Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge that may 

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be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee and the Certificate Registrar) connected therewith.  Any replacement Certificate issued pursuant to this Section shall constitute complete and indefeasible evidence of ownership in the applicable REMIC created hereunder, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time.

                    Section 5.05.     Persons Deemed Owners.

                    Prior to due presentment for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Registrar and any agent of any of them may treat the Person in whose name any Certificate is registered as of the related Record Date as the owner of such Certificate for the purpose of receiving distributions pursuant to Section 4.01 and may treat the person whose name each Certificate is registered as of the date of determination as the owner of such Certificate for all other purposes whatsoever and none of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Registrar or any agent of any of them shall be affected by notice to the contrary.

ARTICLE VI.

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

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

                    The Depositor, the Master Servicer and the Special Servicer shall be liable in accordance herewith only to the extent of the respective obligations specifically imposed upon and undertaken by the Depositor, the Master Servicer and the Special Servicer herein.

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

                    Subject to the following paragraph, the Depositor, the Master Servicer and the Special Servicer shall each keep in full effect its existence, rights and franchises as a corporation, or national banking association, as the case may be, under the laws of the jurisdiction of its incorporation or organization, and each will obtain and preserve its qualification to do business as a national banking association or foreign corporation, as the case may be, in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Agreement, the Certificates or any of the Mortgage Loans and to perform its respective duties under this Agreement, and the Master Servicer shall keep in full effect its existence and rights as a national banking association under the laws of the United States.

                    The Depositor, the Master Servicer or the Special Servicer may be merged or consolidated with or into any Person (other than the Trustee), or transfer all or substantially all of its assets (which may be limited to all or substantially all of its assets related to commercial mortgage loan servicing) to any Person, in which case any Person resulting from any merger or consolidation to which the Depositor, the Master Servicer or the Special Servicer shall be a party, or any Person succeeding to the business (which may be limited to the commercial loan servicing business) of the Depositor, the Master Servicer or the Special Servicer, shall be the 

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successor of the Depositor, the Master Servicer or the Special Servicer, as the case may be, hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided, however, that no successor or surviving Person shall succeed to the rights of the Master Servicer or the Special Servicer unless (i) as evidenced in writing by the Rating Agencies, such succession will not result in qualification, downgrading or withdrawal of the ratings then assigned by the Rating Agencies to any Class of Certificates and (ii) such successor or surviving Person makes the applicable representations and warranties set forth in Section 3.23.

                    Section 6.03.     Limitation on Liability of Depositor, Master Servicer and Special Servicer.

                    None of the Depositor, the Master Servicer or the Special Servicer, or any director, officer, employee or agent of any of them, shall be under any liability to the Trust Fund, the Trustee or the Certificateholders or the Companion Holders for any action taken, or not taken, in good faith pursuant to this Agreement, or for errors in judgment; provided, however, that this provision shall not protect the Depositor, the Master Servicer or the Special Servicer against any liability to the Trust Fund, the Trustee, the Certificateholders or the Companion Holders for the breach of a representation, warranty or covenant made herein by such party, or against any expense or liability specifically required to be borne by such party without right of reimbursement pursuant to the terms hereof, or against any liability which would otherwise be
imposed by reason of misfeasance, bad faith or negligence in the performance of obligations or duties hereunder or negligent disregard of such obligations and duties; provided, however, that if such losses and liabilities relate solely to The Woodlands Mall Loan, then such indemnification shall be payable first from amounts in the Certificate Account that relate to The Woodland Mall Non-Pooled Component and then from other amounts in the Certificate Account; provided, further, that with respect to losses and liabilities relating solely to The Woodlands Mall Loan, to the extent amounts in the Certificate Account that relate to The Woodlands Mall Non-Pooled Component, respectively, are insufficient to pay for such indemnification, and such indemnification is paid from other amounts in the Certificate Account, subsequent collections on The Woodlands Mall Non-Pooled Component shall be used to reimburse the Trust Fund for any such indemnification.  The Depositor, the Master

Servicer, the Special Servicer and any director, officer, employee or agent of the Depositor, the Master Servicer or the Special Servicer may rely in good faith on any document of any kind which, prima facie, is properly executed and submitted by any Person respecting any matters arising hereunder.  The Depositor, the Master Servicer, the Special Servicer and any director, member, manager, officer, employee or agent of the Depositor, the Master Servicer or the Special Servicer shall be indemnified and held harmless by the Trust Fund against any loss, liability or reasonable expense incurred in connection with this Agreement or the Certificates (including, without limitation, the distribution or posting of reports or other information as contemplated by this Agreement), other than any loss, liability or expense:  (i) specifically required to be borne by such party without right of reimbursement pursuant to the terms hereof (including without limitation, those expenses set forth in
Section 3.11(b) or Section 3.11(d) and the last sentence of the definition of Servicing Advances); (ii) incurred in connection with any breach of a representation, warranty or covenant made herein; or (iii) incurred by reason of willful misfeasance, bad faith or negligence in the performance of obligations or duties hereunder; provided, however, that if such losses and liabilities relate solely to The Woodlands Mall Loan, then such indemnification shall be payable 

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first from amounts in the Certificate Account that relate to The Woodlands Mall Non-Pooled Component and then from other amounts in the Certificate Account; provided, further, that with respect to losses and liabilities relating solely to The Woodlands Mall Loan, to the extent amounts in the Certificate Account that relate to The Woodlands Mall Non-Pooled Component are insufficient to pay for such indemnification, and such indemnification is paid from other amounts in the Certificate Account, subsequent collections on The Woodlands Mall Non-Pooled Component shall be used to reimburse the Trust Fund for any such indemnification.  None of the Depositor, the Master Servicer or the Special Servicer shall be under any obligation to appear in, prosecute or defend any legal action unless such action is related to its respective duties under this Agreement and unless it is specifically required hereunder to bear the costs of such legal action, in its
opinion does not involve it in any ultimate expense or liability; provided, however, that the Depositor, the Master Servicer or the Special Servicer may in its discretion undertake any such action which it may deem necessary or desirable with respect to the enforcement and/or protection of the rights and duties of the parties hereto and the interests of the Certificateholders hereunder.  In such event, the legal expenses and costs of such action, and any liability resulting therefrom, shall be expenses, costs and liabilities of the Trust Fund, and the Depositor, the Master Servicer and the Special Servicer shall be entitled to be reimbursed therefor from the Certificate Account as provided in Section 3.05.  In no event shall the Master Servicer or the Special Servicer be liable or responsible for any action taken or omitted to be taken by the other of them or by the Depositor, the Trustee, or any Certificateholder, subject to the provisions of
Section 8.05(b).

                    Section 6.04.     Resignation of Master Servicer and the Special Servicer.

                    The Master Servicer and, subject to Section 6.09, the Special Servicer may resign from the obligations and duties hereby imposed on it, upon a determination that its duties hereunder are no longer permissible under applicable law or are in material conflict by reason of applicable law with any other activities carried on by it (the other activities of the Master Servicer or the Special Servicer, as the case may be, so causing such a conflict being of a type and nature carried on by the Master Servicer or the Special Servicer, as the case may be, at the date of this Agreement).  Any such determination requiring the resignation of the Master Servicer or the Special Servicer, as applicable, shall be evidenced by an Opinion of Counsel to such effect which shall be delivered to the Trustee.  Unless applicable law requires the Master
Servicer’s or Special Servicer’s resignation to be effective immediately, and the Opinion of Counsel delivered pursuant to the prior sentence so states, no such resignation shall become effective until the Trustee or other successor shall have assumed the responsibilities and obligations of the resigning party in accordance with Section 7.02 hereof.  The Master Servicer and the Special Servicer shall have the right to resign at any other time; provided that (i) a willing successor thereto has been found by the Master Servicer or Special Servicer, as applicable, (ii) each of the Rating Agencies confirms in writing that the successor’s appointment will not result in a withdrawal, qualification or downgrade of any rating or ratings assigned to any Class of Certificates, (iii) the resigning party pays all costs and expenses in connection with such transfer, and (iv) the successor accepts appointment prior to the effectiveness of such resignation. 
Neither the Master Servicer nor the Special Servicer shall be permitted to resign except as contemplated above in this Section 6.04.

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                    Consistent with the foregoing, neither the Master Servicer nor the Special Servicer shall, except as expressly provided herein, assign or transfer any of its rights, benefits or privileges hereunder to any other Person, or, except as provided in Sections 3.22 and 4.06, delegate to or subcontract with, or authorize or appoint any other Person to perform any of the duties, covenants or obligations to be performed by it hereunder.  If, pursuant to any provision hereof, the duties of the Master Servicer or the Special Servicer are transferred to a successor thereto, the Master Servicing Fee or the Special Servicing Fee, as the case may be, that accrues pursuant hereto from and after the date of such transfer shall be payable to such successor.

                    Section 6.05.     Rights of Depositor and Trustee in Respect of Master Servicer and the Special Servicer.

                    The
Master Servicer and the Special Servicer shall each afford the Depositor, the
Underwriters and the Trustee, upon reasonable notice, during normal business
hours access to all records maintained thereby in respect of its rights and
obligations hereunder and access to officers thereof responsible for such
obligations.  Upon reasonable request, the Master Servicer and the Special
Servicer shall each furnish the Depositor, the Underwriters and the Trustee with
its most recent publicly available financial statements and such other
information as it possesses, and which it is not prohibited by applicable law or
contract from disclosing, regarding its business, affairs, property and
condition, financial or otherwise, except to the extent such information
constitutes proprietary information or is subject to a privilege under
applicable law.  The Depositor may, but is not obligated to, enforce the
obligations of the Master Servicer and the Special Servicer hereunder and may,
but is not obligated to, perform, or cause a designee to perform, any defaulted
obligation of the Master Servicer or Special Servicer hereunder or exercise the
rights of the Master Servicer and the Special Servicer hereunder;
provided, however, that neither the Master Servicer nor the
Special Servicer shall be relieved of any of its obligations hereunder by virtue
of such performance by the Depositor or its designee; provided,
further, that the Depositor may not exercise any right pursuant to
Section 7.01 to terminate the Master Servicer or the Special Servicer as a
party to this Agreement.  The Depositor shall not have any responsibility
or liability for any action or failure to act by the Master Servicer or the
Special Servicer and is not obligated to supervise the performance of the Master
Servicer or the Special Servicer under this Agreement or otherwise.

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

                    The Depositor, the Master Servicer and the Special Servicer shall each furnish such reports, certifications and information as are reasonably requested by the Trustee in order to enable it to perform its duties hereunder.

                    Section 6.07.     Depositor, Special Servicer and Trustee to Cooperate with Master Servicer.

                    The Depositor, the Special Servicer and the Trustee shall each furnish such reports, certifications and information as are reasonably requested by the Master Servicer in order to enable it to perform its duties hereunder.

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

                    The Depositor, the Master Servicer and the Trustee shall each furnish such reports, certifications and information as are reasonably requested by the Special Servicer in order to enable it to perform its duties hereunder.

                    Section 6.09.     Designation of Special Servicer by the Controlling Class and Controlling Holders.

                    The
Holder or Holders of the Certificates evidencing a majority of the Voting Rights
allocated to the Controlling Class may at any time and from time to time
designate a Person meeting the requirements set forth in Section 6.04
(including, without limitation, Rating Agency confirmation) to serve as Special
Servicer hereunder and to replace any existing Special Servicer or any Special
Servicer that has resigned or otherwise ceased to serve as Special Servicer;
provided that such Holder or Holders shall pay all costs related to the
transfer of servicing if the Special Servicer is replaced other than due to an
Event of Default.  Such Holder or Holders may also select a Controlling
Class Representative that may advise and direct the Special Servicer and whose
approval is required for certain actions, as described herein.  Such Holder
or Holders shall so designate a Person to serve as replacement Special Servicer
by the delivery to the Trustee, the Master Servicer and the existing Special
Servicer of a written notice stating such designation.  The Trustee shall,
promptly after receiving any such notice, deliver to the Rating Agencies an
executed Notice and Acknowledgment in the form attached hereto as Exhibit
I-1.  If such Holders have not replaced the Special Servicer within 30 days
of such Special Servicer’s resignation or the date such Special Servicer
has ceased to serve in such capacity, the Trustee shall designate a successor
Special Servicer meeting the requirements set forth in Section 6.04. 
Any designated Person shall become the Special Servicer, subject to satisfaction
of the other conditions set forth below, on the date that the Trustee shall have
received written confirmation from all of the Rating Agencies that the
appointment of such Person will not result in the qualification, downgrading or
withdrawal of the rating or ratings assigned to one or more Classes of the
Certificates.  The appointment of such designated Person as Special
Servicer shall also be subject to receipt by the Trustee of (1) an
Acknowledgment of Proposed Special Servicer in the form attached hereto as
Exhibit I-2, executed by the designated Person, and (2) an Opinion of Counsel
(at the expense of the Person designated to become the Special Servicer) to the
effect that the designation of such Person to serve as Special Servicer is in
compliance with this Section 6.09 and all other applicable provisions of
this Agreement, that upon the execution and delivery of the Acknowledgment of
Proposed Special Servicer the designated Person shall be bound by the terms of
this Agreement and that this Agreement shall be enforceable against the
designated Person in accordance with its terms.  Any existing Special
Servicer shall be deemed to have resigned simultaneously with such designated
Person’s becoming the Special Servicer hereunder;
provided, however, that the resigning Special Servicer shall
continue to be entitled to receive all amounts accrued or owing to it under this
Agreement on or prior to the effective date of such resignation (including
Workout Fees as set forth in Section 3.11(c) of this Agreement), and it shall
continue to be entitled to the benefits of Section 6.03 notwithstanding any
such resignation.  Such resigning Special Servicer shall cooperate with the
Trustee and the replacement Special Servicer in effecting the termination of the
resigning Special Servicer’s responsibilities and rights hereunder,
including, without 

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limitation, the transfer within two Business Days to the replacement Special Servicer for administration by it of all cash amounts that shall at the time be or should have been credited by the Special Servicer to the Certificate Account or the REO Account or delivered to the Master Servicer or that are thereafter received with respect to Specially Serviced Mortgage Loans and REO Properties.

                    Notwithstanding the foregoing, in accordance with the terms of each of The Woodlands Mall Intercreditor Agreement, the Prime Outlets Pool II Subordinate Intercreditor Agreement and the Chemed Center Leasehold Intercreditor Agreement, the Companion Holder related to each of The Woodlands Mall Loan, the Prime Outlets Pool II Loan (with respect to the Prime Outlets Pool II Subordinate Companion Loan holder only) and the Chemed Center Leasehold Loan, as applicable, shall have the right to appoint, approve and/or remove the Special Servicer with respect to each of The Woodlands Mall Loan, the Prime Outlets Pool II Loan and the Chemed Center Leasehold Loan, as applicable, and the Controlling Class shall not have the right to replace the Special Servicer with respect to The Woodlands Mall Loan, the Prime Outlets Pool II Loan and the Chemed Center
Leasehold Loan, as applicable, as described above.

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

                    The
Master Servicer or an Affiliate of the Master Servicer or the Special Servicer
or an Affiliate of the Special Servicer may become the Holder of (or, in the
case of a Book-Entry Certificate, Certificate Owner with respect to) any
Certificate with (except as set forth in the definition of
“Certificateholder”) the same rights it would have if it were not the
Master Servicer or the Special Servicer or an Affiliate thereof.  If, at
any time during which the Master Servicer or the Special Servicer or an
Affiliate of the Master Servicer or the Special Servicer is the Holder of (or,
in the case of a Book-Entry Certificate, Certificate Owner with respect to) any
Certificate, the Master Servicer or the Special Servicer proposes to take action
(including for this purpose, omitting to take action) that (i) is not
expressly prohibited by the terms hereof and would not, in the Master
Servicer’s or the Special Servicer’s good faith judgment, violate the
Servicing Standard, and (ii) if taken, might nonetheless, in the Master
Servicer’s or the Special Servicer’s reasonable, good faith judgment,
be considered by other Persons to violate the Servicing Standard, then the
Master Servicer or the Special Servicer may (but need not) seek the approval of
the Certificateholders to such action by delivering to the Trustee a written
notice that (a) states that it is delivered pursuant to this
Section 6.10, (b) identifies the Percentage Interest in each Class of
Certificates beneficially owned by the Master Servicer or the Special Servicer
or an Affiliate of the Master Servicer or the Special Servicer, and
(c) describes in reasonable detail the action that the Master Servicer or
the Special Servicer proposes to take.  The Trustee, upon receipt of such
notice, shall forward it to the Certificateholders (other than the Master
Servicer and its Affiliates or the Special Servicer and its Affiliates, as
appropriate), together with such instructions for response as the Trustee shall
reasonably determine.  If at any time Certificateholders holding greater
than 50% of the Voting Rights of all Certificateholders (calculated without
regard to the Certificates beneficially owned by the Master Servicer or its
Affiliates or the Special Servicer or its Affiliates) shall have failed to
object in writing to the proposal described in the written notice, and if the
Master Servicer or the Special Servicer shall act as proposed in the written
notice within thirty (30) days, such action shall be deemed to comply with, but
not modify, the Servicing Standard.  The Trustee shall be entitled to
reimbursement from the Master Servicer or the Special Servicer, as applicable,
for the reasonable 

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expenses of the Trustee incurred pursuant to this paragraph.  It is not the intent of the foregoing provision that the Master Servicer or the Special Servicer be permitted to invoke the procedure set forth herein with respect to routine servicing matters arising hereunder, but rather in the case of unusual circumstances.

                    Section 6.11.     The Controlling Class Representative.

                    (a)          Subject to Section 6.11(d), the Controlling Class Representative will be entitled to advise the Special Servicer with respect to the following actions of the Special Servicer, and notwithstanding anything herein to the contrary except as necessary or advisable to avoid an Adverse REMIC Event or the violation of the Servicing Standard and except as set forth in, and in any event subject to, the second paragraph of this Section 6.11(a), the Special Servicer will not be permitted to take any of the following actions as to which the Controlling Class Representative has objected in writing within ten Business Days of being notified thereof, which notification with respect to the action described in clause (vi) below shall be copied by the Special Servicer to the Master
Servicer (provided that, if such written objection has not been received by the Special Servicer within such ten Business Day period, then the Controlling Class Representative’s approval will be deemed to have been given):

	
  
 
  	
  
         (i)          any   actual or proposed foreclosure upon or comparable conversion (which may   include acquisitions of an REO Property) of the ownership of properties   securing such of the Specially Serviced Mortgage Loans as come into and   continue in default;
  
	
   
  	
  
 
  
	
  
 
  	
  
         (ii)         any   modification of a Money Term of a Mortgage Loan (other than a modification   consisting of the extension of the maturity date of a Mortgage Loan for one   year or less) or a material non-monetary term;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (iii)        any   actual or proposed sale of an REO Property (other than in connection with the   termination of the Trust Fund or pursuant to Section 3.18);
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (iv)        any   determination to bring an REO Property into compliance with applicable   environmental laws or to otherwise address Hazardous Materials located at an   REO Property;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (v)         any   acceptance of substitute or additional collateral or release of material   collateral for a Mortgage Loan unless required by the underlying loan   documents;
  
	
   
  	
  
 
  
	
  
 
  	
  
         (vi)        any   waiver of a “due-on-sale” clause or “due-on-encumbrance” clause;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (vii)       any   release of any performance or “earn-out” reserves, escrows or letters of   credit;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (viii)      any   acceptance of an assumption agreement releasing a borrower from liability   under a Mortgage Loan (other than in connection with a defeasance permitted   under the terms of the applicable Mortgage Loan documents);
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (ix)        any   termination of the related property manager for Mortgage Loans having an   outstanding principal balance of greater than $5,000,000;
  

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         (x)         any   termination of, or modification of, any applicable franchise agreement   related to any Mortgage Loan secured by a hotel;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          (xi)       any   determination to allow a borrower not to maintain terrorism or windstorm   insurance; and
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xii)       any   determination to decrease the time period referenced in clause (g) of the   definition of Specially Serviced Mortgage Loan.
  

                    In addition, the Controlling Class Representative may direct the Special Servicer to take, or to refrain from taking, such other actions as the Controlling Class Representative may deem advisable or as to which provision is otherwise made in this Agreement; provided that, notwithstanding anything herein to the contrary or anything in this Agreement which permits the Controlling Class Representative or a Companion Holder the right to consent to or object to actions taken by the Special Servicer, no such advice or direction, and no objection contemplated by the preceding paragraph may require or cause the Special Servicer to violate any applicable law, any provision of this Agreement or the REMIC Provisions (and the Special Servicer shall disregard any such direction or objection), including without limitation the Special Servicer’s
obligation to act in accordance with the Servicing Standard, or expose the Master Servicer, the Special Servicer, the Trust Fund or the Trustee or their respective Affiliates, officers, directors, employees or agents to any claim, suit or liability, or materially expand the scope of the Special Servicer or the Special Servicer’s responsibilities hereunder or cause the Special Servicer to act, or fail to act, in a manner which in the reasonable judgment of the Special Servicer is not in the best interests of the Certificateholders.  For the avoidance of doubt, the Master Servicer and/or the Special Servicer will disregard any direction or objection of any party (including without limitation of the Controlling Class Representative, the holder of the Class WM Certificates or a Companion Holder) if such direction and or objection causes the Master Servicer or the Special Servicer to violate the Servicing Standard, any applicable law, any provision of this Agreement or the REMIC Provisions or
expose the Master Servicer, the Special Servicer, the Trust Fund, the Paying Agent or the Trustee or their respective Affiliates, officers, directors employees or agents to any claim, suit or liability, or materially expand the scope of the Master Servicer’s or Special Servicer’s responsibility hereunder or cause the Master Servicer or the Special Servicer to act, or fail to act, in a manner which in the reasonable judgment of the Master Servicer or the Special Servicer is not in the best interest of the Certificateholders, or the holders of the Companion Loan and consistent with the Servicing Standard.

                    (b)          The Controlling Class Representative, the Controlling Class , the holders of the Class WM Certificates, and the Holder of any Companion Loan will have no liability to the Certificateholders for any action taken, or for refraining from the taking of any action, or for errors in judgment; provided, however, that the Controlling Class Representative, the Controlling Class, the holders of the Class WM Certificates, and the Holder of any Companion Loan will not be protected against any liability to a Controlling Class  Certificateholder which would otherwise be imposed by reason of willful misfeasance, bad faith or negligence in the performance of duties or by reason of reckless disregard of obligations or duties.  By its acceptance of a Certificate, each
Certificateholder confirms its understanding that the Controlling Class, the Controlling Class Representatives, the holders of the Class WM Certificates, or any Holder of a Companion Loan may take actions that favor the interests of one or more Classes of the 

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Certificates over other Classes of the Certificates, and that the Controlling Class, the Controlling Class Representative and the Holder of any Companion Loan, the Holder of the Class WM Certificates may have special relationships and interests that conflict with those of Holders of some Classes of the Certificates, that the Controlling Class, the Controlling Class Representatives or any Holder of a Companion Loan, the Holder of the Class WM Certificates and may act solely in the interests of the Holders of the Controlling Class or any Companion Holder, as the case may be, and that the Controlling Class Representatives do not have any duties or liability to the Holders of any Class of Certificates other than the Controlling Class (or the Class WM Certificates) or any Companion Holder and shall have no liability whatsoever for having so acted, and no Certificateholder may take any action whatsoever against the Controlling Class Representatives or any Holder of any
Companion Loan, any holder of the Class WM Certificates or any director, officer, employee, agent or principal thereof for having so acted.

                    (c)          Notwithstanding anything in this Section 6.11, nothing herein is intended to limit the right of the Controlling Class Representative to consult on a non-binding basis with the Special Servicer with respect to any Mortgage Loan.

                    (d)          Notwithstanding anything to the contrary in this Section 6.11 or anything contained in this Agreement, with respect to the Prime Outlets Pool II Loan, the holder of the related Companion Loan will have the right to replace the Special Servicer with respect to the Prime Outlets Pool II Whole Loan in accordance with the terms of the Prime Outlets Pool II Pari Passu Intercreditor Agreement.  In addition, the holders of the Prime Outlets Pool II Pari Passu Companion Loan have the right to consent to any replacement of the Special Servicer with respect to the Prime Outlets Pool II Whole Loan, in accordance with the terms of the Prime Outlets Pool II Intercreditor Agreement.

                    (e)          Notwithstanding anything to the contrary in this Section 6.11, with respect to the Prime Outlets Pool II Loan, the related holders of the Prime Outlets Pool II Loan and the Prime Outlets Pool II Pari Passu Companion Loan shall share in the rights and responsibilities of the Controlling Class Representative as set forth in Section 2(i) of the Prime Outlets Pool II Pari Passu Intercreditor Agreement.

ARTICLE VII.

DEFAULT

                    Section 7.01.     Events of Default.

                    (a)          “Event of Default,” wherever used herein, means any one of the following events:

	
  
 
  	
  
         (i)          any   failure by the Master Servicer to deposit into the Certificate Account, which   failure, in the case of deposits and remittance to the Certificate Account,   continues unremedied one Business Day after the date upon which such deposit   was required to have been made hereunder, or to deposit into, or remit to the   Paying Agent for deposit into the Distribution Account or the Floating Rate   Account, any amount (other than a P&I Advance) required to be so   deposited or remitted by it under this Agreement, which 
  

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failure, in   the case of deposits and remittances to the Distribution Account or the   Floating Rate Account, continues unremedied until 10:00 a.m., New York City   time on the related Distribution Date; provided, however, that to the   extent the Master Servicer does not timely make such remittances, the Master   Servicer shall pay the Trustee for the account of the Trustee interest on any   amount not timely remitted at the Prime Rate from and including the   applicable required remittance date to but not including the date such   remittance is actually made; or
  
	
  
 
  	
  
 
  
	
   
  	
  
         (ii)          any   failure by the Special Servicer to timely deposit into the REO Account or to   timely deposit into, or to timely remit to the Master Servicer for deposit   into, the Certificate Account, any amount required to be so deposited or   remitted under this Agreement; or
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (iii)          any   failure by the Master Servicer to timely make any Servicing Advance required   to be made by it hereunder, which Servicing Advance remains unmade for a   period of five Business Days following the date on which notice shall have   been given to the Master Servicer, as the case may be, by the Trustee as   provided in Section 3.03(c); or
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (iv)          any   failure on the part of the Master Servicer or the Special Servicer or any   Servicing Participant duly to observe or perform in any material respect any   other of the covenants or agreements on the part of the Master Servicer or   the Special Servicer, as the case may be, contained in this Agreement which   continues unremedied for a period of thirty (30) days (seven (7) Business   Days in the case of the Master Servicer’s or Special Servicer’s, as   applicable, obligations contemplated by Sections 3.13, 3.14 and 8.17(n) hereof   (with respect to any year that a report on Form 10-K is required to be   filed)) after the date on which written notice of such failure, requiring the   same to be remedied, shall have been given to the Master Servicer or the   Special Servicer, as the case may be, by any other party hereto or the Master

Servicer or the Special Servicer, as the case may be (with a copy to each   other party hereto), or by the Holders of Certificates entitled to at least   25% of the Voting Rights; provided, however, that with respect   to any such failure which is not curable within such 30-day period, the   Master Servicer or the Special Servicer, as the case may be, shall have an   additional cure period of thirty (30) days to effect such cure so long as the   Master Servicer or the Special Servicer, as the case may be, has commenced to   cure such failure within the initial 30-day period and has provided the   Trustee with an Officer’s Certificate certifying that it has diligently   pursued, and is continuing to pursue, a full cure; or
  
	
   
  	
  
 
  
	
  
 
  	
  
         (v)          any   breach on the part of the Master Servicer or the Special Servicer of any   representation or warranty contained in this Agreement that materially and   adversely affects the interests of any Class of Certificateholders and which   continues unremedied for a period of 30 days after the date on which notice   of such breach, requiring the same to be remedied, shall have been given to   the Master Servicer or the Special Servicer, as the case may be, by any other   party hereto or the Master Servicer or the Special Servicer, as the case may   be (with a copy to each other party hereto), or by the Holders of   Certificates entitled to at least 25% of the Voting Rights; provided,   however,   with respect to any failure which is not curable within such 30-day period,   the Master Servicer or the Special Servicer, as the case may be,
shall have   an additional cure period of thirty (30) 
  

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days so long   as the Master Servicer or the Special Servicer, as the case may be, has   commenced to cure within the initial 30-day period and provided the Trustee   with an Officer’s Certificate certifying that it has diligently pursued, and   is continuing to pursue, a full cure; or
  
	
  
 
  	
  
 
  
	
   
  	
  
         (vi)          a   decree or order of a court or agency or supervisory authority having   jurisdiction in the premises in an involuntary case under any present or   future federal or state bankruptcy, insolvency or similar law for the   appointment of a conservator, receiver, liquidator, trustee or similar   official in any bankruptcy, insolvency, readjustment of debt, marshaling of   assets and liabilities or similar proceedings, or for the winding-up or   liquidation of its affairs, shall have been entered against the Master   Servicer or the Special Servicer and such decree or order shall have remained   in force undischarged or unstayed for a period of sixty (60) days; or
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (vii)          the   Master Servicer or the Special Servicer shall consent to the appointment of a   conservator, receiver, liquidator, trustee or similar official in any   bankruptcy, insolvency, readjustment of debt, marshaling of assets and   liabilities or similar proceedings of or relating to it or of or relating to   all or substantially all of its property; or
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (viii)         the   Master Servicer or the Special Servicer shall admit in writing its inability   to pay its debts generally as they become due, file a petition to take   advantage of any applicable bankruptcy, insolvency or reorganization statute,   make an assignment for the benefit of its creditors, voluntarily suspend   payment of its obligations, or take any corporate action in furtherance of   the foregoing; or
  
	
   
  	
  
 
  
	
  
 
  	
  
         (ix)          the   consolidated net worth of the Master Servicer and of its direct or indirect   parent, determined in accordance with generally accepted accounting   principles, shall decline to less than $15,000,000; or
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (x)          the   Master Servicer or the Special Servicer receives actual knowledge that   Moody’s has (i) qualified, downgraded or withdrawn its rating or ratings   of one or more Classes of Certificates, or (ii) placed one or more   Classes of Certificates on “watch status” in contemplation of rating   downgrade or withdrawal (and such “watch status” placement shall not have   been withdrawn by Moody’s within 60 days of the date that the Master Servicer   or the Special Servicer obtained such actual knowledge) and, in the case of   either of clauses (i) or (ii), citing servicing concerns with the Master   Servicer or the Special Servicer, as applicable, as the sole or material   factor in such rating action; or
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xi)          any   failure on the part of the Master Servicer or the Special Servicer or any   Servicing Participant (other than, with respect to the Master Servicer,   Sub-Servicers identified on Exhibit Y hereto) engaged by the Master Servicer   or the Special Servicer, as applicable, to observe or perform, following the   expiration of any applicable grace and cure periods, in any material respect   any of its duties or obligations under Section 8.17 within the timeframe   specified; or
  

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         (xii)          the   Master Servicer or the Special Servicer, as the case may be, is no longer   listed on S&P’s Select Servicer List as a U.S. Commercial Mortgage Master   Servicer or a U.S. Commercial Mortgage Special Servicer, as the case may be,   and such removal continues for a period of 60 days; or
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (xiii)          the   Master Servicer shall fail to remit to the Paying Agent for deposit into the   Distribution Account, on any P&I Advance Date, the full amount of P&I   Advances required to be made on such date, which failure continues unremedied   until 10:00 a.m. New York City time on the next Business Day succeeding such   P&I Advance Date; provided, however, that to the   extent the Master Servicer does not timely make such remittances, the Master   Servicer shall pay the Trustee for the account of the Trustee, interest on   any amount not timely remitted at the Prime Rate from and including the   applicable required remittance date to but not including the date such   remittance is actually made.
  

                    (b)          If any Event of Default shall occur with respect to the Master Servicer or the Special Servicer (in either case, for purposes of this Section 7.01(b), the “Defaulting Party”) and shall be continuing, then, and in each and every such case, so long as such Event of Default shall not have been remedied, the Depositor and/or the Trustee may, and at the written direction of the Holders of Certificates entitled to at least 25% of the Voting Rights, the Trustee shall, by notice in writing to the Defaulting Party (with a copy of such notice to each other party hereto and the Rating Agencies), terminate all of the rights and obligations (but not the liabilities for actions and omissions occurring prior thereto) of the Defaulting Party under this Agreement and in and to
the Trust

Fund, other than its rights as a Certificateholder hereunder.  Notwithstanding the foregoing, it is acknowledged and agreed that the Depositor shall have no obligation to exercise any of the preceding rights and/or powers.  From and after the receipt by the Defaulting Party of such written notice of termination, all authority and power of the Defaulting Party under this Agreement, whether with respect to the Certificates (other than as a holder of any Certificate) or the Mortgage Loans or otherwise, shall pass to and be vested in the Trustee pursuant to and under this Section, and, without limitation, the Trustee is hereby authorized and empowered to execute and deliver, on behalf of and at the expense of the Defaulting Party, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination, whether to complete the transfer and endorsement or assignment

of the Mortgage Loans and related documents, or otherwise.  The Master Servicer and the Special Servicer each agree that, if it is terminated pursuant to this Section 7.01(b), it shall promptly (and in any event no later than ten Business Days subsequent to its receipt of the notice of termination) provide the Trustee with all documents and records, including those in electronic form, requested thereby to enable the Trustee or a successor Master Servicer or Special Servicer to assume the Master Servicer’s or Special Servicer’s, as the case may be, functions hereunder, and shall cooperate with the Trustee in effecting the termination of the Master Servicer’s or Special Servicer’s, as the case may be, responsibilities and rights hereunder, including, without limitation, (i) the immediate transfer to the Trustee or a successor Master or Special Servicer for administration by it of all cash amounts that shall at the time be or should have been credited by the Master
Servicer to the Certificate Account, the Distribution Account, a Servicing Account or a Reserve Account (if the Master Servicer is the Defaulting Party) or that are thereafter received by or on behalf of it with respect to any Mortgage Loan or (ii) the transfer within two Business Days to 

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the Trustee or a successor Special Servicer for administration by it of all cash amounts that shall at the time be or should have been credited by the Special Servicer to the REO Account, the Certificate Account, a Servicing Account or a Reserve Account or delivered to the Master Servicer (if the Special Servicer is the Defaulting Party) or that are thereafter received by or on behalf of it with respect to any Mortgage Loan or REO Property (provided, however, that the Master Servicer and the Special Servicer each shall, if terminated pursuant to this Section 7.01(b), continue to be entitled to receive all amounts accrued or owing to it under this Agreement on or prior to the date of such termination, whether in respect of Advances or otherwise, and it shall continue to be entitled to the benefits of Section 6.03 notwithstanding any such termination).  Any cost or expenses in connection with any actions to be taken by the Master
Servicer, the Special Servicer or the Trustee pursuant to this paragraph shall be borne by the Defaulting Party and if not paid by the Defaulting Party within 90 days after the presentation of reasonable documentation of such costs and expenses, such expense shall be reimbursed by the Trust Fund; provided, however, that the Defaulting Party shall not thereby be relieved of its liability for such expenses.  If and to the extent that the Defaulting Party has not reimbursed such costs and expenses, the Trustee shall have an affirmative obligation to take all reasonable actions to collect such expenses on behalf of and at the expense of the Trust Fund.  For purposes of this Section 7.01 and of Section 7.03(b), the Trustee shall not be deemed to have knowledge of an event which constitutes, or which with the passage of time or notice, or both, would constitute an Event of Default described in clauses (i)-(viii) of subsection (a) above unless a Responsible Officer

of the Trustee has actual knowledge thereof or unless notice of any event which is in fact such an Event of Default is received by the Trustee and such notice references the Certificates, the Trust Fund or this Agreement.

                    (c)          If
the Master Servicer receives a notice of termination under
Section 7.01(b) solely due to an Event of Default under
Section 7.01(a)(x) and/or (xii) and if the terminated Master
Servicer provides the Trustee with the appropriate “request for
proposal” materials within the five Business Days after receipt of such
termination notice, the Master Servicer shall continue to serve as Master
Servicer hereunder until a successor Master Servicer is selected in accordance
with this Section 7.01(c); provided the Trustee has requested the
Master Servicer to continue to serve as the Master Servicer during such
period.  Upon receipt of the “request for proposal” materials,
the Trustee shall promptly thereafter (using such “request for
proposal” materials provided by the terminated Master Servicer) solicit
good faith bids for the rights to master service the Mortgage Loans under this
Agreement from at least three (3) Persons qualified to act as Master Servicer
hereunder in accordance with Sections 6.02 and 7.02 (any such Person so
qualified, a “Qualified Bidder”) or, if three (3) Qualified
Bidders cannot be located, then from as many Persons as the Trustee can
determine are Qualified Bidders; provided that, at the Trustee’s
request, the Master Servicer to be terminated pursuant to
Section 7.01(b) shall supply the Trustee with the names of Persons
from whom to solicit such bids; provided, further, that the
Trustee shall not be responsible if less than three (3) or no Qualified Bidders
submit bids for the right to master service the Mortgage Loans under this
Agreement.  The bid proposal shall require any Successful Bidder (as
defined below), as a condition of such bid, to enter into this Agreement as
successor Master Servicer, and to agree to be bound by the terms hereof, within
45 days after the notice of termination to the Master Servicer.  The
materials provided to the Trustee shall provide for soliciting bids (i) on
the basis of such successor Master Servicer retaining all Sub-Servicers to
continue the primary servicing of the Mortgage Loans pursuant to the terms of
the respective Sub-Servicing Agreements and to 

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enter into a Sub-Servicing Agreement with
the terminated Master Servicer to service each of the Mortgage Loans not subject
to a Sub-Servicing Agreement at a servicing fee rate per annum equal to
the Master Servicing Fee Rate minus 2.0 basis points per Mortgage Loan
serviced (each, a “Servicing-Retained Bid”) and (ii) on
the basis of terminating each Sub-Servicing Agreement and Sub-Servicer that it
is permitted to terminate in accordance with Section 3.22 (each, a
“Servicing-Released Bid”).  The Trustee shall select the
Qualified Bidder with the highest cash Servicing-Retained Bid (or, if none, the
highest cash Servicing Released Bid) (the “Successful Bidder”) to act
as successor Master Servicer hereunder.  The Trustee shall direct the
Successful Bidder to enter into this Agreement as successor Master Servicer
pursuant to the terms hereof (and, if the successful bid was a
Servicing-Retained Bid, to enter into a Sub-Servicing Agreement with the
terminated Master Servicer as contemplated above), no later than 45 days after
termination of the Master Servicer.

                    Upon the assignment and acceptance of the master servicing rights hereunder to and by the Successful Bidder, the Trustee shall remit or cause to be remitted (i) if the successful bid was a Servicing-Retained Bid, to the Master Servicer to be terminated pursuant to Section 7.01(b) the amount of such cash bid received from the Successful Bidder (net of “out-of-pocket” expenses incurred in connection with obtaining such bid and transferring servicing) and (ii) if the successful bid was a Servicing-Released Bid, to the Master Servicer and each terminated Sub-Servicer its respective Bid Allocation.  In connection with such remittance, the Trustee is entitled to be reimbursed by the Master Servicer for the Trustee’s “out-of-pocket” expenses incurred in connection with obtaining such bid and transferring

servicing as contemplated by clause (i) of this paragraph and by the definition of “Bid Allocation”.

                    If the Successful Bidder has not entered into this Agreement as successor Master Servicer within such 45-day period or no Successful Bidder was identified within such 45-day period, the Master Servicer to be terminated pursuant to Section 7.01(b) shall reimburse the Trustee for all reasonable “out-of-pocket” expenses incurred by the Trustee in connection with such bid process and the Trustee shall have no further obligations under this Section 7.01(c).  The Trustee thereafter may act or may select a successor to act as Master Servicer hereunder in accordance with Section 7.02.

                    (d)          Notwithstanding the foregoing, if the Trustee or the Master Servicer has received notice from S&P, Moody’s or Fitch that the Master Servicer is no longer approved by Moody’s or Fitch or is no longer listed on S&P’s Select Servicer List as a U.S. Commercial Mortgage Master Servicer, then the Trustee or Master Servicer shall promptly notify the other of the same.

                    Section 7.02.     Trustee to Act; Appointment of Successor.

                    On and after the time the Master Servicer or the Special Servicer resigns pursuant to Section 6.04 or receives a notice of termination pursuant to Section 7.01, the Trustee shall, unless a successor is appointed pursuant to Section 6.04, be the successor in all respects to the Master Servicer or the Special Servicer, as the case may be, in its capacity as such under this Agreement and the transactions set forth or provided for herein and shall have all (and the former Master Servicer or the Special Servicer, as the case may be, shall cease to have any) of the responsibilities, duties and liabilities (except as provided in the next sentence) of the Master 

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Servicer or the Special Servicer, as the case may be, arising thereafter, including, without limitation, if the Master Servicer is the resigning or terminated party, the Master Servicer’s obligation to make P&I Advances, the unmade P&I Advances that gave rise to such Event of Default; provided that, if the Master Servicer is the resigning or terminated party, and if after the Closing Date the Trustee is prohibited by law or regulation from obligating itself to make P&I Advances (as evidenced by an Opinion of Counsel delivered to the Depositor and the Rating Agencies) the Trustee shall not be obligated to make such P&I Advances; provided, further, that any failure to perform such duties or responsibilities caused by the Master Servicer’s or the Special Servicer’s, as the case may be, failure to provide information or monies required by Section 7.01 shall not be considered a default by the Trustee
hereunder.  Notwithstanding anything contrary in this Agreement, the Trustee shall in no event be held responsible or liable with respect to any of the acts, omissions, representations and warranties of the resigning or terminated party (other than the Trustee) or for any losses incurred by such resigning or terminated party pursuant to Section 3.06 hereunder nor shall the Trustee be required to purchase any Mortgage Loan hereunder.  As compensation therefor, the Trustee shall be entitled to all fees and other compensation which the resigning or terminated party would have been entitled to if the resigning or terminated party had continued to act hereunder (other than fees already earned, including, without limitation, Workout Fees).  Notwithstanding the above and subject to its obligations under Section 3.22(d) and 7.01(b), the Trustee may, if it shall be unwilling in its sole discretion to so act as either Master Servicer or Special Servicer, as the case may be, or
shall, if it is unable to so act as either Master Servicer or Special Servicer, as the case may be, or shall, if the Trustee is not approved as a master servicer or a special servicer, as the case may be, by any of the Rating Agencies or if the Holders of Certificates entitled to at least 51% of the Voting Rights so request in writing to the Trustee, promptly appoint, subject to the approval of each of the Rating Agencies (as evidenced by written confirmation therefrom to the effect that the appointment of such institution would not cause the qualification, downgrading or withdrawal of the then current rating on any Class of Certificates) or petition a court of competent jurisdiction to appoint, any established mortgage loan servicing institution that meets the requirements of Section 6.02 (including, without limitation, rating agency confirmation); provided, however, that in the case of a resigning or terminated Special Servicer, such appointment shall be subject to the rights of
the Holders of Certificates evidencing a majority of the Voting Rights allocated to the Controlling Class to designate a successor pursuant to Section 6.09.  Except with respect to an appointment provided below, no appointment of a successor to the Master Servicer or the Special Servicer hereunder shall be effective until the assumption of the successor to such party of all its responsibilities, duties and liabilities under this Agreement.  Pending appointment of a successor to the Master Servicer or the Special Servicer hereunder, the Trustee shall act in such capacity as hereinabove provided.  Notwithstanding the above, the Trustee shall, if the Master Servicer is the resigning or terminated party and the Trustee is prohibited by law or regulation from making P&I Advances, promptly appoint any established mortgage loan servicing institution that has a net worth of not less than $15,000,000 and is otherwise acceptable to each Rating Agency (as evidenced by written confirmation

therefrom to the effect that the appointment of such institution would not cause the qualification, downgrading or withdrawal of the then current rating on any Class of Certificates), as the successor to the Master Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer hereunder (including, without limitation, the obligation to make P&I Advances), which appointment will become effective immediately.  In connection with any such appointment and assumption 

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described herein, the Trustee may make such arrangements for the compensation of such successor out of payments on the Mortgage Loans as it and such successor shall agree; provided, however, that no such compensation shall be in excess of that permitted the resigning or terminated party hereunder.  Such successor and the other parties hereto shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession.

                    Section 7.03.     Notification to Certificateholders and Companion Holders.

                    (a)          Upon any resignation of the Master Servicer or the Special Servicer pursuant to Section 6.04, any termination of the Master Servicer or the Special Servicer pursuant to Section 7.01, any appointment of a successor to the Master Servicer or the Special Servicer pursuant to Section 7.02 or the effectiveness of any designation of a new Special Servicer pursuant to Section 6.09, the Trustee shall give prompt written notice thereof to Certificateholders at their respective addresses appearing in the Certificate Register, and to the Companion Holders.

                    (b)          Not later than the later of (i) 60 days after the occurrence of any event which constitutes or, with notice or lapse of time or both, would constitute an Event of Default and (ii) five days after a Responsible Officer of the Trustee has notice of the occurrence of such an event, the Trustee shall transmit by mail to the Depositor, all Certificateholders, the Rating Agencies and the Companion Holders notice of such occurrence, unless such default shall have been cured.

                    Section 7.04.     Waiver of Events of Default.

                    The Holders representing at least 66-2/3% of the Voting Rights allocated to the Classes of Certificates affected by any Event of Default hereunder may waive such Event of Default; provided, however, that an Event of Default under clause (i), (ii), (x) or (xii) of Section 7.01(a) may be waived only by all of the Certificateholders of the affected Classes.  Upon any such waiver of an Event of Default, such Event of Default shall cease to exist and shall be deemed to have been remedied for every purpose hereunder.  No such waiver shall extend to any subsequent or other Event of Default or impair any right consequent thereon except to the extent expressly so waived.  Notwithstanding any other provisions of this Agreement, for purposes of waiving any Event of Default pursuant to this Section 7.04,
Certificates registered in the name of the Depositor or any Affiliate of the Depositor shall be entitled to Voting Rights with respect to the matters described above.

                    Section 7.05.     Additional Remedies of Trustee Upon Event of Default.

                    During the continuance of any Event of Default, so long as such Event of Default shall not have been remedied, the Trustee, in addition to the rights specified in Section 7.01, shall have the right, in its own name and as trustee of an express trust, to take all actions now or hereafter existing at law, in equity or by statute to enforce its rights and remedies and to protect the interests, and enforce the rights and remedies, of the Certificateholders (including the institution and prosecution of all judicial, administrative and other proceedings and the filings of proofs of claim and debt in connection therewith).  No remedy provided for by this Agreement shall be exclusive of any other remedy, and each and every remedy shall be cumulative and in 

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addition to any other remedy, and no delay or omission to exercise any right or remedy shall impair any such right or remedy or shall be deemed to be a waiver of any Event of Default.  Under no circumstances shall the rights provided to the Trustee under this Section 7.05 be construed as a duty or obligation of the Trustee.

ARTICLE VIII.

CONCERNING THE TRUSTEE

                    Section 8.01.     Duties of Trustee.

                    (a)          The Trustee, prior to the occurrence of an Event of Default and after the curing or waiver of all Events of Default which may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Agreement.  If an Event of Default occurs and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Agreement, and use the same degree of care and skill in their exercise as a prudent man would exercise or use under the circumstances in the conduct of his own affairs.  Any permissive right of the Trustee contained in this Agreement shall not be construed as a duty.

                    (b)          The Trustee, upon receipt of all resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the Trustee that are specifically required to be furnished pursuant to any provision of this Agreement (other than the Mortgage Files, the review of which is specifically governed by the terms of Article II), shall examine them to determine whether they conform to the requirements of this Agreement to the extent specifically set forth herein.  If any such instrument is found not to conform to the requirements of this Agreement in a material manner, the Trustee shall take such action as it deems appropriate to have the instrument corrected.  The Trustee shall not be responsible for the accuracy or content of any resolution,
certificate, statement, opinion, report, document, order or other instrument furnished by the Depositor or the Master Servicer or the Special Servicer, and accepted by the Trustee in good faith, pursuant to this Agreement.

                    (c)          No provision of this Agreement shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act or its own misconduct; provided, however, that:

	
  
 
  	
  
         (i)          Prior   to the occurrence of an Event of Default, and after the curing of all such   Events of Default which may have occurred, the duties and obligations of the   Trustee shall be determined solely by the express provisions of this   Agreement, the Trustee shall not be liable except for the performance of such   duties and obligations as are specifically set forth in this Agreement, no   implied covenants or obligations shall be read into this Agreement against   the Trustee and, in the absence of bad faith on the part of the Trustee, the   Trustee may conclusively rely, as to the truth of the statements and the   correctness of the opinions expressed therein, upon any certificates or   opinions furnished to the Trustee and conforming to the requirements of this   Agreement;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (ii)         The   Trustee shall not be personally liable for an error of judgment made in good   faith by a Responsible Officer or Responsible Officers of the Trustee unless   it shall be proved that the Trustee was negligent in ascertaining the   pertinent facts if it was required to do so;
  

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         (iii)        The   Trustee shall not be personally liable with respect to any action taken,   suffered or omitted to be taken by it in good faith in accordance with the   direction of Holders of Certificates entitled to at least 25% of the Voting   Rights relating to the time, method and place of conducting any proceeding   for any remedy available to the Trustee or exercising any trust or power   conferred upon the Trustee under this Agreement; and
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (iv)        The   protections, immunities and indemnities afforded to the Trustee hereunder   shall also be available to the Paying Agent, Authenticating Agent,   Certificate Registrar, REMIC Administrator and Custodian.
  

                    For so long as reports are required to be filed with the Commission under the Exchange Act with respect to the Trust Fund, the Trustee shall not utilize any Subcontractor that is a Prohibited Party. The Trustee shall indemnify the Depositor, the Sponsors and any director, officer, employee or agent of the Depositor or the Sponsors and hold them harmless against any and all claims, losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments, and any other costs, fees and expenses that any of them may sustain in any way related to the breach by the Trustee of its obligation set forth in the preceding sentence or the failure of the Trustee to perform any of its obligations under Section 3.13.  This indemnity shall survive the termination of this Agreement or the earlier resignation or removal

of the Trustee.

                    Section 8.02.     Certain Matters Affecting Trustee.

                    Except as otherwise provided in Section 8.01 and Article X:

                    (a)          the Trustee may rely upon and shall be protected in acting or refraining from acting upon any resolution, Officer’s Certificate, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper or document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties;

                    (b)          the Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it hereunder in good faith and in accordance therewith;

                    (c)          the Trustee shall be under no obligation to exercise any of the trusts or powers vested in it by this Agreement or to make any investigation of matters arising hereunder or, except as provided in Section 10.01 or 10.02, to institute, conduct or defend any litigation hereunder or in relation hereto at the request, order or direction of any of the Certificateholders, pursuant to the provisions of this Agreement, unless such Certificateholders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities which may be incurred therein or thereby; the Trustee shall be under no obligation to take any action to enforce the rights of the Trust Fund under the applicable Swap Contract unless it is assured, in its sole discretion, that
reasonable security and indemnity against the costs and expenses of such 

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action(s) will be offered by the Swap Counterparty and the Holders of the Class A-3FL Certificates or any other party (other than the Trust Fund); the Trustee shall not be required to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it; provided, however, that nothing contained herein shall, relieve the Trustee of the obligation, upon the occurrence of an Event of Default which has not been cured, to exercise such of the rights and powers vested in it by this Agreement, and to use the same degree of care and skill in their exercise as a prudent man would exercise or use under the circumstances in the conduct of his own affairs;

                    (d)          the Trustee shall not be personally liable for any action reasonably taken, suffered or omitted by it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Agreement;

                    (e)          prior to the occurrence of an Event of Default hereunder and after the curing of all Events of Default which may have occurred, the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing to do so by Holders of Certificates entitled to at least 25% of the Voting Rights; provided, however, that if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of
this Agreement, the Trustee may require reasonable indemnity against such expense or liability as a condition to taking any such action;

                    (f)          the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys; provided, however, that the Trustee shall remain responsible for all acts and omissions of such agents or attorneys within the scope of their employment to the same extent as it is responsible for its own actions and omissions hereunder;

                    (g)          the Trustee shall not be responsible for any act or omission of the Master Servicer or the Special Servicer (unless the Trustee is acting as Master Servicer or the Special Servicer) or the Depositor; and

                    (h)          neither the Trustee nor the Certificate Registrar shall have any obligation or duty to monitor, determine or inquire as to compliance with any restriction on transfer imposed under Article V under this Agreement or under applicable law with respect to any transfer of any Certificate or any interest therein, other than to require delivery of the certification(s) and/or Opinions of Counsel described in said Article applicable with respect to changes in registration of record ownership of Certificates in the Certificate Register and to examine the same to determine substantial compliance with the express requirements of this Agreement.  The Trustee and Certificate Registrar shall have no liability for transfers, including transfers made through the book entry facilities of the
Depository or between or among Depository Participants or beneficial owners of the Certificates, made in violation of applicable restrictions except for its failure to perform its express duties in connection with changes in registration of record ownership in the Certificate Register.

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                    Section 8.03.     Trustee Not Liable for Validity or Sufficiency of Certificates or Mortgage Loans.

                    The recitals contained herein and in the Certificates, other than the statements attributed to the Trustee in Article II, Section 8.15 and the signature of the Certificate Registrar and the Authenticating Agent set forth on each outstanding Certificate, shall be taken as the statements of the Depositor, the Master Servicer or the Special Servicer, as the case may be, and the Trustee does not assume any responsibility for their correctness.  Except as set forth in Section 8.15, the Trustee makes no representations as to the validity or sufficiency of this Agreement or of any Certificate (other than as to the signature of the Trustee set forth thereon) or of any Mortgage Loan or related document.  The Trustee shall not be accountable for the use or application by the Depositor of any of the Certificates issued to it or of the
proceeds of such Certificates, or for the use or application of any funds paid to the Depositor in respect of the assignment of the Mortgage Loans to the Trust Fund, or any funds deposited in or withdrawn from the Certificate Account or any other account by or on behalf of the Depositor, the Master Servicer or the Special Servicer unless the Trustee is acting as Paying Agent.  The Trustee shall not be responsible for the accuracy or content of any resolution, certificate, statement, opinion, report, document, order or other instrument furnished by the Depositor, the Master Servicer or the Special Servicer, and accepted by the Trustee in good faith, pursuant to this Agreement.

                    Section 8.04.     Trustee May Own Certificates.

                    The Trustee or any agent of the Trustee in its individual or any other capacity, may become the owner or pledgee of Certificates with the same rights (except as otherwise provided in the definition of “Certificateholder”) as it would have if it were not the Trustee or such agent.

                    Section 8.05.     Fees and Expenses of Trustee; Indemnification of Trustee.

                    (a)          On each Distribution Date, the Trustee shall withdraw from the general funds on deposit in the Distribution Account as provided in Section 3.05(b), prior to any distributions to be made therefrom on such date, and pay to itself all earned but unpaid Trustee Fees, as compensation for all services rendered by the Trustee, in the execution of the trusts hereby created and in the exercise and performance of any of the powers and duties of the Trustee hereunder at the Trustee Fee Rate.  No Trustee Fee shall be payable with respect to the Companion Loans.  The Trustee Fee (which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) shall constitute the Trustee’s sole compensation for such services to be rendered by
it.

                    (b)          The Trustee (whether in its capacity as such or individually) and any director, officer, employee, affiliate, agent or “control” person within the meaning of the Securities Act of 1933 of the Trustee shall be entitled to be indemnified for and held harmless by the Trust Fund against any loss, liability or reasonable “out-of-pocket” expense (including, without limitation, costs and expenses of litigation, and of investigation, counsel fees, damages, 

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judgments and amounts paid in settlement) arising out of, or incurred in connection with this Agreement, the Mortgage Loans or the Certificates (including in respect of the offering of such Certificates) or any act of the Master Servicer or the Special Servicer taken on behalf of the Trustee as provided for herein; provided that such expense is an “unanticipated expense incurred by the REMIC” within the meaning of Treasury Regulations Section 1.860G-1(b)(3)(ii); provided, further, that neither the Trustee, nor any of the other above specified Persons shall be entitled to indemnification pursuant to this Section 8.05(b) for (1) any liability specifically required to be borne thereby pursuant to the terms hereof, or (2) any loss, liability or expense incurred by reason of willful misfeasance, bad faith or negligence in the performance of the Trustee’s obligations and duties hereunder, or by reason of its negligent
disregard of such obligations and duties, or as may arise from a breach of any representation, warranty or covenant of the Trustee, as applicable, made herein.  The provisions of this Section 8.05(b) shall survive any resignation or removal of the Trustee and appointment of a successor Trustee.

                    Section 8.06.     Eligibility Requirements for Trustee.

                    The Trustee hereunder shall at all times be an association or a corporation organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia, authorized under such laws to exercise trust powers, having a combined capital and surplus of at least $100,000,000 and subject to supervision or examination by a federal or state banking authority.  If such association or corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section the combined capital and surplus of such association or corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.  The Trustee shall also be an entity
with a long term unsecured debt rating of at least (a) “A+” by S&P, “Aa3” by Moody’s and “A+” by Fitch and a short term unsecured debt rating of at least “A-1” by S&P and “F1” by Fitch or (b) such other rating that shall not result in the qualification, downgrading or withdrawal of the rating or ratings assigned to one or more Classes of the Certificates by any Rating Agency as confirmed in writing.  In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee, shall resign immediately in the manner and with the effect specified in Section 8.07; provided that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $100,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into
an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee’s continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause any Rating Agency to qualify, downgrade or withdraw any rating assigned thereby to any Class of Certificates, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is qualified, downgraded or withdrawn thereby.  The bank, trust company, corporation or association serving as Trustee may have normal banking and trust relationships with the Depositor, the Master Servicer, the Special Servicer and their respective Affiliates but, except to the extent permitted or required by Section 7.02, shall not be an “Affiliate” (as such term is defined in Section III of PTE 2000-58) of the Master Servicer, the
Special Servicer, any Sub-Servicer, the Underwriters, the Depositor, or any obligor with respect to Mortgage Loans constituting more than 5.0% of the aggregate authorized principal balance of the Mortgage Loans as of the date of the initial issuances of the Certificates or any “Affiliate” (as such term is defined in Section III of PTE 2000-58) of any such Person.

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                    Section 8.07.     Resignation and Removal of Trustee.

                    (a)          The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Master Servicer, the Special Servicer, the Swap Counterparty and to all Certificateholders at their respective addresses set forth in the Certificate Register.  Upon receiving such notice of resignation, the Master Servicer shall promptly appoint a successor trustee meeting the requirements in Section 8.06 and acceptable to the Depositor and the Rating Agencies by written instrument, in duplicate, which instrument shall be delivered to the resigning Trustee and to the successor trustee.  A copy of such instrument shall be delivered to the Depositor, the Special Servicer, the Swap Counterparty and the Certificateholders by the Master
Servicer.  If no successor trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee.

                    (b)          If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the Master Servicer, or if at any time the Trustee shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or if the Trustee or Paying Agent (if different from the Trustee) shall fail (other than by reason of the failure of either the Master Servicer or the Special Servicer to timely perform its obligations hereunder or as a result of other circumstances
beyond the Trustee’s reasonable control), to timely deliver any report to be delivered by the Trustee pursuant to Section 4.02 and such failure shall continue unremedied for a period of five days, or if the Trustee or Paying Agent (if different from the Trustee) fails to make distributions required pursuant to Section 3.05(b), 4.01 or 9.01, then the Depositor may remove the Trustee and appoint a successor trustee if necessary, acceptable to the Master Servicer and the Rating Agencies (as evidenced by written confirmation therefrom to the effect that the appointment of such institution would not cause the qualification, downgrading or withdrawal of the then-current rating on any Class of Certificates) by written instrument, in duplicate, which instrument shall be delivered to the Trustee so removed and to the successor trustee.  A copy of such instrument shall be delivered to the Master Servicer, the Special Servicer and the Certificateholders by the Depositor.

                    (c)          The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee, if necessary, by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor trustee so appointed.  A copy of such instrument shall be delivered to the Depositor, the Special Servicer and the remaining Certificateholders by the successor so appointed.  In the event that the Trustee is terminated or removed pursuant to this Section 8.07, all of its rights and obligations under this 

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Agreement and in and to the Mortgage Loans shall be terminated, other than any rights or obligations that accrued prior to the date of such termination or removal (including the right to receive all fees, expenses and other amounts (including, without limitation, P&I Advances and accrued interest thereon) accrued or owing to it under this Agreement, with respect to periods prior to the date of such termination or removal and no termination without cause shall be effective until the payment of such amounts to the Trustee).

                    (d)          Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor trustee as provided in Section 8.08.

                    Section 8.08.     Successor Trustee.

                    (a)          Any successor trustee appointed as provided in Section 8.07 shall execute, acknowledge and deliver to the Depositor, the Master Servicer, the Special Servicer and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with the like effect as if originally named as trustee herein.  The predecessor trustee shall deliver to the successor trustee all Mortgage Files and related documents and statements held by it hereunder (other than any Mortgage Files at the time held on its behalf by
a third-party Custodian, which Custodian shall become the agent of the successor trustee), and the Depositor, the Master Servicer, the Special Servicer and the predecessor trustee shall execute and deliver such instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations, and to enable the successor trustee to perform its obligations hereunder.

                    (b)          No successor trustee shall accept appointment as provided in this Section 8.08, unless at the time of such acceptance such successor trustee shall be eligible under the provisions of Section 8.06 and the Rating Agencies have provided confirmation pursuant to such Section.

                    (c)          Upon acceptance of appointment by a successor trustee as provided in this Section 8.08, such successor trustee shall mail notice of the succession of such trustee hereunder to the Depositor and the Certificateholders.

                    Section 8.09.     Merger or Consolidation of Trustee.

                    Any entity into which the Trustee may be merged or converted or with which the Trustee may be consolidated or any entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any entity succeeding to the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder; provided such entity shall be eligible under the provisions of Section 8.06 and the Rating Agencies have provided confirmation pursuant to such Section, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.

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                    Section 8.10.     Appointment of Co-Trustee or Separate Trustee.

                    (a)          Notwithstanding any other provisions hereof, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Fund or property securing the same may at the time be located, the Master Servicer and the Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Trustee to act as co-trustee or co-trustees, jointly with the Trustee, or separate trustee or separate trustees, of all or any part of the Trust Fund, and to vest in such Person or Persons, in such capacity, such title to the Trust Fund, or any part thereof, and, subject to the other provisions of this Section 8.10, such powers, duties, obligations, rights and trusts as the Master Servicer and the
Trustee may consider necessary or desirable.  If the Master Servicer shall not have joined in such appointment within 15 days after the receipt by it of a request to do so, or in case an Event of Default in respect of the Master Servicer shall have occurred and be continuing, the Trustee alone shall have the power to make such appointment.  No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 8.06 hereunder and no notice to Holders of Certificates of the appointment of co-trustee(s) or separate trustee(s) shall be required under Section 8.08 hereof.

                    (b)          In the case of any appointment of a co-trustee or separate trustee pursuant to this Section 8.10, all rights, powers, duties and obligations conferred or imposed upon the Trustee shall be conferred or imposed upon and exercised or performed by the Trustee and such separate trustee or co-trustee jointly, except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed (whether as Trustee hereunder or as successor to the Master Servicer or the Special Servicer hereunder), the Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Trust Fund or any portion thereof in any such jurisdiction) shall be exercised and
performed by such separate trustee or co-trustee at the direction of the Trustee.

                    (c)          Any notice, request or other writing given to the Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them.  Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of this Article VIII.  Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Trustee. 
Every such instrument shall be filed with the Trustee.

                    (d)          Any separate trustee or co-trustee may, at any time, constitute the Trustee, its agent or attorney-in-fact, with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name.  If any separate trustee or co-trustee shall cease to exist, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Trustee, to the extent permitted by law, without the appointment of a new or successor trustee.

                    (e)          The appointment of a co-trustee or separate trustee under this Section 8.10 shall not relieve the Trustee of its duties and responsibilities hereunder.

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                    Section 8.11.     Appointment of Custodians.

                    (a)          The Trustee may appoint at the Trustee’s expense one or more Custodians to hold all or a portion of the Mortgage Files as agent for the Trustee.  Each Custodian shall be a depository institution supervised and regulated by a federal or state banking authority, shall have combined capital and surplus of at least $10,000,000, shall be qualified to do business in the jurisdiction in which it holds any Mortgage File and shall not be the Depositor, any Mortgage Loan Seller or any Affiliate of the Depositor or any Mortgage Loan Seller.  Neither the Master Servicer nor the Special Servicer shall have any duty to verify that any such Custodian is qualified to act as such in accordance with the preceding sentence.  Any such appointment of a third party Custodian and the
acceptance thereof shall be pursuant to a written agreement, which written agreement shall (i) be consistent with this Agreement in all material respects and requires the Custodian to comply with this Agreement in all material respects and requires the Custodian to comply with all of the applicable conditions of this Agreement; (ii) provide that if the Trustee shall for any reason no longer act in the capacity of Trustee hereunder (including, without limitation, by reason of an Event of Default), the successor trustee or its designee may thereupon assume all of the rights and, except to the extent such obligations arose prior to the date of assumption, obligations of the Custodian under such agreement or alternatively, may terminate such agreement without cause and without payment of any penalty or termination fee; and (iii) not permit the Custodian any rights of indemnification that may be satisfied out of assets of the Trust Fund.  The appointment of one or more Custodians shall
not relieve the Trustee from any of its obligations hereunder, and the Trustee shall remain responsible and liable for all acts and omissions of any Custodian.  The initial Custodian shall be the Trustee.  Notwithstanding anything herein to the contrary, if the Trustee is no longer the Custodian, any provision or requirement herein requiring notice or any information or documentation to be provided to the Custodian shall be construed to require that such notice, information or documents also be provided to the Trustee.  Any Custodian hereunder (other than the Trustee) shall at all times maintain a fidelity bond and errors and omissions policy in amounts customary for custodians performing duties similar to those set forth in this Agreement.

                    (b)          For so long as reports are required to be filed with the Commission under the Exchange Act with respect to the Trust Fund, the Custodian shall not utilize any Subcontractor for the performance of its duties hereunder if such Subcontractor would be “participating in the servicing function” within the meaning of Item 1122 of Regulation AB. The Custodian shall indemnify the Depositor, the Sponsors and any director, officer, employee or agent of the Depositor or the Sponsors and hold them harmless against any and all claims, losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments, and any other costs, fees and expenses that any of them may sustain in any way related to the breach by the Custodian of its obligation set
forth in the preceding sentence or the failure of the Custodian to perform any of its obligations under Section 3.13.  This indemnity shall survive the termination of this Agreement or the earlier resignation or removal of the Custodian.

                    Section 8.12.     Appointment of Authenticating Agents.

                    (a)          The Trustee may at the Trustee’s expense appoint one or more Authenticating Agents, which shall be authorized to act on behalf of the Trustee in authenticating 

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Certificates.  The Trustee shall cause any such Authenticating Agent to execute and deliver to the Trustee an instrument in which such Authenticating Agent shall agree to act in such capacity, in accordance with the obligations and responsibilities herein.  Each Authenticating Agent must be organized and doing business under the laws of the United States of America or of any State, authorized under such laws to do a trust business, have a combined capital and surplus of at least $15,000,000, and be subject to supervision or examination by federal or state authorities.  Each Authenticating Agent shall be subject to the same obligations, standard of care, protection and indemnities as would be imposed on, or would protect, the Trustee hereunder.  The appointment of an Authenticating Agent shall not relieve the Trustee from any of its obligations hereunder, and the Trustee shall remain responsible and liable for all acts and omissions of the
Authenticating Agent.  Wells Fargo Bank, N.A. shall be the initial Authenticating Agent.  If Wells Fargo Bank, N.A. is removed as Trustee, then Wells Fargo Bank, N.A. shall be terminated as Authenticating Agent.  If the Authenticating Agent (other than Wells Fargo Bank, N.A.) resigns or is terminated, the Trustee shall appoint a successor Authenticating Agent which may be the Trustee or an Affiliate thereof.  In the absence of any other Person appointed in accordance herewith acting as Authenticating Agent, the Trustee hereby agrees to act in such capacity in accordance with the terms hereof.  Notwithstanding anything herein to the contrary, if the Trustee is no longer the Authenticating Agent, any provision or requirement herein requiring notice or any information or documentation to be provided to the Authenticating Agent shall be construed to require that such notice, information or documentation also be provided to the Trustee.

                    (b)          Any Person into which any Authenticating Agent may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion, or consolidation to which any Authenticating Agent shall be a party, or any Person succeeding to the corporate agency business of any Authenticating Agent, shall continue to be the Authenticating Agent without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent.

                    (c)          Any Authenticating Agent may at any time resign by giving at least 30 days’ advance written notice of resignation to the Trustee, the Certificate Registrar, the Master Servicer, the Special Servicer and the Depositor.  The Trustee may at any time terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent, the Master Servicer, the Certificate Registrar and the Depositor.  Upon receiving a notice of resignation or upon such a termination, or in case at any time any Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section 8.12, the Trustee may appoint a successor Authenticating Agent, in which case the Trustee shall given written notice of such appointment to the
Master Servicer, the Certificate Registrar and the Depositor and shall mail notice of such appointment to all Holders of Certificates; provided, however, that no successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section 8.12.  Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers, duties and responsibilities of its predecessor hereunder, with like effect as if originally named as Authenticating Agent.  No Authenticating Agent shall have responsibility or liability for any action taken by it as such at the direction of the Trustee.

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                    Section 8.13.     Access to Certain Information.

                    The Trustee shall afford to the Master Servicer, the Special Servicer, each Rating Agency and the Depositor, any Certificateholder and to the OTS, the FDIC and any other banking or insurance regulatory authority that may exercise authority over any Certificateholder, access to any documentation regarding the Mortgage Loans within its control that may be required to be provided by this Agreement or by applicable law.  Such access shall be afforded without charge but only upon reasonable prior written request and during normal business hours at the offices of the Trustee designated by it.  Upon request and with the consent of the Depositor and at the cost of the requesting Party, the Trustee shall provide copies of such documentation to the Depositor, any Certificateholder and to the OTS, the FDIC and any other bank or insurance
regulatory authority that may exercise authority over any Certificateholder.

                    Section 8.14.     Appointment of REMIC Administrators.

                    (a)          The Trustee may appoint at the Trustee’s expense, one or more REMIC Administrators, which shall be authorized to act on behalf of the Trustee in performing the functions set forth in Sections 3.17, 10.01 and 10.02 herein.  The Trustee shall cause any such REMIC Administrator to execute and deliver to the Trustee an instrument in which such REMIC Administrator shall agree to act in such capacity, with the obligations and responsibilities herein.  The appointment of a REMIC Administrator shall not relieve the Trustee from any of its obligations hereunder, and the Trustee shall remain responsible and liable for all acts and omissions of the REMIC Administrator.  Each REMIC Administrator must be acceptable to the Trustee and must be
organized and doing business under the laws of the United States of America or of any State and be subject to supervision or examination by federal or state authorities.  In the absence of any other Person appointed in accordance herewith acting as REMIC Administrator, the Trustee hereby agrees to act in such capacity in accordance with the terms hereof.  If Wells Fargo Bank, N.A. is removed as Trustee, then Wells Fargo Bank, N.A. shall be terminated as REMIC Administrator.

                    (b)          Any Person into which any REMIC Administrator may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion, or consolidation to which any REMIC Administrator shall be a party, or any Person succeeding to the corporate agency business of any REMIC Administrator, shall continue to be the REMIC Administrator without the execution or filing of any paper or any further act on the part of the Trustee or the REMIC Administrator.

                    (c)          Any REMIC Administrator may at any time resign by giving at least 30 days’ advance written notice of resignation to the Trustee the Certificate Registrar, the Trustee, the Master Servicer, the Special Servicer and the Depositor.  The Trustee may at any time terminate the agency of any REMIC Administrator by giving written notice of termination to such REMIC Administrator, the Master Servicer, the Certificate Registrar and the Depositor.  Upon receiving a notice of resignation or upon such a termination, or in case at any time any REMIC Administrator shall cease to be eligible in accordance with the provisions of this Section 8.14, the Trustee may appoint a successor REMIC Administrator, in which case the Trustee shall given written
notice of such appointment to the Master Servicer and the Depositor and shall mail notice of such appointment to all Holders of Certificates; provided, however, that no successor REMIC Administrator shall be appointed unless eligible under the provisions of this Section 8.14.  Any successor REMIC Administrator upon acceptance of its appointment 

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hereunder shall become vested with all the rights, powers, duties and responsibilities of its predecessor hereunder, with like effect as if originally named as REMIC Administrator.  No REMIC Administrator shall have responsibility or liability for any action taken by it as such at the direction of the Trustee.

                    Section 8.15.     Representations and Warranties of Trustee.

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

	
  
 
  	
  
         (i)          The   Trustee is a national banking association duly organized, validly existing   and in good standing under the laws of the United States.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (ii)         The   execution and delivery of this Agreement by the Trustee, and the performance   and compliance with the terms of this Agreement by the Trustee, will not   violate the Trustee’s organizational documents or constitute a default (or an   event which, with notice or lapse of time, or both, would constitute a   default) under, or result in a material breach of, any material agreement or   other material instrument to which it is a party or by which it is bound.
  
	
  
 
  	
  
 
  
	
   
  	
  
         (iii)        Except   to the extent that the laws of certain jurisdictions in which any part of the   Trust Fund may be located require that a co-trustee or separate trustee be   appointed to act with respect to such property as contemplated by   Section 8.10, the Trustee has the full power and authority to carry on   its business as now being conducted and to enter into and consummate all   transactions contemplated by this Agreement, has duly authorized the   execution, delivery and performance of this Agreement, and has duly executed   and delivered this Agreement.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (iv)         This   Agreement, assuming due authorization, execution and delivery by the other   parties hereto, constitutes a valid, legal and binding obligation of the   Trustee, enforceable against the Trustee in accordance with the terms hereof   (including with respect to any advancing obligations hereunder), subject to   (A) applicable bankruptcy, insolvency, reorganization, moratorium and other   laws affecting the enforcement of creditors’ rights generally and the rights   of creditors of banks, and (B) general principles of equity, regardless of   whether such enforcement is considered in a proceeding in equity or at law.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (v)          The   Trustee is not in violation of, and its execution and delivery of this   Agreement and its performance and compliance with the terms of this Agreement   will not constitute a violation of, any law, any order or decree of any court   or arbiter, or any order, regulation or demand of any federal, state or local   governmental or regulatory authority, which violation, in the Trustee’s good   faith and reasonable judgment, is likely to affect materially and adversely   the ability of the Trustee to perform its obligations under this Agreement.
  
	
   
  	
  
 
  
	
  
 
  	
  
         (vi)         No   litigation is pending or, to the best of the Trustee’s knowledge, threatened   against the Trustee that, if determined adversely to the Trustee, would   prohibit 
  

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the Trustee   from entering into this Agreement or, in the Trustee’s good faith and   reasonable judgment, is likely to materially and adversely affect the ability   of the Trustee to perform its obligations under this Agreement.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (vii)        Any   consent, approval, authorization or order of any court or governmental agency   or body required for the execution, delivery and performance by the Trustee   of or compliance by the Trustee with this Agreement or the consummation of   the transactions contemplated by this Agreement has been obtained and is   effective.
  

                    Section 8.16.     Appointment of the Paying Agent.

                    The Trustee may appoint a Paying Agent for the purpose of making distributions to Certificateholders hereunder.  The Trustee shall cause such Paying Agent to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee that such Paying Agent will hold all sums held by it for the payment to Certificateholders in an Eligible Account in trust for the benefit of the Certificateholders entitled thereto until such sums shall be paid to the Certificateholders.  All funds remitted by the Trustee or the Master Servicer to any such Paying Agent for the purpose of making distributions shall be paid to Certificateholders on each Distribution Date and any amounts not so paid shall be returned on such Distribution Date to the Trustee or the Master Servicer, as applicable.  Any Paying Agent shall be
either a bank or a trust company or otherwise authorized under law to exercise corporate trust powers and shall have a short-term debt rating of at least “A-1” and a long-term debt rating of at least “A-” by S&P or a rating of at least “A” by Fitch or a rating of at least “A2” (or its equivalent) by Moody’s or such lower rating as will not result in qualification, downgrading or withdrawal of the ratings then assigned to the Certificates, as evidenced in writing by the Rating Agencies.  Any such appointment of a third party Paying Agent and the acceptance thereof shall be pursuant to a written agreement, which written agreement shall (i) be consistent with this Agreement in all material respects and requires the Paying Agent to comply with this Agreement in all material respects and requires the Paying Agent to comply with all of the applicable conditions of this Agreement; (ii) provide that if the Trustee shall for any reason no longer
act in the capacity of Trustee hereunder (including, without limitation, by reason of an Event of Default), the successor trustee or its designee may (A) thereupon assume all of the rights and, except to the extent they arose prior to the date of assumption, obligations of the Paying Agent under such agreement or (B) terminate such agreement without cause and without payment of any penalty or termination fee; and (iii) not permit the Paying Agent any rights or indemnification that may be satisfied out of assets of the Trust Fund.  The appointment of any Paying Agent shall not relieve the Trustee from any of its obligations hereunder, and the Trustee shall remain responsible and liable for all acts and omissions of any Paying Agent to the extent such Paying Agent would have been responsible pursuant to the terms hereof.  The initial Paying Agent shall be the Trustee.  Notwithstanding anything herein to the contrary, if the Trustee is no longer the Paying Agent, any provision or
requirement herein requiring notice or any information to be provided to the Paying Agent shall be construed to require that such notice, information or documentation also be provided to the Trustee.  If the Trustee appoints a Paying Agent other than the Trustee, the Trustee shall promptly notify the Master Servicer of such appointment and give to the Master Servicer the Paying Agent’s wiring instructions and notice address.

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                    Section 8.17.     Reports to the Securities and Exchange Commission; Available Information.

                    (a)          Intent of Parties.  The parties hereto acknowledge and agree that the purpose of this Section 8.17 is to facilitate and allow compliance by the Depositor with the provisions of Regulation AB and related rules and regulations of the Commission.  The Depositor, the Trustee or the Master Servicer shall not exercise its rights to request delivery of information or other performance under these provisions other than in reasonable good faith or for purposes other than compliance with the Securities Act, the Exchange Act, the Sarbanes-Oxley Act or the rules and regulations of the Commission thereunder; provided, however, that in all instances the reports and certificates contemplated by Sections 3.13 and 3.14 shall be provided to the Rating Agencies as required
thereunder.  The parties hereto acknowledge that interpretations of the requirements of Regulation AB may change over time, whether due to interpretive guidance provided by the Commission or its staff, and agree to comply with requests made by the Depositor, the Trustee or the Master Servicer in reasonable good faith for delivery of information under these provisions on the basis of evolving interpretations of Regulation AB.  The Master Servicer, the Special Servicer, any Sub-Servicer and the Trustee shall cooperate fully with the Depositor, the Trustee or the Master Servicer, as applicable, to deliver to the Depositor, the Trustee or the Master Servicer, as applicable (including any of their assignees or designees), any and all statements, reports, certifications, records and any other information necessary in the reasonable good faith determination of the Depositor, the Trustee or the Master Servicer, as applicable, to permit the Depositor to comply with the provisions of Regulation AB,
together with such disclosures relating to the Master Servicer, the Special Servicer, any Additional Servicer, any Sub-Servicer, any Subcontractor and the Trustee, as applicable, or the servicing of the Mortgage Loans, reasonably believed by the Depositor or the Master Servicer, as applicable, to be necessary in order to effect such compliance.  The Master Servicer, the Special Servicer, the Trustee and any Sub-Servicer shall have a reasonable period of time to comply with any request made under this Section 8.17(a) but in any event, shall, upon reasonable advance request, provide information in sufficient time to allow the Depositor to satisfy any related filing requirements.

                    (b)          Filing Requirements.  (i) The Master Servicer, the Special Servicer and the Trustee shall reasonably cooperate with the Depositor in connection with the satisfaction of the Trust Fund’s reporting requirements under the Exchange Act.  Pursuant to Sections 8.17(i), 8.17(j) and 8.17(k) below, the Trustee shall prepare for execution by the Depositor any Forms 8-K, 10-D and 10-K required by the Exchange Act and the rules and regulations of the Commission thereunder, in order to permit the timely filing thereof, and the Trustee shall file (via the Commission’s Electronic Data Gathering and Retrieval System) such Forms executed by the Depositor.

	
  
 
  	
  
         (ii)         In   the event that the Trustee is unable to timely file with the Commission all   or any required portion of any Form 8-K, 10-D or 10-K required to be filed by   this Agreement because required disclosure information was either not   delivered to it or delivered to it after the delivery deadlines set forth in   this Agreement, the Trustee will promptly on the day such filing would be   required to be made notify the Depositor and, to the extent such party failed   to provide any required disclosure information, the Master Servicer and/or   the Special Servicer, of such inability to make a timely filing with the 
  

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Commission.  In the case of Form 10-D and 10-K, the   Depositor, Master Servicer, Special Servicer and Trustee will cooperate to   prepare and file a Form 12b-25 and a 10-D/A and 10-K/A, as applicable,   pursuant to Rule 12b-25 of the Exchange Act within the time period required   under such Rule.  In the case of Form   8-K, the Trustee will, upon receipt of all required Form 8-K Disclosure   Information and upon the approval and direction of the Depositor, include   such disclosure information on the next succeeding Form 10-D to be filed for   the Trust Fund.  In the event that any   previously filed Form 8-K, 10-D or 10-K needs to be amended, the Trustee will   notify the Depositor and any other parties as needed and such parties agree   to cooperate to prepare any necessary 8-K/A, 10-D/A or 10-K/A; provided   however that the Trustee will not be required to notify the Depositor or any   other party hereto in advance of amending Form 10-D where
such amendment is   solely for the purpose of re-stating the Distribution Date Statement.  Any Form 15, Form 12b-25 or any amendment   to Form 8-K, 10-D or 10-K shall be signed by the Depositor.  The parties to this Agreement acknowledge   that the timely preparation, arrangement for execution and filing of Form 15,   a Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K is dependent on such   parties performing their duties under this Section.  The Trustee shall have no liability for any loss, expense,   damage, claim arising out of or with respect to any failure to properly   prepare, arrange for execution and/or timely file any such Form 12b-25, Form   15 or any amendments to Forms 8-K, 10-D or 10-K, where such failure results   from the Trustee’s inability or failure to receive, on a timely basis, any   information from any other party hereto needed to prepare, arrange for   execution or file such Form 12b-25, Form 15 or any amendments to Forms 8-K,   10-D or 10-K, not
resulting from its own negligence, bad faith or willful   misconduct.
  

                    (c)          The Master Servicer, the Special Servicer, any Servicing Participant and the Trustee, as applicable, shall (i) upon written request of the Depositor, confirm in writing within 5 Business Days of receipt of such request that the following is true and correct, or if it is not true and correct to provide reasonable adequate disclosure of the pertinent facts, in writing, to the Depositor of any of the following, and (ii) as promptly as practicable following the Master Servicer, Special Servicer or Trustee (in each case on behalf of itself and any of its Sub-Servicers or Servicing Participants) obtaining actual knowledge shall use commercially reasonable efforts to notify the Depositor that any of the following is not true and correct:  (A) the Master Servicer, the Special
Servicer or the Trustee, as applicable, has not been terminated as servicer or trustee in a commercial mortgage loan securitization, either due to a servicing default or to application of a servicing performance test or trigger, other than as disclosed in the Prospectus Supplement; (B) no material noncompliance with the applicable Servicing Criteria with respect to other securitizations of commercial mortgage loans involving the Master Servicer, the Special Servicer or the Trustee, as applicable, as servicer or trustee has been disclosed or reported by the Master Servicer, the Special Servicer or the Trustee, as applicable, other than as disclosed in the Prospectus Supplement; (C) no material changes to the Master Servicer’s, the Special Servicer’s or the Trustee’s, as applicable, policies or procedures with respect to the servicing function or trustee function it will perform under this Agreement for commercial mortgage loans of a type similar to the Mortgage Loans have
occurred during the three-year period immediately preceding the Closing Date, other than as disclosed in the Prospectus Supplement; (D) there is no material risk that any aspects of the Master Servicer’s, the Special Servicer’s or the Trustee’s, as applicable, financial condition could have a material impact on the performance of the Mortgage Loans or the Certificates, other than as disclosed in the Prospectus Supplement; (E) there are no 

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legal or governmental proceedings pending (or known to be contemplated) against the Master Servicer, the Special Servicer, the Trustee, or any Sub-Servicer, as applicable, that would be material to Certificateholders other than as disclosed in the Prospectus Supplement; and (F) there are no affiliations, relationships or transactions relating to the Master Servicer, the Special Servicer, the Trustee or any Sub-Servicer, as applicable, with respect to the issuance of the Certificates and any party thereto identified by the Depositor of a type described in Item 1119 of Regulation AB other than as disclosed in the Prospectus Supplement.

                    (d)          [Reserved].

                    (e)          [Reserved].

                    (f)          [Reserved].

                    (g)          Succession; Subcontractors.  As a condition to the succession to the Master Servicer, Special Servicer or any Servicing Participant as servicer or Sub-Servicer under this Agreement or any Sub-Servicing Agreement by any Person (i) into which the Master Servicer and Special Servicer or such Servicing Participant may be merged or consolidated, or (ii) which may be appointed as a successor to the Master Servicer, Special Servicer or any Servicing Participant, the Master Servicer or Special Servicer, as applicable, shall provide to the Depositor, at least 15 calendar days prior to the effective date of such succession or appointment, (x) written notice to the Depositor of such succession or appointment and (y) in writing and in form and substance reasonably
satisfactory to the Depositor, all information necessary to comply with the reporting requirements of Section 8.17(j) hereof.

                    (h)          [Reserved].

                    (i)          Form 10-D requires the registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.” The Depositor hereby represents to the Trustee that the Depositor has filed all such required reports during the preceding 12 months and that it has been subject to such filing requirement for the past 90 days. The Depositor shall notify the Trustee in writing, no later than the fifth calendar day after the related Distribution Date with respect to the filing of a report on Form 10-D if the answer
to the questions should be “no.” The Trustee shall be entitled to rely on such representations in preparing, executing and/or filing any such report.  Within 15 days after each Distribution Date (subject to permitted extensions under the Exchange Act), the Trustee shall prepare and file on behalf of the Trust Fund any Form 10-D required by the Exchange Act, in form and substance as required by the Exchange Act.  The Trustee shall file each Form 10-D with a copy of the related Distribution Date Statement attached thereto.  Any necessary disclosure in addition to the Distribution Date Statement that is required to be included on Form 10-D (“Additional Form 10-D Disclosure”) shall, pursuant to the paragraph immediately below, be reported by the parties set forth on Exhibit U to the Depositor and the Trustee and approved by the Depositor, and the Trustee will have no duty or liability for any failure hereunder to determine or prepare any Additional Form 10-D
Disclosure
absent such reporting, direction and approval or as set forth in the next paragraph.

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                    For so long as the Trust Fund is subject to the reporting requirements of the Exchange Act, within 5 calendar days after the related Distribution Date, (i) the parties listed on Exhibit U hereto shall be required to provide to the Trustee and the Depositor, to the extent a responsible officer has actual knowledge thereof, in EDGAR-compatible format, or in such other format as otherwise agreed upon by the Trustee and the Depositor and such party, the form and substance of the Additional Form 10-D Disclosure described on Exhibit U applicable to such party, (ii) the parties listed on Exhibit U hereto shall include with such Additional Form 10-D Disclosure, an Additional Disclosure Notification in the form attached hereto as Exhibit V and (iii) the Depositor shall approve, as to form and substance, or disapprove, as the case may be,
the inclusion of the Additional Form 10-D Disclosure on Form 10-D.  The Trustee has no duty under this Agreement to monitor or enforce the performance by the parties listed on Exhibit U of their duties under this paragraph or proactively solicit or procure from such parties any Additional Form 10-D Disclosure information.  The Depositor will be responsible for any reasonable fees assessed and any expenses incurred by the Trustee in connection with including any Additional Form 10-D Disclosure on Form 10-D pursuant to this paragraph.

                    After preparing the Form 10-D, the Trustee shall forward electronically a draft copy of the Form 10-D to the Depositor for review and execution.  Within two Business Days after receipt of such copy, but no later than the 12th calendar day after the Distribution Date, the Depositor shall notify the Trustee in writing (which may be furnished electronically) of any changes to or approval of such Form 10-D, and a duly authorized representative of the Depositor shall sign the Form 10-D and return an electronic or fax copy of such signed Form 10-D (with an original executed hard copy to follow by overnight mail) to the Trustee.  If a Form 10-D cannot be filed on time or if a previously filed Form 10-D needs to be amended, the Trustee will follow the procedures set forth in Section 8.17(b)(ii).  Promptly (but no later than 1
Business Day) after filing with the Commission, the Trustee will make available on its internet website a final executed copy of each Form 10-D prepared and filed by the Trustee.  The signing party at the Depositor can be contacted at Wachovia Commercial Mortgage Securities, Inc., 301 South College Street, Charlotte, North Carolina 28288, Attention:  Charles Culbreth, Managing Director, Elizabeth Stinson, Vice President, H. Royer Culp, Jr., Vice President, Lars Carlsten, Esq., Senior Vice President and Assistant General Counsel.  The parties to this Agreement acknowledge that the timely preparation, arrangement for execution and filing of Form 10-D is dependent on such parties strictly observing all applicable deadlines in the performance of their duties under this Section 8.17(i).  The Trustee shall have no liability for any loss, expense, damage, claim arising out of or with respect to any failure to properly prepare, arrange for execution and/or timely file such Form 10-D, where

such failure results from the Trustee’s inability or failure to receive, on a timely basis, any information from any other party hereto needed to prepare, arrange for execution or file such Form 10-D, not resulting from its own negligence, bad faith or willful misconduct.

                    (j)          Form 8-K Filings.  Within four (4) Business Days after the occurrence of an event requiring disclosure on Form 8-K (each such event, a “Reportable Event”), and if requested by the Depositor, the Trustee shall prepare and file on behalf of the Trust Fund any Form 8-K, as required by the Exchange Act, provided that the Depositor shall file the initial Form 8-K in connection with the issuance of the Certificates.  Any disclosure or information related to a Reportable Event or that is otherwise required to be included on Form 8-K (other than the initial Form 8-K) (“Form 8-K Disclosure Information”) shall be determined and 

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prepared by or at the direction of the Depositor pursuant to the paragraph immediately below, be reported by the parties set forth on Exhibit X to the Depositor and the Trustee and approved by the Depositor, and the Trustee will have no duty or liability for any failure hereunder to determine or prepare any Form 8-K Disclosure Information absent such reporting, direction and approval or as set forth in the next paragraph.  The Trustee has no duty under this Agreement to enforce the performance by the parties listed on Exhibit X of their duties under this paragraph or proactively solicit or procure from such parties any Form 8-K Disclosure Information.

                    For so long as the Trust Fund is subject to the reporting requirements of the Exchange Act, no later than Noon (Eastern Time) on the second Business Day after the occurrence of a Reportable Event (i) the parties listed on Exhibit X hereto shall be required to provide to the Trustee and the Depositor, to the extent a responsible officer has actual knowledge thereof, in EDGAR-compatible format, or in such other format as otherwise agreed upon by the Trustee and the Depositor and such party, the form and substance of the Form 8-K Disclosure Information described on Exhibit X applicable to such party, (ii) the parties listed on Exhibit X hereto shall  include with such Additional Form 8-K Disclosure, an Additional Disclosure Notification in the form attached hereto as Exhibit V, and (iii) the Depositor will approve,
as to form and substance, or disapprove, as the case may be, the inclusion of the Form 8-K Disclosure Information on Form 8-K; provided that to the extent possible, the Trustee shall take commercially reasonable efforts to meet the filing requirements set forth herein notwithstanding the failure of any other party to comply with its delivery requirements in a timely fashion.  The Depositor will be responsible for any reasonable fees assessed and any expenses incurred by the Trustee in connection with including any Form 8-K Disclosure Information on Form 8-K pursuant to this paragraph.

                    After preparing the Form 8-K, the Trustee shall forward, no later than noon (Eastern Time) on the third Business Day after the Reportable Event (but in no event earlier than 24 hours after having received the Form 8-K Disclosure Information pursuant to the immediately preceding paragraph), electronically a copy of the Form 8-K to the Depositor for review.  Promptly, but no later than the close of business on the third Business Day after the Reportable Event, the Depositor shall notify the Trustee in writing (which may be furnished electronically) of any changes to or approval of such Form 8-K.  No later than Noon (Eastern Time) on the 4th Business Day after the Reportable Event, a duly authorized representative of the Depositor shall sign the Form 8-K and return an electronic or fax copy of such signed Form 8-K (with an original
executed hard copy to follow by overnight mail) to the Trustee.  The Trustee shall file the Form 8-K no later than the close of business on the fourth Business Day; otherwise, if a Form 8-K cannot be filed on time or if a previously filed Form 8-K needs to be amended, the Trustee will follow the procedures set forth in Section 8.17(b)(ii).  Promptly (but no later than 1 Business Day) after filing with the Commission, the Trustee will make available on its internet website a final executed copy of each Form 8-K prepared and filed by the Trustee.  The signing party at the Depositor can be contacted at Wachovia Commercial Mortgage Securities, Inc., 301 South College Street, Charlotte, North Carolina 28288, Attention:  Managing Director.  The parties to this Agreement acknowledge that the timely preparation, arrangement for execution and filing of Form 8-K is dependent on such parties strictly observing all applicable deadlines in the performance of their duties under this Section

8.17(j).  The Trustee shall have no liability for any loss, expense, damage, claim arising out of or with respect to any failure to properly prepare, arrange for execution and/or timely file such Form 8-K, where such failure results from the 

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Trustee’s inability or failure to receive, on a timely basis, any information from any other party hereto needed to prepare, arrange for execution or file such Form 8-K, not resulting from its own negligence, bad faith or willful misconduct.

                    Notwithstanding the timeframe set forth in the second previous paragraph, the Master Servicer, the Special Servicer and the Trustee shall use reasonable efforts to promptly notify (and the Master Servicer and the Special Servicer shall use reasonable efforts to cause each Sub-Servicer and each Servicing Participant with which, in each case, it has entered into a relationship with respect to the Mortgage Loans (other than a party to this Agreement) to promptly notify) the Depositor and the Trustee, on the first Business Day after its occurrence, of any Reportable Event of which it has actual knowledge.

                    (k)          Form 10-K Filings.  (i) Form 10-K requires the registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.” The Depositor hereby represents to the Trustee that the Depositor has filed all such required reports during the preceding 12 months and that it has been subject to such filing requirement for the past 90 days. The Depositor shall notify the Trustee in writing, no later than March 15th of any year in which a Form 10-K will be filed in respect of the Trust if the
answer to the questions should be “no.” The Trustee shall be entitled to rely on such representations in preparing, executing and/or filing any such report.  Within 90 days after the end of each fiscal year of the Trust Fund or such earlier date as may be required by the Exchange Act (the “10-K Filing Deadline”) (it being understood that the fiscal year for the Trust Fund ends on December 31st of each year), commencing in March 2007, the Trustee shall prepare and file on behalf of the Trust Fund a Form 10-K, in form and substance as required by the Exchange Act.  Each such Form 10-K shall include the following items, in each case to the extent they have been delivered to the Trustee within the applicable time frames set forth in this Agreement:

	
  
 
  	
  
         (ii)         an   annual compliance statement for the Master Servicer, the Special Servicer and   each Additional Servicer engaged by the Master Servicer, the Special Servicer   or the Trustee, as applicable as described under Section 3.13(b);
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (iii)        (A)   the annual reports on assessment of compliance with Relevant Servicing   Criteria for the Master Servicer, the Special Servicer, each Additional Servicer,   each Sub-Servicer and the Trustee, and any Servicing Participant engaged by   such parties, as described under Section 3.13(a), and (B) if any such report   on assessment of compliance with Relevant Servicing Criteria described under   Section 3.13(a) identifies any material instance of noncompliance, disclosure   identifying such instance of noncompliance, or if such report on assessment   of compliance with Relevant Servicing Criteria described under Section   3.13(a) is not included as an exhibit to such Form 10-K, disclosure that such   report is not included and an explanation why such report is not included;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (iv)        (A)   the registered public accounting firm attestation report for the Master   Servicer, the Special Servicer, each Additional Servicer, the Trustee, each   Sub-Servicer engaged by the Master Servicer or Special Servicer and any   Servicing Participant 
  

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engaged by   such parties, as described under Section 3.14, and (B) if any registered   public accounting firm attestation report described under Section 3.14   identifies any material instance of noncompliance, disclosure identifying   such instance of noncompliance, or if any such registered public accounting   firm attestation report is not included as an exhibit to such Form 10-K,   disclosure that such report is not included and an explanation why such   report is not included; and
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (v)         a   certification in the form attached hereto as Exhibit O, with such   changes as may be necessary or appropriate as a result of changes promulgated   by the Commission (the “Sarbanes-Oxley Certification”), which shall,   except as described below, be signed by the senior officer of the Depositor   in charge of securitization.
  

                    Any disclosure or information in addition to (ii) through (v) above that is required to be included on Form 10-K (“Additional Form 10-K Disclosure”) shall, pursuant to the paragraph immediately below, be reported by the parties set forth on Exhibit W to the Depositor and the Trustee and approved by the Depositor, and the Trustee will have no duty or liability for any failure hereunder to determine or prepare any Additional Form 10-K Disclosure absent such reporting, direction and approval or as set forth in the next paragraph.

                    For so long as the Trust Fund is subject to the reporting requirements of the Exchange Act, no later than March 15, commencing in March 2007 (i) the parties listed on Exhibit W hereto shall be required to provide to the Trustee and the Depositor, to the extent a responsible officer has actual knowledge thereof, in EDGAR-compatible format, or in such other format as otherwise agreed upon by the Trustee and the Depositor and such party, the form and substance of the Additional Form 10-K Disclosure described on Exhibit W applicable to such party, (ii) the parties listed on Exhibit W hereto shall include with such Additional Form 10-K Disclosure, an Additional Disclosure Notification in the form attached hereto as Exhibit V, and (iii) the Depositor will approve, as to form and substance, or disapprove, as the case may
be, the inclusion of the Additional Form 10-K Disclosure on Form 10-K.  The Trustee has no duty under this Agreement to enforce the performance by the parties listed on Exhibit W of their duties under this paragraph or proactively solicit or procure from such parties any Additional Form 10-K Disclosure information.  The Depositor will be responsible for any reasonable fees assessed and any expenses incurred by the Trustee in connection with including any Additional Form 10-K Disclosure on Form 10-K pursuant to this paragraph.

                    After preparing the Form 10-K, the Trustee shall forward electronically a copy of the Form 10-K to the Depositor for review no later than March 23rd.  Within three Business Days after receipt of such copy, but no later than March 25th, the Depositor shall notify the Trustee in writing (which may be furnished electronically) of any changes to or approval of such Form 10-K.  No later than end of business Eastern Time on the 4th Business Day prior to the 10-K Filing Deadline, a senior officer of the Depositor in charge of securitization shall sign the Form 10-K and return an electronic or fax copy of such signed Form 10-K (with an original executed hard copy to follow by overnight mail) to the Trustee.  If a Form 10-K cannot be filed on time or if a previously filed Form 10-K needs to be amended, the
Trustee will follow the procedures set forth in Section 8.17(b)(ii).  Promptly (but no later than 1 Business Day) after filing with the Commission, the Trustee will make available on its internet website a final executed copy of each Form 10-K prepared and filed by the Trustee.  The signing party at the Depositor can be 

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contacted at Wachovia Commercial Mortgage Securities, Inc., 301 South College Street, Charlotte, North Carolina 28288, Attention: Charles Culbreth, Managing Director, Elizabeth Stinson, Vice President, H. Royer Culp, Jr., Vice President, Lars Carlsten, Esq., Senior Vice President and Assistant General Counsel.  The parties to this Agreement acknowledge that the timely preparation, arrangement for execution and filing of Form 10-K is dependent on such parties (and any Additional Servicer or Servicing Participant) observing all applicable deadlines in the performance of their duties under this Section 8.17(k), Section 3.13 and Section 3.14.  The Trustee shall have no liability for any loss, expense, damage, claim arising out of or with respect to any failure to properly prepare, arrange for execution and/or timely file such Form 10-K, where such failure results from the Trustee’s inability or failure to receive, on a timely basis, any information from

any other party hereto needed to prepare, arrange for execution or file such Form 10-K, not resulting from its own negligence, bad faith or willful misconduct.

                    In the event the Master Servicer, the Special Servicer or the Trustee is terminated or resigns pursuant to the terms of this Agreement, such party shall provide, and each such party shall cause any Servicing Participant engaged by it to provide, and the Master Servicer shall use its reasonable efforts to cause any Additional Servicer to provide, a Back-Up Certification to the Certifying Person pursuant to this Section 8.17(k) with respect to the period of time that the Master Servicer, the Special Servicer or the Trustee was subject to this Agreement.

                    Each of the parties acknowledges and agrees that one of the purposes of this Agreement is to facilitate compliance by the Depositor with the provisions of Regulation AB.  Therefore, each of the parties agrees that (a) the obligations of the parties hereunder shall be interpreted in such a manner as to accomplish that purpose, (b) the parties’ obligations hereunder will be supplemented and modified as necessary to be consistent with any such amendments, interpretive advice or guidance, convention or consensus among active participants in the asset-backed securities markets, advice of counsel, or otherwise in respect of the requirements of Regulation AB, (c) the parties shall comply with requests made by the Depositor for delivery of additional or different information as the Trustee or the Depositor may determine in good faith is
necessary to comply with the provisions of Regulation AB, and (d) no amendment of this Agreement shall be required to effect any such changes in the parties’ obligations as are necessary to accommodate evolving interpretations of the provisions of Regulation AB.

                    (l)          Indemnification.  (i) The Trustee shall indemnify and hold harmless the Depositor, the Master Servicer, the Special Servicer and any Servicing Participant and each of their respective officers, directors and Affiliates from and against any losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments and other costs and expenses arising out of or based upon a breach of the Trustee’s obligations under Sections 3.13, 3.14 or 8.17, and (ii) the Master Servicer, Special Servicer and any Servicing Participant shall each severally and not jointly indemnify and hold harmless the Depositor, the Trustee and, in the case of each of the Master Servicer, the Special Servicer and any Servicing Participant, each of the other
such parties, and all their respective officers, directors and Affiliates from and against any losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments and other costs and expenses arising out of or based upon a breach (following the expiration of any applicable notice, grace and cure periods) of the Master Servicer’s, Special Servicer’s or Servicing Participant’s obligations, as the case may be, under Sections 3.13, 3.14 or 8.17.  If the indemnification provided for herein is 

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unavailable or insufficient to hold harmless any party receiving the benefit of such indemnification (an “Indemnified Party”), then (i) the Trustee agrees that it shall contribute to the amount paid or payable to the Indemnified Party as a result of the losses, claims, damages or liabilities of such party in such proportion as is appropriate to reflect the relative fault of the Indemnified Party on the one hand and the Trustee on the other in connection with a breach (following the expiration of any applicable grace periods) of the Trustee’s obligations under Sections 3.13, 3.14 or 8.17, (ii) the Master Servicer agrees that it shall contribute to the amount paid or payable to the Indemnified Party as a result of the losses, claims, damages or liabilities of the Indemnified Party in such proportion as is appropriate to reflect the relative fault of the Indemnified Party on the one hand and the Master Servicer on the other in connection with a
breach (following the expiration of any applicable grace periods) of the Master Servicer’s obligations under Sections 3.13, 3.14 or 8.17, (iii) the Special Servicer agrees that it shall contribute to the amount paid or payable by the Indemnified Party as a result of the losses, claims, damages or liabilities of the Indemnified Party in such proportion as is appropriate to reflect the relative fault of the Indemnified Party on the one hand and the Special Servicer on the other in connection with a breach (following the expiration of any applicable grace periods) of the Special Servicer’s obligations under Sections 3.13, 3.14 or 8.17, and (iv) the Master Servicer, the Special Servicer or the Trustee, as applicable, shall use its best efforts to cause any Servicing Participant engaged by it to contribute to the amount paid or payable by the Indemnified Party as a result of the losses, claims, damages or liabilities of the Indemnified Party in such proportion as is appropriate to reflect the
relative fault of the Indemnified Party on the one hand and such Servicing Participant on the other in connection with a breach (following the expiration of any applicable grace periods) of such Servicing Participant’s obligations under Sections 3.13, 3.14 or 8.17.  Notwithstanding the foregoing, none of the Trustee, the Master Servicer, the Special Servicer or any Servicing Participant shall be deemed to not be in compliance under this Agreement for purposes of this Section 8.17(l), for failing to deliver any item required under Section 8.17 by the time required hereunder with respect to any reporting period for which the Trust Fund is not required to file Exchange Act reports (which reporting periods will include any occurring after the Trustee files the Form 15 Suspension Notification relating to the automatic suspension of reporting in respect of the Trust Fund under the Exchange Act).

                    (m)          Form 15 Filing.  On or prior to January 30 of the first year in which the Trustee is able to do so under applicable law, the Trustee shall prepare and file a Form 15 Suspension Notification relating to the automatic suspension of reporting in respect of the Trust Fund under the Exchange Act.  If at the beginning of any fiscal year for the Trust Fund after the filing of a Form 15 Suspension Notification, the number of holders of record of the Certificates exceeds the number set forth in Section 15(d) of the Exchange Act or the regulations promulgated pursuant thereto which would cause the Trust Fund to again become subject to the reporting requirements of the Exchange Act, the Trustee shall recommence preparing and filing reports on Forms 10-K, 10-D and 8-K as
required pursuant to this Section 8.17 and each of the Master Servicer, the Special Servicer and the Trustee and any other Person specified herein shall again be subject to the delivery and notice requirements set forth herein regarding the Depositor’s compliance with Exchange Act reporting requirements; provided that if the Trustee re-commences the preparing and filing of Exchange Act reports, it may, as soon as permitted by the Exchange Act, file another Form 15 Suspension Notification.

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                    (n)          Sarbanes-Oxley Certification.  Each Form 10-K shall include a Sarbanes-Oxley Certification in the form attached as Exhibit O required to be included therewith pursuant to the Sarbanes-Oxley Act.  The Trustee, the Master Servicer and the Special Servicer shall, and the Trustee, the Master Servicer and the Special Servicer shall cause each Servicing Participant with which it has entered into a servicing relationship with respect to the Mortgage Loans to, provide to the Person who signs the Sarbanes-Oxley Certification (the “Certifying Person”) a certification in the form attached hereto as Exhibit Q-1 and Exhibit Q-2, as applicable, on which the Certifying Person, the entity for which the Certifying Person acts as
an
officer (if the Certifying Person is an individual), and such entity’s officers, directors and Affiliates (collectively with the Certifying Person, “Certification Parties”) can reasonably rely.  In addition, in the event that the Prime Outlets Pool II Pari Passu Companion Loan is deposited into a commercial mortgage securitization, each Reporting Party shall provide to the Person who signs the Sarbanes-Oxley Certification with respect to the other related securitization a Performance Certification (in the form attached hereto as Exhibit Q-3) (which shall address the matters contained in the Performance Certification, but solely with respect to the Prime Outlets Pool II Loan) on which such Person, the entity for which the Person acts as an officer (if the Person is an individual), and such entity’s officers, directors and Affiliates can reasonably rely.  The senior officer in charge of the Depositor shall serve as the Certifying Person on behalf of the Trust
Fund.  In addition, each Reporting Party shall execute a reasonable reliance certificate to enable the Certification Parties to rely upon each (i) annual compliance statement provided pursuant to Section 3.13(a), (ii) annual report on assessment of compliance with servicing criteria provided pursuant to Section 3.13(b) and (iii) accountant’s report provided pursuant to Section 3.14, and shall include a certification that each such annual compliance statement or report discloses any material instances of non-compliance described to the registered public accountants of such Reporting Party to enable such accountants to render the certificates provided for in Section 3.14.  In the event any Reporting Party is terminated or resigns pursuant to the terms of this Agreement, or any applicable Sub-Servicing Agreement or primary servicing agreement, as the case may be, such Reporting Party shall provide a certification to the Certifying Person pursuant to this
Section 8.17(n) with respect to the period of time it was subject to this Agreement or the applicable Sub-Servicing Agreement or primary servicing agreement, as the case may be.

                    With respect to any notice required to be delivered by the Trustee to the Depositor pursuant to this Section 8.17, the Trustee may deliver such notice, notwithstanding any contrary provision in Section 11.05, via facsimile to (704) 715-0066, via email to charles.culbreth@wachovia.com and royer.culp@wachovia.com or via telephone by calling (704) 383-7721.  With respect to any notice required to be delivered by the Trustee to the Special Servicer pursuant to this Section 8.17, the Trustee may deliver such notice, notwithstanding any contrary provision in Section 11.05, via facsimile to Randy Wolpert at (305) 695-5601, Thomas Nealon, Esq. at (305) 695-5601 and Javier Benedit at (305) 695-5199, via email to rwolpert@lnrproperty.com, tnealon@lnrproperty.com and jbenedit@lnrproperty.com or via telephone by calling (305) 695-5600.

                    (o)          If the Prime Outlets Pool II Pari Passu Companion Loan is then included in a securitization, the Master Servicer and the Special Servicer shall reasonably cooperate with the related trustee, depositor, master servicer and special servicer with respect to such securitization(s) in connection with the reporting requirements under the Exchange Act and shall 

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provide such certifications (including without limitation back-up certificates relating to the requirements of the Sarbanes-Oxley Act) as reasonably requested; provided that no such cooperation shall materially increase the obligations of the Master Servicer and/or the Special Servicer under this Agreement.

                    (p)          Amendments.  Sections 3.13, 3.14 and 8.17 may be amended by the written consent of the parties hereto pursuant to Section 11.01 for purposes of complying with Regulation AB and/or to conform to standards developed within the commercial mortgage-backed securities market and the Sarbanes-Oxley Act or for purposes of designating the Certifying Person without any Opinions of Counsel, Officer’s Certificates, Rating Agency Confirmations or the consent of any Certificateholder, notwithstanding anything to the contrary contained in this Agreement; provided that the reports and certificates required to be prepared pursuant to Sections 3.13 and 3.14 shall not be eliminated.  

                    Section 8.18.     Maintenance of Mortgage File.  

                    Except for the release of items in the Mortgage File contemplated by this Agreement, including, without limitation, as necessary for the enforcement of the holder’s rights and remedies under the related Mortgage Loan, the Trustee covenants and agrees that it shall maintain each Mortgage File in the State of Minnesota, and that it shall not move any Mortgage File outside the State of Minnesota, other than as specifically provided for in this Agreement, unless it shall first obtain and provide, at the expense of the Trustee, an Opinion of Counsel to the Depositor and the Rating Agencies to the effect that the Trustee’s first priority interest in the Mortgage Notes has been duly and fully perfected under the applicable laws and regulations of such other jurisdiction.

ARTICLE IX.

TERMINATION

                    Section 9.01.     Termination Upon Repurchase or Liquidation of All Mortgage Loans.

                    Subject to Section 9.02, the Trust Fund and the respective obligations and responsibilities under this Agreement of the Depositor, the Master Servicer, the Special Servicer and the Trustee (other than the obligations of the Trustee on behalf of the Trust Fund to provide for and make payments to Certificateholders as hereafter set forth) shall terminate upon payment (or provision for payment) (i) to the Certificateholders of all amounts held by or on behalf of the Trustee and required hereunder to be so paid on the Distribution Date following the earlier to occur of (A) the purchase by the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder of all Mortgage Loans (including The Woodlands Mall Non-Pooled Component), and each REO Property remaining in REMIC I at a price equal to (1) the aggregate
Purchase Price of all the Mortgage Loans (including The Woodlands Mall Non-Pooled Component) included in the Woodlands Mall Loan REMIC and REMIC I, plus (2) the appraised value of the Trust Fund’s interest in each REO Property (other than the REO Property related to The Woodlands Mall Loan), if any, included in the Woodlands Mall Loan REMIC and REMIC I, such appraisal to be conducted by an Independent Appraiser selected by 

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the Master Servicer and approved by the Trustee, as the case may be, minus (4) if the purchaser is the Master Servicer, the aggregate amount of unreimbursed Advances made by the Master Servicer, together with any interest accrued and payable to the Master Servicer in respect of unreimbursed Advances in accordance with Sections 3.03(d) and 4.03(d) and any unpaid Master Servicing Fees remaining outstanding (which items shall be deemed to have been paid or reimbursed to the Master Servicer in connection with such purchase), and (B) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property remaining in the Woodlands Mall Loan REMIC and REMIC I, and (ii) to the Trustee, the Master Servicer, the Special Servicer and the officers, directors, employees and agents of each of them of all amounts which may have become due and owing to any of them hereunder; provided, however,
that in no event shall the Trust Fund created hereby continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the Court of St. James, living on the date hereof.

                    Subject in each case to the terms of the related Intercreditor Agreement, the obligations and responsibilities under this Agreement of the Depositor, the Master Servicer, the Special Servicer, the Trustee, and the Companion Paying Agent shall terminate with respect to any Companion Loan to the extent (i) its related Co-Lender Loan has been paid in full or is no longer part of the Trust Fund and (ii) no amounts payable by the related Companion Holder to or for the benefit of the Trust Fund or any party hereto in accordance with the related Intercreditor Agreement remain due and owing.

                    The Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder may at its option elect to purchase all of the Mortgage Loans and the Trust Fund’s interest in each REO Property remaining in the Woodlands Mall Loan REMIC and REMIC I as contemplated by clause (i) of the preceding paragraph by giving written notice to the other parties hereto no later than 60 days prior to the anticipated date of purchase; provided, however, that (i) the aggregate Stated Principal Balance of the Mortgage Pool at the time of such election is less than 1.0% of the aggregate Cut-Off Date Balances of the Mortgage Loans, and (ii) the Master Servicer shall not have the right to effect such a purchase if, within 30 days following the Master Servicer’s delivery of a notice of election pursuant to this
paragraph, the Special Servicer or the Majority Subordinate Certificateholder shall give notice of its election to purchase all of the Mortgage Loans and each REO Property remaining in the Woodlands Mall Loan REMIC and REMIC I and shall thereafter effect such purchase in accordance with the terms hereof.  The Master Servicer or the Special Servicer shall not have the right to effect such a purchase if, within 30 days following the Master Servicer’s or the Special Servicer’s delivery of a notice of election pursuant to this paragraph, the Majority Subordinate Certificateholder shall give notice of its election to purchase all of the Mortgage Loans and the Trust Fund’s interest in each REO Property remaining in the Woodlands Mall Loan REMIC and REMIC I and shall thereafter effect such purchase in accordance with the terms hereof.  If the Trust Fund is to be terminated in connection with the Master Servicer’s, the Special Servicer’s or the Majority Subordinate

Certificateholder’s purchase of all of the Mortgage Loans and the Trust Fund’s interest in each REO Property remaining in the Woodlands Mall Loan REMIC and REMIC I, the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder, as applicable, shall deliver to the Paying Agent for deposit in the Distribution Account not later than the P&I Advance Date relating to the Distribution Date on which the final distribution on 

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the Certificates is to occur an amount in immediately available funds equal to the above-described purchase price.  In addition, the Master Servicer shall transfer to the Distribution Account all amounts required to be transferred thereto on such P&I Advance Date from the Certificate Account pursuant to the first paragraph of Section 3.04(b), together with any other amounts on deposit in the Certificate Account that would otherwise be held for future distribution.  Upon confirmation that such final deposit has been made, the Trustee shall release or cause to be released to the Master Servicer, the Special Servicer, the Majority Subordinate Certificateholder, as applicable, the Mortgage Files for the remaining Mortgage Loans and shall execute all assignments, endorsements and other instruments furnished to it by the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder, as applicable, as shall be necessary to
effectuate the transfer of the Mortgage Loans and REO Properties to the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder (or their respective designees), and, in the case of a Loan Pair, to the related Companion Holder, as applicable.  Any transfer of Mortgage Loans to the Depositor pursuant to this paragraph shall be on a servicing-released basis.

                    Notice of any termination shall be given promptly by the Trustee by letter to the Certificateholders and the Swap Counterparty mailed (a) if such notice is given in connection with the Master Servicer’s, the Special Servicer’s or the Majority Subordinate Certificateholder’s purchase of the Mortgage Loans and the Trust Fund’s interest in each REO Property remaining in the Woodlands Mall Loan REMIC and REMIC I, not earlier than the 15th day and not later than the 25th day of the month next preceding the month of the final distribution on the Certificates or (b) otherwise during the month of such final distribution on or before the Determination Date in such month, in each case specifying (i) the Distribution Date upon which the Trust Fund will terminate and final payment of the Certificates will be made,
(ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Distribution Date is not applicable, payments being made only upon presentation and surrender of the Certificates at the offices of the Certificate Registrar or such other location therein designated.  The Trustee shall give such notice to the Master Servicer, the Special Servicer and the Depositor at the time such notice is given to Certificateholders.

                    Upon presentation and surrender of the Certificates by the Certificateholders on the final Distribution Date, the Paying Agent shall distribute to each Certificateholder so presenting and surrendering its Certificates such Certificateholder’s Percentage Interest of that portion of the amounts then on deposit in the Distribution Account that are allocable to payments on the Class of Certificates so presented and surrendered.  Amounts on deposit in the Distribution Account (or, in the case of the Class A-3FL Certificates, amounts then on deposit in the Floating Rate Account after payment of the Net Swap Payment to the Swap Counterparty as specified in Section 4.01) as of the final Distribution Date, exclusive of any portion thereof that would be payable to any Person in accordance with clauses (ii) through (vii) of
Section 3.05(b), including any portion thereof that represents Prepayment Premiums and Yield Maintenance Charges, shall be (i) deemed distributed in respect of the Woodlands Mall Loan REMIC Regular Interests and REMIC I Regular Interests and distributed to the Class R-I Certificates in accordance with Section 4.01(b), Section 4.01(i), Section 4.01(j) and Section 4.01(l) and (ii) distributed to the REMIC II Certificates and the Class A-3FL Certificates in the order of priority set forth in Section 4.01(a), Section 4.01(b), Section 4.01(c), Section 4.01(d), Section 4.01(i) and Section 4.01(l), in each case, to the extent of remaining available funds.

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                    On or after the Final Distribution Date, upon presentation and surrender of the Class Certificates, the Paying Agent shall distribute to the Class Z Certificateholders any amount then on deposit in the Additional Interest Account that was paid on a Mortgage Loan.  

                    Any funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure of such Holder or Holders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited to the account or accounts of the appropriate non-tendering Holder or Holders.  If any Certificates as to which notice has been given pursuant to this Section 9.01 shall not have been surrendered for cancellation within six months after the time specified in such notice, the Paying Agent shall mail a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation in order to receive the final distribution with respect thereto.  If within one year after the second notice all such Certificates shall not have been surrendered

for cancellation, the Paying Agent, directly or through an agent, shall take such reasonable steps to contact the remaining non-tendering Certificateholders concerning the surrender of their Certificates as it shall deem appropriate, and shall deal with all such unclaimed amounts in accordance with applicable law.  The costs and expenses of holding such funds in trust and of contacting such Certificateholders following the first anniversary of the delivery of such second notice to the non-tendering Certificateholders shall be paid out of such funds.  No interest shall accrue or be payable to any former Holder on any amount held in trust hereunder.

                    After the Registered Certificates and the Class A-1A Certificates have been paid in full and the remaining outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) are held by a single Certificateholder, such Certificateholder shall have the right to exchange all of the Certificates held thereby for all of the Mortgage Loans and the Trust Fund’s interest in each REO Property remaining in the Trust Fund by giving written notice to all parties hereto no later than 30 days prior to the anticipated date of exchange; provided, however that with respect to The Woodlands Mall Loan, contemporaneously with such exchange for the Mortgage Loans, the holder of the Class WM Certificates and such Certificateholder shall be required to enter into a participation and servicing agreement that

provides the holder of the Class WM Certificates substantially the same rights as provided to The Woodlands Mall Non-Pooled Component hereunder.

                    In the event that such Certificateholder shall elect to exchange all of the Certificates held thereby for all of the Mortgage Loans held by REMIC I and the Trust Fund’s interest in each REO Property remaining in REMIC I in accordance with the preceding sentence, such Certificateholder, not later than the date on which the final distribution on the Certificates is to occur, shall deposit in the Certificate Account an amount in immediately available funds equal to all amounts then due and owing to the Master Servicer, the Special Servicer, the Trustee, the Paying Agent, the Certificate Registrar and/or the REMIC Administrator hereunder.  Upon confirmation that such final deposits have been made and following the surrender of all the Certificates held by such Certificateholder on the final Distribution Date, the Custodian, on
behalf of the Trustee, shall release or cause to be released to such Certificateholder the Mortgage Files for the remaining Mortgage Loans, and the Trustee shall execute all assignments, endorsements and other instruments furnished to it by such Certificateholder as shall be necessary to effectuate transfer of the Mortgage Loans and REO Properties remaining in the Trust Fund.  Thereafter, the Trust Fund, other than the Woodlands Mall Loan REMIC, and the 

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respective obligations and responsibilities under this Agreement of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the REMIC Administrator (other than annual tax returns and maintenance of books and records and the preparation and filing of final tax returns) and the Paying Agent shall terminate.  Such transfers shall be subject to any rights of any Sub-Servicers to primary service (or to perform select servicing functions with respect to) the Mortgage Loans.  For federal income tax purposes, the Certificateholder shall be deemed to have purchased the assets of REMIC I for an amount equal to the unpaid principal balance, plus accrued unpaid interest, of such Mortgage Loan(s) (other than the defaulted Mortgage Loan(s) or the Trust Fund’s interest in such REO Property in REMIC I, and the fair market value of any defaulted Mortgage Loans in REMIC I or the Trust Fund’s interest in an REO Property in REMIC I,
without duplication of amounts deposited pursuant to the fourth preceding sentence of this paragraph, and such amounts shall be deemed to have been paid or distributed in accordance with Section 4.01(a), Section 4.01(b), Section 4.01(h) and Section 4.01(i).

                    In the case of any Loan Pair, references in this Section 9.01 and Section 9.02 to “REO Property” shall include only the Trust’s proportionate interest in such REO Property and not the interest of the Companion Holder(s) therein.

                    Section 9.02.     Additional Termination Requirements.

                    (a)          If the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholders purchase all of the Mortgage Loans and the Trust Fund’s interest in each REO Property remaining in the Woodlands Mall Loan REMIC (unless earlier termination) and REMIC I as provided in Section 9.01, the Trust Fund (and, accordingly, any of the Woodlands Mall Loan REMIC, REMIC I or REMIC II) shall be terminated in accordance with the following additional requirements, unless the Person effecting the purchase obtains at its own expense and delivers to the Trustee and, in the case of the Depositor, to the Trustee and the Master Servicer, an Opinion of Counsel, addressed to the Trustee and the Master Servicer, to the effect that the failure of the Trust Fund to comply with
the requirements of this Section 9.02 will not result in the imposition of taxes on “prohibited transactions” of any of the Woodlands Mall Loan REMIC, REMIC I or REMIC II as defined in Section 860F of the Code or cause any of the Woodlands Mall Loan REMIC, REMIC I or REMIC II to fail to qualify as a REMIC at any time that any Certificates are outstanding:

	
  
 
  	
  
         (i)          the   Trustee shall specify the first day in the 90-day liquidation period in a   statement attached to the final Tax Return for the Woodlands Mall Loan REMIC,   REMIC I and REMIC II pursuant to Treasury Regulations   Section 1.860F-1;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (ii)         during   such 90-day liquidation period and at or prior to the time of making of the   final payment on the Certificates, the Trustee shall sell all of the assets   of the Woodlands Mall Loan REMIC and REMIC I to the Master Servicer, the   Special Servicer or the Majority Subordinate Certificateholders, as   applicable, for cash; and
  
	
  
 
  	
  
 
  
	
  
 
  	
  
         (iii)        at   the time of the making of the final payment on the Certificates, the Trustee   shall distribute or credit, or cause to be distributed or credited, to the   Certificateholders in accordance with Section 9.01 all cash on hand   (other than cash retained to meet claims), and the Woodlands Mall Loan REMIC,   REMIC I and REMIC II shall terminate at that time.
  

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                    (b)          By their acceptance of Certificates, the Holders thereof hereby authorize the Trustee to specify the 90-day liquidation period for the Woodlands Mall Loan REMIC, REMIC I and REMIC II, which authorization shall be binding upon all successor Certificateholders.

In the event the Trust Fund is to be terminated while the Swap Contract is still in effect, the Paying Agent shall promptly notify the applicable Swap Counterparty in writing of the date on which the Trust Fund is to be terminated and the notional amount of the applicable Swap Contract will be reduced to zero on such date.  Based on the date of termination, the Paying Agent shall calculate the Net Swap Payment, if any, as specified in Section 3.30, and prior to any final distribution to the Holders of the Class A-3FL Certificates pursuant to Section 9.01, shall pay such Net Swap Payment, if any, to the related Swap Counterparty.  In the event that any fees (including termination fees) will be payable to the Swap Counterparty in connection with such termination, such fees will be payable to the Swap Counterparty solely from amounts remaining in the applicable Floating Rate Account after all distributions, to the Class A-3FL Certificates are made pursuant
to Section 9.01.

ARTICLE X.

ADDITIONAL TAX PROVISIONS

                    Section 10.01.     REMIC Administration.

                    (a)          The REMIC Administrator shall elect to treat each of the Woodlands Mall Loan REMIC, REMIC I and REMIC II as a REMIC under the Code and, if necessary, under applicable state law.  Each such election will be made on Form 1066 or other appropriate federal or state Tax Returns for the taxable year ending December 31, 2006, in the case of each of the Woodlands Mall Loan REMIC, REMIC I and REMIC II.

                    (b)          The Woodlands Mall Loan REMIC Regular Interests, the REMIC I Regular Interests and the Regular Certificates and the Class A-3FL Regular Interest (other than the Class X Certificates) are hereby designated as “regular interests” (within the meaning of Section 860G(a)(1) of the Code) in the Woodlands Mall Loan REMIC, REMIC I and REMIC II, respectively.  Each of the Corresponding Components of Class X Certificates is hereby designated a “regular interest” in REMIC II and the Class X-C Certificate and the Class X-P Certificates represent such Corresponding Components.  The Class R-I Certificates are hereby designated as the single class of “residual interests” (within the meaning of Section 860G(a)(2) of the Code) in

each of the Woodlands Mall Loan REMIC and REMIC I, and the Class R-II Certificates are hereby designated as the single class of “residual interests” (within the meaning of Section 860G(a)(2) of the Code) in REMIC II.  None of the Master Servicer, the Special Servicer or the Trustee shall (to the extent within its control) permit the creation of any other “interests” in any of the Woodlands Mall Loan REMIC, REMIC I or REMIC II (within the meaning of Treasury regulation Section 1.860D-1(b)(1)).

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                    (c)          The Closing Date is hereby designated as the “startup day” of each of the Woodlands Mall Loan REMIC, REMIC I and REMIC II within the meaning of Section 860G(a)(9) of the Code.  The “latest possible maturity date” of the Woodlands Mall Loan REMIC Regular Interests, REMIC I Regular Interests and the Regular Certificates for purposes of the REMIC Provisions shall be the Rated Final Distribution Date.

                    (d)          The related Plurality Residual Certificateholder as to the applicable taxable year is hereby designated as the Tax Matters Person of each of the Woodlands Mall Loan REMIC, REMIC I and REMIC II, and shall act on behalf of the related REMIC in relation to any tax matter or controversy and shall represent the related REMIC in any administrative or judicial proceeding relating to an examination or audit by any governmental taxing authority; provided that the REMIC Administrator is hereby irrevocably appointed to act and shall act as agent and attorney-in-fact for the Tax Matters Person for the Woodlands Mall Loan REMIC, REMIC I and REMIC II in the performance of its duties as such.

                    (e)          Except as otherwise provided in Section 3.17(a) and subsections (h) and (i) below, the REMIC Administrator shall pay out of its own funds any and all routine tax administration expenses of the Trust Fund incurred with respect to any of the Woodlands Mall Loan REMIC, REMIC I and REMIC II (but not including any professional fees or expenses related to audits or any administrative or judicial proceedings with respect to the Trust Fund that involve the Internal Revenue Service or state tax authorities, which extraordinary expenses shall be payable or reimbursable to the Trustee from the Trust Fund unless otherwise provided in Section 10.01(g) or 10.01(h)).

                    (f)          Within 30 days after the Closing Date, the REMIC Administrator shall obtain taxpayer identification numbers for the Woodlands Mall Loan REMIC, REMIC I and REMIC II by preparing and filing Internal Revenue Service Forms SS-4 and shall prepare and file (if not previously prepared and filed) with the Internal Revenue Service Form 8811, “Information Return for Real Estate Mortgage Investment Conduits (REMIC) and Issuers of Collateralized Debt Obligations” for the Trust Fund.  In addition, the REMIC Administrator shall prepare, cause the Trustee to sign and file all of the other Tax Returns in respect of each of the Woodlands Mall Loan REMIC, REMIC I and REMIC II.  The expenses of preparing and filing such returns shall be borne by the
REMIC Administrator without any right of reimbursement therefor.  The other parties hereto shall provide on a timely basis to the REMIC Administrator or its designee such information with respect to the Woodlands Mall Loan REMIC, REMIC I and REMIC II as is in its possession and reasonably requested by the REMIC Administrator to enable it to perform its obligations under this Article.  Without limiting the generality of the foregoing, the Depositor, within ten days following the REMIC Administrator’s request therefor, shall provide in writing to the REMIC Administrator such information as is reasonably requested by the REMIC Administrator for tax purposes, as to the valuations and issue prices of the Certificates, and the REMIC Administrator’s duty to perform its reporting and other tax compliance obligations under this Article X shall be subject to the condition that it receives from the Depositor such information possessed by the
Depositor that is necessary to permit the REMIC Administrator to perform such obligations.

                    (g)          The REMIC Administrator shall perform on behalf of each of the Woodlands Mall Loan REMIC, REMIC I and REMIC II all reporting and other tax compliance 

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duties that are the responsibility of each such REMIC under the Code, the REMIC Provisions or other compliance guidance issued by the Internal Revenue Service or, with respect to State and Local Taxes, any state or local taxing authority.  Included among such duties, the REMIC Administrator shall provide to:  (i) any Transferor of a Residual Certificate or agent of a Non-Permitted Transferee, such information as is necessary for the application of any tax relating to the transfer of a Residual Certificate to any Person who is not a Permitted Transferee; (ii) the Certificateholders, such information or reports as are required by the Code or the REMIC Provisions, including, without limitation, reports relating to interest, original issue discount and market discount or premium (using the Prepayment Assumption as required hereunder); and (iii) the Internal Revenue Service, the name, title, address and telephone number of the Person who
will serve as the representative of each of the Woodlands Mall Loan REMIC, REMIC I and REMIC II.

                    (h)          The REMIC Administrator shall perform its duties hereunder so as to maintain the status of each of the Woodlands Mall Loan REMIC, REMIC I and REMIC II as a REMIC under the REMIC Provisions (and the Trustee, the Master Servicer and the Special Servicer shall assist the REMIC Administrator to the extent reasonably requested by the REMIC Administrator and to the extent of information within the Trustee’s, the Master Servicer’s or the Special Servicer’s possession or control).  None of the REMIC Administrator, Master Servicer, the Special Servicer, or the Trustee shall knowingly take (or cause any of the Woodlands Mall Loan REMIC, REMIC I or REMIC II to take) any action or fail to take (or fail to cause to be taken) any action
that, under the REMIC Provisions, if taken or not taken, as the case may be, could (i) endanger the status of any of the Woodlands Mall Loan REMIC, REMIC I or REMIC II as a REMIC, or (ii) except as provided in Section 3.17(a), result in the imposition of a tax upon any of the Woodlands Mall Loan REMIC, REMIC I or REMIC II (including, but not limited to, the tax on prohibited transactions as defined in Section 860F(a)(2) of the Code or the tax on contributions to a REMIC set forth in Section 860G(d) of the Code (any such endangerment or imposition or, except as provided in Section 3.17(a), imposition of a tax, an “Adverse REMIC Event”)), unless the REMIC Administrator has obtained or received an Opinion of Counsel (at the expense of the party requesting such action or at the expense of the Trust Fund if the REMIC Administrator seeks to take such action or to refrain from acting for the benefit of the
Certificateholders) to the effect that the contemplated action will not result in an Adverse REMIC Event.  The REMIC Administrator shall not take any action or fail to take any action (whether or not authorized hereunder) as to which the Master Servicer or the Special Servicer has advised it in writing that either the Master Servicer or the Special Servicer has received or obtained an Opinion of Counsel to the effect that an Adverse REMIC Event could occur with respect to such action.  In addition, prior to taking any action with respect to any of the Woodlands Mall Loan REMIC, REMIC I or REMIC II, or causing any of the Woodlands Mall Loan REMIC, REMIC I or REMIC II to take any action that is not expressly permitted under the terms of this Agreement, the Master Servicer and the Special Servicer shall consult with the REMIC Administrator or its designee, in writing, with respect to whether such action could cause an Adverse REMIC Event to
occur.  Neither the Master Servicer nor the Special Servicer shall take any such action or cause any of the Woodlands Mall Loan REMIC, REMIC I or REMIC II to take any such action as to which the REMIC Administrator has advised it in writing that an Adverse REMIC Event could occur, and neither the Master Servicer nor the Special Servicer shall have any liability hereunder for any action taken by it in accordance with the written instructions of the REMIC Administrator.  The REMIC Administrator may consult 

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with counsel to make such written advice, and the cost of same shall be borne by the party seeking to take the action not expressly permitted by this Agreement, but in no event at the cost or expense of the Trust Fund, the Trustee or the REMIC Administrator.  At all times as may be required by the Code, the REMIC Administrator (to the extent it is within its control) shall take all necessary actions within the scope of its responsibilities as more specifically set forth in this Agreement such that it does not cause substantially all of the assets of each of the Woodlands Mall Loan REMIC, REMIC I and REMIC II to fail to consist of “qualified mortgages” as defined in Section 860G(a)(3) of the Code and “permitted investments” as defined in Section 860G(a)(5) of the Code.

                    (i)          If any tax is imposed on any of the Woodlands Mall Loan REMIC, REMIC I or REMIC II, including, without limitation, “prohibited transactions” taxes as defined in Section 860F(a)(2) of the Code, any tax on “net income from foreclosure property” as defined in Section 860G(c) of the Code, any taxes on contributions to any of the Woodlands Mall Loan REMIC, REMIC I or REMIC II after the Startup Day pursuant to Section 860G(d) of the Code, and any other tax imposed by the Code or any applicable provisions of State or Local Tax laws (other than any tax permitted to be incurred by the Special Servicer pursuant to Section 3.17(a)), such tax, together with all incidental costs and expenses (including, without limitation,
penalties and reasonable attorneys’ fees), shall be charged to and paid by:  (i) the REMIC Administrator, if such tax arises out of or results from a breach by the REMIC Administrator of any of its obligations under this Article X; provided that no liability shall be imposed upon the REMIC Administrator under this clause if another party has responsibility for payment of such tax under clauses (iii) or (v) of this Section; (ii) the Special Servicer, if such tax arises out of or results from a breach by the Special Servicer of any of its obligations under Article III or this Article X; (iii) the Master Servicer, if such tax arises out of or results from a breach by the Master Servicer of any of its obligations under Article III or this Article X; (iv) the Trustee if such tax arises out of or results from a breach by the Trustee of any of its respective obligations under Article IV, Article VIII or this Article X; (v) the Mortgage Loan
Seller, if such tax was imposed due to the fact that any of the Mortgage Loans did not, at the time of their transfer to REMIC I, as applicable, constitute a “qualified mortgage” as defined in Section 860G(a)(3) of the Code; or (vi) the Trust Fund, excluding the portion thereof constituting the Additional Interest Grantor Trust, in all other instances.  Any tax permitted to be incurred by the Special Servicer pursuant to Section 3.17(a) shall be charged to and paid by the Trust Fund.  Any such amounts payable by the Trust Fund shall be paid by the Paying Agent upon the written direction of the REMIC Administrator out of amounts on deposit in the Distribution Account in reduction of the Available Distribution Amount pursuant to Section 3.05(b).

                    (j)          The REMIC Administrator shall, for federal income tax purposes, maintain books and records with respect to the Woodlands Mall Loan REMIC, REMIC I and REMIC II on a calendar year and on an accrual basis.

                    (k)          Following
the Startup Day, none of the Trustee, the Master Servicer or the Special
Servicer shall accept any contributions of assets to any of the Woodlands Mall
Loan REMIC, REMIC I or REMIC II unless it shall have received an
Opinion of Counsel (at the expense of the party seeking to cause such
contribution and in no event at the expense of the Trust Fund or the Trustee) to
the effect that the inclusion of such assets in such REMIC will not
cause:  (i) such REMIC to fail to qualify as
a REMIC at any time that any Certificates are outstanding; or (ii) the
imposition of any tax on such REMIC under the REMIC Provisions or other
applicable provisions of federal, state and local law or ordinances.

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                    (l)          None of the Trustee, the Master Servicer or the Special Servicer shall consent to or, to the extent it is within the control of such Person, permit:  (i) the sale or disposition of any of the Mortgage Loans (except in connection with (A) the default or foreclosure of a Mortgage Loan, including, but not limited to, the sale or other disposition of a Mortgaged Property acquired by deed in lieu of foreclosure, (B) the bankruptcy of any of the Woodlands Mall Loan REMIC, REMIC I or REMIC II, (C) the termination of any of the Woodlands Mall Loan REMIC, of REMIC I and REMIC II pursuant to Article IX of this Agreement, or (D) a purchase of Mortgage Loans pursuant to or as contemplated by Article II or III of this Agreement); (ii) the sale or disposition of
any investments in the Servicing Accounts, the Interest Reserve Accounts, the Certificate Account, the Distribution Account, the Floating Rate Account, the Companion Distribution Account, the Gain-on-Sale Reserve Account or the REO Account for gain; or (iii) the acquisition of any assets on behalf of any of the Woodlands Mall Loan REMIC, REMIC I or REMIC II (other than (1) a Mortgaged Property acquired through foreclosure, deed in lieu of foreclosure or otherwise in respect of a Defaulted Mortgage Loan, (2) a Qualified Substitute Mortgage Loan pursuant to Article II hereof and (3) Permitted Investments acquired in connection with the investment of funds in the Servicing Accounts, the Interest Reserve Accounts, the Interest Shortfall Account, the Certificate Account, the Distribution Account, the Floating Rate Account, the Companion Distribution Account, the Gain-on-Sale Reserve Account or the REO Account); in any event unless it has received an Opinion of Counsel (at the expense of the
party seeking to cause such sale, disposition, or acquisition but in no event at the expense of the Trust Fund or the Trustee) to the effect that such sale, disposition, or acquisition will not cause:  (x) any of the Woodlands Mall Loan REMIC, REMIC I or REMIC II to fail to qualify as a REMIC at any time that any Certificates are outstanding; or (y) the imposition of any tax on any of the Woodlands Mall Loan REMIC, of REMIC I or REMIC II under the REMIC Provisions or other applicable provisions of federal, state and local law or ordinances.

                    (m)          Except as permitted by Section 3.17(a), none of the Trustee, the Master Servicer and the Special Servicer shall enter into any arrangement by which any of the Woodlands Mall Loan REMIC, REMIC I or REMIC II will receive a fee or other compensation for services nor permit any of the Woodlands Mall Loan REMIC, REMIC I or REMIC II to receive any income from assets other than “qualified mortgages” as defined in Section 860G(a)(3) of the Code or “permitted investments” as defined in Section 860G(a)(5) of the Code.

                    Section 10.02.     Administration of the Additional Interest Grantor Trust.

                    (a)          The REMIC Administrator shall treat the Additional Interest Grantor Trust, for tax return preparation purposes, as a grantor trust under the Code and shall treat the Additional Interest, the Additional Interest Account and amounts held from time to time in the Additional Interest Account that represent Additional Interest as separate assets of the Additional Interest Grantor Trust, and not either of the Woodlands Mall Loan REMIC, REMIC I, REMIC II or the Class A-3FL Grantor Trust permitted by Treasury Regulations Section 1.860G-2(i)(1).  The Class Z Certificates are hereby designated as representing an undivided, beneficial interest in Additional Interest payable on the Mortgage Loans and proceeds thereof in the Additional Interest Account. 

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                    (b)          The REMIC Administrator shall treat the A-3FL Grantor Trust, for tax return preparation purposes, as a grantor trust under the Code and shall treat the Class A-3FL Regular Interest, the Swap Contract and the Floating Rate Account and amounts held from time to time in the Floating Rate Account as separate assets of the A-3FL Grantor Trust, and not any of the Woodlands Mall Loan REMIC, REMIC I, REMIC II or the Additional Interest Grantor Trust, as permitted by Treasury Regulations Section 1.860G-2(i)(1).  The Class A-3FL Certificates are hereby designated as representing an undivided, beneficial interest in the A-3FL Grantor Trust Assets.

                    (c)           [Reserved].

                    (d)          The REMIC Administrator shall pay out of its own funds any and all routine tax administration expenses of the Trust Fund incurred with respect to the Grantor Trusts (but not including any professional fees or expenses related to audits or any administrative or judicial proceedings with respect to the Trust Fund that involve the Internal Revenue Service or state tax authorities which extraordinary expenses shall be payable or reimbursable to the REMIC Administrator from the Trust Fund unless otherwise provided in Section 10.02(f) or 10.02(g)).

                    (e)          The REMIC Administrator shall prepare, cause the Trustee to sign and file when due all of the Tax Returns in respect of the Grantor Trusts.  The expenses of preparing and filing such returns shall be borne by the REMIC Administrator without any right of reimbursement therefor.  The other parties hereto shall provide on a timely basis to the REMIC Administrator or its designee such information with respect to the Additional Interest Grantor Trust as is in its possession and reasonably requested by the REMIC Administrator to enable it to perform its obligations under this Section 10.02.  Without limiting the generality of the foregoing, the Depositor, within ten days following the REMIC Administrator’s request therefor, shall provide in
writing to the REMIC Administrator such information as is reasonably requested by the REMIC Administrator for tax purposes, and the REMIC Administrator’s duty to perform its reporting and other tax compliance obligations under this Section 10.02 shall be subject to the condition that it receives from the Depositor such information possessed by the Depositor that is necessary to permit the REMIC Administrator to perform such obligations.

                    (f)          The REMIC Administrator shall furnish or cause to be furnished to the Class Z Certificateholders and the Class A-3FL Certificateholders on the cash or accrual method of accounting, as applicable, such information as to their respective portions of the income and expenses of the Grantor Trusts, at the time and in the manner required under the Code, and shall perform on behalf of the Grantor Trusts all reporting and other tax compliance duties that are required in respect thereof under the Code, the Grantor Trust Provisions or other compliance guidance issued by the Internal Revenue Service or any state or local taxing authority.

                    (g)          The REMIC Administrator shall perform its duties hereunder so as to maintain the status of the Grantor Trusts as grantor trusts under the Grantor Trust Provisions (and the Trustee, the Master Servicer and the Special Servicer shall assist the 

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REMIC Administrator to the extent reasonably requested by the REMIC Administrator and to the extent of information within the Trustee’s, the Master Servicer’s or the Special Servicer’s possession or control).  None of the REMIC Administrator, Master Servicer, the Special Servicer or the Trustee shall knowingly take (or cause the Grantor Trusts to take) any action or fail to take (or fail to cause to be taken) any action that, under the Grantor Trust Provisions, if taken or not taken, as the case may be, could endanger the status of the Grantor Trusts as grantor trusts under the Grantor Trust Provisions (any such endangerment of grantor trust status, an “Adverse Grantor Trust Event”), unless the REMIC Administrator has obtained or received an Opinion of Counsel (at the expense of the party requesting such action or at the expense of the Trust Fund if the REMIC Administrator seeks to take such action or
to
refrain from taking any action for the benefit of the Certificateholders) to the effect that the contemplated action will not result in an Adverse Grantor Trust Event.  None of the other parties hereto shall take any action or fail to take any action (whether or not authorized hereunder) as to which the REMIC Administrator has advised it in writing that the REMIC Administrator has received or obtained an Opinion of Counsel to the effect that an Adverse Grantor Trust Event could result from such action or failure to act.  In addition, prior to taking any action with respect to the Grantor Trusts, or causing the Trust Fund to take any action, that is not expressly permitted under the terms of this Agreement, the Master Servicer and the Special Servicer shall consult with the REMIC Administrator or its designee, in writing, with respect to whether such action could cause an Adverse Grantor Trust Event to occur.  Neither the Master Servicer nor the Special Servicer shall have

any liability hereunder for any action taken by it in accordance with the written instructions of the REMIC Administrator.  The REMIC Administrator may consult with counsel to make such written advice, and the cost of same shall be borne by the party seeking to take the action not expressly permitted by this Agreement, but in no event at the cost or expense of the Trust Fund, the REMIC Administrator or the Trustee.  Under no circumstances may the REMIC Administrator vary the assets of the Grantor Trusts so as to take advantage of variations in the market so as to improve the rate of return of Holders of the Class Z Certificates or the Class A-3FL Certificates.

                    (h)          If any tax is imposed on the Grantor Trusts, such tax, together with all incidental costs and expenses (including, without limitation, penalties and reasonable attorneys’ fees), shall be charged to and paid by:  (i) the REMIC Administrator, if such tax arises out of or results from a breach by the REMIC Administrator of any of its obligations under this Section 10.02; (ii) the Special Servicer, if such tax arises out of or results from a breach by the Special Servicer of any of its obligations under Article III or this Section 10.02; (iii) the Master Servicer, if such tax arises out of or results from a breach by the Master Servicer of any of its obligations under Article III or this Section 10.02; (iv) the Trustee, if such tax

arises out of or results from a breach by the Trustee, of any of its obligations under Article IV, Article VIII or this Section 10.02; or (v) the portion of the Trust Fund constituting the Grantor Trusts in all other instances.

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ARTICLE XI.

MISCELLANEOUS PROVISIONS

                    Section 11.01.     Amendment.

                    (a)          This Agreement may be amended from time to time by the mutual agreement of the Depositor, the Master Servicer, the Special Servicer and the Trustee, without the consent of any of the Certificateholders or Companion Holders, (i) to cure any ambiguity, (ii) to correct, modify or supplement any provision herein which may be inconsistent with any other provision herein, (iii) to add any other provisions with respect to matters or questions arising hereunder which shall not be inconsistent with the provisions hereof, (iv) to relax or eliminate any requirement hereunder imposed by the REMIC Provisions if the REMIC Provisions are amended or clarified such that any such requirement may be relaxed or eliminated, or (v) if such amendment, as evidenced by an Opinion of
Counsel (at the expense of the Trust Fund, in the case of any amendment requested by the Master Servicer or Special Servicer that protects or is in furtherance of the interests of the Certificateholders, and otherwise at the expense of the party seeking such amendment) delivered to the Master Servicer, the Special Servicer and the Trustee, is advisable or reasonably necessary to comply with any requirements imposed by the Code or any successor or amendatory statute or any temporary or final regulation, revenue ruling, revenue procedure or other written official announcement or interpretation relating to federal income tax laws or any such proposed action which, if made effective, would apply retroactively to the Woodlands Mall Loan REMIC, REMIC I or REMIC II created hereunder at least from the effective date of such amendment, or would be necessary to avoid the occurrence of a prohibited transaction or to reduce the incidence of any tax that would arise from any actions taken with respect to

the operation of any such REMIC or to comply with any requirements imposed by the Commission with respect to any adopted temporary or final regulation or other written official announcement or interpretation relating to the securities laws which, would apply retroactively to the Depositor, any Underwriter or the Trust Fund; provided that no such amendment may significantly change the activities of the Trust Fund in a manner that would adversely affect the Trust Fund’s status as a “qualifying special purpose entity” for purposes of FAS 140; provided, further, that such action (except any amendment described in clause (v) above) shall not, as evidenced by an Opinion of Counsel (at the expense of the Trust Fund, in the case of any amendment requested by the Master Servicer or Special Servicer that protects or is in furtherance of the interests of the Certificateholders, and otherwise at the expense of the party seeking such amendment) obtained by or delivered

to the Master Servicer, the Special Servicer and the Trustee, adversely affect in any material respect the interests of any Certificateholder or Companion Holder with respect to the Pari Passu Mortgage Loan; provided, further, that the Master Servicer, the Special Servicer and the Trustee shall have first obtained from each Rating Agency written confirmation that such amendment will not result in the qualification, downgrade or withdrawal of the rating on any Class of Certificates.

                    (b)          This Agreement may also be amended from time to time by the agreement of the Depositor, the Master Servicer, the Special Servicer and the Trustee with the consent of the Holders of Certificates entitled to at least 51% of the Voting Rights allocated to the affected Classes for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Holders of Certificates; provided, however, that no such amendment shall (i) reduce in any manner the amount of, or delay the timing of, payments received or advanced on Mortgage Loans that are required to be distributed on any Certificate without the consent of the Holder of such Certificate, or which are required to be
distributed to a Companion Holder, without the consent of such Companion Holder, (ii) as evidenced by an Opinion of Counsel obtained by or delivered to the Master Servicer, the Special Servicer and the Trustee, adversely affect in any material 

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respect the interests of the Holders of any Class of Certificates or the interests of a Companion Holder in a manner other than as described in (i) without the consent of the Holders of all Certificates of such Class or the consent of such Companion Holders, as the case may be, (iii) modify the provisions of this Section 11.01 without the consent of the Holders of all Certificates then outstanding and the consent of all Companion Holders, (iv) modify the provisions of Section 3.20 or the definition of Servicing Standard without the consent of the Holders of Certificates entitled to all of the Voting Rights and the consent of all Companion Holders or (v) modify the specified percentage of Voting Rights which are required to be held by Certificateholders to consent or not to object to any particular action pursuant to any provision of this Agreement without the consent of the Holders of all Certificates then outstanding. 
Notwithstanding any other provision of this Agreement, for purposes of the giving or withholding of consents pursuant to this Section 11.01, Certificates registered in the name of the Depositor or any Affiliate of the Depositor shall be entitled to the same Voting Rights with respect to matters described above as they would if any other Person held such Certificates, so long as neither the Depositor nor any of its Affiliates is performing servicing duties with respect to any of the Mortgage Loans.

                    (c)          Notwithstanding any contrary provision of this Agreement, the Trustee shall not consent to any amendment to this Agreement unless it shall first have obtained or been furnished with an Opinion of Counsel (at the expense of the Trust Fund, in the case of any amendment requested by the Master Servicer or Special Servicer that protects or is in furtherance of the interests of the Certificateholders, and, otherwise, at the expense of the party seeking such amendment) to the effect that (i) such amendment or the exercise of any power granted to the Trustee, the Master Servicer or the Special Servicer in accordance with such amendment will not result in the imposition of a tax on any of the Woodlands Mall Loan REMIC, REMIC I or REMIC II pursuant to the REMIC Provisions or
on the Grantor Trusts or cause any of the Woodlands Mall Loan REMIC, REMIC I or REMIC II to fail to qualify as a REMIC or the Grantor Trusts to fail to qualify as a grantor trust at any time that any Certificates are outstanding and (ii) such amendment complies with the provisions of this Section 11.01.

                    (d)          Promptly after the execution of any such amendment, the Trustee shall send a copy thereof to each Certificateholder and Companion Holder.

                    (e)          It shall not be necessary for the consent of Certificateholders under this Section 11.01 to approve the particular form of any proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof.  The manner of obtaining such consents and of evidencing the authorization of the execution thereof by Certificateholders shall be subject to such reasonable regulations as the Trustee may prescribe.

                    (f)          Each of the Master Servicer, the Special Servicer and the Trustee may but shall not be obligated to enter into any amendment pursuant to this Section that affects its rights, duties and immunities under this Agreement or otherwise.

                    (g)          The cost of any Opinion of Counsel to be delivered pursuant to Section 11.01(a), (b) or (c) shall be borne by the Person seeking the related amendment, except that if the Master Servicer, the Special Servicer or the Trustee requests any amendment of this Agreement that protects or is in furtherance of the rights and interests of Certificateholders, the 

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cost of any Opinion of Counsel required in connection therewith pursuant to Section 11.01(a), (b) or (c) shall be payable out of the Certificate Account or the Distribution Account pursuant to Sections 3.05 and 4.01.  Notwithstanding any contrary provisions of this Agreement, this Agreement may not be amended in a manner that would adversely affect the distributions to the A-3FL Swap Counterparty or the Class A-3FL Certificates or the rights of the A-3FL Swap Counterparty under the A-3FL Swap Contract or the rights of the holders of the Class A-3FL Certificates without the consent of the A-3FL Swap Counterparty and 66 2/3% of the Holders of the Class A-3FL Certificates.

                    (h)          Notwithstanding anything in this Agreement to the contrary, the Trustee shall deliver a copy of any proposed amendment to this Agreement to the Swap Counterparty and any amendment to this Agreement that could reasonably materially and adversely affect the Swap Counterparty (whether or not the related Swap Contract is specifically referred to or identified in the proposed amendment) shall be subject to the Swap Counterparty’s prior written consent.

                    Section 11.02.     Recordation of Agreement; Counterparts.

                    (a)          To the extent permitted by applicable law, this Agreement is subject to recordation in all appropriate public offices for real property records in all the counties or other comparable jurisdictions in which any or all of the properties subject to the Mortgages are situated, and in any other appropriate public recording office or elsewhere, such recordation to be effected by the Master Servicer at the expense of the Trust Fund, but only upon direction accompanied by an Opinion of Counsel (the cost of which may be paid out of the Certificate Account pursuant to Section 3.05(a)) to the effect that such recordation materially and beneficially affects the interests of the Certificateholders; provided, however, that the Trustee shall have no obligation or
responsibility to determine whether any such recordation of this Agreement is required.

                    (b)          For the purpose of facilitating the recordation of this Agreement as herein provided and for other purposes, this Agreement may be executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and such counterparts shall constitute but one and the same instrument.

                    Section 11.03.     Limitation on Rights of Certificateholders.

                    (a)          The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of the Trust Fund, nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them.

                    (b)          No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth, or contained in the terms of the Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party by reason of any action taken by the parties to this Agreement pursuant to any provision hereof.

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                    (c)          No Certificateholder shall have any right by virtue of any provision of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement or any Mortgage Loan, unless, with respect to any suit, action or proceeding upon or under or with respect to this Agreement, such Holder previously shall have given to the Trustee a written notice of default hereunder, and of the continuance thereof, as hereinbefore provided, and unless also (except in the case of a default by the Trustee) the Holders of Certificates entitled to at least 25% of the Voting Rights shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder and shall have offered to the Trustee such
reasonable indemnity as it may require against the costs, expenses and liabilities to be incurred therein or thereby, and the Trustee, for 60 days after its receipt of such notice, request and offer of indemnity, shall have neglected or refused to institute any such action, suit or proceeding.  It is understood and intended, and expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatsoever by virtue of any provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder, which priority or preference is not otherwise provided for herein, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Certificateholders.  For the protection and enforcement of
the provisions of this Section, each and every Certificateholder and the Trustee shall be entitled to such relief as can be given either at law or in equity.

                    Section 11.04.     Governing Law.

                    This Agreement and the Certificates shall be construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in said State, and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws.

                    Section 11.05.     Notices.

                    Any communications provided for or permitted hereunder shall, unless otherwise expressly provided herein, be in writing and shall be deemed to have been duly given when delivered to:  (i) in the case of the Depositor, Wachovia Commercial Mortgage Securities, Inc., 301 South College Street, Charlotte, North Carolina 28288, Attention:  Charles L. Culbreth, H. Royer Culp, Jr., Elizabeth K. Stinson and Lars A. Carlsten, facsimile number:  (704) 383-7639; (ii) in the case of the Master Servicer, Wachovia Bank, National Association, NC 1075, 8739 Research Drive URP4, Charlotte, North Carolina 28262-1075, Attention:  Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2006-C26, facsimile number:  (704) 715-0036; (iii) in the case of the Special Servicer, LNR Partners,
Inc., 1601 Washington Avenue, Suite 700, Miami Beach, Florida 33139, Attention:  Randy Wolpert, facsimile number:  (305) 695-5601, Attention:  Thomas Nealon, Esq. at facsimile number (305) 695-5601, and Attention:  Javier Benedit, at facsimile number (305) 695-5199 (with copies to Bilzin Sumberg Baena Price & Axelrod LLP, 200 South 

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Biscayne Boulevard, Suite 2500, Miami, Florida 33131, Attention:  Alan J. Kazan, Esq., at facsimile number (305) 351-2229); (iv) in the case of the Trustee, Wells Fargo Bank, N.A., 9062 Old Annapolis Road, Columbia, Maryland 21045-1951, Attention:  Corporate Trust Services (CMBS) Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2006-C23, facsimile number:  (410) 715-2381; (v) in the case of the Underwriters to each of Wachovia Capital Markets, LLC, 301 South College Street, Charlotte, North Carolina 28288-1075, Attention: Charles L. Culbreth, H. Royer Culp, Jr., Elizabeth K. Stinson and Lars A. Carlsten, facsimile number:  (704) 715-0066; Citigroup Global Markets Inc., 388 Greenwich Street, 11th Floor, New York, New York 10013, Attention:  Ms. Angela Vleck, facsimile number:  (212) 816-8307; Goldman, Sachs & Co., 85 Broad Street, New York, New York 10004,
Attention:  Emily Brooks, facsimile number:  (212) 902-1691; J.P. Morgan Securities Inc., 270 Park Avenue, 10th Floor, New York, New York 10017, Attention:  CMBS Trading, facsimile number:  (212) 834-6593; with a copy to Bianca Russo, Esq., facsimile number (212) 834-6593; and Lehman Brothers Inc., 745 Seventh Avenue, New York, New York 10019, Attention:  Scott Lechner, facsimile number: (646) 758-4203, with a copy to Lehman Brothers, 399 Park Avenue, 8th Floor, New York, New York 10222, Attention: Ben Herman, facsimile number: (212) 520-0403; (vi) in the case of the initial Controlling Class Representative, American Capital Strategies, Ltd., 2 Bethesda Metro Center, 14th Floor, Bethesda, Maryland 20814, Attention:  Doug Cooper, facsimile number:  (301) 634-6714; (vii) in the case of the Rating Agencies to each of Standard & Poor’s Ratings Services, 55 Water Street, New York, New York 10041-0003, Attention:  CMBS
Surveillance Group, facsimile number: (212) 438-2662; and Moody’s Investors Service, Inc., 99 Church Street, New York, New York 10007, Attention:  Commercial Mortgage Surveillance; and (viii) in the case of the Swap Counterparty, Wachovia Bank, National Association, 301 South College Street, Charlotte, North Carolina 28288-0166, Attention:  Spencer Langston, facsimile number:  (704) 374-3254 with a copy of Cadwalader, Wickersham & Taft LLP, 227 West Trade Street, Suite 2400, Charlotte, NC 28202, Attention:  Francisco Linares, Esq., facsimile number:  (704) 348-5200 and (ix) in the case of any Companion Holder, the address(es) for notice to such Companion Holder as set forth in the related Intercreditor Agreement or as to each such Person such other address as may hereafter be furnished by such Person to the parties hereto in writing.  Any communication required or permitted to be delivered to a Certificateholder shall be deemed to have been duly given when mailed

first class, postage prepaid, to the address of such Holder as shown in the Certificate Register.

                    Section 11.06.     Severability of Provisions.

                    If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement or of the Certificates or the rights of the Holders thereof.

                    Section 11.07.     Grant of a Security Interest.

                    The Depositor intends that the conveyance of the Depositor’s right, title and interest in and to the Mortgage Loans pursuant to this Agreement shall constitute a sale and not a pledge of security for a loan.  If such conveyance is deemed to be a pledge of security for a loan, 

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however, the Depositor intends that the rights and obligations of the parties to such loan shall be established pursuant to the terms of this Agreement.  The Depositor also intends and agrees that, in such event, the Depositor shall be deemed to have granted to the Trustee (in such capacity) a first priority security interest in the Depositor’s entire right, title and interest in and to the assets constituting the Trust Fund.

                    Section 11.08.     Streit Act.

                    Any provisions required to be contained in this Agreement by Section 126 of Article 4-A of the New York Real Property Law are hereby incorporated herein, and such provisions shall be in addition to those conferred or imposed by this Agreement; provided, however, that to the extent that such Section 126 shall not have any effect, and if said Section 126 should at any time be repealed or cease to apply to this Agreement or be construed by judicial decision to be inapplicable, said Section 126 shall cease to have any further effect upon the provisions of this Agreement.  In case of a conflict between the provisions of this Agreement and any mandatory provisions of Article 4-A of the New York Real Property Law, such mandatory provisions of said Article 4-A shall prevail; provided that if said Article
4-A shall not apply to this Agreement, should at any time be repealed or cease to apply to this Agreement or be construed by judicial decision to be inapplicable, such mandatory provisions of such Article 4-A shall cease to have any further effect upon the provisions of this Agreement.

                    Section 11.09.     Successors and Assigns; Beneficiaries.

                    The provisions of this Agreement shall be binding upon and inure to the benefit of the respective successors and assigns of the parties hereto, and all such provisions shall inure to the benefit of the Certificateholders.  This Agreement may not be amended in any manner that would adversely affect the rights of any third party beneficiary hereof without its consent.  No other person, including, without limitation, any Mortgagor, shall be entitled to any benefit or equitable right, remedy or claim under this Agreement; provided that the Companion Holders and the Swap Counterparty are intended third party beneficiaries hereunder.

                    Section 11.10.     Article and Section Headings.

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

                    Section
11.11.     Notices to Rating
Agencies.

                    (a)          The
Trustee shall promptly provide notice to each Rating Agency and the Controlling
Class Representative with respect to each of the following of which it has
actual knowledge:

	
  
 
  	
  
        (i)           any
material change or amendment to this Agreement;
 
	
  
 
  	
  
 
  
	
  
 
  	
  
        (ii)          the
occurrence of any Event of Default that has not been cured;
 
	
  
 
  	
  
 
  
	
   
  	
  
        (iii)         the   merger, consolidation, resignation or termination of the Trustee, the Master   Servicer or the Special Servicer;
  

-293-

	
  
 
  	
  
       (iv)        the   repurchase of Mortgage Loans by any of the Mortgage Loan Sellers pursuant to   the applicable Mortgage Loan Purchase Agreement;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
       (v)         any   change in the location of the Servicing Accounts, the Interest Reserve Accounts,   the Certificate Account, the Floating Rate Account, the Gain-on-Sale Reserve   Account, the Companion Distribution Account or the Distribution Account;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
       (vi)        the   final payment to any Class of Certificateholders; and
  
	
   
  	
  
 
  
	
  
 
  	
  
       (vii)       any   sale or disposition of any Mortgage Loan or REO Property.
  

                    (b)        The Master Servicer shall promptly provide notice to each Rating Agency with respect to each of the following of which it has actual knowledge:

	
  
 
  	
  
       (i)           the   resignation or removal of the Trustee; and
  
	
  
 
  	
  
 
  
	
  
 
  	
  
       (ii)          any   change in the location of the Certificate Account.
  

                    (c)        The Special Servicer shall furnish each Rating Agency and the Controlling Class Representative with respect to a non-performing or Defaulted Mortgage Loan such information as the Rating Agency or Controlling Class Representative shall reasonably request and which the Special Servicer can reasonably provide in accordance with applicable law.

                    (d)        To the extent applicable, each of the Master Servicer, the Special Servicer and the Trustee shall promptly furnish, or cause to be furnished, to each Rating Agency copies of the following items:

	
  
 
  	
  
       (i)           each   of the annual statements as to compliance described in Section 3.13;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
       (ii)          each   of the annual independent public accountants’ servicing reports described in   Section 3.14;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
       (iii)         any   Officer’s Certificate delivered to the Trustee pursuant to   Section 4.03(c) or 3.08; and
  
	
  
 
  	
  
 
  
	
   
  	
  
       (iv)         each   of the reports described in Section 3.12(a) and the statements and   reports described in Sections 3.12(b), 3.12(c) and 3.12(d).
  

                    (e)        The Trustee shall (i) make available to each Rating Agency and the Controlling Class Representative, upon reasonable notice, the items described in Section 3.15(a) and (ii) promptly deliver to each Rating Agency and the Controlling Class Representative a copy of any notices given pursuant to Section 7.03(a) or Section 7.03(b).

                    (f)        Each of the Trustee, the Master Servicer and the Special Servicer shall provide to each Rating Agency such other information with respect to the Mortgage Loans and the Certificates, to the extent such party possesses such information, as such Rating Agency shall reasonably request.

-294-

                    (g)          Notwithstanding any provision herein to the contrary each of the Master Servicer, the Special Servicer or the Trustee shall deliver to any Underwriter any report prepared by such party hereunder upon request.

                    Section 11.12.     Complete Agreement.

                    This Agreement embodies the complete agreement among the parties and may not be varied or terminated except by a written agreement conforming to the provisions of Section 11.01.  All prior negotiations or representations of the parties are merged into this Agreement and shall have no force or effect unless expressly stated herein.

[SIGNATURE PAGES FOLLOW]

-295-

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

	
  
 
  	
  
WACHOVIA   COMMERCIAL MORTGAGE SECURITIES, INC., Depositor
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
/s/ H. Royer   Culp, Jr.
  
	
  
 
  	
  
 
  	
  

  
	
   
  	
  
Name:
  	
  
H. Royer   Culp, Jr.
  
	
  
 
  	
  
Title:
  	
  
Vice   President
  

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

	
  
 
  	
  
WACHOVIA   BANK, NATIONAL ASSOCIATION, Master Servicer
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
By:
  	
  
/s/ Audrey L.   Afflerbach
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Name:
  	
  
  Audrey L.   Afflerbach

  
	
  
 
  	
  
Title:
  	
  
Vice   President
  

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

	
  
 
  	
  
LNR   PARTNERS, INC., Special Servicer
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
/s/ Steven N. Bjerke
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Name:
  	
  
Steven N. Bjerke
  
	
  
 
  	
  
Title:
  	
  
Vice President
  

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

	
  
 
  	
  
WELLS FARGO   BANK, N.A., Trustee
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
/s/ Deborah   Daniels
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Name:
  	
  
Deborah   Daniels
  
	
  
 
  	
  
Title:
  	
  
Vice   President
  

EXHIBIT A-1

FORM OF CLASS A-1 CERTIFICATE

CLASS A-1 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
 SERIES 2006-C26

evidencing a beneficial ownership interest in a trust fund (the “Trust Fund”) consisting primarily of a pool of multifamily and commercial mortgage loans (the “Mortgage Loans”), such pool being formed and sold by

WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

	
  
Pass-Through   Rate:  5.726% per annum
  	
  
 
  	
  
Class   Principal Balance of the Class A-1 Certificates as of the Closing Date:   $34,567,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Date of Pooling   and Servicing Agreement: as of June 1, 2006
  	
  
 
  	
  
Initial   Certificate Principal Balance of this Class A-1 Certificate as of the Closing   Date: $34,567,000
  
	
   
  	
  
 
  	
  
 
  
	
  
Closing   Date:  June 29, 2006
  	
  
 
  	
  
Aggregate   Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date:   $1,731,843,7671
  
	
  
 
  	
  
 
  	
  
 
  
	
  
First   Distribution Date:  July 17, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Master   Servicer:  Wachovia Bank, National   Association
  	
  
 
  	
  
Trustee:   Wells Fargo Bank, N.A.
  
	
  
 
  	
  
 
  	
  
 
  
	
  Special   Servicer:  LNR Partners, Inc.
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Certificate   No.  A-1-1
  	
  
 
  	
  
CUSIP No.
  

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION (“DTC”), TO THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), 

	
  

  
	
  
1
  	
  
Excludes   $10,000,000, which is the balance of The Woodlands Mall Non-Pooled Component,   represented solely by the Class WM Certificate.
  

A-1-1

ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (A “REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”).

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  IN ADDITION, IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-M, CLASS A-J, CLASS B, CLASS C, CLASS D, CLASS E, CLASS F, CLASS G, CLASS H, CLASS J, CLASS K, CLASS L, CLASS M, CLASS N, CLASS O AND THE CLASS P (AND, WITH RESPECT TO LOSSES AND EXPENSES ON THE WOODLANDS MALL LOAN, THE CLASS WM) CERTIFICATES, OF THE SAME SERIES IS REDUCED TO ZERO, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE, THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS A-3FL CERTIFICATES AND THE CLASS A-1A CERTIFICATES MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

                    This
certifies that Cede & Co. is the registered owner of the Percentage Interest
evidenced by this Class A-1 Certificate (obtained by dividing the principal
amount of this Class A-1 Certificate (its “Certificate Principal
Balance”) as of the Closing Date by the aggregate principal amount of
all the Class A-1 Certificates (their “Class Principal
Balance”) as of the Closing Date) in that certain beneficial ownership
interest evidenced by all the Class A-1 Certificates in the Trust Fund created
pursuant to a Pooling and Servicing Agreement, dated as specified above (the
“Agreement”), among Wachovia Commercial Mortgage Securities,
Inc. (herein called the “Depositor”, which term includes any
successor entity under the Agreement), Wachovia Bank, National Association
(herein called the “Master Servicer”, which term includes any successor entity
under the Agreement), LNR Partners, Inc. (herein called the “Special
Servicer”, which term includes any successor entity under the
Agreement) and Wells Fargo Bank, N.A. (herein called the
“Trustee”, which term includes any successor entity under the
Agreement), a summary of certain of the pertinent provisions of which is set
forth hereafter.  

A-1-2

To the extent not defined herein, the
capitalized terms used herein have the respective meanings assigned in the
Agreement.  This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

                    Pursuant to the terms of the Agreement, distributions will be made on the fourth Business Day following the related Determination Date (each, a “Distribution Date”).  The Determination Date is the 11th day of each month or, if such 11th day is not a Business Day, the Business Day immediately succeeding, commencing in July 2006 (each, a “Determination Date”).  Distributions will be made commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the last Business Day of the month immediately preceding the month of such distribution (the “Record Date”), in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of
the Class A-1 Certificates on the applicable Distribution Date pursuant to the Agreement.  All distributions made under the Agreement on the Class A-1 Certificates will be made by Wells Fargo Bank, N.A., as paying agent (the “Paying Agent”), by wire transfer of immediately available funds to the account of the Person entitled thereto at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided the Paying Agent with wiring instructions no less than five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to the address of such Certificateholder as it appears in the Certificate Register.  Notwithstanding the foregoing, the final distribution on this Certificate (determined without regard to any possible future reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate) will be made in like manner, but only upon presentation and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to the Holder hereof of such final distribution.  Also notwithstanding the foregoing, any distribution that may be made with respect to this Certificate in reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated to this Certificate, which reimbursement is to occur after the date on which this Certificate is surrendered as contemplated by the preceding sentence, will be made by check mailed to the address of the Holder that surrenders this Certificate as such address last appears in the Certificate Register or to any such other address of which the Paying Agent is subsequently notified in writing.

                    The Certificates are limited in right of distribution to certain collections and recoveries respecting the Mortgage Loans and REO Loans, all as more specifically set forth herein and in the Agreement.  As provided in the Agreement, withdrawals from the Certificate Account, the Distribution Account and, if established, the REO Account may be made from time to time for purposes other than, and, in certain cases, prior to, distributions to Certificateholders, such purposes including the reimbursement of Advances made, or certain expenses incurred, with respect to the Mortgage Loans and the payment of interest on such Advances and expenses.

                    Interest
accrued on this Certificate during an Interest Accrual Period, plus any unpaid
interest shortfall with respect to this Certificate for any prior Distribution
Date, if any, will be payable on the related Distribution Date to the extent
provided in the Agreement.  The “Interest Accrual Period”
with respect to any Distribution Date and with respect to the Class A-1 Certificates is the calendar month
preceding the month in which such Distribution Date occurs and is assumed to
consist of 30 days.

A-1-3

                    Any distribution to the Holder of this Certificate in reduction of the Certificate Principal Balance hereof is binding on such Holder and all future Holders of this Certificate and any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such distribution is made upon this Certificate.

                    The Class A-1 Certificates are issuable in fully registered form only without coupons in minimum denominations specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Class A-1 Certificates are exchangeable for new Class A-1 Certificates in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

                    As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices of the Certificate Registrar, duly endorsed by, or accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Class A-1 Certificates in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

                    No service charge will be imposed for any registration of transfer or exchange of Class A-1 Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Class A-1 Certificates.

                    Notwithstanding the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book-entry facilities of DTC.

                    The Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes whatsoever and none of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent, the Certificate Registrar or any such agent shall be affected by notice to the contrary.

                    The Trust Fund and the obligations created by the Agreement shall terminate upon distribution (or provision for distribution) to the Certificateholders of all amounts held by or on behalf of the Trustee and required to be distributed to them pursuant to the Agreement following the earlier to occur of (i) the final payment (or any advance with respect thereto) or other liquidation of the last Mortgage Loan or REO Property remaining in the Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder at a price determined as provided in the Agreement of all Mortgage Loans and each REO Property remaining in the Trust Fund.  The Agreement permits, but does not require, 

A-1-4

the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder to purchase from the Trust Fund all Mortgage Loans and each REO Property remaining therein.  The exercise of such right will effect early retirement of the Class A-1 Certificates; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Pool at the time of purchase being less than 1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date specified on the face hereof.

                    In addition, any exchange by any Certificateholder of all of the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund may be made:  (i) if the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) are held by a single Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-3FL, Class A-1A, Class A-M, Class A-J, Class B, Class C and Class D Certificates have been paid in full.

                    The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Special Servicer and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Special Servicer and the Trustee with the consent of the Holders of Certificates entitled to at least 51% of the Voting Rights allocated to the affected Classes.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to maintain the status of the Trust Fund (or designated portions thereof) as consisting of three separate REMICs and two grantor trusts, without the consent of the Holders of any of the Certificates.

                    Unless the certificate of authentication hereon has been executed by the Certificate Registrar, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

                    The registered Holder hereof, by its acceptance hereof, agrees that it will look solely to the Trust Fund (to the extent of its rights therein) for distributions hereunder.

                    This Certificate shall be construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in said State, and the obligations, rights and remedies of the Holder hereof shall be determined in accordance with such laws.

A-1-5

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

	
  
Dated:  June 29, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Certificate Registrar
  
	
   
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-1-6

CERTIFICATE OF AUTHENTICATION

                    This is one of the Class A-1 Certificates referred to in the within-mentioned Agreement.

	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Authenticating Agent
  
	
   
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-1-7

ASSIGNMENT

                    FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto ___________________________________ (please print or typewrite name and address including postal zip code of assignee) the beneficial ownership interest in the Trust Fund evidenced by the within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

                    I (we) further direct the Certificate Registrar to issue a new Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Commercial Mortgage Pass-Through Certificate to the following address:  __________________________________________________.

Dated:  _________________________

	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature by or on behalf of Assignor
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature Guaranteed
  

A-1-8

DISTRIBUTION INSTRUCTIONS

                    The Assignee should include the following for purposes of distribution:

                    Distributions shall, if permitted, be made by wire transfer or otherwise, in immediately available funds, to _____________________________ for the account of _______________.

                    Distributions made by check (such check to be made payable to _____________________) and all applicable statements and notices should be mailed to _________________________.

                    This information is provided by ________________________________, the Assignee named above, or ____________________________________, as its agent.

A-1-9

EXHIBIT A-2

FORM OF CLASS A-2 CERTIFICATE

CLASS A-2 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
 SERIES 2006-C26

evidencing a beneficial ownership interest in a trust fund (the “Trust Fund”) consisting primarily of a pool of multifamily and commercial mortgage loans (the “Mortgage Loans”), such pool being formed and sold by

WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

	
  
Pass-Through   Rate:  5.935% per annum
  	
  
 
  	
  
Class   Principal Balance of the Class A-2 Certificates as of the Closing Date:   $214,741,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Date of   Pooling and Servicing Agreement: as of June 1, 2006
  	
  
 
  	
  
Initial   Certificate Principal Balance of this Class A-2 Certificate as of the Closing   Date: $214,741,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Closing   Date:  June 29, 2006
  	
  
 
  	
  
Aggregate   Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date:   $1,731,843,7671
  
	
  
 
  	
  
 
  	
  
 
  
	
  First   Distribution Date:  July 17, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Master   Servicer:  Wachovia Bank, National   Association
  	
  
 
  	
  
Trustee:   Wells Fargo Bank, N.A.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Special   Servicer:  LNR Partners, Inc.
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Certificate   No. A-2-1
  	
  
 
  	
  
CUSIP No.
  

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION (“DTC”), TO THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), 

	
  

  
	
  
1
  	
  
Excludes   $10,000,000, which is the balance of The Woodlands Mall Non-Pooled Component,   represented solely by the Class WM Certificate.
  

A-2-1

ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., WACHOVIA BANK, NATIONAL ASSOCIATION, OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (A “REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”).

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  IN ADDITION, IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-M, CLASS A-J, CLASS B, CLASS C, CLASS D, CLASS E, CLASS F, CLASS G, CLASS H, CLASS J, CLASS K, CLASS L, CLASS M, CLASS N, CLASS O AND THE CLASS P CERTIFICATES, OF THE SAME SERIES IS REDUCED TO ZERO, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE, THE CLASS A-1 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS A-3FL CERTIFICATES AND THE CLASS A-1A CERTIFICATES MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

                    This
certifies that Cede & Co. is the registered owner of the Percentage Interest
evidenced by this Class A-2 Certificate (obtained by dividing the principal
amount of this Class A-2 Certificate (its “Certificate Principal
Balance”) as of the Closing Date by the aggregate principal amount of
all the Class A-2 Certificates (their “Class Principal
Balance”) as of the Closing Date) in that certain beneficial ownership
interest evidenced by all the Class A-2 Certificates in the Trust Fund created
pursuant to a Pooling and Servicing Agreement, dated as specified above (the
“Agreement”), among Wachovia Commercial Mortgage Securities,
Inc. (herein called the “Depositor”, which term includes any
successor entity under the Agreement), Wachovia Bank, National Association
(herein called the “Master Servicer”, which term includes any
successor entity under the Agreement), LNR Partners, Inc. (herein called the
“Special Servicer”, which term includes any successor entity
under the Agreement) and Wells Fargo Bank, N.A. (herein called the
“Trustee”, which term includes any successor entity under the
Agreement), a summary of certain of the pertinent provisions of which is set
forth hereafter.  To the extent not defined herein, the capitalized terms
used herein have the respective meanings assigned in the Agreement.  This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is
bound.

A-2-2

                    Pursuant to the terms of the Agreement, distributions will be made on the fourth Business Day following the related Determination Date (each, a “Distribution Date”).  The Determination Date is the 11th day of each month or, if such 11th day is not a Business Day, the Business Day immediately succeeding, commencing in July 2006 (each, a “Determination Date”).  Distributions will be made commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the last Business Day of the month immediately preceding the month of such distribution (the “Record Date”), in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of
the Class A-2 Certificates on the applicable Distribution Date pursuant to the Agreement.  All distributions made under the Agreement on the Class A-2 Certificates will be made by Wells Fargo Bank, N.A., as paying agent (the “Paying Agent”), by wire transfer of immediately available funds to the account of the Person entitled thereto at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided the Paying Agent with wiring instructions no less than five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to the address of such Certificateholder as it appears in the Certificate Register.  Notwithstanding the foregoing, the final distribution on this Certificate (determined without regard to any possible future reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate) will be made in like manner, but only upon presentation and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to the Holder hereof of such final distribution.  Also notwithstanding the foregoing, any distribution that may be made with respect to this Certificate in reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated to this Certificate, which reimbursement is to occur after the date on which this Certificate is surrendered as contemplated by the preceding sentence, will be made by check mailed to the address of the Holder that surrenders this Certificate as such address last appears in the Certificate Register or to any such other address of which the Paying Agent is subsequently notified in writing.

                    The Certificates are limited in right of distribution to certain collections and recoveries respecting the Mortgage Loans and REO Loans, all as more specifically set forth herein and in the Agreement.  As provided in the Agreement, withdrawals from the Certificate Account, the Distribution Account and, if established, the REO Account may be made from time to time for purposes other than, and, in certain cases, prior to, distributions to Certificateholders, such purposes including the reimbursement of Advances made, or certain expenses incurred, with respect to the Mortgage Loans and the payment of interest on such Advances and expenses.

                    Interest accrued on this Certificate during an Interest Accrual Period, plus any unpaid interest shortfall with respect to this Certificate for any prior Distribution Date, if any, will be payable on the related Distribution Date to the extent provided in the Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class A-2 Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

A-2-3

                    Any distribution to the Holder of this Certificate in reduction of the Certificate Principal Balance hereof is binding on such Holder and all future Holders of this Certificate and any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such distribution is made upon this Certificate.

                    The Class A-2 Certificates are issuable in fully registered form only without coupons in minimum denominations specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Class A-2 Certificates are exchangeable for new Class A-2 Certificates in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

                    As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices of the Certificate Registrar, duly endorsed by, or accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Class A-2 Certificates in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

                    No service charge will be imposed for any registration of transfer or exchange of Class A-2 Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Class A-2 Certificates.

                    Notwithstanding the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book-entry facilities of DTC.

                    The Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes whatsoever and none of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent, the Certificate Registrar or any such agent shall be affected by notice to the contrary.

                    The
Trust Fund and the obligations created by the Agreement shall terminate upon
distribution (or provision for distribution) to the Certificateholders of all
amounts held by or on behalf of the Trustee and required to be distributed to
them pursuant to the Agreement following the earlier to occur of (i) the final
payment (or any advance with respect thereto) or other liquidation of the last
Mortgage Loan or REO Property remaining in the Trust Fund, and (ii) the purchase
by the Master Servicer, the Special Servicer or the Majority Subordinate
Certificateholder at a price determined as provided in the Agreement of all
Mortgage Loans and each REO Property remaining in the Trust Fund.  The
Agreement permits, but does not require, the Master Servicer, the Special
Servicer or the Majority Subordinate Certificateholder to purchase from the
Trust Fund all Mortgage Loans and each REO Property remaining therein.  The
exercise of such right will effect early retirement of the Class A-2
Certificates; however, such right to purchase is subject to the
aggregate Stated Principal Balance of the Mortgage Pool at the time of purchase
being less than 1% of the aggregate Stated Principal Balance of the Mortgage
Loans as of the Cut-Off Date specified on the face hereof.

A-2-4

                    In addition, any exchange by any Certificateholder of all of the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund may be made:  (i) if the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) are held by a single Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-3FL, Class A-1A, Class A-M, Class A-J, Class B, Class C and Class D Certificates have been paid in full.

                    The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Special Servicer and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Special Servicer and the Trustee with the consent of the Holders of Certificates entitled to at least 51% of the Voting Rights allocated to the affected Classes.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to maintain the status of the Trust Fund (or designated portions thereof) as consisting of three separate REMICs and two grantor trusts, without the consent of the Holders of any of the Certificates.

                    Unless the certificate of authentication hereon has been executed by the Certificate Registrar, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

                    The registered Holder hereof, by its acceptance hereof, agrees that it will look solely to the Trust Fund (to the extent of its rights therein) for distributions hereunder.

                    This Certificate shall be construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in said State, and the obligations, rights and remedies of the Holder hereof shall be determined in accordance with such laws.

A-2-5

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

	
  
Dated:  June 29, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Certificate Registrar
  
	
   
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-2-6

CERTIFICATE OF AUTHENTICATION

                    This is one of the Class A-2 Certificates referred to in the within-mentioned Agreement.

	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Authenticating Agent
  
	
   
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-2-7

ASSIGNMENT

                    FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto ________________________________________________________ (please print or typewrite name and address including postal zip code of assignee) the beneficial ownership interest in the Trust Fund evidenced by the within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

                    I (we) further direct the Certificate Registrar to issue a new Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Commercial Mortgage Pass-Through Certificate to the following address:  __________________________________________________.

Dated:  _________________________

	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature by or on behalf of Assignor
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature Guaranteed
  

A-2-8

DISTRIBUTION INSTRUCTIONS

                    The Assignee should include the following for purposes of distribution:

                    Distributions shall, if permitted, be made by wire transfer or otherwise, in immediately available funds, to _____________________________ for the account of _______________.

                    Distributions made by check (such check to be made payable to _____________________) and all applicable statements and notices should be mailed to _________________________.

                    This information is provided by ________________________________, the Assignee named above, or ____________________________________, as its agent.

A-2-9

EXHIBIT A-3

FORM OF CLASS A-PB CERTIFICATE

CLASS A-PB COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
 SERIES 2006-C26

evidencing a beneficial ownership interest in a trust fund (the “Trust Fund”) consisting primarily of a pool of multifamily and commercial mortgage loans (the “Mortgage Loans”), such pool being formed and sold by

WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

	
  
Pass-Through   Rate:  5.997% per annum
  	
  
 
  	
  
Class Principal   Balance of the Class A-PB Certificates as of the Closing Date:   $83,806,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Date of   Pooling and Servicing Agreement: as of June 1, 2006
  	
  
 
  	
  
Initial   Certificate Principal Balance of this Class A-PB Certificate as of the   Closing Date: $83,806,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Closing   Date:  June 29, 2006
  	
  
 
  	
  
Aggregate   Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date:   $1,731,843,7671
  
	
  
 
  	
  
 
  	
  
 
  
	
  First   Distribution Date:  July 17, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Master   Servicer:  Wachovia Bank, National   Association
  	
  
 
  	
  
Trustee:   Wells Fargo Bank, N.A.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Special   Servicer:  LNR Partners, Inc.
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Certificate   No. A-PB-1
  	
  
 
  	
  
CUSIP No.
  

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION (“DTC”), TO THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), 

	
  

  
	
  
1
  	
  
Excludes   $10,000,000, which is the balance of The Woodlands Mall Non-Pooled Component,   represented solely by the Class WM Certificate.
  

A-3-1

ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., WACHOVIA BANK, NATIONAL ASSOCIATION, OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (A “REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”).

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  IN ADDITION, IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-M, CLASS A-J, CLASS B, CLASS C, CLASS D, CLASS E, CLASS F, CLASS G, CLASS H, CLASS J, CLASS K, CLASS L, CLASS M, CLASS N, CLASS O AND THE CLASS P (AND, WITH RESPECT TO LOSSES AND EXPENSES ON THE WOODLANDS MALL LOAN, THE CLASS WM) CERTIFICATES, OF THE SAME SERIES IS REDUCED TO ZERO, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE, THE CLASS A-1 CERTIFICATES, THE CLASS A-2 CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS A-3FL CERTIFICATES AND THE CLASS A-1A CERTIFICATES MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY

BE LESS THAN THE AMOUNT SHOWN ABOVE.

                    This
certifies that Cede & Co. is the registered owner of the Percentage Interest
evidenced by this Class A-PB Certificate (obtained by dividing the
principal amount of this Class A-PB Certificate (its “Certificate
Principal Balance”) as of the Closing Date by the aggregate
principal amount of all the Class A-PB Certificates (their
“Class Principal Balance”) as of the Closing
Date) in that certain beneficial ownership interest evidenced by all the
Class A-PB Certificates in the Trust Fund created pursuant to a Pooling and
Servicing Agreement, dated as specified above (the
“Agreement”), among Wachovia Commercial Mortgage Securities,
Inc. (herein called the “Depositor”, which term includes any
successor entity under the Agreement), Wachovia Bank, National Association
(herein called the “Master Servicer” which terms include any
successor entity under the Agreement), LNR Partners, Inc. (herein called the
“Special Servicer,” which term includes any successor entity
under the Agreement) and Wells Fargo Bank, N.A. (herein called the
“Trustee”, which term includes any successor entity under the
Agreement), a summary of certain of the pertinent provisions of which is set forth hereafter. 

A-3-2

To the extent not defined herein, the
capitalized terms used herein have the respective meanings assigned in the
Agreement.  This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

                    Pursuant to the terms of the Agreement, distributions will be made on the fourth Business Day following the related Determination Date (each, a “Distribution Date”).  The Determination Date is the 11th day of each month or, if such 11th day is not a Business Day, the Business Day immediately succeeding, commencing in July 2006 (each, a “Determination Date”).  Distributions will be made commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the last Business Day of the month immediately preceding the month of such distribution (the “Record Date”), in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of
the Class A-PB Certificates on the applicable Distribution Date pursuant to the Agreement.  All distributions made under the Agreement on the Class A-PB Certificates will be made by Wells Fargo Bank, N.A., as paying agent (the “Paying Agent”), by wire transfer of immediately available funds to the account of the Person entitled thereto at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided the Paying Agent with wiring instructions no less than five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to the address of such Certificateholder as it appears in the Certificate Register.  Notwithstanding the foregoing, the final distribution on this Certificate (determined without regard to any possible future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only upon presentation and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to the Holder hereof of such final distribution.  Also notwithstanding the foregoing, any distribution that may be made with respect to this Certificate in reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated to this Certificate, which reimbursement is to occur after the date on which this Certificate is surrendered as contemplated by the preceding sentence, will be made by check mailed to the address of the Holder that surrenders this Certificate as such address last appears in the Certificate Register or to any such other address of which the Paying Agent is subsequently notified in writing.

                    The Certificates are limited in right of distribution to certain collections and recoveries respecting the Mortgage Loans and REO Loans, all as more specifically set forth herein and in the Agreement.  As provided in the Agreement, withdrawals from the Certificate Account, the Distribution Account and, if established, the REO Account may be made from time to time for purposes other than, and, in certain cases, prior to, distributions to Certificateholders, such purposes including the reimbursement of Advances made, or certain expenses incurred, with respect to the Mortgage Loans and the payment of interest on such Advances and expenses.

                    Interest
accrued on this Certificate during an Interest Accrual Period, plus any unpaid
interest shortfall with respect to this Certificate for any prior Distribution
Date, if any, will be payable on the related Distribution Date to the extent
provided in the Agreement.  The “Interest Accrual Period”
with respect to any Distribution Date and with respect to the Class A-PB Certificates is the
calendar month preceding the month in which such Distribution Date occurs and is
assumed to consist of 30 days.

A-3-3

                    Any distribution to the Holder of this Certificate in reduction of the Certificate Principal Balance hereof is binding on such Holder and all future Holders of this Certificate and any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such distribution is made upon this Certificate.

                    The Class A-PB Certificates are issuable in fully registered form only without coupons in minimum denominations specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Class A-PB Certificates are exchangeable for new Class A-PB Certificates in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

                    As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices of the Certificate Registrar, duly endorsed by, or accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Class A-PB Certificates in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

                    No service charge will be imposed for any registration of transfer or exchange of Class A-PB Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Class A-PB Certificates.

                    Notwithstanding the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book-entry facilities of DTC.

                    The Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes whatsoever and none of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent, the Certificate Registrar or any such agent shall be affected by notice to the contrary.

                    The Trust Fund and the obligations created by the Agreement shall terminate upon distribution (or provision for distribution) to the Certificateholders of all amounts held by or on behalf of the Trustee and required to be distributed to them pursuant to the Agreement following the earlier to occur of (i) the final payment (or any advance with respect thereto) or other liquidation of the last Mortgage Loan or REO Property remaining in the Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder at a price determined as provided in the Agreement of all Mortgage Loans and each REO Property remaining in the Trust Fund.  The Agreement permits, but does not require,

A-3-4

the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder to purchase from the Trust Fund all Mortgage Loans and each REO Property remaining therein.  The exercise of such right will effect early retirement of the Class A-PB Certificates; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Pool at the time of purchase being less than 1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date specified on the face hereof.

                    In addition, any exchange by any Certificateholder of all of the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund may be made:  (i) if the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) are held by a single Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-3FL, Class A-1A, Class A-M, Class A-J, Class B, Class C and Class D Certificates have been paid in full.

                    The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Special Servicer, and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Special Servicer, and the Trustee with the consent of the Holders of Certificates entitled to at least 51% of the Voting Rights allocated to the affected Classes.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the
amendment thereof, in certain limited circumstances, including any amendment necessary to maintain the status of the Trust Fund (or designated portions thereof) as consisting of three separate REMICs and two grantor trusts, without the consent of the Holders of any of the Certificates.

                    Unless the certificate of authentication hereon has been executed by the Certificate Registrar, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

                    The registered Holder hereof, by its acceptance hereof, agrees that it will look solely to the Trust Fund (to the extent of its rights therein) for distributions hereunder.

                    This Certificate shall be construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in said State, and the obligations, rights and remedies of the Holder hereof shall be determined in accordance with such laws.

A-3-5

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

	
  
Dated:  June 29, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Certificate Registrar
  
	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-3-6

CERTIFICATE OF AUTHENTICATION

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

	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Authenticating Agent
  
	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-3-7

ASSIGNMENT

                    FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto ________________________________________________________ (please print or typewrite name and address including postal zip code of assignee) the beneficial ownership interest in the Trust Fund evidenced by the within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

                    I (we) further direct the Certificate Registrar to issue a new Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Commercial Mortgage Pass-Through Certificate to the following address:  __________________________________________________.

Dated:  _________________________

	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature by or on behalf of Assignor
  
	
   
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature Guaranteed
  

A-3-8

DISTRIBUTION INSTRUCTIONS

                    The Assignee should include the following for purposes of distribution:

                    Distributions shall, if permitted, be made by wire transfer or otherwise, in immediately available funds, to _____________________________ for the account of _______________.

                    Distributions made by check (such check to be made payable to _____________________) and all applicable statements and notices should be mailed to _________________________.

                    This information is provided by ________________________________, the Assignee named above, or ____________________________________, as its agent.

A-3-9

EXHIBIT A-4-1

FORM OF CLASS A-3 CERTIFICATE

CLASS A-3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
 SERIES 2006-C26

evidencing a beneficial ownership interest in a trust fund (the “Trust Fund”) consisting primarily of a pool of multifamily and commercial mortgage loans (the “Mortgage Loans”), such pool being formed and sold by

WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

	
  
Pass-Through   Rate:  Variable
  	
  
 
  	
  
Class   Principal Balance of the Class A-3 Certificates as of the Closing Date:   $509,221,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Date of   Pooling and Servicing Agreement: as of June 1, 2006
  	
  
 
  	
  
Initial   Certificate Principal Balance of this Class A-3 Certificate as of the Closing   Date: $500,000,000
  
	
   
  	
  
 
  	
  
 
  
	
  
Closing   Date:  June 29, 2006
  	
  
 
  	
  
Aggregate   Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date:   $1,731,843,7671
  
	
  
 
  	
  
 
  	
  
 
  
	
  
First   Distribution Date:  July 17, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Master   Servicer:  Wachovia Bank, National   Association
  	
  
 
  	
  
Trustee:   Wells Fargo Bank, N.A.
  
	
  
 
  	
  
 
  	
  
 
  
	
  Special   Servicer:  LNR Partners, Inc.
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Certificate   No.  A-3-1
  	
  
 
  	
  
CUSIP No.
  

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION (“DTC”), TO THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), 

	
  

  
	
  
1
  	
  
Excludes   $10,000,000, which is the balance of The Woodlands Mall Non-Pooled Component,   represented solely by the Class WM Certificate.
  

A-4-1

ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (A “REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”).

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  IN ADDITION, IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-M, CLASS A-J, CLASS B, CLASS C, CLASS D, CLASS E, CLASS F, CLASS G, CLASS H, CLASS J, CLASS K, CLASS L, CLASS M, CLASS N, CLASS O AND THE CLASS P (AND, WITH RESPECT TO LOSSES AND EXPENSES ON THE WOODLANDS MALL LOAN, THE CLASS WM) CERTIFICATES, OF THE SAME SERIES IS REDUCED TO ZERO, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE, THE CLASS A-1 CERTIFICATES, THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3FL CERTIFICATES AND THE CLASS A-1A CERTIFICATES MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

                    This
certifies that Cede & Co. is the registered owner of the Percentage Interest
evidenced by this Class A-3 Certificate (obtained by dividing the principal
amount of this Class A-3 Certificate (its “Certificate Principal
Balance”) as of the Closing Date by the aggregate principal amount of
all the Class A-3 Certificates (their “Class Principal
Balance”) as of the Closing Date) in that certain beneficial ownership
interest evidenced by all the Class A-3 Certificates in the Trust Fund created
pursuant to a Pooling and Servicing Agreement, dated as specified above (the
“Agreement”), among Wachovia Commercial Mortgage Securities,
Inc. (herein called the “Depositor”, which term includes any
successor entity under the Agreement), Wachovia Bank, National Association
(herein called the “Master Servicer”, which term includes any successor entity
under the Agreement), LNR Partners, Inc. (herein called the “Special
Servicer”, which term includes any successor entity under the
Agreement) and Wells Fargo Bank, N.A. (herein called the
“Trustee”, which term includes any successor entity under the
Agreement), a summary of certain of the pertinent provisions of which is set
forth hereafter.  

A-4-1-2

To the extent not defined herein, the
capitalized terms used herein have the respective meanings assigned in the
Agreement.  This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

                    Pursuant to the terms of the Agreement, distributions will be made on the fourth Business Day following the related Determination Date (each, a “Distribution Date”).  The Determination Date is the 11th day of each month or, if such 11th day is not a Business Day, the Business Day immediately succeeding, commencing in July 2006 (each, a “Determination Date”).  Distributions will be made commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the last Business Day of the month immediately preceding the month of such distribution (the “Record Date”), in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of
the Class A-3 Certificates on the applicable Distribution Date pursuant to the Agreement.  All distributions made under the Agreement on the Class A-3 Certificates will be made by Wells Fargo Bank, N.A., as paying agent (the “Paying Agent”), by wire transfer of immediately available funds to the account of the Person entitled thereto at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided the Paying Agent with wiring instructions no less than five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to the address of such Certificateholder as it appears in the Certificate Register.  Notwithstanding the foregoing, the final distribution on this Certificate (determined without regard to any possible future reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate) will be made in like manner, but only upon presentation and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to the Holder hereof of such final distribution.  Also notwithstanding the foregoing, any distribution that may be made with respect to this Certificate in reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated to this Certificate, which reimbursement is to occur after the date on which this Certificate is surrendered as contemplated by the preceding sentence, will be made by check mailed to the address of the Holder that surrenders this Certificate as such address last appears in the Certificate Register or to any such other address of which the Paying Agent is subsequently notified in writing.

                    The Certificates are limited in right of distribution to certain collections and recoveries respecting the Mortgage Loans and REO Loans, all as more specifically set forth herein and in the Agreement.  As provided in the Agreement, withdrawals from the Certificate Account, the Distribution Account and, if established, the REO Account may be made from time to time for purposes other than, and, in certain cases, prior to, distributions to Certificateholders, such purposes including the reimbursement of Advances made, or certain expenses incurred, with respect to the Mortgage Loans and the payment of interest on such Advances and expenses.

                    Interest
accrued on this Certificate during an Interest Accrual Period, plus any unpaid
interest shortfall with respect to this Certificate for any prior Distribution
Date, if any, will be payable on the related Distribution Date to the extent
provided in the Agreement.  The “Interest Accrual Period”
with respect to any Distribution Date and with respect to the Class A-3 Certificates is the calendar month
preceding the month in which such Distribution Date occurs and is assumed to
consist of 30 days.

A-4-1-3

                    Any distribution to the Holder of this Certificate in reduction of the Certificate Principal Balance hereof is binding on such Holder and all future Holders of this Certificate and any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such distribution is made upon this Certificate.

                    The Class A-3 Certificates are issuable in fully registered form only without coupons in minimum denominations specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Class A-3 Certificates are exchangeable for new Class A-3 Certificates in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

                    As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices of the Certificate Registrar, duly endorsed by, or accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Class A-3 Certificates in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

                    No service charge will be imposed for any registration of transfer or exchange of Class A-3 Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Class A-3 Certificates.

                    Notwithstanding the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book-entry facilities of DTC.

                    The Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes whatsoever and none of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent, the Certificate Registrar or any such agent shall be affected by notice to the contrary.

                    The Trust Fund and the obligations created by the Agreement shall terminate upon distribution (or provision for distribution) to the Certificateholders of all amounts held by or on behalf of the Trustee and required to be distributed to them pursuant to the Agreement following the earlier to occur of (i) the final payment (or any advance with respect thereto) or other liquidation of the last Mortgage Loan or REO Property remaining in the Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder at a price determined as provided in the Agreement of all Mortgage Loans and each REO Property remaining in the Trust Fund.  The Agreement permits, but does not require,

A-4-1-4

the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder to purchase from the Trust Fund all Mortgage Loans and each REO Property remaining therein.  The exercise of such right will effect early retirement of the Class A-3 Certificates; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Pool at the time of purchase being less than 1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date specified on the face hereof.

                    In addition, any exchange by any Certificateholder of all of the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund may be made:  (i) if the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) are held by a single Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-3FL, Class A-1A, Class A-M, Class A-J, Class B, Class C and Class D Certificates have been paid in full.

                    The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Special Servicer and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Special Servicer and the Trustee with the consent of the Holders of Certificates entitled to at least 51% of the Voting Rights allocated to the affected Classes.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to maintain the status of the Trust Fund (or designated portions thereof) as consisting of three separate REMICs and two grantor trusts, without the consent of the Holders of any of the Certificates.

                    Unless the certificate of authentication hereon has been executed by the Certificate Registrar, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

                    The registered Holder hereof, by its acceptance hereof, agrees that it will look solely to the Trust Fund (to the extent of its rights therein) for distributions hereunder.

                    This Certificate shall be construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in said State, and the obligations, rights and remedies of the Holder hereof shall be determined in accordance with such laws.

A-4-1-5

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

	
  
Dated:  June 29, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Certificate Registrar
  
	
   
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-4-1-6

CERTIFICATE OF AUTHENTICATION

                    This is one of the Class A-3 Certificates referred to in the within-mentioned Agreement.

	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Authenticating Agent
  
	
   
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-4-1-7

ASSIGNMENT

                    FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto ________________________________________________________ (please print or typewrite name and address including postal zip code of assignee) the beneficial ownership interest in the Trust Fund evidenced by the within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

                    I (we) further direct the Certificate Registrar to issue a new Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Commercial Mortgage Pass-Through Certificate to the following address:  __________________________________________________.

Dated:  _________________________

	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature by or on behalf of Assignor
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature Guaranteed
  

A-4-1-8

DISTRIBUTION INSTRUCTIONS

                    The Assignee should include the following for purposes of distribution:

                    Distributions shall, if permitted, be made by wire transfer or otherwise, in immediately available funds, to _____________________________ for the account of _______________.

                    Distributions made by check (such check to be made payable to _____________________) and all applicable statements and notices should be mailed to _________________________.

                    This information is provided by ________________________________, the Assignee named above, or ____________________________________, as its agent.

A-4-1-9

EXHIBIT A-4-2

FORM OF CLASS A-3 CERTIFICATE

CLASS A-3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
 SERIES 2006-C26

evidencing a beneficial ownership interest in a trust fund (the “Trust Fund”) consisting primarily of a pool of multifamily and commercial mortgage loans (the “Mortgage Loans”), such pool being formed and sold by

WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

	
  
Pass-Through   Rate:  Variable
  	
  
 
  	
  
Class   Principal Balance of the Class A-3 Certificates as of the Closing Date:   $509,221,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Date of   Pooling and Servicing Agreement: as of June 1, 2006
  	
  
 
  	
  
Initial   Certificate Principal Balance of this Class A-3 Certificate as of the Closing   Date: $9,221,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Closing   Date:  June 29, 2006
  	
  
 
  	
  
Aggregate   Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date:   $1,731,843,7671
  
	
  
 
  	
  
 
  	
  
 
  
	
  First   Distribution Date:  July 17, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Master   Servicer:  Wachovia Bank, National   Association
  	
  
 
  	
  
Trustee:   Wells Fargo Bank, N.A.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Special   Servicer:  LNR Partners, Inc.
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Certificate   No.  A-3-1
  	
  
 
  	
  
CUSIP No.
  

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION (“DTC”), TO THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), 

	
  

  
	
  
1
  	
  
Excludes   $10,000,000, which is the balance of The Woodlands Mall Non-Pooled Component,   represented solely by the Class WM Certificate.
  

A-4-2-1

ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (A “REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”).

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  IN ADDITION, IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-M, CLASS A-J, CLASS B, CLASS C, CLASS D, CLASS E, CLASS F, CLASS G, CLASS H, CLASS J, CLASS K, CLASS L, CLASS M, CLASS N, CLASS O AND THE CLASS P (AND, WITH RESPECT TO LOSSES AND EXPENSES ON THE WOODLANDS MALL LOAN, THE CLASS WM) CERTIFICATES, OF THE SAME SERIES IS REDUCED TO ZERO, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE, THE CLASS A-1 CERTIFICATES, THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3FL CERTIFICATES AND THE CLASS A-1A CERTIFICATES MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

                    This certifies that Cede & Co. is the registered owner of the Percentage Interest evidenced by this Class A-3 Certificate (obtained by dividing the principal amount of this Class A-3 Certificate (its “Certificate Principal Balance”) as of the Closing Date by the aggregate principal amount of all the Class A-3 Certificates (their “Class Principal Balance”) as of the Closing Date) in that certain beneficial ownership interest evidenced by all the Class A-3 Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Wachovia Commercial Mortgage Securities, Inc. (herein called the “Depositor”, which term includes any successor entity under the Agreement), Wachovia Bank, National Association (herein
called the “Master Servicer”, which term includes any successor
entity under the Agreement), LNR Partners, Inc. (herein called the
“Special Servicer”, which term includes any successor entity
under the Agreement) and Wells Fargo Bank, N.A. (herein called the
“Trustee”, which term includes any successor entity under the
Agreement), a summary of certain of the pertinent provisions of which is set
forth hereafter.   

A-4-2-2

To the extent not defined herein, the
capitalized terms used herein have the respective meanings assigned in the
Agreement.  This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

                    Pursuant to the terms of the Agreement, distributions will be made on the fourth Business Day following the related Determination Date (each, a “Distribution Date”).  The Determination Date is the 11th day of each month or, if such 11th day is not a Business Day, the Business Day immediately succeeding, commencing in July 2006 (each, a “Determination Date”).  Distributions will be made commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the last Business Day of the month immediately preceding the month of such distribution (the “Record Date”), in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of
the Class A-3 Certificates on the applicable Distribution Date pursuant to the Agreement.  All distributions made under the Agreement on the Class A-3 Certificates will be made by Wells Fargo Bank, N.A., as paying agent (the “Paying Agent”), by wire transfer of immediately available funds to the account of the Person entitled thereto at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided the Paying Agent with wiring instructions no less than five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to the address of such Certificateholder as it appears in the Certificate Register.  Notwithstanding the foregoing, the final distribution on this Certificate (determined without regard to any possible future reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate) will be made in like manner, but only upon presentation and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to the Holder hereof of such final distribution.  Also notwithstanding the foregoing, any distribution that may be made with respect to this Certificate in reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated to this Certificate, which reimbursement is to occur after the date on which this Certificate is surrendered as contemplated by the preceding sentence, will be made by check mailed to the address of the Holder that surrenders this Certificate as such address last appears in the Certificate Register or to any such other address of which the Paying Agent is subsequently notified in writing.

                    The Certificates are limited in right of distribution to certain collections and recoveries respecting the Mortgage Loans and REO Loans, all as more specifically set forth herein and in the Agreement.  As provided in the Agreement, withdrawals from the Certificate Account, the Distribution Account and, if established, the REO Account may be made from time to time for purposes other than, and, in certain cases, prior to, distributions to Certificateholders, such purposes including the reimbursement of Advances made, or certain expenses incurred, with respect to the Mortgage Loans and the payment of interest on such Advances and expenses.

                    Interest
accrued on this Certificate during an Interest Accrual Period, plus any unpaid
interest shortfall with respect to this Certificate for any prior Distribution
Date, if any, will be payable on the related Distribution Date to the extent
provided in the Agreement.  The “Interest Accrual Period”
with respect to any Distribution Date and with respect to the Class A-3 Certificates is the calendar month
preceding the month in which such Distribution Date occurs and is assumed to
consist of 30 days.

A-4-2-3

                    Any distribution to the Holder of this Certificate in reduction of the Certificate Principal Balance hereof is binding on such Holder and all future Holders of this Certificate and any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such distribution is made upon this Certificate.

                    The Class A-3 Certificates are issuable in fully registered form only without coupons in minimum denominations specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Class A-3 Certificates are exchangeable for new Class A-3 Certificates in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

                    As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices of the Certificate Registrar, duly endorsed by, or accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Class A-3 Certificates in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

                    No service charge will be imposed for any registration of transfer or exchange of Class A-3 Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Class A-3 Certificates.

                    Notwithstanding the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book-entry facilities of DTC.

                    The Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes whatsoever and none of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent, the Certificate Registrar or any such agent shall be affected by notice to the contrary.

                    The Trust Fund and the obligations created by the Agreement shall terminate upon distribution (or provision for distribution) to the Certificateholders of all amounts held by or on behalf of the Trustee and required to be distributed to them pursuant to the Agreement following the earlier to occur of (i) the final payment (or any advance with respect thereto) or other liquidation of the last Mortgage Loan or REO Property remaining in the Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder at a price determined as provided in the Agreement of all Mortgage Loans and each REO Property remaining in the Trust Fund.  The Agreement permits, but does not require, 

A-4-2-4

the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder to purchase from the Trust Fund all Mortgage Loans and each REO Property remaining therein.  The exercise of such right will effect early retirement of the Class A-3 Certificates; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Pool at the time of purchase being less than 1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date specified on the face hereof.

                    In addition, any exchange by any Certificateholder of all of the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund may be made:  (i) if the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) are held by a single Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-3FL, Class A-1A, Class A-M, Class A-J, Class B, Class C and Class D Certificates have been paid in full.

                    The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Special Servicer and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Special Servicer and the Trustee with the consent of the Holders of Certificates entitled to at least 51% of the Voting Rights allocated to the affected Classes.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to maintain the status of the Trust Fund (or designated portions thereof) as consisting of three separate REMICs and two grantor trusts, without the consent of the Holders of any of the Certificates.

                    Unless the certificate of authentication hereon has been executed by the Certificate Registrar, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

                    The registered Holder hereof, by its acceptance hereof, agrees that it will look solely to the Trust Fund (to the extent of its rights therein) for distributions hereunder.

                    This Certificate shall be construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in said State, and the obligations, rights and remedies of the Holder hereof shall be determined in accordance with such laws.

A-4-2-5

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

	
  
Dated:  June 29, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Certificate Registrar
  
	
   
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-4-2-6

CERTIFICATE OF AUTHENTICATION

                    This is one of the Class A-3 Certificates referred to in the within-mentioned Agreement.

	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Authenticating Agent
  
	
   
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-4-2-7

ASSIGNMENT

                    FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto ________________________________________________________ (please print or typewrite name and address including postal zip code of assignee) the beneficial ownership interest in the Trust Fund evidenced by the within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

                    I (we) further direct the Certificate Registrar to issue a new Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Commercial Mortgage Pass-Through Certificate to the following address:  __________________________________________________.

Dated:  _________________________

	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature by or on behalf of Assignor
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature Guaranteed
  

A-4-2-8

DISTRIBUTION INSTRUCTIONS

                    The Assignee should include the following for purposes of distribution:

                    Distributions shall, if permitted, be made by wire transfer or otherwise, in immediately available funds, to _____________________________ for the account of _______________.

                    Distributions made by check (such check to be made payable to _____________________) and all applicable statements and notices should be mailed to _________________________.

                    This information is provided by ________________________________, the Assignee named above, or ____________________________________, as its agent.

A-4-2-9

EXHIBIT A-5

FORM OF CLASS A-1A CERTIFICATE

CLASS A-1A COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
 SERIES 2006-C26

evidencing a beneficial ownership interest in a trust fund (the “Trust Fund”) consisting primarily of a pool of multifamily and commercial mortgage loans (the “Mortgage Loans”), such pool being formed and sold by

WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

	
  
Pass-Through   Rate:  Variable
  	
  
 
  	
  
Class   Principal Balance of the Class A-1A Certificates as of the Closing Date:   $229,955,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Date of   Pooling and Servicing Agreement: as of June 1, 2006
  	
  
 
  	
  
Initial   Certificate Principal Balance of this Class A-1A Certificate as of the   Closing Date: $229,955,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Closing   Date:  June 29, 2006
  	
  
 
  	
  
Aggregate   Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date:   $1,731,843,7671
  
	
  
 
  	
  
 
  	
  
 
  
	
  First Distribution   Date:  July 17, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Master   Servicer:  Wachovia Bank, National   Association
  	
  
 
  	
  
Trustee:   Wells Fargo Bank, N.A.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Special   Servicer:  LNR Partners, Inc.
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Certificate   No. A-1A-1
  	
  
 
  	
  
CUSIP No.
  

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION (“DTC”), TO THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER  

	
  

  
	
  
1
  	
  
Excludes   $10,000,000, which is the balance of The Woodlands Mall Non-Pooled Component,   represented solely by the Class WM Certificate.
  

A-5-1

ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., WACHOVIA BANK, NATIONAL ASSOCIATION, OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (A “REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”).

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  IN ADDITION, IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-M, CLASS A-J, CLASS B, CLASS C, CLASS D, CLASS E, CLASS F, CLASS G, CLASS H, CLASS J, CLASS K, CLASS L, CLASS M, CLASS N, CLASS O AND CLASS P (AND WITH RESPECT TO LOSSES AND EXPENSES ON THE WOODLANDS MALL LOAN, THE CLASS WM) CERTIFICATES, OF THE SAME SERIES IS REDUCED TO ZERO, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE, THE CLASS A-1 CERTIFICATES, THE CLASS A-2 CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS A-3FL CERTIFICATES AND THE CLASS A-PB CERTIFICATES MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ABOVE.

                    This certifies that Cede & Co. is the registered owner of the Percentage Interest evidenced by this Class A-1A Certificate (obtained by dividing the principal amount of this Class A-1A Certificate (its “Certificate Principal Balance”) as of the Closing Date by the aggregate principal amount of all the Class A-1A Certificates (their “Class Principal Balance”) as of the Closing Date) in that certain beneficial ownership interest evidenced by all the Class A-1A Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Wachovia Commercial Mortgage Securities, Inc. (herein called the “Depositor”, which term includes any successor entity under the Agreement), Wachovia Bank, National Association (herein

called the “Master Servicer”, which term includes any successor entity under the Agreement), LNR Partners, Inc. (herein called the “Special Servicer”, which term includes any successor entity under the Agreement) and Wells Fargo Bank, N.A. (herein called the “Trustee”, which term includes any successor entity under the 

A-5-2

Agreement), a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the respective meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

                    Pursuant to the terms of the Agreement, distributions will be made on the fourth Business Day following the related Determination Date (each, a “Distribution Date”).  The Determination Date is the 11th day of each month or, if such 11th day is not a Business Day, the Business Day immediately succeeding, commencing in July 2006 (each, a “Determination Date”).  Distributions will be made commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the last Business Day of the month immediately preceding the month of such distribution (the “Record Date”), in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of
the Class A-1A Certificates on the applicable Distribution Date pursuant to the Agreement.  All distributions made under the Agreement on the Class A-1A Certificates will be made by Wells Fargo Bank, N.A., as paying agent (the “Paying Agent”), by wire transfer of immediately available funds to the account of the Person entitled thereto at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided the Paying Agent with wiring instructions no less than five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to the address of such Certificateholder as it appears in the Certificate Register.  Notwithstanding the foregoing, the final distribution on this Certificate (determined without regard to any possible future reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate) will be made in like manner, but only upon presentation and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to the Holder hereof of such final distribution.  Also notwithstanding the foregoing, any distribution that may be made with respect to this Certificate in reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated to this Certificate, which reimbursement is to occur after the date on which this Certificate is surrendered as contemplated by the preceding sentence, will be made by check mailed to the address of the Holder that surrenders this Certificate as such address last appears in the Certificate Register or to any such other address of which the Paying Agent is subsequently notified in writing.

                    The Certificates are limited in right of distribution to certain collections and recoveries respecting the Mortgage Loans and REO Loans, all as more specifically set forth herein and in the Agreement.  As provided in the Agreement, withdrawals from the Certificate Account, the Distribution Account and, if established, the REO Account may be made from time to time for purposes other than, and, in certain cases, prior to, distributions to Certificateholders, such purposes including the reimbursement of Advances made, or certain expenses incurred, with respect to the Mortgage Loans and the payment of interest on such Advances and expenses.

                    Interest
accrued on this Certificate during an Interest Accrual Period, plus any unpaid
interest shortfall with respect to this Certificate for any prior Distribution
Date, if any, will be payable on the related Distribution Date to the extent
provided in the Agreement.  The “Interest Accrual Period”
with respect to any Distribution Date and with respect to the Class
A-1A Certificates is the calendar month
preceding the month in which such Distribution Date occurs and is assumed to
consist of 30 days.

A-5-3

                    Any distribution to the Holder of this Certificate in reduction of the Certificate Principal Balance hereof is binding on such Holder and all future Holders of this Certificate and any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such distribution is made upon this Certificate.

                    The Class A-1A Certificates are issuable in fully registered form only without coupons in minimum denominations specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Class A-1A Certificates are exchangeable for new Class A-1A Certificates in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

                    As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices of the Certificate Registrar, duly endorsed by, or accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Class A-1A Certificates in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

                    No service charge will be imposed for any registration of transfer or exchange of Class A-1A Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Class A-1A Certificates.

                    Notwithstanding the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book-entry facilities of DTC.

                    The Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes whatsoever and none of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent, the Certificate Registrar, or any such agent shall be affected by notice to the contrary.

                    The Trust Fund and the obligations created by the Agreement shall terminate upon distribution (or provision for distribution) to the Certificateholders of all amounts held by or on behalf of the Trustee and required to be distributed to them pursuant to the Agreement following the earlier to occur of (i) the final payment (or any advance with respect thereto) or other liquidation of the last Mortgage Loan or REO Property remaining in the Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder at a price determined as provided in the Agreement of all Mortgage Loans and each REO Property remaining in the Trust Fund.  The Agreement permits, but does not require, 

A-5-4

the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder to purchase from the Trust Fund all Mortgage Loans and each REO Property remaining therein.  The exercise of such right will effect early retirement of the Class A-1A Certificates; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Pool at the time of purchase being less than 1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date specified on the face hereof.

                    In addition, any exchange by any Certificateholder of all of the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund may be made:  (i) if the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) are held by a single Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-3FL, Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D Certificates have been paid in full.

                    The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Special Servicer and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Special Servicer and the Trustee with the consent of the Holders of Certificates entitled to at least 51% of the Voting Rights allocated to the affected Classes.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to maintain the status of the Trust Fund (or designated portions thereof) as consisting of three separate REMICs and two grantor trusts, without the consent of the Holders of any of the Certificates.

                    Unless the certificate of authentication hereon has been executed by the Certificate Registrar, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

                    The registered Holder hereof, by its acceptance hereof, agrees that it will look solely to the Trust Fund (to the extent of its rights therein) for distributions hereunder.

                    This Certificate shall be construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in said State, and the obligations, rights and remedies of the Holder hereof shall be determined in accordance with such laws.

A-5-5

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

	
  
Dated:  June 29, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Certificate Registrar
  
	
   
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-5-6

CERTIFICATE OF AUTHENTICATION

                    This is one of the Class A-1A Certificates referred to in the within-mentioned Agreement.

	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Authenticating Agent
  
	
   
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-5-7

ASSIGNMENT

                    FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto ________________________________________________________ (please print or typewrite name and address including postal zip code of assignee) the beneficial ownership interest in the Trust Fund evidenced by the within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

                    I (we) further direct the Certificate Registrar to issue a new Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Commercial Mortgage Pass-Through Certificate to the following address:  __________________________________________________.

Dated:  _________________________

	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature by or on behalf of Assignor
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature Guaranteed
  

A-5-8

DISTRIBUTION INSTRUCTIONS

                    The Assignee should include the following for purposes of distribution:

                    Distributions shall, if permitted, be made by wire transfer or otherwise, in immediately available funds, to _____________________________ for the account of _______________.

                    Distributions made by check (such check to be made payable to _____________________) and all applicable statements and notices should be mailed to _________________________.

                    This information is provided by ________________________________, the Assignee named above, or ____________________________________, as its agent.

A-5-9

EXHIBIT A-6-1

FORM OF CLASS X-P CERTIFICATE

CLASS X-P COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
 SERIES 2006-C26

evidencing a beneficial ownership interest in a trust fund (the “Trust Fund”) consisting primarily of a pool of multifamily and commercial mortgage loans (the “Mortgage Loans”), such pool being formed and sold by

WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

	
  
Pass-Through   Rate:  Variable
  	
  
 
  	
  
Aggregate   Certificate Notional Amount of all Class X-P Certificates as of the Closing   Date: $1,675,849,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Date of   Pooling and Servicing Agreement: as of June 1, 2006
  	
  
 
  	
  
Certificate   Notional Amount of this Class X-P Certificate as of the Closing Date:   $500,000,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Closing   Date:  June 29, 2006
  	
  
 
  	
  
Aggregate   Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date:   $1,731,843,7671
  
	
  
 
  	
  
 
  	
  
 
  
	
  First   Distribution Date:  July 17, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Master   Servicer:  Wachovia Bank, National   Association
  	
  
 
  	
  
Trustee:   Wells Fargo Bank, N.A.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Special   Servicer:  LNR Partners, Inc.
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Certificate   No.  X-P-1
  	
  
 
  	
  
CUSIP No.
  

THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE PRINCIPAL BALANCE AND WILL NOT ENTITLE THE HOLDER HEREOF TO DISTRIBUTIONS OF PRINCIPAL, BUT IS ENTITLED TO RECEIVE DISTRIBUTIONS OF INTEREST ONLY ON A NOTIONAL AMOUNT AS SET FORTH IN THE AGREEMENT.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION (“DTC”), TO THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF FOR 

	
  

  
	
  
1
  	
  
Excludes   $10,000,000, which is the balance of The Woodlands Mall Non-Pooled Component,   represented solely by the Class WM Certificate.
  

A-6-1-1

REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC),  ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (A “REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”).

BECAUSE THE COMPONENTS COMPRISING THE NOTIONAL AMOUNT OF THE CLASS X-P CERTIFICATES WILL BE REDUCED BY ANY DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THE CERTIFICATES RELATING TO SUCH COMPONENTS AND BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND WHICH ARE ALLOCATED TO SUCH CERTIFICATES RELATING TO SUCH COMPONENTS AS SET FORTH IN THE AGREEMENT, THE OUTSTANDING NOTIONAL AMOUNT HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

                    This certifies that Cede & Co. is the registered owner of the Percentage Interest evidenced by this Class X-P Certificate in that certain beneficial ownership interest evidenced by all the Class X-P Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Wachovia Commercial Mortgage Securities, Inc. (herein called the “Depositor”, which term includes any successor entity under the Agreement), Wachovia Bank, National Association (herein called the “Master Servicer”, which term includes any successor entity under the Agreement), LNR Partners, Inc. (herein called the “Special Servicer”, which term includes any successor entity under the Agreement) and Wells Fargo Bank, N.A. (herein called the
“Trustee”, which term includes any successor entity under the Agreement), a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the respective meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

A-6-1-2

                    Pursuant to the terms of the Agreement, distributions will be made on the fourth Business Day following the related Determination Date (each, a “Distribution Date”).  The Determination Date is the 11th day of each month or, if such 11th day is not a Business Day, the Business Day immediately succeeding, commencing in July, 2006 (each, a “Determination Date”).  Distributions will be made commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the last Business Day of the month immediately preceding the month of such distribution (the “Record Date”), in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of
the Class X-P Certificates on the applicable Distribution Date pursuant to the Agreement.  The Pass-Through Rate applicable to the Class X-P Certificates for each Distribution Date is as provided in the Agreement.  All distributions made under the Agreement on the Class X-P Certificates will be made by Wells Fargo Bank, N.A., as paying agent (the “Paying Agent”), by wire transfer of immediately available funds to the account of the Person entitled thereto at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided the Paying Agent with wiring instructions no less than five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to the address of such Certificateholder as it appears in the Certificate Register.  Notwithstanding the foregoing, the final distribution on this Certificate will
be made in like manner, but only upon presentation and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to the Holder hereof of such final distribution. 

                    The Certificates are limited in right of distribution to certain collections and recoveries respecting the Mortgage Loans and REO Loans, all as more specifically set forth herein and in the Agreement.  As provided in the Agreement, withdrawals from the Certificate Account, the Distribution Account and, if established, the REO Account may be made from time to time for purposes other than, and, in certain cases, prior to, distributions to Certificateholders, such purposes including the reimbursement of Advances made, or certain expenses incurred, with respect to the Mortgage Loans and the payment of interest on such Advances and expenses.

                    Interest accrued on this Certificate during an Interest Accrual Period, plus any unpaid interest shortfall with respect to this Certificate for any prior Distribution Date, if any, will be payable on the related Distribution Date to the extent provided in the Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class X-P Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

                    The Class X-P Certificates are issuable in fully registered form only without coupons in minimum denominations specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Class X-P Certificates are exchangeable for new Class X-P Certificates in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

                    As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices of the Certificate Registrar, duly endorsed by, 

A-6-1-3

or accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Class X-P Certificates in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

                    No service charge will be imposed for any registration of transfer or exchange of Class X-P Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Class X-P Certificates.

                    Notwithstanding the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book-entry facilities of DTC.

                    The Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes whatsoever and none of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent, the Certificate Registrar, or any such agent shall be affected by notice to the contrary.

                    The Trust Fund and the obligations created by the Agreement shall terminate upon distribution (or provision for distribution) to the Certificateholders of all amounts held by or on behalf of the Trustee and required to be distributed to them pursuant to the Agreement following the earlier to occur of (i) the final payment (or any advance with respect thereto) or other liquidation of the last Mortgage Loan or REO Property remaining in the Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder at a price determined as provided in the Agreement of all Mortgage Loans and each REO Property remaining in the Trust Fund.  The Agreement permits, but does not require, the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder to purchase from the Trust
Fund all Mortgage Loans and each REO Property remaining therein.  The exercise of such right will effect early retirement of the Class X-P Certificates; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Pool at the time of purchase being less than 1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date specified on the face hereof.

                    In addition, any exchange by any Certificateholder of all of the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund may be made:  (i) if the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) are held by a single Certificateholder and  (ii) the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-3FL, Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D Certificates have been paid in full.

A-6-1-4

                    The
Agreement permits, with certain exceptions therein provided, the amendment
thereof and the modification of the rights and obligations of the Depositor, the
Master Servicer, the Special Servicer and the Trustee
and the rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes.  Any such consent by the Holder
of this Certificate shall be conclusive and binding on such Holder and upon all
future Holders of this Certificate and of any Certificate issued upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon this Certificate.  The Agreement also permits
the amendment thereof, in certain limited circumstances, including any amendment
necessary to maintain the status of the Trust Fund (or designated portions
thereof) as consisting of three separate REMICs and two grantor trusts, without
the consent of the Holders of any of the Certificates.

                    Unless the certificate of authentication hereon has been executed by the Certificate Registrar, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

                    The registered Holder hereof, by its acceptance hereof, agrees that it will look solely to the Trust Fund (to the extent of its rights therein) for distributions hereunder.

                    This Certificate shall be construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in said State, and the obligations, rights and remedies of the Holder hereof shall be determined in accordance with such laws.

A-6-1-5

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

	
  
Dated:  June 29, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Certificate Registrar
  
	
  
 
  	
  
 
  
	
   
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-6-1-6

CERTIFICATE OF AUTHENTICATION

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

	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Authenticating Agent
  
	
  
 
  	
  
 
  
	
   
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-6-1-7

ASSIGNMENT

                    FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto ________________________________________________________ (please print or typewrite name and address including postal zip code of assignee) the beneficial ownership interest in the Trust Fund evidenced by the within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

                    I (we) further direct the Certificate Registrar to issue a new Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Commercial Mortgage Pass-Through Certificate to the following address:  __________________________________________________.

Dated:  _________________________

	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature by or on behalf of Assignor
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature Guaranteed
  

A-6-1-8

DISTRIBUTION INSTRUCTIONS

                    The Assignee should include the following for purposes of distribution:

                    Distributions shall, if permitted, be made by wire transfer or otherwise, in immediately available funds, to _____________________________ for the account of _______________.

                    Distributions made by check (such check to be made payable to _____________________) and all applicable statements and notices should be mailed to _________________________.

                    This information is provided by ________________________________, the Assignee named above, or ____________________________________, as its agent.

A-6-1-9

EXHIBIT A-6-2

FORM OF CLASS X-P CERTIFICATE

CLASS X-P COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
 SERIES 2006-C26

evidencing a beneficial ownership interest in a trust fund (the “Trust Fund”) consisting primarily of a pool of multifamily and commercial mortgage loans (the “Mortgage Loans”), such pool being formed and sold by

WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

	
  Pass-Through   Rate:  Variable
  	
  
 
  	
  
Aggregate   Certificate Notional Amount of all Class X-P Certificates as of the Closing   Date: $1,675,849,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Date of   Pooling and Servicing Agreement: as of June 1, 2006
  	
  
 
  	
  
Certificate   Notional Amount of this Class X-P Certificate as of the Closing Date:   $500,000,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Closing   Date:  June 29, 2006
  	
  
 
  	
  
Aggregate   Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date:   $1,731,843,7671
  
	
  
 
  	
  
 
  	
  
 
  
	
  
First   Distribution Date:  July 17, 2006
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
 
  
	
  
Master   Servicer:  Wachovia Bank, National   Association
  	
  
 
  	
  
Trustee:   Wells Fargo Bank, N.A.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Special   Servicer:  LNR Partners, Inc.
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Certificate   No.  X-P-2
  	
  
 
  	
  
CUSIP No.
  

THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE PRINCIPAL BALANCE AND WILL NOT ENTITLE THE HOLDER HEREOF TO DISTRIBUTIONS OF PRINCIPAL, BUT IS ENTITLED TO RECEIVE DISTRIBUTIONS OF INTEREST ONLY ON A NOTIONAL AMOUNT AS SET FORTH IN THE AGREEMENT.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION (“DTC”), TO THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF FOR 

	
  

  
	
  
1
  	
  
Excludes   $10,000,000, which is the balance of The Woodlands Mall Non-Pooled Component,   represented solely by the Class WM Certificate.
  

A-6-2-1

REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (A “REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”).

BECAUSE THE COMPONENTS COMPRISING THE NOTIONAL AMOUNT OF THE CLASS X-P CERTIFICATES WILL BE REDUCED BY ANY DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THE CERTIFICATES RELATING TO SUCH COMPONENTS AND BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND WHICH ARE ALLOCATED TO SUCH CERTIFICATES RELATING TO SUCH COMPONENTS AS SET FORTH IN THE AGREEMENT, THE OUTSTANDING NOTIONAL AMOUNT HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

                    This certifies that Cede & Co. is the registered owner of the Percentage Interest evidenced by this Class X-P Certificate in that certain beneficial ownership interest evidenced by all the Class X-P Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Wachovia Commercial Mortgage Securities, Inc. (herein called the “Depositor”, which term includes any successor entity under the Agreement), Wachovia Bank, National Association (herein called the “Master Servicer”, which term includes any successor entity under the Agreement), LNR Partners, Inc. (herein called the “Special Servicer”, which term includes any successor entity under the Agreement) and Wells Fargo Bank, N.A. (herein called the
“Trustee”, which term includes any successor entity under the Agreement), a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the respective meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

A-6-2-2

                    Pursuant to the terms of the Agreement, distributions will be made on the fourth Business Day following the related Determination Date (each, a “Distribution Date”).  The Determination Date is the 11th day of each month or, if such 11th day is not a Business Day, the Business Day immediately succeeding, commencing in July, 2006 (each, a “Determination Date”).  Distributions will be made commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the last Business Day of the month immediately preceding the month of such distribution (the “Record Date”), in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of
the Class X-P Certificates on the applicable Distribution Date pursuant to the Agreement.  The Pass-Through Rate applicable to the Class X-P Certificates for each Distribution Date is as provided in the Agreement.  All distributions made under the Agreement on the Class X-P Certificates will be made by Wells Fargo Bank, N.A., as paying agent (the “Paying Agent”), by wire transfer of immediately available funds to the account of the Person entitled thereto at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided the Paying Agent with wiring instructions no less than five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to the address of such Certificateholder as it appears in the Certificate Register.  Notwithstanding the foregoing, the final distribution on this Certificate will
be made in like manner, but only upon presentation and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to the Holder hereof of such final distribution. 

                    The Certificates are limited in right of distribution to certain collections and recoveries respecting the Mortgage Loans and REO Loans, all as more specifically set forth herein and in the Agreement.  As provided in the Agreement, withdrawals from the Certificate Account, the Distribution Account and, if established, the REO Account may be made from time to time for purposes other than, and, in certain cases, prior to, distributions to Certificateholders, such purposes including the reimbursement of Advances made, or certain expenses incurred, with respect to the Mortgage Loans and the payment of interest on such Advances and expenses.

                    Interest accrued on this Certificate during an Interest Accrual Period, plus any unpaid interest shortfall with respect to this Certificate for any prior Distribution Date, if any, will be payable on the related Distribution Date to the extent provided in the Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class X-P Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

                    The Class X-P Certificates are issuable in fully registered form only without coupons in minimum denominations specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Class X-P Certificates are exchangeable for new Class X-P Certificates in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

                    As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices of the Certificate Registrar, duly endorsed by, 

A-6-2-3

or accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Class X-P Certificates in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

                    No service charge will be imposed for any registration of transfer or exchange of Class X-P Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Class X-P Certificates.

                    Notwithstanding the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book-entry facilities of DTC.

                    The Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes whatsoever and none of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent, the Certificate Registrar, or any such agent shall be affected by notice to the contrary.

                    The Trust Fund and the obligations created by the Agreement shall terminate upon distribution (or provision for distribution) to the Certificateholders of all amounts held by or on behalf of the Trustee and required to be distributed to them pursuant to the Agreement following the earlier to occur of (i) the final payment (or any advance with respect thereto) or other liquidation of the last Mortgage Loan or REO Property remaining in the Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder at a price determined as provided in the Agreement of all Mortgage Loans and each REO Property remaining in the Trust Fund.  The Agreement permits, but does not require, the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder to purchase from the Trust
Fund all Mortgage Loans and each REO Property remaining therein.  The exercise of such right will effect early retirement of the Class X-P Certificates; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Pool at the time of purchase being less than 1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date specified on the face hereof.

                    In addition, any exchange by any Certificateholder of all of the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund may be made:  (i) if the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) are held by a single Certificateholder and  (ii) the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-3FL, Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D Certificates have been paid in full.

A-6-2-4

                    The
Agreement permits, with certain exceptions therein provided, the amendment
thereof and the modification of the rights and obligations of the Depositor, the
Master Servicer, the Special Servicer and the Trustee and
the rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes.  Any such consent by the Holder
of this Certificate shall be conclusive and binding on such Holder and upon all
future Holders of this Certificate and of any Certificate issued upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon this Certificate.  The Agreement also permits
the amendment thereof, in certain limited circumstances, including any amendment
necessary to maintain the status of the Trust Fund (or designated portions
thereof) as consisting of three separate REMICs and two grantor trusts, without
the consent of the Holders of any of the Certificates.

                    Unless the certificate of authentication hereon has been executed by the Certificate Registrar, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

                    The registered Holder hereof, by its acceptance hereof, agrees that it will look solely to the Trust Fund (to the extent of its rights therein) for distributions hereunder.

                    This Certificate shall be construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in said State, and the obligations, rights and remedies of the Holder hereof shall be determined in accordance with such laws.

A-6-2-5

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

	
  
Dated:  June 29, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Certificate Registrar
  
	
  
 
  	
  
 
  
	
   
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-6-2-6

CERTIFICATE OF AUTHENTICATION

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

	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Authenticating Agent
  
	
  
 
  	
  
 
  
	
   
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-6-2-7

ASSIGNMENT

                    FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto ________________________________________________________ (please print or typewrite name and address including postal zip code of assignee) the beneficial ownership interest in the Trust Fund evidenced by the within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

                    I (we) further direct the Certificate Registrar to issue a new Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Commercial Mortgage Pass-Through Certificate to the following address:  __________________________________________________.

Dated:  _________________________

	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature by or on behalf of Assignor
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature Guaranteed
  

A-6-2-8

DISTRIBUTION INSTRUCTIONS

                    The Assignee should include the following for purposes of distribution:

                    Distributions shall, if permitted, be made by wire transfer or otherwise, in immediately available funds, to _____________________________ for the account of _______________.

                    Distributions made by check (such check to be made payable to _____________________) and all applicable statements and notices should be mailed to _________________________.

                    This information is provided by ________________________________, the Assignee named above, or ____________________________________, as its agent.

A-6-2-9

EXHIBIT A-6-3

FORM OF CLASS X-P CERTIFICATE

CLASS X-P COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
 SERIES 2006-C26

evidencing a beneficial ownership interest in a trust fund (the “Trust Fund”) consisting primarily of a pool of multifamily and commercial mortgage loans (the “Mortgage Loans”), such pool being formed and sold by

WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

	
  
Pass-Through   Rate:  Variable
  	
  
 
  	
  
Aggregate   Certificate Notional Amount of all Class X-P Certificates as of the Closing   Date: $1,675,849,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Date of   Pooling and Servicing Agreement: as of June 1, 2006
  	
  
 
  	
  
Certificate   Notional Amount of this Class X-P Certificate as of the Closing Date:   $500,000,000
  
	
   
  	
  
 
  	
  
 
  
	
  
Closing   Date:  June 29, 2006
  	
  
 
  	
  
Aggregate   Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date:   $1,731,843,7671
  
	
  
 
  	
  
 
  	
  
 
  
	
  
First   Distribution Date:  July 17, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Master   Servicer:  Wachovia Bank, National   Association
  	
  
 
  	
  
Trustee:   Wells Fargo Bank, N.A.
  
	
  
 
  	
  
 
  	
  
 
  
	
  Special   Servicer:  LNR Partners, Inc.
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Certificate   No.  X-P-3
  	
  
 
  	
  
CUSIP No.  
  

THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE PRINCIPAL BALANCE AND WILL NOT ENTITLE THE HOLDER HEREOF TO DISTRIBUTIONS OF PRINCIPAL, BUT IS ENTITLED TO RECEIVE DISTRIBUTIONS OF INTEREST ONLY ON A NOTIONAL AMOUNT AS SET FORTH IN THE AGREEMENT.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION (“DTC”), TO THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF FOR 

	
  

  
	
  
1
  	
  
Excludes   $10,000,000, which is the balance of The Woodlands Mall Non-Pooled Component,   represented solely by the Class WM Certificate.
  

A-6-3-1

REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (A “REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”).

BECAUSE THE COMPONENTS COMPRISING THE NOTIONAL AMOUNT OF THE CLASS X-P CERTIFICATES WILL BE REDUCED BY ANY DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THE CERTIFICATES RELATING TO SUCH COMPONENTS AND BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND WHICH ARE ALLOCATED TO SUCH CERTIFICATES RELATING TO SUCH COMPONENTS AS SET FORTH IN THE AGREEMENT, THE OUTSTANDING NOTIONAL AMOUNT HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

                    This certifies that Cede & Co. is the registered owner of the Percentage Interest evidenced by this Class X-P Certificate in that certain beneficial ownership interest evidenced by all the Class X-P Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Wachovia Commercial Mortgage Securities, Inc. (herein called the “Depositor”, which term includes any successor entity under the Agreement), Wachovia Bank, National Association (herein called the “Master Servicer”, which term includes any successor entity under the Agreement), LNR Partners, Inc. (herein called the “Special Servicer”, which term includes any successor entity under the Agreement) and Wells Fargo Bank, N.A. (herein called the
“Trustee”, which term includes any successor entity under the Agreement), a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the respective meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

A-6-3-2

                    Pursuant to the terms of the Agreement, distributions will be made on the fourth Business Day following the related Determination Date (each, a “Distribution Date”).  The Determination Date is the 11th day of each month or, if such 11th day is not a Business Day, the Business Day immediately succeeding, commencing in July, 2006 (each, a “Determination Date”).  Distributions will be made commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the last Business Day of the month immediately preceding the month of such distribution (the “Record Date”), in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of
the Class X-P Certificates on the applicable Distribution Date pursuant to the Agreement.  The Pass-Through Rate applicable to the Class X-P Certificates for each Distribution Date is as provided in the Agreement.  All distributions made under the Agreement on the Class X-P Certificates will be made by Wells Fargo Bank, N.A., as paying agent (the “Paying Agent”), by wire transfer of immediately available funds to the account of the Person entitled thereto at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided the Paying Agent with wiring instructions no less than five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to the address of such Certificateholder as it appears in the Certificate Register.  Notwithstanding the foregoing, the final distribution on this Certificate will
be made in like manner, but only upon presentation and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to the Holder hereof of such final distribution. 

                    The Certificates are limited in right of distribution to certain collections and recoveries respecting the Mortgage Loans and REO Loans, all as more specifically set forth herein and in the Agreement.  As provided in the Agreement, withdrawals from the Certificate Account, the Distribution Account and, if established, the REO Account may be made from time to time for purposes other than, and, in certain cases, prior to, distributions to Certificateholders, such purposes including the reimbursement of Advances made, or certain expenses incurred, with respect to the Mortgage Loans and the payment of interest on such Advances and expenses.

                    Interest accrued on this Certificate during an Interest Accrual Period, plus any unpaid interest shortfall with respect to this Certificate for any prior Distribution Date, if any, will be payable on the related Distribution Date to the extent provided in the Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class X-P Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

                    The Class X-P Certificates are issuable in fully registered form only without coupons in minimum denominations specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Class X-P Certificates are exchangeable for new Class X-P Certificates in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

                    As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices of the Certificate Registrar, duly endorsed by,

A-6-3-3

or accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Class X-P Certificates in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

                    No service charge will be imposed for any registration of transfer or exchange of Class X-P Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Class X-P Certificates.

                    Notwithstanding the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book-entry facilities of DTC.

                    The Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes whatsoever and none of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent, the Certificate Registrar, or any such agent shall be affected by notice to the contrary.

                    The Trust Fund and the obligations created by the Agreement shall terminate upon distribution (or provision for distribution) to the Certificateholders of all amounts held by or on behalf of the Trustee and required to be distributed to them pursuant to the Agreement following the earlier to occur of (i) the final payment (or any advance with respect thereto) or other liquidation of the last Mortgage Loan or REO Property remaining in the Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder at a price determined as provided in the Agreement of all Mortgage Loans and each REO Property remaining in the Trust Fund.  The Agreement permits, but does not require, the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder to purchase from the Trust
Fund all Mortgage Loans and each REO Property remaining therein.  The exercise of such right will effect early retirement of the Class X-P Certificates; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Pool at the time of purchase being less than 1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date specified on the face hereof.

                    In addition, any exchange by any Certificateholder of all of the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund may be made:  (i) if the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) are held by a single Certificateholder and  (ii) the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D Certificates have been paid in full.

A-6-3-4

                     
The Agreement permits, with certain exceptions therein provided, the amendment
thereof and the modification of the rights and obligations of the Depositor, the
Master Servicer, the Special Servicer and the Trustee and the rights of the Certificateholders
under the Agreement at any time by the Depositor, the Master Servicer, the
Special Servicer and the Trustee with the consent of the Holders of Certificates
entitled to at least 51% of the Voting Rights allocated to the affected
Classes.  Any such consent by the Holder of this Certificate shall be
conclusive and binding on such Holder and upon all future Holders of this
Certificate and of any Certificate issued upon the transfer hereof or in
exchange herefor or in lieu hereof whether or not notation of such consent is
made upon this Certificate.  The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of three separate REMICs and two grantor trusts, without the consent
of the Holders of any of the Certificates.

                    Unless the certificate of authentication hereon has been executed by the Certificate Registrar, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

                    The registered Holder hereof, by its acceptance hereof, agrees that it will look solely to the Trust Fund (to the extent of its rights therein) for distributions hereunder.

                    This Certificate shall be construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in said State, and the obligations, rights and remedies of the Holder hereof shall be determined in accordance with such laws.

A-6-3-5

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

Dated:  June 29, 2006

	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Certificate Registrar
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
   
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-6-3-6

CERTIFICATE OF AUTHENTICATION

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

	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Authenticating Agent 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
   
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-6-3-7

ASSIGNMENT

                    FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto ________________________________________________________ (please print or typewrite name and address including postal zip code of assignee) the beneficial ownership interest in the Trust Fund evidenced by the within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

                    I (we) further direct the Certificate Registrar to issue a new Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Commercial Mortgage Pass-Through Certificate to the following address:  __________________________________________________.

Dated:  _________________________

	
   
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature by or on behalf of Assignor
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature Guaranteed
  

A-6-3-8

DISTRIBUTION INSTRUCTIONS

                    The Assignee should include the following for purposes of distribution:

                    Distributions shall, if permitted, be made by wire transfer or otherwise, in immediately available funds, to _____________________________ for the account of _______________.

                    Distributions made by check (such check to be made payable to _____________________) and all applicable statements and notices should be mailed to _________________________.

                    This information is provided by ________________________________, the Assignee named above, or ____________________________________, as its agent.

A-6-3-9

EXHIBIT A-6-4

FORM OF CLASS X-P CERTIFICATE

CLASS X-P COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
 SERIES 2006-C26

evidencing a beneficial ownership interest in a trust fund (the “Trust Fund”) consisting primarily of a pool of multifamily and commercial mortgage loans (the “Mortgage Loans”), such pool being formed and sold by

WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

	
  
Pass-Through   Rate:  Variable
  	
  
 
  	
  
Aggregate   Certificate Notional Amount of all Class X-P Certificates as of the Closing   Date: $1,675,849,000
  
	
   
  	
  
 
  	
  
 
  
	
  
Date of   Pooling and Servicing Agreement: as of June 1, 2006
  	
  
 
  	
  
Certificate   Notional Amount of this Class X-P Certificate as of the Closing Date:   $175,849,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Closing   Date:  June 29, 2006
  	
  
 
  	
  
Aggregate   Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date:   $1,731,843,7671
  
	
  
 
  	
  
 
  	
  
 
  
	
  
First   Distribution Date:  July 17, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  Master   Servicer:  Wachovia Bank, National   Association
  	
  
 
  	
  
Trustee:   Wells Fargo Bank, N.A.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Special   Servicer:  LNR Partners, Inc.
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Certificate   No.  X-P-4
  	
  
 
  	
  
CUSIP   No.  
  

THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE PRINCIPAL BALANCE AND WILL NOT ENTITLE THE HOLDER HEREOF TO DISTRIBUTIONS OF PRINCIPAL, BUT IS ENTITLED TO RECEIVE DISTRIBUTIONS OF INTEREST ONLY ON A NOTIONAL AMOUNT AS SET FORTH IN THE AGREEMENT.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION (“DTC”), TO THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF FOR 

	
  

  
	
  
1
  	
  
Excludes   $10,000,000, which is the balance of The Woodlands Mall Non-Pooled Component,   represented solely by the Class WM Certificate.
  

A-6-4-1

REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (A “REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”).

BECAUSE THE COMPONENTS COMPRISING THE NOTIONAL AMOUNT OF THE CLASS X-P CERTIFICATES WILL BE REDUCED BY ANY DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THE CERTIFICATES RELATING TO SUCH COMPONENTS AND BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND WHICH ARE ALLOCATED TO SUCH CERTIFICATES RELATING TO SUCH COMPONENTS AS SET FORTH IN THE AGREEMENT, THE OUTSTANDING NOTIONAL AMOUNT HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

                    This certifies that Cede & Co. is the registered owner of the Percentage Interest evidenced by this Class X-P Certificate in that certain beneficial ownership interest evidenced by all the Class X-P Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Wachovia Commercial Mortgage Securities, Inc. (herein called the “Depositor”, which term includes any successor entity under the Agreement), Wachovia Bank, National Association (herein called the “Master Servicer”, which term includes any successor entity under the Agreement), LNR Partners, Inc. (herein called the “Special Servicer”, which term includes any successor entity under the Agreement) and Wells Fargo Bank, N.A. (herein called the
“Trustee”, which term includes any successor entity under the Agreement), a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the respective meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

A-6-4-2

                    Pursuant to the terms of the Agreement, distributions will be made on the fourth Business Day following the related Determination Date (each, a “Distribution Date”).  The Determination Date is the 11th day of each month or, if such 11th day is not a Business Day, the Business Day immediately succeeding, commencing in July, 2006 (each, a “Determination Date”).  Distributions will be made commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the last Business Day of the month immediately preceding the month of such distribution (the “Record Date”), in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of
the Class X-P Certificates on the applicable Distribution Date pursuant to the Agreement.  The Pass-Through Rate applicable to the Class X-P Certificates for each Distribution Date is as provided in the Agreement.  All distributions made under the Agreement on the Class X-P Certificates will be made by Wells Fargo Bank, N.A., as paying agent (the “Paying Agent”), by wire transfer of immediately available funds to the account of the Person entitled thereto at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided the Paying Agent with wiring instructions no less than five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to the address of such Certificateholder as it appears in the Certificate Register.  Notwithstanding the foregoing, the final distribution on this Certificate will
be made in like manner, but only upon presentation and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to the Holder hereof of such final distribution. 

                    The Certificates are limited in right of distribution to certain collections and recoveries respecting the Mortgage Loans and REO Loans, all as more specifically set forth herein and in the Agreement.  As provided in the Agreement, withdrawals from the Certificate Account, the Distribution Account and, if established, the REO Account may be made from time to time for purposes other than, and, in certain cases, prior to, distributions to Certificateholders, such purposes including the reimbursement of Advances made, or certain expenses incurred, with respect to the Mortgage Loans and the payment of interest on such Advances and expenses.

                    Interest accrued on this Certificate during an Interest Accrual Period, plus any unpaid interest shortfall with respect to this Certificate for any prior Distribution Date, if any, will be payable on the related Distribution Date to the extent provided in the Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class X-P Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

                    The Class X-P Certificates are issuable in fully registered form only without coupons in minimum denominations specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Class X-P Certificates are exchangeable for new Class X-P Certificates in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

                    As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices of the Certificate Registrar, duly endorsed by, 

A-6-4-3

or accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Class X-P Certificates in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

                    No service charge will be imposed for any registration of transfer or exchange of Class X-P Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Class X-P Certificates.

                    Notwithstanding the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book-entry facilities of DTC.

                    The Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes whatsoever and none of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent, the Certificate Registrar, or any such agent shall be affected by notice to the contrary.

                    The Trust Fund and the obligations created by the Agreement shall terminate upon distribution (or provision for distribution) to the Certificateholders of all amounts held by or on behalf of the Trustee and required to be distributed to them pursuant to the Agreement following the earlier to occur of (i) the final payment (or any advance with respect thereto) or other liquidation of the last Mortgage Loan or REO Property remaining in the Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder at a price determined as provided in the Agreement of all Mortgage Loans and each REO Property remaining in the Trust Fund.  The Agreement permits, but does not require, the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder to purchase from the Trust
Fund all Mortgage Loans and each REO Property remaining therein.  The exercise of such right will effect early retirement of the Class X-P Certificates; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Pool at the time of purchase being less than 1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date specified on the face hereof.

                    In addition, any exchange by any Certificateholder of all of the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund may be made:  (i) if the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) are held by a single Certificateholder and  (ii) the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-3FL, Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D Certificates have been paid in full.

A-6-4-4

                     
The Agreement permits, with certain exceptions therein provided, the amendment
thereof and the modification of the rights and obligations of the Depositor, the
Master Servicer, the Special Servicer and the Trustee and the rights of the Certificateholders
under the Agreement at any time by the Depositor, the Master Servicer, the
Special Servicer and the Trustee with the consent of the Holders of Certificates
entitled to at least 51% of the Voting Rights allocated to the affected
Classes.  Any such consent by the Holder of this Certificate shall be
conclusive and binding on such Holder and upon all future Holders of this
Certificate and of any Certificate issued upon the transfer hereof or in
exchange herefor or in lieu hereof whether or not notation of such consent is
made upon this Certificate.  The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of three separate REMICs and two grantor trusts, without the consent
of the Holders of any of the Certificates.

                    Unless the certificate of authentication hereon has been executed by the Certificate Registrar, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

                    The registered Holder hereof, by its acceptance hereof, agrees that it will look solely to the Trust Fund (to the extent of its rights therein) for distributions hereunder.

                    This Certificate shall be construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in said State, and the obligations, rights and remedies of the Holder hereof shall be determined in accordance with such laws.

A-6-4-5

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

	
  
Dated:  June 29, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Certificate Registrar
  
	
  
 
  	
  
 
  
	
   
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-6-4-6

CERTIFICATE OF AUTHENTICATION

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

	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Authenticating Agent
  
	
  
 
  	
  
 
  
	
   
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-6-4-7

ASSIGNMENT

                    FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto ________________________________________________________ (please print or typewrite name and address including postal zip code of assignee) the beneficial ownership interest in the Trust Fund evidenced by the within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

                    I (we) further direct the Certificate Registrar to issue a new Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Commercial Mortgage Pass-Through Certificate to the following address:  __________________________________________________.

Dated:  _________________________

	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature by or on behalf of Assignor
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature Guaranteed
  

A-6-4-8

DISTRIBUTION INSTRUCTIONS

                    The Assignee should include the following for purposes of distribution:

                    Distributions shall, if permitted, be made by wire transfer or otherwise, in immediately available funds, to _____________________________ for the account of _______________.

                    Distributions made by check (such check to be made payable to _____________________) and all applicable statements and notices should be mailed to _________________________.

                    This information is provided by ________________________________, the Assignee named above, or ____________________________________, as its agent.

A-6-4-9

EXHIBIT A-7

FORM OF CLASS A-M CERTIFICATE

CLASS A-M COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
 SERIES 2006-C26

evidencing a beneficial ownership interest in a trust fund (the “Trust Fund”) consisting primarily of a pool of multifamily and commercial mortgage loans (the “Mortgage Loans”), such pool being formed and sold by

WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

	
  Pass-Through   Rate:  Variable
  	
  
 
  	
  
Class   Principal Balance of the Class A-M Certificates as of the Closing Date:   $173,185,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Date of   Pooling and Servicing Agreement: as of June 1, 2006
  	
  
 
  	
  
Initial   Certificate Principal Balance of this Class A-M Certificates as of the   Closing Date: $173,185,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Closing   Date:  June 29, 2006
  	
  
 
  	
  
Aggregate   Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date:   $1,731,843,7671
  
	
  
 
  	
  
 
  	
  
 
  
	
  
First   Distribution Date:  July 17, 2006
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
 
  
	
  
Master   Servicer:  Wachovia Bank, National   Association
  	
  
 
  	
  
Trustee:   Wells Fargo Bank, N.A.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Special   Servicer:  LNR Partners, Inc.
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Certificate   No. A-M-1
  	
  
 
  	
  
CUSIP   No.  
  

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION (“DTC”), TO THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), 

	
  

  
	
  
1
  	
  
Excludes   $10,000,000, which is the balance of The Woodlands Mall Non-Pooled Component,   represented solely by the Class WM Certificate.
  

A-7-1

ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., WACHOVIA BANK, NATIONAL ASSOCIATION, OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (A “REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”).

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS A-3FL CERTIFICATES AND THE CLASS A-1A CERTIFICATES OF THE SAME SERIES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES, THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS A-3FL CERTIFICATES AND THE CLASS A-1A CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  IN ADDITION, IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-J, CLASS B, CLASS C, CLASS D, CLASS E, CLASS F, CLASS G, CLASS H, CLASS J, CLASS K, CLASS L, CLASS M, CLASS N, CLASS O AND THE CLASS P (AND, WITH RESPECT TO LOSSES AND EXPENSES ON THE WOODLANDS MALL LOAN, THE CLASS WM) CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT
REFERRED TO HEREIN.  ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

                    This certifies that Cede & Co. is the registered owner of the Percentage Interest evidenced by this Class A-M Certificates (obtained by dividing the principal amount of this Class A-M Certificates (its “Certificate Principal Balance”) as of the Closing Date by the aggregate principal amount of all the Class A-M Certificates (their “Class Principal Balance”) as of the Closing Date) in that certain beneficial ownership interest evidenced by all the Class A-M 

A-7-2

Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Wachovia Commercial Mortgage Securities, Inc. (herein called the “Depositor”, which term includes any successor entity under the Agreement), Wachovia Bank, National Association (herein called the “Master Servicer”, which term includes any successor entity under the Agreement), LNR Partners, Inc. (herein called the “Special Servicer”, which term includes any successor entity under the Agreement) and Wells Fargo Bank, N.A. (herein called the “Trustee”, which term includes any successor entity under the Agreement), a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the respective meanings assigned in the Agreement.  This Certificate is
issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

                    Pursuant to the terms of the Agreement, distributions will be made on the fourth Business Day following the related Determination Date (each, a “Distribution Date”).  The Determination Date is the 11th day of each month or, if such 11th day is not a Business Day, the Business Day immediately succeeding, commencing in July 2006 (each, a “Determination Date”).  Distributions will be made commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the last Business Day of the month immediately preceding the month of such distribution (the “Record Date”), in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of
the Class A-M Certificate on the applicable Distribution Date pursuant to the Agreement.  All distributions made under the Agreement on the Class A-M Certificates will be made by Wells Fargo Bank, N.A., as paying agent (the “Paying Agent”), by wire transfer of immediately available funds to the account of the Person entitled thereto at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided the Paying Agent with wiring instructions no less than five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to the address of such Certificateholder as it appears in the Certificate Register.  Notwithstanding the foregoing, the final distribution on this Certificate (determined without regard to any possible future reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate) will be made in like manner, but only upon presentation and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to the Holder hereof of such final distribution.  Also notwithstanding the foregoing, any distribution that may be made with respect to this Certificate in reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated to this Certificate, which reimbursement is to occur after the date on which this Certificate is surrendered as contemplated by the preceding sentence, will be made by check mailed to the address of the Holder that surrenders this Certificate as such address last appears in the Certificate Register or to any such other address of which the Paying Agent is subsequently notified in writing.

                     The
Certificates are limited in right of distribution to certain collections and
recoveries respecting the Mortgage Loans and REO Loans, all as more specifically
set forth herein and in the Agreement.  As provided in the Agreement,
withdrawals from the Certificate Account, the Distribution Account and, if
established, the REO Account may be made from time to time for purposes other
than, and, in certain cases, prior to, distributions to Certificateholders,
such purposes including the reimbursement of Advances made, or certain expenses
incurred, with respect to the Mortgage Loans and the payment of interest on such
Advances and expenses.

A-7-3

                    Interest accrued on this Certificate during an Interest Accrual Period, plus any unpaid interest shortfall with respect to this Certificate for any prior Distribution Date, if any, will be payable on the related Distribution Date to the extent provided in the Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class A-M Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

                    Any distribution to the Holder of this Certificate in reduction of the Certificate Principal Balance hereof is binding on such Holder and all future Holders of this Certificate and any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such distribution is made upon this Certificate.

                    The Class A-M Certificates are issuable in fully registered form only without coupons in minimum denominations specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Class A-M Certificates are exchangeable for new Class A-M Certificates in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

                    As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices of the Certificate Registrar, duly endorsed by, or accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Class A-M Certificates in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

                    No service charge will be imposed for any registration of transfer or exchange of Class A-M Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Class A-M Certificates.

                    Notwithstanding the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book-entry facilities of DTC.

                    The Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes whatsoever and none of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent, the Certificate Registrar, or any such agent shall be affected by notice to the contrary.

A-7-4

                     The
Trust Fund and the obligations created by the Agreement shall terminate upon
distribution (or provision for distribution) to the Certificateholders of all
amounts held by or on behalf of the Trustee and required to be distributed to them pursuant to
the Agreement following the earlier to occur of (i) the final payment (or any
advance with respect thereto) or other liquidation of the last Mortgage Loan or
REO Property remaining in the Trust Fund, and (ii) the purchase by the Master
Servicer, the Special Servicer or the Majority Subordinate Certificateholder at
a price determined as provided in the Agreement of all Mortgage Loans and each
REO Property remaining in the Trust Fund.  The Agreement permits, but does
not require, the Master Servicer, the Special Servicer or the Majority
Subordinate Certificateholder to purchase from the Trust Fund all Mortgage Loans
and each REO Property remaining therein.  The exercise of such right will
effect early retirement of the Class A-M Certificates; however, such right to
purchase is subject to the aggregate Stated Principal Balance of the Mortgage
Pool at the time of purchase being less than 1% of the aggregate Stated
Principal Balance of the Mortgage Loans as of the Cut-Off Date specified on the
face hereof.

                    In addition, any exchange by any Certificateholder of all of the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund may be made:  (i) if the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) are held by a single Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-3FL, Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D Certificates have been paid in full.

                    The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Special Servicer and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Special Servicer and the Trustee with the consent of the Holders of Certificates entitled to at least 51% of the Voting Rights allocated to the affected Classes.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to maintain the status of the Trust Fund (or designated portions thereof) as consisting of three separate REMICs and two grantor trusts, without the consent of the Holders of any of the Certificates.

                    Unless the certificate of authentication hereon has been executed by the Certificate Registrar, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

                    The registered Holder hereof, by its acceptance hereof, agrees that it will look solely to the Trust Fund (to the extent of its rights therein) for distributions hereunder.

                    This Certificate shall be construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in said State, and the obligations, rights and remedies of the Holder hereof shall be determined in accordance with such laws.

A-7-5

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

	
  
Dated:  June 29, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Certificate Registrar
  
	
   
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-7-6

CERTIFICATE OF AUTHENTICATION

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

	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Authenticating Agent
  
	
   
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-7-7

ASSIGNMENT

                    FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto ________________________________________________________ (please print or typewrite name and address including postal zip code of assignee) the beneficial ownership interest in the Trust Fund evidenced by the within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

                    I (we) further direct the Certificate Registrar to issue a new Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Commercial Mortgage Pass-Through Certificate to the following address:  __________________________________________________.

Dated:  _________________________

	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature by or on behalf of Assignor
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature Guaranteed
  

A-7-8

DISTRIBUTION INSTRUCTIONS

                    The Assignee should include the following for purposes of distribution:

                    Distributions shall, if permitted, be made by wire transfer or otherwise, in immediately available funds, to _____________________________ for the account of _______________.

                    Distributions made by check (such check to be made payable to _____________________) and all applicable statements and notices should be mailed to _________________________.

                    This information is provided by ________________________________, the Assignee named above, or ____________________________________, as its agent.

A-7-9

EXHIBIT A-8

FORM OF CLASS A-J CERTIFICATE

CLASS A-J COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
 SERIES 2006-C26

evidencing a beneficial ownership interest in a trust fund (the “Trust Fund”) consisting primarily of a pool of multifamily and commercial mortgage loans (the “Mortgage Loans”), such pool being formed and sold by

WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

	
  
Pass-Through   Rate:  Variable
  	
  
 
  	
  
Class Principal   Balance of the Class A-J Certificates as of the Closing Date:   $136,382,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Date of   Pooling and Servicing Agreement: as of June 1, 2006
  	
  
 
  	
  
Initial   Certificate Principal Balance of this Class A-J Certificate as of the   Closing Date: $136,382,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Closing   Date:  June 29, 2006
  	
  
 
  	
  
Aggregate   Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date:   $1,731,843,7671
  
	
  
 
  	
  
 
  	
  
 
  
	
  First   Distribution Date:  July 17, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Master   Servicer:  Wachovia Bank, National   Association
  	
  
 
  	
  
Trustee:   Wells Fargo Bank, N.A.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Special   Servicer:  LNR Partners, Inc.
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Certificate   No. A-J-1
  	
  
 
  	
  
CUSIP   No.  
  

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION (“DTC”), TO THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), 

	
  

  
	
  
1
  	
  
Excludes   $10,000,000, which is the balance of The Woodlands Mall Non-Pooled Component,   represented solely by the Class WM Certificate.
  

A-8-1

ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., WACHOVIA BANK, NATIONAL ASSOCIATION, OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (A “REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”).

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS A-3FL CERTIFICATES, THE CLASS A-1A CERTIFICATES AND THE CLASS A-M CERTIFICATES OF THE SAME SERIES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES, THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS A-3FL CERTIFICATES, THE CLASS A-1A CERTIFICATES AND THE CLASS A-M CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  IN ADDITION, IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS B, CLASS C, CLASS D, CLASS E, CLASS F, CLASS G, CLASS H, CLASS J, CLASS K, CLASS L, CLASS M, CLASS N, CLASS O AND CLASS P (AND WITH RESPECT TO LOSSES AND EXPENSES ON THE WOODLANDS MALL LOAN, THE CLASS WM) CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.  ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

                    This certifies that Cede & Co. is the registered owner of the Percentage Interest evidenced by this Class A-J Certificate (obtained by dividing the principal amount of this Class A-J Certificate (its “Certificate Principal Balance”) as of the Closing Date by the aggregate 

A-8-2

principal amount of all the Class A-J Certificates (their “Class Principal Balance”) as of the Closing Date) in that certain beneficial ownership interest evidenced by all the Class A-J Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Wachovia Commercial Mortgage Securities, Inc. (herein called the “Depositor”, which term includes any successor entity under the Agreement), Wachovia Bank, National Association (herein called the “Master Servicer,” which term includes any successor entity under the Agreement), LNR Partners, Inc. (herein called the “Special Servicer,”, which term includes any successor entity under the Agreement) and Wells Fargo Bank, N.A. (herein called the “Trustee”, which term includes any successor entity under the Agreement), a
summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the respective meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

                    Pursuant to the terms of the Agreement, distributions will be made on the fourth Business Day following the related Determination Date (each, a “Distribution Date”).  The Determination Date is the 11th day of each month or, if such 11th day is not a Business Day, the Business Day immediately succeeding, commencing in July 2006 (each, a “Determination Date”).  Distributions will be made commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the last Business Day of the month immediately preceding the month of such distribution (the “Record Date”), in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of

the Class A-J Certificates on the applicable Distribution Date pursuant to the Agreement.  All distributions made under the Agreement on the Class A-J Certificates will be made by Wells Fargo Bank, N.A., as paying agent (the “Paying Agent”), by wire transfer of immediately available funds to the account of the Person entitled thereto at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided the Paying Agent with wiring instructions no less than five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to the address of such Certificateholder as it appears in the Certificate Register.  Notwithstanding the foregoing, the final distribution on this Certificate (determined without regard to any possible future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only upon presentation and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to the Holder hereof of such final distribution.  Also notwithstanding the foregoing, any distribution that may be made with respect to this Certificate in reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated to this Certificate, which reimbursement is to occur after the date on which this Certificate is surrendered as contemplated by the preceding sentence, will be made by check mailed to the address of the Holder that surrenders this Certificate as such address last appears in the Certificate Register or to any such other address of which the Paying Agent is subsequently notified in writing.

                    The Certificates are limited in right of distribution to certain collections and recoveries respecting the Mortgage Loans and REO Loans, all as more specifically set forth herein and in the Agreement.  As provided in the Agreement, withdrawals from the Certificate 

A-8-3

Account, the Distribution Account and, if established, the REO Account may be made from time to time for purposes other than, and, in certain cases, prior to, distributions to Certificateholders, such purposes including the reimbursement of Advances made, or certain expenses incurred, with respect to the Mortgage Loans and the payment of interest on such Advances and expenses.

                    Interest accrued on this Certificate during an Interest Accrual Period, plus any unpaid interest shortfall with respect to this Certificate for any prior Distribution Date, if any, will be payable on the related Distribution Date to the extent provided in the Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class A-J Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

                    Any distribution to the Holder of this Certificate in reduction of the Certificate Principal Balance hereof is binding on such Holder and all future Holders of this Certificate and any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such distribution is made upon this Certificate.

                    The Class A-J Certificates are issuable in fully registered form only without coupons in minimum denominations specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Class A-J Certificates are exchangeable for new Class A-J Certificates in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

                    As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices of the Certificate Registrar, duly endorsed by, or accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Class A-J Certificates in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

                    No service charge will be imposed for any registration of transfer or exchange of Class A-J Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Class A-J Certificates.

                    Notwithstanding the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book-entry facilities of DTC.

                    The Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes whatsoever and none of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent, the Certificate Registrar or any such agent shall be affected by notice to the contrary.

A-8-4

                    The Trust Fund and the obligations created by the Agreement shall terminate upon distribution (or provision for distribution) to the Certificateholders of all amounts held by or on behalf of the Trustee and required to be distributed to them pursuant to the Agreement following the earlier to occur of (i) the final payment (or any advance with respect thereto) or other liquidation of the last Mortgage Loan or REO Property remaining in the Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder at a price determined as provided in the Agreement of all Mortgage Loans and each REO Property remaining in the Trust Fund.  The Agreement permits, but does not require, the Master Servicer, the Special Servicer or the Majority Subordinate
Certificateholder to purchase from the Trust Fund all Mortgage Loans and each REO Property remaining therein.  The exercise of such right will effect early retirement of the Class A-J Certificates; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Pool at the time of purchase being less than 1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date specified on the face hereof.

                    In addition, any exchange by any Certificateholder of all of the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund may be made:  (i) if the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) are held by a single Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-3FL, Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D Certificates have been paid in full.

                    The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Special Servicer, and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Special Servicer, and the Trustee with the consent of the Holders of Certificates entitled to at least 51% of the Voting Rights allocated to the affected Classes.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the
amendment thereof, in certain limited circumstances, including any amendment necessary to maintain the status of the Trust Fund (or designated portions thereof) as consisting of three separate REMICs and two grantor trusts, without the consent of the Holders of any of the Certificates.

                    Unless the certificate of authentication hereon has been executed by the Certificate Registrar, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

                    The registered Holder hereof, by its acceptance hereof, agrees that it will look solely to the Trust Fund (to the extent of its rights therein) for distributions hereunder.

                    This
Certificate shall be construed in accordance with the internal laws of the State
of New York applicable to agreements made and to be performed in said State, and
the obligations, rights and remedies of the Holder hereof shall be determined in
accordance with such laws.

A-8-5

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

	
  
Dated:  June 29, 2006
  	
  
 
  	
  
 
  
	
   
  	
  
WELLS FARGO   BANK, N.A., as Certificate Registrar
  
	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-8-6

CERTIFICATE OF AUTHENTICATION

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

	
   
  	
  
WELLS FARGO   BANK, N.A., as Authenticating Agent
  
	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-8-7

ASSIGNMENT

                    FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto ________________________________________________________ (please print or typewrite name and address including postal zip code of assignee) the beneficial ownership interest in the Trust Fund evidenced by the within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

                    I (we) further direct the Certificate Registrar to issue a new Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Commercial Mortgage Pass-Through Certificate to the following address:  __________________________________________________.

Dated:  _________________________

	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature by or on behalf of Assignor
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature Guaranteed
  

A-8-8

DISTRIBUTION INSTRUCTIONS

                    The Assignee should include the following for purposes of distribution:

                    Distributions shall, if permitted, be made by wire transfer or otherwise, in immediately available funds, to _____________________________ for the account of _______________.

                    Distributions made by check (such check to be made payable to _____________________) and all applicable statements and notices should be mailed to _________________________.

                    This information is provided by ________________________________, the Assignee named above, or ____________________________________, as its agent.

A-8-9

EXHIBIT A-9

FORM OF CLASS B CERTIFICATE

CLASS B COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
 SERIES 2006-C26

evidencing a beneficial ownership interest in a trust fund (the “Trust Fund”) consisting primarily of a pool of multifamily and commercial mortgage loans (the “Mortgage Loans”), such pool being formed and sold by

WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

	
  
Pass-Through   Rate:  Variable
  	
  
 
  	
  
Class   Principal Balance of the Class B Certificates as of the Closing Date:   $30,307,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Date of   Pooling and Servicing Agreement: as of June 1, 2006
  	
  
 
  	
  
Initial   Certificate Principal Balance of this Class B Certificate as of the   Closing Date: $30,307,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Closing   Date:  June 29, 2006
  	
  
 
  	
  
Aggregate   Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date:   $1,731,843,7671
  
	
  
 
  	
  
 
  	
  
 
  
	
  First   Distribution Date:  July 17, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Master   Servicer:  Wachovia Bank, National   Association
  	
  
 
  	
  
Trustee:   Wells Fargo Bank, N.A.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Special   Servicer:  LNR Partners, Inc.
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Certificate   No. B-1
  	
  
 
  	
  
CUSIP No.
  

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION (“DTC”), TO THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), 

	
  

  
	
  
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Excludes   $10,000,000, which is the balance of The Woodlands Mall Non-Pooled Component,   represented solely by the Class WM Certificate.
  

A-9-1

ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (A “REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”).

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS A-3FL CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES AND THE CLASS A-J CERTIFICATES OF THE SAME SERIES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES, THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS A-3FL CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES AND THE CLASS A-J CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  IN ADDITION, IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS C, CLASS D, CLASS E, CLASS F, CLASS G, CLASS H, CLASS J, CLASS K, CLASS L, CLASS M, CLASS N, CLASS O AND CLASS P (AND WITH RESPECT TO LOSSES AND EXPENSES ON THE WOODLANDS MALL LOAN, THE CLASS WM) CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

                    This certifies that Cede & Co. is the registered owner of the Percentage Interest evidenced by this Class B Certificate (obtained by dividing the principal amount of this Class B Certificate (its “Certificate Principal Balance”) as of the Closing Date by the aggregate principal 

A-9-2

amount of all the Class B Certificates (their “Class Principal Balance”) as of the Closing Date) in that certain beneficial ownership interest evidenced by all the Class B Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Wachovia Commercial Mortgage Securities, Inc. (herein called the “Depositor”, which term includes any successor entity under the Agreement), Wachovia Bank, National Association (herein called the “Master Servicer”, which term includes any successor entity under the Agreement), LNR Partners, Inc. (herein called the “Special Servicer”, which term includes any successor entity under the Agreement) and Wells Fargo Bank, N.A. (herein called the “Trustee”, which term includes any successor entity under the Agreement), a summary of certain of the pertinent provisions
of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the respective meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

                    Pursuant to the terms of the Agreement, distributions will be made on the fourth Business Day following the related Determination Date (each, a “Distribution Date”).  The Determination Date is the 11th day of each month or, if such 11th day is not a Business Day, the Business Day immediately succeeding, commencing in July 2006 (each, a “Determination Date”).  Distributions will be made commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the last Business Day of the month immediately preceding the month of such distribution (the “Record Date”), in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of
the Class B Certificates on the applicable Distribution Date pursuant to the Agreement.  All distributions made under the Agreement on the Class B Certificates will be made by Wells Fargo Bank, N.A., as paying agent (the “Paying Agent”), by wire transfer of immediately available funds to the account of the Person entitled thereto at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided the Paying Agent with wiring instructions no less than five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to the address of such Certificateholder as it appears in the Certificate Register.  Notwithstanding the foregoing, the final distribution on this Certificate (determined without regard to any possible future reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated
to this Certificate) will be made in like manner, but only upon presentation and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to the Holder hereof of such final distribution.  Also notwithstanding the foregoing, any distribution that may be made with respect to this Certificate in reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated to this Certificate, which reimbursement is to occur after the date on which this Certificate is surrendered as contemplated by the preceding sentence, will be made by check mailed to the address of the Holder that surrenders this Certificate as such address last appears in the Certificate Register or to any such other address of which the Paying Agent is subsequently notified in writing.

                    The Certificates are limited in right of distribution to certain collections and recoveries respecting the Mortgage Loans and REO Loans, all as more specifically set forth herein and in the Agreement.  As provided in the Agreement, withdrawals from the Certificate 

A-9-3

Account, the Distribution Account and, if established, the REO Account may be made from time to time for purposes other than, and, in certain cases, prior to, distributions to Certificateholders, such purposes including the reimbursement of Advances made, or certain expenses incurred, with respect to the Mortgage Loans and the payment of interest on such Advances and expenses.

                    Interest accrued on this Certificate during an Interest Accrual Period, plus any unpaid interest shortfall with respect to this Certificate for any prior Distribution Date, if any, will be payable on the related Distribution Date to the extent provided in the Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class B Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

                    Any distribution to the Holder of this Certificate in reduction of the Certificate Principal Balance hereof is binding on such Holder and all future Holders of this Certificate and any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such distribution is made upon this Certificate.

                    The Class B Certificates are issuable in fully registered form only without coupons in minimum denominations specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Class B Certificates are exchangeable for new Class B Certificates in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

                    As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices of the Certificate Registrar, duly endorsed by, or accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Class B Certificates in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

                    No service charge will be imposed for any registration of transfer or exchange of Class B Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Class B Certificates.

                    Notwithstanding the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book-entry facilities of DTC.

                    The Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes whatsoever and none of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent, the Certificate Registrar, or any such agent shall be affected by notice to the contrary.

A-9-4

                    The Trust Fund and the obligations created by the Agreement shall terminate upon distribution (or provision for distribution) to the Certificateholders of all amounts held by or on behalf of the Trustee and required to be distributed to them pursuant to the Agreement following the earlier to occur of (i) the final payment (or any advance with respect thereto) or other liquidation of the last Mortgage Loan or REO Property remaining in the Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder at a price determined as provided in the Agreement of all Mortgage Loans and each REO Property remaining in the Trust Fund.  The Agreement permits, but does not require, the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder to purchase from the Trust
Fund all Mortgage Loans and each REO Property remaining therein.  The exercise of such right will effect early retirement of the Class B Certificates; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Pool at the time of purchase being less than 1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date specified on the face hereof.

                    In addition, any exchange by any Certificateholder of all of the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund may be made:  (i) if the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) are held by a single Certificateholder and  (ii) the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-1A, Class A-M, Class A-J, Class B, Class C and Class D Certificates have been paid in full.

                    The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Special Servicer and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Special Servicer and the Trustee with the consent of the Holders of Certificates entitled to at least 51% of the Voting Rights allocated to the affected Classes.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to maintain the status of the Trust Fund (or designated portions thereof) as consisting of three separate REMICs and two grantor trusts, without the consent of the Holders of any of the Certificates.

                    Unless the certificate of authentication hereon has been executed by the Certificate Registrar, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

                    The registered Holder hereof, by its acceptance hereof, agrees that it will look solely to the Trust Fund (to the extent of its rights therein) for distributions hereunder.

                    This Certificate shall be construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in said State, and the obligations, rights and remedies of the Holder hereof shall be determined in accordance with such laws.

A-9-5

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

	
  
Dated:  June 29, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Certificate Registrar
  
	
   
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-9-6

CERTIFICATE OF AUTHENTICATION

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

	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Authenticating Agent
  
	
   
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-9-7

ASSIGNMENT

                    FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto ________________________________________________________ (please print or typewrite name and address including postal zip code of assignee) the beneficial ownership interest in the Trust Fund evidenced by the within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

                    I (we) further direct the Certificate Registrar to issue a new Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Commercial Mortgage Pass-Through Certificate to the following address:  __________________________________________________.

Dated:  _________________________

	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature by or on behalf of Assignor
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature Guaranteed
  

A-9-8

DISTRIBUTION INSTRUCTIONS

                    The Assignee should include the following for purposes of distribution:

                    Distributions shall, if permitted, be made by wire transfer or otherwise, in immediately available funds, to _____________________________ for the account of _______________.

                    Distributions made by check (such check to be made payable to _____________________) and all applicable statements and notices should be mailed to _________________________.

                    This information is provided by ________________________________, the Assignee named above, or ____________________________________, as its agent.

A-9-9

EXHIBIT A-10

FORM OF CLASS C CERTIFICATE

CLASS C COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
 SERIES 2006-C26

evidencing a beneficial ownership interest in a trust fund (the “Trust Fund”) consisting primarily of a pool of multifamily and commercial mortgage loans (the “Mortgage Loans”), such pool being formed and sold by

WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

	
  
Pass-Through   Rate:  Variable
  	
  
 
  	
  
Class   Principal Balance of the Class C Certificates as of the Closing Date:   $17,319,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Date of   Pooling and Servicing Agreement: as of June 1, 2006
  	
  
 
  	
  
Initial   Certificate Principal Balance of this Class C Certificate as of the   Closing Date: $17,319,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Closing   Date:  June 29, 2006
  	
  
 
  	
  
Aggregate   Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date:   $1,731,843,7671
  
	
  
 
  	
  
 
  	
  
 
  
	
  First   Distribution Date:  July 17, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Master   Servicer:  Wachovia Bank, National   Association
  	
  
 
  	
  
Trustee:   Wells Fargo Bank, N.A.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Special   Servicer:  LNR Partners, Inc.
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Certificate   No. C-1
  	
  
 
  	
  
CUSIP No.
  

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION (“DTC”), TO THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), 

	

    
	 1
	 Excludes $10,000,000, which is the balance of The Woodlands Mall Non-Pooled Component, represented solely by the Class WM Certificate.

A-10-1

ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (A “REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”).

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS A-3FL CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES AND THE CLASS B CERTIFICATES OF THE SAME SERIES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES, THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS A-3FL CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES AND THE CLASS B CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  IN ADDITION, IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS D, CLASS E, CLASS F, CLASS G, CLASS H, CLASS J, CLASS K, CLASS L, CLASS M, CLASS N, CLASS O AND CLASS P (AND WITH RESPECT TO LOSSES AND EXPENSES ON THE WOODLANDS MALL LOAN, THE CLASS WM) CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND AS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

A-10-2

                    This
certifies that Cede & Co. is the registered owner of the Percentage Interest
evidenced by this Class C Certificate (obtained by dividing the principal amount
of this Class C Certificate (its “Certificate Principal Balance”) as of the
Closing Date by the aggregate principal amount of all the Class C Certificates
(their “Class Principal Balance”) as of the Closing Date) in
that certain beneficial ownership interest evidenced by all the Class C
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the “Agreement”), among
Wachovia Commercial Mortgage Securities, Inc. (herein called the
“Depositor”, which term includes any successor entity under the
Agreement), Wachovia Bank, National Association (herein called the
“Master Servicer”, which term includes any successor entity
under the Agreement), LNR Partners, Inc. (herein called the “Special
Servicer”, which term includes any successor entity under the
Agreement) and Wells Fargo Bank, N.A. (herein called the
“Trustee”, which term includes any successor entity under the
Agreement), a summary of certain of the pertinent provisions of which is set
forth hereafter.  To the extent not defined herein, the capitalized terms
used herein have the respective meanings assigned in the Agreement.  This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is
bound.

                    Pursuant to the terms of the Agreement, distributions will be made on the fourth Business Day following the related Determination Date (each, a “Distribution Date”).  The Determination Date is the 11th day of each month or, if such 11th day is not a Business Day, the Business Day immediately succeeding, commencing in July 2006 (each, a “Determination Date”).  Distributions will be made commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the last Business Day of the month immediately preceding the month of such distribution (the “Record Date”), in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of

the Class C Certificates on the applicable Distribution Date pursuant to the Agreement.  All distributions made under the Agreement on the Class C Certificates will be made by Wells Fargo Bank, N.A., as paying agent (the “Paying Agent”), by wire transfer of immediately available funds to the account of the Person entitled thereto at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided the Paying Agent with wiring instructions no less than five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to the address of such Certificateholder as it appears in the Certificate Register.  Notwithstanding the foregoing, the final distribution on this Certificate (determined without regard to any possible future reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated
to this Certificate) will be made in like manner, but only upon presentation and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to the Holder hereof of such final distribution.  Also notwithstanding the foregoing, any distribution that may be made with respect to this Certificate in reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated to this Certificate, which reimbursement is to occur after the date on which this Certificate is surrendered as contemplated by the preceding sentence, will be made by check mailed to the address of the Holder that surrenders this Certificate as such address last appears in the Certificate Register or to any such other address of which the Paying Agent is subsequently notified in writing.

A-10-3

                      The Certificates are limited in right of distribution to certain collections and
recoveries respecting the Mortgage Loans and REO Loans, all as more specifically
set forth herein and in the Agreement.  As provided in the Agreement, withdrawals
from the Certificate Account, the Distribution Account and, if established, the
REO Account may be made from time to time for purposes other than, and, in
certain cases, prior to, distributions to Certificateholders, such purposes
including the reimbursement of Advances made, or certain expenses incurred, with
respect to the Mortgage Loans and the payment of interest on such Advances and
expenses.

                    Interest accrued on this Certificate during an Interest Accrual Period, plus any unpaid interest shortfall with respect to this Certificate for any prior Distribution Date, if any, will be payable on the related Distribution Date to the extent provided in the Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class C Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

                    Any distribution to the Holder of this Certificate in reduction of the Certificate Principal Balance hereof is binding on such Holder and all future Holders of this Certificate and any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such distribution is made upon this Certificate.

                    The Class C Certificates are issuable in fully registered form only without coupons in minimum denominations specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Class C Certificates are exchangeable for new Class C Certificates in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

                    As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices of the Certificate Registrar, duly endorsed by, or accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Class C Certificates in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

                    No service charge will be imposed for any registration of transfer or exchange of Class C Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Class C Certificates.

                    Notwithstanding the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book-entry facilities of DTC.

                     The
Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying
Agent and the Certificate Registrar and any agent of the Depositor, the Master
Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate
Registrar may treat the Person in whose name this Certificate is registered as
the owner hereof for all purposes whatsoever and none of the Depositor, the Master Servicer, the Special Servicer, the Trustee,
the Paying Agent, the Certificate Registrar, or any such agent shall be affected
by notice to the contrary.

A-10-4

                    The Trust Fund and the obligations created by the Agreement shall terminate upon distribution (or provision for distribution) to the Certificateholders of all amounts held by or on behalf of the Trustee and required to be distributed to them pursuant to the Agreement following the earlier to occur of (i) the final payment (or any advance with respect thereto) or other liquidation of the last Mortgage Loan or REO Property remaining in the Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder at a price determined as provided in the Agreement of all Mortgage Loans and each REO Property remaining in the Trust Fund.  The Agreement permits, but does not require, the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder to purchase from the Trust
Fund all Mortgage Loans and each REO Property remaining therein.  The exercise of such right will effect early retirement of the Class C Certificates; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Pool at the time of purchase being less than 1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date specified on the face hereof.

                    In addition, any exchange by any Certificateholder of all of the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund may be made:  (i) if the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) are held by a single Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-3FL, ClassA-1A, Class A-M, Class A-J, Class B, Class C, Class D Certificates have been paid in full.

                    The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Special Servicer and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Special Servicer and the Trustee with the consent of the Holders of Certificates entitled to at least 51% of the Voting Rights allocated to the affected Classes.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the
amendment thereof, in certain limited circumstances, including any amendment necessary to maintain the status of the Trust Fund (or designated portions thereof) as consisting of three separate REMICs and two grantor trusts, without the consent of the Holders of any of the Certificates.

                    Unless the certificate of authentication hereon has been executed by the Certificate Registrar, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

                    The registered Holder hereof, by its acceptance hereof, agrees that it will look solely to the Trust Fund (to the extent of its rights therein) for distributions hereunder.

A-10-5

                    This Certificate shall be construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in said State, and the obligations, rights and remedies of the Holder hereof shall be determined in accordance with such laws.

A-10-6

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

	
  
Dated:  June 29, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Certificate Registrar
  
	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-10-7

CERTIFICATE OF AUTHENTICATION

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

	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Authenticating Agent
  
	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-10-8

ASSIGNMENT

                    FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto ________________________________________________________ (please print or typewrite name and address including postal zip code of assignee) the beneficial ownership interest in the Trust Fund evidenced by the within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

                    I (we) further direct the Certificate Registrar to issue a new Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Commercial Mortgage Pass-Through Certificate to the following address:  __________________________________________________.

Dated:  _________________________

	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature by or on behalf of Assignor
  
	
   
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature Guaranteed
  

A-10-9

DISTRIBUTION INSTRUCTIONS

                    The Assignee should include the following for purposes of distribution:

                    Distributions shall, if permitted, be made by wire transfer or otherwise, in immediately available funds, to _____________________________ for the account of _______________.

                    Distributions made by check (such check to be made payable to _____________________) and all applicable statements and notices should be mailed to _________________________.

                    This information is provided by ________________________________, the Assignee named above, or ____________________________________, as its agent.

A-10-10

EXHIBIT A-11

FORM OF CLASS D CERTIFICATE

CLASS D COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
 SERIES 2006-C26

evidencing a beneficial ownership interest in a trust fund (the “Trust Fund”) consisting primarily of a pool of multifamily and commercial mortgage loans (the “Mortgage Loans”), such pool being formed and sold by

WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

	
  
Pass-Through   Rate:  Variable
  	
  
Class   Principal Balance of the Class D Certificates as of the Closing Date:   $28,142,000
  
	
  
 
  	
  
 
  
	
  
Date of   Pooling and Servicing Agreement: as of June 1, 2006
  	
  
Initial   Certificate Principal Balance of this Class D Certificate as of the   Closing Date: $28,142,000
  
	
   
  	
  
 
  
	
  
Closing   Date:  June 29, 2006
  	
  
Aggregate   Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date:   $1,731,843,7671
  
	
  
 
  	
  
 
  
	
  
First   Distribution Date:  July 17, 2006
  	
  
 
  
	
  
 
  	
  
 
  
	
  
Master   Servicer:  Wachovia Bank, National   Association
  	
  
Trustee:   Wells Fargo Bank, N.A.
  
	
  
 
  	
  
 
  
	
  
Special   Servicer:  LNR Partners, Inc.
  	
  
 
  
	
  
 
  	
  
 
  
	
  
Certificate   No. D-1
  	
  
CUSIP No.
  

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION (“DTC”), TO THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), 

	
  

  
	
  
1
  	
  
Excludes   $10,000,000, which is the balance of The Woodlands Mall Non-Pooled Component,   represented solely by the Class WM Certificate.
  

A-11-1

ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (A “REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”).

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS A-3FL CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES AND THE CLASS C CERTIFICATES OF THE SAME SERIES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES, THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS A-3FL CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES AND THE CLASS C CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  IN ADDITION, IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS E, CLASS F, CLASS G, CLASS H, CLASS J, CLASS K, CLASS L, CLASS M, CLASS N, CLASS O AND CLASS P (AND WITH RESPECT TO LOSSES AND EXPENSES ON THE WOODLANDS MALL LOAN, THE CLASS WM) CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE
TRUST FUND AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

A-11-2

                    This
certifies that Cede & Co. is the registered owner of the Percentage Interest
evidenced by this Class D Certificate (obtained by dividing the principal amount
of this Class D Certificate (its “Certificate Principal Balance”) as of the
Closing Date by the aggregate principal amount of all the Class D Certificates
(their “Class Principal Balance”) as of the Closing Date) in
that certain beneficial ownership interest evidenced by all the Class D
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the “Agreement”), among
Wachovia Commercial Mortgage Securities, Inc. (herein called the
“Depositor”, which term includes any successor entity under the
Agreement), Wachovia Bank, National Association (herein called the
“Master Servicer”, which term includes any successor entity
under the Agreement), LNR Partners, Inc. (herein called the “Special
Servicer”, which term includes any successor entity under the
Agreement) and Wells Fargo Bank, N.A. (herein called the
“Trustee”, which term includes any successor entity under the
Agreement), a summary of certain of the pertinent provisions of which is set
forth hereafter.  To the extent not defined herein, the capitalized terms
used herein have the respective meanings assigned in the Agreement.  This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is
bound.

                    Pursuant to the terms of the Agreement, distributions will be made on the fourth Business Day following the related Determination Date (each, a “Distribution Date”).  The Determination Date is the 11th day of each month or, if such 11th day is not a Business Day, the Business Day immediately succeeding, commencing in July 2006 (each, a “Determination Date”).  Distributions will be made commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the last Business Day of the month immediately preceding the month of such distribution (the “Record Date”), in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of

the Class D Certificates on the applicable Distribution Date pursuant to the Agreement.  All distributions made under the Agreement on the Class D Certificates will be made by Wells Fargo Bank, N.A., as paying agent (the “Paying Agent”), by wire transfer of immediately available funds to the account of the Person entitled thereto at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided the Paying Agent with wiring instructions no less than five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to the address of such Certificateholder as it appears in the Certificate Register.  Notwithstanding the foregoing, the final distribution on this Certificate (determined without regard to any possible future reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated
to this Certificate) will be made in like manner, but only upon presentation and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to the Holder hereof of such final distribution.  Also notwithstanding the foregoing, any distribution that may be made with respect to this Certificate in reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated to this Certificate, which reimbursement is to occur after the date on which this Certificate is surrendered as contemplated by the preceding sentence, will be made by check mailed to the address of the Holder that surrenders this Certificate as such address last appears in the Certificate Register or to any such other address of which the Paying Agent is subsequently notified in writing.

A-11-3

                     The
Certificates are limited in right of distribution to certain collections and
recoveries respecting the Mortgage Loans and REO Loans, all as more specifically
set forth herein and in the Agreement.  As provided in the Agreement, withdrawals
from the Certificate Account, the Distribution Account and, if established, the
REO Account may be made from time to time for purposes other than, and, in
certain cases, prior to, distributions to Certificateholders, such purposes
including the reimbursement of Advances made, or certain expenses incurred, with
respect to the Mortgage Loans and the payment of interest on such Advances and
expenses.

                    Interest accrued on this Certificate during an Interest Accrual Period, plus any unpaid interest shortfall with respect to this Certificate for any prior Distribution Date, if any, will be payable on the related Distribution Date to the extent provided in the Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class D Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

                    Any distribution to the Holder of this Certificate in reduction of the Certificate Principal Balance hereof is binding on such Holder and all future Holders of this Certificate and any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such distribution is made upon this Certificate.

                    The Class D Certificates are issuable in fully registered form only without coupons in minimum denominations specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Class D Certificates are exchangeable for new Class D Certificates in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

                    As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices of the Certificate Registrar, duly endorsed by, or accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Class D Certificates in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

                    No service charge will be imposed for any registration of transfer or exchange of Class D Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Class D Certificates.

                    Notwithstanding the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book-entry facilities of DTC.

                     The
Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying
Agent and the Certificate Registrar and any agent of the Depositor, the Master
Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate
Registrar may treat the Person in whose name this Certificate is registered as
the owner hereof for all purposes whatsoever and none of the Depositor, the Master Servicer, the Special Servicer, the Trustee,
the Paying Agent, the Certificate Registrar, or any such agent shall be affected
by notice to the contrary.

A-11-4

                    The Trust Fund and the obligations created by the Agreement shall terminate upon distribution (or provision for distribution) to the Certificateholders of all amounts held by or on behalf of the Trustee and required to be distributed to them pursuant to the Agreement following the earlier to occur of (i) the final payment (or any advance with respect thereto) or other liquidation of the last Mortgage Loan or REO Property remaining in the Trust Fund, and (ii) the purchase by the Master Servicer, Special Servicer or the Majority Subordinate Certificateholder at a price determined as provided in the Agreement of all Mortgage Loans and each REO Property remaining in the Trust Fund.  The Agreement permits, but does not require, the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder to purchase from the Trust Fund
all Mortgage Loans and each REO Property remaining therein.  The exercise of such right will effect early retirement of the Class D Certificates; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Pool at the time of purchase being less than 1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date specified on the face hereof.

                    In addition, any exchange by any Certificateholder of all of the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund may be made:  (i) if the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) are held by a single Certificateholder and  (ii) the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-3FL, Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D Certificates have been paid in full.

                    The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Special Servicer and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Special Servicer and the Trustee with the consent of the Holders of Certificates entitled to at least 51% of the Voting Rights allocated to the affected Classes.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the
amendment thereof, in certain limited circumstances, including any amendment necessary to maintain the status of the Trust Fund (or designated portions thereof) as consisting of three separate REMICs and two grantor trusts, without the consent of the Holders of any of the Certificates.

                    Unless the certificate of authentication hereon has been executed by the Certificate Registrar, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

                    The registered Holder hereof, by its acceptance hereof, agrees that it will look solely to the Trust Fund (to the extent of its rights therein) for distributions hereunder.

A-11-5

                    This Certificate shall be construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in said State, and the obligations, rights and remedies of the Holder hereof shall be determined in accordance with such laws.

A-11-6

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

	
  
Dated:  June 29, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Certificate Registrar
  
	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-11-7

CERTIFICATE OF AUTHENTICATION

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

	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Authenticating Agent
  
	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-11-8

ASSIGNMENT

                    FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto ________________________________________________________ (please print or typewrite name and address including postal zip code of assignee) the beneficial ownership interest in the Trust Fund evidenced by the within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

                    I (we) further direct the Certificate Registrar to issue a new Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Commercial Mortgage Pass-Through Certificate to the following address:  __________________________________________________.

Dated:  _________________________

	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature by or on behalf of Assignor
  
	
   
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature Guaranteed
  

A-11-9

DISTRIBUTION INSTRUCTIONS

                    The Assignee should include the following for purposes of distribution:

                    Distributions shall, if permitted, be made by wire transfer or otherwise, in immediately available funds, to _____________________________ for the account of _______________.

                    Distributions made by check (such check to be made payable to _____________________) and all applicable statements and notices should be mailed to _________________________.

                    This information is provided by ________________________________, the Assignee named above, or ____________________________________, as its agent.

A-11-10

EXHIBIT A-12-1

FORM OF CLASS A-3FL CERTIFICATE

CLASS A-3FL COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
 SERIES 2006-C26

evidencing a beneficial ownership interest in a trust fund (the “Trust Fund”) consisting primarily of a pool of multifamily and commercial mortgage loans (the “Mortgage Loans”), such pool being formed and sold by

WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

	
  
Pass-Through   Rate:  Floating
  	
  
 
  	
  
Class Principal   Balance of the Class A-3FL Certificates as of the Closing Date: $140,000,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Date of   Pooling and Servicing Agreement: as of June 1, 2006
  	
  
 
  	
  
Initial   Certificate Principal Balance of this Class A-3FL Certificate as of the   Closing Date: $100,000,000
  
	
   
  	
  
 
  	
  
 
  
	
  
Closing   Date:  June 29, 2006
  	
  
 
  	
  
Aggregate   Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date:   $1,731,843,7671
  
	
  
 
  	
  
 
  	
  
 
  
	
  
First   Distribution Date:  July 17, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Master   Servicer:  Wachovia Bank, National   Association
  	
  
 
  	
  
Trustee:   Wells Fargo Bank, N.A.
  
	
  
 
  	
  
 
  	
  
 
  
	
  Special   Servicer:  LNR Partners, Inc.
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Certificate   No. A-3FL-1
  	
  
 
  	
  
CUSIP No.
  

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION (“DTC”), TO THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), 

	
  

  
	
  
1
  	
  
Excludes   $10,000,000, which is the balance of The Woodlands Mall Non-Pooled Component,   represented solely by the Class WM Certificate.
  

A-12-1-1

ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., WACHOVIA BANK, NATIONAL ASSOCIATION, OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE.  ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A BENEFICIAL INTEREST IN A GRANTOR TRUST UNDER SUBPART E, PART I OF SUBCHAPTER J OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), WHICH GRANTOR TRUST CONSISTS OF A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT (A “REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE (THE “CLASS A-3FL REGULAR INTEREST”), THE SWAP CONTRACT AND THE FLOATING RATE ACCOUNT.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY
“EMPLOYEE BENEFIT PLAN” SUBJECT TO TITLE I OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
ANY “PLAN” SUBJECT TO SECTION 4975 OF THE CODE, OR ANY OTHER
RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY
FEDERAL, STATE, LOCAL, OR OTHER LAW SUBSTANTIVELY SIMILAR TO THE FOREGOING
PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF OR WITH ANY
ASSETS OF ANY SUCH PLAN (EACH, A “PLAN”) UNLESS (A) IT IS AN
ACCREDITED INVESTOR AS DEFINED IN RULE 501(A)(1) OF REGULATION D UNDER THE
SECURITIES ACT AND (B) THE DECISION TO ACQUIRE THIS CERTIFICATE WAS MADE BY A
QUALIFIED PROFESSIONAL ASSET MANAGER (AS DEFINED IN PTE 84-14), AN IN-HOUSE
ASSET MANAGER (AS DEFINED IN PTE 96-23), OR A PLAN FIDUCIARY WITH TOTAL ASSETS
UNDER MANAGEMENT OF AT LEAST $100 MILLION AT THE TIME THE CERTIFICATE IS
ACQUIRED.  EACH PERSON WHO ACQUIRES THIS CERTIFICATE SHALL BE REQUIRED (OR,
IN THE CASE OF A BOOK-ENTRY CERTIFICATE, DEEMED) TO HAVE CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT IT WILL NOT TRANSFER THIS
CERTIFICATE IN VIOLATION OF THE FOREGOING.

A-12-1-2

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  IN ADDITION, IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-M, CLASS A-J, CLASS B, CLASS C, CLASS D, CLASS E, CLASS F, CLASS G, CLASS H, CLASS J, CLASS K, CLASS L, CLASS M, CLASS N, CLASS O AND CLASS P (AND WITH RESPECT TO LOSSES AND EXPENSES ON THE WOODLANDS MALL LOAN, THE CLASS WM) CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE, THE CLASS A-1 CERTIFICATES, THE CLASS A-2 CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-4 CERTIFICATES AND THE CLASS A-1A CERTIFICATES MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE
HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

THE PASS-THROUGH RATE ON THIS CERTIFICATE IS BASED ON LIBOR AND THEREFORE IS SUBJECT TO CHANGE OVER TIME BASED UPON CHANGES IN THE RATE OF LIBOR.  IN ADDITION, THE PASS-THROUGH RATE ON THIS CERTIFICATE MAY CONVERT TO A FIXED PER ANNUM RATE UNDER CERTAIN CIRCUMSTANCES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.

                    This certifies that Cede & Co. is the registered owner of the Percentage Interest evidenced by this Class A-3FL Certificate (obtained by dividing the principal amount of this Class A-3FL Certificate (its “Certificate Principal Balance”) as of the Closing Date by the aggregate principal amount of all the Class A-3FL Certificates (their “Class Principal Balance”) as of the Closing Date) in that certain beneficial ownership interest evidenced by the Class A-3FL Regular Interest in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Wachovia Commercial Mortgage Securities, Inc. (herein called the “Depositor”, which term includes any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the “Master Servicer”, which term includes any successor entity under the Agreement), LNR Partners, Inc. (herein called the “Special Servicer”, which term includes any successor entity under the Agreement) and Wells Fargo Bank, N.A. (herein called the “Trustee”, which term includes any successor entity under the Agreement), a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the respective meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

A-12-1-3

                     Pursuant
to the terms of the Agreement, distributions will be made on the fourth Business
Day following the related Determination Date (each, a “Distribution
Date”).  The Determination Date is the 11th day of each month or, if such 11th day is not a
Business Day, the Business Day immediately succeeding, commencing in July 2006
(each, a “Determination Date”).  Distributions will be
made commencing on the first Distribution Date specified above, to the Person in
whose name this Certificate is registered at the close of business on the last
Business Day of the month immediately preceding the month of such distribution
(the “Record Date”), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class A-3FL Certificates on the applicable
Distribution Date pursuant to the Agreement.  Distributions in respect of
the Class A-3FL Certificates may depend, in part, on payments from the Swap
Counterparty under the Swap Contract as more specifically set forth in the
Agreement.

                    All distributions made under the Agreement on the Class A-3FL Certificates will be made by Wells Fargo Bank, N.A., as paying agent (the “Paying Agent”), by wire transfer of immediately available funds to the account of the Person entitled thereto at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided the Paying Agent with wiring instructions no less than five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to the address of such Certificateholder as it appears in the Certificate Register.  Notwithstanding the foregoing, the final distribution on this Certificate (determined without regard to any possible future reimbursement of any
Realized Loss or Additional Trust Fund Expense previously allocated to this Certificate) will be made in like manner, but only upon presentation and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to the Holder hereof of such final distribution.  Also notwithstanding the foregoing, any distribution that may be made with respect to this Certificate in reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated to this Certificate, which reimbursement is to occur after the date on which this Certificate is surrendered as contemplated by the preceding sentence, will be made by check mailed to the address of the Holder that surrenders this Certificate as such address last appears in the Certificate Register or to any such other address of which the Paying Agent is subsequently notified in writing.

                    The Certificates are limited in right of distribution to certain collections and recoveries respecting the Mortgage Loans and REO Loans, all as more specifically set forth herein and in the Agreement.  As provided in the Agreement, withdrawals from the Certificate Account, the Floating Rate Account, the Distribution Account and, if established, the REO Account may be made from time to time for purposes other than, and, in certain cases, prior to, distributions to Certificateholders, such purposes including the reimbursement of Advances made, or certain expenses incurred, with respect to the Mortgage Loans and the payment of interest on such Advances and expenses.

                    Interest accrued on this Certificate during an Interest Accrual Period, plus any unpaid interest shortfall with respect to this Certificate for any prior Distribution Date, if any, will be payable on the related Distribution Date to the extent provided in the Agreement.  With respect to the Class A-3FL Certificates, (1) interest will be calculated on the basis of the actual number of days in the month and assuming each year has 360 days, and (2) the “Interest Accrual Period” with respect to any Distribution Date, is the period from and including the Distribution Date in the month preceding the month in which the related Distribution Date occurs (or in the 

A-12-1-4

case of the first Distribution Date, the Closing Date) to but excluding the related Distribution Date calculated on the basis of the actual number of days in such Interest Accrual Period and assuming each year has 360 days; provided, however, that if a Class A-3FL Distribution Conversion, as provided in the Pooling and Servicing Agreement, has occurred, the Interest Accrual Period for the Class A-3FL Certificates with respect to any Distribution Date shall be the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days and each year is assumed to consist of 360 days.  Distributions in respect of the Class A-3FL Certificates may depend, in part, on payments from the Swap Counterparty under the Swap Contract as more specifically set forth in the Agreement.

                    Any distribution to the Holder of this Certificate in reduction of the Certificate Principal Balance hereof is binding on such Holder and all future Holders of this Certificate and any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such distribution is made upon this Certificate.

                    The Class A-3FL Certificates are issuable in fully registered form only without coupons in minimum denominations specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Class A-3FL Certificates are exchangeable for new Class A-3FL Certificates in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

                    As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices of the Certificate Registrar, duly endorsed by, or accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Class A-3FL Certificates in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

                    No transfer of any Class A-3FL Certificate shall be made unless that transfer is made pursuant to an effective registration statement under the Securities Act, and effective registration or qualification under applicable state securities laws, or is made in a transaction which does not require such registration or qualification.  If such a transfer is to be made without registration under the Securities Act (other than in connection with the initial issuance thereof or the initial transfer thereof by the Depositor, the Underwriters or their respective affiliates), then the Certificate Registrar shall refuse to register such transfer unless it receives either: (i) a certificate from the Certificateholder desiring to effect such transfer substantially in the form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder’s prospective transferee substantially in the form attached as either Exhibit F-2, Exhibit F-3 or Exhibit F-4 to the Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the Certificate Registrar to the effect that such transfer may be made without registration under the Securities Act (which Opinion of Counsel shall not be an expense of the Trust Fund or of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their respective capacities as such), together with the written certification(s) as to the facts surrounding such transfer from the Certificateholder desiring to effect such transfer and/or such Certificateholder’s prospective transferee on which such Opinion of Counsel is based.  None of the Depositor, the Trustee, Paying Agent or the Certificate 

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Registrar is obligated to register or qualify the Class A-3FL Certificates under the Securities Act or any other securities law or to take any action not otherwise required under the Agreement to permit the transfer of any Class A-3FL Certificate without registration or qualification.  Any Class A-3FL Certificateholder desiring to effect such a transfer shall, and by the acceptance of its Class A-3FL Certificate agrees to, indemnify the Trustee, the Certificate Registrar, the Paying Agent and the Depositor against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

                    No service charge will be imposed for any registration of transfer or exchange of Class A-3FL Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Class A-3FL Certificates.

                    Notwithstanding the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book-entry facilities of DTC.

                    The Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes whatsoever and none of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent, the Certificate Registrar, or any such agent shall be affected by notice to the contrary.

                    The Trust Fund and the obligations created by the Agreement shall terminate upon distribution (or provision for distribution) to the Certificateholders of all amounts held by or on behalf of the Trustee and required to be distributed to them pursuant to the Agreement following the earlier to occur of (i) the final payment (or any advance with respect thereto) or other liquidation of the last Mortgage Loan or REO Property remaining in the Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder at a price determined as provided in the Agreement of all Mortgage Loans and each REO Property remaining in the Trust Fund.  The Agreement permits, but does not require, the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder to purchase from the
Trust Fund all Mortgage Loans and each REO Property remaining therein.  The exercise of such right will effect early retirement of the Class A-3FL Certificates; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Pool at the time of purchase being less than 1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date specified on the face hereof.

                    In addition, any exchange by any Certificateholder of all of the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund may be made:  (i) if the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) are held by a single Certificateholder and (ii) the Class A-1, Class A-2, Class A-3, Class A-3FL, Class A-PB, Class A-4, Class A-1A, Class A-M, Class A-J, Class B, Class C and Class D Certificates have been paid in full.

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                    The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Special Servicer and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Special Servicer and the Trustee with the consent of the Holders of Certificates entitled to at least 51% of the Voting Rights allocated to the affected Classes.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to maintain the status of the Trust Fund (or designated portions thereof) as consisting of three separate REMICs and two grantor trusts, without the consent of the Holders of any of the Certificates.

                    Unless the certificate of authentication hereon has been executed by the Certificate Registrar, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

                    The registered Holder hereof, by its acceptance hereof, agrees that it will look solely to the Trust Fund (to the extent of its rights therein) for distributions hereunder.

                    This Certificate shall be construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in said State, and the obligations, rights and remedies of the Holder hereof shall be determined in accordance with such laws.

A-12-1-7

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

	
  
Dated:  June 29, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Certificate Registrar
  
	
   
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-12-1-8

CERTIFICATE OF AUTHENTICATION

                    This is one of the Class A-3FL Certificates referred to in the within-mentioned Agreement.

	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Authenticating Agent
  
	
   
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-12-1-9

ASSIGNMENT

                    FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto ________________________________________________________ (please print or typewrite name and address including postal zip code of assignee) the beneficial ownership interest in the Trust Fund evidenced by the within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

                    I (we) further direct the Certificate Registrar to issue a new Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Commercial Mortgage Pass-Through Certificate to the following address:  __________________________________________________.

Dated:  _________________________

	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature by or on behalf of Assignor
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature Guaranteed
  

A-12-1-10

DISTRIBUTION INSTRUCTIONS

                    The Assignee should include the following for purposes of distribution:

                    Distributions shall, if permitted, be made by wire transfer or otherwise, in immediately available funds, to _____________________________ for the account of _______________.

                    Distributions made by check (such check to be made payable to _____________________) and all applicable statements and notices should be mailed to _________________________.

                    This information is provided by ________________________________, the Assignee named above, or ____________________________________, as its agent.

A-12-1-11

EXHIBIT A-12-2

FORM OF CLASS A-3FL CERTIFICATE

CLASS A-3FL COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
 SERIES 2006-C26

evidencing a beneficial ownership interest in a trust fund (the “Trust Fund”) consisting primarily of a pool of multifamily and commercial mortgage loans (the “Mortgage Loans”), such pool being formed and sold by

WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

	
  
Pass-Through   Rate:  Floating
  	
  
 
  	
  
Class   Principal Balance of the Class A-3FL Certificates as of the Closing Date:   $140,000,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Date of Pooling   and Servicing Agreement: as of June 1, 2006
  	
  
 
  	
  
Initial   Certificate Principal Balance of this Class A-3FL Certificate as of the   Closing Date: $40,000,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Closing   Date:  June 29, 2006
  	
  
 
  	
  
Aggregate   Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date:   $1,731,843,7671
  
	
  
 
  	
  
 
  	
  
 
  
	
  First   Distribution Date:  July 17, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Master   Servicer:  Wachovia Bank, National   Association
  	
  
 
  	
  
Trustee:   Wells Fargo Bank, N.A.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Special   Servicer:  LNR Partners, Inc.
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Certificate   No. A-3FL-1
  	
  
 
  	
  
CUSIP No.
  

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION (“DTC”), TO THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC),

	
  

  
	
  
1
  	
  
Excludes   $10,000,000, which is the balance of The Woodlands Mall Non-Pooled Component,   represented solely by the Class WM Certificate.
  

A-12-2-1

ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., WACHOVIA BANK, NATIONAL ASSOCIATION, OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE.  ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A BENEFICIAL INTEREST IN A GRANTOR TRUST UNDER SUBPART E, PART I OF SUBCHAPTER J OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), WHICH GRANTOR TRUST CONSISTS OF A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT (A “REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE (THE “CLASS A-3FL REGULAR INTEREST”), THE SWAP CONTRACT AND THE FLOATING RATE ACCOUNT.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY “EMPLOYEE BENEFIT PLAN” SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), ANY “PLAN” SUBJECT TO SECTION 4975 OF THE CODE, OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE, LOCAL, OR OTHER LAW SUBSTANTIVELY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF OR WITH ANY ASSETS OF ANY SUCH PLAN (EACH, A “PLAN”) UNLESS (A) IT IS AN ACCREDITED INVESTOR AS DEFINED IN RULE 501(A)(1) OF REGULATION D UNDER THE SECURITIES ACT AND (B) THE DECISION TO ACQUIRE THIS CERTIFICATE WAS MADE BY A QUALIFIED PROFESSIONAL ASSET MANAGER (AS DEFINED IN PTE 84-14), AN IN-HOUSE ASSET MANAGER (AS DEFINED IN PTE 96-23), OR A PLAN FIDUCIARY WITH TOTAL ASSETS UNDER MANAGEMENT OF AT LEAST $100 MILLION AT THE TIME
THE CERTIFICATE IS ACQUIRED.  EACH PERSON WHO ACQUIRES THIS CERTIFICATE
SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE, DEEMED) TO HAVE
CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT IT WILL NOT
TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

A-12-2-2

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  IN ADDITION, IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-M, CLASS A-J, CLASS B, CLASS C, CLASS D, CLASS E, CLASS F, CLASS G, CLASS H, CLASS J, CLASS K, CLASS L, CLASS M, CLASS N, CLASS O AND CLASS P (AND WITH RESPECT TO LOSSES AND EXPENSES ON THE WOODLANDS MALL LOAN, THE CLASS WM) CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE, THE CLASS A-1 CERTIFICATES, THE CLASS A-2 CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-4 CERTIFICATES AND THE CLASS A-1A CERTIFICATES MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE
HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

THE PASS-THROUGH RATE ON THIS CERTIFICATE IS BASED ON LIBOR AND THEREFORE IS SUBJECT TO CHANGE OVER TIME BASED UPON CHANGES IN THE RATE OF LIBOR.  IN ADDITION, THE PASS-THROUGH RATE ON THIS CERTIFICATE MAY CONVERT TO A FIXED PER ANNUM RATE UNDER CERTAIN CIRCUMSTANCES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.

                    This certifies that Cede & Co. is the registered owner of the Percentage Interest evidenced by this Class A-3FL Certificate (obtained by dividing the principal amount of this Class A-3FL Certificate (its “Certificate Principal Balance”) as of the Closing Date by the aggregate principal amount of all the Class A-3FL Certificates (their “Class Principal Balance”) as of the Closing Date) in that certain beneficial ownership interest evidenced by the Class A-3FL Regular Interest in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Wachovia Commercial Mortgage Securities, Inc. (herein called the “Depositor”, which term includes any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the “Master Servicer”, which term includes any successor entity under the Agreement), LNR Partners, Inc. (herein called the “Special Servicer”, which term includes any successor entity under the Agreement) and Wells Fargo Bank, N.A. (herein called the “Trustee”, which term includes any successor entity under the Agreement), a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the respective meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

A-12-2-3

                    Pursuant
to the terms of the Agreement, distributions will be made on the fourth Business
Day following the related Determination Date (each, a “Distribution
Date”).  The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in July 2006 (each, a “Determination Date”). 
Distributions will be made commencing on the first Distribution Date specified
above, to the Person in whose name this Certificate is registered at the close
of business on the last Business Day of the month immediately preceding the
month of such distribution (the “Record Date”), in an amount
equal to the product of the Percentage Interest evidenced by this Certificate
and the amount required to be distributed to the Holders of the Class A-3FL
Certificates on the applicable Distribution Date pursuant to the
Agreement.  Distributions in respect of the Class A-3FL Certificates may
depend, in part, on payments from the Swap Counterparty under the Swap Contract
as more specifically set forth in the Agreement.

                    All distributions made under the Agreement on the Class A-3FL Certificates will be made by Wells Fargo Bank, N.A., as paying agent (the “Paying Agent”), by wire transfer of immediately available funds to the account of the Person entitled thereto at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided the Paying Agent with wiring instructions no less than five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to the address of such Certificateholder as it appears in the Certificate Register.  Notwithstanding the foregoing, the final distribution on this Certificate (determined without regard to any possible future reimbursement of any
Realized Loss or Additional Trust Fund Expense previously allocated to this Certificate) will be made in like manner, but only upon presentation and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to the Holder hereof of such final distribution.  Also notwithstanding the foregoing, any distribution that may be made with respect to this Certificate in reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated to this Certificate, which reimbursement is to occur after the date on which this Certificate is surrendered as contemplated by the preceding sentence, will be made by check mailed to the address of the Holder that surrenders this Certificate as such address last appears in the Certificate Register or to any such other address of which the Paying Agent is subsequently notified in writing.

                    The Certificates are limited in right of distribution to certain collections and recoveries respecting the Mortgage Loans and REO Loans, all as more specifically set forth herein and in the Agreement.  As provided in the Agreement, withdrawals from the Certificate Account, the Floating Rate Account, the Distribution Account and, if established, the REO Account may be made from time to time for purposes other than, and, in certain cases, prior to, distributions to Certificateholders, such purposes including the reimbursement of Advances made, or certain expenses incurred, with respect to the Mortgage Loans and the payment of interest on such Advances and expenses.

                    Interest accrued on this Certificate during an Interest Accrual Period, plus any unpaid interest shortfall with respect to this Certificate for any prior Distribution Date, if any, will be payable on the related Distribution Date to the extent provided in the Agreement.  With respect to the Class A-3FL Certificates, (1) interest will be calculated on the basis of the actual number of days in the month and assuming each year has 360 days, and (2) the “Interest Accrual Period” with respect to any Distribution Date, is the period from and including the Distribution Date in the month preceding the month in which the related Distribution Date occurs (or in the 

A-12-2-4

case of the first Distribution Date, the Closing Date) to but excluding the related Distribution Date calculated on the basis of the actual number of days in such Interest Accrual Period and assuming each year has 360 days; provided, however, that if a Class A-3FL Distribution Conversion, as provided in the Pooling and Servicing Agreement, has occurred, the Interest Accrual Period for the Class A-3FL Certificates with respect to any Distribution Date shall be the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days and each year is assumed to consist of 360 days.  Distributions in respect of the Class A-3FL Certificates may depend, in part, on payments from the Swap Counterparty under the Swap Contract as more specifically set forth in the Agreement.

                    Any distribution to the Holder of this Certificate in reduction of the Certificate Principal Balance hereof is binding on such Holder and all future Holders of this Certificate and any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such distribution is made upon this Certificate.

                    The Class A-3FL Certificates are issuable in fully registered form only without coupons in minimum denominations specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Class A-3FL Certificates are exchangeable for new Class A-3FL Certificates in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

                    As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices of the Certificate Registrar, duly endorsed by, or accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Class A-3FL Certificates in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

                    No transfer of any Class A-3FL Certificate shall be made unless that transfer is made pursuant to an effective registration statement under the Securities Act, and effective registration or qualification under applicable state securities laws, or is made in a transaction which does not require such registration or qualification.  If such a transfer is to be made without registration under the Securities Act (other than in connection with the initial issuance thereof or the initial transfer thereof by the Depositor, the Underwriters or their respective affiliates), then the Certificate Registrar shall refuse to register such transfer unless it receives either: (i) a certificate from the Certificateholder desiring to effect such transfer substantially in the form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder’s prospective transferee substantially in the form attached as either Exhibit F-2, Exhibit F-3 or Exhibit F-4 to the Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the Certificate Registrar to the effect that such transfer may be made without registration under the Securities Act (which Opinion of Counsel shall not be an expense of the Trust Fund or of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their respective capacities as such), together with the written certification(s) as to the facts surrounding such transfer from the Certificateholder desiring to effect such transfer and/or such Certificateholder’s prospective transferee on which such Opinion of Counsel is based.  None of the Depositor, the Trustee, Paying Agent or the Certificate 

A-12-2-5

Registrar is obligated to register or qualify the Class A-3FL Certificates under the Securities Act or any other securities law or to take any action not otherwise required under the Agreement to permit the transfer of any Class A-3FL Certificate without registration or qualification.  Any Class A-3FL Certificateholder desiring to effect such a transfer shall, and by the acceptance of its Class A-3FL Certificate agrees to, indemnify the Trustee, the Certificate Registrar, the Paying Agent and the Depositor against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

                    No service charge will be imposed for any registration of transfer or exchange of Class A-3FL Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Class A-3FL Certificates.

                    Notwithstanding the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book-entry facilities of DTC.

                    The Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes whatsoever and none of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent, the Certificate Registrar, or any such agent shall be affected by notice to the contrary.

                    The Trust Fund and the obligations created by the Agreement shall terminate upon distribution (or provision for distribution) to the Certificateholders of all amounts held by or on behalf of the Trustee and required to be distributed to them pursuant to the Agreement following the earlier to occur of (i) the final payment (or any advance with respect thereto) or other liquidation of the last Mortgage Loan or REO Property remaining in the Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder at a price determined as provided in the Agreement of all Mortgage Loans and each REO Property remaining in the Trust Fund.  The Agreement permits, but does not require, the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder to purchase from the
Trust Fund all Mortgage Loans and each REO Property remaining therein.  The exercise of such right will effect early retirement of the Class A-3FL Certificates; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Pool at the time of purchase being less than 1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date specified on the face hereof.

                    In addition, any exchange by any Certificateholder of all of the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund may be made:  (i) if the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) are held by a single Certificateholder and (ii) the Class A-1, Class A-2, Class A-3, Class A-3FL, Class A-PB, Class A-4, Class A-1A, Class A-M, Class A-J, Class B, Class C and Class D Certificates have been paid in full.

A-12-2-6

                    The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Special Servicer and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Special Servicer and the Trustee with the consent of the Holders of Certificates entitled to at least 51% of the Voting Rights allocated to the affected Classes.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to maintain the status of the Trust Fund (or designated portions thereof) as consisting of three separate REMICs and two grantor trusts, without the consent of the Holders of any of the Certificates.

                    Unless the certificate of authentication hereon has been executed by the Certificate Registrar, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

                    The registered Holder hereof, by its acceptance hereof, agrees that it will look solely to the Trust Fund (to the extent of its rights therein) for distributions hereunder.

                    This Certificate shall be construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in said State, and the obligations, rights and remedies of the Holder hereof shall be determined in accordance with such laws.

A-12-2-7

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

	
  
Dated:  June   29, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Certificate Registrar
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-12-2-8

CERTIFICATE OF AUTHENTICATION

                    This is one of the Class A-3FL Certificates referred to in the within-mentioned Agreement.

	
   
  	
  
WELLS FARGO   BANK, N.A., as 
   Authenticating Agent
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-12-2-9

ASSIGNMENT

                    FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto ________________________________________________________ (please print or typewrite name and address including postal zip code of assignee) the beneficial ownership interest in the Trust Fund evidenced by the within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

                    I (we) further direct the Certificate Registrar to issue a new Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Commercial Mortgage Pass-Through Certificate to the following address:  __________________________________________________.

Dated:  _________________________

	
  
 
  	
  
 
  
	
  
 
  	

  
	
  
 
  	
  
Signature by or on behalf of Assignor
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
   
  	

  
	
  
 
  	
  
Signature Guaranteed
  

A-12-2-10

DISTRIBUTION INSTRUCTIONS

                    The Assignee should include the following for purposes of distribution:

                    Distributions shall, if permitted, be made by wire transfer or otherwise, in immediately available funds, to _____________________________ for the account of _______________.

                    Distributions made by check (such check to be made payable to _____________________) and all applicable statements and notices should be mailed to _________________________.

                    This information is provided by ________________________________, the Assignee named above, or ____________________________________, as its agent.

A-12-2-11

EXHIBIT A-13

FORM OF CLASS E CERTIFICATE

CLASS E COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
 SERIES 2006-C26

evidencing a beneficial ownership interest in a trust fund (the “Trust Fund”) consisting primarily of a pool of multifamily and commercial mortgage loans (the “Mortgage Loans”), such pool being formed and sold by

WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

	
  
Pass-Through   Rate:  Variable
  	
  
 
  	
  
Class   Principal Balance of the Class E Certificates as of the Closing Date:   $19,484,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Date of   Pooling and Servicing Agreement: as of June 1, 2006
  	
  
 
  	
  
Initial   Certificate Principal Balance of this Class E Certificate as of the Closing   Date: $19,484,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Closing   Date:  June 29, 2006
  	
  
 
  	
  
Aggregate   Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date:   $1,731,843,7671
  
	
  
 
  	
  
 
  	
  
 
  
	
  
First   Distribution Date:  July 17, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Master   Servicer:  Wachovia Bank, National   Association
  	
  
 
  	
  
Trustee:   Wells Fargo Bank, N.A.
  
	
  
 
  	
  
 
  	
  
 
  
	
  Special   Servicer:  LNR Partners, Inc.
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Certificate   No. E-1
  	
  
 
  	
  
CUSIP No.
  

UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK
CORPORATION (“DTC”), TO THE DEPOSITOR, THE MASTER SERVICER, THE
TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF FOR REGISTRATION OF
TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.

	
  

  
	
  
1
  	
  
Excludes $10,000,000, which is the balance
of The Woodlands Mall Non-Pooled Component, represented solely by the Class WM
Certificate.
 

A-13-1

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE.  ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (A “REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”).

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS A-3FL CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES AND THE CLASS D CERTIFICATES OF THE SAME SERIES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY
INTEREST THEREIN SHALL BE MADE TO ANY “EMPLOYEE BENEFIT PLAN”
SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
AMENDED (“ERISA”), ANY “PLAN” SUBJECT TO SECTION 4975
OF THE CODE, OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR
ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE, LOCAL, OR OTHER LAW SUBSTANTIVELY
SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING
ON BEHALF OF OR WITH ANY ASSETS OF ANY SUCH PLAN (EACH, A
“PLAN”) UNLESS IT IS AN ACCREDITED INVESTOR AS DEFINED IN RULE
501(A)(1) OF REGULATION D UNDER THE SECURITIES ACT.  EACH PERSON WHO
ACQUIRES THIS CERTIFICATE SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY
CERTIFICATE, DEEMED) TO HAVE CERTIFIED THAT THE FOREGOING CONDITION IS
SATISFIED, AND THAT IT WILL NOT TRANSFER THIS CERTIFICATE IN VIOLATION OF THE
FOREGOING.

A-13-2

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES, THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS A-3FL CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES AND THE CLASS D CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  IN ADDITION, IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS F, CLASS G, CLASS H, CLASS J, CLASS K, CLASS L, CLASS M, CLASS N, CLASS O AND CLASS P (AND WITH RESPECT TO LOSSES AND EXPENSES ON THE WOODLANDS MALL LOAN, THE CLASS WM) CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES
EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

                    This certifies that Cede & Co. is the registered owner of the Percentage Interest evidenced by this Class E Certificate (obtained by dividing the principal amount of this Class E Certificate (its “Certificate Principal Balance”) as of the Closing Date by the aggregate principal amount of all the Class E Certificates (their “Class Principal Balance”) as of the Closing Date) in that certain beneficial ownership interest evidenced by all the Class E Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Wachovia Commercial Mortgage Securities, Inc. (herein called the “Depositor”, which term includes any successor entity under the Agreement), Wachovia Bank, National Association (herein called the
“Master Servicer”, which term includes any successor entity under the Agreement), LNR Partners, Inc. (herein called the “Special Servicer”, which term includes any successor entity under the Agreement) and Wells Fargo Bank, N.A. (herein called the “Trustee”, which term includes any successor entity under the Agreement), a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the respective meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

                    Pursuant to the terms of the Agreement, distributions will be made on the fourth Business Day following the related Determination Date (each, a “Distribution Date”).  The Determination Date is the 11th day of each month or, if such 11th day is not a Business Day, the Business Day immediately succeeding, commencing in July 2006 (each, a “Determination 

A-13-3

Date”).  Distributions will be made commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the last Business Day of the month immediately preceding the month of such distribution (the “Record Date”), in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of the Class E Certificates on the applicable Distribution Date pursuant to the Agreement.  All distributions made under the Agreement on the Class E Certificates will be made by Wells Fargo Bank, N.A., as paying agent (the “Paying Agent”), by wire transfer of immediately available funds to the account of the Person entitled thereto at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided the Paying Agent with wiring
instructions no less than five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to the address of such Certificateholder as it appears in the Certificate Register.  Notwithstanding the foregoing, the final distribution on this Certificate (determined without regard to any possible future reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated to this Certificate) will be made in like manner, but only upon presentation and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to the Holder hereof of such final distribution.  Also notwithstanding the foregoing, any distribution that may be made with respect to this Certificate in reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated to this Certificate, which reimbursement is
to occur after the date on which this Certificate is surrendered as contemplated by the preceding sentence, will be made by check mailed to the address of the Holder that surrenders this Certificate as such address last appears in the Certificate Register or to any such other address of which the Paying Agent is subsequently notified in writing.

                    The Certificates are limited in right of distribution to certain collections and recoveries respecting the Mortgage Loans and REO Loans, all as more specifically set forth herein and in the Agreement.  As provided in the Agreement, withdrawals from the Certificate Account, the Distribution Account and, if established, the REO Account may be made from time to time for purposes other than, and, in certain cases, prior to, distributions to Certificateholders, such purposes including the reimbursement of Advances made, or certain expenses incurred, with respect to the Mortgage Loans and the payment of interest on such Advances and expenses.

                    Interest accrued on this Certificate during an Interest Accrual Period, plus any unpaid interest shortfall with respect to this Certificate for any prior Distribution Date, if any, will be payable on the related Distribution Date to the extent provided in the Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class E Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

                    Any distribution to the Holder of this Certificate in reduction of the Certificate Principal Balance hereof is binding on such Holder and all future Holders of this Certificate and any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such distribution is made upon this Certificate.

A-13-4

                    The
Class E Certificates are issuable in fully registered form only without coupons
in minimum denominations specified in the Agreement.  As provided in the
Agreement and subject to certain limitations therein set forth, Class E
Certificates are exchangeable for new Class E Certificates in authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

                    As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices of the Certificate Registrar, duly endorsed by, or accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Class E Certificates in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

                    No transfer of any Class E Certificate shall be made unless that transfer is made pursuant to an effective registration statement under the Securities Act, and effective registration or qualification under applicable state securities laws, or is made in a transaction which does not require such registration or qualification.  If such a transfer is to be made without registration under the Securities Act (other than in connection with the initial issuance thereof or the initial transfer thereof by the Depositor, the Underwriters or their respective affiliates), then the Certificate Registrar shall refuse to register such transfer unless it receives either: (i) a certificate from the Certificateholder desiring to effect such transfer substantially in the form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder’s prospective transferee substantially in the form attached as either Exhibit F-2 or Exhibit F-3 to the Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the Certificate Registrar to the effect that such transfer may be made without registration under the Securities Act (which Opinion of Counsel shall not be an expense of the Trust Fund or of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their respective capacities as such), together with the written certification(s) as to the facts surrounding such transfer from the Certificateholder desiring to effect such transfer and/or such Certificateholder’s prospective transferee on which such Opinion of Counsel is based.  None of the Depositor, the Trustee, Paying Agent or the Certificate Registrar is obligated to register or qualify the Class E Certificates under the Securities Act or any other securities law or to take any action not
otherwise required under the Agreement to permit the transfer of any Class E Certificate without registration or qualification.  Any Class E Certificateholder desiring to effect such a transfer shall, and by the acceptance of its Class E Certificate agrees to, indemnify the Trustee, the Certificate Registrar, the Paying Agent and the Depositor against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

                    No service charge will be imposed for any registration of transfer or exchange of Class E Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Class E Certificates.

                    Notwithstanding the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book-entry facilities of DTC.

A-13-5

                    The Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes whatsoever and none of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent, the Certificate Registrar, or any such agent shall be affected by notice to the contrary.

                    The Trust Fund and the obligations created by the Agreement shall terminate upon distribution (or provision for distribution) to the Certificateholders of all amounts held by or on behalf of the Trustee and required to be distributed to them pursuant to the Agreement following the earlier to occur of (i) the final payment (or any advance with respect thereto) or other liquidation of the last Mortgage Loan or REO Property remaining in the Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder at a price determined as provided in the Agreement of all Mortgage Loans and each REO Property remaining in the Trust Fund.  The Agreement permits, but does not require, the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder to purchase from the Trust
Fund all Mortgage Loans and each REO Property remaining therein.  The exercise of such right will effect early retirement of the Class E Certificates; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Pool at the time of purchase being less than 1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date specified on the face hereof.

                    In addition, any exchange by any Certificateholder of all of the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund may be made:  (i) if the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) are held by a single Certificateholder and  (ii) the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-3FL, Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D Certificates have been paid in full.

                    The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Special Servicer and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Special Servicer and the Trustee with the consent of the Holders of Certificates entitled to at least 51% of the Voting Rights allocated to the affected Classes.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to maintain the status of the Trust Fund (or designated portions thereof) as consisting of three separate REMICs and two grantor trusts, without the consent of the Holders of any of the Certificates.

                    Unless the certificate of authentication hereon has been executed by the Certificate Registrar, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

A-13-6

                    The registered Holder hereof, by its acceptance hereof, agrees that it will look solely to the Trust Fund (to the extent of its rights therein) for distributions hereunder.

                    This Certificate shall be construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in said State, and the obligations, rights and remedies of the Holder hereof shall be determined in accordance with such laws.

A-13-7

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

Dated:  June 29, 2006

	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Certificate Registrar
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-13-8

CERTIFICATE OF AUTHENTICATION

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

	
  
 
  	
  
WELLS FARGO   BANK, N.A., as 
   Authenticating Agent
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-13-9

ASSIGNMENT

                    FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto ________________________________________________________ (please print or typewrite name and address including postal zip code of assignee) the beneficial ownership interest in the Trust Fund evidenced by the within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

                    I (we) further direct the Certificate Registrar to issue a new Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Commercial Mortgage Pass-Through Certificate to the following address:  __________________________________________________.

Dated:  _________________________

	
  
 
  	
  
 
  
	
  
 
  	

  
	
  
 
  	
  
Signature by or on behalf of Assignor
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
   
  	

  
	
  
 
  	
  
Signature Guaranteed
  

A-13-10

DISTRIBUTION INSTRUCTIONS

                    The Assignee should include the following for purposes of distribution:

                    Distributions shall, if permitted, be made by wire transfer or otherwise, in immediately available funds, to _____________________________ for the account of _______________.

                    Distributions made by check (such check to be made payable to _____________________) and all applicable statements and notices should be mailed to _________________________.

                    This information is provided by ________________________________, the Assignee named above, or ____________________________________, as its agent.

A-13-11

EXHIBIT A-14

FORM OF CLASS F CERTIFICATE

CLASS F COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
 SERIES 2006-C26

evidencing a beneficial ownership interest in a trust fund (the “Trust Fund”) consisting primarily of a pool of multifamily and commercial mortgage loans (the “Mortgage Loans”), such pool being formed and sold by

WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

	
  
Pass-Through   Rate:  Variable
  	
  
 
  	
  
Class Principal   Balance of the Class F Certificates as of the Closing Date: $19,483,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Date of   Pooling and Servicing Agreement: as of June 1, 2006
  	
  
 
  	
  
Initial   Certificate Principal Balance of this Class F Certificate as of the Closing   Date: $19,483,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Closing   Date:  June 29, 2006
  	
  
 
  	
  
Aggregate   Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date:   $1,731,843,7671
  
	
  
 
  	
  
 
  	
  
 
  
	
  
First   Distribution Date:  July 17, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  Master   Servicer:  Wachovia Bank, National   Association
  	
  
 
  	
  
Trustee:   Wells Fargo Bank, N.A.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Special Servicer:  LNR Partners, Inc.
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Certificate   No. F-1
  	
  
 
  	
  
CUSIP No.
  

UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK
CORPORATION (“DTC”), TO THE DEPOSITOR, THE MASTER SERVICER, THE
TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF FOR REGISTRATION OF
TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.

	
  

  
	
  
1
  	
  
Excludes   $10,000,000, which is the balance of The Woodlands Mall Non-Pooled Component,   represented solely by the Class WM Certificate.
  

A-14-1

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE.  ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (A “REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”).

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, CERTIFICATES, THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS A-3FL CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES AND THE CLASS E CERTIFICATES OF THE SAME SERIES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY “EMPLOYEE BENEFIT PLAN” SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), ANY “PLAN” SUBJECT TO SECTION 4975 OF THE CODE, OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE, LOCAL, OR OTHER LAW SUBSTANTIVELY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF OR WITH ANY ASSETS OF ANY SUCH PLAN (EACH, A “PLAN”) UNLESS IT IS AN ACCREDITED INVESTOR AS DEFINED IN RULE 501(A)(1) OF REGULATION D UNDER THE SECURITIES ACT.  EACH PERSON WHO ACQUIRES THIS CERTIFICATE SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE, DEEMED) TO HAVE CERTIFIED THAT THE FOREGOING CONDITION IS SATISFIED, AND THAT IT WILL NOT TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

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IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES, THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS A-3FL CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES AND THE CLASS E CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  IN ADDITION, IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS G, CLASS H, CLASS J, CLASS K, CLASS L, CLASS M, CLASS N, CLASS O AND CLASS P (AND WITH RESPECT TO LOSSES AND EXPENSES ON THE WOODLANDS MALL LOAN, THE CLASS WM) CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE REDUCED BY CERTAIN
LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

                    This certifies that Cede & Co. is the registered owner of the Percentage Interest evidenced by this Class F Certificate (obtained by dividing the principal amount of this Class F Certificate (its “Certificate Principal Balance”) as of the Closing Date by the aggregate principal amount of all the Class F Certificates (their “Class Principal Balance”) as of the Closing Date) in that certain beneficial ownership interest evidenced by all the Class F Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Wachovia Commercial Mortgage Securities, Inc. (herein called the “Depositor”, which term includes any successor entity under the Agreement), Wachovia Bank, National Association (herein called the
“Master Servicer”, which term includes any successor entity under the Agreement), LNR Partners, Inc. (herein called the “Special Servicer”, which term includes any successor entity under the Agreement) and Wells Fargo Bank, N.A. (herein called the “Trustee”, which term includes any successor entity under the Agreement), a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the respective meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

                    Pursuant to the terms of the Agreement, distributions will be made on the fourth Business Day following the related Determination Date (each, a “Distribution Date”).  The Determination Date is the 11th day of each month or, if such 11th day is not a Business Day, the Business Day immediately succeeding, commencing in July 2006 (each, a “Determination 

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Date”).  Distributions will be made commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the last Business Day of the month immediately preceding the month of such distribution (the “Record Date”), in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of the Class F Certificates on the applicable Distribution Date pursuant to the Agreement.  All distributions made under the Agreement on the Class F Certificates will be made by Wells Fargo Bank, N.A., as paying agent (the “Paying Agent”), by wire transfer of immediately available funds to the account of the Person entitled thereto at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided the Paying Agent with wiring
instructions no less than five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to the address of such Certificateholder as it appears in the Certificate Register.  Notwithstanding the foregoing, the final distribution on this Certificate (determined without regard to any possible future reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated to this Certificate) will be made in like manner, but only upon presentation and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to the Holder hereof of such final distribution.  Also notwithstanding the foregoing, any distribution that may be made with respect to this Certificate in reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated to this Certificate, which reimbursement is
to occur after the date on which this Certificate is surrendered as contemplated by the preceding sentence, will be made by check mailed to the address of the Holder that surrenders this Certificate as such address last appears in the Certificate Register or to any such other address of which the Paying Agent is subsequently notified in writing.

                    The Certificates are limited in right of distribution to certain collections and recoveries respecting the Mortgage Loans and REO Loans, all as more specifically set forth herein and in the Agreement.  As provided in the Agreement, withdrawals from the Certificate Account, the Distribution Account and, if established, the REO Account may be made from time to time for purposes other than, and, in certain cases, prior to, distributions to Certificateholders, such purposes including the reimbursement of Advances made, or certain expenses incurred, with respect to the Mortgage Loans and the payment of interest on such Advances and expenses.

                    Interest accrued on this Certificate during an Interest Accrual Period, plus any unpaid interest shortfall with respect to this Certificate for any prior Distribution Date, if any, will be payable on the related Distribution Date to the extent provided in the Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class F Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

                    Any distribution to the Holder of this Certificate in reduction of the Certificate Principal Balance hereof is binding on such Holder and all future Holders of this Certificate and any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such distribution is made upon this Certificate.

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                    The Class F Certificates are issuable in fully registered form only without coupons in minimum denominations specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Class F Certificates are exchangeable for new Class F Certificates in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

                    As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices of the Certificate Registrar, duly endorsed by, or accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Class F Certificates in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

                    No transfer of any Class F Certificate shall be made unless that transfer is made pursuant to an effective registration statement under the Securities Act, and effective registration or qualification under applicable state securities laws, or is made in a transaction which does not require such registration or qualification.  If such a transfer is to be made without registration under the Securities Act (other than in connection with the initial issuance thereof or the initial transfer thereof by the Depositor, the Underwriters or their respective affiliates), then the Certificate Registrar shall refuse to register such transfer unless it receives either: (i) a certificate from the Certificateholder desiring to effect such transfer substantially in the form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder’s prospective transferee substantially in the form attached as either Exhibit F-2 or Exhibit F-3 to the Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the Certificate Registrar to the effect that such transfer may be made without registration under the Securities Act (which Opinion of Counsel shall not be an expense of the Trust Fund or of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their respective capacities as such), together with the written certification(s) as to the facts surrounding such transfer from the Certificateholder desiring to effect such transfer and/or such Certificateholder’s prospective transferee on which such Opinion of Counsel is based.  None of the Depositor, the Trustee, Paying Agent or the Certificate Registrar is obligated to register or qualify the Class F Certificates under the Securities Act or any other securities law or to take any action not
otherwise required under the Agreement to permit the transfer of any Class F Certificate without registration or qualification.  Any Class F Certificateholder desiring to effect such a transfer shall, and by the acceptance of its Class F Certificate agrees to, indemnify the Trustee, the Certificate Registrar, the Paying Agent and the Depositor against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

                    No service charge will be imposed for any registration of transfer or exchange of Class F Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Class F Certificates.

                    Notwithstanding the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book-entry facilities of DTC.

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                    The Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes whatsoever and none of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent, the Certificate Registrar, or any such agent shall be affected by notice to the contrary.

                    The Trust Fund and the obligations created by the Agreement shall terminate upon distribution (or provision for distribution) to the Certificateholders of all amounts held by or on behalf of the Trustee and required to be distributed to them pursuant to the Agreement following the earlier to occur of (i) the final payment (or any advance with respect thereto) or other liquidation of the last Mortgage Loan or REO Property remaining in the Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder at a price determined as provided in the Agreement of all Mortgage Loans and each REO Property remaining in the Trust Fund.  The Agreement permits, but does not require, the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder to purchase from the Trust
Fund all Mortgage Loans and each REO Property remaining therein.  The exercise of such right will effect early retirement of the Class F Certificates; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Pool at the time of purchase being less than 1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date specified on the face hereof.

                    In addition, any exchange by any Certificateholder of all of the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund may be made:  (i) if the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) are held by a single Certificateholder and  (ii) the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-3FL, Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D Certificates have been paid in full.

                    The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Special Servicer and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Special Servicer and the Trustee with the consent of the Holders of Certificates entitled to at least 51% of the Voting Rights allocated to the affected Classes.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to maintain the status of the Trust Fund (or designated portions thereof) as consisting of three separate REMICs and two grantor trusts, without the consent of the Holders of any of the Certificates.

                    Unless the certificate of authentication hereon has been executed by the Certificate Registrar, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

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                    The registered Holder hereof, by its acceptance hereof, agrees that it will look solely to the Trust Fund (to the extent of its rights therein) for distributions hereunder.

                    This Certificate shall be construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in said State, and the obligations, rights and remedies of the Holder hereof shall be determined in accordance with such laws.

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

Dated:  June 29, 2006

	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Certificate Registrar
  
	
   
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-14-8

CERTIFICATE OF AUTHENTICATION

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

	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Authenticating Agent
  
	
   
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	

  
	
  
 
  	
  
 
  	
  
Authorized Representative
  

A-14-9

ASSIGNMENT

                    FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto ________________________________________________________ (please print or typewrite name and address including postal zip code of assignee) the beneficial ownership interest in the Trust Fund evidenced by the within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

                    I (we) further direct the Certificate Registrar to issue a new Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Commercial Mortgage Pass-Through Certificate to the following address:  __________________________________________________.

Dated:  _________________________

	
  
 
  	
  
 
  
	
  
 
  	

  
	
  
 
  	
  
Signature by or on behalf of Assignor
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	

  
	
  
 
  	
  
Signature Guaranteed
  

A-14-10

DISTRIBUTION INSTRUCTIONS

                    The Assignee should include the following for purposes of distribution:

                    Distributions shall, if permitted, be made by wire transfer or otherwise, in immediately available funds, to _____________________________ for the account of _______________.

                    Distributions made by check (such check to be made payable to _____________________) and all applicable statements and notices should be mailed to _________________________.

                    This information is provided by ________________________________, the Assignee named above, or ____________________________________, as its agent.

A-14-11

EXHIBIT A-15

FORM OF CLASS G CERTIFICATE

CLASS G COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
 SERIES 2006-C26

evidencing a beneficial ownership interest in a trust fund (the “Trust Fund”) consisting primarily of a pool of multifamily and commercial mortgage loans (the “Mortgage Loans”), such pool being formed and sold by

WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

	
  
Pass-Through   Rate:  Variable
  	
  
 
  	
  
Class   Principal Balance of the Class G Certificates as of the Closing Date:   $21,648,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Date of   Pooling and Servicing Agreement: as of June 1, 2006
  	
  
 
  	
  
Initial   Certificate Principal Balance of this Class G Certificate as of the Closing   Date: $21,648,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Closing   Date:  June 29, 2006
  	
  
 
  	
  
Aggregate   Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date:   $1,731,843,7671
  
	
  
 
  	
  
 
  	
  
 
  
	
  
First   Distribution Date:  July 17, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Master   Servicer:  Wachovia Bank, National   Association
  	
  
 
  	
  
Trustee:   Wells Fargo Bank, N.A.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Special   Servicer:  LNR Partners, Inc.
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  Certificate   No. G-1
  	
  
 
  	
  
CUSIP No.
  

UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK
CORPORATION (“DTC”), TO THE DEPOSITOR, THE MASTER SERVICER, THE
TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF FOR REGISTRATION OF
TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.

	
  

  
	
  
1
  	
  
Excludes   $10,000,000, which is the balance of The Woodlands Mall Non-Pooled Component,   represented solely by the Class WM Certificate.
  

A-15-1

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE.  ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (A “REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”).

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS A-3FL CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E CERTIFICATES AND THE CLASS F CERTIFICATES OF THE SAME SERIES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY
INTEREST THEREIN SHALL BE MADE TO ANY “EMPLOYEE BENEFIT PLAN” SUBJECT
TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”), ANY “PLAN” SUBJECT TO SECTION 4975 OF THE CODE,
OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT
SUBJECT TO ANY FEDERAL, STATE, LOCAL, OR OTHER LAW SUBSTANTIVELY SIMILAR TO THE
FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF OR
WITH ANY ASSETS OF ANY SUCH PLAN (EACH, A “PLAN”) UNLESS IT IS AN
ACCREDITED INVESTOR AS DEFINED IN RULE 501(A)(1) OF REGULATION D UNDER THE
SECURITIES ACT. EACH PERSON WHO ACQUIRES THIS CERTIFICATE SHALL BE REQUIRED (OR,
IN THE CASE OF A BOOK-ENTRY CERTIFICATE, DEEMED) TO HAVE CERTIFIED THAT THE
FOREGOING CONDITION IS SATISFIED, AND THAT IT WILL NOT TRANSFER THIS CERTIFICATE
IN VIOLATION OF THE FOREGOING.

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IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES, THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS A-3FL CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E CERTIFICATES AND THE CLASS F CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  IN ADDITION, IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS H, CLASS J, CLASS K, CLASS L, CLASS M, CLASS N, CLASS O AND CLASS P (AND WITH RESPECT TO LOSSES AND EXPENSES ON THE WOODLANDS MALL LOAN, THE CLASS WM) CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE REDUCED
BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

                    This certifies that Cede & Co. is the registered owner of the Percentage Interest evidenced by this Class G Certificate (obtained by dividing the principal amount of this Class G Certificate (its “Certificate Principal Balance”) as of the Closing Date by the aggregate principal amount of all the Class G Certificates (their “Class Principal Balance”) as of the Closing Date) in that certain beneficial ownership interest evidenced by all the Class G Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Wachovia Commercial Mortgage Securities, Inc. (herein called the “Depositor”, which term includes any successor entity under the Agreement), Wachovia Bank, National Association (herein called the
“Master Servicer”, which term includes any successor entity under the Agreement), LNR Partners, Inc. (herein called the “Special Servicer”, which term includes any successor entity under the Agreement) and Wells Fargo Bank, N.A. (herein called the “Trustee”, which term includes any successor entity under the Agreement), a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the respective meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

                    Pursuant to the terms of the Agreement, distributions will be made on the fourth Business Day following the related Determination Date (each, a “Distribution Date”).  The Determination Date is the 11th day of each month or, if such 11th day is not a Business Day, the Business Day immediately succeeding, commencing in July 2006 (each, a “Determination Date”).  Distributions will be made commencing on the first Distribution Date specified above,

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to the Person in whose name this Certificate is registered at the close of business on the last Business Day of the month immediately preceding the month of such distribution (the “Record Date”), in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of the Class G Certificates on the applicable Distribution Date pursuant to the Agreement.  All distributions made under the Agreement on the Class G Certificates will be made by Wells Fargo Bank, N.A., as paying agent (the “Paying Agent”), by wire transfer of immediately available funds to the account of the Person entitled thereto at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided the Paying Agent with wiring instructions no less than five Business Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to the address of such Certificateholder as it appears in the Certificate Register.  Notwithstanding the foregoing, the final distribution on this Certificate (determined without regard to any possible future reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated to this Certificate) will be made in like manner, but only upon presentation and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to the Holder hereof of such final distribution.  Also notwithstanding the foregoing, any distribution that may be made with respect to this Certificate in reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated to this Certificate, which reimbursement is to occur after the date on which this Certificate is surrendered as contemplated by the preceding sentence, will be
made by check mailed to the address of the Holder that surrenders this Certificate as such address last appears in the Certificate Register or to any such other address of which the Paying Agent is subsequently notified in writing.

                    The Certificates are limited in right of distribution to certain collections and recoveries respecting the Mortgage Loans and REO Loans, all as more specifically set forth herein and in the Agreement.  As provided in the Agreement, withdrawals from the Certificate Account, the Distribution Account and, if established, the REO Account may be made from time to time for purposes other than, and, in certain cases, prior to, distributions to Certificateholders, such purposes including the reimbursement of Advances made, or certain expenses incurred, with respect to the Mortgage Loans and the payment of interest on such Advances and expenses.

                    Interest accrued on this Certificate during an Interest Accrual Period, plus any unpaid interest shortfall with respect to this Certificate for any prior Distribution Date, if any, will be payable on the related Distribution Date to the extent provided in the Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class G Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

                    Any distribution to the Holder of this Certificate in reduction of the Certificate Principal Balance hereof is binding on such Holder and all future Holders of this Certificate and any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such distribution is made upon this Certificate.

                    The
Class G Certificates are issuable in fully registered form only without coupons
in minimum denominations specified in the Agreement.  As provided in the
Agreement and subject to certain limitations therein set forth, Class G
Certificates are exchangeable for new Class G Certificates in authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

A-15-4

                    As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices of the Certificate Registrar, duly endorsed by, or accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Class G Certificates in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

                    No transfer of any Class G Certificate shall be made unless that transfer is made pursuant to an effective registration statement under the Securities Act, and effective registration or qualification under applicable state securities laws, or is made in a transaction which does not require such registration or qualification.  If such a transfer is to be made without registration under the Securities Act (other than in connection with the initial issuance thereof or the initial transfer thereof by the Depositor, the Underwriters or their respective affiliates), then the Certificate Registrar shall refuse to register such transfer unless it receives either: (i) a certificate from the Certificateholder desiring to effect such transfer substantially in the form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder’s prospective transferee substantially in the form attached as either Exhibit F-2 or Exhibit F-3 to the Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the Certificate Registrar to the effect that such transfer may be made without registration under the Securities Act (which Opinion of Counsel shall not be an expense of the Trust Fund or of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their respective capacities as such), together with the written certification(s) as to the facts surrounding such transfer from the Certificateholder desiring to effect such transfer and/or such Certificateholder’s prospective transferee on which such Opinion of Counsel is based.  None of the Depositor, the Trustee, Paying Agent or the Certificate Registrar is obligated to register or qualify the Class G Certificates under the Securities Act or any other securities law or to take any action not
otherwise required under the Agreement to permit the transfer of any Class G Certificate without registration or qualification.  Any Class G Certificateholder desiring to effect such a transfer shall, and by the acceptance of its Class G Certificate agrees to, indemnify the Trustee, the Certificate Registrar, the Paying Agent and the Depositor against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

                    No service charge will be imposed for any registration of transfer or exchange of Class G Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Class G Certificates.

                    Notwithstanding the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book-entry facilities of DTC.

A-15-5

                    The Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes whatsoever and none of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent, the Certificate Registrar, or any such agent shall be affected by notice to the contrary.

                    The Trust Fund and the obligations created by the Agreement shall terminate upon distribution (or provision for distribution) to the Certificateholders of all amounts held by or on behalf of the Trustee and required to be distributed to them pursuant to the Agreement following the earlier to occur of (i) the final payment (or any advance with respect thereto) or other liquidation of the last Mortgage Loan or REO Property remaining in the Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder at a price determined as provided in the Agreement of all Mortgage Loans and each REO Property remaining in the Trust Fund.  The Agreement permits, but does not require, the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder to purchase from the Trust
Fund all Mortgage Loans and each REO Property remaining therein.  The exercise of such right will effect early retirement of the Class G Certificates; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Pool at the time of purchase being less than 1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date specified on the face hereof.

                    In addition, any exchange by any Certificateholder of all of the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund may be made:  (i) if the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) are held by a single Certificateholder and  (ii) the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-3FL, Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D Certificates have been paid in full.

                    The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Special Servicer and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Special Servicer and the Trustee with the consent of the Holders of Certificates entitled to at least 51% of the Voting Rights allocated to the affected Classes.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to maintain the status of the Trust Fund (or designated portions thereof) as consisting of three separate REMICs and two grantor trusts, without the consent of the Holders of any of the Certificates.

                    Unless the certificate of authentication hereon has been executed by the Certificate Registrar, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

A-15-6

                    The registered Holder hereof, by its acceptance hereof, agrees that it will look solely to the Trust Fund (to the extent of its rights therein) for distributions hereunder.

                    This Certificate shall be construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in said State, and the obligations, rights and remedies of the Holder hereof shall be determined in accordance with such laws.

A-15-7

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

Dated:  June 29, 2006

	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Certificate Registrar
  
	
   
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-15-8

CERTIFICATE OF AUTHENTICATION

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

	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Authenticating Agent
  
	
   
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-15-9

ASSIGNMENT

                    FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto ________________________________________________________ (please print or typewrite name and address including postal zip code of assignee) the beneficial ownership interest in the Trust Fund evidenced by the within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

                    I (we) further direct the Certificate Registrar to issue a new Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Commercial Mortgage Pass-Through Certificate to the following address:  __________________________________________________.

Dated:  _________________________

	
  
 
  	
  
 
  
	
  
 
  	

  
	
  
 
  	
  
Signature by or on behalf of Assignor
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	

  
	
  
 
  	
  
Signature Guaranteed
  

A-15-10

DISTRIBUTION INSTRUCTIONS

                    The Assignee should include the following for purposes of distribution:

                    Distributions shall, if permitted, be made by wire transfer or otherwise, in immediately available funds, to _____________________________ for the account of _______________.

                    Distributions made by check (such check to be made payable to _____________________) and all applicable statements and notices should be mailed to _________________________.

                    This information is provided by ________________________________, the Assignee named above, or ____________________________________, as its agent.

A-15-11

EXHIBIT A-16

FORM OF CLASS H CERTIFICATE

CLASS H COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
 SERIES 2006-C26

evidencing a beneficial ownership interest in a trust fund (the “Trust Fund”) consisting primarily of a pool of multifamily and commercial mortgage loans (the “Mortgage Loans”), such pool being formed and sold by

WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

	
  
Pass-Through   Rate:  Variable
  	
  
 
  	
  
Class   Principal Balance of the Class H Certificates as of the Closing Date:   $19,483,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Date of   Pooling and Servicing Agreement: as of June 1, 2006
  	
  
 
  	
  
Initial   Certificate Principal Balance of this Class H Certificate as of the Closing   Date: $19,483,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Closing   Date:  June 29, 2006
  	
  
 
  	
  
Aggregate   Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date:   $1,731,843,7671
  
	
  
 
  	
  
 
  	
  
 
  
	
  
First   Distribution Date:  July 17, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Master   Servicer:  Wachovia Bank, National   Association
  	
  
 
  	
  
Trustee:   Wells Fargo Bank, N.A.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Special   Servicer:  LNR Partners, Inc.
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  Certificate   No. H-1
  	
  
 
  	
  
CUSIP No.
  

UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK
CORPORATION (“DTC”), TO THE DEPOSITOR, THE MASTER SERVICER, THE
TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF FOR REGISTRATION OF
TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.

	
  

  
	
  
1
  	
  
Excludes   $10,000,000, which is the balance of The Woodlands Mall Non-Pooled Component,   represented solely by the Class WM Certificate.
  

A-16-1

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE.  ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (A “REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”).

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS A-3FL CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E CERTIFICATES, THE CLASS F CERTIFICATES AND THE CLASS G CERTIFICATES OF THE SAME SERIES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY “EMPLOYEE BENEFIT PLAN” SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), ANY “PLAN” SUBJECT TO SECTION 4975 OF THE CODE, OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE, LOCAL, OR OTHER LAW SUBSTANTIVELY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF OR WITH ANY ASSETS OF ANY SUCH PLAN (EACH, A “PLAN”) UNLESS IT IS AN ACCREDITED INVESTOR AS DEFINED IN RULE 501(A)(1) OF REGULATION D UNDER THE SECURITIES ACT. EACH PERSON WHO ACQUIRES THIS CERTIFICATE SHALL BE REQUIRED

A-16-2

(OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE, DEEMED) TO HAVE CERTIFIED THAT THE FOREGOING CONDITION IS SATISFIED, AND THAT IT WILL NOT TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES, THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS A-3FL CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E CERTIFICATES, THE CLASS F CERTIFICATES AND THE CLASS G CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  IN ADDITION, IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS J, CLASS K, CLASS L, CLASS M, CLASS N, CLASS O AND CLASS P (AND WITH RESPECT TO LOSSES AND EXPENSES ON THE WOODLANDS MALL LOAN, THE CLASS WM) CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, THE CERTIFICATE PRINCIPAL BALANCE OF THIS
CERTIFICATE MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

                    This certifies that Cede & Co. is the registered owner of the Percentage Interest evidenced by this Class H Certificate (obtained by dividing the principal amount of this Class H Certificate (its “Certificate Principal Balance”) as of the Closing Date by the aggregate principal amount of all the Class H Certificates (their “Class Principal Balance”) as of the Closing Date) in that certain beneficial ownership interest evidenced by all the Class H Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Wachovia Commercial Mortgage Securities, Inc. (herein called the “Depositor”, which term includes any successor entity under the Agreement), Wachovia Bank, National Association (herein called the
“Master Servicer”, which term includes any successor entity under the Agreement), LNR Partners, Inc. (herein called the “Special Servicer”, which term includes any successor entity under the Agreement) and Wells Fargo Bank, N.A. (herein called the “Trustee”, which term includes any successor entity under the Agreement), a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the respective meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

                    Pursuant to the terms of the Agreement, distributions will be made on the fourth Business Day following the related Determination Date (each, a “Distribution Date”).  The Determination Date is the 11th day of each month or, if such 11th day is not a Business Day, the 

A-16-3

Business Day immediately succeeding, commencing in July 2006 (each, a “Determination Date”).  Distributions will be made commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the last Business Day of the month immediately preceding the month of such distribution (the “Record Date”), in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of the Class H Certificates on the applicable Distribution Date pursuant to the Agreement.  All distributions made under the Agreement on the Class H Certificates will be made by Wells Fargo Bank, N.A., as paying agent (the “Paying Agent”), by wire transfer of immediately available funds to the account of the Person entitled thereto at a bank or other entity having appropriate facilities
therefor, if such Certificateholder shall have provided the Paying Agent with wiring instructions no less than five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to the address of such Certificateholder as it appears in the Certificate Register.  Notwithstanding the foregoing, the final distribution on this Certificate (determined without regard to any possible future reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated to this Certificate) will be made in like manner, but only upon presentation and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to the Holder hereof of such final distribution.  Also notwithstanding the foregoing, any distribution that may be made with respect to this Certificate in reimbursement of any Realized Loss or
Additional Trust Fund Expense previously allocated to this Certificate, which reimbursement is to occur after the date on which this Certificate is surrendered as contemplated by the preceding sentence, will be made by check mailed to the address of the Holder that surrenders this Certificate as such address last appears in the Certificate Register or to any such other address of which the Paying Agent is subsequently notified in writing.

                    The Certificates are limited in right of distribution to certain collections and recoveries respecting the Mortgage Loans and REO Loans, all as more specifically set forth herein and in the Agreement.  As provided in the Agreement, withdrawals from the Certificate Account, the Distribution Account and, if established, the REO Account may be made from time to time for purposes other than, and, in certain cases, prior to, distributions to Certificateholders, such purposes including the reimbursement of Advances made, or certain expenses incurred, with respect to the Mortgage Loans and the payment of interest on such Advances and expenses.

                    Interest accrued on this Certificate during an Interest Accrual Period, plus any unpaid interest shortfall with respect to this Certificate for any prior Distribution Date, if any, will be payable on the related Distribution Date to the extent provided in the Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class H Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

                    Any distribution to the Holder of this Certificate in reduction of the Certificate Principal Balance hereof is binding on such Holder and all future Holders of this Certificate and any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such distribution is made upon this Certificate.

A-16-4

                    The Class H Certificates are issuable in fully registered form only without coupons in minimum denominations specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Class H Certificates are exchangeable for new Class H Certificates in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

                    As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices of the Certificate Registrar, duly endorsed by, or accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Class H Certificates in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

                    No transfer of any Class H Certificate shall be made unless that transfer is made pursuant to an effective registration statement under the Securities Act, and effective registration or qualification under applicable state securities laws, or is made in a transaction which does not require such registration or qualification.  If such a transfer is to be made without registration under the Securities Act (other than in connection with the initial issuance thereof or the initial transfer thereof by the Depositor, the Underwriters or their respective affiliates), then the Certificate Registrar shall refuse to register such transfer unless it receives either: (i) a certificate from the Certificateholder desiring to effect such transfer substantially in the form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder’s prospective transferee substantially in the form attached as either Exhibit F-2 or Exhibit F-3 to the Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the Certificate Registrar to the effect that such transfer may be made without registration under the Securities Act (which Opinion of Counsel shall not be an expense of the Trust Fund or of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their respective capacities as such), together with the written certification(s) as to the facts surrounding such transfer from the Certificateholder desiring to effect such transfer and/or such Certificateholder’s prospective transferee on which such Opinion of Counsel is based.  None of the Depositor, the Trustee, Paying Agent or the Certificate Registrar is obligated to register or qualify the Class H Certificates under the Securities Act or any other securities law or to take any action not
otherwise required under the Agreement to permit the transfer of any Class H Certificate without registration or qualification.  Any Class H Certificateholder desiring to effect such a transfer shall, and by the acceptance of its Class H Certificate agrees to, indemnify the Trustee, the Certificate Registrar, the Paying Agent and the Depositor against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

                    No service charge will be imposed for any registration of transfer or exchange of Class H Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Class H Certificates.

                    Notwithstanding
the foregoing, for so long as this Certificate is registered in the name of Cede
& Co. or in such other name as is requested by an authorized representative
of DTC, transfers of interests in this Certificate shall be made through the
book-entry facilities of DTC.

A-16-5

                    The Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes whatsoever and none of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent, the Certificate Registrar, or any such agent shall be affected by notice to the contrary.

                    The Trust Fund and the obligations created by the Agreement shall terminate upon distribution (or provision for distribution) to the Certificateholders of all amounts held by or on behalf of the Trustee and required to be distributed to them pursuant to the Agreement following the earlier to occur of (i) the final payment (or any advance with respect thereto) or other liquidation of the last Mortgage Loan or REO Property remaining in the Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder at a price determined as provided in the Agreement of all Mortgage Loans and each REO Property remaining in the Trust Fund.  The Agreement permits, but does not require, the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder to purchase from the Trust
Fund all Mortgage Loans and each REO Property remaining therein.  The exercise of such right will effect early retirement of the Class H Certificates; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Pool at the time of purchase being less than 1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date specified on the face hereof.

                    In addition, any exchange by any Certificateholder of all of the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund may be made:  (i) if the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) are held by a single Certificateholder and  (ii) the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-3FL, Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D Certificates have been paid in full.

                    The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Special Servicer and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Special Servicer and the Trustee with the consent of the Holders of Certificates entitled to at least 51% of the Voting Rights allocated to the affected Classes.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to maintain the status of the Trust Fund (or designated portions thereof) as consisting of three separate REMICs and two grantor trusts, without the consent of the Holders of any of the Certificates.

A-16-6

                    Unless the certificate of authentication hereon has been executed by the Certificate Registrar, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

                    The registered Holder hereof, by its acceptance hereof, agrees that it will look solely to the Trust Fund (to the extent of its rights therein) for distributions hereunder.

                    This Certificate shall be construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in said State, and the obligations, rights and remedies of the Holder hereof shall be determined in accordance with such laws.

A-16-7

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

	
  
Dated:  June 29, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Certificate Registrar
  
	
  
 
  	
  
 
  
	
   
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-16-8

CERTIFICATE OF AUTHENTICATION

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

	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Authenticating Agent
  
	
  
 
  	
  
 
  
	
   
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-16-9

ASSIGNMENT

                    FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto ________________________________________________________ (please print or typewrite name and address including postal zip code of assignee) the beneficial ownership interest in the Trust Fund evidenced by the within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

                    I (we) further direct the Certificate Registrar to issue a new Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Commercial Mortgage Pass-Through Certificate to the following address:  __________________________________________________.

Dated:  _________________________

	
  
 
  	
  
 
  
	
  
 
  	

  
	
  
 
  	
  
Signature by or on behalf of Assignor
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	

  
	
  
 
  	
  
Signature Guaranteed
  

A-16-10

DISTRIBUTION INSTRUCTIONS

                    The Assignee should include the following for purposes of distribution:

                    Distributions shall, if permitted, be made by wire transfer or otherwise, in immediately available funds, to _____________________________ for the account of _______________.

                    Distributions made by check (such check to be made payable to _____________________) and all applicable statements and notices should be mailed to _________________________.

                    This information is provided by ________________________________, the Assignee named above, or ____________________________________, as its agent.

A-16-11

EXHIBIT A-17

FORM OF CLASS J CERTIFICATE

CLASS J COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
 SERIES 2006-C26

evidencing a beneficial ownership interest in a trust fund (the “Trust Fund”) consisting primarily of a pool of multifamily and commercial mortgage loans (the “Mortgage Loans”), such pool being formed and sold by

WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

	
  Pass-Through   Rate:  Variable
  	
  
 
  	
  
Class   Principal Balance of the Class J Certificates as of the Closing Date:   $4,330,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Date of   Pooling and Servicing Agreement: as of June 1, 2006
  	
  
 
  	
  
Initial   Certificate Principal Balance of this Class J Certificate as of the Closing   Date: $4,330,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Closing   Date:  June 29, 2006
  	
  
 
  	
  
Aggregate   Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date:   $1,731,843,7671
  
	
  
 
  	
  
 
  	
  
 
  
	
  
First   Distribution Date:  July 17, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Master Servicer:  Wachovia Bank, National Association
  	
  
 
  	
  
Trustee:   Wells Fargo Bank, N.A.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Special   Servicer:  LNR Partners, Inc.
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Certificate   No. J-1
  	
  
 
  	
  
CUSIP No.
  

UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK
CORPORATION (“DTC”), TO THE DEPOSITOR, THE MASTER SERVICER, THE
TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF FOR REGISTRATION OF
TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.

	
  

  
	
  
1
  	
  
Excludes   $10,000,000, which is the balance of The Woodlands Mall Non-Pooled Component,   represented solely by the Class WM Certificate.
  

A-17-1

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE.  ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (A “REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”).

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS A-3FL CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E CERTIFICATES, THE CLASS F CERTIFICATES, THE CLASS G CERTIFICATES AND THE CLASS H CERTIFICATES OF THE SAME SERIES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY “EMPLOYEE BENEFIT PLAN” SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), ANY “PLAN” SUBJECT TO SECTION 4975 OF THE CODE, OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE, LOCAL, OR OTHER LAW SUBSTANTIVELY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING DIRECTLY OR INDIRECTLY FOR, ON BEHALF OF OR WITH ANY ASSETS OF ANY SUCH PLAN (EACH, A “PLAN”) UNLESS IT IS AN INSURANCE COMPANY GENERAL ACCOUNT WHICH IS ELIGIBLE FOR, AND SATISFIES ALL OF THE REQUIREMENTS FOR, EXEMPTIVE RELIEF UNDER SECTIONS I AND III OF DEPARTMENT OF LABOR PROHIBITED 

A-17-2

TRANSACTION CLASS EXEMPTION 95-60 (“PTE 95-60”). EACH PERSON WHO ACQUIRES THIS CERTIFICATE SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE, DEEMED) TO HAVE CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT IT WILL NOT TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES, THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS A-3FL CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E CERTIFICATES, THE CLASS F CERTIFICATES, THE CLASS G CERTIFICATES AND THE CLASS H CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  IN ADDITION, IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS K, CLASS L, CLASS M, CLASS N, CLASS O AND CLASS P (AND WITH RESPECT TO LOSSES AND EXPENSES ON THE WOODLANDS MALL LOAN, THE CLASS WM) CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, THE CERTIFICATE PRINCIPAL BALANCE
OF THIS CERTIFICATE MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

                    This certifies that Cede & Co. is the registered owner of the Percentage Interest evidenced by this Class J Certificate (obtained by dividing the principal amount of this Class J Certificate (its “Certificate Principal Balance”) as of the Closing Date by the aggregate principal amount of all the Class J Certificates (their “Class Principal Balance”) as of the Closing Date) in that certain beneficial ownership interest evidenced by all the Class J Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Wachovia Commercial Mortgage Securities, Inc. (herein called the “Depositor”, which term includes any successor entity under the Agreement), Wachovia Bank, National Association (herein called the
“Master Servicer”, which term includes any successor entity under the Agreement), LNR Partners, Inc. (herein called the “Special Servicer”, which term includes any successor entity under the Agreement) and Wells Fargo Bank, N.A. (herein called the “Trustee”, which term includes any successor entity under the Agreement), a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the respective meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

A-17-3

                    Pursuant to the terms of the Agreement, distributions will be made on the fourth Business Day following the related Determination Date (each, a “Distribution Date”).  The Determination Date is the 11th day of each month or, if such 11th day is not a Business Day, the Business Day immediately succeeding, commencing in July 2006 (each, a “Determination Date”).  Distributions will be made commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the last Business Day of the month immediately preceding the month of such distribution (the “Record Date”), in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of
the Class J Certificates on the applicable Distribution Date pursuant to the Agreement.  All distributions made under the Agreement on the Class J Certificates will be made by Wells Fargo Bank, N.A., as paying agent (the “Paying Agent”), by wire transfer of immediately available funds to the account of the Person entitled thereto at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided the Paying Agent with wiring instructions no less than five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to the address of such Certificateholder as it appears in the Certificate Register.  Notwithstanding the foregoing, the final distribution on this Certificate (determined without regard to any possible future reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated
to this Certificate) will be made in like manner, but only upon presentation and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to the Holder hereof of such final distribution.  Also notwithstanding the foregoing, any distribution that may be made with respect to this Certificate in reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated to this Certificate, which reimbursement is to occur after the date on which this Certificate is surrendered as contemplated by the preceding sentence, will be made by check mailed to the address of the Holder that surrenders this Certificate as such address last appears in the Certificate Register or to any such other address of which the Paying Agent is subsequently notified in writing.

                    The Certificates are limited in right of distribution to certain collections and recoveries respecting the Mortgage Loans and REO Loans, all as more specifically set forth herein and in the Agreement.  As provided in the Agreement, withdrawals from the Certificate Account, the Distribution Account and, if established, the REO Account may be made from time to time for purposes other than, and, in certain cases, prior to, distributions to Certificateholders, such purposes including the reimbursement of Advances made, or certain expenses incurred, with respect to the Mortgage Loans and the payment of interest on such Advances and expenses.

                    Interest accrued on this Certificate during an Interest Accrual Period, plus any unpaid interest shortfall with respect to this Certificate for any prior Distribution Date, if any, will be payable on the related Distribution Date to the extent provided in the Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class J Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

                    Any
distribution to the Holder of this Certificate in reduction of the Certificate
Principal Balance hereof is binding on such Holder and all future Holders of
this Certificate and any Certificate issued upon the transfer hereof or in
exchange herefor or in lieu hereof whether or not notation of such distribution
is made upon this Certificate.

A-17-4

                    The Class J Certificates are issuable in fully registered form only without coupons in minimum denominations specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Class J Certificates are exchangeable for new Class J Certificates in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

                    As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices of the Certificate Registrar, duly endorsed by, or accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Class J Certificates in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

                    No transfer of any Class J Certificate shall be made unless that transfer is made pursuant to an effective registration statement under the Securities Act, and effective registration or qualification under applicable state securities laws, or is made in a transaction which does not require such registration or qualification.  If such a transfer is to be made without registration under the Securities Act (other than in connection with the initial issuance thereof or the initial transfer thereof by the Depositor, the Underwriters or their respective affiliates), then the Certificate Registrar shall refuse to register such transfer unless it receives either: (i) a certificate from the Certificateholder desiring to effect such transfer substantially in the form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder’s prospective transferee substantially in the form attached as either Exhibit F-2 or Exhibit F-3 to the Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the Certificate Registrar to the effect that such transfer may be made without registration under the Securities Act (which Opinion of Counsel shall not be an expense of the Trust Fund or of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their respective capacities as such), together with the written certification(s) as to the facts surrounding such transfer from the Certificateholder desiring to effect such transfer and/or such Certificateholder’s prospective transferee on which such Opinion of Counsel is based.  None of the Depositor, the Trustee, Paying Agent or the Certificate Registrar is obligated to register or qualify the Class J Certificates under the Securities Act or any other securities law or to take any action not
otherwise required under the Agreement to permit the transfer of any Class J Certificate without registration or qualification.  Any Class J Certificateholder desiring to effect such a transfer shall, and by the acceptance of its Class J Certificate agrees to, indemnify the Trustee, the Certificate Registrar, the Paying Agent and the Depositor against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

                    No service charge will be imposed for any registration of transfer or exchange of Class J Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Class J Certificates.

A-17-5

                    Notwithstanding the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book-entry facilities of DTC.

                    The Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes whatsoever and none of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent, the Certificate Registrar, or any such agent shall be affected by notice to the contrary.

                    The Trust Fund and the obligations created by the Agreement shall terminate upon distribution (or provision for distribution) to the Certificateholders of all amounts held by or on behalf of the Trustee and required to be distributed to them pursuant to the Agreement following the earlier to occur of (i) the final payment (or any advance with respect thereto) or other liquidation of the last Mortgage Loan or REO Property remaining in the Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder at a price determined as provided in the Agreement of all Mortgage Loans and each REO Property remaining in the Trust Fund.  The Agreement permits, but does not require, the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder to purchase from the Trust
Fund all Mortgage Loans and each REO Property remaining therein.  The exercise of such right will effect early retirement of the Class J Certificates; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Pool at the time of purchase being less than 1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date specified on the face hereof.

                    In addition, any exchange by any Certificateholder of all of the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund may be made:  (i) if the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) are held by a single Certificateholder and  (ii) the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-3FL, Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D Certificates have been paid in full.

                    The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Special Servicer and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Special Servicer and the Trustee with the consent of the Holders of Certificates entitled to at least 51% of the Voting Rights allocated to the affected Classes.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to maintain the status of the Trust Fund (or designated portions thereof) as consisting of three separate REMICs and two grantor trusts, without the consent of the Holders of any of the Certificates.

A-17-6

                    Unless the certificate of authentication hereon has been executed by the Certificate Registrar, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

                    The registered Holder hereof, by its acceptance hereof, agrees that it will look solely to the Trust Fund (to the extent of its rights therein) for distributions hereunder.

                    This Certificate shall be construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in said State, and the obligations, rights and remedies of the Holder hereof shall be determined in accordance with such laws.

A-17-7

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

	
  
Dated:  June 29, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Certificate Registrar
  
	
  
 
  	
  
 
  
	
   
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-17-8

CERTIFICATE OF AUTHENTICATION

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

	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Authenticating Agent
  
	
  
 
  	
  
 
  
	
   
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-17-9

ASSIGNMENT

                    FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto ________________________________________________________ (please print or typewrite name and address including postal zip code of assignee) the beneficial ownership interest in the Trust Fund evidenced by the within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

                    I (we) further direct the Certificate Registrar to issue a new Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Commercial Mortgage Pass-Through Certificate to the following address:  __________________________________________________.

Dated:  _________________________

	
  
 
  	
  
 
  
	
  
 
  	

  
	
  
 
  	
  
Signature by or on behalf of Assignor
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	

  
	
  
 
  	
  
Signature Guaranteed
  

A-17-10

DISTRIBUTION INSTRUCTIONS

                    The Assignee should include the following for purposes of distribution:

                    Distributions shall, if permitted, be made by wire transfer or otherwise, in immediately available funds, to _____________________________ for the account of _______________.

                    Distributions made by check (such check to be made payable to _____________________) and all applicable statements and notices should be mailed to _________________________.

                    This information is provided by ________________________________, the Assignee named above, or ____________________________________, as its agent.

A-17-11

EXHIBIT A-18

FORM OF CLASS K CERTIFICATE

CLASS K COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
 SERIES 2006-C26

evidencing a beneficial ownership interest in a trust fund (the “Trust Fund”) consisting primarily of a pool of multifamily and commercial mortgage loans (the “Mortgage Loans”), such pool being formed and sold by

WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

	
  Pass-Through   Rate:  Variable
  	
  
 
  	
  
Class   Principal Balance of the Class K Certificates as of the Closing Date: $6,494,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Date of   Pooling and Servicing Agreement: as of June 1, 2006
  	
  
 
  	
  
Initial   Certificate Principal Balance of this Class K Certificate as of the Closing   Date: $6,494,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Closing   Date:  June 29, 2006
  	
  
 
  	
  
Aggregate   Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date:   $1,731,843,7671
  
	
  
 
  	
  
 
  	
  
 
  
	
  
First   Distribution Date:  July 17, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Master   Servicer:  Wachovia Bank, National   Association
  	
  
 
  	
  
Trustee:   Wells Fargo Bank, N.A.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Special   Servicer:  LNR Partners, Inc.
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  Certificate   No. K-1
  	
  
 
  	
  
CUSIP No.
  

UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK
CORPORATION (“DTC”), TO THE DEPOSITOR, THE MASTER SERVICER, THE
TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF FOR REGISTRATION OF
TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.

	
  

  
	
  
1
  	
  
Excludes   $10,000,000, which is the balance of The Woodlands Mall Non-Pooled Component,   represented solely by the Class WM Certificate.
  

A-18-1

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE.  ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (A “REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”).

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS A-3FL CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E CERTIFICATES, THE CLASS F CERTIFICATES, THE CLASS G CERTIFICATES, THE CLASS H CERTIFICATES AND THE CLASS J CERTIFICATES OF THE SAME SERIES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY “EMPLOYEE BENEFIT PLAN” SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), ANY “PLAN” SUBJECT TO SECTION 4975 OF THE CODE, OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE, LOCAL, OR OTHER LAW SUBSTANTIVELY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING DIRECTLY OR INDIRECTLY FOR, ON BEHALF OF OR WITH ANY ASSETS OF ANY SUCH PLAN (EACH, A “PLAN”) UNLESS IT IS AN INSURANCE COMPANY GENERAL ACCOUNT WHICH IS 

A-18-2

ELIGIBLE FOR, AND SATISFIES ALL OF THE REQUIREMENTS FOR, EXEMPTIVE RELIEF UNDER SECTIONS I AND III OF DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTE 95-60”). EACH PERSON WHO ACQUIRES THIS CERTIFICATE SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE, DEEMED) TO HAVE CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT IT WILL NOT TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES, THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS A-3FL CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E CERTIFICATES, THE CLASS F CERTIFICATES, THE CLASS G CERTIFICATES, THE CLASS H CERTIFICATES AND THE CLASS J CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  IN ADDITION, IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS L, CLASS M, CLASS N, CLASS O AND CLASS P (AND WITH RESPECT TO LOSSES AND EXPENSES ON THE WOODLANDS MALL LOAN, THE CLASS WM) CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, THE
CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

                    This certifies that Cede & Co. is the registered owner of the Percentage Interest evidenced by this Class K Certificate (obtained by dividing the principal amount of this Class K Certificate (its “Certificate Principal Balance”) as of the Closing Date by the aggregate principal amount of all the Class K Certificates (their “Class Principal Balance”) as of the Closing Date) in that certain beneficial ownership interest evidenced by all the Class K Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Wachovia Commercial Mortgage Securities, Inc. (herein called the “Depositor”, which term includes any successor entity under the Agreement), Wachovia Bank, National Association (herein called the
“Master Servicer”, which term includes any successor entity under the Agreement), LNR Partners, Inc. (herein called the “Special Servicer”, which term includes any successor entity under the Agreement) and Wells Fargo Bank, N.A. (herein called the “Trustee”, which term includes any successor entity under the Agreement), a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the respective meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

A-18-3

                    Pursuant to the terms of the Agreement, distributions will be made on the fourth Business Day following the related Determination Date (each, a “Distribution Date”).  The Determination Date is the 11th day of each month or, if such 11th day is not a Business Day, the Business Day immediately succeeding, commencing in July 2006 (each, a “Determination Date”).  Distributions will be made commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the last Business Day of the month immediately preceding the month of such distribution (the “Record Date”), in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of
the Class K Certificates on the applicable Distribution Date pursuant to the Agreement.  All distributions made under the Agreement on the Class K Certificates will be made by Wells Fargo Bank, N.A., as paying agent (the “Paying Agent”), by wire transfer of immediately available funds to the account of the Person entitled thereto at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided the Paying Agent with wiring instructions no less than five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to the address of such Certificateholder as it appears in the Certificate Register.  Notwithstanding the foregoing, the final distribution on this Certificate (determined without regard to any possible future reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated
to this Certificate) will be made in like manner, but only upon presentation and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to the Holder hereof of such final distribution.  Also notwithstanding the foregoing, any distribution that may be made with respect to this Certificate in reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated to this Certificate, which reimbursement is to occur after the date on which this Certificate is surrendered as contemplated by the preceding sentence, will be made by check mailed to the address of the Holder that surrenders this Certificate as such address last appears in the Certificate Register or to any such other address of which the Paying Agent is subsequently notified in writing.

                    The Certificates are limited in right of distribution to certain collections and recoveries respecting the Mortgage Loans and REO Loans, all as more specifically set forth herein and in the Agreement.  As provided in the Agreement, withdrawals from the Certificate Account, the Distribution Account and, if established, the REO Account may be made from time to time for purposes other than, and, in certain cases, prior to, distributions to Certificateholders, such purposes including the reimbursement of Advances made, or certain expenses incurred, with respect to the Mortgage Loans and the payment of interest on such Advances and expenses.

                    Interest accrued on this Certificate during an Interest Accrual Period, plus any unpaid interest shortfall with respect to this Certificate for any prior Distribution Date, if any, will be payable on the related Distribution Date to the extent provided in the Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class K Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

                    Any
distribution to the Holder of this Certificate in reduction of the Certificate
Principal Balance hereof is binding on such Holder and all future Holders of
this Certificate and any Certificate issued upon the transfer hereof or in
exchange herefor or in lieu hereof whether or not notation of such distribution
is made upon this Certificate.

A-18-4

                    The Class K Certificates are issuable in fully registered form only without coupons in minimum denominations specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Class K Certificates are exchangeable for new Class K Certificates in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

                    As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices of the Certificate Registrar, duly endorsed by, or accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Class K Certificates in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

                    No transfer of any Class K Certificate shall be made unless that transfer is made pursuant to an effective registration statement under the Securities Act, and effective registration or qualification under applicable state securities laws, or is made in a transaction which does not require such registration or qualification.  If such a transfer is to be made without registration under the Securities Act (other than in connection with the initial issuance thereof or the initial transfer thereof by the Depositor, the Underwriters or their respective affiliates), then the Certificate Registrar shall refuse to register such transfer unless it receives either: (i) a certificate from the Certificateholder desiring to effect such transfer substantially in the form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder’s prospective transferee substantially in the form attached as either Exhibit F-2 or Exhibit F-3 to the Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the Certificate Registrar to the effect that such transfer may be made without registration under the Securities Act (which Opinion of Counsel shall not be an expense of the Trust Fund or of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their respective capacities as such), together with the written certification(s) as to the facts surrounding such transfer from the Certificateholder desiring to effect such transfer and/or such Certificateholder’s prospective transferee on which such Opinion of Counsel is based.  None of the Depositor, the Trustee, Paying Agent or the Certificate Registrar is obligated to register or qualify the Class K Certificates under the Securities Act or any other securities law or to take any action not
otherwise required under the Agreement to permit the transfer of any Class K Certificate without registration or qualification.  Any Class K Certificateholder desiring to effect such a transfer shall, and by the acceptance of its Class K Certificate agrees to, indemnify the Trustee, the Certificate Registrar, the Paying Agent and the Depositor against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

                    No service charge will be imposed for any registration of transfer or exchange of Class K Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Class K Certificates.

A-18-5

                    Notwithstanding the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book-entry facilities of DTC.

                    The Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes whatsoever and none of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent, the Certificate Registrar, or any such agent shall be affected by notice to the contrary.

                    The Trust Fund and the obligations created by the Agreement shall terminate upon distribution (or provision for distribution) to the Certificateholders of all amounts held by or on behalf of the Trustee and required to be distributed to them pursuant to the Agreement following the earlier to occur of (i) the final payment (or any advance with respect thereto) or other liquidation of the last Mortgage Loan or REO Property remaining in the Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder at a price determined as provided in the Agreement of all Mortgage Loans and each REO Property remaining in the Trust Fund.  The Agreement permits, but does not require, the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder to purchase from the Trust
Fund all Mortgage Loans and each REO Property remaining therein.  The exercise of such right will effect early retirement of the Class K Certificates; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Pool at the time of purchase being less than 1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date specified on the face hereof.

                    In addition, any exchange by any Certificateholder of all of the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund may be made:  (i) if the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) are held by a single Certificateholder and  (ii) the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-3FL, Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D Certificates have been paid in full.

                    The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Special Servicer and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Special Servicer and the Trustee with the consent of the Holders of Certificates entitled to at least 51% of the Voting Rights allocated to the affected Classes.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to maintain the status of the Trust Fund (or designated portions thereof) as consisting of three separate REMICs and two grantor trusts, without the consent of the Holders of any of the Certificates.

A-18-6

                    Unless the certificate of authentication hereon has been executed by the Certificate Registrar, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

                    The registered Holder hereof, by its acceptance hereof, agrees that it will look solely to the Trust Fund (to the extent of its rights therein) for distributions hereunder.

                    This Certificate shall be construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in said State, and the obligations, rights and remedies of the Holder hereof shall be determined in accordance with such laws.

A-18-7

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

	
  
Dated:  June 29, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Certificate Registrar
  
	
  
 
  	
  
 
  
	
   
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-18-8

CERTIFICATE OF AUTHENTICATION

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

	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Authenticating Agent
  
	
  
 
  	
  
 
  
	
   
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-18-9

ASSIGNMENT

                    FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto ________________________________________________________ (please print or typewrite name and address including postal zip code of assignee) the beneficial ownership interest in the Trust Fund evidenced by the within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

                    I (we) further direct the Certificate Registrar to issue a new Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Commercial Mortgage Pass-Through Certificate to the following address:  __________________________________________________.

Dated:  _________________________

	
  
 
  	
  
 
  
	
  
 
  	

  
	
  
 
  	
  
Signature by or on behalf of Assignor
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	

  
	
  
 
  	
  
Signature Guaranteed
  

A-18-10

DISTRIBUTION INSTRUCTIONS

                    The Assignee should include the following for purposes of distribution:

                    Distributions shall, if permitted, be made by wire transfer or otherwise, in immediately available funds, to _____________________________ for the account of _______________.

                    Distributions made by check (such check to be made payable to _____________________) and all applicable statements and notices should be mailed to _________________________.

                    This information is provided by ________________________________, the Assignee named above, or ____________________________________, as its agent.

A-18-11

EXHIBIT A-19

FORM OF CLASS L CERTIFICATE

CLASS L COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
 SERIES 2006-C26

evidencing a beneficial ownership interest in a trust fund (the “Trust Fund”) consisting primarily of a pool of multifamily and commercial mortgage loans (the “Mortgage Loans”), such pool being formed and sold by

WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

	
  
Pass-Through   Rate:  Variable
  	
  
 
  	
  
Class   Principal Balance of the Class L Certificates as of the Closing Date:  $4,330,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Date of   Pooling and Servicing Agreement: as of June 1, 2006
  	
  
 
  	
  
Initial   Certificate Principal Balance of this Class L Certificate as of the Closing   Date: $4,330,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  Closing   Date:  June 29, 2006
  	
  
 
  	
  
Aggregate   Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date:   $1,731,843,7671
  
	
  
 
  	
  
 
  	
  
 
  
	
  
First   Distribution Date:  July 17, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Master   Servicer:  Wachovia Bank, National   Association
  	
  
 
  	
  
Trustee:   Wells Fargo Bank, N.A.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Special   Servicer:  LNR Partners, Inc.
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  Certificate   No. L-1
  	
  
 
  	
  
CUSIP No.
  

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION (“DTC”), TO THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

	
  

  
	
  
1
  	
  
Excludes   $10,000,000, which is the balance of The Woodlands Mall Non-Pooled Component,   represented solely by the Class WM Certificate.
  

A-19-1

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE.  ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (A “REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”).

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS A-3FL CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E CERTIFICATES, THE CLASS F CERTIFICATES, THE CLASS G CERTIFICATES, THE CLASS H CERTIFICATES, THE CLASS J CERTIFICATES AND THE CLASS K CERTIFICATES OF THE SAME SERIES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY “EMPLOYEE BENEFIT PLAN” SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), ANY “PLAN” SUBJECT TO SECTION 4975 OF THE CODE, OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE, LOCAL, OR OTHER LAW SUBSTANTIVELY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING DIRECTLY OR INDIRECTLY FOR, ON BEHALF OF OR WITH ANY ASSETS OF ANY SUCH PLAN (EACH, A “PLAN”) UNLESS IT IS AN INSURANCE COMPANY GENERAL ACCOUNT WHICH IS 

A-19-2

ELIGIBLE FOR, AND SATISFIES ALL OF THE REQUIREMENTS FOR, EXEMPTIVE RELIEF UNDER SECTIONS I AND III OF DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTE 95-60”).  EACH PERSON WHO ACQUIRES THIS CERTIFICATE SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE, DEEMED) TO HAVE CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT IT WILL NOT TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES, THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS A-3FL CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E CERTIFICATES, THE CLASS F CERTIFICATES, THE CLASS G CERTIFICATES, THE CLASS H CERTIFICATES, THE CLASS J CERTIFICATES AND THE CLASS K CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  IN ADDITION, IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS M, CLASS N, CLASS O AND CLASS P (AND WITH RESPECT TO LOSSES AND EXPENSES ON THE WOODLANDS MALL LOAN, THE CLASS WM) CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO,
THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

                    This certifies that Cede & Co. is the registered owner of the Percentage Interest evidenced by this Class L Certificate (obtained by dividing the principal amount of this Class L Certificate (its “Certificate Principal Balance”) as of the Closing Date by the aggregate principal amount of all the Class L Certificates (their “Class Principal Balance”) as of the Closing Date) in that certain beneficial ownership interest evidenced by all the Class L Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Wachovia Commercial Mortgage Securities, Inc. (herein called the “Depositor”, which term includes any successor entity under the Agreement), Wachovia Bank, National Association (herein called the
“Master Servicer”, which term includes any successor entity under the Agreement), LNR Partners, Inc. (herein called the “Special Servicer”, which term includes any successor entity under the Agreement) and Wells Fargo Bank, N.A. (herein called the “Trustee”, which term includes any successor entity under the Agreement), a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the respective meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

A-19-3

                    Pursuant to the terms of the Agreement, distributions will be made on the fourth Business Day following the related Determination Date (each, a “Distribution Date”).  The Determination Date is the 11th day of each month or, if such 11th day is not a Business Day, the Business Day immediately succeeding, commencing in July 2006 (each, a “Determination Date”).  Distributions will be made commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the last Business Day of the month immediately preceding the month of such distribution (the “Record Date”), in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of
the Class L Certificates on the applicable Distribution Date pursuant to the Agreement.  All distributions made under the Agreement on the Class L Certificates will be made by Wells Fargo Bank, N.A., as paying agent (the “Paying Agent”), by wire transfer of immediately available funds to the account of the Person entitled thereto at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided the Paying Agent with wiring instructions no less than five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to the address of such Certificateholder as it appears in the Certificate Register.  Notwithstanding the foregoing, the final distribution on this Certificate (determined without regard to any possible future reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated
to this Certificate) will be made in like manner, but only upon presentation and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to the Holder hereof of such final distribution.  Also notwithstanding the foregoing, any distribution that may be made with respect to this Certificate in reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated to this Certificate, which reimbursement is to occur after the date on which this Certificate is surrendered as contemplated by the preceding sentence, will be made by check mailed to the address of the Holder that surrenders this Certificate as such address last appears in the Certificate Register or to any such other address of which the Paying Agent is subsequently notified in writing.

                    The Certificates are limited in right of distribution to certain collections and recoveries respecting the Mortgage Loans and REO Loans, all as more specifically set forth herein and in the Agreement.  As provided in the Agreement, withdrawals from the Certificate Account, the Distribution Account and, if established, the REO Account may be made from time to time for purposes other than, and, in certain cases, prior to, distributions to Certificateholders, such purposes including the reimbursement of Advances made, or certain expenses incurred, with respect to the Mortgage Loans and the payment of interest on such Advances and expenses.

                    Interest accrued on this Certificate during an Interest Accrual Period, plus any unpaid interest shortfall with respect to this Certificate for any prior Distribution Date, if any, will be payable on the related Distribution Date to the extent provided in the Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class L Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

                    Any
distribution to the Holder of this Certificate in reduction of the Certificate
Principal Balance hereof is binding on such Holder and all future Holders of
this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

A-19-4

                    The Class L Certificates are issuable in fully registered form only without coupons in minimum denominations specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Class L Certificates are exchangeable for new Class L Certificates in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

                    As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices of the Certificate Registrar, duly endorsed by, or accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Class L Certificates in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

                    No transfer of any Class L Certificate shall be made unless that transfer is made pursuant to an effective registration statement under the Securities Act, and effective registration or qualification under applicable state securities laws, or is made in a transaction which does not require such registration or qualification.  If such a transfer is to be made without registration under the Securities Act (other than in connection with the initial issuance thereof or the initial transfer thereof by the Depositor, the Underwriters or their respective affiliates), then the Certificate Registrar shall refuse to register such transfer unless it receives either: (i) a certificate from the Certificateholder desiring to effect such transfer substantially in the form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder’s prospective transferee substantially in the form attached as either Exhibit F-2 or Exhibit F-3 to the Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the Certificate Registrar to the effect that such transfer may be made without registration under the Securities Act (which Opinion of Counsel shall not be an expense of the Trust Fund or of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their respective capacities as such), together with the written certification(s) as to the facts surrounding such transfer from the Certificateholder desiring to effect such transfer and/or such Certificateholder’s prospective transferee on which such Opinion of Counsel is based.  None of the Depositor, the Trustee, Paying Agent or the Certificate Registrar is obligated to register or qualify the Class L Certificates under the Securities Act or any other securities law or to take any action not
otherwise required under the Agreement to permit the transfer of any Class L Certificate without registration or qualification.  Any Class L Certificateholder desiring to effect such a transfer shall, and by the acceptance of its Class L Certificate agrees to, indemnify the Trustee, the Certificate Registrar, the Paying Agent and the Depositor against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

                    No
service charge will be imposed for any registration of transfer or exchange of
Class L Certificates, but the Certificate Registrar may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any transfer or exchange of Class L Certificates.

A-19-5

                    Notwithstanding the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book-entry facilities of DTC.

                    The Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes whatsoever and none of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent, the Certificate Registrar, or any such agent shall be affected by notice to the contrary.

                    The Trust Fund and the obligations created by the Agreement shall terminate upon distribution (or provision for distribution) to the Certificateholders of all amounts held by or on behalf of the Trustee and required to be distributed to them pursuant to the Agreement following the earlier to occur of (i) the final payment (or any advance with respect thereto) or other liquidation of the last Mortgage Loan or REO Property remaining in the Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder at a price determined as provided in the Agreement of all Mortgage Loans and each REO Property remaining in the Trust Fund.  The Agreement permits, but does not require, the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder to purchase from the Trust
Fund all Mortgage Loans and each REO Property remaining therein.  The exercise of such right will effect early retirement of the Class L Certificates; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Pool at the time of purchase being less than 1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date specified on the face hereof.

                    In addition, any exchange by any Certificateholder of all of the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund may be made:  (i) if the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) are held by a single Certificateholder and  (ii) the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-3FL, Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D Certificates have been paid in full.

                    The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Special Servicer and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Special Servicer and the Trustee with the consent of the Holders of Certificates entitled to at least 51% of the Voting Rights allocated to the affected Classes.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to maintain the status of the Trust Fund (or designated portions thereof) as consisting of three separate REMICs and two grantor trusts, without the consent of the Holders of any of the Certificates.

A-19-6

                    Unless the certificate of authentication hereon has been executed by the Certificate Registrar, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

                    The registered Holder hereof, by its acceptance hereof, agrees that it will look solely to the Trust Fund (to the extent of its rights therein) for distributions hereunder.

                    This Certificate shall be construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in said State, and the obligations, rights and remedies of the Holder hereof shall be determined in accordance with such laws.

A-19-7

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

	
  
Dated:  June 29, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Certificate Registrar
  
	
  
 
  	
  
 
  
	
   
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized Representative
  

A-19-8

CERTIFICATE OF AUTHENTICATION

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

	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Authenticating Agent
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-19-9

ASSIGNMENT

                    FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto ________________________________________________________ (please print or typewrite name and address including postal zip code of assignee) the beneficial ownership interest in the Trust Fund evidenced by the within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

                    I (we) further direct the Certificate Registrar to issue a new Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Commercial Mortgage Pass-Through Certificate to the following address:  __________________________________________________.

Dated:  _________________________

	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature by or on behalf of Assignor
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature Guaranteed
  

A-19-10

DISTRIBUTION INSTRUCTIONS

                    The Assignee should include the following for purposes of distribution:

                    Distributions shall, if permitted, be made by wire transfer or otherwise, in immediately available funds, to _____________________________ for the account of _______________.

                    Distributions made by check (such check to be made payable to _____________________) and all applicable statements and notices should be mailed to _________________________.

                    This information is provided by ________________________________, the Assignee named above, or ____________________________________, as its agent.

A-19-11

EXHIBIT A-20

FORM OF CLASS M CERTIFICATE

CLASS M COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
 SERIES 2006-C26

evidencing a beneficial ownership interest in a trust fund (the “Trust Fund”) consisting primarily of a pool of multifamily and commercial mortgage loans (the “Mortgage Loans”), such pool being formed and sold by

WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

	
  
Pass-Through   Rate:  Variable
  	
  
 
  	
  
Class   Principal Balance of the Class M Certificates as of the Closing Date:   $4,329,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Date of   Pooling and Servicing Agreement: as of June 1, 2006
  	
  
 
  	
  
Initial   Certificate Principal Balance of this Class M Certificate as of the Closing   Date: $4,329,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Closing   Date:  June 29, 2006
  	
  
 
  	
  
Aggregate   Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date:   $1,731,843,7671
  
	
  
 
  	
  
 
  	
  
 
  
	
  First   Distribution Date:  July 17, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Master   Servicer:  Wachovia Bank, National   Association
  	
  
 
  	
  
Trustee:   Wells Fargo Bank, N.A.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Special   Servicer:  LNR Partners, Inc.
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Certificate   No. M-1
  	
  
 
  	
  
CUSIP No.
  

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION (“DTC”), TO THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

	
  

  
	
  
1
  	
  
Excludes   $10,000,000, which is the balance of The Woodlands Mall Non-Pooled Component,   represented solely by the Class WM Certificate.
  

A-20-1

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE.  ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (A “REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”).

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

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY “EMPLOYEE BENEFIT PLAN” SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), ANY “PLAN” SUBJECT TO SECTION 4975 OF THE CODE, OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE, LOCAL, OR OTHER LAW SUBSTANTIVELY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING DIRECTLY OR INDIRECTLY FOR, ON BEHALF OF OR WITH ANY ASSETS OF ANY SUCH PLAN (EACH, A “PLAN”) UNLESS IT IS AN INSURANCE COMPANY GENERAL ACCOUNT WHICH IS 

A-20-2

ELIGIBLE FOR, AND SATISFIES ALL OF THE REQUIREMENTS FOR, EXEMPTIVE RELIEF UNDER SECTIONS I AND III OF DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTE 95-60”).  EACH PERSON WHO ACQUIRES THIS CERTIFICATE SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE, DEEMED) TO HAVE CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT IT WILL NOT TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES, THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS A-3FL CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E CERTIFICATES, THE CLASS F CERTIFICATES, THE CLASS G CERTIFICATES, THE CLASS H CERTIFICATES, THE CLASS J CERTIFICATES, THE CLASS K CERTIFICATES AND THE CLASS L CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  IN ADDITION, IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS N, CLASS O AND CLASS P (AND WITH RESPECT TO LOSSES AND EXPENSES ON THE WOODLANDS MALL LOAN, THE CLASS WM) CERTIFICATES OF THE SAME SERIES IS
REDUCED TO ZERO, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

                    This certifies that Cede & Co. is the registered owner of the Percentage Interest evidenced by this Class M Certificate (obtained by dividing the principal amount of this Class M Certificate (its “Certificate Principal Balance”) as of the Closing Date by the aggregate principal amount of all the Class M Certificates (their “Class Principal Balance”) as of the Closing Date) in that certain beneficial ownership interest evidenced by all the Class M Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Wachovia Commercial Mortgage Securities, Inc. (herein called the “Depositor”, which term includes any successor entity under the Agreement), Wachovia Bank, National Association (herein called the
“Master Servicer”, which term includes any successor entity under the Agreement), LNR Partners, Inc. (herein called the “Special Servicer”, which term includes any successor entity under the Agreement) and Wells Fargo Bank, N.A. (herein called the “Trustee”, which term includes any successor entity under the Agreement), a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the respective meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

A-20-3

                    Pursuant to the terms of the Agreement, distributions will be made on the fourth Business Day following the related Determination Date (each, a “Distribution Date”).  The Determination Date is the 11th day of each month or, if such 11th day is not a Business Day, the Business Day immediately succeeding, commencing in July 2006 (each, a “Determination Date”).  Distributions will be made commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the last Business Day of the month immediately preceding the month of such distribution (the “Record Date”), in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of
the Class M Certificates on the applicable Distribution Date pursuant to the Agreement.  All distributions made under the Agreement on the Class M Certificates will be made by Wells Fargo Bank, N.A., as paying agent (the “Paying Agent”), by wire transfer of immediately available funds to the account of the Person entitled thereto at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided the Paying Agent with wiring instructions no less than five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to the address of such Certificateholder as it appears in the Certificate Register.  Notwithstanding the foregoing, the final distribution on this Certificate (determined without regard to any possible future reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated
to this Certificate) will be made in like manner, but only upon presentation and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to the Holder hereof of such final distribution.  Also notwithstanding the foregoing, any distribution that may be made with respect to this Certificate in reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated to this Certificate, which reimbursement is to occur after the date on which this Certificate is surrendered as contemplated by the preceding sentence, will be made by check mailed to the address of the Holder that surrenders this Certificate as such address last appears in the Certificate Register or to any such other address of which the Paying Agent is subsequently notified in writing. 

                    The Certificates are limited in right of distribution to certain collections and recoveries respecting the Mortgage Loans and REO Loans, all as more specifically set forth herein and in the Agreement.  As provided in the Agreement, withdrawals from the Certificate Account, the Distribution Account and, if established, the REO Account may be made from time to time for purposes other than, and, in certain cases, prior to, distributions to Certificateholders, such purposes including the reimbursement of Advances made, or certain expenses incurred, with respect to the Mortgage Loans and the payment of interest on such Advances and expenses.

                    Interest accrued on this Certificate during an Interest Accrual Period, plus any unpaid interest shortfall with respect to this Certificate for any prior Distribution Date, if any, will be payable on the related Distribution Date to the extent provided in the Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class M Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

A-20-4

                    Any distribution to the Holder of this Certificate in reduction of the Certificate Principal Balance hereof is binding on such Holder and all future Holders of this Certificate and any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such distribution is made upon this Certificate.

                    The Class M Certificates are issuable in fully registered form only without coupons in minimum denominations specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Class M Certificates are exchangeable for new Class M Certificates in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

                    As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices of the Certificate Registrar, duly endorsed by, or accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Class M Certificates in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

                    No transfer of any Class M Certificate shall be made unless that transfer is made pursuant to an effective registration statement under the Securities Act, and effective registration or qualification under applicable state securities laws, or is made in a transaction which does not require such registration or qualification.  If such a transfer is to be made without registration under the Securities Act (other than in connection with the initial issuance thereof or the initial transfer thereof by the Depositor, the Underwriters or their respective affiliates), then the Certificate Registrar shall refuse to register such transfer unless it receives either: (i) a certificate from the Certificateholder desiring to effect such transfer substantially in the form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder’s prospective transferee substantially in the form attached as either Exhibit F-2 or Exhibit F-3 to the Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the Certificate Registrar to the effect that such transfer may be made without registration under the Securities Act (which Opinion of Counsel shall not be an expense of the Trust Fund or of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their respective capacities as such), together with the written certification(s) as to the facts surrounding such transfer from the Certificateholder desiring to effect such transfer and/or such Certificateholder’s prospective transferee on which such Opinion of Counsel is based.  None of the Depositor, the Trustee, Paying Agent or the Certificate Registrar is obligated to register or qualify the Class M Certificates under the Securities Act or any other securities law or to take any action not
otherwise required under the Agreement to permit the transfer of any Class M Certificate without registration or qualification.  Any Class M Certificateholder desiring to effect such a transfer shall, and by the acceptance of its Class M Certificate agrees to, indemnify the Trustee, the Certificate Registrar, the Paying Agent and the Depositor against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

                    No
service charge will be imposed for any registration of transfer or exchange of
Class M Certificates, but the Certificate Registrar may require payment of a sum
sufficient to cover any tax or other governmental charge
that may be imposed in connection with any transfer or exchange of Class M
Certificates.

A-20-5

                    Notwithstanding the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book-entry facilities of DTC.

                    The Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes whatsoever and none of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent, the Certificate Registrar, or any such agent shall be affected by notice to the contrary.

                    The Trust Fund and the obligations created by the Agreement shall terminate upon distribution (or provision for distribution) to the Certificateholders of all amounts held by or on behalf of the Trustee and required to be distributed to them pursuant to the Agreement following the earlier to occur of (i) the final payment (or any advance with respect thereto) or other liquidation of the last Mortgage Loan or REO Property remaining in the Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder at a price determined as provided in the Agreement of all Mortgage Loans and each REO Property remaining in the Trust Fund.  The Agreement permits, but does not require, the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder to purchase from the Trust
Fund all Mortgage Loans and each REO Property remaining therein.  The exercise of such right will effect early retirement of the Class M Certificates; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Pool at the time of purchase being less than 1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date specified on the face hereof.

                    In addition, any exchange by any Certificateholder of all of the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund may be made:  (i) if the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) are held by a single Certificateholder and  (ii) the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-3FL, Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D Certificates have been paid in full.

                    The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Special Servicer and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Special Servicer and the Trustee with the consent of the Holders of Certificates entitled to at least 51% of the Voting Rights allocated to the affected Classes.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the amendment
thereof,

A-20-6

in certain limited circumstances, including any amendment necessary to maintain the status of the Trust Fund (or designated portions thereof) as consisting of three separate REMICs and two grantor trusts, without the consent of the Holders of any of the Certificates.

                    Unless the certificate of authentication hereon has been executed by the Certificate Registrar, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

                    The registered Holder hereof, by its acceptance hereof, agrees that it will look solely to the Trust Fund (to the extent of its rights therein) for distributions hereunder.

                    This Certificate shall be construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in said State, and the obligations, rights and remedies of the Holder hereof shall be determined in accordance with such laws.

A-20-7

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

	
  
Dated:  June 29, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Certificate Registrar
  
	
  
 
  	
  
 
  
	
   
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-20-8

CERTIFICATE OF AUTHENTICATION

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

	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Authenticating Agent
  
	
  
 
  	
  
 
  
	
   
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-20-9

ASSIGNMENT

                    FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto ________________________________________________________ (please print or typewrite name and address including postal zip code of assignee) the beneficial ownership interest in the Trust Fund evidenced by the within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

                    I (we) further direct the Certificate Registrar to issue a new Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Commercial Mortgage Pass-Through Certificate to the following address:  __________________________________________________.

Dated:  _________________________

	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature by or on behalf of Assignor
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature Guaranteed
  

A-20-10

DISTRIBUTION INSTRUCTIONS

                    The Assignee should include the following for purposes of distribution:

                    Distributions shall, if permitted, be made by wire transfer or otherwise, in immediately available funds, to _____________________________ for the account of _______________.

                    Distributions made by check (such check to be made payable to _____________________) and all applicable statements and notices should be mailed to _________________________.

                    This information is provided by ________________________________, the Assignee named above, or ____________________________________, as its agent.

A-20-11

EXHIBIT A-21

FORM OF CLASS N CERTIFICATE

CLASS N COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
 SERIES 2006-C26

evidencing a beneficial ownership interest in a trust fund (the “Trust Fund”) consisting primarily of a pool of multifamily and commercial mortgage loans (the “Mortgage Loans”), such pool being formed and sold by

WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

	
  Pass-Through   Rate:  Variable
  	
  
 
  	
  
Class   Principal Balance of the Class N Certificates as of the Closing Date:   $6,495,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Date of   Pooling and Servicing Agreement: as of June 1, 2006
  	
  
 
  	
  
Initial   Certificate Principal Balance of this Class N Certificate as of the Closing   Date: $6,495,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Closing   Date:  June 29, 2006
  	
  
 
  	
  
Aggregate   Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date:   $1,731,843,7671
  
	
  
 
  	
  
 
  	
  
 
  
	
  
First   Distribution Date:  July 17, 2006
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
 
  
	
  
Master   Servicer:  Wachovia Bank, National   Association
  	
  
 
  	
  
Trustee:   Wells Fargo Bank, N.A.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Special   Servicer:  LNR Partners, Inc.
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Certificate   No. N-1
  	
  
 
  	
  
CUSIP No.
  

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION (“DTC”), TO THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

	
  

  
	
  
1
  	
  
Excludes   $10,000,000, which is the balance of The Woodlands Mall Non-Pooled Component,   represented solely by the Class WM Certificate.
  

A-21-1

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE.  ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (A “REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”).

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS A-3FL CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E CERTIFICATES, THE CLASS F CERTIFICATES, THE CLASS G CERTIFICATES, THE CLASS H CERTIFICATES, THE CLASS J CERTIFICATES, THE CLASS K CERTIFICATES, THE CLASS L CERTIFICATES AND THE CLASS M CERTIFICATES OF THE SAME SERIES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY “EMPLOYEE BENEFIT PLAN” SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), ANY “PLAN” SUBJECT TO SECTION 4975 OF THE CODE, OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE, LOCAL, OR OTHER LAW SUBSTANTIVELY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING DIRECTLY OR INDIRECTLY FOR, ON BEHALF OF OR WITH ANY ASSETS OF ANY SUCH PLAN (EACH, A “PLAN”)

A-21-2

UNLESS IT IS AN INSURANCE COMPANY GENERAL ACCOUNT WHICH IS ELIGIBLE FOR, AND SATISFIES ALL OF THE REQUIREMENTS FOR, EXEMPTIVE RELIEF UNDER SECTIONS I AND III OF DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTE 95-60”).  EACH PERSON WHO ACQUIRES THIS CERTIFICATE SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE, DEEMED) TO HAVE CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT IT WILL NOT TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES, THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS A-3FL CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E CERTIFICATES, THE CLASS F CERTIFICATES, THE CLASS G CERTIFICATES, THE CLASS H CERTIFICATES, THE CLASS J CERTIFICATES, THE CLASS K CERTIFICATES, THE CLASS L CERTIFICATES AND THE CLASS M CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  IN ADDITION, IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS O AND CLASS P (AND WITH RESPECT TO LOSSES AND EXPENSES ON THE WOODLANDS MALL LOAN, THE CLASS WM) CERTIFICATES OF
THE SAME SERIES IS REDUCED TO ZERO, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

                    This
certifies that Cede & Co. is the registered owner of the Percentage Interest
evidenced by this Class N Certificate (obtained by dividing the principal amount
of this Class N Certificate (its “Certificate Principal
Balance”) as of the Closing Date by the aggregate principal amount of
all the Class N Certificates (their “Class Principal Balance”)
as of the Closing Date) in that certain beneficial ownership interest evidenced
by all the Class N Certificates in the Trust Fund created pursuant to a Pooling
and Servicing Agreement, dated as specified above (the
“Agreement”), among Wachovia Commercial Mortgage Securities,
Inc. (herein called the “Depositor”, which term includes any
successor entity under the Agreement), Wachovia Bank, National Association
(herein called the “Master Servicer”, which term includes any
successor entity under the Agreement), LNR Partners, Inc. (herein called the
“Special Servicer”, which term includes any successor entity
under the Agreement) and Wells Fargo Bank, N.A. (herein called the
“Trustee”, which term includes any successor entity under the
Agreement), a summary of certain of the pertinent provisions of which is set
forth hereafter.  To the extent not defined herein, the capitalized terms
used herein have the respective meanings assigned in the Agreement.  This
Certificate is issued under and is subject to the terms, provisions
and conditions of the Agreement, to which
Agreement the Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder is bound.

A-21-3

                    Pursuant to the terms of the Agreement, distributions will be made on the fourth Business Day following the related Determination Date (each, a “Distribution Date”).  The Determination Date is the 11th day of each month or, if such 11th day is not a Business Day, the Business Day immediately succeeding, commencing in July 2006 (each, a “Determination Date”).  Distributions will be made commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the last Business Day of the month immediately preceding the month of such distribution (the “Record Date”), in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of
the Class N Certificates on the applicable Distribution Date pursuant to the Agreement.  All distributions made under the Agreement on the Class N Certificates will be made by Wells Fargo Bank, N.A., as paying agent (the “Paying Agent”), by wire transfer of immediately available funds to the account of the Person entitled thereto at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided the Paying Agent with wiring instructions no less than five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to the address of such Certificateholder as it appears in the Certificate Register.  Notwithstanding the foregoing, the final distribution on this Certificate (determined without regard to any possible future reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated
to this Certificate) will be made in like manner, but only upon presentation and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to the Holder hereof of such final distribution.  Also notwithstanding the foregoing, any distribution that may be made with respect to this Certificate in reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated to this Certificate, which reimbursement is to occur after the date on which this Certificate is surrendered as contemplated by the preceding sentence, will be made by check mailed to the address of the Holder that surrenders this Certificate as such address last appears in the Certificate Register or to any such other address of which the Paying Agent is subsequently notified in writing.

                    The Certificates are limited in right of distribution to certain collections and recoveries respecting the Mortgage Loans and REO Loans, all as more specifically set forth herein and in the Agreement.  As provided in the Agreement, withdrawals from the Certificate Account, the Distribution Account and, if established, the REO Account may be made from time to time for purposes other than, and, in certain cases, prior to, distributions to Certificateholders, such purposes including the reimbursement of Advances made, or certain expenses incurred, with respect to the Mortgage Loans and the payment of interest on such Advances and expenses.

                    Interest accrued on this Certificate during an Interest Accrual Period, plus any unpaid interest shortfall with respect to this Certificate for any prior Distribution Date, if any, will be payable on the related Distribution Date to the extent provided in the Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class N Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

A-21-4

                    Any distribution to the Holder of this Certificate in reduction of the Certificate Principal Balance hereof is binding on such Holder and all future Holders of this Certificate and any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such distribution is made upon this Certificate.

                    The Class N Certificates are issuable in fully registered form only without coupons in minimum denominations specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Class N Certificates are exchangeable for new Class N Certificates in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

                    As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices of the Certificate Registrar, duly endorsed by, or accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Class N Certificates in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

                    No transfer of any Class N Certificate shall be made unless that transfer is made pursuant to an effective registration statement under the Securities Act, and effective registration or qualification under applicable state securities laws, or is made in a transaction which does not require such registration or qualification.  If such a transfer is to be made without registration under the Securities Act (other than in connection with the initial issuance thereof or the initial transfer thereof by the Depositor, the Underwriters or their respective affiliates), then the Certificate Registrar shall refuse to register such transfer unless it receives either: (i) a certificate from the Certificateholder desiring to effect such transfer substantially in the form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder’s prospective transferee substantially in the form attached as either Exhibit F-2 or Exhibit F-3 to the Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the Certificate Registrar to the effect that such transfer may be made without registration under the Securities Act (which Opinion of Counsel shall not be an expense of the Trust Fund or of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their respective capacities as such), together with the written certification(s) as to the facts surrounding such transfer from the Certificateholder desiring to effect such transfer and/or such Certificateholder’s prospective transferee on which such Opinion of Counsel is based.  None of the Depositor, the Trustee, Paying Agent or the Certificate Registrar is obligated to register or qualify the Class N Certificates under the Securities Act or any other securities law or to take any action not
otherwise required under the Agreement to permit the transfer of any Class N Certificate without registration or qualification.  Any Class N Certificateholder desiring to effect such a transfer shall, and by the acceptance of its Class N Certificate agrees to, indemnify the Trustee, the Certificate Registrar, the Paying Agent and the Depositor against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

                    No
service charge will be imposed for any registration of transfer or exchange of
Class N Certificates, but the Certificate Registrar may require payment of a sum
sufficient to cover any tax or other governmental charge
that may be imposed in connection with any transfer or exchange of Class N
Certificates.

A-21-5

                    Notwithstanding the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book-entry facilities of DTC.

                    The Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes whatsoever and none of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent, the Certificate Registrar, or any such agent shall be affected by notice to the contrary.

                    The Trust Fund and the obligations created by the Agreement shall terminate upon distribution (or provision for distribution) to the Certificateholders of all amounts held by or on behalf of the Trustee and required to be distributed to them pursuant to the Agreement following the earlier to occur of (i) the final payment (or any advance with respect thereto) or other liquidation of the last Mortgage Loan or REO Property remaining in the Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder at a price determined as provided in the Agreement of all Mortgage Loans and each REO Property remaining in the Trust Fund.  The Agreement permits, but does not require, the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder to purchase from the Trust
Fund all Mortgage Loans and each REO Property remaining therein.  The exercise of such right will effect early retirement of the Class N Certificates; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Pool at the time of purchase being less than 1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date specified on the face hereof.

                    In addition, any exchange by any Certificateholder of all of the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund may be made:  (i) if the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) are held by a single Certificateholder and  (ii) the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-3FL, Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D Certificates have been paid in full.

                    The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Special Servicer and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Special Servicer and the Trustee with the consent of the Holders of Certificates entitled to at least 51% of the Voting Rights allocated to the affected Classes.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the amendment
thereof, 

A-21-6

in certain limited circumstances, including any amendment necessary to maintain the status of the Trust Fund (or designated portions thereof) as consisting of three separate REMICs and two grantor trusts, without the consent of the Holders of any of the Certificates.

                    Unless the certificate of authentication hereon has been executed by the Certificate Registrar, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

                    The registered Holder hereof, by its acceptance hereof, agrees that it will look solely to the Trust Fund (to the extent of its rights therein) for distributions hereunder.

                    This Certificate shall be construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in said State, and the obligations, rights and remedies of the Holder hereof shall be determined in accordance with such laws.

A-21-7

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

	
  
Dated:  June 29, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Certificate Registrar
  
	
  
 
  	
  
 
  
	
   
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized Representative
  

A-21-8

CERTIFICATE OF AUTHENTICATION

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

	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Authenticating Agent
  
	
  
 
  	
  
 
  
	
   
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-21-9

ASSIGNMENT

                    FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto ________________________________________________________ (please print or typewrite name and address including postal zip code of assignee) the beneficial ownership interest in the Trust Fund evidenced by the within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

I (we) further direct the Certificate Registrar to issue a new Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Commercial Mortgage Pass-Through Certificate to the following address:  __________________________________________________.

Dated:  _________________________

	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature by or on behalf of Assignor
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature Guaranteed
  

A-21-10

DISTRIBUTION INSTRUCTIONS

                    The Assignee should include the following for purposes of distribution:

                    Distributions shall, if permitted, be made by wire transfer or otherwise, in immediately available funds, to _____________________________ for the account of _______________.

                    Distributions made by check (such check to be made payable to _____________________) and all applicable statements and notices should be mailed to _________________________.

                    This information is provided by ________________________________, the Assignee named above, or ____________________________________, as its agent.

A-21-11

EXHIBIT A-22

FORM OF CLASS O CERTIFICATE

CLASS O COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
 SERIES 2006-C26

evidencing a beneficial ownership interest in a trust fund (the “Trust Fund”) consisting primarily of a pool of multifamily and commercial mortgage loans (the “Mortgage Loans”), such pool being formed and sold by

WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

	
  Pass-Through   Rate:  Variable
  	
  
 
  	
  
Class   Principal Balance of the Class O Certificates as of the Closing Date:   $4,329,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Date of   Pooling and Servicing Agreement: as of June 1, 2006
  	
  
 
  	
  
Initial   Certificate Principal Balance of this Class O Certificate as of the Closing   Date: $4,329,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Closing   Date:  June 29, 2006
  	
  
 
  	
  
Aggregate   Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date:   $1,731,843,7671
  
	
  
 
  	
  
 
  	
  
 
  
	
  
First   Distribution Date:  July 17, 2006
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
 
  
	
  
Master   Servicer:  Wachovia Bank, National   Association
  	
  
 
  	
  
Trustee:   Wells Fargo Bank, N.A.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Special   Servicer:  LNR Partners, Inc.
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Certificate   No. O-1
  	
  
 
  	
  
CUSIP No.
  

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION (“DTC”), TO THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

	
  

  
	
  
1
  	
  
Excludes   $10,000,000, which is the balance of The Woodlands Mall Non-Pooled Component,   represented solely by the Class WM Certificate.
  

A-22-1

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE.  ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (A “REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”).

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS A-3FL CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E CERTIFICATES, THE CLASS F CERTIFICATES, THE CLASS G CERTIFICATES, THE CLASS H CERTIFICATES, THE CLASS J CERTIFICATES, THE CLASS K CERTIFICATES, THE CLASS L CERTIFICATES, THE CLASS M CERTIFICATES AND THE CLASS N CERTIFICATES OF THE SAME SERIES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY “EMPLOYEE BENEFIT PLAN” SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), ANY “PLAN” SUBJECT TO SECTION 4975 OF THE CODE, OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE, LOCAL, OR OTHER LAW SUBSTANTIVELY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING DIRECTLY OR INDIRECTLY FOR, ON BEHALF OF OR WITH ANY ASSETS OF ANY SUCH PLAN (EACH, A “PLAN”)

A-22-2

UNLESS IT IS AN INSURANCE COMPANY GENERAL ACCOUNT WHICH IS ELIGIBLE FOR, AND SATISFIES ALL OF THE REQUIREMENTS FOR, EXEMPTIVE RELIEF UNDER SECTIONS I AND III OF DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTE 95-60”).  EACH PERSON WHO ACQUIRES THIS CERTIFICATE SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE, DEEMED) TO HAVE CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT IT WILL NOT TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES, THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS A-3FL CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E CERTIFICATES, THE CLASS F CERTIFICATES, THE CLASS G CERTIFICATES, THE CLASS H CERTIFICATES, THE CLASS J CERTIFICATES, THE CLASS K CERTIFICATES, THE CLASS L CERTIFICATES, THE CLASS M CERTIFICATES AND THE CLASS N CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  IN ADDITION, IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS P (AND, WITH RESPECT TO LOSSES AND EXPENSES ON THE WOODLANDS MALL LOAN, THE CLASS WM)
CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

                    This
certifies that Cede & Co. is the registered owner of the Percentage Interest
evidenced by this Class O Certificate (obtained by dividing the principal amount
of this Class O Certificate (its “Certificate Principal
Balance”) as of the Closing Date by the aggregate principal amount of
all the Class O Certificates (their “Class Principal Balance”)
as of the Closing Date) in that certain beneficial ownership interest evidenced
by all the Class O Certificates in the Trust Fund created pursuant to a Pooling
and Servicing Agreement, dated as specified above (the
“Agreement”), among Wachovia Commercial Mortgage Securities,
Inc. (herein called the “Depositor”, which term includes any
successor entity under the Agreement), Wachovia Bank, National Association
(herein called the “Master Servicer”, which term includes any
successor entity under the Agreement), LNR Partners, Inc. (herein called the
“Special Servicer”, which term includes any successor entity
under the Agreement) and Wells Fargo Bank, N.A. (herein called the
“Trustee”, which term includes any successor entity under the
Agreement), a summary of certain of the pertinent provisions of which is set
forth hereafter.  To the extent not defined herein, the capitalized terms
used herein have the respective meanings assigned in the Agreement.  This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

A-22-3

                    Pursuant to the terms of the Agreement, distributions will be made on the fourth Business Day following the related Determination Date (each, a “Distribution Date”).  The Determination Date is the 11th day of each month or, if such 11th day is not a Business Day, the Business Day immediately succeeding, commencing in July 2006 (each, a “Determination Date”).  Distributions will be made commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the last Business Day of the month immediately preceding the month of such distribution (the “Record Date”), in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of
the Class O Certificates on the applicable Distribution Date pursuant to the Agreement.  All distributions made under the Agreement on the Class O Certificates will be made by Wells Fargo Bank, N.A., as paying agent (the “Paying Agent”), by wire transfer of immediately available funds to the account of the Person entitled thereto at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided the Paying Agent with wiring instructions no less than five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to the address of such Certificateholder as it appears in the Certificate Register.  Notwithstanding the foregoing, the final distribution on this Certificate (determined without regard to any possible future reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated
to this Certificate) will be made in like manner, but only upon presentation and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to the Holder hereof of such final distribution.  Also notwithstanding the foregoing, any distribution that may be made with respect to this Certificate in reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated to this Certificate, which reimbursement is to occur after the date on which this Certificate is surrendered as contemplated by the preceding sentence, will be made by check mailed to the address of the Holder that surrenders this Certificate as such address last appears in the Certificate Register or to any such other address of which the Paying Agent is subsequently notified in writing.

                    The Certificates are limited in right of distribution to certain collections and recoveries respecting the Mortgage Loans and REO Loans, all as more specifically set forth herein and in the Agreement.  As provided in the Agreement, withdrawals from the Certificate Account, the Distribution Account and, if established, the REO Account may be made from time to time for purposes other than, and, in certain cases, prior to, distributions to Certificateholders, such purposes including the reimbursement of Advances made, or certain expenses incurred, with respect to the Mortgage Loans and the payment of interest on such Advances and expenses.

                    Interest accrued on this Certificate during an Interest Accrual Period, plus any unpaid interest shortfall with respect to this Certificate for any prior Distribution Date, if any, will be payable on the related Distribution Date to the extent provided in the Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class O Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

A-22-4

                    Any distribution to the Holder of this Certificate in reduction of the Certificate Principal Balance hereof is binding on such Holder and all future Holders of this Certificate and any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such distribution is made upon this Certificate.

                    The Class O Certificates are issuable in fully registered form only without coupons in minimum denominations specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Class O Certificates are exchangeable for new Class O Certificates in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

                    As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices of the Certificate Registrar, duly endorsed by, or accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Class O Certificates in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

                    No transfer of any Class O Certificate shall be made unless that transfer is made pursuant to an effective registration statement under the Securities Act, and effective registration or qualification under applicable state securities laws, or is made in a transaction which does not require such registration or qualification.  If such a transfer is to be made without registration under the Securities Act (other than in connection with the initial issuance thereof or the initial transfer thereof by the Depositor, the Underwriters or their respective affiliates), then the Certificate Registrar shall refuse to register such transfer unless it receives either: (i) a certificate from the Certificateholder desiring to effect such transfer substantially in the form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder’s prospective transferee substantially in the form attached as either Exhibit F-2 or Exhibit F-3 to the Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the Certificate Registrar to the effect that such transfer may be made without registration under the Securities Act (which Opinion of Counsel shall not be an expense of the Trust Fund or of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their respective capacities as such), together with the written certification(s) as to the facts surrounding such transfer from the Certificateholder desiring to effect such transfer and/or such Certificateholder’s prospective transferee on which such Opinion of Counsel is based.  None of the Depositor, the Trustee, Paying Agent or the Certificate Registrar is obligated to register or qualify the Class O Certificates under the Securities Act or any other securities law or to take any action not
otherwise required under the Agreement to permit the transfer of any Class O Certificate without registration or qualification.  Any Class O Certificateholder desiring to effect such a transfer shall, and by the acceptance of its Class O Certificate agrees to, indemnify the Trustee, the Certificate Registrar, the Paying Agent and the Depositor against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws. 

                    No
service charge will be imposed for any registration of transfer or exchange of
Class O Certificates, but the Certificate Registrar may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any transfer or exchange of Class O Certificates.

A-22-5

                    Notwithstanding the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book-entry facilities of DTC.

                    The Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes whatsoever and none of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent, the Certificate Registrar, or any such agent shall be affected by notice to the contrary.

                    The Trust Fund and the obligations created by the Agreement shall terminate upon distribution (or provision for distribution) to the Certificateholders of all amounts held by or on behalf of the Trustee and required to be distributed to them pursuant to the Agreement following the earlier to occur of (i) the final payment (or any advance with respect thereto) or other liquidation of the last Mortgage Loan or REO Property remaining in the Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder at a price determined as provided in the Agreement of all Mortgage Loans and each REO Property remaining in the Trust Fund.  The Agreement permits, but does not require, the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder to purchase from the Trust
Fund all Mortgage Loans and each REO Property remaining therein.  The exercise of such right will effect early retirement of the Class O Certificates; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Pool at the time of purchase being less than 1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date specified on the face hereof.

                    In addition, any exchange by any Certificateholder of all of the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund may be made:  (i) if the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) are held by a single Certificateholder and  (ii) the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-3FL, Class A-1A, Class A-M, Class A-J, Class B, Class C, the Class D Certificates have been paid in full.

                    The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Special Servicer and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Special Servicer and the Trustee with the consent of the Holders of Certificates entitled to at least 51% of the Voting Rights allocated to the affected Classes.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the amendment
thereof, 

A-22-6

in certain limited circumstances, including any amendment necessary to maintain the status of the Trust Fund (or designated portions thereof) as consisting of three separate REMICs and two grantor trusts, without the consent of the Holders of any of the Certificates.

                    Unless the certificate of authentication hereon has been executed by the Certificate Registrar, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

                    The registered Holder hereof, by its acceptance hereof, agrees that it will look solely to the Trust Fund (to the extent of its rights therein) for distributions hereunder.

                    This Certificate shall be construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in said State, and the obligations, rights and remedies of the Holder hereof shall be determined in accordance with such laws.

A-22-7

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

	
  
Dated:  June 29, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Certificate Registrar
  
	
  
 
  	
  
 
  
	
   
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-22-8

CERTIFICATE OF AUTHENTICATION

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

	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Authenticating Agent
  
	
  
 
  	
  
 
  
	
   
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-22-9

ASSIGNMENT

                    FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto ________________________________________________________ (please print or typewrite name and address including postal zip code of assignee) the beneficial ownership interest in the Trust Fund evidenced by the within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

                    I (we) further direct the Certificate Registrar to issue a new Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Commercial Mortgage Pass-Through Certificate to the following address:  __________________________________________________.

Dated:  _________________________

	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature by or on behalf of Assignor
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature Guaranteed
  

A-22-10

DISTRIBUTION INSTRUCTIONS

                    The Assignee should include the following for purposes of distribution:

                    Distributions shall, if permitted, be made by wire transfer or otherwise, in immediately available funds, to _____________________________ for the account of _______________.

                    Distributions made by check (such check to be made payable to _____________________) and all applicable statements and notices should be mailed to _________________________.

                    This information is provided by ________________________________, the Assignee named above, or ____________________________________, as its agent.

A-22-11

EXHIBIT A-23

FORM OF CLASS P CERTIFICATE

CLASS P COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
 SERIES 2006-C26

evidencing a beneficial ownership interest in a trust fund (the “Trust Fund”) consisting primarily of a pool of multifamily and commercial mortgage loans (the “Mortgage Loans”), such pool being formed and sold by

WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

	
  Pass-Through   Rate:  Variable
  	
  
 
  	
  
Class   Principal Balance of the Class P Certificates as of the Closing Date:   $23,813,767
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Date of   Pooling and Servicing Agreement: as of June 1, 2006
  	
  
 
  	
  
Initial   Certificate Principal Balance of this Class P Certificate as of the Closing   Date: $23,813,767
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Closing   Date:  June 29, 2006
  	
  
 
  	
  
Aggregate   Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date:   $1,731,843,7671
  
	
  
 
  	
  
 
  	
  
 
  
	
  
First   Distribution Date:  July 17, 2006
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
 
  
	
  
Master   Servicer:  Wachovia Bank, National   Association
  	
  
 
  	
  
Trustee:   Wells Fargo Bank, N.A.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Special   Servicer:  LNR Partners, Inc.
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Certificate   No. P-1
  	
  
 
  	
  
CUSIP No.
  

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION (“DTC”), TO THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

	
  

  
	
  
1
  	
  
Excludes   $10,000,000, which is the balance of The Woodlands Mall Non-Pooled Component,   represented solely by the Class WM Certificate.
  

A-23-1

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE.  ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (A “REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”).

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS A-3FL CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E CERTIFICATES, THE CLASS F CERTIFICATES, THE CLASS G CERTIFICATES, THE CLASS H CERTIFICATES, THE CLASS J CERTIFICATES, THE CLASS K CERTIFICATES, THE CLASS L CERTIFICATES, THE CLASS M CERTIFICATES, THE CLASS N CERTIFICATES AND THE CLASS O CERTIFICATES OF THE SAME SERIES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY “EMPLOYEE BENEFIT PLAN” SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), ANY “PLAN” SUBJECT TO SECTION 4975 OF THE CODE, OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE, LOCAL, OR OTHER LAW SUBSTANTIVELY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING DIRECTLY OR INDIRECTLY FOR, ON 

A-23-2

BEHALF OF OR WITH ANY ASSETS OF ANY SUCH PLAN (EACH, A “PLAN”) UNLESS IT IS AN INSURANCE COMPANY GENERAL ACCOUNT WHICH IS ELIGIBLE FOR, AND SATISFIES ALL OF THE REQUIREMENTS FOR, EXEMPTIVE RELIEF UNDER SECTIONS I AND III OF DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTE 95-60”).  EACH PERSON WHO ACQUIRES THIS CERTIFICATE SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE, DEEMED) TO HAVE CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT IT WILL NOT TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES, THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS A-3FL CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E CERTIFICATES, THE CLASS F CERTIFICATES, THE CLASS G CERTIFICATES, THE CLASS H CERTIFICATES, THE CLASS J CERTIFICATES, THE CLASS K CERTIFICATES, THE CLASS L CERTIFICATES, THE CLASS M CERTIFICATES, THE CLASS N CERTIFICATES AND THE CLASS O CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

                    This certifies that Cede & Co. is the registered owner of the Percentage Interest evidenced by this Class P Certificate (obtained by dividing the principal amount of this Class P Certificate (its “Certificate Principal Balance”) as of the Closing Date by the aggregate principal amount of all the Class P Certificates (their “Class Principal Balance”) as of the Closing Date) in that certain beneficial ownership interest evidenced by all the Class P Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Wachovia Commercial Mortgage Securities, Inc. (herein called the “Depositor”, which term includes any successor entity under the Agreement), Wachovia Bank, National Association (herein called the
“Master Servicer”, which term includes any successor entity under the Agreement), LNR Partners, Inc. (herein called the “Special Servicer”, which term includes any successor entity under the Agreement) and Wells Fargo Bank, N.A. (herein called the “Trustee”, which term includes any successor entity under the Agreement), a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the respective meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

A-23-3

                    Pursuant to the terms of the Agreement, distributions will be made on the fourth Business Day following the related Determination Date (each, a “Distribution Date”).  The Determination Date is the 11th day of each month or, if such 11th day is not a Business Day, the Business Day immediately succeeding, commencing in July 2006 (each, a “Determination Date”).  Distributions will be made commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the last Business Day of the month immediately preceding the month of such distribution (the “Record Date”), in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of
the Class P Certificates on the applicable Distribution Date pursuant to the Agreement.  All distributions made under the Agreement on the Class P Certificates will be made by Wells Fargo Bank, N.A., as paying agent (the “Paying Agent”), by wire transfer of immediately available funds to the account of the Person entitled thereto at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided the Paying Agent with wiring instructions no less than five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to the address of such Certificateholder as it appears in the Certificate Register.  Notwithstanding the foregoing, the final distribution on this Certificate (determined without regard to any possible future reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated
to this Certificate) will be made in like manner, but only upon presentation and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to the Holder hereof of such final distribution.  Also notwithstanding the foregoing, any distribution that may be made with respect to this Certificate in reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated to this Certificate, which reimbursement is to occur after the date on which this Certificate is surrendered as contemplated by the preceding sentence, will be made by check mailed to the address of the Holder that surrenders this Certificate as such address last appears in the Certificate Register or to any such other address of which the Paying Agent is subsequently notified in writing.

                    The Certificates are limited in right of distribution to certain collections and recoveries respecting the Mortgage Loans and REO Loans, all as more specifically set forth herein and in the Agreement.  As provided in the Agreement, withdrawals from the Certificate Account, the Distribution Account and, if established, the REO Account may be made from time to time for purposes other than, and, in certain cases, prior to, distributions to Certificateholders, such purposes including the reimbursement of Advances made, or certain expenses incurred, with respect to the Mortgage Loans and the payment of interest on such Advances and expenses.

                    Interest accrued on this Certificate during an Interest Accrual Period, plus any unpaid interest shortfall with respect to this Certificate for any prior Distribution Date, if any, will be payable on the related Distribution Date to the extent provided in the Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class P Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

                    Any distribution to the Holder of this Certificate in reduction of the Certificate Principal Balance hereof is binding on such Holder and all future Holders of this Certificate and any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such distribution is made upon this Certificate.

A-23-4

                    The Class P Certificates are issuable in fully registered form only without coupons in minimum denominations specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Class P Certificates are exchangeable for new Class P Certificates in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

                    As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices of the Certificate Registrar, duly endorsed by, or accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Class P Certificates in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

                    No transfer of any Class P Certificate shall be made unless that transfer is made pursuant to an effective registration statement under the Securities Act, and effective registration or qualification under applicable state securities laws, or is made in a transaction which does not require such registration or qualification.  If such a transfer is to be made without registration under the Securities Act (other than in connection with the initial issuance thereof or the initial transfer thereof by the Depositor, the Underwriters or their respective affiliates), then the Certificate Registrar shall refuse to register such transfer unless it receives either: (i) a certificate from the Certificateholder desiring to effect such transfer substantially in the form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder’s prospective transferee substantially in the form attached as either Exhibit F-2 or Exhibit F-3 to the Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the Certificate Registrar to the effect that such transfer may be made without registration under the Securities Act (which Opinion of Counsel shall not be an expense of the Trust Fund or of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their respective capacities as such), together with the written certification(s) as to the facts surrounding such transfer from the Certificateholder desiring to effect such transfer and/or such Certificateholder’s prospective transferee on which such Opinion of Counsel is based.  None of the Depositor, the Trustee, Paying Agent or the Certificate Registrar is obligated to register or qualify the Class P Certificates under the Securities Act or any other securities law or to take any action not
otherwise required under the Agreement to permit the transfer of any Class P Certificate without registration or qualification.  Any Class P Certificateholder desiring to effect such a transfer shall, and by the acceptance of its Class P Certificate agrees to, indemnify the Trustee, the Certificate Registrar, the Paying Agent and the Depositor against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

                    No service charge will be imposed for any registration of transfer or exchange of Class P Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Class P Certificates.

                    Notwithstanding
the foregoing, for so long as this Certificate is registered in the name of Cede
& Co. or in such other name as is requested by an authorized representative
of DTC, transfers of interests in this
Certificate shall be made through the book-entry facilities of DTC.

A-23-5

                    The Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes whatsoever and none of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent, the Certificate Registrar, or any such agent shall be affected by notice to the contrary.

                    The Trust Fund and the obligations created by the Agreement shall terminate upon distribution (or provision for distribution) to the Certificateholders of all amounts held by or on behalf of the Trustee and required to be distributed to them pursuant to the Agreement following the earlier to occur of (i) the final payment (or any advance with respect thereto) or other liquidation of the last Mortgage Loan or REO Property remaining in the Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder at a price determined as provided in the Agreement of all Mortgage Loans and each REO Property remaining in the Trust Fund.  The Agreement permits, but does not require, the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder to purchase from the Trust
Fund all Mortgage Loans and each REO Property remaining therein.  The exercise of such right will effect early retirement of the Class P Certificates; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Pool at the time of purchase being less than 1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date specified on the face hereof.

                    In addition, any exchange by any Certificateholder of all of the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund may be made:  (i) if the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) are held by a single Certificateholder and  (ii) the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-3FL, Class A-1A, Class A-M, Class A-J, Class B, Class C, the Class D Certificates have been paid in full.

                    The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Special Servicer and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Special Servicer and the Trustee with the consent of the Holders of Certificates entitled to at least 51% of the Voting Rights allocated to the affected Classes.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to maintain the status of the Trust Fund (or designated portions thereof) as consisting of three separate REMICs and two grantor trusts, without the consent of the Holders of any of the Certificates.

A-23-6

                    Unless the certificate of authentication hereon has been executed by the Certificate Registrar, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

                    The registered Holder hereof, by its acceptance hereof, agrees that it will look solely to the Trust Fund (to the extent of its rights therein) for distributions hereunder.

                    This Certificate shall be construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in said State, and the obligations, rights and remedies of the Holder hereof shall be determined in accordance with such laws.

A-23-7

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

	
  
Dated:  June 29, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Certificate Registrar
  
	
  
 
  	
  
 
  
	
   
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-23-8

CERTIFICATE OF AUTHENTICATION

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

	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Authenticating Agent
  
	
  
 
  	
  
 
  
	
   
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-23-9

ASSIGNMENT

                    FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto ________________________________________________________ (please print or typewrite name and address including postal zip code of assignee) the beneficial ownership interest in the Trust Fund evidenced by the within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

                    I (we) further direct the Certificate Registrar to issue a new Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Commercial Mortgage Pass-Through Certificate to the following address:  __________________________________________________.

Dated:  _________________________

	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature by or on behalf of Assignor
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature Guaranteed
  

A-23-10

DISTRIBUTION INSTRUCTIONS

                    The Assignee should include the following for purposes of distribution:

                    Distributions shall, if permitted, be made by wire transfer or otherwise, in immediately available funds, to _____________________________ for the account of _______________.

                    Distributions made by check (such check to be made payable to _____________________) and all applicable statements and notices should be mailed to _________________________.

                    This information is provided by ________________________________, the Assignee named above, or ____________________________________, as its agent.

A-23-11

EXHIBIT A-24-1

FORM OF CLASS X-C CERTIFICATE

CLASS X-C COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
 SERIES 2006-C26

evidencing a beneficial ownership interest in a trust fund (the “Trust Fund”) consisting primarily of a pool of multifamily and commercial mortgage loans (the “Mortgage Loans”), such pool being formed and sold by

WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

	
  Pass-Through   Rate:  Variable
  	
  
 
  	
  
Aggregate   Certificate Notional Amount of all Class X-C Certificates as of the Closing   Date: $1,731,843,767
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Date of   Pooling and Servicing Agreement: as of June 1, 2006
  	
  
 
  	
  
Certificate   Notional Amount of this Class X-C Certificate as of the Closing Date:   $500,000,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Closing   Date:  June 29, 2006
  	
  
 
  	
  
Aggregate   Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date:   $1,731,843,7671
  
	
  
 
  	
  
 
  	
  
 
  
	
  
First   Distribution Date:  July 17, 2006
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
 
  
	
  
Master   Servicer:  Wachovia Bank, National   Association
  	
  
 
  	
  
Trustee:   Wells Fargo Bank, N.A.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Special   Servicer:  LNR Partners, Inc.
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Certificate   No.  X-C-1
  	
  
 
  	
  
CUSIP No.
  

THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE PRINCIPAL BALANCE AND WILL NOT ENTITLE THE HOLDER HEREOF TO DISTRIBUTIONS OF PRINCIPAL, BUT IS ENTITLED TO RECEIVE DISTRIBUTIONS OF INTEREST ONLY ON A NOTIONAL AMOUNT AS SET FORTH IN THE AGREEMENT.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION (“DTC”), TO THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF FOR

	
  

  
	
  
1
  	
  
Excludes   $10,000,000, which is the balance of The Woodlands Mall Non-Pooled Component,   represented solely by the Class WM Certificate.
  

A-24-1-1

REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE.  ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (A “REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”).

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY “EMPLOYEE BENEFIT PLAN” SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), ANY “PLAN” SUBJECT TO SECTION 4975 OF THE CODE, OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE, LOCAL, OR OTHER LAW SUBSTANTIVELY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF OR WITH ANY ASSETS OF ANY SUCH PLAN (EACH, A “PLAN”) UNLESS IT IS AN ACCREDITED INVESTOR AS DEFINED IN RULE 501(A)(1) OF REGULATION D UNDER THE SECURITIES ACT. EACH PERSON WHO ACQUIRES THIS CERTIFICATE SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE, DEEMED) TO HAVE CERTIFIED THAT THE FOREGOING CONDITION IS SATISFIED, AND THAT IT WILL NOT TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

A-24-1-2

BECAUSE THE COMPONENTS COMPRISING THE NOTIONAL AMOUNT OF THE CLASS X-C CERTIFICATES WILL BE REDUCED BY ANY DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THE CERTIFICATES RELATING TO SUCH COMPONENTS AND BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND WHICH ARE ALLOCATED TO SUCH CERTIFICATES RELATING TO SUCH COMPONENTS AS SET FORTH IN THE AGREEMENT, THE OUTSTANDING NOTIONAL AMOUNT HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE. 

                    This certifies that Cede & Co. is the registered owner of the Percentage Interest evidenced by this Class X-C Certificate in that certain beneficial ownership interest evidenced by all the Class X-C Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Wachovia Commercial Mortgage Securities, Inc. (herein called the “Depositor”, which term includes any successor entity under the Agreement), Wachovia Bank, National Association (herein called the “Master Servicer”, which term includes any successor entity under the Agreement), LNR Partners, Inc. (herein called the “Special Servicer”, which term includes any successor entity under the Agreement) and Wells Fargo Bank, N.A. (herein called the
“Trustee”, which term includes any successor entity under the Agreement), a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the respective meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

                    Pursuant to the terms of the Agreement, distributions will be made on the fourth Business Day following the related Determination Date (each, a “Distribution Date”).  The Determination Date is the 11th day of each month or, if such 11th day is not a Business Day, the Business Day immediately succeeding, commencing in July, 2006 (each, a “Determination Date”).  Distributions will be made commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the last Business Day of the month immediately preceding the month of such distribution (the “Record Date”), in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders
of the Class X-C Certificates on the applicable Distribution Date pursuant to the Agreement.  The Pass-Through Rate applicable to the Class X-C Certificates for each Distribution Date is as provided in the Agreement.  All distributions made under the Agreement on the Class X-C Certificates will be made by Wells Fargo Bank, N.A., as paying agent (the “Paying Agent”), by wire transfer of immediately available funds to the account of the Person entitled thereto at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided the Paying Agent with wiring instructions no less than five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to the address of such Certificateholder as it appears in the Certificate Register.  Notwithstanding the foregoing, the final distribution on this Certificate
will be made in like manner, but only upon presentation and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to the Holder hereof of such final distribution. 

A-24-1-3

                    The Certificates are limited in right of distribution to certain collections and recoveries respecting the Mortgage Loans and REO Loans, all as more specifically set forth herein and in the Agreement.  As provided in the Agreement, withdrawals from the Certificate Account, the Distribution Account and, if established, the REO Account may be made from time to time for purposes other than, and, in certain cases, prior to, distributions to Certificateholders, such purposes including the reimbursement of Advances made, or certain expenses incurred, with respect to the Mortgage Loans and the payment of interest on such Advances and expenses.

                    Interest accrued on this Certificate during an Interest Accrual Period, plus any unpaid interest shortfall with respect to this Certificate for any prior Distribution Date, if any, will be payable on the related Distribution Date to the extent provided in the Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class X-C Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

                    The Class X-C Certificates are issuable in fully registered form only without coupons in minimum denominations specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Class X-C Certificates are exchangeable for new Class X-C Certificates in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

                    As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices of the Certificate Registrar, duly endorsed by, or accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Class X-C Certificates in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

                    No transfer of any Class X-C Certificate shall be made unless that transfer is made pursuant to an effective registration statement under the Securities Act, and effective registration or qualification under applicable state securities laws, or is made in a transaction which does not require such registration or qualification.  If such a transfer is to be made without registration under the Securities Act (other than in connection with the initial issuance thereof or the initial transfer thereof by the Depositor, the Underwriters or their respective affiliates), then the Certificate Registrar shall refuse to register such transfer unless it receives either: (i) a certificate from the Certificateholder desiring to effect such transfer substantially in the form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder’s prospective transferee substantially in the form attached as either Exhibit F-2 or Exhibit F-3 to the Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the Certificate Registrar to the effect that such transfer may be made without registration under the Securities Act (which Opinion of Counsel shall not be an expense of the Trust Fund or of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their respective capacities as such), together with the written certification(s) as to the facts surrounding such transfer from the Certificateholder desiring to effect such transfer and/or such Certificateholder’s prospective transferee on which such Opinion of Counsel is based.  None of the Depositor, the Trustee, Paying Agent or the Certificate Registrar is obligated to register or 

A-24-1-4

qualify the Class X-C Certificates under the Securities Act or any other securities law or to take any action not otherwise required under the Agreement to permit the transfer of any Class X-C Certificate without registration or qualification.  Any Class X-C Certificateholder desiring to effect such a transfer shall, and by the acceptance of its Class X-C Certificate agrees to, indemnify the Trustee, the Certificate Registrar, the Paying Agent and the Depositor against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

                    No service charge will be imposed for any registration of transfer or exchange of Class X-C Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Class X-C Certificates.

                    Notwithstanding the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book-entry facilities of DTC.

                    The Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes whatsoever and none of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent, the Certificate Registrar, or any such agent shall be affected by notice to the contrary.

                    The Trust Fund and the obligations created by the Agreement shall terminate upon distribution (or provision for distribution) to the Certificateholders of all amounts held by or on behalf of the Trustee and required to be distributed to them pursuant to the Agreement following the earlier to occur of (i) the final payment (or any advance with respect thereto) or other liquidation of the last Mortgage Loan or REO Property remaining in the Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder at a price determined as provided in the Agreement of all Mortgage Loans and each REO Property remaining in the Trust Fund.  The Agreement permits, but does not require, the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder to purchase from the
Trust Fund all Mortgage Loans and each REO Property remaining therein.  The exercise of such right will effect early retirement of the Class X-C Certificates; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Pool at the time of purchase being less than 1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date specified on the face hereof.

                    In addition, any exchange by any Certificateholder of all of the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund may be made:  (i) if the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) are held by a single Certificateholder and  (ii) the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-3FL, Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D Certificates have been paid in full.

A-24-1-5

                    The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Special Servicer and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Special Servicer and the Trustee with the consent of the Holders of Certificates entitled to at least 51% of the Voting Rights allocated to the affected Classes.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to maintain the status of the Trust Fund (or designated portions thereof) as consisting of three separate REMICs and two grantor trusts, without the consent of the Holders of any of the Certificates.

                    Unless the certificate of authentication hereon has been executed by the Certificate Registrar, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

                    The registered Holder hereof, by its acceptance hereof, agrees that it will look solely to the Trust Fund (to the extent of its rights therein) for distributions hereunder.

                    This Certificate shall be construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in said State, and the obligations, rights and remedies of the Holder hereof shall be determined in accordance with such laws.

A-24-1-6

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

	
  
Dated:  June 29, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Certificate Registrar
  
	
   
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-24-1-7

CERTIFICATE OF AUTHENTICATION

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

	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Authenticating Agent
  
	
   
  	
  
 
  
	
  
         
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-24-1-8

ASSIGNMENT

                    FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto ________________________________________________________ (please print or typewrite name and address including postal zip code of assignee) the beneficial ownership interest in the Trust Fund evidenced by the within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

                    I (we) further direct the Certificate Registrar to issue a new Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Commercial Mortgage Pass-Through Certificate to the following address:  __________________________________________________.

Dated:  _________________________

	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature by or on behalf of Assignor
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature Guaranteed
  

A-24-1-9

DISTRIBUTION INSTRUCTIONS

                    The Assignee should include the following for purposes of distribution:

                    Distributions shall, if permitted, be made by wire transfer or otherwise, in immediately available funds, to _____________________________ for the account of _______________.

                    Distributions made by check (such check to be made payable to _____________________) and all applicable statements and notices should be mailed to _________________________.

                    This information is provided by ________________________________, the Assignee named above, or ____________________________________, as its agent.

A-24-1-10

EXHIBIT A-24-2

FORM OF CLASS X-C CERTIFICATE

CLASS X-C COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
 SERIES 2006-C26

evidencing a beneficial ownership interest in a trust fund (the “Trust Fund”) consisting primarily of a pool of multifamily and commercial mortgage loans (the “Mortgage Loans”), such pool being formed and sold by

WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

	
  
Pass-Through   Rate:  Variable
  	
  
 
  	
  
Aggregate   Certificate Notional Amount of all Class X-C Certificates as of the Closing   Date: $1,731,843,767
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Date of   Pooling and Servicing Agreement: as of June 1, 2006
  	
  
 
  	
  
Certificate   Notional Amount of this Class X-C Certificate as of the Closing Date:   $500,000,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Closing   Date:  June 29, 2006
  	
  
 
  	
  
Aggregate   Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date:   $1,731,843,7671
  
	
  
 
  	
  
 
  	
  
 
  
	
  First   Distribution Date:  July 17, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Master Servicer:  Wachovia Bank, National Association
  	
  
 
  	
  
Trustee:   Wells Fargo Bank, N.A.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Special   Servicer:  LNR Partners, Inc.
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Certificate   No. X-C-2
  	
  
 
  	
  
CUSIP No.
  

THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE PRINCIPAL BALANCE AND WILL NOT ENTITLE THE HOLDER HEREOF TO DISTRIBUTIONS OF PRINCIPAL, BUT IS ENTITLED TO RECEIVE DISTRIBUTIONS OF INTEREST ONLY ON A NOTIONAL AMOUNT AS SET FORTH IN THE AGREEMENT.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION (“DTC”), TO THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF FOR

	
  

  
	
  
1
  	
  
Excludes   $10,000,000, which is the balance of The Woodlands Mall Non-Pooled Component,   represented solely by the Class WM Certificate.
  

A-24-2-1

REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE.  ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (A “REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”).

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY “EMPLOYEE BENEFIT PLAN” SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), ANY “PLAN” SUBJECT TO SECTION 4975 OF THE CODE, OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE, LOCAL, OR OTHER LAW SUBSTANTIVELY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF OR WITH ANY ASSETS OF ANY SUCH PLAN (EACH, A “PLAN”) UNLESS IT IS AN ACCREDITED INVESTOR AS DEFINED IN RULE 501(A)(1) OF REGULATION D UNDER THE SECURITIES ACT. EACH PERSON WHO ACQUIRES THIS CERTIFICATE SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE, DEEMED) TO HAVE CERTIFIED THAT THE FOREGOING CONDITION IS SATISFIED, AND THAT IT WILL NOT TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

A-24-2-2

BECAUSE THE COMPONENTS COMPRISING THE NOTIONAL AMOUNT OF THE CLASS X-C CERTIFICATES WILL BE REDUCED BY ANY DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THE CERTIFICATES RELATING TO SUCH COMPONENTS AND BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND WHICH ARE ALLOCATED TO SUCH CERTIFICATES RELATING TO SUCH COMPONENTS AS SET FORTH IN THE AGREEMENT, THE OUTSTANDING NOTIONAL AMOUNT HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE. 

                    This certifies that Cede & Co. is the registered owner of the Percentage Interest evidenced by this Class X-C Certificate in that certain beneficial ownership interest evidenced by all the Class X-C Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Wachovia Commercial Mortgage Securities, Inc. (herein called the “Depositor”, which term includes any successor entity under the Agreement), Wachovia Bank, National Association (herein called the “Master Servicer”, which term includes any successor entity under the Agreement), LNR Partners, Inc. (herein called the “Special Servicer”, which term includes any successor entity under the Agreement) and Wells Fargo Bank, N.A. (herein called the
“Trustee”, which term includes any successor entity under the Agreement), a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the respective meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

                    Pursuant to the terms of the Agreement, distributions will be made on the fourth Business Day following the related Determination Date (each, a “Distribution Date”).  The Determination Date is the 11th day of each month or, if such 11th day is not a Business Day, the Business Day immediately succeeding, commencing in July, 2006 (each, a “Determination Date”).  Distributions will be made commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the last Business Day of the month immediately preceding the month of such distribution (the “Record Date”), in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders
of the Class X-C Certificates on the applicable Distribution Date pursuant to the Agreement.  The Pass-Through Rate applicable to the Class X-C Certificates for each Distribution Date is as provided in the Agreement.  All distributions made under the Agreement on the Class X-C Certificates will be made by Wells Fargo Bank, N.A., as paying agent (the “Paying Agent”), by wire transfer of immediately available funds to the account of the Person entitled thereto at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided the Paying Agent with wiring instructions no less than five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to the address of such Certificateholder as it appears in the Certificate Register.  Notwithstanding the foregoing, the final distribution on this Certificate
will be made in like manner, but only upon presentation and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to the Holder hereof of such final distribution.

A-24-2-3

                    The Certificates are limited in right of distribution to certain collections and recoveries respecting the Mortgage Loans and REO Loans, all as more specifically set forth herein and in the Agreement.  As provided in the Agreement, withdrawals from the Certificate Account, the Distribution Account and, if established, the REO Account may be made from time to time for purposes other than, and, in certain cases, prior to, distributions to Certificateholders, such purposes including the reimbursement of Advances made, or certain expenses incurred, with respect to the Mortgage Loans and the payment of interest on such Advances and expenses.

                    Interest accrued on this Certificate during an Interest Accrual Period, plus any unpaid interest shortfall with respect to this Certificate for any prior Distribution Date, if any, will be payable on the related Distribution Date to the extent provided in the Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class X-C Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

                    The Class X-C Certificates are issuable in fully registered form only without coupons in minimum denominations specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Class X-C Certificates are exchangeable for new Class X-C Certificates in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

                    As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices of the Certificate Registrar, duly endorsed by, or accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Class X-C Certificates in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

                    No transfer of any Class X-C Certificate shall be made unless that transfer is made pursuant to an effective registration statement under the Securities Act, and effective registration or qualification under applicable state securities laws, or is made in a transaction which does not require such registration or qualification.  If such a transfer is to be made without registration under the Securities Act (other than in connection with the initial issuance thereof or the initial transfer thereof by the Depositor, the Underwriters or their respective affiliates), then the Certificate Registrar shall refuse to register such transfer unless it receives either: (i) a certificate from the Certificateholder desiring to effect such transfer substantially in the form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder’s prospective transferee substantially in the form attached as either Exhibit F-2 or Exhibit F-3 to the Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the Certificate Registrar to the effect that such transfer may be made without registration under the Securities Act (which Opinion of Counsel shall not be an expense of the Trust Fund or of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their respective capacities as such), together with the written certification(s) as to the facts surrounding such transfer from the Certificateholder desiring to effect such transfer and/or such Certificateholder’s prospective transferee on which such Opinion of Counsel is based.  None of the Depositor, the Trustee, Paying Agent or the Certificate Registrar is obligated to register or 

A-24-2-4

qualify the Class X-C Certificates under the Securities Act or any other securities law or to take any action not otherwise required under the Agreement to permit the transfer of any Class X-C Certificate without registration or qualification.  Any Class X-C Certificateholder desiring to effect such a transfer shall, and by the acceptance of its Class X-C Certificate agrees to, indemnify the Trustee, the Certificate Registrar, the Paying Agent and the Depositor against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

                    No service charge will be imposed for any registration of transfer or exchange of Class X-C Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Class X-C Certificates.

                    Notwithstanding the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book-entry facilities of DTC.

                    The Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes whatsoever and none of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent, the Certificate Registrar, or any such agent shall be affected by notice to the contrary.

                    The Trust Fund and the obligations created by the Agreement shall terminate upon distribution (or provision for distribution) to the Certificateholders of all amounts held by or on behalf of the Trustee and required to be distributed to them pursuant to the Agreement following the earlier to occur of (i) the final payment (or any advance with respect thereto) or other liquidation of the last Mortgage Loan or REO Property remaining in the Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder at a price determined as provided in the Agreement of all Mortgage Loans and each REO Property remaining in the Trust Fund.  The Agreement permits, but does not require, the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder to purchase from the
Trust Fund all Mortgage Loans and each REO Property remaining therein.  The exercise of such right will effect early retirement of the Class X-C Certificates; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Pool at the time of purchase being less than 1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date specified on the face hereof.

                    In addition, any exchange by any Certificateholder of all of the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund may be made:  (i) if the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) are held by a single Certificateholder and  (ii) the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-3FL, Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D Certificates have been paid in full.

A-24-2-5

                    The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Special Servicer and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Special Servicer and the Trustee with the consent of the Holders of Certificates entitled to at least 51% of the Voting Rights allocated to the affected Classes.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to maintain the status of the Trust Fund (or designated portions thereof) as consisting of three separate REMICs and two grantor trusts, without the consent of the Holders of any of the Certificates.

                    Unless the certificate of authentication hereon has been executed by the Certificate Registrar, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

                    The registered Holder hereof, by its acceptance hereof, agrees that it will look solely to the Trust Fund (to the extent of its rights therein) for distributions hereunder.

                    This Certificate shall be construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in said State, and the obligations, rights and remedies of the Holder hereof shall be determined in accordance with such laws.

A-24-2-6

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

	
  
Dated:  June 29, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Certificate Registrar
  
	
   
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-24-2-7

CERTIFICATE OF AUTHENTICATION

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

	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Authenticating Agent
  
	
   
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-24-2-8

ASSIGNMENT

                    FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto ________________________________________________________ (please print or typewrite name and address including postal zip code of assignee) the beneficial ownership interest in the Trust Fund evidenced by the within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

                    I (we) further direct the Certificate Registrar to issue a new Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Commercial Mortgage Pass-Through Certificate to the following address:  __________________________________________________.

Dated:  _________________________

	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature by or on behalf of Assignor
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature Guaranteed
  

A-24-2-9

DISTRIBUTION INSTRUCTIONS

                    The Assignee should include the following for purposes of distribution:

                    Distributions shall, if permitted, be made by wire transfer or otherwise, in immediately available funds, to _____________________________ for the account of _______________.

                    Distributions made by check (such check to be made payable to _____________________) and all applicable statements and notices should be mailed to _________________________.

                    This information is provided by ________________________________, the Assignee named above, or ____________________________________, as its agent.

A-24-2-10

EXHIBIT A-24-3

FORM OF CLASS X-C CERTIFICATE

CLASS X-C COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
 SERIES 2006-C26

evidencing a beneficial ownership interest in a trust fund (the “Trust Fund”) consisting primarily of a pool of multifamily and commercial mortgage loans (the “Mortgage Loans”), such pool being formed and sold by

WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

	
  
Pass-Through   Rate:  Variable
  	
  
 
  	
  
Aggregate   Certificate Notional Amount of all Class X-C Certificates as of the Closing   Date: $1,731,843,767
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Date of   Pooling and Servicing Agreement: as of June 1, 2006
  	
  
 
  	
  
Certificate   Notional Amount of this Class X-C Certificate as of the Closing Date:   $500,000,000
  
	
   
  	
  
 
  	
  
 
  
	
  
Closing   Date:  June 29, 2006
  	
  
 
  	
  
Aggregate   Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date:   $1,731,843,7671
  
	
  
 
  	
  
 
  	
  
 
  
	
  
First   Distribution Date:  July 17, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Master   Servicer:  Wachovia Bank, National   Association
  	
  
 
  	
  
Trustee:   Wells Fargo Bank, N.A.
  
	
  
 
  	
  
 
  	
  
 
  
	
  Special   Servicer:  LNR Partners, Inc.
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Certificate   No. X-C-3
  	
  
 
  	
  
CUSIP No.
  

THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE PRINCIPAL BALANCE AND WILL NOT ENTITLE THE HOLDER HEREOF TO DISTRIBUTIONS OF PRINCIPAL, BUT IS ENTITLED TO RECEIVE DISTRIBUTIONS OF INTEREST ONLY ON A NOTIONAL AMOUNT AS SET FORTH IN THE AGREEMENT.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION (“DTC”), TO THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF FOR 

	
  

  
	
  
1
  	
  
Excludes   $10,000,000, which is the balance of The Woodlands Mall Non-Pooled Component,   represented solely by the Class WM Certificate.
  

A-24-3-1

REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE.  ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (A “REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”).

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY “EMPLOYEE BENEFIT PLAN” SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), ANY “PLAN” SUBJECT TO SECTION 4975 OF THE CODE, OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE, LOCAL, OR OTHER LAW SUBSTANTIVELY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF OR WITH ANY ASSETS OF ANY SUCH PLAN (EACH, A “PLAN”) UNLESS IT IS AN ACCREDITED INVESTOR AS DEFINED IN RULE 501(A)(1) OF REGULATION D UNDER THE SECURITIES ACT. EACH PERSON WHO ACQUIRES THIS CERTIFICATE SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE, DEEMED) TO HAVE CERTIFIED THAT THE FOREGOING CONDITION IS SATISFIED, AND THAT IT WILL NOT TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

A-24-3-2

BECAUSE THE COMPONENTS COMPRISING THE NOTIONAL AMOUNT OF THE CLASS X-C CERTIFICATES WILL BE REDUCED BY ANY DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THE CERTIFICATES RELATING TO SUCH COMPONENTS AND BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND WHICH ARE ALLOCATED TO SUCH CERTIFICATES RELATING TO SUCH COMPONENTS AS SET FORTH IN THE AGREEMENT, THE OUTSTANDING NOTIONAL AMOUNT HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE. 

                    This certifies that Cede & Co. is the registered owner of the Percentage Interest evidenced by this Class X-C Certificate in that certain beneficial ownership interest evidenced by all the Class X-C Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Wachovia Commercial Mortgage Securities, Inc. (herein called the “Depositor”, which term includes any successor entity under the Agreement), Wachovia Bank, National Association (herein called the “Master Servicer”, which term includes any successor entity under the Agreement), LNR Partners, Inc. (herein called the “Special Servicer”, which term includes any successor entity under the Agreement) and Wells Fargo Bank, N.A. (herein called the
“Trustee”, which term includes any successor entity under the Agreement), a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the respective meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

                    Pursuant to the terms of the Agreement, distributions will be made on the fourth Business Day following the related Determination Date (each, a “Distribution Date”).  The Determination Date is the 11th day of each month or, if such 11th day is not a Business Day, the Business Day immediately succeeding, commencing in July, 2006 (each, a “Determination Date”).  Distributions will be made commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the last Business Day of the month immediately preceding the month of such distribution (the “Record Date”), in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of
the Class X-C Certificates on the applicable Distribution Date pursuant to the Agreement.  The Pass-Through Rate applicable to the Class X-C Certificates for each Distribution Date is as provided in the Agreement.  All distributions made under the Agreement on the Class X-C Certificates will be made by Wells Fargo Bank, N.A., as paying agent (the “Paying Agent”), by wire transfer of immediately available funds to the account of the Person entitled thereto at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided the Paying Agent with wiring instructions no less than five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to the address of such Certificateholder as it appears in the Certificate Register.  Notwithstanding the foregoing, the final distribution on this Certificate will
be made in like manner, but only upon presentation and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to the Holder hereof of such final distribution. 

A-24-3-3

                    The Certificates are limited in right of distribution to certain collections and recoveries respecting the Mortgage Loans and REO Loans, all as more specifically set forth herein and in the Agreement.  As provided in the Agreement, withdrawals from the Certificate Account, the Distribution Account and, if established, the REO Account may be made from time to time for purposes other than, and, in certain cases, prior to, distributions to Certificateholders, such purposes including the reimbursement of Advances made, or certain expenses incurred, with respect to the Mortgage Loans and the payment of interest on such Advances and expenses.

                    Interest accrued on this Certificate during an Interest Accrual Period, plus any unpaid interest shortfall with respect to this Certificate for any prior Distribution Date, if any, will be payable on the related Distribution Date to the extent provided in the Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class X-C Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

                    The Class X-C Certificates are issuable in fully registered form only without coupons in minimum denominations specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Class X-C Certificates are exchangeable for new Class X-C Certificates in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

                    As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices of the Certificate Registrar, duly endorsed by, or accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Class X-C Certificates in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

                    No transfer of any Class X-C Certificate shall be made unless that transfer is made pursuant to an effective registration statement under the Securities Act, and effective registration or qualification under applicable state securities laws, or is made in a transaction which does not require such registration or qualification.  If such a transfer is to be made without registration under the Securities Act (other than in connection with the initial issuance thereof or the initial transfer thereof by the Depositor, the Underwriters or their respective affiliates), then the Certificate Registrar shall refuse to register such transfer unless it receives either: (i) a certificate from the Certificateholder desiring to effect such transfer substantially in the form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder’s prospective transferee substantially in the form attached as either Exhibit F-2 or Exhibit F-3 to the Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the Certificate Registrar to the effect that such transfer may be made without registration under the Securities Act (which Opinion of Counsel shall not be an expense of the Trust Fund or of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their respective capacities as such), together with the written certification(s) as to the facts surrounding such transfer from the Certificateholder desiring to effect such transfer and/or such Certificateholder’s prospective transferee on which such Opinion of Counsel is based.  None of the Depositor, the Trustee, Paying Agent or the Certificate Registrar is obligated to register or

A-24-3-4

qualify the Class X-C Certificates under the Securities Act or any other securities law or to take any action not otherwise required under the Agreement to permit the transfer of any Class X-C Certificate without registration or qualification.  Any Class X-C Certificateholder desiring to effect such a transfer shall, and by the acceptance of its Class X-C Certificate agrees to, indemnify the Trustee, the Certificate Registrar, the Paying Agent and the Depositor against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

                    No service charge will be imposed for any registration of transfer or exchange of Class X-C Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Class X-C Certificates.

                    Notwithstanding the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book-entry facilities of DTC.

                    The Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes whatsoever and none of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent, the Certificate Registrar, or any such agent shall be affected by notice to the contrary.

                    The Trust Fund and the obligations created by the Agreement shall terminate upon distribution (or provision for distribution) to the Certificateholders of all amounts held by or on behalf of the Trustee and required to be distributed to them pursuant to the Agreement following the earlier to occur of (i) the final payment (or any advance with respect thereto) or other liquidation of the last Mortgage Loan or REO Property remaining in the Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder at a price determined as provided in the Agreement of all Mortgage Loans and each REO Property remaining in the Trust Fund.  The Agreement permits, but does not require, the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder to purchase from the Trust
Fund all Mortgage Loans and each REO Property remaining therein.  The exercise of such right will effect early retirement of the Class X-C Certificates; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Pool at the time of purchase being less than 1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date specified on the face hereof.

                    In addition, any exchange by any Certificateholder of all of the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund may be made:  (i) if the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) are held by a single Certificateholder and  (ii) the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-3FL, Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D Certificates have been paid in full.

A-24-3-5

                    The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Special Servicer and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Special Servicer and the Trustee with the consent of the Holders of Certificates entitled to at least 51% of the Voting Rights allocated to the affected Classes.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to maintain the status of the Trust Fund (or designated portions thereof) as consisting of three separate REMICs and two grantor trusts, without the consent of the Holders of any of the Certificates.

                    Unless the certificate of authentication hereon has been executed by the Certificate Registrar, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

                    The registered Holder hereof, by its acceptance hereof, agrees that it will look solely to the Trust Fund (to the extent of its rights therein) for distributions hereunder.

                    This Certificate shall be construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in said State, and the obligations, rights and remedies of the Holder hereof shall be determined in accordance with such laws.

A-24-3-6

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

	
  
Dated:  June 29, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Certificate Registrar
  
	
  
 
  	
  
 
  
	
   
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-24-3-7

CERTIFICATE OF AUTHENTICATION

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

	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Authenticating Agent
  
	
  
 
  	
  
 
  
	
   
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-24-3-8

ASSIGNMENT

                    FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto ________________________________________________________ (please print or typewrite name and address including postal zip code of assignee) the beneficial ownership interest in the Trust Fund evidenced by the within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

                    I (we) further direct the Certificate Registrar to issue a new Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Commercial Mortgage Pass-Through Certificate to the following address:  __________________________________________________.

Dated:  _________________________

	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature by or on behalf of Assignor
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature Guaranteed
  

A-24-3-9

DISTRIBUTION INSTRUCTIONS

                    The Assignee should include the following for purposes of distribution:

                    Distributions shall, if permitted, be made by wire transfer or otherwise, in immediately available funds, to _____________________________ for the account of _______________.

                    Distributions made by check (such check to be made payable to _____________________) and all applicable statements and notices should be mailed to _________________________.

                    This information is provided by ________________________________, the Assignee named above, or ____________________________________, as its agent.

A-24-3-10

EXHIBIT A-24-4

FORM OF CLASS X-C CERTIFICATE

CLASS X-C COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
 SERIES 2006-C26

evidencing a beneficial ownership interest in a trust fund (the “Trust Fund”) consisting primarily of a pool of multifamily and commercial mortgage loans (the “Mortgage Loans”), such pool being formed and sold by

WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

	
  Pass-Through   Rate:  Variable
  	
  
 
  	
  
Aggregate   Certificate Notional Amount of all Class X-C Certificates as of the Closing   Date: $1,731,843,767
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Date of   Pooling and Servicing Agreement: as of June 1, 2006
  	
  
 
  	
  
Certificate   Notional Amount of this Class X-C Certificate as of the Closing Date:   $231,843,767
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Closing   Date:  June 29, 2006
  	
  
 
  	
  
Aggregate   Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date: $1,731,843,7671
  
	
  
 
  	
  
 
  	
  
 
  
	
  
First   Distribution Date:  July 17, 2006
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
 
  
	
  
Master   Servicer:  Wachovia Bank, National   Association
  	
  
 
  	
  
Trustee:   Wells Fargo Bank, N.A.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Special   Servicer:  LNR Partners, Inc.
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Certificate   No.  X-C-4
  	
  
 
  	
  
CUSIP No.
  

THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE PRINCIPAL BALANCE AND WILL NOT ENTITLE THE HOLDER HEREOF TO DISTRIBUTIONS OF PRINCIPAL, BUT IS ENTITLED TO RECEIVE DISTRIBUTIONS OF INTEREST ONLY ON A NOTIONAL AMOUNT AS SET FORTH IN THE AGREEMENT.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION (“DTC”), TO THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF FOR 

	
  

  
	
  
1
  	
  
Excludes   $10,000,000, which is the balance of The Woodlands Mall Non-Pooled Component,   represented solely by the Class WM Certificate.
  

A-24-4-1

REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE.  ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (A “REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”).

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY “EMPLOYEE BENEFIT PLAN” SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), ANY “PLAN” SUBJECT TO SECTION 4975 OF THE CODE, OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE, LOCAL, OR OTHER LAW SUBSTANTIVELY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF OR WITH ANY ASSETS OF ANY SUCH PLAN (EACH, A “PLAN”) UNLESS IT IS AN ACCREDITED INVESTOR AS DEFINED IN RULE 501(A)(1) OF REGULATION D UNDER THE SECURITIES ACT. EACH PERSON WHO ACQUIRES THIS CERTIFICATE SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE, DEEMED) TO HAVE CERTIFIED THAT THE FOREGOING CONDITION IS SATISFIED, AND THAT IT WILL NOT TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

A-24-4-2

BECAUSE THE COMPONENTS COMPRISING THE NOTIONAL AMOUNT OF THE CLASS X-C CERTIFICATES WILL BE REDUCED BY ANY DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THE CERTIFICATES RELATING TO SUCH COMPONENTS AND BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND WHICH ARE ALLOCATED TO SUCH CERTIFICATES RELATING TO SUCH COMPONENTS AS SET FORTH IN THE AGREEMENT, THE OUTSTANDING NOTIONAL AMOUNT HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

                    This certifies that Cede & Co. is the registered owner of the Percentage Interest evidenced by this Class X-C Certificate in that certain beneficial ownership interest evidenced by all the Class X-C Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Wachovia Commercial Mortgage Securities, Inc. (herein called the “Depositor”, which term includes any successor entity under the Agreement), Wachovia Bank, National Association (herein called the “Master Servicer”, which term includes any successor entity under the Agreement), LNR Partners, Inc. (herein called the “Special Servicer”, which term includes any successor entity under the Agreement) and Wells Fargo Bank, N.A. (herein called the
“Trustee”, which term includes any successor entity under the Agreement), a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the respective meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

                    Pursuant to the terms of the Agreement, distributions will be made on the fourth Business Day following the related Determination Date (each, a “Distribution Date”).  The Determination Date is the 11th day of each month or, if such 11th day is not a Business Day, the Business Day immediately succeeding, commencing in July, 2006 (each, a “Determination Date”).  Distributions will be made commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the last Business Day of the month immediately preceding the month of such distribution (the “Record Date”), in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders
of the Class X-C Certificates on the applicable Distribution Date pursuant to the Agreement.  The Pass-Through Rate applicable to the Class X-C Certificates for each Distribution Date is as provided in the Agreement.  All distributions made under the Agreement on the Class X-C Certificates will be made by Wells Fargo Bank, N.A., as paying agent (the “Paying Agent”), by wire transfer of immediately available funds to the account of the Person entitled thereto at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided the Paying Agent with wiring instructions no less than five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to the address of such Certificateholder as it appears in the Certificate Register.  Notwithstanding the foregoing, the final distribution on this Certificate
will be made in like manner, but only upon presentation and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to the Holder hereof of such final distribution. 

A-24-4-3

                    The Certificates are limited in right of distribution to certain collections and recoveries respecting the Mortgage Loans and REO Loans, all as more specifically set forth herein and in the Agreement.  As provided in the Agreement, withdrawals from the Certificate Account, the Distribution Account and, if established, the REO Account may be made from time to time for purposes other than, and, in certain cases, prior to, distributions to Certificateholders, such purposes including the reimbursement of Advances made, or certain expenses incurred, with respect to the Mortgage Loans and the payment of interest on such Advances and expenses.

                    Interest accrued on this Certificate during an Interest Accrual Period, plus any unpaid interest shortfall with respect to this Certificate for any prior Distribution Date, if any, will be payable on the related Distribution Date to the extent provided in the Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class X-C Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

                    The Class X-C Certificates are issuable in fully registered form only without coupons in minimum denominations specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Class X-C Certificates are exchangeable for new Class X-C Certificates in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

                    As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices of the Certificate Registrar, duly endorsed by, or accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Class X-C Certificates in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

                    No transfer of any Class X-C Certificate shall be made unless that transfer is made pursuant to an effective registration statement under the Securities Act, and effective registration or qualification under applicable state securities laws, or is made in a transaction which does not require such registration or qualification.  If such a transfer is to be made without registration under the Securities Act (other than in connection with the initial issuance thereof or the initial transfer thereof by the Depositor, the Underwriters or their respective affiliates), then the Certificate Registrar shall refuse to register such transfer unless it receives either: (i) a certificate from the Certificateholder desiring to effect such transfer substantially in the form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder’s prospective transferee substantially in the form attached as either Exhibit F-2 or Exhibit F-3 to the Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the Certificate Registrar to the effect that such transfer may be made without registration under the Securities Act (which Opinion of Counsel shall not be an expense of the Trust Fund or of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their respective capacities as such), together with the written certification(s) as to the facts surrounding such transfer from the Certificateholder desiring to effect such transfer and/or such Certificateholder’s prospective transferee on which such Opinion of Counsel is based.  None of the Depositor, the Trustee, Paying Agent or the Certificate Registrar is obligated to register or

A-24-4-4

qualify the Class X-C Certificates under the Securities Act or any other securities law or to take any action not otherwise required under the Agreement to permit the transfer of any Class X-C Certificate without registration or qualification.  Any Class X-C Certificateholder desiring to effect such a transfer shall, and by the acceptance of its Class X-C Certificate agrees to, indemnify the Trustee, the Certificate Registrar, the Paying Agent and the Depositor against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

                    No service charge will be imposed for any registration of transfer or exchange of Class X-C Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Class X-C Certificates.

                    Notwithstanding the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book-entry facilities of DTC.

                    The Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes whatsoever and none of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent, the Certificate Registrar, or any such agent shall be affected by notice to the contrary.

                    The Trust Fund and the obligations created by the Agreement shall terminate upon distribution (or provision for distribution) to the Certificateholders of all amounts held by or on behalf of the Trustee and required to be distributed to them pursuant to the Agreement following the earlier to occur of (i) the final payment (or any advance with respect thereto) or other liquidation of the last Mortgage Loan or REO Property remaining in the Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder at a price determined as provided in the Agreement of all Mortgage Loans and each REO Property remaining in the Trust Fund.  The Agreement permits, but does not require, the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder to purchase from the
Trust Fund all Mortgage Loans and each REO Property remaining therein.  The exercise of such right will effect early retirement of the Class X-C Certificates; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Pool at the time of purchase being less than 1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date specified on the face hereof.

                    In addition, any exchange by any Certificateholder of all of the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund may be made:  (i) if the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) are held by a single Certificateholder and  (ii) the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-3FL, Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D Certificates have been paid in full.

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                    The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Special Servicer and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Special Servicer and the Trustee with the consent of the Holders of Certificates entitled to at least 51% of the Voting Rights allocated to the affected Classes.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to maintain the status of the Trust Fund (or designated portions thereof) as consisting of three separate REMICs and two grantor trusts, without the consent of the Holders of any of the Certificates.

                    Unless the certificate of authentication hereon has been executed by the Certificate Registrar, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

                    The registered Holder hereof, by its acceptance hereof, agrees that it will look solely to the Trust Fund (to the extent of its rights therein) for distributions hereunder.

                    This Certificate shall be construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in said State, and the obligations, rights and remedies of the Holder hereof shall be determined in accordance with such laws.

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

	
  
Dated:  June 29, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Certificate Registrar
  
	
   
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-24-4-7

CERTIFICATE OF AUTHENTICATION

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

	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Authenticating Agent
  
	
   
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-24-4-8

ASSIGNMENT

                    FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto ________________________________________________________ (please print or typewrite name and address including postal zip code of assignee) the beneficial ownership interest in the Trust Fund evidenced by the within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

                    I (we) further direct the Certificate Registrar to issue a new Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Commercial Mortgage Pass-Through Certificate to the following address:  __________________________________________________.

Dated:  _________________________

	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature by or on behalf of Assignor
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature Guaranteed
  

A-24-4-9

DISTRIBUTION INSTRUCTIONS

                    The Assignee should include the following for purposes of distribution:

                    Distributions shall, if permitted, be made by wire transfer or otherwise, in immediately available funds, to _____________________________ for the account of _______________.

                    Distributions made by check (such check to be made payable to _____________________) and all applicable statements and notices should be mailed to _________________________.

                    This information is provided by ________________________________, the Assignee named above, or ____________________________________, as its agent.

A-24-4-10

EXHIBIT A-25

FORM OF CLASS R-I CERTIFICATE

CLASS R-I COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
 SERIES 2006-C26

evidencing a beneficial ownership interest in a trust fund (the “Trust Fund”) consisting primarily of a pool of multifamily and commercial mortgage loans (the “Mortgage Loans”), such pool being formed and sold by

WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

	
  
Date of   Pooling and Servicing Agreement: as of June 1, 2006
  	
  
 
  	
  
Percentage   Interest evidenced by this Class R-I Certificate: 100%
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Closing   Date:  June 29, 2006
  	
  
 
  	
  
Aggregate   Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date:   $1,731,843,7671
  
	
  
 
  	
  
 
  	
  
 
  
	
  
First   Distribution Date:  July 17, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  Master   Servicer:  Wachovia Bank, National   Association
  	
  
 
  	
  
Trustee:   Wells Fargo Bank, N.A.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Special   Servicer:  LNR Partners, Inc.
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Certificate   No. R-I-1
  	
  
 
  	
  
 
  

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1, CLASS A-2, CLASS A-PB, CLASS A-3, CLASS A-3FL, CLASS A-1A, CLASS A-M, CLASS A-J, CLASS B, CLASS C, CLASS D, CLASS E, CLASS F, CLASS G, CLASS H, CLASS J, CLASS K, CLASS L, CLASS M, CLASS N, CLASS O, CLASS P AND THE CLASS WM CERTIFICATES OF THE SAME SERIES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. 

	
  

  
	
  
1
  	
  
Excludes   $10,000,000, which is the balance of The Woodlands Mall Non-Pooled Component,   represented solely by the Class WM Certificate.
  

A-25-1

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE.  ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY “EMPLOYEE BENEFIT PLAN” SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), ANY “PLAN” SUBJECT TO SECTION 4975 OF THE CODE OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE, LOCAL, OR OTHER LAW SUBSTANTIVELY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING DIRECTLY OR INDIRECTLY FOR, ON BEHALF OF OR WITH ANY ASSETS OF ANY SUCH PLAN (EACH, A “PLAN”).  EACH PERSON WHO ACQUIRES THIS CERTIFICATE SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE, DEEMED) TO HAVE CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT IT WILL NOT TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (A “REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.  CONSEQUENTLY, TRANSFER OF THIS CERTIFICATE IS ALSO SUBJECT TO THE ADDITIONAL TAX RELATED TRANSFER RESTRICTIONS DESCRIBED HEREIN.  IF ANY PERSON BECOMES THE REGISTERED HOLDER OF THIS CERTIFICATE IN VIOLATION OF SUCH TRANSFER RESTRICTIONS, SUCH REGISTRATION SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER OR UNDER THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE.

                    This
certifies that Wachovia Bank, National Association is the registered owner of
the Percentage Interest evidenced by this Class R-I Certificate (as specified
above) in that certain beneficial ownership interest evidenced by all the Class
R-I Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the “Agreement”), among
Wachovia Commercial Mortgage Securities, Inc. (herein called the
“Depositor”, which term includes any successor entity under the
Agreement), Wachovia Bank, National Association (herein called the
“Master Servicer”, which term includes any successor entity
under the Agreement), LNR Partners, Inc. (herein called the “Special
Servicer”, which term includes any successor entity under the Agreement) and Wells Fargo Bank, N.A. (herein called the “Trustee”,

A-25-2

which term includes any successor entity under the Agreement), a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the respective meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

                    Pursuant to the terms of the Agreement, distributions will be made on the fourth Business Day following the related Determination Date (each, a “Distribution Date”).  The Determination Date is the 11th day of each month or, if such 11th day is not a Business Day, the Business Day immediately succeeding, commencing in July 2006 (each, a “Determination Date”).  Distributions will be made commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the last Business Day of the month immediately preceding the month of such distribution (the “Record Date”), in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount, if any, required to be distributed to the
Holders of the Class R-I Certificates on the applicable Distribution Date pursuant to the Agreement.  All distributions made under the Agreement on this Class R-I Certificate will be made by check mailed to the address of the Person entitled thereto, as such name and address appear in the Certificate Register.  Notwithstanding the foregoing, the final distribution on this Certificate will be made in like manner, but only upon presentation and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

                    The Certificates are limited in right of distribution to certain collections and recoveries respecting the Mortgage Loans and REO Loans, all as more specifically set forth herein and in the Agreement.  As provided in the Agreement, withdrawals from the Certificate Account, the Distribution Account and, if established, the REO Account may be made from time to time for purposes other than, and, in certain cases, prior to, distributions to Certificateholders, such purposes including the reimbursement of Advances made, or certain expenses incurred, with respect to the Mortgage Loans and the payment of interest on such Advances and expenses.

                    The Class R-I Certificates are issuable in fully registered form only without coupons in minimum denominations representing Percentage Interests specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Class R-I Certificates are exchangeable for new Class R-I Certificates in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

                    As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices of the Certificate Registrar, duly endorsed by, or accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Class R-I Certificates in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

A-25-3

                    No transfer of any Class R-I Certificate shall be made unless that transfer is made pursuant to an effective registration statement under the Securities Act, and effective registration or qualification under applicable state securities laws, or is made in a transaction which does not require such registration or qualification.  If a transfer of any R-I Certificate is to be made without registration under the Securities Act (other than in connection with the initial issuance thereof or the initial transfer thereof by the Depositor, the Underwriters or their affiliates), then the Certificate Registrar shall refuse to register such transfer unless it receives either: (i) a certificate from the Certificateholder desiring to effect such transfer substantially in the form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder’s prospective transferee substantially in the form attached as either Exhibit F-2 or Exhibit F-3 to the Agreement; or (ii) an Opinion of Counsel satisfactory to the Certificate Registrar to the effect that such transfer may be made without registration under the Securities Act (which Opinion of Counsel shall not be an expense of the Trust Fund or of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their respective capacities as such), together with the written certification(s) as to the facts surrounding such transfer from the Certificateholder desiring to effect such transfer and/or such Certificateholder’s prospective transferee on which such Opinion of Counsel is based.  None of the Depositor, the Trustee, Paying Agent or the Certificate Registrar is obligated to register or qualify the Class R-I Certificates under the Securities Act or any other securities law or to take any action not otherwise

required under the Agreement to permit the transfer of any Class R-I Certificate without registration or qualification.  Any Class R-I Certificateholder desiring to effect such a transfer shall, and by the acceptance of its Class R-I Certificate agrees to, indemnify the Trustee, the Certificate Registrar, the Paying Agent and the Depositor against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

                    No transfer of this Class R-I Certificate or any interest therein shall be made to (A) a Plan or (B) any Person who is directly or indirectly purchasing the Class R-I Certificate or interest therein on behalf of, as named fiduciary of, as trustee of, or with assets of a Plan (including, without limitation, any insurance company using assets in its general or separate account that may constitute assets of a Plan).  As a condition to its registration of transfer of this Class R-I Certificate, the Certificate Registrar shall have the right to require the prospective transferee of such Certificate, if it is not a Plan or Person described in clause (B) of the preceding sentence, to execute a certification to that effect substantially in the form of Exhibit H to the Agreement.

                    This Certificate represents an interest in the “residual interest” in the Woodlands Mall Loan REMIC and REMIC I, each as defined in the Agreement.  Each Person who has or who acquires any Ownership Interest in this Certificate shall be deemed by the acceptance or acquisition of such Ownership Interest to have agreed to be bound by the provisions of Section 5.02(d) of the Agreement and, if any purported Transferee shall become a Holder of this Certificate in violation of the provisions of such Section 5.02(d), to have irrevocably authorized Wells Fargo Bank, N.A., as paying agent (the “Paying Agent”), under clause (ii)(A) of such Section 5.02(d) to deliver payments to a Person other than such Person and to have irrevocably authorized the Certificate Registrar under clause (ii)(B) of such Section 5.02(d) to negotiate

the terms of any mandatory sale and to execute all instruments of Transfer and to do all other things necessary in connection with any such sale.  Each Person holding or acquiring any Ownership Interest in this Certificate must be a Permitted Transferee and shall promptly notify the Master 

A-25-4

Servicer, the Paying Agent and the Certificate Registrar of any change or impending change in its status as a Permitted Transferee.  In connection with any proposed Transfer of any Ownership Interest in this Certificate, the Certificate Registrar shall require delivery to it, and shall not register the Transfer of this Certificate until its receipt of an affidavit and agreement substantially in the form attached as Exhibit I-1 to the Agreement (a “Transfer Affidavit and Agreement”) from the proposed Transferee, in form and substance satisfactory to the Certificate Registrar, representing and warranting, among other things, that such Transferee is a Permitted Transferee, that it is not acquiring its Ownership Interest in this Certificate as a nominee, trustee or agent for any Person that is not a Permitted Transferee, that for so long as it retains its Ownership Interest in this Certificate, it will endeavor to remain a Permitted Transferee,
and that it has reviewed the provisions of Section 5.02(d) of the Agreement and agrees to be bound by them.  Notwithstanding the delivery of a Transfer Affidavit and Agreement by a proposed Transferee, if a Responsible Officer of the Certificate Registrar has actual knowledge that the proposed Transferee is not a Permitted Transferee, no Transfer of an Ownership Interest in this Certificate to such proposed Transferee shall be effected.  The proposed Transferee must also state in the Transfer Affidavit and Agreement that (A) it has historically paid its debts as they have come due and intends to continue to pay its debts as they come due in the future, (B) it understands that it may incur tax liabilities with respect to this certificate in excess of cash flows generated thereby, (C) it intends to pay any taxes associated with holding this certificate as they become due, (D) it will not cause income from this certificate to be attributable to a foreign permanent establishment or fixed base
(within the meaning of an applicable income tax treaty) of its own or of any other person and (E) it will not transfer this certificate to any person or entity that does not provide a similar affidavit.  Any purported transfer to a disqualified organization or other person that is not a permitted transferee or otherwise in violation of these restrictions shall be absolutely null and void and shall vest no rights in any purported transferee.  If this certificate represents a “non-economic residual interest”, as defined in Treasury Regulations Section 1.860E-1(c), transfers of this certificate may be disregarded for federal income tax purposes.  In order to satisfy a regulatory safe harbor under which such transfers will not be disregarded, the transferor may be required, among other things, to satisfy itself as to the financial condition of the proposed transferee and either to transfer at a minimum price or to an eligible transferee as specified in regulations.

                    Each Person holding or acquiring any Ownership Interest in this Certificate shall agree (x) to require a Transfer Affidavit and Agreement from any other Person to whom such Person attempts to transfer its Ownership Interest herein and (y) not to transfer its Ownership Interest unless it provides to the Certificate Registrar a certificate substantially in the form attached as Exhibit I-2 to the Agreement stating that, among other things, it has no actual knowledge that such other Person is not a Permitted Transferee.  Each Person holding or acquiring an Ownership Interest in this Certificate, by purchasing such Ownership Interest herein, agrees to give the Master Servicer and the Trustee written notice that it is a “pass-through interest holder” within the meaning of temporary Treasury Regulation Section 1.67-3T(a)(2)(i)(A)
immediately upon acquiring such Ownership Interest, if it is, or is holding such Ownership Interest on behalf of, a “pass-through interest holder”.

                    The provisions of Section 5.02(d) of the Agreement may be modified, added to or eliminated, provided that there shall have been delivered to the Certificate Registrar and the Master Servicer the following: (a) written confirmation from each Rating Agency to the effect

A-25-5

that the modification of, addition to or elimination of such provisions will not cause such Rating Agency to qualify, downgrade or withdraw its then-current ratings of any Class of Certificates; and (b) an Opinion of Counsel, in form and substance satisfactory to the Certificate Registrar and the Master Servicer, obtained at the expense of the party seeking such modification of, addition to or elimination of such provisions (but in no event at the expense of the Trust Fund), to the effect that such modification of, addition to or elimination of such provisions will not cause the Trust Fund to (x) cease to qualify as three REMICs or (y) be subject to an entity-level tax caused by the transfer of this Class R-I Certificate to a Person which is not a Permitted Transferee, or cause a Person other than the prospective Transferee to be subject to a REMIC-related tax caused by the transfer of this Class R-I Certificate to a Person which is not a Permitted
Transferee.

                    A “Permitted Transferee” is any Transferee other than a Disqualified Organization, a Plan or a Non-United States Person or United States Person with respect to whom income on this Certificate is allocable to a foreign permanent establishment or fixed base, within the meaning of an applicable income tax treaty, of such Person or any other United States Person.  A “Disqualified Organization” is any of the following:  (i) the United States or a possession thereof, any State or any political subdivision thereof, or any agency or instrumentality of any of the foregoing (other than an instrumentality which is a corporation if all of its activities are subject to tax and, except for FHLMC, a majority of its board of directors is not selected by any such governmental unit), (ii) a foreign
government, international organization, or any agency or instrumentality of either of the foregoing, (iii) any organization (except certain farmers’ cooperatives described in Section 521 of the Code) which is exempt from the tax imposed by Chapter 1 of the Code (unless such organization is subject to the tax imposed by Section 511 of the Code on unrelated business taxable income), (iv) rural electric and telephone cooperatives described in Section 1381 of the Code or (v) any other Person so designated by the Trustee or the Certificate Registrar based upon an Opinion of Counsel (which shall not be an expense of the Trust) that the holding of an Ownership Interest in a Class R-I Certificate by such Person may cause the Trust Fund or any Person having an Ownership Interest in any Class of Certificates, other than such Person, to incur a liability for any federal tax imposed under the Code that would not otherwise be imposed but for the Transfer of an Ownership Interest in a Class R-I
Certificate to such Person.  The terms “United States”, “State” and “international organization” shall have the meanings set forth in Section 7701 of the Code or successor provisions.

                    A “Non-United States Person” is any Person (i) other than a United States Person or (ii) who is a United States Person with respect to whom income on this Certificate is allocable to a foreign permanent establishment or fixed base (within the meaning of an applicable income tax treaty) of such Person or any other United States Person.  A “United States Person” is a citizen or resident of the United States, a corporation or partnership (including an entity treated as a corporation or partnership for federal income tax purposes) created or organized in, or under the laws of the United States, any State thereof or the District of Columbia unless in the case of a partnership, Treasury Regulations are adopted that provide otherwise, an estate whose income is includable in gross income for United States federal
income tax purposes regardless of its source, or a trust if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more United States Persons have the authority to control all substantial decisions of the trust, all within the meaning of Section 7701(a) (30) of the Code or,

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to the extent provided in applicable Treasury regulations, certain trusts in existence on August 20, 1996, that are eligible to elect to elect to be treated as United States Persons.

                    No service charge will be imposed for any registration of transfer or exchange of Class R-I Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Class R-I Certificates.

                    The Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes whatsoever and none of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent, the Certificate Registrar, or any such agent shall be affected by notice to the contrary.

                    The Trust Fund and the obligations created by the Agreement shall terminate upon distribution (or provision for distribution) to the Certificateholders of all amounts held by or on behalf of the Trustee and required to be distributed to them pursuant to the Agreement following the earlier to occur of (i) the final payment (or any advance with respect thereto) or other liquidation of the last Mortgage Loan or REO Property remaining in the Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder at a price determined as provided in the Agreement of all Mortgage Loans and each REO Property remaining in the Trust Fund.  The Agreement permits, but does not require, the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder to purchase from the Trust
Fund all Mortgage Loans and each REO Property remaining therein.  The exercise of such right will effect early retirement of the Certificates; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Pool at the time of purchase being less than 1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date specified on the face hereof.

                    In addition, any exchange by any Certificateholder of all of the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund may be made:  (i) if the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) are held by a single Certificateholder and  (ii) the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-3FL, Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D, Class E and Class F Certificates have been paid in full.

                    The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Special Servicer and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Special Servicer and the Trustee with the consent of the Holders of Certificates entitled to at least 51% of the Voting Rights allocated to the affected Classes.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the amendment
thereof,

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in certain limited circumstances, including any amendment necessary to maintain the status of the Trust Fund (or designated portions thereof) as consisting of three separate REMICs and two grantor trusts, without the consent of the Holders of any of the Certificates.

                    Unless the certificate of authentication hereon has been executed by the Certificate Registrar, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

                    The registered Holder hereof, by its acceptance hereof, agrees that it will look solely to the Trust Fund (to the extent of its rights therein) for distributions hereunder.

                    This Certificate shall be construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in said State, and the obligations, rights and remedies of the Holder hereof shall be determined in accordance with such laws.

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

	
  
Dated:  June 29, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Certificate Registrar
  
	
  
 
  	
  
 
  
	
   
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-25-9

CERTIFICATE OF AUTHENTICATION

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

	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Authenticating Agent
  
	
  
 
  	
  
 
  
	
   
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-25-10

ASSIGNMENT

                    FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto ________________________________________________________ (please print or typewrite name and address including postal zip code of assignee) the beneficial ownership interest in the Trust Fund evidenced by the within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

                    I (we) further direct the Certificate Registrar to issue a new Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Commercial Mortgage Pass-Through Certificate to the following address:  __________________________________________________.

Dated:  _________________________

	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature by or on behalf of Assignor
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature Guaranteed
  

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DISTRIBUTION INSTRUCTIONS

                    The Assignee should include the following for purposes of distribution:

                    Distributions shall, if permitted, be made by wire transfer or otherwise, in immediately available funds, to _____________________________ for the account of _______________.

                    Distributions made by check (such check to be made payable to _____________________) and all applicable statements and notices should be mailed to _________________________.

                    This information is provided by ________________________________, the Assignee named above, or ____________________________________, as its agent.

A-25-12

EXHIBIT A-26

FORM OF CLASS R-II CERTIFICATE

CLASS R-II COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
 SERIES 2006-C26

evidencing a beneficial ownership interest in a trust fund (the “Trust Fund”) consisting primarily of a pool of multifamily and commercial mortgage loans (the “Mortgage Loans”), such pool being formed and sold by

WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

	
  Date of   Pooling and Servicing Agreement: as of June 1, 2006
  	
  
 
  	
  
Percentage   Interest evidenced by this Class R-II Certificate: 100%
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Closing   Date:  June 29, 2006
  	
  
 
  	
  
Aggregate   Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date:   $1,731,843,7671
  
	
  
 
  	
  
 
  	
  
 
  
	
  
First   Distribution Date:  July 17, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Master   Servicer:  Wachovia Bank, National   Association
  	
  
 
  	
  
Trustee:   Wells Fargo Bank, N.A.
  
	
   
  	
  
 
  	
  
 
  
	
  
Special   Servicer:  LNR Partners, Inc.
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Certificate   No. R-II-1
  	
  
 
  	
  
 
  

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1, CLASS A-2, CLASS A-PB, CLASS A-3, CLASS A-3FL, CLASS A-1A, CLASS A-M, CLASS A-J, CLASS B, CLASS C, CLASS D, CLASS E, CLASS F, CLASS G, CLASS H, CLASS J, CLASS K, CLASS L, CLASS M, CLASS N, CLASS O, CLASS P AND THE CLASS WM CERTIFICATES OF THE SAME SERIES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. 

	
  

  
	
  1
  	
  
Excludes   $10,000,000, which is the balance of The Woodlands Mall Non-Pooled Component,   represented solely by the Class WM Certificate.
  

A-26-1

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE.  ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY “EMPLOYEE BENEFIT PLAN” SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), ANY “PLAN” SUBJECT TO SECTION 4975 OF THE CODE OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE, LOCAL, OR OTHER LAW SUBSTANTIVELY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING DIRECTLY OR INDIRECTLY FOR, ON BEHALF OF OR WITH ANY ASSETS OF ANY SUCH PLAN (EACH, A “PLAN”).  EACH PERSON WHO ACQUIRES THIS CERTIFICATE SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE, DEEMED) TO HAVE CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT IT WILL NOT TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (A “REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.  CONSEQUENTLY, TRANSFER OF THIS CERTIFICATE IS ALSO SUBJECT TO THE ADDITIONAL TAX RELATED TRANSFER RESTRICTIONS DESCRIBED HEREIN.  IF ANY PERSON BECOMES THE REGISTERED HOLDER OF THIS CERTIFICATE IN VIOLATION OF SUCH TRANSFER RESTRICTIONS, SUCH REGISTRATION SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER OR UNDER THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE.

                    This certifies that Wachovia Bank, National Association is the registered owner of the Percentage Interest evidenced by this Class R-II Certificate (as specified above) in that certain beneficial ownership interest evidenced by all the Class R-II Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Wachovia Commercial Mortgage Securities, Inc. (herein called the “Depositor”, which term includes any successor entity under the Agreement), Wachovia Bank, National Association (herein called the “Master Servicer”, which term includes any successor entity under the Agreement), LNR Partners, Inc. (herein called the “Special Servicer”, which term includes any successor entity under the Agreement) and
Wells Fargo Bank, N.A. (herein

A-26-2

called the “Trustee”, which term includes any successor entity under the Agreement), a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the respective meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

                    Pursuant to the terms of the Agreement, distributions will be made on the fourth Business Day following the related Determination Date (each, a “Distribution Date”).  The Determination Date is the 11th day of each month or, if such 11th day is not a Business Day, the Business Day immediately succeeding, commencing in July 2006 (each, a “Determination Date”).  Distributions will be made commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the last Business Day of the month immediately preceding the month of such distribution (the “Record Date”), in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount, if any, required to be distributed to the
Holders of the Class R-II Certificates on the applicable Distribution Date pursuant to the Agreement.  All distributions made under the Agreement on this Class R-II Certificate will be made by check mailed to the address of the Person entitled thereto, as such name and address appear in the Certificate Register.  Notwithstanding the foregoing, the final distribution on this Certificate will be made in like manner, but only upon presentation and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

                    The Certificates are limited in right of distribution to certain collections and recoveries respecting the Mortgage Loans and REO Loans, all as more specifically set forth herein and in the Agreement.  As provided in the Agreement, withdrawals from the Certificate Account, the Distribution Account and, if established, the REO Account may be made from time to time for purposes other than, and, in certain cases, prior to, distributions to Certificateholders, such purposes including the reimbursement of Advances made, or certain expenses incurred, with respect to the Mortgage Loans and the payment of interest on such Advances and expenses.

                    The Class R-II Certificates are issuable in fully registered form only without coupons in minimum denominations representing Percentage Interests specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Class R-II Certificates are exchangeable for new Class R-II Certificates in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

                    As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices of the Certificate Registrar, duly endorsed by, or accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Class R-II Certificates in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

A-26-3

                    No transfer of any Class R-II Certificate shall be made unless that transfer is made pursuant to an effective registration statement under the Securities Act, and effective registration or qualification under applicable state securities laws, or is made in a transaction which does not require such registration or qualification.  If a transfer of any R-II Certificate is to be made without registration under the Securities Act (other than in connection with the initial issuance thereof or the initial transfer thereof by the Depositor, the Underwriters or their affiliates), then the Certificate Registrar shall refuse to register such transfer unless it receives either: (i) a certificate from the Certificateholder desiring to effect such transfer substantially in the form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder’s prospective transferee substantially in the form attached as either Exhibit F-2 or Exhibit F-3 to the Agreement; or (ii) an Opinion of Counsel satisfactory to the Certificate Registrar to the effect that such transfer may be made without registration under the Securities Act (which Opinion of Counsel shall not be an expense of the Trust Fund or of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their respective capacities as such), together with the written certification(s) as to the facts surrounding such transfer from the Certificateholder desiring to effect such transfer and/or such Certificateholder’s prospective transferee on which such Opinion of Counsel is based.  None of the Depositor, the Trustee, Paying Agent or the Certificate Registrar is obligated to register or qualify the Class R-II Certificates under the Securities Act or any other securities law or to take any action not
otherwise required under the Agreement to permit the transfer of any Class R-II Certificate without registration or qualification.  Any Class R-II Certificateholder desiring to effect such a transfer shall, and by the acceptance of its Class R-II Certificate agrees to, indemnify the Trustee, the Certificate Registrar, the Paying Agent and the Depositor against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

                    No transfer of this Class R-II Certificate or any interest therein shall be made to (A) a Plan or (B) any Person who is directly or indirectly purchasing the Class R-II Certificate or interest therein on behalf of, as named fiduciary of, as trustee of, or with assets of a Plan (including, without limitation, any insurance company using assets in its general or separate account that may constitute assets of a Plan).  As a condition to its registration of transfer of this Class R-II Certificate, the Certificate Registrar shall have the right to require the prospective transferee of such Certificate, if it is not a Plan or Person described in clause (B) of the preceding sentence, to execute a certification to that effect substantially in the form of Exhibit H to the Agreement.

                    This Certificate represents the “residual interest” in REMIC II, as defined in the Agreement.  Each Person who has or who acquires any Ownership Interest in this Certificate shall be deemed by the acceptance or acquisition of such Ownership Interest to have agreed to be bound by the provisions of Section 5.02(d) of the Agreement and, if any purported Transferee shall become a Holder of this Certificate in violation of the provisions of such Section 5.02(d), to have irrevocably authorized Wells Fargo Bank, N.A., as paying agent (the “Paying Agent”), under clause (ii)(A) of such Section 5.02(d) to deliver payments to a Person other than such Person and to have irrevocably authorized the Certificate Registrar under clause (ii)(B) of such Section 5.02(d) to negotiate the terms of any mandatory sale and to execute all
instruments of Transfer and to do all other things necessary in connection with any such sale.  Each Person holding or acquiring any Ownership Interest in this Certificate must be a Permitted Transferee and shall promptly notify the Master Servicer, the Paying Agent and the Certificate Registrar of

A-26-4

any change or impending change in its status as a Permitted Transferee.  In connection with any proposed Transfer of any Ownership Interest in this Certificate, the Certificate Registrar shall require delivery to it, and shall not register the Transfer of this Certificate until its receipt of an affidavit and agreement substantially in the form attached as Exhibit I-1 to the Agreement (a “Transfer Affidavit and Agreement”) from the proposed Transferee, in form and substance satisfactory to the Certificate Registrar, representing and warranting, among other things, that such Transferee is a Permitted Transferee, that it is not acquiring its Ownership Interest in this Certificate as a nominee, trustee or agent for any Person that is not a Permitted Transferee, that for so long as it retains its Ownership Interest in this Certificate, it will endeavor to remain a Permitted Transferee, and that it has reviewed the provisions of Section 5.02(d) of

the Agreement and agrees to be bound by them.  Notwithstanding the delivery of a Transfer Affidavit and Agreement by a proposed Transferee, if a Responsible Officer of the Certificate Registrar has actual knowledge that the proposed Transferee is not a Permitted Transferee, no Transfer of an Ownership Interest in this Certificate to such proposed Transferee shall be effected. The proposed Transferee must also state in the Transfer Affidavit and Agreement that (A) it has historically paid its debts as they have come due and intends to continue to pay its debts as they come due in the future, (B) it understands that it may incur tax liabilities with respect to this certificate in excess of cash flows generated thereby, (C) it intends to pay any taxes associated with holding this certificate as they become due, (D) it will not cause income from this certificate to be attributable to a foreign permanent establishment or fixed base (within the meaning of an applicable income tax treaty) of its own or
of any other person and (E) it will not transfer this certificate to any person or entity that does not provide a similar affidavit.  Any purported transfer to a disqualified organization or other person that is not a permitted transferee or otherwise in violation of these restrictions shall be absolutely null and void and shall vest no rights in any purported transferee.  If this certificate represents a “non-economic residual interest”, as defined in Treasury Regulations Section 1.860E-1(c), transfers of this certificate may be disregarded for federal income tax purposes.  In order to satisfy a regulatory safe harbor under which such transfers will not be disregarded, the transferor may be required, among other things, to satisfy itself as to the financial condition of the proposed transferee and either to transfer at a minimum price or to an eligible transferee as specified in regulations.

                    Each Person holding or acquiring any Ownership Interest in this Certificate shall agree (x) to require a Transfer Affidavit and Agreement from any other Person to whom such Person attempts to transfer its Ownership Interest herein and (y) not to transfer its Ownership Interest unless it provides to the Certificate Registrar a certificate substantially in the form attached as Exhibit I-2 to the Agreement stating that, among other things, it has no actual knowledge that such other Person is not a Permitted Transferee.  Each Person holding or acquiring an Ownership Interest in this Certificate, by purchasing such Ownership Interest herein, agrees to give the Master Servicer and the Trustee written notice that it is a “pass-through interest holder” within the meaning of temporary Treasury Regulation Section 1.67-3T(a)(2)(i)(A)
immediately upon acquiring such Ownership Interest, if it is, or is holding such Ownership Interest on behalf of, a “pass-through interest holder”.

                    The provisions of Section 5.02(d) of the Agreement may be modified, added to or eliminated, provided that there shall have been delivered to the Certificate Registrar and the Master Servicer the following: (a) written confirmation from each Rating Agency to the effect that the modification of, addition to or elimination of such provisions will not cause such Rating

A-26-5

Agency to qualify, downgrade or withdraw its then-current ratings of any Class of Certificates; and (b) an Opinion of Counsel, in form and substance satisfactory to the Certificate Registrar and the Master Servicer, obtained at the expense of the party seeking such modification of, addition to or elimination of such provisions (but in no event at the expense of the Trust Fund), to the effect that such modification of, addition to or elimination of such provisions will not cause the Trust Fund to (x) cease to qualify as three REMICs or (y) be subject to an entity-level tax caused by the Transfer of any Class R-II Certificate to a Person which is not a Permitted Transferee, or cause a Person other than the prospective Transferee to be subject to a REMIC-related tax caused by the transfer of this Class R-II Certificate to a Person which is not a Permitted Transferee.

                    A “Permitted Transferee” is any Transferee other than a Disqualified Organization, a Plan or a Non-United States Person with respect to whom income on this Certificate is allocable to a foreign permanent establishment or fixed base, within the meaning of an applicable income tax treaty, of such Person or any other United States Person.  A “Disqualified Organization” is any of the following:  (i) the United States or a possession thereof, any State or any political subdivision thereof, or any agency or instrumentality of any of the foregoing (other than an instrumentality which is a corporation if all of its activities are subject to tax and, except for FHLMC, a majority of its board of directors is not selected by any such governmental unit), (ii) a foreign government, international
organization, or any agency or instrumentality of either of the foregoing, (iii) any organization (except certain farmers’ cooperatives described in Section 521 of the Code) which is exempt from the tax imposed by Chapter 1 of the Code (unless such organization is subject to the tax imposed by Section 511 of the Code on unrelated business taxable income), (iv) rural electric and telephone cooperatives described in Section 1381 of the Code or (v) any other Person so designated by the Trustee or the Certificate Registrar based upon an Opinion of Counsel (which shall not be an expense of the Trust) that the holding of an Ownership Interest in a Class R-I Certificate by such Person may cause the Trust Fund or any Person having an Ownership Interest in any Class of Certificates, other than such Person, to incur a liability for any federal tax imposed under the Code that would not otherwise be imposed but for the Transfer of an Ownership Interest in a Class R-I Certificate to such
Person.  The terms “United States”, “State” and “international organization” shall have the meanings set forth in Section 7701 of the Code or successor provisions.

                    A “Non-United States Person” is any Person (i) other than a United States Person or (ii) who is a United States Person with respect to whom income on this Certificate is allocable to a foreign permanent establishment or fixed base (within the meaning of an applicable income tax treaty) of such Person or any other United States Person.  A “United States Person” is a citizen or resident of the United States, a corporation or partnership (including an entity treated as a corporation or partnership for federal income tax purposes) created or organized in, or under the laws of the United States, any State thereof or the District of Columbia unless in the case of a partnership, Treasury Regulations are adopted that provide otherwise, an estate whose income is includable in gross income for United States federal
income tax purposes regardless of its source, or a trust if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more United States Persons have the authority to control all substantial decisions of the trust, all within the meaning of Section 7701(a) (30) of the Code.

                    No
service charge will be imposed for any registration of transfer or exchange of
Class R-II Certificates, but the Certificate Registrar may require payment
of a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection with any transfer or exchange of Class R-II
Certificates.

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                    The Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes whatsoever and none of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent, the Certificate Registrar, or any such agent shall be affected by notice to the contrary.

                    The Trust Fund and the obligations created by the Agreement shall terminate upon distribution (or provision for distribution) to the Certificateholders of all amounts held by or on behalf of the Trustee and required to be distributed to them pursuant to the Agreement following the earlier to occur of (i) the final payment (or any advance with respect thereto) or other liquidation of the last Mortgage Loan or REO Property remaining in the Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder at a price determined as provided in the Agreement of all Mortgage Loans and each REO Property remaining in the Trust Fund.  The Agreement permits, but does not require, the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder to purchase from the Trust
Fund all Mortgage Loans and each REO Property remaining therein.  The exercise of such right will effect early retirement of the Certificates; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Pool at the time of purchase being less than 1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date specified on the face hereof.

                    In addition, any exchange by any Certificateholder of all of the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund may be made:  (i) if the then outstanding Certificates (other than the Class WM, Class Z, Class R-I and Class R-II Certificates) are held by a single Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-3FL, Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D, Class E and Class F Certificates have been paid in full.

                    The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Special Servicer and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Special Servicer and the Trustee with the consent of the Holders of Certificates entitled to at least 51% of the Voting Rights allocated to the affected Classes.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to maintain the status of the Trust Fund (or designated portions thereof) as consisting of three separate REMICs and two grantor trusts, without the consent of the Holders of any of the Certificates.

A-26-7

                    Unless the certificate of authentication hereon has been executed by the Certificate Registrar, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

                    The registered Holder hereof, by its acceptance hereof, agrees that it will look solely to the Trust Fund (to the extent of its rights therein) for distributions hereunder.

                    This Certificate shall be construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in said State, and the obligations, rights and remedies of the Holder hereof shall be determined in accordance with such laws.

A-26-8

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

	
  
Dated:  June 29, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Certificate Registrar
  
	
  
 
  	
  
 
  
	
   
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-26-9

CERTIFICATE OF AUTHENTICATION

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

	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Authenticating Agent
  
	
  
 
  	
  
 
  
	
   
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-26-10

ASSIGNMENT

                    FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto ________________________________________________________ (please print or typewrite name and address including postal zip code of assignee) the beneficial ownership interest in the Trust Fund evidenced by the within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

                    I (we) further direct the Certificate Registrar to issue a new Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Commercial Mortgage Pass-Through Certificate to the following address:  __________________________________________________.

Dated:  _________________________

	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature by or on behalf of Assignor
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature Guaranteed
  

A-26-11

DISTRIBUTION INSTRUCTIONS

                    The Assignee should include the following for purposes of distribution:

                    Distributions shall, if permitted, be made by wire transfer or otherwise, in immediately available funds, to _____________________________ for the account of _______________.

                    Distributions made by check (such check to be made payable to _____________________) and all applicable statements and notices should be mailed to _________________________.

                    This information is provided by ________________________________, the Assignee named above, or ____________________________________, as its agent.

A-26-12

EXHIBIT A-27

FORM OF CLASS Z CERTIFICATE

CLASS Z COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
 SERIES 2006-C26

evidencing a beneficial ownership interest in a trust fund (the “Trust Fund”) consisting primarily of a pool of multifamily and commercial mortgage loans (the “Mortgage Loans”), such pool being formed and sold by

WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

	
  Date of   Pooling and Servicing Agreement: as of June 1, 2006
  	
  
 
  	
  
Percentage   Interest evidenced by this Class Z Certificate: 100%
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Closing   Date:  June 29, 2006
  	
  
 
  	
  
Aggregate   Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date:   $1,731,843,7671
  
	
  
 
  	
  
 
  	
  
 
  
	
  
First   Distribution Date:  July 17, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Master   Servicer:  Wachovia Bank, National   Association
  	
  
 
  	
  
Trustee:   Wells Fargo Bank, N.A.
  
	
   
  	
  
 
  	
  
 
  
	
  
Special   Servicer:  LNR Partners, Inc.
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Certificate   No. Z-1
  	
  
 
  	
  
 
  

THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE PRINCIPAL BALANCE AND WILL NOT ENTITLE THE HOLDER HEREOF TO DISTRIBUTIONS OF PRINCIPAL, BUT IS ENTITLED TO RECEIVE DISTRIBUTIONS OF ADDITIONAL INTEREST AS SET FORTH IN THE AGREEMENT. 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) OR THE SECURITIES LAWS

	
  

  
	
  1
  	
  
Excludes   $10,000,000, which is the balance of The Woodlands Mall Non-Pooled Component,   represented solely by the Class WM Certificate.
  

A-27-1

OF ANY STATE.  ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY “EMPLOYEE BENEFIT PLAN” SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), ANY “PLAN” SUBJECT TO SECTION 4975 OF THE CODE OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE, LOCAL, OR OTHER LAW SUBSTANTIVELY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING DIRECTLY OR INDIRECTLY FOR, ON BEHALF OF OR WITH ANY ASSETS OF ANY SUCH PLAN (EACH, A “PLAN”).  EACH PERSON WHO ACQUIRES THIS CERTIFICATE SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE, DEEMED) TO HAVE CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT IT WILL NOT TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

                    This certifies that LNR Partners, Inc. is the registered owner of the Percentage Interest evidenced by this Class Z Certificate (as specified above) in that certain beneficial ownership interest evidenced by all the Class Z Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Wachovia Commercial Mortgage Securities, Inc. (herein called the “Depositor”, which term includes any successor entity under the Agreement), Wachovia Bank, National Association (herein called the “Master Servicer”, which term includes any successor entity under the Agreement), LNR Partners, Inc. (herein called the “Special Servicer”, which term includes any successor entity under the Agreement) and Wells Fargo Bank, N.A.
(herein called the “Trustee”, which term includes any successor entity under the Agreement), a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the respective meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

                    Pursuant to the terms of the Agreement, distributions will be made on the fourth Business Day following the related Determination Date (each, a “Distribution Date”).  The Determination Date is the 11th day of each month or, if such 11th day is not a Business Day, the Business Day immediately succeeding, commencing in July 2006 (each, a “Determination Date”).  Distributions will be made commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the last Business Day of the month immediately preceding the month of such distribution (the “Record Date”), in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of

the Class Z Certificates on the

A-27-2

applicable Distribution Date pursuant to the Agreement.  All distributions made under the Agreement on the Class Z Certificates will be made by Wells Fargo Bank, N.A., as paying agent (the “Paying Agent”), by wire transfer of immediately available funds to the account of the Person entitled thereto at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided the Paying Agent with wiring instructions no less than five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to the address of such Certificateholder as it appears in the Certificate Register.  Notwithstanding the foregoing, the final distribution on this Certificate will be made in like manner, but only upon presentation and surrender of this Certificate at the offices of the Certificate Registrar

or such other location specified in the notice to the Holder hereof of such final distribution.

                    The Certificates are limited in right of distribution to certain collections and recoveries of Additional Interest payable on the Mortgage Loans, all as more specifically set forth herein and in the Agreement. 

                    The Class Z Certificates are issuable in fully registered form only without coupons in minimum denominations representing Percentage Interests specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Class Z Certificates are exchangeable for new Class Z Certificates in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

                    Any distribution to the Holder of this Certificate is binding on such Holder and all future Holders of this Certificate and any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such distribution is made upon this Certificate.

                    As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices of the Certificate Registrar, duly endorsed by, or accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Class Z Certificates in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

                    No transfer of any Class Z Certificate shall be made unless that transfer is made pursuant to an effective registration statement under the Securities Act, and effective registration or qualification under applicable state securities laws, or is made in a transaction which does not require such registration or qualification.  If such a transfer is to be made without registration under the Securities Act (other than in connection with the initial issuance thereof or the initial transfer thereof by the Depositor, the Underwriters or their respective affiliates), then the Certificate Registrar shall refuse to register such transfer unless it receives either: (i) a certificate from the Certificateholder desiring to effect such transfer substantially in the form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder’s prospective transferee substantially in the form attached as either Exhibit F-2 or Exhibit F-3 to the Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the Certificate Registrar to

A-27-3

the effect that such transfer may be made without registration under the Securities Act (which Opinion of Counsel shall not be an expense of the Trust Fund or of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their respective capacities as such), together with the written certification(s) as to the facts surrounding such transfer from the Certificateholder desiring to effect such transfer and/or such Certificateholder’s prospective transferee on which such Opinion of Counsel is based.  None of the Depositor, the Trustee, Paying Agent or the Certificate Registrar is obligated to register or qualify the Class Z Certificates under the Securities Act or any other securities law or to take any action not otherwise required under the Agreement to permit the transfer of any Class Z Certificate without registration or qualification.  Any Class Z Certificateholder desiring to effect
such a transfer shall, and by the acceptance of its Class Z Certificate agrees to, indemnify the Trustee, the Certificate Registrar, the Paying Agent and the Depositor against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

                    No service charge will be imposed for any registration of transfer or exchange of Class Z Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Class Z Certificates.

                    The Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent or the Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes whatsoever and none of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent, the Certificate Registrar, or any such agent shall be affected by notice to the contrary.

                    The Trust Fund and the obligations created by the Agreement shall terminate upon distribution (or provision for distribution) to the Certificateholders of all amounts held by or on behalf of the Trustee and required to be distributed to them pursuant to the Agreement following the earlier to occur of (i) the final payment (or any advance with respect thereto) or other liquidation of the last Mortgage Loan or REO Property remaining in the Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder at a price determined as provided in the Agreement of all Mortgage Loans and each REO Property remaining in the Trust Fund.  The Agreement permits, but does not require, the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder to purchase from the
Trust Fund all Mortgage Loans and each REO Property remaining therein.  The exercise of such right will effect early retirement of the Class Z Certificates; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Pool at the time of purchase being less than 1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date specified on the face hereof.

                    In
addition, any exchange by any Certificateholder of all of the then outstanding
Certificates (other than the Class WM, Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made:  (i) if the then outstanding Certificates
(other than the Class WM, Class Z, Class R-I and Class R-II Certificates) are
held by a single Certificateholder and  (ii) the Class A-1, Class A-2,
Class A-PB, Class A-3, Class A-3FL, Class A-1A, Class A-M, Class A-J, Class B,
Class C, Class D, Class E and Class F Certificates have been paid in
full.

A-27-4

                    The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Special Servicer and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Special Servicer and the Trustee with the consent of the Holders of Certificates entitled to at least 51% of the Voting Rights allocated to the affected Classes.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to maintain the status of the Trust Fund (or designated portions thereof) as consisting of three separate REMICs and two grantor trusts, without the consent of the Holders of any of the Certificates.

                    Unless the certificate of authentication hereon has been executed by the Certificate Registrar, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

                    The registered Holder hereof, by its acceptance hereof, agrees that it will look solely to the Trust Fund (to the extent of its rights therein) for distributions hereunder.

                    This Certificate shall be construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in said State, and the obligations, rights and remedies of the Holder hereof shall be determined in accordance with such laws.

A-27-5

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

	
  
Dated:  June 29, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Certificate Registrar
  
	
   
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-27-6

CERTIFICATE OF AUTHENTICATION

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

	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Authenticating Agent
  
	
   
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-27-7

ASSIGNMENT

                    FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto ________________________________________________________ (please print or typewrite name and address including postal zip code of assignee) the beneficial ownership interest in the Trust Fund evidenced by the within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

                    I (we) further direct the Certificate Registrar to issue a new Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Commercial Mortgage Pass-Through Certificate to the following address:  __________________________________________________.

Dated:  _________________________

	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature by or on behalf of Assignor
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature Guaranteed
  

A-27-8

DISTRIBUTION INSTRUCTIONS

                    The Assignee should include the following for purposes of distribution:

                    Distributions shall, if permitted, be made by wire transfer or otherwise, in immediately available funds, to _____________________________ for the account of _______________.

                    Distributions made by check (such check to be made payable to _____________________) and all applicable statements and notices should be mailed to _________________________.

                    This information is provided by ________________________________, the Assignee named above, or ____________________________________, as its agent.

A-27-9

EXHIBIT A-28

FORM OF CLASS WM CERTIFICATE

CLASS WM COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
 SERIES 2006-C26

evidencing a beneficial ownership interest in The Woodlands Mall Non-Pooled Component, a component of one loan in a trust fund (the “Trust Fund”) consisting primarily of a pool of multifamily and commercial mortgage loans (all such mortgage loans, other than The Woodlands Mall Non-Pooled Component, the “Mortgage Loans”), such pool being formed and sold by

WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

	
  
Pass-Through   Rate:  Variable
  	
  
 
  	
  
Class   Principal Balance of the Class WM Certificates as of the Closing Date:  $10,000,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Date of   Pooling and Servicing Agreement: as of June 1, 2006
  	
  
 
  	
  
Initial   Certificate Principal Balance of this Class WM Certificate as of the Closing   Date:  $10,000,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Closing   Date:  June 29, 2006
  	
  
 
  	
  
Aggregate   Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date:   $1,731,843,7671
  
	
  
 
  	
  
 
  	
  
 
  
	
  First   Distribution Date:  July 17, 2006
  	
  
 
  	
  
Aggregate   Component Principal Balance of The Woodlands Mall Non-Pooled Component:   $10,000,000
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Master   Servicer:  Wachovia Bank, National   Association
  	
  
 
  	
  
Trustee:  Wells Fargo Bank, N.A.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Special Servicer:  LNR Partners, Inc.
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Certificate   No. WM-1
  	
  
 
  	
  
CUSIP No.
  

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION (“DTC”), TO THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN

	
  

  
	
  
1
  	
  
Excludes   $10,000,000, which is the balance of The Woodlands Mall Non-Pooled Component,   represented solely by the Class WM Certificate.
  

A-28-1

SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE IS SUBORDINATE TO THE SEQUENTIAL PAY CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  THIS CERTIFICATE IS ENTITLED TO DISTRIBUTIONS ONLY IN RESPECT OF THE WOODLANDS MALL NON-POOLED COMPONENT AS DESCRIBED IN THE POOLING AND SERVICING AGREEMENT.

 

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE.  ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS (1) A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (A “REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”) AND (2) AN INTEREST IN A GRANTOR TRUST.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY “EMPLOYEE BENEFIT PLAN” SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), ANY “PLAN” SUBJECT TO SECTION 4975 OF THE CODE, OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW SUBSTANTIVELY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF OR WITH ANY ASSETS OF ANY SUCH PLAN (EACH, A “PLAN”) UNLESS IT IS (A) AN INSURANCE COMPANY GENERAL ACCOUNT WHICH IS ELIGIBLE FOR, AND SATISFIES ALL OF THE REQUIREMENTS FOR, EXEMPTIVE RELIEF UNDER SECTIONS I AND III OF 

A-28-2

DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTE 95-50”) OR (B) AN ACCREDITED INVESTOR AS DEFINED IN RULE 501(A)(1) OF REGULATION D UNDER THE SECURITIES ACT AND SATISFIES ALL THE REQUIREMENTS OF THE EXEMPTIONS AS IN EFFECT AT THE TIME OF SUCH TRANSFER.  EACH PERSON WHO ACQUIRES THIS CERTIFICATE SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE, DEEMED) TO HAVE CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT IT WILL NOT TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  IN ADDITION, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND IN RESPECT OF THE WOODLANDS MALL LOAN AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.  ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

                    This certifies that Cede & Co. is the registered owner of the Percentage Interest evidenced by this Class WM Certificate (obtained by dividing the principal amount of this Class WM Certificate (its “Certificate Principal Balance”) as of the Closing Date by the aggregate principal amount of all the Class WM Certificates (their “Class Principal Balance”) as of the Closing Date) in that certain beneficial ownership interest evidenced by all the Class WM Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Wachovia Commercial Mortgage Securities, Inc. (herein called the “Depositor”, which term includes any successor entity under the Agreement), Wachovia Bank, National Association (herein called the

“Master Servicer”, which term includes any successor entity under the Agreement), LNR Partners, Inc. (herein called the “Special Servicer”, which term includes any successor entities under the Agreement) and Wells Fargo Bank, N.A. (herein called the “Trustee”, which term includes any successor entity under the Agreement), a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the respective meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

                    Pursuant to the terms of the Agreement, distributions will be made on the fourth Business Day following the related Determination Date (each, a “Distribution Date”).  The Determination Date is the 11th day of each month or, if such 11th day is not a Business Day, the Business Day immediately succeeding, commencing in July 2006 (each, a “Determination Date”).  Distributions will be made commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the last Business Day of the month immediately preceding the month of such distribution (the “Record Date”), in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of

the Class WM Certificates on the

A-28-3

applicable Distribution Date pursuant to the Agreement.  All distributions made under the Agreement on the Class WM Certificates will be made by Wells Fargo Bank, N.A., as paying agent (the “Paying Agent”), by wire transfer of immediately available funds to the account of the Person entitled thereto at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided the Paying Agent with wiring instructions no less than five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to the address of such Certificateholder as it appears in the Certificate Register. Notwithstanding the foregoing, the final distribution on this Certificate (determined without regard to any possible future reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated

to this Certificate) will be made in like manner, but only upon presentation and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to the Holder hereof of such final distribution.  Also notwithstanding the foregoing, any distribution that may be made with respect to this Certificate in reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated to this Certificate, which reimbursement is to occur after the date on which this Certificate is surrendered as contemplated by the preceding sentence, will be made by check mailed to the address of the Holder that surrenders this Certificate as such address last appears in the Certificate Register or to any such other address of which the Trustee is subsequently notified in writing.

                    In addition, the Class WM Certificates will be entitled to certain collections and recoveries of Additional Interest payable on The Woodlands Mall Non-Pooled Component, all as more specifically set forth herein and in the Agreement.

                    The Class WM Certificates are limited in right of distribution to certain collections and recoveries respecting The Woodlands Mall Loan, all as more specifically set forth herein and in the Agreement.  As provided in the Agreement, withdrawals from the Certificate Account, the Distribution Account, the Class WM Distribution Account and, if established, the REO Account may be made from time to time for purposes other than, and, in certain cases, prior to, distributions to Certificateholders, such purposes including the reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans and The Woodlands Mall Non-Pooled Component and the payment of interest on such advances and expenses.

                    Interest accrued on this Certificate during an Interest Accrual Period, plus any unpaid interest shortfall with respect to this Certificate for any prior Distribution Date, if any, will be payable on the related Distribution Date to the extent provided in the Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class WM Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

                    Any distribution to the Holder of this Certificate in reduction of the Certificate Principal Balance hereof is binding on such Holder and all future Holders of this Certificate and any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such distribution is made upon this Certificate.

A-28-4

                    The Class WM Certificates are issuable in fully registered form only without coupons in minimum denominations specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Class WM Certificates are exchangeable for new Class WM Certificates in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

                    As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices of the Certificate Registrar, duly endorsed by, or accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Class WM Certificates in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

                    No transfer of any Class WM Certificate shall be made unless that transfer is made pursuant to an effective registration statement under the Securities Act, and effective registration or qualification under applicable state securities laws, or is made in a transaction which does not require such registration or qualification.  If such a transfer is to be made without registration under the Securities Act (other than in connection with the initial issuance thereof or the initial transfer thereof by the Depositor, the Underwriters or their respective affiliates), then the Certificate Registrar shall refuse to register such transfer unless it receives either: (i) a certificate from the Certificateholder desiring to effect such transfer substantially in the form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder’s prospective transferee substantially in the form attached as either Exhibit F-2 or Exhibit F-3 to the Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the Certificate Registrar to the effect that such transfer may be made without registration under the Securities Act (which Opinion of Counsel shall not be an expense of the Trust Fund or of the Depositor, the Master Servicer, the Special Servicer, the Trustee or the Certificate Registrar in their respective capacities as such), together with the written certification(s) as to the facts surrounding such transfer from the Certificateholder desiring to effect such transfer and/or such Certificateholder’s prospective transferee on which such Opinion of Counsel is based.  None of the Depositor, the Trustee or the Certificate Registrar is obligated to register or qualify the Class WM Certificates under the Securities Act or any other securities law or to take any action not otherwise required under the
Agreement to permit the transfer of any Class WM Certificate without registration or qualification.  Any Class WM Certificateholder desiring to effect such a transfer shall, and by the acceptance of its Class WM Certificate agrees to, indemnify the Trustee, the Certificate Registrar and the Depositor against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

                    No service charge will be imposed for any registration of transfer or exchange of Class WM Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Class WM Certificates.

                    Notwithstanding the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book-entry facilities of DTC.

A-28-5

                    The Depositor, the Master Servicer, the Special Servicer, the Trustee, the Fiscal Agent, the Paying Agent and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Fiscal Agent, the Paying Agent or the Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes whatsoever and none of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Fiscal Agent, the Paying Agent, the Certificate Registrar or any such agent shall be affected by notice to the contrary.

                    The Trust Fund and the obligations created by the Agreement shall terminate upon distribution (or provision for distribution) to the Certificateholders of all amounts held by or on behalf of the Trustee and required to be distributed to them pursuant to the Agreement following the earlier to occur of (i) the final payment (or any advance with respect thereto) or other liquidation of the last Mortgage Loan or REO Property (including The Woodlands Mall Non-Pooled Component) remaining in the Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer or the Majority Subordinate Certificateholder at a price determined as provided in the Agreement of all Mortgage Loans (including The Woodlands Mall Non-Pooled Component) and each REO Property remaining in the Trust Fund.  The Agreement permits, but does not require, the Master
Servicer, the Special Servicer or the Majority Subordinate Certificateholder to purchase from the Trust Fund all Mortgage Loans (including The Woodlands Mall Non-Pooled Component) and each REO Property remaining therein.  The exercise of such right will effect early retirement of the Class WM Certificates; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Pool at the time of purchase being less than 1% of the aggregate Stated Principal Balance of the Mortgage Loans (including The Woodlands Mall Non-Pooled Component) as of the Closing Date specified on the face hereof.

                    The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Special Servicer, the Trustee and the Fiscal Agent and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Special Servicer, the Trustee and the Fiscal Agent with the consent of the Holders of Certificates entitled to at least 51% of the Voting Rights allocated to the affected Classes.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate. 
The Agreement also permits the amendment thereof, in certain limited circumstances, including any amendment necessary to maintain the status of the Trust Fund (or designated portions thereof) as consisting of three separate REMICs and two grantor trusts, without the consent of the Holders of any of the Certificates.

                    Unless the certificate of authentication hereon has been executed by the Certificate Registrar, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

A-28-6

                    The registered Holder hereof, by its acceptance hereof, agrees that it will look solely to The Woodlands Mall Non-Pooled Component (to the extent of its rights therein) for distributions hereunder.

                    This Certificate shall be construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in said State, and the obligations, rights and remedies of the Holder hereof shall be determined in accordance with such laws.

A-28-7

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

	
  
Dated:  June 29, 2006
  	
  
 
  	
  
 
  
	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Certificate Registrar
  
	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-28-8

CERTIFICATE OF AUTHENTICATION

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

	
  
 
  	
  
WELLS FARGO   BANK, N.A., as Authenticating Agent
  
	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Authorized   Representative
  

A-28-9

ASSIGNMENT

                    FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto ________________________________________________________ (please print or typewrite name and address including postal zip code of assignee) the beneficial ownership interest in the Trust Fund evidenced by the within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

                    I (we) further direct the Certificate Registrar to issue a new Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Commercial Mortgage Pass-Through Certificate to the following address:  __________________________________________________.

Dated:  _________________________

	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature by or on behalf of Assignor
  
	
   
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature Guaranteed
  

A-28-10

DISTRIBUTION INSTRUCTIONS

                    The Assignee should include the following for purposes of distribution:

                    Distributions shall, if permitted, be made by wire transfer or otherwise, in immediately available funds, to _____________________________ for the account of _______________.

                    Distributions made by check (such check to be made payable to _____________________) and all applicable statements and notices should be mailed to _________________________.

                    This information is provided by ________________________________, the Assignee named above, or ____________________________________, as its agent.

A-28-11

EXHIBIT B

MORTGAGE LOAN SCHEDULE

	
  
Mortgage Loan 
   Number
  	
   
 	
  
Loan 
   Group 
   Number
  	
   
 	
  
Property   Name
  	
   
 	
  
Address
  	
   
 	
  
City
  	
   
 	
  
State
  	
   
 	
  
Zip Code
  	
   
 	
  
County
  
	
  

  	
   
  	
  

  	
  
 
  	
  

  	
  
 
  	
  

  	
  
 
  	
  

  	
  
 
  	
  

  	
   
 	
  

  	
  
 
  	
  

  
	
  
1
  	
  
 
  	
  
1
  	
  
 
  	
  
The Woodlands Mall(1)
  	
  
 
  	
  
1201 Lake Woodlands Parkway
  	
  
 
  	
  
The Woodlands
  	
  
 
  	
  
TX
  	
   
 	
  
77380
  	
  
 
  	
  
Montgomery
  
	
  2
  	
  
 
  	
  
1
  	
  
 
  	
  
Prime Outlets Pool II(2)
  	
  
 
  	
  
Various
  	
  
 
  	
  
Various
  	
  
 
  	
  
Various
  	
   
 	
  
Various
  	
  
 
  	
  
Various
  
	
  
2.01
  	
  
 
  	
   
 	
  
 
  	
  
Prime Outlets at Birch Run
  	
  
 
  	
  
12240 South Beyer Road
  	
  
 
  	
  
Birch Run
  	
  
 
  	
  
MI
  	
   
 	
  
48415
  	
  
 
  	
  
Saginaw
  
	
  2.02
  	
  
 
  	
   
 	
  
 
  	
  
Prime Outlets at   Williamsburg
  	
  
 
  	
  
5715-62A Richmond Road
  	
  
 
  	
  
Williamsburg
  	
  
 
  	
  
VA
  	
   
 	
  
23188
  	
  
 
  	
  
James City
  
	
  
2.03
  	
  
 
  	
   
 	
  
 
  	
  
Prime Outlets at Hagerstown
  	
  
 
  	
  
495 Prime Outlets Boulevard
  	
  
 
  	
  
Hagerstown
  	
  
 
  	
  
MD
  	
   
 	
  
21740
  	
  
 
  	
  
Washington
  
	
  3
  	
  
 
  	
  
1
  	
  
 
  	
  
Eastern Shore Centre
  	
  
 
  	
  
30500 Alabama Highway 181
  	
  
 
  	
  
Spanish Fort
  	
  
 
  	
  
AL
  	
   
 	
  
36527
  	
  
 
  	
  
Baldwin
  
	
  
4
  	
  
 
  	
  
1
  	
  
 
  	
  
Chemed Center Leasehold
  	
  
 
  	
  
255 Fifth Street
  	
  
 
  	
  
Cincinnati
  	
  
 
  	
  
OH
  	
   
 	
  
45202
  	
  
 
  	
  
Hamilton
  
	
  5
  	
  
 
  	
  
1
  	
  
 
  	
  
Tan-Tar-A Resort (4)
  	
  
 
  	
  
State Road KK
  	
  
 
  	
  
Osage Beach
  	
  
 
  	
  
MO
  	
   
 	
  
65065
  	
  
 
  	
  
Camden
  
	
  
6
  	
  
 
  	
  
1
  	
  
 
  	
  
Lincoln Place
  	
  
 
  	
  
1601 Washington Avenue
  	
  
 
  	
  
Miami Beach
  	
  
 
  	
  
FL
  	
   
 	
  
33139
  	
  
 
  	
  
Miami-Dade
  
	
  7
  	
  
 
  	
  
1
  	
  
 
  	
  
Chemed Center Fee
  	
  
 
  	
  
255 Fifth Street
  	
  
 
  	
  
Cincinnati
  	
  
 
  	
  
OH
  	
   
 	
  
45202
  	
  
 
  	
  
Hamilton
  
	
  
8
  	
  
 
  	
  
1
  	
  
 
  	
  
4 Becker Farm Road
  	
  
 
  	
  
4 Becker Farm Road
  	
  
 
  	
  
Roseland
  	
  
 
  	
  
NJ
  	
   
 	
  
07068
  	
  
 
  	
  
Essex
  
	
  9
  	
  
 
  	
  
1
  	
  
 
  	
  
One Enterprise Center
  	
  
 
  	
  
225 Water Street West
  	
  
 
  	
  
Jacksonville
  	
  
 
  	
  
FL
  	
   
 	
  
32202
  	
  
 
  	
  
Duval
  
	
  
10
  	
  
 
  	
  
1
  	
  
 
  	
  
Marriott - Tampa, FL(4)
  	
  
 
  	
  
1001 North Westshore   Boulevard
  	
  
 
  	
  
Tampa
  	
  
 
  	
  
FL
  	
   
 	
  
33607
  	
  
 
  	
  
Hillsborough
  
	
  11
  	
  
 
  	
  
1
  	
  
 
  	
  
Northland Plaza(5)(6)
  	
  
 
  	
  
NE Corner of Sycamore Road   & Barber Greene Road
  	
  
 
  	
  
DeKalb
  	
  
 
  	
  
IL
  	
   
 	
  
60115
  	
  
 
  	
  
DeKalb
  
	
  
12
  	
  
 
  	
  
1
  	
  
 
  	
  
Sunset Industrial Park
  	
  
 
  	
  
50 21st Street
  	
  
 
  	
  
Brooklyn
  	
  
 
  	
  
NY
  	
   
 	
  
11232
  	
  
 
  	
  
Kings
  
	
  13
  	
  
 
  	
  
1
  	
  
 
  	
  
Washington Park Plaza
  	
  
 
  	
  
17748-17956 South Halsted   Street
  	
  
 
  	
  
Homewood
  	
  
 
  	
  
IL
  	
   
 	
  
60430
  	
  
 
  	
  
Cook
  
	
  
14
  	
  
 
  	
  
1
  	
  
 
  	
  
Eastern Shore Plaza
  	
  
 
  	
  
10200 Eastern Shore   Boulevard
  	
  
 
  	
  
Spanish Fort
  	
  
 
  	
  
AL
  	
   
 	
  
36527
  	
  
 
  	
  
Baldwin
  
	
  15
  	
  
 
  	
  
2
  	
  
 
  	
  
Saddle Club Apartments
  	
  
 
  	
  
3730 South Mill Avenue
  	
  
 
  	
  
Tempe
  	
  
 
  	
  
AZ
  	
   
 	
  
85282
  	
  
 
  	
  
Maricopa
  
	
  
16
  	
  
 
  	
  
1
  	
  
 
  	
  
Oakesdale Center
  	
  
 
  	
  
600, 602, 604, & 606   Oakesdale Ave. SW & 1300 SW 7th Street
  	
  
 
  	
  
Renton
  	
  
 
  	
  
WA
  	
   
 	
  
98055
  	
  
 
  	
  
King
  
	
  17
  	
  
 
  	
  
1
  	
  
 
  	
  
HMA Lake Norman Medical   Buildings
  	
  
 
  	
  
134, 146, and 170 Medical   Park Road
  	
  
 
  	
  
Mooresville
  	
  
 
  	
  
NC
  	
   
 	
  
28117
  	
  
 
  	
  
Iredell
  
	
  
18
  	
  
 
  	
  
1
  	
  
 
  	
  
The Towers of Dadeland(7)
  	
  
 
  	
  
8390 South Dixie Highway
  	
  
 
  	
  
Miami
  	
  
 
  	
  
FL
  	
   
 	
  
33143
  	
  
 
  	
  
Miami-Dade
  
	
  19
  	
  
 
  	
  
1
  	
  
 
  	
  
The Cameron Brown Office   Building(8)
  	
  
 
  	
  
301 South McDowell Street
  	
  
 
  	
  
Charlotte
  	
  
 
  	
  
NC
  	
   
 	
  
28204
  	
  
 
  	
  
Mecklenburg
  
	
  
20
  	
  
 
  	
  
1
  	
  
 
  	
  
4400 Jenifer Street(9)
  	
  
 
  	
  
4400 Jenifer Street, NW
  	
  
 
  	
  
Washington
  	
  
 
  	
  
DC
  	
   
 	
  
20015
  	
  
 
  	
  
District Of Columbia
  
	
  21
  	
  
 
  	
  
2
  	
  
 
  	
  
Reserve at Charles Place   Apartments
  	
  
 
  	
  
4701 Charles Place
  	
  
 
  	
  
Plano
  	
  
 
  	
  
TX
  	
   
 	
  
75093
  	
  
 
  	
  
Collin
  
	
  
22
  	
  
 
  	
  
2
  	
  
 
  	
  
Madison at Adams Farm   Apartment Complex(10)
  	
  
 
  	
  
5202 Fox Hunt Drive
  	
  
 
  	
  
Greensboro
  	
  
 
  	
  
NC
  	
   
 	
  
27407
  	
  
 
  	
  
Guilford
  
	
  23
  	
  
 
  	
  
1
  	
  
 
  	
  
1634 Eye Street(9)
  	
  
 
  	
  
1634 Eye Street NW
  	
  
 
  	
  
Washington
  	
  
 
  	
  
DC
  	
   
 	
  
20006
  	
  
 
  	
  
District Of Columbia
  
	
  
24
  	
  
 
  	
  
1
  	
  
 
  	
  
The Center Martinez
  	
  
 
  	
  
1029-1037 Arnold Drive
  	
  
 
  	
  
Martinez
  	
  
 
  	
  
CA
  	
   
 	
  
94553
  	
  
 
  	
  
Contra Costa
  
	
  25
  	
  
 
  	
  
2
  	
  
 
  	
  
Hickory Creek Apartments(11)
  	
  
 
  	
  
2344 Hickory Creek Drive
  	
  
 
  	
  
Richmond
  	
  
 
  	
  
VA
  	
   
 	
  
23294
  	
  
 
  	
  
Henrico
  
	
  
26
  	
  
 
  	
  
2
  	
  
 
  	
  
La Ventana Apartment Homes
  	
  
 
  	
  
2901 N. Rainbow Boulevard
  	
  
 
  	
  
Las Vegas
  	
  
 
  	
  
NV
  	
   
 	
  
89108
  	
  
 
  	
  
Clark
  
	
  27
  	
  
 
  	
  
1
  	
  
 
  	
  
Mount Clare(12)
  	
  
 
  	
  
1223 West Pratt Street
  	
  
 
  	
  
Baltimore
  	
  
 
  	
  
MD
  	
   
 	
  
21223
  	
  
 
  	
  
Baltimore City
  
	
  
28
  	
  
 
  	
  
1
  	
  
 
  	
  
Northbay Commerce Center
  	
  
 
  	
  
8975 Racetrack Road
  	
  
 
  	
  
Tampa
  	
  
 
  	
  
FL
  	
   
 	
  
33635
  	
  
 
  	
  
Hillsborough
  
	
  29
  	
  
 
  	
  
1
  	
  
 
  	
  
Wilshire Rexford Plaza
  	
  
 
  	
  
9301 Wilshire Boulevard
  	
  
 
  	
  
Beverly Hills
  	
  
 
  	
  
CA
  	
   
 	
  
90210
  	
  
 
  	
  
Los Angeles
  
	
  
30
  	
  
 
  	
  
1
  	
  
 
  	
  
Hilton Garden Inn -   Portland, ME(13)
  	
  
 
  	
  
65 Commercial Street
  	
  
 
  	
  
Portland
  	
  
 
  	
  
ME
  	
   
 	
  
04101
  	
  
 
  	
  
Cumberland
  
	
  31
  	
  
 
  	
  
1
  	
  
 
  	
  
Church Ranch Office Center   Buildings 2 & 4
  	
  
 
  	
  
10170 & 10249 Church   Ranch Way
  	
  
 
  	
  
Westminster
  	
  
 
  	
  
CO
  	
   
 	
  
80021
  	
  
 
  	
  
Jefferson
  
	
  
32
  	
  
 
  	
  
1
  	
  
 
  	
  
210 Clay Avenue
  	
  
 
  	
  
210 Clay Avenue
  	
  
 
  	
  
Lyndhurst
  	
  
 
  	
  
NJ
  	
   
 	
  
07071
  	
  
 
  	
  
Bergen
  
	
  33
  	
  
 
  	
  
1
  	
  
 
  	
  
5 Becker Farm Road
  	
  
 
  	
  
5 Becker Farm Road
  	
  
 
  	
  
Roseland
  	
  
 
  	
  
NJ
  	
   
 	
  
07068
  	
  
 
  	
  
Essex
  
	
  
34
  	
  
 
  	
  
1
  	
  
 
  	
  
Lincoln Commerce Center(14)
  	
  
 
  	
  
2110, 2120, 2230, 2140   South 7th Avenue
  	
  
 
  	
  
Phoenix
  	
  
 
  	
  
AZ
  	
   
 	
  
85007
  	
  
 
  	
  
Maricopa
  
	
  35
  	
  
 
  	
  
2
  	
  
 
  	
  
Silver Shadow Apartments
  	
  
 
  	
  
8301 W. Charleston Boulevard
  	
  
 
  	
  
Las Vegas
  	
  
 
  	
  
NV
  	
   
 	
  
89117
  	
  
 
  	
  
Clark
  
	
  
36
  	
  
 
  	
  
1
  	
  
 
  	
  
Lake Center IV
  	
  
 
  	
  
401 Route 73 North
  	
  
 
  	
  
Marlton
  	
  
 
  	
  
NJ
  	
   
 	
  
08053
  	
  
 
  	
  
Burlington
  
	
  37
  	
  
 
  	
  
1
  	
  
 
  	
  
CarMax Merriam, KS
  	
  
 
  	
  
6801 East Frontage Road
  	
  
 
  	
  
Merriam
  	
  
 
  	
  
KS
  	
   
 	
  
66204
  	
  
 
  	
  
Johnson
  
	
  
38
  	
  
 
  	
  
1
  	
  
 
  	
  
River Terrace Inn - Napa,   CA
  	
  
 
  	
  
1600 Soscal Avenue
  	
  
 
  	
  
Napa
  	
  
 
  	
  
CA
  	
   
 	
  
94559
  	
  
 
  	
  
Napa
  
	
  39
  	
  
 
  	
  
2
  	
  
 
  	
  
Westfield Apartments
  	
  
 
  	
  
14405 Rio Bonito
  	
  
 
  	
  
Houston
  	
  
 
  	
  
TX
  	
   
 	
  
77083
  	
  
 
  	
  
Harris
  
	
  
40
  	
  
 
  	
  
2
  	
  
 
  	
  
Sunrise Springs Apartment   Homes
  	
  
 
  	
  
4455 E. Twain Avenue
  	
  
 
  	
  
Las Vegas
  	
  
 
  	
  
NV
  	
   
 	
  
89121
  	
  
 
  	
  
Clark
  
	
  41
  	
  
 
  	
  
1
  	
  
 
  	
  
1712 Eye Street(9)
  	
  
 
  	
  
1712 Eye Street NW
  	
  
 
  	
  
Washington
  	
  
 
  	
  
DC
  	
   
 	
  
20006
  	
  
 
  	
  
District Of Columbia
  
	
  
42
  	
  
 
  	
  
2
  	
  
 
  	
  
Ashford Manor Apartments
  	
  
 
  	
  
2320 Tucumcari Drive &   6153, 6157, 6161, 6201, 6205, 6209 & 6212 Camino De Rosa Drive
  	
  
 
  	
  
Las Vegas
  	
  
 
  	
  
NV
  	
   
 	
  
89108
  	
  
 
  	
  
Clark
  
	
  43
  	
  
 
  	
  
1
  	
  
 
  	
  
Potrero Business Center
  	
  
 
  	
  
1740-1760 Cesar Chavez
	
  
 
  	
  
San Francisco
  	
  
 
  	
  
CA
  	
   
 	
  
94124
  	
  
 
  	
  
San Francisco
  
	
  
44
  	
  
 
  	
  
1
  	
  
 
  	
  
Woodcourt Office Complex
  	
  
 
  	
  
20251-20301 Ventura   Boulevard
  	
  
 
  	
  
Woodland Hills
  	
  
 
  	
  
CA
  	
   
 	
  
91364
  	
  
 
  	
  
Los Angeles
  
	
  45
  	
  
 
  	
  
1
  	
  
 
  	
  
PetSmart Pool
  	
  
 
  	
  
Various
  	
  
 
  	
  
Various
  	
  
 
  	
  
Various
  	
   
 	
  
Various
  	
  
 
  	
  
Various
  
	
  
45.01
  	
  
 
  	
   
 	
  
 
  	
  
Sportsman’s Warehouse
  	
  
 
  	
  
840 West Paradise Drive
  	
  
 
  	
  
West Bend
  	
  
 
  	
  
WI
  	
   
 	
  
53095
  	
  
 
  	
  
Washington
  
	
  45.02
  	
  
 
  	
   
 	
  
 
  	
  
PetSmart & Dollar Tree
  	
  
 
  	
  
1460-1470 Koester Drive
  	
  
 
  	
  
Forsyth
  	
  
 
  	
  
IL
  	
   
 	
  
62535
  	
  
 
  	
  
Macon
  
	
  
46
  	
  
 
  	
  
1
  	
  
 
  	
  
Massachusetts State Lottery   Commission
  	
  
 
  	
  
60 Columbian Street
  	
  
 
  	
  
Braintree
  	
  
 
  	
  
MA
  	
   
 	
  
02184
  	
  
 
  	
  
Norfolk
  
	
  47
  	
  
 
  	
  
1
  	
  
 
  	
  
Valley View Phase V
  	
  
 
  	
  
6555 South Valley View   Boulevard
  	
  
 
  	
  
Las Vegas
  	
  
 
  	
  
NV
  	
   
 	
  
89118
  	
  
 
  	
  
Clark
  
	
  
48
  	
  
 
  	
  
Reserved   (15)
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
   
 	
   
 	
   
 	
  
 
  	
  
 
  
	
  49
  	
  
 
  	
  
1
  	
  
 
  	
  
Hilton Garden Inn -   Columbus, GA
  	
  
 
  	
  
1500 Bradley Lake Boulevard
  	
  
 
  	
  
Columbus
  	
  
 
  	
  
GA
  	
   
 	
  
31904
  	
  
 
  	
  
Muscogee
  
	
  
50
  	
  
 
  	
  
1
  	
  
 
  	
  
Gallery Court
  	
  
 
  	
  
705-709 H Street, NW &   800-808 7th Street, NW
  	
  
 
  	
  
Washington
  	
  
 
  	
  
DC
  	
   
 	
  
20001
  	
  
 
  	
  
District Of Columbia
  
	
  51
  	
  
 
  	
  
1
  	
  
 
  	
  
Value City Pool
  	
  
 
  	
  
Various
  	
  
 
  	
  
Various
  	
  
 
  	
  
Various
  	
   
 	
  
Various
  	
  
 
  	
  
Various
  
	
  
51.01
  	
  
 
  	
   
 	
  
 
  	
  
Value City - Warrensville   Heights, OH
  	
  
 
  	
  
18525 Miles Road
  	
  
 
  	
  
Warrensville Heights
  	
  
 
  	
  
OH
  	
   
 	
  
44128
  	
  
 
  	
  
Cuyahoga
  
	
  51.02
  	
  
 
  	
   
 	
  
 
  	
  
Value City - Indianapolis,   IN
  	
  
 
  	
  
6002 East 38th Street
  	
  
 
  	
  
Indianapolis
  	
  
 
  	
  
IN
  	
   
 	
  
46226
  	
  
 
  	
  
Marion
  
	
  
51.03
  	
  
 
  	
   
 	
  
 
  	
  
Value City - Alliance, OH
  	
  
 
  	
  
1425 East State Street
  	
  
 
  	
  
Alliance
  	
  
 
  	
  
OH
  	
   
 	
  
44601
  	
  
 
  	
  
Stark
  
	
  52
  	
  
 
  	
  
1
  	
  
 
  	
  
Weathersfield Commons
  	
  
 
  	
  
1681 Main Street
  	
  
 
  	
  
Dunedin
  	
  
 
  	
  
FL
  	
   
 	
  
34698
  	
  
 
  	
  
Pinellas
  
	
  
53
  	
  
 
  	
  
2
  	
  
 
  	
  
The Falls at Quail Lake   Apartments(16)
  	
  
 
  	
  
884 Quail Lake Circle
  	
  
 
  	
  
Colorado Springs
  	
  
 
  	
  
CO
  	
   
 	
  
80906
  	
  
 
  	
  
El Paso
  
	
  54
  	
  
 
  	
  
1
  	
  
 
  	
  
Marlo Plaza III
  	
  
 
  	
  
701 Rockville Pike
  	
  
 
  	
  
Rockville
  	
  
 
  	
  
MD
  	
   
 	
  
20852
  	
  
 
  	
  
Montgomery
  
	
  
55
  	
  
 
  	
  
2
  	
  
 
  	
  
Pinnacle View Apartments
  	
  
 
  	
  
7600 Montgomery Boulevard   NE
  	
  
 
  	
  
Albuquerque
  	
  
 
  	
  
NM
  	
   
 	
  
87109
  	
  
 
  	
  
Bernalillo
  
	
  56
  	
  
 
  	
  
1
  	
  
 
  	
  
Vanguard Rental Car   Facility
  	
  
 
  	
  
3600 Naturally Fresh   Boulevard
  	
  
 
  	
  
Atlanta
  	
  
 
  	
  
GA
  	
   
 	
  
30349
  	
  
 
  	
  
Fulton
  
	
  
57
  	
  
 
  	
  
1
  	
  
 
  	
  
Wawa IV Pool
  	
  
 
  	
  
Various
  	
  
 
  	
  
Various
  	
  
 
  	
  
Various
  	
   
 	
  
Various
  	
  
 
  	
  
Various
  
	
  57.01
  	
  
 
  	
   
 	
  
 
  	
  
Wawa - Newark, DE
  	
  
 
  	
  
2754 Pulaski Highway
  	
  
 
  	
  
Newark
  	
  
 
  	
  
DE
  	
   
 	
  
19702
  	
  
 
  	
  
New Castle
  
	
  
57.02
  	
  
 
  	
   
 	
  
 
  	
  
Wawa - Vineland, NJ
  	
  
 
  	
  
501 North Delsea Drive
  	
  
 
  	
  
Vineland
  	
  
 
  	
  
NJ
  	
   
 	
  
08360
  	
  
 
  	
  
Cumberland
  
	
  57.03
  	
  
 
  	
   
 	
  
 
  	
  
Wawa - Clifton Heights, PA
  	
  
 
  	
  
5337 Baltimore Pike
  	
  
 
  	
  
Clifton Heights
  	
  
 
  	
  
PA
  	
   
 	
  
19018
  	
  
 
  	
  
Delaware
  
	
  
58
  	
  
 
  	
  
1
  	
  
 
  	
  
Skyline Plaza
  	
  
 
  	
  
2835-2897 East Thousand   Oaks Boulevard
  	
  
 
  	
  
Thousand Oaks
  	
  
 
  	
  
CA
  	
   
 	
  
91362
  	
  
 
  	
  
Ventura
  

	
  Mortgage Loan 
   Number
  	
   
 	
  
Loan 
   Group 
   Number
  	
   
 	
  
Property   Name
  	
   
 	
  
Cut-Off   Date Loan 
   Balance ($)
  	
   
 	
  
Monthly   P&I 
   Payments ($)
  	
   
 	
  
Grace Days
  	
   
 	
  
Mortgage   Rate 
   (%)
  	
   
 	
  
Number of 
   Units
  	
   
 	
  
Unit of   Measure
  
	
  

  	
   
 	
  

  	
   
 	
	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  
	
  1
  	
  
 
  	
  
1
  	
  
 
  	
  
The Woodlands Mall(1)
  	
  
 
  	
  
175,000,000.00
  	
   
 	
  
IO
  	
   
 	
  
3   (once every 12 months)
  	
   
 	
  
5.9140%
  	
   
 	
  
611,556
  	
   
 	
  
Sq.   Ft.
  
	
  2
  	
  
 
  	
  
1
  	
  
 
  	
  
Prime Outlets Pool II(2)
  	
  
 
  	
  
150,000,000.00
  	
   
 	
  
879,680.66
  	
   
 	
   
 	
   
 	
  
5.7953%
  	
   
 	
  
1,517,440
  	
   
 	
  
Sq.   Ft.
  
	
  
2.01
  	
  
 
  	
   
 	
  
 
  	
  
Prime Outlets at Birch Run
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
  
682,312
  	
   
 	
  
Sq.   Ft.
  
	
  2.02
  	
  
 
  	
   
 	
  
 
  	
  
Prime Outlets at   Williamsburg
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
  
349,787
  	
   
 	
  
Sq.   Ft.
  
	
  
2.03
  	
  
 
  	
   
 	
  
 
  	
  
Prime Outlets at Hagerstown
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
  
485,341
  	
   
 	
  
Sq.   Ft.
  
	
  3
  	
  
 
  	
  
1
  	
  
 
  	
  
Eastern Shore Centre
  	
  
 
  	
  
73,000,000.00
  	
   
 	
  
450,898.86
  	
   
 	
   
 	
   
 	
  
6.2800%
  	
   
 	
  
432,689
  	
   
 	
  
Sq.   Ft.
  
	
  
4
  	
  
 
  	
  
1
  	
  
 
  	
  
Chemed Center Leasehold
  	
  
 
  	
  
61,000,000.00
  	
   
 	
  
370,839.69
  	
   
 	
   
 	
   
 	
  
6.1300%
  	
   
 	
  
551,470
  	
   
 	
  
Sq.   Ft.
  
	
  5
  	
  
 
  	
  
1
  	
  
 
  	
  
Tan-Tar-A Resort (4)
  	
  
 
  	
  
49,900,000.00
  	
   
 	
  
322,324.78
  	
   
 	
   
 	
   
 	
  
6.7100%
  	
   
 	
  
497
  	
   
 	
  
Rooms
  
	
  
6
  	
  
 
  	
  
1
  	
  
 
  	
  
Lincoln Place
  	
  
 
  	
  
49,600,000.00
  	
   
 	
  
293,244.25
  	
   
 	
   
 	
   
 	
  
5.8700%
  	
   
 	
  
139,887
  	
   
 	
  
Sq.   Ft.
  
	
  7
  	
  
 
  	
  
1
  	
  
 
  	
  
Chemed Center Fee
  	
  
 
  	
  
45,000,000.00
  	
   
 	
  
IO
  	
   
 	
   
 	
   
 	
  
6.0300%
  	
   
 	
  
551,470
  	
   
 	
  
Sq.   Ft.
  
	
  
8
  	
  
 
  	
  
1
  	
  
 
  	
  
4 Becker Farm Road
  	
  
 
  	
  
43,000,000.00
  	
   
 	
  
265,317.98
  	
   
 	
   
 	
   
 	
  
6.2700%
  	
   
 	
  
281,762
  	
   
 	
  
Sq.   Ft.
  
	
  9
  	
  
 
  	
  
1
  	
  
 
  	
  
One Enterprise Center
  	
  
 
  	
  
41,600,000.00
  	
   
 	
  
250,215.95
  	
   
 	
   
 	
   
 	
  
6.0300%
  	
   
 	
  
318,997
  	
   
 	
  
Sq.   Ft.
  
	
  
10
  	
  
 
  	
  
1
  	
  
 
  	
  
Marriott - Tampa, FL(4)
  	
  
 
  	
  
37,800,000.00
  	
   
 	
  
235,699.22
  	
   
 	
   
 	
   
 	
  
6.3700%
  	
   
 	
  
310
  	
   
 	
  
Rooms
  
	
  11
  	
  
 
  	
  
1
  	
  
 
  	
  
Northland Plaza(5)(6)
  	
  
 
  	
  
32,700,000.00
  	
   
 	
  
196,684.17
  	
   
 	
   
 	
   
 	
  
6.0300%
  	
   
 	
  
303,013
  	
   
 	
  
Sq.   Ft.
  
	
  
12
  	
  
 
  	
  
1
  	
  
 
  	
  
Sunset Industrial Park
  	
  
 
  	
  
32,000,000.00
  	
   
 	
  
201,420.71
  	
   
 	
   
 	
   
 	
  
6.4600%
  	
   
 	
  
321,314
  	
   
 	
  
Sq.   Ft.
  
	
  13
  	
  
 
  	
  
1
  	
  
 
  	
  
Washington Park Plaza
  	
  
 
  	
  
30,600,000.00
  	
   
 	
  
IO
  	
   
 	
   
 	
   
 	
  
5.9200%
  	
   
 	
  
233,560
  	
   
 	
  
Sq.   Ft.
  
	
  
14
  	
  
 
  	
  
1
  	
  
 
  	
  
Eastern Shore Plaza
  	
  
 
  	
  
30,000,000.00
  	
   
 	
  
185,300.90
  	
   
 	
   
 	
   
 	
  
6.2800%
  	
   
 	
  
257,395
  	
   
 	
  
Sq.   Ft.
  
	
  15
  	
  
 
  	
  
2
  	
  
 
  	
  
Saddle Club Apartments
  	
  
 
  	
  
25,000,000.00
  	
   
 	
  
IO
  	
   
 	
   
 	
   
 	
  
6.3100%
  	
   
 	
  
514
  	
   
 	
  
Units
  
	
  
16
  	
  
 
  	
  
1
  	
  
 
  	
  
Oakesdale Center
  	
  
 
  	
  
23,000,000.00
  	
   
 	
  
140,271.42
  	
   
 	
   
 	
   
 	
  
6.1600%
  	
   
 	
  
146,707
  	
   
 	
  
Sq.   Ft.
  
	
  17
  	
  
 
  	
  
1
  	
  
 
  	
  
HMA Lake Norman Medical   Buildings
  	
  
 
  	
  
22,000,000.00
  	
   
 	
  
129,085.67
  	
   
 	
   
 	
   
 	
  
5.8000%
  	
   
 	
  
145,489
  	
   
 	
  
Sq.   Ft.
  
	
  
18
  	
  
 
  	
  
1
  	
  
 
  	
  
The Towers of Dadeland(7)
  	
  
 
  	
  
21,100,000.00
  	
   
 	
  
121,663.40
  	
   
 	
   
 	
   
 	
  
5.6400%
  	
   
 	
  
120
  	
   
 	
  
Units
  
	
  19
  	
  
 
  	
  
1
  	
  
 
  	
  
The Cameron Brown Office   Building(8)
  	
  
 
  	
  
21,000,000.00
  	
   
 	
  
137,184.17
  	
   
 	
   
 	
   
 	
  
6.8200%
  	
   
 	
  
182,624
  	
   
 	
  
Sq.   Ft.
  
	
  
20
  	
  
 
  	
  
1
  	
  
 
  	
  
4400 Jenifer Street(9)
  	
  
 
  	
  
20,800,000.00
  	
   
 	
  
IO
  	
   
 	
   
 	
   
 	
  
5.9600%
  	
   
 	
  
82,583
  	
   
 	
  
Sq.   Ft.
  
	
  21
  	
  
 
  	
  
2
  	
  
 
  	
  
Reserve at Charles Place   Apartments
  	
  
 
  	
  
20,475,000.00
  	
   
 	
  
IO
  	
   
 	
   
 	
   
 	
  
5.8900%
  	
   
 	
  
264
  	
   
 	
  
Units
  
	
  
22
  	
  
 
  	
  
2
  	
  
 
  	
  
Madison at Adams Farm   Apartment Complex(10)
  	
  
 
  	
  
20,250,000.00
  	
   
 	
  
112,449.19
  	
   
 	
   
 	
   
 	
  
5.3000%
  	
   
 	
  
500
  	
   
 	
  
Units
  
	
  23
  	
  
 
  	
  
1
  	
  
 
  	
  
1634 Eye Street(9)
  	
  
 
  	
  
19,250,000.00
  	
   
 	
  
IO
  	
   
 	
   
 	
   
 	
  
5.9600%
  	
   
 	
  
68,669
  	
   
 	
  
Sq.   Ft.
  
	
  
24
  	
  
 
  	
  
1
  	
  
 
  	
  
The Center Martinez
  	
  
 
  	
  
19,100,000.00
  	
   
 	
  
114,882.80
  	
   
 	
   
 	
   
 	
  
6.0300%
  	
   
 	
  
114,258
  	
   
 	
  
Sq.   Ft.
  
	
  25
  	
  
 
  	
  
2
  	
  
 
  	
  
Hickory Creek Apartments(11)
  	
  
 
  	
  
18,500,000.00
  	
   
 	
  
102,731.36
  	
   
 	
   
 	
   
 	
  
5.3000%
  	
   
 	
  
294
  	
   
 	
  
Units
  
	
  
26
  	
  
 
  	
  
2
  	
  
 
  	
  
La Ventana Apartment Homes
  	
  
 
  	
  
18,200,000.00
  	
   
 	
  
105,632.88
  	
   
 	
   
 	
   
 	
  
5.7000%
  	
   
 	
  
258
  	
   
 	
  
Units
  
	
  27
  	
  
 
  	
  
1
  	
  
 
  	
  
Mount Clare(12)
  	
  
 
  	
  
18,000,000.00
  	
   
 	
  
108,614.42
  	
   
 	
   
 	
   
 	
  
6.0600%
  	
   
 	
  
240,054
  	
   
 	
  
Sq.   Ft.
  
	
  
28
  	
  
 
  	
  
1
  	
  
 
  	
  
Northbay Commerce Center
  	
  
 
  	
  
17,972,500.00
  	
   
 	
  
IO
  	
   
 	
   
 	
   
 	
  
5.4600%
  	
   
 	
  
97,644
  	
   
 	
  
Sq.   Ft.
  
	
  29
  	
  
 
  	
  
1
  	
  
 
  	
  
Wilshire Rexford Plaza
  	
  
 
  	
  
17,900,000.00
  	
   
 	
  
109,864.36
  	
   
 	
   
 	
   
 	
  
6.2200%
  	
   
 	
  
88,302
  	
   
 	
  
Sq.   Ft.
  
	
  
30
  	
  
 
  	
  
1
  	
  
 
  	
  
Hilton Garden Inn -   Portland, ME(13)
  	
  
 
  	
  
17,466,027.60
  	
   
 	
  
127,402.96
  	
   
 	
   
 	
   
 	
  
6.2000%
  	
   
 	
  
120
  	
   
 	
  
Rooms
  
	
  31
  	
  
 
  	
  
1
  	
  
 
  	
  
Church Ranch Office Center   Buildings 2 & 4
  	
  
 
  	
  
17,000,000.00
  	
   
 	
  
100,034.08
  	
   
 	
   
 	
   
 	
  
6.2700%
  	
   
 	
  
183,310
  	
   
 	
  
Sq.   Ft.
  
	
  
32
  	
  
 
  	
  
1
  	
  
 
  	
  
210 Clay Avenue
  	
  
 
  	
  
16,000,000.00
  	
   
 	
  
98,722.97
  	
   
 	
   
 	
   
 	
  
6.2700%
  	
   
 	
  
121,203
  	
   
 	
  
Sq.   Ft.
  
	
  33
  	
  
 
  	
  
1
  	
  
 
  	
  
5 Becker Farm Road
  	
  
 
  	
  
15,500,000.00
  	
   
 	
  
95,637.88
  	
   
 	
   
 	
   
 	
  
6.2700%
  	
   
 	
  
118,408
  	
   
 	
  
Sq.   Ft.
  
	
  
34
  	
  
 
  	
  
1
  	
  
 
  	
  
Lincoln Commerce Center(14)
  	
  
 
  	
  
15,000,000.00
  	
   
 	
  
IO
  	
   
 	
   
 	
   
 	
  
6.0400%
  	
   
 	
  
224,308
  	
   
 	
  
Sq.   Ft.
  
	
  35
  	
  
 
  	
  
2
  	
  
 
  	
  
Silver Shadow Apartments
  	
  
 
  	
  
14,950,000.00
  	
   
 	
  
86,769.86
  	
   
 	
   
 	
   
 	
  
5.7000%
  	
   
 	
  
202
  	
   
 	
  
Units
  
	
  
36
  	
  
 
  	
  
1
  	
  
 
  	
  
Lake Center IV
  	
  
 
  	
  
14,830,000.00
  	
   
 	
  
87,962.14
  	
   
 	
   
 	
   
 	
  
5.9000%
  	
   
 	
  
88,793
  	
   
 	
  
Sq.   Ft.
  
	
  37
  	
  
 
  	
  
1
  	
  
 
  	
  
CarMax Merriam, KS
  	
  
 
  	
  
14,175,000.00
  	
   
 	
  
IO
  	
   
 	
   
 	
   
 	
  
6.4800%
  	
   
 	
  
58,430
  	
   
 	
  
Sq.   Ft.
  
	
  
38
  	
  
 
  	
  
1
  	
  
 
  	
  
River Terrace Inn - Napa,   CA
  	
  
 
  	
  
14,000,000.00
  	
   
 	
  
86,291.48
  	
   
 	
   
 	
   
 	
  
6.2600%
  	
   
 	
  
106
  	
   
 	
  
Rooms
  
	
  39
  	
  
 
  	
  
2
  	
  
 
  	
  
Westfield Apartments
  	
  
 
  	
  
13,950,000.00
  	
   
 	
  
81,142.75
  	
   
 	
   
 	
   
 	
  
5.7200%
  	
   
 	
  
424
  	
   
 	
  
Units
  
	
  
40
  	
  
 
  	
  
2
  	
  
 
  	
  
Sunrise Springs Apartment   Homes
  	
  
 
  	
  
13,250,000.00
  	
   
 	
  
76,903.06
  	
   
 	
   
 	
   
 	
  
5.7000%
  	
   
 	
  
194
  	
   
 	
  
Units
  
	
  41
  	
  
 
  	
  
1
  	
  
 
  	
  
1712 Eye Street(9)
  	
  
 
  	
  
11,700,000.00
  	
   
 	
  
IO
  	
   
 	
   
 	
   
 	
  
5.9600%
  	
   
 	
  
53,034
  	
   
 	
  
Sq.   Ft.
  
	
  
42
  	
  
 
  	
  
2
  	
  
 
  	
  
Ashford Manor Apartments
  	
  
 
  	
  
11,490,742.27
  	
   
 	
  
69,763.70
  	
   
 	
   
 	
   
 	
  
6.1100%
  	
   
 	
  
262
  	
   
 	
  
Units
  
	
  43
  	
  
 
  	
  
1
  	
  
 
  	
  
Potrero Business Center
  	
  
 
  	
  
10,800,000.00
  	
   
 	
  
63,506.95
  	
   
 	
   
 	
   
 	
  
5.8200%
  	
   
 	
  
135,404
  	
   
 	
  
Sq.   Ft.
  
	
  
44
  	
  
 
  	
  
1
  	
  
 
  	
  
Woodcourt Office Complex
  	
  
 
  	
  
10,800,000.00
  	
   
 	
  
66,427.23
  	
   
 	
   
 	
   
 	
  
6.2400%
  	
   
 	
  
65,751
  	
   
 	
  
Sq.   Ft.
  
	
  45
  	
  
 
  	
  
1
  	
  
 
  	
  
PetSmart Pool
  	
  
 
  	
  
10,773,000.00
  	
   
 	
  
64,174.60
  	
   
 	
   
 	
   
 	
  
5.9400%
  	
   
 	
  
76,139
  	
   
 	
  
Sq.   Ft.
  
	
  
45.01
  	
  
 
  	
   
 	
  
 
  	
  
Sportsman’s Warehouse
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
  
46,052
  	
   
 	
  
Sq.   Ft.
  
	
  45.02
  	
  
 
  	
   
 	
  
 
  	
  
PetSmart & Dollar Tree
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
  
30,087
  	
   
 	
  
Sq.   Ft.
  
	
  
46
  	
  
 
  	
  
1
  	
  
 
  	
  
Massachusetts State Lottery   Commission
  	
  
 
  	
  
10,480,000.00
  	
   
 	
  
65,073.43
  	
   
 	
   
 	
   
 	
  
6.3300%
  	
   
 	
  
108,085
  	
   
 	
  
Sq.   Ft.
  
	
  47
  	
  
 
  	
  
1
  	
  
 
  	
  
Valley View Phase V
  	
  
 
  	
  
10,000,000.00
  	
   
 	
  
59,249.68
  	
   
 	
   
 	
   
 	
  
5.8900%
  	
   
 	
  
72,580
  	
   
 	
  
Sq.   Ft.
  
	
  
48
  	
  
 
  	
  
Reserved   (15)
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  49
  	
  
 
  	
  
1
  	
  
 
  	
  
Hilton Garden Inn -   Columbus, GA
  	
  
 
  	
  
9,725,000.00
  	
   
 	
  
64,574.29
  	
   
 	
   
 	
   
 	
  
6.3200%
  	
   
 	
  
120
  	
   
 	
  
Rooms
  
	
  
50
  	
  
 
  	
  
1
  	
  
 
  	
  
Gallery Court
  	
  
 
  	
  
9,600,000.00
  	
   
 	
  
IO
  	
   
 	
   
 	
   
 	
  
6.4300%
  	
   
 	
  
26,355
  	
   
 	
  
Sq.   Ft.
  
	
  51
  	
  
 
  	
  
1
  	
  
 
  	
  
Value City Pool
  	
  
 
  	
  
9,600,000.00
  	
   
 	
  
58,984.03
  	
   
 	
   
 	
   
 	
  
6.2300%
  	
   
 	
  
286,165
  	
   
 	
  
Sq.   Ft.
  
	
  
51.01
  	
  
 
  	
   
 	
  
 
  	
  
Value City - Warrensville   Heights, OH
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
  
115,932
  	
   
 	
  
Sq.   Ft.
  
	
  51.02
  	
  
 
  	
   
 	
  
 
  	
  
Value City - Indianapolis,   IN
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
  
108,883
  	
   
 	
  
Sq.   Ft.
  
	
  
51.03
  	
  
 
  	
   
 	
  
 
  	
  
Value City - Alliance, OH
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
  
61,350
  	
   
 	
  
Sq.   Ft.
  
	
  52
  	
  
 
  	
  
1
  	
  
 
  	
  
Weathersfield Commons
  	
  
 
  	
  
9,300,000.00
  	
   
 	
  
54,805.15
  	
   
 	
   
 	
   
 	
  
5.8400%
  	
   
 	
  
68,155
  	
   
 	
  
Sq.   Ft.
  
	
  
53
  	
  
 
  	
  
2
  	
  
 
  	
  
The Falls at Quail Lake   Apartments(16)
  	
  
 
  	
  
9,200,000.00
  	
   
 	
  
53,805.65
  	
   
 	
   
 	
   
 	
  
5.7700%
  	
   
 	
  
156
  	
   
 	
  
Units
  
	
  54
  	
  
 
  	
  
1
  	
  
 
  	
  
Marlo Plaza III
  	
  
 
  	
  
8,987,428.27
  	
   
 	
  
55,429.23
  	
   
 	
   
 	
   
 	
  
5.5300%
  	
   
 	
  
195,300
  	
   
 	
  
Sq.   Ft.
  
	
  
55
  	
  
 
  	
  
2
  	
  
 
  	
  
Pinnacle View Apartments
  	
  
 
  	
  
8,700,000.00
  	
   
 	
  
50,992.13
  	
   
 	
   
 	
   
 	
  
5.7900%
  	
   
 	
  
216
  	
   
 	
  
Units
  
	
  56
  	
  
 
  	
  
1
  	
  
 
  	
  
Vanguard Rental Car   Facility
  	
  
 
  	
  
8,625,000.00
  	
   
 	
  
IO
  	
   
 	
   
 	
   
 	
  
6.5600%
  	
   
 	
  
23,360
  	
   
 	
  
Sq.   Ft.
  
	
  
57
  	
  
 
  	
  
1
  	
  
 
  	
  
Wawa IV Pool
  	
  
 
  	
  
8,580,000.00
  	
   
 	
  
IO
  	
   
 	
   
 	
   
 	
  
6.5600%
  	
   
 	
  
15,896
  	
   
 	
  
Sq.   Ft.
  
	
  57.01
  	
  
 
  	
   
 	
  
 
  	
  
Wawa - Newark, DE
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
  
5,599
  	
   
 	
  
Sq.   Ft.
  
	
  
57.02
  	
  
 
  	
   
 	
  
 
  	
  
Wawa - Vineland, NJ
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
  
5,603
  	
   
 	
  
Sq.   Ft.
  
	
  57.03
  	
  
 
  	
   
 	
  
 
  	
  
Wawa - Clifton Heights, PA
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
  
4,694
  	
   
 	
  
Sq.   Ft.
  
	
  
58
  	
  
 
  	
  
1
  	
  
 
  	
  
Skyline Plaza
  	
  
 
  	
  
8,500,000.00
  	
   
 	
  
51,564.47
  	
   
 	
   
 	
   
 	
  
6.1100%
  	
   
 	
  
36,772
  	
   
 	
  
Sq.   Ft.
  

	
  
Mortgage Loan Number
  	
   
 	
  
Loan Group
   Number
  	
   
 	
  
Property   Name
  	
   
 	
  
Original   Term to
   Maturity or ARD
   (Mos.)
  	
   
 	
  
Remaining
   Term to
   Maturity or
   ARD (Mos.)
  	
   
 	
  
Maturity   Date
   or ARD
  	
   
 	
  
Original
   Amort Term
   (Mos.)
  	
   
 	
  
Remaining
   Amort Term
   (Mos.)
  	
   
 	
  
Ground
   Lease
  
	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  
	
  1
  	
   
 	
  
1
  	
   
 	
  
The Woodlands Mall(1)
  	
   
 	
  
60
  	
   
 	
  
60
  	
   
 	
  
06/11/11
  	
   
 	
  
IO
  	
   
 	
  
IO
  	
   
 	
  
Fee
  
	
  2
  	
   
 	
  
1
  	
   
 	
  
Prime Outlets Pool II(2)
  	
   
 	
  
120
  	
   
 	
  
118
  	
   
 	
  
04/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  
2.01
  	
   
 	
   
 	
   
 	
  
Prime Outlets at Birch Run
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
  
Fee
  
	
  2.02
  	
   
 	
   
 	
   
 	
  
Prime Outlets at   Williamsburg
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
  
Fee
  
	
  
2.03
  	
   
 	
   
 	
   
 	
  
Prime Outlets at Hagerstown
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
  
Fee
  
	
  3
  	
   
 	
  
1
  	
   
 	
  
Eastern Shore Centre
  	
   
 	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  
4
  	
   
 	
  
1
  	
   
 	
  
Chemed Center Leasehold
  	
   
 	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Leasehold
  
	
  5
  	
   
 	
  
1
  	
   
 	
  
Tan-Tar-A Resort (4)
  	
   
 	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Both
  
	
  
6
  	
   
 	
  
1
  	
   
 	
  
Lincoln Place
  	
   
 	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Leasehold
  
	
  7
  	
   
 	
  
1
  	
   
 	
  
Chemed Center Fee
  	
   
 	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
IO
  	
   
 	
  
IO
  	
   
 	
  
Fee
  
	
  
8
  	
   
 	
  
1
  	
   
 	
  
4 Becker Farm Road
  	
   
 	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  9
  	
   
 	
  
1
  	
   
 	
  
One Enterprise Center
  	
   
 	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  
10
  	
   
 	
  
1
  	
   
 	
  
Marriott - Tampa, FL(4)
  	
   
 	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Leasehold
  
	
  11
  	
   
 	
  
1
  	
   
 	
  
Northland Plaza(5)(6)
  	
   
 	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  
12
  	
   
 	
  
1
  	
   
 	
  
Sunset Industrial Park
  	
   
 	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  13
  	
   
 	
  
1
  	
   
 	
  
Washington Park Plaza
  	
   
 	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
IO
  	
   
 	
  
IO
  	
   
 	
  
Fee
  
	
  
14
  	
   
 	
  
1
  	
   
 	
  
Eastern Shore Plaza
  	
   
 	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  15
  	
   
 	
  
2
  	
   
 	
  
Saddle Club Apartments
  	
   
 	
  
60
  	
   
 	
  
60
  	
   
 	
  
06/11/11
  	
   
 	
  
IO
  	
   
 	
  
IO
  	
   
 	
  
Fee
  
	
  
16
  	
   
 	
  
1
  	
   
 	
  
Oakesdale Center
  	
   
 	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  17
  	
   
 	
  
1
  	
   
 	
  
HMA Lake Norman Medical   Buildings
  	
   
 	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  
18
  	
   
 	
  
1
  	
   
 	
  
The Towers of Dadeland(7)
  	
   
 	
  
126
  	
   
 	
  
122
  	
   
 	
  
08/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Leasehold
  
	
  19
  	
   
 	
  
1
  	
   
 	
  
The Cameron Brown Office   Building(8)
  	
   
 	
  
60
  	
   
 	
  
59
  	
   
 	
  
05/11/11
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  
20
  	
   
 	
  
1
  	
   
 	
  
4400 Jenifer Street(9)
  	
   
 	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
IO
  	
   
 	
  
IO
  	
   
 	
  
Fee
  
	
  21
  	
   
 	
  
2
  	
   
 	
  
Reserve at Charles Place   Apartments
  	
   
 	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
IO
  	
   
 	
  
IO
  	
   
 	
  
Fee
  
	
  
22
  	
   
 	
  
2
  	
   
 	
  
Madison at Adams Farm   Apartment Complex(10)
  	
   
 	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  23
  	
   
 	
  
1
  	
   
 	
  
1634 Eye Street(9)
  	
   
 	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
IO
  	
   
 	
  
IO
  	
   
 	
  
Fee
  
	
  
24
  	
   
 	
  
1
  	
   
 	
  
The Center Martinez
  	
   
 	
  
120
  	
   
 	
  
118
  	
   
 	
  
04/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  25
  	
   
 	
  
2
  	
   
 	
  
Hickory Creek Apartments(11)
  	
   
 	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  
26
  	
   
 	
  
2
  	
   
 	
  
La Ventana Apartment Homes
  	
   
 	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  27
  	
   
 	
  
1
  	
   
 	
  
Mount Clare(12)
  	
   
 	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  
28
  	
   
 	
  
1
  	
   
 	
  
Northbay Commerce Center
  	
   
 	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
IO
  	
   
 	
  
IO
  	
   
 	
  
Fee
  
	
  29
  	
   
 	
  
1
  	
   
 	
  
Wilshire Rexford Plaza
  	
   
 	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  
30
  	
   
 	
  
1
  	
   
 	
  
Hilton Garden Inn -   Portland, ME(13)
  	
   
 	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
240
  	
   
 	
  
239
  	
   
 	
  
Both
  
	
  31
  	
   
 	
  
1
  	
   
 	
  
Church Ranch Office Center   Buildings 2 & 4
  	
   
 	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
420
  	
   
 	
  
420
  	
   
 	
  
Fee
  
	
  
32
  	
   
 	
  
1
  	
   
 	
  
210 Clay Avenue
  	
   
 	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  33
  	
   
 	
  
1
  	
   
 	
  
5 Becker Farm Road
  	
   
 	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  
34
  	
   
 	
  
1
  	
   
 	
  
Lincoln Commerce Center(14)
  	
   
 	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
IO
  	
   
 	
  
IO
  	
   
 	
  
Fee
  
	
  35
  	
   
 	
  
2
  	
   
 	
  
Silver Shadow Apartments
  	
   
 	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  
36
  	
   
 	
  
1
  	
   
 	
  
Lake Center IV
  	
   
 	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  37
  	
   
 	
  
1
  	
   
 	
  
CarMax Merriam, KS
  	
   
 	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
IO
  	
   
 	
  
IO
  	
   
 	
  
Fee
  
	
  
38
  	
   
 	
  
1
  	
   
 	
  
River Terrace Inn - Napa,   CA
  	
   
 	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  39
  	
   
 	
  
2
  	
   
 	
  
Westfield Apartments
  	
   
 	
  
120
  	
   
 	
  
117
  	
   
 	
  
03/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  
40
  	
   
 	
  
2
  	
   
 	
  
Sunrise Springs Apartment   Homes
  	
   
 	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  41
  	
   
 	
  
1
  	
   
 	
  
1712 Eye Street(9)
  	
   
 	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
IO
  	
   
 	
  
IO
  	
   
 	
  
Leasehold
  
	
  
42
  	
   
 	
  
2
  	
   
 	
  
Ashford Manor Apartments
  	
   
 	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
360
  	
   
 	
  
359
  	
   
 	
  
Fee
  
	
  43
  	
   
 	
  
1
  	
   
 	
  
Potrero Business Center
  	
   
 	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  
44
  	
   
 	
  
1
  	
   
 	
  
Woodcourt Office Complex
  	
   
 	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  45
  	
   
 	
  
1
  	
   
 	
  
PetSmart Pool
  	
   
 	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  
45.01
  	
   
 	
   
 	
   
 	
  
Sportsman’s Warehouse
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
  
Fee
  
	
  45.02
  	
   
 	
   
 	
   
 	
  
PetSmart & Dollar Tree
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
  
Fee
  
	
  
46
  	
   
 	
  
1
  	
   
 	
  
Massachusetts State Lottery   Commission
  	
   
 	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  47
  	
   
 	
  
1
  	
   
 	
  
Valley View Phase V
  	
   
 	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  
48
  	
   
 	
  
Reserved   (15)
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  49
  	
   
 	
  
1
  	
   
 	
  
Hilton Garden Inn -   Columbus, GA
  	
   
 	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
300
  	
   
 	
  
300
  	
   
 	
  
Fee
  
	
  
50
  	
   
 	
  
1
  	
   
 	
  
Gallery Court
  	
   
 	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
IO
  	
   
 	
  
IO
  	
   
 	
  
Fee
  
	
  51
  	
   
 	
  
1
  	
   
 	
  
Value City Pool
  	
   
 	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  
51.01
  	
   
 	
   
 	
   
 	
  
Value City - Warrensville   Heights, OH
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
  
Fee
  
	
  51.02
  	
   
 	
   
 	
   
 	
  
Value City - Indianapolis,   IN
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
  
Fee
  
	
  
51.03
  	
   
 	
   
 	
   
 	
  
Value City - Alliance, OH
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
  
Fee
  
	
  52
  	
   
 	
  
1
  	
   
 	
  
Weathersfield Commons
  	
   
 	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  
53
  	
   
 	
  
2
  	
   
 	
  
The Falls at Quail Lake   Apartments(16)
  	
   
 	
  
120
  	
   
 	
  
118
  	
   
 	
  
04/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  54
  	
   
 	
  
1
  	
   
 	
  
Marlo Plaza III
  	
   
 	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
300
  	
   
 	
  
299
  	
   
 	
  
Fee
  
	
  
55
  	
   
 	
  
2
  	
   
 	
  
Pinnacle View Apartments
  	
   
 	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  56
  	
   
 	
  
1
  	
   
 	
  
Vanguard Rental Car   Facility
  	
   
 	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
IO
  	
   
 	
  
IO
  	
   
 	
  
Fee
  
	
  
57
  	
   
 	
  
1
  	
   
 	
  
Wawa IV Pool
  	
   
 	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
IO
  	
   
 	
  
IO
  	
   
 	
  
Fee
  
	
  57.01
  	
   
 	
   
 	
   
 	
  
Wawa - Newark, DE
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
  
Fee
  
	
  
57.02
  	
   
 	
   
 	
   
 	
  
Wawa - Vineland, NJ
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
  
Fee
  
	
  57.03
  	
   
 	
   
 	
   
 	
  
Wawa - Clifton Heights, PA
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
  
Fee
  
	
  
58
  	
   
 	
  
1
  	
   
 	
  
Skyline Plaza
  	
   
 	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  

	
  
Mortgage
   Loan Number
  	
   
 	
  
Loan Group
   Number
  	
   
 	
  
Property   Name
  	
   
 	
  
Master   Servicing
   Fee Rate
  	
   
 	
  
ARD Loan
  	
   
 	
  
Anticipated
   Repayment Date
  	
   
 	
  
Additional   Interest Rate
  
	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  
	
  1
  	
  
 
  	
  
1
  	
  
 
  	
  
The Woodlands Mall(1)
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  2
  	
  
 
  	
  
1
  	
  
 
  	
  
Prime Outlets Pool II(2)
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  
2.01
  	
  
 
  	
   
 	
  
 
  	
  
Prime Outlets at Birch Run
  	
  
 
  	
   
 	
  
 
  	
   
 	
  
 
  	
   
 	
  
 
  	
   
 
	
  2.02
  	
  
 
  	
   
 	
  
 
  	
  
Prime Outlets at   Williamsburg
  	
  
 
  	
   
 	
  
 
  	
   
 	
  
 
  	
   
 	
  
 
  	
   
 
	
  
2.03
  	
  
 
  	
   
 	
  
 
  	
  
Prime Outlets at Hagerstown
  	
  
 
  	
   
 	
  
 
  	
   
 	
  
 
  	
   
 	
  
 
  	
   
 
	
  3
  	
  
 
  	
  
1
  	
  
 
  	
  
Eastern Shore Centre
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  
4
  	
  
 
  	
  
1
  	
  
 
  	
  
Chemed Center Leasehold
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  5
  	
  
 
  	
  
1
  	
  
 
  	
  
Tan-Tar-A Resort (4)
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  
6
  	
  
 
  	
  
1
  	
  
 
  	
  
Lincoln Place
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
Y
  	
  
 
  	
  
6/11/2016
  	
  
 
  	
  
Greater   of initial interest rate plus 5.0% or TCMYI plus 5.0%, increasing 0.25%   annually
  
	
  7
  	
  
 
  	
  
1
  	
  
 
  	
  
Chemed Center Fee
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  
8
  	
  
 
  	
  
1
  	
  
 
  	
  
4 Becker Farm Road
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  9
  	
  
 
  	
  
1
  	
  
 
  	
  
One Enterprise Center
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  
10
  	
  
 
  	
  
1
  	
  
 
  	
  
Marriott - Tampa, FL(4)
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  11
  	
  
 
  	
  
1
  	
  
 
  	
  
Northland Plaza(5)(6)
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  
12
  	
  
 
  	
  
1
  	
  
 
  	
  
Sunset Industrial Park
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  13
  	
  
 
  	
  
1
  	
  
 
  	
  
Washington Park Plaza
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  
14
  	
  
 
  	
  
1
  	
  
 
  	
  
Eastern Shore Plaza
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  15
  	
  
 
  	
  
2
  	
  
 
  	
  
Saddle Club Apartments
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  
16
  	
  
 
  	
  
1
  	
  
 
  	
  
Oakesdale Center
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  17
  	
  
 
  	
  
1
  	
  
 
  	
  
HMA Lake Norman Medical   Buildings
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  
18
  	
  
 
  	
  
1
  	
  
 
  	
  
The Towers of Dadeland(7)
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  19
  	
  
 
  	
  
1
  	
  
 
  	
  
The Cameron Brown Office   Building(8)
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  
20
  	
  
 
  	
  
1
  	
  
 
  	
  
4400 Jenifer Street(9)
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  21
  	
  
 
  	
  
2
  	
  
 
  	
  
Reserve at Charles Place   Apartments
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
Y
  	
  
 
  	
  
6/11/2016
  	
  
 
  	
  
Greater   of initial interest rate plus 3.0% or TCMYI plus 3.0%, not to exceed maximum   lawful rate
  
	
  
22
  	
  
 
  	
  
2
  	
  
 
  	
  
Madison at Adams Farm   Apartment Complex(10)
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  23
  	
  
 
  	
  
1
  	
  
 
  	
  
1634 Eye Street(9)
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  
24
  	
  
 
  	
  
1
  	
  
 
  	
  
The Center Martinez
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  25
  	
  
 
  	
  
2
  	
  
 
  	
  
Hickory Creek Apartments(11)
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  
26
  	
  
 
  	
  
2
  	
  
 
  	
  
La Ventana Apartment Homes
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  27
  	
  
 
  	
  
1
  	
  
 
  	
  
Mount Clare(12)
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  
28
  	
  
 
  	
  
1
  	
  
 
  	
  
Northbay Commerce Center
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
Y
  	
  
 
  	
  
5/11/2016
  	
  
 
  	
  
Greater   of initial interest rate plus 3.0% or TCMYI plus 3.0%
  
	
  29
  	
  
 
  	
  
1
  	
  
 
  	
  
Wilshire Rexford Plaza
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  
30
  	
  
 
  	
  
1
  	
  
 
  	
  
Hilton Garden Inn -   Portland, ME(13)
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  31
  	
  
 
  	
  
1
  	
  
 
  	
  
Church Ranch Office Center   Buildings 2 & 4
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  
32
  	
  
 
  	
  
1
  	
  
 
  	
  
210 Clay Avenue
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  33
  	
  
 
  	
  
1
  	
  
 
  	
  
5 Becker Farm Road
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  
34
  	
  
 
  	
  
1
  	
  
 
  	
  
Lincoln Commerce Center(14)
  	
  
 
  	
  
0.01600%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  35
  	
  
 
  	
  
2
  	
  
 
  	
  
Silver Shadow Apartments
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  
36
  	
  
 
  	
  
1
  	
  
 
  	
  
Lake Center IV
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  37
  	
  
 
  	
  
1
  	
  
 
  	
  
CarMax Merriam, KS
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
Y
  	
  
 
  	
  
6/11/2016
  	
  
 
  	
  
Greater   of initial interest rate plus 2.0% or TCMYI plus 2.0%
  
	
  
38
  	
  
 
  	
  
1
  	
  
 
  	
  
River Terrace Inn - Napa,   CA
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  39
  	
  
 
  	
  
2
  	
  
 
  	
  
Westfield Apartments
  	
  
 
  	
  
0.06000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  
40
  	
  
 
  	
  
2
  	
  
 
  	
  
Sunrise Springs Apartment   Homes
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  41
  	
  
 
  	
  
1
  	
  
 
  	
  
1712 Eye Street(9)
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  
42
  	
  
 
  	
  
2
  	
  
 
  	
  
Ashford Manor Apartments
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  43
  	
  
 
  	
  
1
  	
  
 
  	
  
Potrero Business Center
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  
44
  	
  
 
  	
  
1
  	
  
 
  	
  
Woodcourt Office Complex
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  45
  	
  
 
  	
  
1
  	
  
 
  	
  
PetSmart Pool
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  
45.01
  	
  
 
  	
   
 	
  
 
  	
  
Sportsman’s Warehouse
  	
  
 
  	
   
 	
  
 
  	
   
 	
  
 
  	
   
 	
  
 
  	
   
 
	
  45.02
  	
  
 
  	
   
 	
  
 
  	
  
PetSmart & Dollar Tree
  	
  
 
  	
   
 	
  
 
  	
   
 	
  
 
  	
   
 	
  
 
  	
   
 
	
  
46
  	
  
 
  	
  
1
  	
  
 
  	
  
Massachusetts State Lottery   Commission
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  47
  	
  
 
  	
  
1
  	
  
 
  	
  
Valley View Phase V
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  
48
  	
  
 
  	
  
Reserved   (15)
  	
  
 
  	
   
 	
  
 
  	
   
 	
  
 
  	
   
 	
  
 
  	
   
 
	
  49
  	
  
 
  	
  
1
  	
  
 
  	
  
Hilton Garden Inn -   Columbus, GA
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  
50
  	
  
 
  	
  
1
  	
  
 
  	
  
Gallery Court
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  51
  	
  
 
  	
  
1
  	
  
 
  	
  
Value City Pool
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  
51.01
  	
  
 
  	
   
 	
  
 
  	
  
Value City - Warrensville   Heights, OH
  	
  
 
  	
   
 	
  
 
  	
   
 	
  
 
  	
   
 	
  
 
  	
   
 
	
  51.02
  	
  
 
  	
   
 	
  
 
  	
  
Value City - Indianapolis,   IN
  	
  
 
  	
   
 	
  
 
  	
   
 	
  
 
  	
   
 	
  
 
  	
   
 
	
  
51.03
  	
  
 
  	
   
 	
  
 
  	
  
Value City - Alliance, OH
  	
  
 
  	
   
 	
  
 
  	
   
 	
  
 
  	
   
 	
  
 
  	
   
 
	
  52
  	
  
 
  	
  
1
  	
  
 
  	
  
Weathersfield Commons
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  
53
  	
  
 
  	
  
2
  	
  
 
  	
  
The Falls at Quail Lake   Apartments(16)
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  54
  	
  
 
  	
  
1
  	
  
 
  	
  
Marlo Plaza III
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  
55
  	
  
 
  	
  
2
  	
  
 
  	
  
Pinnacle View Apartments
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
N
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  56
  	
  
 
  	
  
1
  	
  
 
  	
  
Vanguard Rental Car   Facility
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
Y
  	
  
 
  	
  
6/11/2016
  	
  
 
  	
  
Greater   of initial interest rate plus 2.0% or TCMYI plus 2.0%
  
	
  
57
  	
  
 
  	
  
1
  	
  
 
  	
  
Wawa IV Pool
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
Y
  	
  
 
  	
  
6/11/2016
  	
  
 
  	
  
Greater   of initial interest rate plus 2.0% or TCMYI plus 2.0%
  
	
  57.01
  	
  
 
  	
   
 	
  
 
  	
  
Wawa - Newark, DE
  	
  
 
  	
   
 	
  
 
  	
   
 	
  
 
  	
   
 	
  
 
  	
   
 
	
  
57.02
  	
  
 
  	
   
 	
  
 
  	
  
Wawa - Vineland, NJ
  	
  
 
  	
   
 	
  
 
  	
   
 	
  
 
  	
   
 	
  
 
  	
   
 
	
  57.03
  	
  
 
  	
   
 	
  
 
  	
  
Wawa - Clifton Heights, PA
  	
  
 
  	
   
 	
  
 
  	
   
 	
  
 
  	
   
 	
  
 
  	
   
 
	
  
58
  	
  
 
  	
  
1
  	
  
 
  	
  
Skyline Plaza
  	
  
 
  	
  
0.02000%
  	
  
 
  	
  
Y
  	
  
 
  	
  
6/11/2016
  	
  
 
  	
  
Greater   of initial interest rate plus 3.0% or TCMYI plus 3.0%
  

	
  
Mortgage   Loan
   Number
  	
   
 	
  
Loan Group
   Number
  	
   
 	
  
Property   Name
  	
   
 	
  
Loan   Originator
  	
   
 	
  
Environmental
   Insurance
  	
   
 	
  
Cross   Collateralized and Cross Defaulted
   Loan Flag
  	
   
 	
  
Prepayment   Provisions
  	
   
 	
  
Early   Defeasance
  	
   
 	
  
Secured by   LC
  
	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  
	
  1
  	
  
 
  	
  
1
  	
  
 
  	
  
The Woodlands Mall(1)
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  2
  	
  
 
  	
  
1
  	
  
 
  	
  
Prime Outlets Pool II(2)
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
2.01
  	
  
 
  	
   
 	
  
 
  	
  
Prime Outlets at Birch Run
  	
  
 
  	
   
 	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  2.02
  	
  
 
  	
   
 	
  
 
  	
  
Prime Outlets at   Williamsburg
  	
  
 
  	
   
 	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
2.03
  	
  
 
  	
   
 	
  
 
  	
  
Prime Outlets at Hagerstown
  	
  
 
  	
   
 	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  3
  	
  
 
  	
  
1
  	
  
 
  	
  
Eastern Shore Centre
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
N
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
4
  	
  
 
  	
  
1
  	
  
 
  	
  
Chemed Center Leasehold
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  5
  	
  
 
  	
  
1
  	
  
 
  	
  
Tan-Tar-A Resort (4)
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
6
  	
  
 
  	
  
1
  	
  
 
  	
  
Lincoln Place
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  7
  	
  
 
  	
  
1
  	
  
 
  	
  
Chemed Center Fee
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
8
  	
  
 
  	
  
1
  	
  
 
  	
  
4 Becker Farm Road
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  9
  	
  
 
  	
  
1
  	
  
 
  	
  
One Enterprise Center
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
10
  	
  
 
  	
  
1
  	
  
 
  	
  
Marriott - Tampa, FL(4)
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  11
  	
  
 
  	
  
1
  	
  
 
  	
  
Northland Plaza(5)(6)
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
12
  	
  
 
  	
  
1
  	
  
 
  	
  
Sunset Industrial Park
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  13
  	
  
 
  	
  
1
  	
  
 
  	
  
Washington Park Plaza
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
14
  	
  
 
  	
  
1
  	
  
 
  	
  
Eastern Shore Plaza
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
N
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  15
  	
  
 
  	
  
2
  	
  
 
  	
  
Saddle Club Apartments
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
N
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
16
  	
  
 
  	
  
1
  	
  
 
  	
  
Oakesdale Center
  	
  
 
  	
  
Artesia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  17
  	
  
 
  	
  
1
  	
  
 
  	
  
HMA Lake Norman Medical   Buildings
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
18
  	
  
 
  	
  
1
  	
  
 
  	
  
The Towers of Dadeland(7)
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  19
  	
  
 
  	
  
1
  	
  
 
  	
  
The Cameron Brown Office   Building(8)
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
20
  	
  
 
  	
  
1
  	
  
 
  	
  
4400 Jenifer Street(9)
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  21
  	
  
 
  	
  
2
  	
  
 
  	
  
Reserve at Charles Place   Apartments
  	
  
 
  	
  
Wachovia
  	
   
 	
  
Y
  	
   
 	
   
 	
   
 	
  
N
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
22
  	
  
 
  	
  
2
  	
  
 
  	
  
Madison at Adams Farm   Apartment Complex(10)
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  23
  	
  
 
  	
  
1
  	
  
 
  	
  
1634 Eye Street(9)
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
24
  	
  
 
  	
  
1
  	
  
 
  	
  
The Center Martinez
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
Y
  
	
  25
  	
  
 
  	
  
2
  	
  
 
  	
  
Hickory Creek Apartments(11)
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
26
  	
  
 
  	
  
2
  	
  
 
  	
  
La Ventana Apartment Homes
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  27
  	
  
 
  	
  
1
  	
  
 
  	
  
Mount Clare(12)
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
28
  	
  
 
  	
  
1
  	
  
 
  	
  
Northbay Commerce Center
  	
  
 
  	
  
Wachovia
  	
   
 	
  
Y
  	
   
 	
   
 	
   
 	
  
N
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  29
  	
  
 
  	
  
1
  	
  
 
  	
  
Wilshire Rexford Plaza
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
30
  	
  
 
  	
  
1
  	
  
 
  	
  
Hilton Garden Inn -   Portland, ME(13)
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  31
  	
  
 
  	
  
1
  	
  
 
  	
  
Church Ranch Office Center   Buildings 2 & 4
  	
  
 
  	
  
Artesia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
N
  	
   
 	
  
N
  	
   
 	
  
Y
  
	
  
32
  	
  
 
  	
  
1
  	
  
 
  	
  
210 Clay Avenue
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  33
  	
  
 
  	
  
1
  	
  
 
  	
  
5 Becker Farm Road
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
34
  	
  
 
  	
  
1
  	
  
 
  	
  
Lincoln Commerce Center(14)
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  35
  	
  
 
  	
  
2
  	
  
 
  	
  
Silver Shadow Apartments
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
36
  	
  
 
  	
  
1
  	
  
 
  	
  
Lake Center IV
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  37
  	
  
 
  	
  
1
  	
  
 
  	
  
CarMax Merriam, KS
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
38
  	
  
 
  	
  
1
  	
  
 
  	
  
River Terrace Inn - Napa,   CA
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  39
  	
  
 
  	
  
2
  	
  
 
  	
  
Westfield Apartments
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
40
  	
  
 
  	
  
2
  	
  
 
  	
  
Sunrise Springs Apartment   Homes
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  41
  	
  
 
  	
  
1
  	
  
 
  	
  
1712 Eye Street(9)
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
42
  	
  
 
  	
  
2
  	
  
 
  	
  
Ashford Manor Apartments
  	
  
 
  	
  
Artesia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  43
  	
  
 
  	
  
1
  	
  
 
  	
  
Potrero Business Center
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
44
  	
  
 
  	
  
1
  	
  
 
  	
  
Woodcourt Office Complex
  	
  
 
  	
  
Artesia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  45
  	
  
 
  	
  
1
  	
  
 
  	
  
PetSmart Pool
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
45.01
  	
  
 
  	
   
 	
  
 
  	
  
Sportsman’s Warehouse
  	
  
 
  	
   
 	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  45.02
  	
  
 
  	
   
 	
  
 
  	
  
PetSmart & Dollar Tree
  	
  
 
  	
   
 	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
46
  	
  
 
  	
  
1
  	
  
 
  	
  
Massachusetts State Lottery   Commission
  	
  
 
  	
  
Artesia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  47
  	
  
 
  	
  
1
  	
  
 
  	
  
Valley View Phase V
  	
  
 
  	
  
Artesia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
48
  	
  
 
  	
  
Reserved   (15)
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  49
  	
  
 
  	
  
1
  	
  
 
  	
  
Hilton Garden Inn -   Columbus, GA
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
50
  	
  
 
  	
  
1
  	
  
 
  	
  
Gallery Court
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  51
  	
  
 
  	
  
1
  	
  
 
  	
  
Value City Pool
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
51.01
  	
  
 
  	
   
 	
  
 
  	
  
Value City - Warrensville   Heights, OH
  	
  
 
  	
   
 	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  51.02
  	
  
 
  	
   
 	
  
 
  	
  
Value City - Indianapolis,   IN
  	
  
 
  	
   
 	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
51.03
  	
  
 
  	
   
 	
  
 
  	
  
Value City - Alliance, OH
  	
  
 
  	
   
 	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  52
  	
  
 
  	
  
1
  	
  
 
  	
  
Weathersfield Commons
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
N
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
53
  	
  
 
  	
  
2
  	
  
 
  	
  
The Falls at Quail Lake   Apartments(16)
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
N
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  54
  	
  
 
  	
  
1
  	
  
 
  	
  
Marlo Plaza III
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
N
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
55
  	
  
 
  	
  
2
  	
  
 
  	
  
Pinnacle View Apartments
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
N
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  56
  	
  
 
  	
  
1
  	
  
 
  	
  
Vanguard Rental Car   Facility
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
57
  	
  
 
  	
  
1
  	
  
 
  	
  
Wawa IV Pool
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  57.01
  	
  
 
  	
   
 	
  
 
  	
  
Wawa - Newark, DE
  	
  
 
  	
   
 	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
57.02
  	
  
 
  	
   
 	
  
 
  	
  
Wawa - Vineland, NJ
  	
  
 
  	
   
 	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  57.03
  	
  
 
  	
   
 	
  
 
  	
  
Wawa - Clifton Heights, PA
  	
  
 
  	
   
 	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
58
  	
  
 
  	
  
1
  	
  
 
  	
  
Skyline Plaza
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
N
  	
   
 	
  
N
  	
   
 	
  
N
  

	
  
Mortgage   Loan
   Number
  	
   
 	
  
Loan Group
   Number
  	
   
 	
  
Property   Name
  	
   
 	
  
Interest   Accrual
   Method
  	
   
 	
  
Lockbox
  	
   
 	
  
Annual   Deposit to Replacement
   Reserves
  	
   
 	
  
Initial   Deposit to
   Capital Improvements
   Reserve
  	
   
 	
  
Initial   TI/LC
   Escrow
  	
   
 	
  
Ongoing
   TI/LC
   Footnote
  
	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  
	
  1
  	
  
 
  	
  
1
  	
  
 
  	
  
The Woodlands Mall(1)
  	
  
 
  	
  
Actual/360
  	
   
 	
  
Day   1
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  2
  	
  
 
  	
  
1
  	
  
 
  	
  
Prime Outlets Pool II(2)
  	
  
 
  	
  
Actual/360
  	
   
 	
  
Day   1
  	
   
 	
  
242,040
  	
   
 	
  
1,303,125
  	
   
 	
   
 	
   
 	
  
(3)
  
	
  
2.01
  	
  
 
  	
   
 	
  
 
  	
  
Prime Outlets at Birch Run
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  2.02
  	
  
 
  	
   
 	
  
 
  	
  
Prime Outlets at   Williamsburg
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
2.03
  	
  
 
  	
   
 	
  
 
  	
  
Prime Outlets at Hagerstown
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  3
  	
  
 
  	
  
1
  	
  
 
  	
  
Eastern Shore Centre
  	
  
 
  	
  
Actual/360
  	
   
 	
  
Springing
  	
   
 	
  
33,250
  	
   
 	
   
 	
   
 	
   
 	
   
 	
  
(3)
  
	
  
4
  	
  
 
  	
  
1
  	
  
 
  	
  
Chemed Center Leasehold
  	
  
 
  	
  
Actual/360
  	
   
 	
  
Springing
  	
   
 	
  
82,716
  	
   
 	
   
 	
   
 	
  
1,000,000
  	
   
 	
   
 
	
  5
  	
  
 
  	
  
1
  	
  
 
  	
  
Tan-Tar-A Resort (4)
  	
  
 
  	
  
Actual/360
  	
   
 	
  
Day   1
  	
   
 	
  
1,147,278
  	
   
 	
  
42,500
  	
   
 	
   
 	
   
 	
   
 
	
  
6
  	
  
 
  	
  
1
  	
  
 
  	
  
Lincoln Place
  	
  
 
  	
  
Actual/360
  	
   
 	
  
Day   1
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  7
  	
  
 
  	
  
1
  	
  
 
  	
  
Chemed Center Fee
  	
  
 
  	
  
Actual/360
  	
   
 	
  
Springing
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
8
  	
  
 
  	
  
1
  	
  
 
  	
  
4 Becker Farm Road
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
42,264
  	
   
 	
  
112,500
  	
   
 	
   
 	
   
 	
  
(3)
  
	
  9
  	
  
 
  	
  
1
  	
  
 
  	
  
One Enterprise Center
  	
  
 
  	
  
Actual/360
  	
   
 	
  
Day   1
  	
   
 	
  
47,850
  	
   
 	
   
 	
   
 	
   
 	
   
 	
  
(3)
  
	
  
10
  	
  
 
  	
  
1
  	
  
 
  	
  
Marriott - Tampa, FL(4)
  	
  
 
  	
  
Actual/360
  	
   
 	
  
Day   1
  	
   
 	
  
694,808
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  11
  	
  
 
  	
  
1
  	
  
 
  	
  
Northland Plaza(5)(6)
  	
  
 
  	
  
Actual/360
  	
   
 	
  
Springing
  	
   
 	
  
44,616
  	
   
 	
  
15,000
  	
   
 	
   
 	
   
 	
   
 
	
  
12
  	
  
 
  	
  
1
  	
  
 
  	
  
Sunset Industrial Park
  	
  
 
  	
  
Actual/360
  	
   
 	
  
Day   1
  	
   
 	
  
32,131
  	
   
 	
  
21,250
  	
   
 	
   
 	
   
 	
  
(3)
  
	
  13
  	
  
 
  	
  
1
  	
  
 
  	
  
Washington Park Plaza
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
23,342
  	
   
 	
   
 	
   
 	
   
 	
   
 	
  
(3)
  
	
  
14
  	
  
 
  	
  
1
  	
  
 
  	
  
Eastern Shore Plaza
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
25,740
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  15
  	
  
 
  	
  
2
  	
  
 
  	
  
Saddle Club Apartments
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
68,876
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
16
  	
  
 
  	
  
1
  	
  
 
  	
  
Oakesdale Center
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
29,341
  	
   
 	
   
 	
   
 	
  
200,000
  	
   
 	
  
(3)
  
	
  17
  	
  
 
  	
  
1
  	
  
 
  	
  
HMA Lake Norman Medical   Buildings
  	
  
 
  	
  
Actual/360
  	
   
 	
  
Springing
  	
   
 	
  
7,564
  	
   
 	
   
 	
   
 	
   
 	
   
 	
  
(3)
  
	
  
18
  	
  
 
  	
  
1
  	
  
 
  	
  
The Towers of Dadeland(7)
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
24,000
  	
   
 	
   
 	
   
 	
  
67,500
  	
   
 	
   
 
	
  19
  	
  
 
  	
  
1
  	
  
 
  	
  
The Cameron Brown Office   Building(8)
  	
  
 
  	
  
Actual/360
  	
   
 	
  
Day   1
  	
   
 	
  
18,262
  	
   
 	
   
 	
   
 	
  
2,000,000
  	
   
 	
   
 
	
  
20
  	
  
 
  	
  
1
  	
  
 
  	
  
4400 Jenifer Street(9)
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
12,387
  	
   
 	
   
 	
   
 	
   
 	
   
 	
  
(3)
  
	
  21
  	
  
 
  	
  
2
  	
  
 
  	
  
Reserve at Charles Place   Apartments
  	
  
 
  	
  
Actual/360
  	
   
 	
  
Day   1
  	
   
 	
  
59,235
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
22
  	
  
 
  	
  
2
  	
  
 
  	
  
Madison at Adams Farm   Apartment Complex(10)
  	
  
 
  	
  
Actual/360
  	
   
 	
  
Springing
  	
   
 	
  
100,000
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  23
  	
  
 
  	
  
1
  	
  
 
  	
  
1634 Eye Street(9)
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
10,987
  	
   
 	
  
7,500
  	
   
 	
  
350,000
  	
   
 	
  
(3)
  
	
  
24
  	
  
 
  	
  
1
  	
  
 
  	
  
The Center Martinez
  	
  
 
  	
  
Actual/360
  	
   
 	
  
Day   1
  	
   
 	
  
14,854
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  25
  	
  
 
  	
  
2
  	
  
 
  	
  
Hickory Creek Apartments(11)
  	
  
 
  	
  
Actual/360
  	
   
 	
  
Springing
  	
   
 	
  
58,800
  	
   
 	
  
239,470
  	
   
 	
   
 	
   
 	
   
 
	
  
26
  	
  
 
  	
  
2
  	
  
 
  	
  
La Ventana Apartment Homes
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
63,899
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  27
  	
  
 
  	
  
1
  	
  
 
  	
  
Mount Clare(12)
  	
  
 
  	
  
Actual/360
  	
   
 	
  
Springing
  	
   
 	
  
36,008
  	
   
 	
  
228,125
  	
   
 	
  
500,000
  	
   
 	
   
 
	
  
28
  	
  
 
  	
  
1
  	
  
 
  	
  
Northbay Commerce Center
  	
  
 
  	
  
Actual/360
  	
   
 	
  
Day   1
  	
   
 	
   
 	
   
 	
  
107,650
  	
   
 	
   
 	
   
 	
   
 
	
  29
  	
  
 
  	
  
1
  	
  
 
  	
  
Wilshire Rexford Plaza
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
27,565
  	
   
 	
  
22,938
  	
   
 	
   
 	
   
 	
  
(3)
  
	
  
30
  	
  
 
  	
  
1
  	
  
 
  	
  
Hilton Garden Inn -   Portland, ME(13)
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
250,287
  	
   
 	
  
8,250
  	
   
 	
   
 	
   
 	
   
 
	
  31
  	
  
 
  	
  
1
  	
  
 
  	
  
Church Ranch Office Center   Buildings 2 & 4
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
27,497
  	
   
 	
   
 	
   
 	
   
 	
   
 	
  
(3)
  
	
  
32
  	
  
 
  	
  
1
  	
  
 
  	
  
210 Clay Avenue
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
24,241
  	
   
 	
  
49,325
  	
   
 	
   
 	
   
 	
  
(3)
  
	
  33
  	
  
 
  	
  
1
  	
  
 
  	
  
5 Becker Farm Road
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
17,751
  	
   
 	
  
10,000
  	
   
 	
   
 	
   
 	
  
(3)
  
	
  
34
  	
  
 
  	
  
1
  	
  
 
  	
  
Lincoln Commerce Center(14)
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
22,431
  	
   
 	
   
 	
   
 	
   
 	
   
 	
  
(3)
  
	
  35
  	
  
 
  	
  
2
  	
  
 
  	
  
Silver Shadow Apartments
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
47,871
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
36
  	
  
 
  	
  
1
  	
  
 
  	
  
Lake Center IV
  	
  
 
  	
  
Actual/360
  	
   
 	
  
Springing
  	
   
 	
  
9,767
  	
   
 	
   
 	
   
 	
  
1,000,000
  	
   
 	
   
 
	
  37
  	
  
 
  	
  
1
  	
  
 
  	
  
CarMax Merriam, KS
  	
  
 
  	
  
Actual/360
  	
   
 	
  
Springing
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
38
  	
  
 
  	
  
1
  	
  
 
  	
  
River Terrace Inn - Napa,   CA
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
201,824
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  39
  	
  
 
  	
  
2
  	
  
 
  	
  
Westfield Apartments
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
106,000
  	
   
 	
  
26,625
  	
   
 	
   
 	
   
 	
   
 
	
  
40
  	
  
 
  	
  
2
  	
  
 
  	
  
Sunrise Springs Apartment   Homes
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
47,582
  	
   
 	
  
63,250
  	
   
 	
   
 	
   
 	
   
 
	
  41
  	
  
 
  	
  
1
  	
  
 
  	
  
1712 Eye Street(9)
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
11,667
  	
   
 	
   
 	
   
 	
   
 	
   
 	
  
(3)
  
	
  
42
  	
  
 
  	
  
2
  	
  
 
  	
  
Ashford Manor Apartments
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  43
  	
  
 
  	
  
1
  	
  
 
  	
  
Potrero Business Center
  	
  
 
  	
  
Actual/360
  	
   
 	
  
Day   1
  	
   
 	
  
25,733
  	
   
 	
   
 	
   
 	
  
400,000
  	
   
 	
   
 
	
  
44
  	
  
 
  	
  
1
  	
  
 
  	
  
Woodcourt Office Complex
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
13,150
  	
   
 	
   
 	
   
 	
   
 	
   
 	
  
(3)
  
	
  45
  	
  
 
  	
  
1
  	
  
 
  	
  
PetSmart Pool
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
7,611
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
45.01
  	
  
 
  	
   
 	
  
 
  	
  
Sportsman’s Warehouse
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  45.02
  	
  
 
  	
   
 	
  
 
  	
  
PetSmart & Dollar Tree
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
46
  	
  
 
  	
  
1
  	
  
 
  	
  
Massachusetts State Lottery   Commission
  	
  
 
  	
  
Actual/360
  	
   
 	
  
Day   1
  	
   
 	
  
21,617
  	
   
 	
  
259,213
  	
   
 	
  
745,000
  	
   
 	
   
 
	
  47
  	
  
 
  	
  
1
  	
  
 
  	
  
Valley View Phase V
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
48
  	
  
 
  	
  
Reserved   (15)
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  49
  	
  
 
  	
  
1
  	
  
 
  	
  
Hilton Garden Inn -   Columbus, GA
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
159,179
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
50
  	
  
 
  	
  
1
  	
  
 
  	
  
Gallery Court
  	
  
 
  	
  
Actual/360
  	
   
 	
  
Day   1
  	
   
 	
  
4,740
  	
   
 	
   
 	
   
 	
  
200,000
  	
   
 	
  
(3)
  
	
  51
  	
  
 
  	
  
1
  	
  
 
  	
  
Value City Pool
  	
  
 
  	
  
Actual/360
  	
   
 	
  
Day   1
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
  
(3)
  
	
  
51.01
  	
  
 
  	
   
 	
  
 
  	
  
Value City - Warrensville   Heights, OH
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  51.02
  	
  
 
  	
   
 	
  
 
  	
  
Value City - Indianapolis,   IN
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
51.03
  	
  
 
  	
   
 	
  
 
  	
  
Value City - Alliance, OH
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  52
  	
  
 
  	
  
1
  	
  
 
  	
  
Weathersfield Commons
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
53
  	
  
 
  	
  
2
  	
  
 
  	
  
The Falls at Quail Lake   Apartments(16)
  	
  
 
  	
  
Actual/360
  	
   
 	
  
Springing
  	
   
 	
  
39,000
  	
   
 	
  
753,189
  	
   
 	
   
 	
   
 	
   
 
	
  54
  	
  
 
  	
  
1
  	
  
 
  	
  
Marlo Plaza III
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
55
  	
  
 
  	
  
2
  	
  
 
  	
  
Pinnacle View Apartments
  	
  
 
  	
  
Actual/360
  	
   
 	
  
Springing
  	
   
 	
  
48,600
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  56
  	
  
 
  	
  
1
  	
  
 
  	
  
Vanguard Rental Car   Facility
  	
  
 
  	
  
Actual/360
  	
   
 	
  
Springing
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
57
  	
  
 
  	
  
1
  	
  
 
  	
  
Wawa IV Pool
  	
  
 
  	
  
Actual/360
  	
   
 	
  
Springing
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  57.01
  	
  
 
  	
   
 	
  
 
  	
  
Wawa - Newark, DE
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
57.02
  	
  
 
  	
   
 	
  
 
  	
  
Wawa - Vineland, NJ
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  57.03
  	
  
 
  	
   
 	
  
 
  	
  
Wawa - Clifton Heights, PA
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
58
  	
  
 
  	
  
1
  	
  
 
  	
  
Skyline Plaza
  	
  
 
  	
  
Actual/360
  	
   
 	
  
Springing
  	
   
 	
  
4,224
  	
   
 	
   
 	
   
 	
  
110,316
  	
   
 	
   
 

	
  
Mortgage
   Loan Number
  	
   
 	
  
Loan Group
   Number
  	
   
 	
  
Property   Name
  	
   
 	
  
Address
  	
   
 	
  
City
  	
   
 	
  
State
  	
   
 	
  
Zip Code
  	
   
 	
  
County
  
	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  
	
  59
  	
  
 
  	
  
1
  	
  
 
  	
  
The Shoppes at Taylor Mill
  	
  
 
  	
  
5016-5068 Old Taylor Mill   Road
  	
  
 
  	
  
Taylor Mill
  	
  
 
  	
  
KY
  	
   
 	
  
41015
  	
   
 	
  
Kenton
  
	
  60
  	
  
 
  	
  
1
  	
  
 
  	
  
Little Chute Warehouse   South
  	
  
 
  	
  
2101 Bohm Drive
  	
  
 
  	
  
Little Chute
  	
  
 
  	
  
WI
  	
   
 	
  
54140
  	
   
 	
  
Outagamie
  
	
  
61
  	
  
 
  	
  
1
  	
  
 
  	
  
Gander Mountain Retail   Store
  	
  
 
  	
  
19820 Hempstead Road
  	
  
 
  	
  
Houston
  	
  
 
  	
  
TX
  	
   
 	
  
77065
  	
   
 	
  
Harris
  
	
  62
  	
  
 
  	
  
1
  	
  
 
  	
  
Wawa II Pool
  	
  
 
  	
  
Various
  	
  
 
  	
  
Various
  	
  
 
  	
  
Various
  	
   
 	
  
Various
  	
   
 	
  
Various
  
	
  
62.01
  	
  
 
  	
   
 	
  
 
  	
  
Wawa - Manahawkin, NJ
  	
  
 
  	
  
470 North Main Street
  	
  
 
  	
  
Manahawkin
  	
  
 
  	
  
NJ
  	
   
 	
  
08050
  	
   
 	
  
Ocean
  
	
  62.02
  	
  
 
  	
   
 	
  
 
  	
  
Wawa - Narberth, PA
  	
  
 
  	
  
949 Montgomery Avenue
  	
  
 
  	
  
Narberth
  	
  
 
  	
  
PA
  	
   
 	
  
19072
  	
   
 	
  
Montgomery
  
	
  
62.03
  	
  
 
  	
   
 	
  
 
  	
  
Wawa - Hockessin, DE
  	
  
 
  	
  
605 Yorklyn Road
  	
  
 
  	
  
Hockessin
  	
  
 
  	
  
DE
  	
   
 	
  
19707
  	
   
 	
  
New   Castle
  
	
  63
  	
  
 
  	
  
1
  	
  
 
  	
  
Auburn Self Storage(17)
  	
  
 
  	
  
198 Washington Street
  	
  
 
  	
  
Auburn
  	
  
 
  	
  
MA
  	
   
 	
  
01501
  	
   
 	
  
Worcester
  
	
  
64
  	
  
 
  	
  
2
  	
  
 
  	
  
Lantern Colonial Pool
  	
  
 
  	
  
Various
  	
  
 
  	
  
Lincolnton
  	
  
 
  	
  
NC
  	
   
 	
  
28092
  	
   
 	
  
Lincoln
  
	
  64.01
  	
  
 
  	
   
 	
  
 
  	
  
Colonial Village Apartments
  	
  
 
  	
  
324 Colonial Village Drive
  	
  
 
  	
  
Lincolnton
  	
  
 
  	
  
NC
  	
   
 	
  
28092
  	
   
 	
  
Lincoln
  
	
  
64.02
  	
  
 
  	
   
 	
  
 
  	
  
Lantern Ridge Apartments
  	
  
 
  	
  
202 Lantern Ridge Drive
  	
  
 
  	
  
Lincolnton
  	
  
 
  	
  
NC
  	
   
 	
  
28092
  	
   
 	
  
Lincoln
  
	
  65
  	
  
 
  	
  
2
  	
  
 
  	
  
Chatham Wood Apartment   Complex(18)
  	
  
 
  	
  
808 Lakecrest Avenue
  	
  
 
  	
  
High Point
  	
  
 
  	
  
NC
  	
   
 	
  
27265
  	
   
 	
  
Guilford
  
	
  
66
  	
  
 
  	
  
1
  	
  
 
  	
  
Marlo Plaza II
  	
  
 
  	
  
13450-13472 Baltimore   Avenue
  	
  
 
  	
  
Laurel
  	
  
 
  	
  
MD
  	
   
 	
  
20707
  	
   
 	
  
Prince   George’s
  
	
  67
  	
  
 
  	
  
Reserved   (15)
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
68
  	
  
 
  	
  
2
  	
  
 
  	
  
The Tree Tops Apartments
  	
  
 
  	
  
4510 & 4530 Briar   Hollow Place
  	
  
 
  	
  
Houston
  	
  
 
  	
  
TX
  	
   
 	
  
77027
  	
   
 	
  
Harris
  
	
  69
  	
  
 
  	
  
2
  	
  
 
  	
  
The Cottages of Monroe(19)
  	
  
 
  	
  
1633 Breedlove Drive
  	
  
 
  	
  
Monroe
  	
  
 
  	
  
GA
  	
   
 	
  
30655
  	
   
 	
  
Walton
  
	
  
70
  	
  
 
  	
  
Reserved   (15)
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 
	
  71
  	
  
 
  	
  
1
  	
  
 
  	
  
209 West 38th Street
  	
  
 
  	
  
209 West 38th Street
  	
  
 
  	
  
New York
  	
  
 
  	
  
NY
  	
   
 	
  
10018
  	
   
 	
  
New   York
  
	
  
72
  	
  
 
  	
  
1
  	
  
 
  	
  
Schofield Warehouse South
  	
  
 
  	
  
3605 Concord Avenue
  	
  
 
  	
  
Weston
  	
  
 
  	
  
WI
  	
   
 	
  
54476
  	
   
 	
  
Marathon
  
	
  73
  	
  
 
  	
  
2
  	
  
 
  	
  
Pines Point Apartments
  	
  
 
  	
  
3102 Oradell Lane
  	
  
 
  	
  
Dallas
  	
  
 
  	
  
TX
  	
   
 	
  
75220
  	
   
 	
  
Dallas
  
	
  
74
  	
  
 
  	
  
1
  	
  
 
  	
  
Staples - Chicago, IL
  	
  
 
  	
  
711 West Jackson Boulevard
  	
  
 
  	
  
Chicago
  	
  
 
  	
  
IL
  	
   
 	
  
60661
  	
   
 	
  
Cook
  
	
  75
  	
  
 
  	
  
1
  	
  
 
  	
  
Veteran Affairs Outpatient   Clinic
  	
  
 
  	
  
190 Kimel Park Drive
  	
  
 
  	
  
Winston-Salem
  	
  
 
  	
  
NC
  	
   
 	
  
27103
  	
   
 	
  
Forsyth
  
	
  
76
  	
  
 
  	
  
1
  	
  
 
  	
  
Taylor Park Shopping Center
  	
  
 
  	
  
2321 Taylor Park Drive
  	
  
 
  	
  
Reynoldsburg
  	
  
 
  	
  
OH
  	
   
 	
  
43068
  	
   
 	
  
Fairfield
  
	
  77
  	
  
 
  	
  
1
  	
  
 
  	
  
Twin Bridges Marine Park,   Phase I
  	
  
 
  	
  
11071 Josh Green Lane
  	
  
 
  	
  
Mount Vernon
  	
  
 
  	
  
WA
  	
   
 	
  
98273
  	
   
 	
  
Skagit
  
	
  
78
  	
  
 
  	
  
1
  	
  
 
  	
  
Mt. Zion Promenade
  	
  
 
  	
  
1500 Mt. Zion Road
  	
  
 
  	
  
Morrow
  	
  
 
  	
  
GA
  	
   
 	
  
30260
  	
   
 	
  
Clayton
  
	
  79
  	
  
 
  	
  
1
  	
  
 
  	
  
Sunrise Plaza
  	
  
 
  	
  
2451 Pablo Kisel Boulevard
  	
  
 
  	
  
Brownsville
  	
  
 
  	
  
TX
  	
   
 	
  
78526
  	
   
 	
  
Cameron
  
	
  
80
  	
  
 
  	
  
1
  	
  
 
  	
  
1011 Medical Plaza Drive
  	
  
 
  	
  
1011 Medical Plaza Drive
  	
  
 
  	
  
The Woodlands
  	
  
 
  	
  
TX
  	
   
 	
  
77380
  	
   
 	
  
Montgomery
  
	
  81
  	
  
 
  	
  
2
  	
  
 
  	
  
Casa Del Verde Apartments
  	
  
 
  	
  
5328 Montgomery Boulevard   NE
  	
  
 
  	
  
Albuquerque
  	
  
 
  	
  
NM
  	
   
 	
  
87109
  	
   
 	
  
Bernalillo
  
	
  
82
  	
  
 
  	
  
1
  	
  
 
  	
  
North Ranch Center
  	
  
 
  	
  
6245 East Bell Road
  	
  
 
  	
  
Scottsdale
  	
  
 
  	
  
AZ
  	
   
 	
  
85254
  	
   
 	
  
Maricopa
  
	
  83
  	
  
 
  	
  
2
  	
  
 
  	
  
Cedar Point Apartments
  	
  
 
  	
  
3154 Berry Lane
  	
  
 
  	
  
Roanoke
  	
  
 
  	
  
VA
  	
   
 	
  
24018
  	
   
 	
  
Roanoke
  
	
  
84
  	
  
 
  	
  
1
  	
  
 
  	
  
Walgreens - Guilderland, NY
  	
  
 
  	
  
2061 Western Avenue
  	
  
 
  	
  
Guilderland
  	
  
 
  	
  
NY
  	
   
 	
  
12084
  	
   
 	
  
Albany
  
	
  85
  	
  
 
  	
  
1
  	
  
 
  	
  
51 Imclone Drive
  	
  
 
  	
  
51 Imclone Drive
  	
  
 
  	
  
Branchburg
  	
  
 
  	
  
NJ
  	
   
 	
  
08876
  	
   
 	
  
Somerset
  
	
  
86
  	
  
 
  	
  
1
  	
  
 
  	
  
Silverlake Shopping Center
  	
  
 
  	
  
9721 Broadway
  	
  
 
  	
  
Pearland
  	
  
 
  	
  
TX
  	
   
 	
  
77584
  	
   
 	
  
Brazoria
  
	
  87
  	
  
 
  	
  
1
  	
  
 
  	
  
Sav-On - Los Angeles, CA
  	
  
 
  	
  
2419 Workman Street
  	
  
 
  	
  
Los Angeles
  	
  
 
  	
  
CA
  	
   
 	
  
90031
  	
   
 	
  
Los   Angeles
  
	
  
88
  	
  
 
  	
  
1
  	
  
 
  	
  
Mainstay Inn & Suites -   Roanoke, VA
  	
  
 
  	
  
5080 Valley View Boulevard
  	
  
 
  	
  
Roanoke
  	
  
 
  	
  
VA
  	
   
 	
  
24012
  	
   
 	
  
Roanoke   City
  
	
  89
  	
  
 
  	
  
1
  	
  
 
  	
  
St. Lucie Square
  	
  
 
  	
  
10921 - 10941 US Highway 1
  	
  
 
  	
  
Port St. Lucie
  	
  
 
  	
  
FL
  	
   
 	
  
34952
  	
   
 	
  
St.   Lucie
  
	
  
90
  	
  
 
  	
  
2
  	
  
 
  	
  
Greenbriar Apartments
  	
  
 
  	
  
2406 West Frank Avenue
  	
  
 
  	
  
Lufkin
  	
  
 
  	
  
TX
  	
   
 	
  
75904
  	
   
 	
  
Angelina
  
	
  91
  	
  
 
  	
  
1
  	
  
 
  	
  
North Hampton Mobile Home   Park & Self Storage Facility(20)
  	
  
 
  	
  
203 Lafayette Road
  	
  
 
  	
  
North Hampton
  	
  
 
  	
  
NH
  	
   
 	
  
03862
  	
   
 	
  
Rockingham
  
	
  
92
  	
  
 
  	
  
1
  	
  
 
  	
  
South Slappey Shopping   Center
  	
  
 
  	
  
1030 & 1032 West Gordon   Avenue
  	
  
 
  	
  
Albany
  	
  
 
  	
  
GA
  	
   
 	
  
31701
  	
   
 	
  
Dougherty
  
	
  93
  	
  
 
  	
  
1
  	
  
 
  	
  
BSK Self-Storage Facility
  	
  
 
  	
  
1150 West Street
  	
  
 
  	
  
Valparaiso
  	
  
 
  	
  
IN
  	
   
 	
  
46385
  	
   
 	
  
Porter
  
	
  
94
  	
  
 
  	
  
1
  	
  
 
  	
  
Comfort Inn - Roanoke, VA
  	
  
 
  	
  
5070 Valley View Boulevard
  	
  
 
  	
  
Roanoke
  	
  
 
  	
  
VA
  	
   
 	
  
24012
  	
   
 	
  
Roanoke   City
  
	
  95
  	
  
 
  	
  
1
  	
  
 
  	
  
Walgreens - Asheboro, NC
  	
  
 
  	
  
207 North Fayetteville   Street
  	
  
 
  	
  
Asheboro
  	
  
 
  	
  
NC
  	
   
 	
  
27203
  	
   
 	
  
Randolph
  
	
  
96
  	
  
 
  	
  
1
  	
  
 
  	
  
Holiday Inn Express -   Lexington, VA
  	
  
 
  	
  
850 North Lee Highway
  	
  
 
  	
  
Lexington
  	
  
 
  	
  
VA
  	
   
 	
  
24450
  	
   
 	
  
Rockbridge
  
	
  97
  	
  
 
  	
  
1
  	
  
 
  	
  
Yorkshire Shopping Center
  	
  
 
  	
  
1300 - 1336 South York   Street
  	
  
 
  	
  
Muskogee
  	
  
 
  	
  
OK
  	
   
 	
  
74403
  	
   
 	
  
Muskogee
  
	
  
98
  	
  
 
  	
  
1
  	
  
 
  	
  
Hampton Inn - Wake Forest,   NC(21)
  	
  
 
  	
  
12318 Wake Union Church Road
  	
  
 
  	
  
Wake Forest
  	
  
 
  	
  
NC
  	
   
 	
  
27587
  	
   
 	
  
Wake
  
	
  99
  	
  
 
  	
  
1
  	
  
 
  	
  
American Grating Building
  	
  
 
  	
  
1191 Center Point Drive
  	
  
 
  	
  
Henderson
  	
  
 
  	
  
NV
  	
   
 	
  
89074
  	
   
 	
  
Clark
  
	
  
100
  	
  
 
  	
  
1
  	
  
 
  	
  
Comfort Inn - Grundy, VA
  	
  
 
  	
  
Route 460 and Main Street
  	
  
 
  	
  
Grundy
  	
  
 
  	
  
VA
  	
   
 	
  
24614
  	
   
 	
  
Buchanan
  
	
  101
  	
  
 
  	
  
1
  	
  
 
  	
  
Drexel Heritage Furniture
  	
  
 
  	
  
3000 Second Avenue NW
  	
  
 
  	
  
Hickory
  	
  
 
  	
  
NC
  	
   
 	
  
28601
  	
   
 	
  
Catawba
  
	
  
102
  	
  
 
  	
  
1
  	
  
 
  	
  
Palmer Plaza
  	
  
 
  	
  
2925 South College Avenue
  	
  
 
  	
  
Fort Collins
  	
  
 
  	
  
CO
  	
   
 	
  
80525
  	
   
 	
  
Larimer
  
	
  103
  	
  
 
  	
  
1
  	
  
 
  	
  
Sleep Inn Hotel - Staunton,   VA
  	
  
 
  	
  
222 Jefferson Highway
  	
  
 
  	
  
Staunton
  	
  
 
  	
  
VA
  	
   
 	
  
24401
  	
   
 	
  
Augusta
  
	
  
104
  	
  
 
  	
  
1
  	
  
 
  	
  
Shops at Pleasant Hill
  	
  
 
  	
  
2472 Pleasant Hill Road
  	
  
 
  	
  
Duluth
  	
  
 
  	
  
GA
  	
   
 	
  
30096
  	
   
 	
  
Gwinnett
  
	
  105
  	
  
 
  	
  
2
  	
  
 
  	
  
Spanish Trace
  	
  
 
  	
  
1919-1939 East Grauwyler   Road
  	
  
 
  	
  
Irving
  	
  
 
  	
  
TX
  	
   
 	
  
75061
  	
   
 	
  
Dallas
  
	
  
106
  	
  
 
  	
  
1
  	
  
 
  	
  
Stor-N-Lock - Boise, ID
  	
  
 
  	
  
4400 West State Street
  	
  
 
  	
  
Boise
  	
  
 
  	
  
ID
  	
   
 	
  
83703
  	
   
 	
  
Ada
  
	
  107
  	
  
 
  	
  
2
  	
  
 
  	
  
Morgan Pointe Apartments
  	
  
 
  	
  
300 Morgan Pointe
  	
  
 
  	
  
Morgantown
  	
  
 
  	
  
WV
  	
   
 	
  
26505
  	
   
 	
  
Monongalia
  
	
  
108
  	
  
 
  	
  
1
  	
  
 
  	
  
Office Depot - Greenville,   MS
  	
  
 
  	
  
1662 Highway 1S
  	
  
 
  	
  
Greenville
  	
  
 
  	
  
MS
  	
   
 	
  
38701
  	
   
 	
  
Washington
  
	
  109
  	
  
 
  	
  
1
  	
  
 
  	
  
Stor-N-Lock - Taylorsville,   UT
  	
  
 
  	
  
4930 South Redwood Road
  	
  
 
  	
  
Taylorsville
  	
  
 
  	
  
UT
  	
   
 	
  
84123
  	
   
 	
  
Salt   Lake
  
	
  
110
  	
  
 
  	
  
1
  	
  
 
  	
  
Office Depot - Dayton, OH
  	
  
 
  	
  
3498 York Commons Boulevard
  	
  
 
  	
  
Dayton
  	
  
 
  	
  
OH
  	
   
 	
  
45414
  	
   
 	
  
Montgomery
  
	
  111
  	
  
 
  	
  
1
  	
  
 
  	
  
Peachtree Professional   Center
  	
  
 
  	
  
5635 Peachtree Parkway
  	
  
 
  	
  
Norcross
  	
  
 
  	
  
GA
  	
   
 	
  
30092
  	
   
 	
  
Gwinnett
  
	
  
112
  	
  
 
  	
  
1
  	
  
 
  	
  
Mosinee Warehouse
  	
  
 
  	
  
950 South Park View Circle
  	
  
 
  	
  
Mosinee
  	
  
 
  	
  
WI
  	
   
 	
  
54455
  	
   
 	
  
Marathon
  
	
  113
  	
  
 
  	
  
1
  	
  
 
  	
  
Sylarus Tech Building
  	
  
 
  	
  
4167 South River Road
  	
  
 
  	
  
St. George
  	
  
 
  	
  
UT
  	
   
 	
  
84790
  	
   
 	
  
Washington
  
	
  
114
  	
  
 
  	
  
2
  	
  
 
  	
  
Embassy Apartments
  	
  
 
  	
  
1415 West Airport Freeway
  	
  
 
  	
  
Irving
  	
  
 
  	
  
TX
  	
   
 	
  
75062
  	
   
 	
  
Dallas
  
	
  115
  	
  
 
  	
  
2
  	
  
 
  	
  
Hermitage Apartments
  	
  
 
  	
  
2130 Westmead Drive
  	
  
 
  	
  
Decatur
  	
  
 
  	
  
AL
  	
   
 	
  
35603
  	
   
 	
  
Morgan
  
	
  
116
  	
  
 
  	
  
1
  	
  
 
  	
  
SSA - Gastonia, NC
  	
  
 
  	
  
609 Cotton Blossom Circle
  	
  
 
  	
  
Gastonia
  	
  
 
  	
  
NC
  	
   
 	
  
28054
  	
   
 	
  
Gaston
  
	
  117
  	
  
 
  	
  
1
  	
  
 
  	
  
Cherry Bekaert &   Holland Building
  	
  
 
  	
  
332 Burtonwood Drive
  	
  
 
  	
  
Gastonia
  	
  
 
  	
  
NC
  	
   
 	
  
28054
  	
   
 	
  
Gaston
  
	
  
NA
  	
  
 
  	
  
NA
  	
  
 
  	
  
The Woodlands Mall(1)
  	
  
 
  	
  
1201 Lake Woodlands Parkway
  	
  
 
  	
  
The Woodlands
  	
  
 
  	
  
TX
  	
   
 	
  
77380
  	
   
 	
  
Montgomery
  

	
  
Mortgage   Loan
   Number
  	
   
 	
  
Loan Group
   Number
  	
   
 	
  
Property   Name
  	
   
 	
  
Cut-Off   Date
   Loan Balance
   ($)
  	
   
 	
  
Monthly   P&I
   Payments ($)
  	
   
 	
  
Grace Days
  	
   
 	
  
Mortgage   Rate
   (%)
  	
   
 	
  
Number of   Units
  	
   
 	
  
Unit of
   Measure
  
	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  
	
  59
  	
  
 
  	
  
1
  	
  
 
  	
  
The Shoppes at Taylor Mill
  	
  
 
  	
  
8,000,000.00
  	
   
 	
  
48,376.28
  	
   
 	
   
 	
   
 	
  
6.0800%
  	
   
 	
  
69,386
  	
   
 	
  
Sq.   Ft.
  
	
  60
  	
  
 
  	
  
1
  	
  
 
  	
  
Little Chute Warehouse   South
  	
  
 
  	
  
7,990,436.81
  	
   
 	
  
53,169.85
  	
   
 	
   
 	
   
 	
  
6.3300%
  	
   
 	
  
356,375
  	
   
 	
  
Sq.   Ft.
  
	
  
61
  	
  
 
  	
  
1
  	
  
 
  	
  
Gander Mountain Retail   Store
  	
  
 
  	
  
7,800,000.00
  	
   
 	
  
IO
  	
   
 	
   
 	
   
 	
  
6.6800%
  	
   
 	
  
88,492
  	
   
 	
  
Sq.   Ft.
  
	
  62
  	
  
 
  	
  
1
  	
  
 
  	
  
Wawa II Pool
  	
  
 
  	
  
7,748,000.00
  	
   
 	
  
IO
  	
   
 	
   
 	
   
 	
  
6.5600%
  	
   
 	
  
14,315
  	
   
 	
  
Sq.   Ft.
  
	
  
62.01
  	
  
 
  	
   
 	
  
 
  	
  
Wawa - Manahawkin, NJ
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
  
4,695
  	
   
 	
  
Sq.   Ft.
  
	
  62.02
  	
  
 
  	
   
 	
  
 
  	
  
Wawa - Narberth, PA
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
  
4,460
  	
   
 	
  
Sq.   Ft.
  
	
  
62.03
  	
  
 
  	
   
 	
  
 
  	
  
Wawa - Hockessin, DE
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
  
5,160
  	
   
 	
  
Sq.   Ft.
  
	
  63
  	
  
 
  	
  
1
  	
  
 
  	
  
Auburn Self Storage(17)
  	
  
 
  	
  
7,500,000.00
  	
   
 	
  
45,983.85
  	
   
 	
   
 	
   
 	
  
6.2100%
  	
   
 	
  
82,985
  	
   
 	
  
Sq.   Ft.
  
	
  
64
  	
  
 
  	
  
2
  	
  
 
  	
  
Lantern Colonial Pool
  	
  
 
  	
  
7,426,174.64
  	
   
 	
  
44,272.28
  	
   
 	
   
 	
   
 	
  
5.9300%
  	
   
 	
  
219
  	
   
 	
  
Units
  
	
  64.01
  	
  
 
  	
   
 	
  
 
  	
  
Colonial Village Apartments
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
  
171
  	
   
 	
  
Units
  
	
  
64.02
  	
  
 
  	
   
 	
  
 
  	
  
Lantern Ridge Apartments
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
  
48
  	
   
 	
  
Units
  
	
  65
  	
  
 
  	
  
2
  	
  
 
  	
  
Chatham Wood Apartment   Complex(18)
  	
  
 
  	
  
7,350,000.00
  	
   
 	
  
40,814.89
  	
   
 	
   
 	
   
 	
  
5.3000%
  	
   
 	
  
208
  	
   
 	
  
Units
  
	
  
66
  	
  
 
  	
  
1
  	
  
 
  	
  
Marlo Plaza II
  	
  
 
  	
  
6,990,221.99
  	
   
 	
  
43,111.63
  	
   
 	
   
 	
   
 	
  
5.5300%
  	
   
 	
  
202,400
  	
   
 	
  
Sq.   Ft.
  
	
  67
  	
  
 
  	
  
Reserved   (15)
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
68
  	
  
 
  	
  
2
  	
  
 
  	
  
The Tree Tops Apartments
  	
  
 
  	
  
6,670,000.00
  	
   
 	
  
IO
  	
   
 	
   
 	
   
 	
  
6.2000%
  	
   
 	
  
112
  	
   
 	
  
Units
  
	
  69
  	
  
 
  	
  
2
  	
  
 
  	
  
The Cottages of Monroe(19)
  	
  
 
  	
  
6,600,000.00
  	
   
 	
  
40,294.56
  	
   
 	
   
 	
   
 	
  
6.1700%
  	
   
 	
  
51
  	
   
 	
  
Units
  
	
  
70
  	
  
 
  	
  
Reserved   (15)
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  71
  	
  
 
  	
  
1
  	
  
 
  	
  
209 West 38th Street
  	
  
 
  	
  
6,400,000.00
  	
   
 	
  
IO
  	
   
 	
   
 	
   
 	
  
5.9600%
  	
   
 	
  
159,830
  	
   
 	
  
Sq.   Ft.
  
	
  
72
  	
  
 
  	
  
1
  	
  
 
  	
  
Schofield Warehouse South
  	
  
 
  	
  
6,132,660.26
  	
   
 	
  
40,807.86
  	
   
 	
   
 	
   
 	
  
6.3300%
  	
   
 	
  
329,750
  	
   
 	
  
Sq.   Ft.
  
	
  73
  	
  
 
  	
  
2
  	
  
 
  	
  
Pines Point Apartments
  	
  
 
  	
  
6,000,000.00
  	
   
 	
  
39,877.39
  	
   
 	
   
 	
   
 	
  
6.3300%
  	
   
 	
  
318
  	
   
 	
  
Units
  
	
  
74
  	
  
 
  	
  
1
  	
  
 
  	
  
Staples - Chicago, IL
  	
  
 
  	
  
5,843,000.00
  	
   
 	
  
35,559.38
  	
   
 	
   
 	
   
 	
  
6.1400%
  	
   
 	
  
18,463
  	
   
 	
  
Sq.   Ft.
  
	
  75
  	
  
 
  	
  
1
  	
  
 
  	
  
Veteran Affairs Outpatient   Clinic
  	
  
 
  	
  
5,795,318.41
  	
   
 	
  
35,147.70
  	
   
 	
   
 	
   
 	
  
6.1000%
  	
   
 	
  
51,932
  	
   
 	
  
Sq.   Ft.
  
	
  
76
  	
  
 
  	
  
1
  	
  
 
  	
  
Taylor Park Shopping Center
  	
  
 
  	
  
5,400,000.00
  	
   
 	
  
31,512.93
  	
   
 	
   
 	
   
 	
  
5.7500%
  	
   
 	
  
58,791
  	
   
 	
  
Sq.   Ft.
  
	
  77
  	
  
 
  	
  
1
  	
  
 
  	
  
Twin Bridges Marine Park,   Phase I
  	
  
 
  	
  
5,300,000.00
  	
   
 	
  
32,083.50
  	
   
 	
   
 	
   
 	
  
6.0900%
  	
   
 	
  
256
  	
   
 	
  
Units
  
	
  
78
  	
  
 
  	
  
1
  	
  
 
  	
  
Mt. Zion Promenade
  	
  
 
  	
  
5,240,000.00
  	
   
 	
  
32,297.67
  	
   
 	
   
 	
   
 	
  
6.2600%
  	
   
 	
  
28,818
  	
   
 	
  
Sq.   Ft.
  
	
  79
  	
  
 
  	
  
1
  	
  
 
  	
  
Sunrise Plaza
  	
  
 
  	
  
5,143,068.00
  	
   
 	
  
31,834.19
  	
   
 	
   
 	
   
 	
  
6.3000%
  	
   
 	
  
36,139
  	
   
 	
  
Sq.   Ft.
  
	
  
80
  	
  
 
  	
  
1
  	
  
 
  	
  
1011 Medical Plaza Drive
  	
  
 
  	
  
4,875,793.88
  	
   
 	
  
28,789.12
  	
   
 	
   
 	
   
 	
  
5.8500%
  	
   
 	
  
33,123
  	
   
 	
  
Sq.   Ft.
  
	
  81
  	
  
 
  	
  
2
  	
  
 
  	
  
Casa Del Verde Apartments
  	
  
 
  	
  
4,800,000.00
  	
   
 	
  
28,532.01
  	
   
 	
   
 	
   
 	
  
5.9200%
  	
   
 	
  
137
  	
   
 	
  
Units
  
	
  
82
  	
  
 
  	
  
1
  	
  
 
  	
  
North Ranch Center
  	
  
 
  	
  
4,800,000.00
  	
   
 	
  
29,570.04
  	
   
 	
   
 	
   
 	
  
6.2550%
  	
   
 	
  
24,558
  	
   
 	
  
Sq.   Ft.
  
	
  83
  	
  
 
  	
  
2
  	
  
 
  	
  
Cedar Point Apartments
  	
  
 
  	
  
4,795,667.97
  	
   
 	
  
27,768.03
  	
   
 	
   
 	
   
 	
  
5.6700%
  	
   
 	
  
150
  	
   
 	
  
Units
  
	
  
84
  	
  
 
  	
  
1
  	
  
 
  	
  
Walgreens - Guilderland, NY
  	
  
 
  	
  
4,575,000.00
  	
   
 	
  
25,405.19
  	
   
 	
   
 	
   
 	
  
5.3000%
  	
   
 	
  
14,820
  	
   
 	
  
Sq.   Ft.
  
	
  85
  	
  
 
  	
  
1
  	
  
 
  	
  
51 Imclone Drive
  	
  
 
  	
  
4,496,530.42
  	
   
 	
  
27,765.83
  	
   
 	
   
 	
   
 	
  
6.2700%
  	
   
 	
  
63,213
  	
   
 	
  
Sq.   Ft.
  
	
  
86
  	
  
 
  	
  
1
  	
  
 
  	
  
Silverlake Shopping Center
  	
  
 
  	
  
4,400,000.00
  	
   
 	
  
27,206.13
  	
   
 	
   
 	
   
 	
  
6.2900%
  	
   
 	
  
20,452
  	
   
 	
  
Sq.   Ft.
  
	
  87
  	
  
 
  	
  
1
  	
  
 
  	
  
Sav-On - Los Angeles, CA
  	
  
 
  	
  
4,296,341.52
  	
   
 	
  
25,504.87
  	
   
 	
   
 	
   
 	
  
5.9000%
  	
   
 	
  
14,983
  	
   
 	
  
Sq.   Ft.
  
	
  
88
  	
  
 
  	
  
1
  	
  
 
  	
  
Mainstay Inn & Suites -   Roanoke, VA
  	
  
 
  	
  
4,200,000.00
  	
   
 	
  
28,621.70
  	
   
 	
   
 	
   
 	
  
6.6000%
  	
   
 	
  
77
  	
   
 	
  
Rooms
  
	
  89
  	
  
 
  	
  
1
  	
  
 
  	
  
St. Lucie Square
  	
  
 
  	
  
4,071,909.27
  	
   
 	
  
25,302.88
  	
   
 	
   
 	
   
 	
  
6.3300%
  	
   
 	
  
19,163
  	
   
 	
  
Sq.   Ft.
  
	
  
90
  	
  
 
  	
  
2
  	
  
 
  	
  
Greenbriar Apartments
  	
  
 
  	
  
4,000,000.00
  	
   
 	
  
29,928.66
  	
   
 	
   
 	
   
 	
  
6.4500%
  	
   
 	
  
184
  	
   
 	
  
Units
  
	
  91
  	
  
 
  	
  
1
  	
  
 
  	
  
North Hampton Mobile Home   Park & Self Storage Facility(20)
  	
  
 
  	
  
3,760,000.00
  	
   
 	
  
23,839.99
  	
   
 	
   
 	
   
 	
  
6.5300%
  	
   
 	
  
123
  	
   
 	
  
Pads
  
	
  
92
  	
  
 
  	
  
1
  	
  
 
  	
  
South Slappey Shopping   Center
  	
  
 
  	
  
3,572,288.49
  	
   
 	
  
22,198.24
  	
   
 	
   
 	
   
 	
  
6.3300%
  	
   
 	
  
99,724
  	
   
 	
  
Sq.   Ft.
  
	
  93
  	
  
 
  	
  
1
  	
  
 
  	
  
BSK Self-Storage Facility
  	
  
 
  	
  
3,520,000.00
  	
   
 	
  
21,994.77
  	
   
 	
   
 	
   
 	
  
6.3900%
  	
   
 	
  
156,188
  	
   
 	
  
Sq.   Ft.
  
	
  
94
  	
  
 
  	
  
1
  	
  
 
  	
  
Comfort Inn - Roanoke, VA
  	
  
 
  	
  
3,500,000.00
  	
   
 	
  
23,851.42
  	
   
 	
   
 	
   
 	
  
6.6000%
  	
   
 	
  
96
  	
   
 	
  
Rooms
  
	
  95
  	
  
 
  	
  
1
  	
  
 
  	
  
Walgreens - Asheboro, NC
  	
  
 
  	
  
3,350,000.00
  	
   
 	
  
IO
  	
   
 	
   
 	
   
 	
  
5.1800%
  	
   
 	
  
14,550
  	
   
 	
  
Sq.   Ft.
  
	
  
96
  	
  
 
  	
  
1
  	
  
 
  	
  
Holiday Inn Express -   Lexington, VA
  	
  
 
  	
  
3,300,000.00
  	
   
 	
  
22,488.48
  	
   
 	
   
 	
   
 	
  
6.6000%
  	
   
 	
  
79
  	
   
 	
  
Rooms
  
	
  97
  	
  
 
  	
  
1
  	
  
 
  	
  
Yorkshire Shopping Center
  	
  
 
  	
  
3,297,524.50
  	
   
 	
  
20,576.92
  	
   
 	
   
 	
   
 	
  
6.3700%
  	
   
 	
  
66,316
  	
   
 	
  
Sq.   Ft.
  
	
  
98
  	
  
 
  	
  
1
  	
  
 
  	
  
Hampton Inn - Wake Forest,   NC(21)
  	
  
 
  	
  
3,295,820.96
  	
   
 	
  
21,342.71
  	
   
 	
   
 	
   
 	
  
6.0400%
  	
   
 	
  
113
  	
   
 	
  
Rooms
  
	
  99
  	
  
 
  	
  
1
  	
  
 
  	
  
American Grating Building
  	
  
 
  	
  
3,247,521.43
  	
   
 	
  
20,137.81
  	
   
 	
   
 	
   
 	
  
6.3100%
  	
   
 	
  
47,058
  	
   
 	
  
Sq.   Ft.
  
	
  
100
  	
  
 
  	
  
1
  	
  
 
  	
  
Comfort Inn - Grundy, VA
  	
  
 
  	
  
3,100,000.00
  	
   
 	
  
21,125.54
  	
   
 	
   
 	
   
 	
  
6.6000%
  	
   
 	
  
70
  	
   
 	
  
Rooms
  
	
  101
  	
  
 
  	
  
1
  	
  
 
  	
  
Drexel Heritage Furniture
  	
  
 
  	
  
2,763,000.00
  	
   
 	
  
IO
  	
   
 	
   
 	
   
 	
  
5.8000%
  	
   
 	
  
260,060
  	
   
 	
  
Sq.   Ft.
  
	
  
102
  	
  
 
  	
  
1
  	
  
 
  	
  
Palmer Plaza
  	
  
 
  	
  
2,680,000.00
  	
   
 	
  
16,833.81
  	
   
 	
   
 	
   
 	
  
6.4400%
  	
   
 	
  
24,328
  	
   
 	
  
Sq.   Ft.
  
	
  103
  	
  
 
  	
  
1
  	
  
 
  	
  
Sleep Inn Hotel - Staunton,   VA
  	
  
 
  	
  
2,600,000.00
  	
   
 	
  
17,718.20
  	
   
 	
   
 	
   
 	
  
6.6000%
  	
   
 	
  
87
  	
   
 	
  
Rooms
  
	
  
104
  	
  
 
  	
  
1
  	
  
 
  	
  
Shops at Pleasant Hill
  	
  
 
  	
  
2,500,000.00
  	
   
 	
  
16,481.73
  	
   
 	
   
 	
   
 	
  
6.9100%
  	
   
 	
  
15,484
  	
   
 	
  
Sq.   Ft.
  
	
  105
  	
  
 
  	
  
2
  	
  
 
  	
  
Spanish Trace
  	
  
 
  	
  
2,500,000.00
  	
   
 	
  
15,654.02
  	
   
 	
   
 	
   
 	
  
6.4100%
  	
   
 	
  
136
  	
   
 	
  
Units
  
	
  
106
  	
  
 
  	
  
1
  	
  
 
  	
  
Stor-N-Lock - Boise, ID
  	
  
 
  	
  
2,447,000.00
  	
   
 	
  
16,101.38
  	
   
 	
   
 	
   
 	
  
6.2100%
  	
   
 	
  
67,520
  	
   
 	
  
Sq.   Ft.
  
	
  107
  	
  
 
  	
  
2
  	
  
 
  	
  
Morgan Pointe Apartments
  	
  
 
  	
  
2,198,399.43
  	
   
 	
  
13,876.57
  	
   
 	
   
 	
   
 	
  
6.4800%
  	
   
 	
  
48
  	
   
 	
  
Units
  
	
  
108
  	
  
 
  	
  
1
  	
  
 
  	
  
Office Depot - Greenville,   MS
  	
  
 
  	
  
2,192,000.00
  	
   
 	
  
IO
  	
   
 	
   
 	
   
 	
  
5.7600%
  	
   
 	
  
25,054
  	
   
 	
  
Sq.   Ft.
  
	
  109
  	
  
 
  	
  
1
  	
  
 
  	
  
Stor-N-Lock - Taylorsville,   UT
  	
  
 
  	
  
2,147,367.35
  	
   
 	
  
14,129.78
  	
   
 	
   
 	
   
 	
  
6.2100%
  	
   
 	
  
88,610
  	
   
 	
  
Sq.   Ft.
  
	
  
110
  	
  
 
  	
  
1
  	
  
 
  	
  
Office Depot - Dayton, OH
  	
  
 
  	
  
2,130,000.00
  	
   
 	
  
IO
  	
   
 	
   
 	
   
 	
  
5.7300%
  	
   
 	
  
19,880
  	
   
 	
  
Sq.   Ft.
  
	
  111
  	
  
 
  	
  
1
  	
  
 
  	
  
Peachtree Professional   Center
  	
  
 
  	
  
2,100,000.00
  	
   
 	
  
13,163.14
  	
   
 	
   
 	
   
 	
  
6.4200%
  	
   
 	
  
25,207
  	
   
 	
  
Sq.   Ft.
  
	
  
112
  	
  
 
  	
  
1
  	
  
 
  	
  
Mosinee Warehouse
  	
  
 
  	
  
2,097,489.66
  	
   
 	
  
13,957.09
  	
   
 	
   
 	
   
 	
  
6.3300%
  	
   
 	
  
132,000
  	
   
 	
  
Sq.   Ft.
  
	
  113
  	
  
 
  	
  
1
  	
  
 
  	
  
Sylarus Tech Building
  	
  
 
  	
  
2,050,000.00
  	
   
 	
  
12,729.06
  	
   
 	
   
 	
   
 	
  
6.3300%
  	
   
 	
  
39,600
  	
   
 	
  
Sq.   Ft.
  
	
  
114
  	
  
 
  	
  
2
  	
  
 
  	
  
Embassy Apartments
  	
  
 
  	
  
2,000,000.00
  	
   
 	
  
12,301.34
  	
   
 	
   
 	
   
 	
  
6.2400%
  	
   
 	
  
110
  	
   
 	
  
Units
  
	
  115
  	
  
 
  	
  
2
  	
  
 
  	
  
Hermitage Apartments
  	
  
 
  	
  
1,648,875.76
  	
   
 	
  
10,658.03
  	
   
 	
   
 	
   
 	
  
6.7100%
  	
   
 	
  
100
  	
   
 	
  
Units
  
	
  
116
  	
  
 
  	
  
1
  	
  
 
  	
  
SSA - Gastonia, NC
  	
  
 
  	
  
1,478,005.86
  	
   
 	
  
9,283.96
  	
   
 	
   
 	
   
 	
  
5.7200%
  	
   
 	
  
11,984
  	
   
 	
  
Sq.   Ft.
  
	
  117
  	
  
 
  	
  
1
  	
  
 
  	
  
Cherry Bekaert &   Holland Building
  	
  
 
  	
  
998,652.61
  	
   
 	
  
6,272.95
  	
   
 	
   
 	
   
 	
  
5.7200%
  	
   
 	
  
8,960
  	
   
 	
  
Sq.   Ft.
  
	
  
NA
  	
  
 
  	
  
NA
  	
  
 
  	
  
The Woodlands Mall(1)
  	
  
 
  	
  
10,000,000.00
  	
   
 	
  
IO
  	
   
 	
  
3   (once every 12 months)
  	
   
 	
  
5.9140%
  	
   
 	
  
611,556
  	
   
 	
  
Sq.   Ft.
  

	
  
Mortgage
   Loan Number
  	
   
 	
  
Loan Group
   Number
  	
   
 	
  
Property   Name
  	
   
 	
  
Original   Term to
   Maturity or ARD
   (Mos.)
  	
   
 	
  
Remaining
   Term to
   Maturity or
   ARD (Mos.)
  	
   
 	
  
Maturity   Date
   or ARD
  	
   
 	
  
Original
   Amort Term
   (Mos.)
  	
   
 	
  
Remaining
   Amort Term
   (Mos.)
  	
   
 	
  
Ground   Lease
  
	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  
	
  59
  	
  
 
  	
  
1
  	
  
 
  	
  
The Shoppes at Taylor Mill
  	
  
 
  	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  60
  	
  
 
  	
  
1
  	
  
 
  	
  
Little Chute Warehouse   South
  	
  
 
  	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
300
  	
   
 	
  
299
  	
   
 	
  
Fee
  
	
  
61
  	
  
 
  	
  
1
  	
  
 
  	
  
Gander Mountain Retail   Store
  	
  
 
  	
  
60
  	
   
 	
  
60
  	
   
 	
  
06/11/11
  	
   
 	
  
IO
  	
   
 	
  
IO
  	
   
 	
  
Fee
  
	
  62
  	
  
 
  	
  
1
  	
  
 
  	
  
Wawa II Pool
  	
  
 
  	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
IO
  	
   
 	
  
IO
  	
   
 	
  
Fee
  
	
  
62.01
  	
  
 
  	
   
 	
  
 
  	
  
Wawa - Manahawkin, NJ
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
  
Fee
  
	
  62.02
  	
  
 
  	
   
 	
  
 
  	
  
Wawa - Narberth, PA
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
  
Fee
  
	
  
62.03
  	
  
 
  	
   
 	
  
 
  	
  
Wawa - Hockessin, DE
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
  
Fee
  
	
  63
  	
  
 
  	
  
1
  	
  
 
  	
  
Auburn Self Storage(17)
  	
  
 
  	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  
64
  	
  
 
  	
  
2
  	
  
 
  	
  
Lantern Colonial Pool
  	
  
 
  	
  
120
  	
   
 	
  
118
  	
   
 	
  
04/11/16
  	
   
 	
  
360
  	
   
 	
  
358
  	
   
 	
  
Fee
  
	
  64.01
  	
  
 
  	
   
 	
  
 
  	
  
Colonial Village Apartments
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
  
Fee
  
	
  
64.02
  	
  
 
  	
   
 	
  
 
  	
  
Lantern Ridge Apartments
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
  
Fee
  
	
  65
  	
  
 
  	
  
2
  	
  
 
  	
  
Chatham Wood Apartment   Complex(18)
  	
  
 
  	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  
66
  	
  
 
  	
  
1
  	
  
 
  	
  
Marlo Plaza II
  	
  
 
  	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
300
  	
   
 	
  
299
  	
   
 	
  
Fee
  
	
  67
  	
  
 
  	
  
Reserved   (15)
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
68
  	
  
 
  	
  
2
  	
  
 
  	
  
The Tree Tops Apartments
  	
  
 
  	
  
60
  	
   
 	
  
60
  	
   
 	
  
06/11/11
  	
   
 	
  
IO
  	
   
 	
  
IO
  	
   
 	
  
Fee
  
	
  69
  	
  
 
  	
  
2
  	
  
 
  	
  
The Cottages of Monroe(19)
  	
  
 
  	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  
70
  	
  
 
  	
  
Reserved   (15)
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  71
  	
  
 
  	
  
1
  	
  
 
  	
  
209 West 38th Street
  	
  
 
  	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
IO
  	
   
 	
  
IO
  	
   
 	
  
Fee
  
	
  
72
  	
  
 
  	
  
1
  	
  
 
  	
  
Schofield Warehouse South
  	
  
 
  	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
300
  	
   
 	
  
299
  	
   
 	
  
Fee
  
	
  73
  	
  
 
  	
  
2
  	
  
 
  	
  
Pines Point Apartments
  	
  
 
  	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
300
  	
   
 	
  
300
  	
   
 	
  
Fee
  
	
  
74
  	
  
 
  	
  
1
  	
  
 
  	
  
Staples - Chicago, IL
  	
  
 
  	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  75
  	
  
 
  	
  
1
  	
  
 
  	
  
Veteran Affairs Outpatient   Clinic
  	
  
 
  	
  
132
  	
   
 	
  
131
  	
   
 	
  
05/11/17
  	
   
 	
  
360
  	
   
 	
  
359
  	
   
 	
  
Fee
  
	
  
76
  	
  
 
  	
  
1
  	
  
 
  	
  
Taylor Park Shopping Center
  	
  
 
  	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  77
  	
  
 
  	
  
1
  	
  
 
  	
  
Twin Bridges Marine Park,   Phase I
  	
  
 
  	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  
78
  	
  
 
  	
  
1
  	
  
 
  	
  
Mt. Zion Promenade
  	
  
 
  	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  79
  	
  
 
  	
  
1
  	
  
 
  	
  
Sunrise Plaza
  	
  
 
  	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  
80
  	
  
 
  	
  
1
  	
  
 
  	
  
1011 Medical Plaza Drive
  	
  
 
  	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
360
  	
   
 	
  
359
  	
   
 	
  
Fee
  
	
  81
  	
  
 
  	
  
2
  	
  
 
  	
  
Casa Del Verde Apartments
  	
  
 
  	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  
82
  	
  
 
  	
  
1
  	
  
 
  	
  
North Ranch Center
  	
  
 
  	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  83
  	
  
 
  	
  
2
  	
  
 
  	
  
Cedar Point Apartments
  	
  
 
  	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
360
  	
   
 	
  
359
  	
   
 	
  
Fee
  
	
  
84
  	
  
 
  	
  
1
  	
  
 
  	
  
Walgreens - Guilderland, NY
  	
  
 
  	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  85
  	
  
 
  	
  
1
  	
  
 
  	
  
51 Imclone Drive
  	
  
 
  	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
360
  	
   
 	
  
359
  	
   
 	
  
Fee
  
	
  
86
  	
  
 
  	
  
1
  	
  
 
  	
  
Silverlake Shopping Center
  	
  
 
  	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  87
  	
  
 
  	
  
1
  	
  
 
  	
  
Sav-On - Los Angeles, CA
  	
  
 
  	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
360
  	
   
 	
  
359
  	
   
 	
  
Fee
  
	
  
88
  	
  
 
  	
  
1
  	
  
 
  	
  
Mainstay Inn & Suites -   Roanoke, VA
  	
  
 
  	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
300
  	
   
 	
  
300
  	
   
 	
  
Fee
  
	
  89
  	
  
 
  	
  
1
  	
  
 
  	
  
St. Lucie Square
  	
  
 
  	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
360
  	
   
 	
  
359
  	
   
 	
  
Fee
  
	
  
90
  	
  
 
  	
  
2
  	
  
 
  	
  
Greenbriar Apartments
  	
  
 
  	
  
240
  	
   
 	
  
240
  	
   
 	
  
06/11/26
  	
   
 	
  
240
  	
   
 	
  
240
  	
   
 	
  
Fee
  
	
  91
  	
  
 
  	
  
1
  	
  
 
  	
  
North Hampton Mobile Home   Park & Self Storage Facility(20)
  	
  
 
  	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  
92
  	
  
 
  	
  
1
  	
  
 
  	
  
South Slappey Shopping   Center
  	
  
 
  	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
360
  	
   
 	
  
359
  	
   
 	
  
Fee
  
	
  93
  	
  
 
  	
  
1
  	
  
 
  	
  
BSK Self-Storage Facility
  	
  
 
  	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  
94
  	
  
 
  	
  
1
  	
  
 
  	
  
Comfort Inn - Roanoke, VA
  	
  
 
  	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
300
  	
   
 	
  
300
  	
   
 	
  
Fee
  
	
  95
  	
  
 
  	
  
1
  	
  
 
  	
  
Walgreens - Asheboro, NC
  	
  
 
  	
  
120
  	
   
 	
  
117
  	
   
 	
  
03/11/16
  	
   
 	
  
IO
  	
   
 	
  
IO
  	
   
 	
  
Fee
  
	
  
96
  	
  
 
  	
  
1
  	
  
 
  	
  
Holiday Inn Express -   Lexington, VA
  	
  
 
  	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
300
  	
   
 	
  
300
  	
   
 	
  
Leasehold
  
	
  97
  	
  
 
  	
  
1
  	
  
 
  	
  
Yorkshire Shopping Center
  	
  
 
  	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
360
  	
   
 	
  
359
  	
   
 	
  
Fee
  
	
  
98
  	
  
 
  	
  
1
  	
  
 
  	
  
Hampton Inn - Wake Forest,   NC(21)
  	
  
 
  	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
300
  	
   
 	
  
299
  	
   
 	
  
Fee
  
	
  99
  	
  
 
  	
  
1
  	
  
 
  	
  
American Grating Building
  	
  
 
  	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
360
  	
   
 	
  
359
  	
   
 	
  
Fee
  
	
  
100
  	
  
 
  	
  
1
  	
  
 
  	
  
Comfort Inn - Grundy, VA
  	
  
 
  	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
300
  	
   
 	
  
300
  	
   
 	
  
Leasehold
  
	
  101
  	
  
 
  	
  
1
  	
  
 
  	
  
Drexel Heritage Furniture
  	
  
 
  	
  
60
  	
   
 	
  
57
  	
   
 	
  
03/11/11
  	
   
 	
  
IO
  	
   
 	
  
IO
  	
   
 	
  
Fee
  
	
  
102
  	
  
 
  	
  
1
  	
  
 
  	
  
Palmer Plaza
  	
  
 
  	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  103
  	
  
 
  	
  
1
  	
  
 
  	
  
Sleep Inn Hotel - Staunton,   VA
  	
  
 
  	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
300
  	
   
 	
  
300
  	
   
 	
  
Fee
  
	
  
104
  	
  
 
  	
  
1
  	
  
 
  	
  
Shops at Pleasant Hill
  	
  
 
  	
  
60
  	
   
 	
  
60
  	
   
 	
  
06/11/11
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  105
  	
  
 
  	
  
2
  	
  
 
  	
  
Spanish Trace
  	
  
 
  	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  
106
  	
  
 
  	
  
1
  	
  
 
  	
  
Stor-N-Lock - Boise, ID
  	
  
 
  	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
300
  	
   
 	
  
299
  	
   
 	
  
Fee
  
	
  107
  	
  
 
  	
  
2
  	
  
 
  	
  
Morgan Pointe Apartments
  	
  
 
  	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
360
  	
   
 	
  
359
  	
   
 	
  
Fee
  
	
  
108
  	
  
 
  	
  
1
  	
  
 
  	
  
Office Depot - Greenville,   MS
  	
  
 
  	
  
60
  	
   
 	
  
57
  	
   
 	
  
03/11/11
  	
   
 	
  
IO
  	
   
 	
  
IO
  	
   
 	
  
Fee
  
	
  109
  	
  
 
  	
  
1
  	
  
 
  	
  
Stor-N-Lock - Taylorsville,   UT
  	
  
 
  	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
300
  	
   
 	
  
299
  	
   
 	
  
Fee
  
	
  
110
  	
  
 
  	
  
1
  	
  
 
  	
  
Office Depot - Dayton, OH
  	
  
 
  	
  
120
  	
   
 	
  
116
  	
   
 	
  
02/11/16
  	
   
 	
  
IO
  	
   
 	
  
IO
  	
   
 	
  
Fee
  
	
  111
  	
  
 
  	
  
1
  	
  
 
  	
  
Peachtree Professional   Center
  	
  
 
  	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  
112
  	
  
 
  	
  
1
  	
  
 
  	
  
Mosinee Warehouse
  	
  
 
  	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
300
  	
   
 	
  
299
  	
   
 	
  
Fee
  
	
  113
  	
  
 
  	
  
1
  	
  
 
  	
  
Sylarus Tech Building
  	
  
 
  	
  
120
  	
   
 	
  
120
  	
   
 	
  
06/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  
114
  	
  
 
  	
  
2
  	
  
 
  	
  
Embassy Apartments
  	
  
 
  	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
360
  	
   
 	
  
360
  	
   
 	
  
Fee
  
	
  115
  	
  
 
  	
  
2
  	
  
 
  	
  
Hermitage Apartments
  	
  
 
  	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
360
  	
   
 	
  
359
  	
   
 	
  
Fee
  
	
  
116
  	
  
 
  	
  
1
  	
  
 
  	
  
SSA - Gastonia, NC
  	
  
 
  	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
300
  	
   
 	
  
299
  	
   
 	
  
Fee
  
	
  117
  	
  
 
  	
  
1
  	
  
 
  	
  
Cherry Bekaert &   Holland Building
  	
  
 
  	
  
120
  	
   
 	
  
119
  	
   
 	
  
05/11/16
  	
   
 	
  
300
  	
   
 	
  
299
  	
   
 	
  
Fee
  
	
  
NA
  	
  
 
  	
  
NA
  	
  
 
  	
  
The Woodlands Mall(1)
  	
  
 
  	
  
60
  	
   
 	
  
60
  	
   
 	
  
06/11/11
  	
   
 	
  
IO
  	
   
 	
  
IO
  	
   
 	
  
Fee
  

	
  
Mortgage
   Loan Number
  	
   
 	
  
Loan Group
   Number
  	
   
 	
  
Property   Name
  	
   
 	
  
Master   Servicing
   Fee Rate
  	
   
 	
  
ARD Loan
  	
   
 	
  
Anticipated
   Repayment Date
  	
   
 	
  
Additional   Interest Rate
  
	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  
	
  59
  	
  
 
  	
  
1
  	
  
 
  	
  
The Shoppes at Taylor Mill
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  60
  	
  
 
  	
  
1
  	
  
 
  	
  
Little Chute Warehouse   South
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  
61
  	
  
 
  	
  
1
  	
  
 
  	
  
Gander Mountain Retail   Store
  	
  
 
  	
  
0.02000%
  	
   
 	
  
Y
  	
   
 	
  
6/11/2011
  	
   
 	
  
Greater   of initial interest rate plus 2.0% or TCMYI plus 2.0%
  
	
  62
  	
  
 
  	
  
1
  	
  
 
  	
  
Wawa II Pool
  	
  
 
  	
  
0.02000%
  	
   
 	
  
Y
  	
   
 	
  
6/11/2016
  	
   
 	
  
Greater   of initial interest rate plus 2.0% or TCMYI plus 2.0%
  
	
  
62.01
  	
  
 
  	
   
 	
  
 
  	
  
Wawa - Manahawkin, NJ
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  62.02
  	
  
 
  	
   
 	
  
 
  	
  
Wawa - Narberth, PA
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
62.03
  	
  
 
  	
   
 	
  
 
  	
  
Wawa - Hockessin, DE
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  63
  	
  
 
  	
  
1
  	
  
 
  	
  
Auburn Self Storage(17)
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  
64
  	
  
 
  	
  
2
  	
  
 
  	
  
Lantern Colonial Pool
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  64.01
  	
  
 
  	
   
 	
  
 
  	
  
Colonial Village Apartments
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
64.02
  	
  
 
  	
   
 	
  
 
  	
  
Lantern Ridge Apartments
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  65
  	
  
 
  	
  
2
  	
  
 
  	
  
Chatham Wood Apartment   Complex(18)
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  
66
  	
  
 
  	
  
1
  	
  
 
  	
  
Marlo Plaza II
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  67
  	
  
 
  	
  
Reserved   (15)
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
68
  	
  
 
  	
  
2
  	
  
 
  	
  
The Tree Tops Apartments
  	
  
 
  	
  
0.06000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  69
  	
  
 
  	
  
2
  	
  
 
  	
  
The Cottages of Monroe(19)
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  
70
  	
  
 
  	
  
Reserved   (15)
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
71
  	
  
 
  	
  
1
  	
  
 
  	
  
209 West 38th Street
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  72
  	
  
 
  	
  
1
  	
  
 
  	
  
Schofield Warehouse South
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  
73
  	
  
 
  	
  
2
  	
  
 
  	
  
Pines Point Apartments
  	
  
 
  	
  
0.06000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  74
  	
  
 
  	
  
1
  	
  
 
  	
  
Staples - Chicago, IL
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  
75
  	
  
 
  	
  
1
  	
  
 
  	
  
Veteran Affairs Outpatient   Clinic
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  76
  	
  
 
  	
  
1
  	
  
 
  	
  
Taylor Park Shopping Center
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  
77
  	
  
 
  	
  
1
  	
  
 
  	
  
Twin Bridges Marine Park,   Phase I
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  78
  	
  
 
  	
  
1
  	
  
 
  	
  
Mt. Zion Promenade
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  
79
  	
  
 
  	
  
1
  	
  
 
  	
  
Sunrise Plaza
  	
  
 
  	
  
0.02000%
  	
   
 	
  
Y
  	
   
 	
  
5/11/2016
  	
   
 	
  
Greater   of initial interest rate plus 3.0% or TCMYI plus 3.0%
  
	
  80
  	
  
 
  	
  
1
  	
  
 
  	
  
1011 Medical Plaza Drive
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  
81
  	
  
 
  	
  
2
  	
  
 
  	
  
Casa Del Verde Apartments
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  82
  	
  
 
  	
  
1
  	
  
 
  	
  
North Ranch Center
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  
83
  	
  
 
  	
  
2
  	
  
 
  	
  
Cedar Point Apartments
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  84
  	
  
 
  	
  
1
  	
  
 
  	
  
Walgreens - Guilderland, NY
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  
85
  	
  
 
  	
  
1
  	
  
 
  	
  
51 Imclone Drive
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  86
  	
  
 
  	
  
1
  	
  
 
  	
  
Silverlake Shopping Center
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  
87
  	
  
 
  	
  
1
  	
  
 
  	
  
Sav-On - Los Angeles, CA
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  88
  	
  
 
  	
  
1
  	
  
 
  	
  
Mainstay Inn & Suites -   Roanoke, VA
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  
89
  	
  
 
  	
  
1
  	
  
 
  	
  
St. Lucie Square
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  90
  	
  
 
  	
  
2
  	
  
 
  	
  
Greenbriar Apartments
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  
91
  	
  
 
  	
  
1
  	
  
 
  	
  
North Hampton Mobile Home   Park & Self Storage Facility(20)
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  92
  	
  
 
  	
  
1
  	
  
 
  	
  
South Slappey Shopping   Center
  	
  
 
  	
  
0.09000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  
93
  	
  
 
  	
  
1
  	
  
 
  	
  
BSK Self-Storage Facility
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  94
  	
  
 
  	
  
1
  	
  
 
  	
  
Comfort Inn - Roanoke, VA
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  
95
  	
  
 
  	
  
1
  	
  
 
  	
  
Walgreens - Asheboro, NC
  	
  
 
  	
  
0.02000%
  	
   
 	
  
Y
  	
   
 	
  
3/11/2016
  	
   
 	
  
Greater   of initial interest rate plus 2.0% or TCMYI plus 2.0%
  
	
  96
  	
  
 
  	
  
1
  	
  
 
  	
  
Holiday Inn Express -   Lexington, VA
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  
97
  	
  
 
  	
  
1
  	
  
 
  	
  
Yorkshire Shopping Center
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  98
  	
  
 
  	
  
1
  	
  
 
  	
  
Hampton Inn - Wake Forest,   NC(21)
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  
99
  	
  
 
  	
  
1
  	
  
 
  	
  
American Grating Building
  	
  
 
  	
  
0.11000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  100
  	
  
 
  	
  
1
  	
  
 
  	
  
Comfort Inn - Grundy, VA
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  
101
  	
  
 
  	
  
1
  	
  
 
  	
  
Drexel Heritage Furniture
  	
  
 
  	
  
0.02000%
  	
   
 	
  
Y
  	
   
 	
  
3/11/2011
  	
   
 	
  
Greater   of initial interest rate plus 2.0% or TCMYI plus 2.0%
  
	
  102
  	
  
 
  	
  
1
  	
  
 
  	
  
Palmer Plaza
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  
103
  	
  
 
  	
  
1
  	
  
 
  	
  
Sleep Inn Hotel - Staunton,   VA
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  104
  	
  
 
  	
  
1
  	
  
 
  	
  
Shops at Pleasant Hill
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  
105
  	
  
 
  	
  
2
  	
  
 
  	
  
Spanish Trace
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  106
  	
  
 
  	
  
1
  	
  
 
  	
  
Stor-N-Lock - Boise, ID
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  
107
  	
  
 
  	
  
2
  	
  
 
  	
  
Morgan Pointe Apartments
  	
  
 
  	
  
0.10000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  108
  	
  
 
  	
  
1
  	
  
 
  	
  
Office Depot - Greenville,   MS
  	
  
 
  	
  
0.02000%
  	
   
 	
  
Y
  	
   
 	
  
3/11/2011
  	
   
 	
  
Greater   of initial interest rate plus 2.0% or TCMYI plus 2.0%
  
	
  
109
  	
  
 
  	
  
1
  	
  
 
  	
  
Stor-N-Lock - Taylorsville,   UT
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  110
  	
  
 
  	
  
1
  	
  
 
  	
  
Office Depot - Dayton, OH
  	
  
 
  	
  
0.02000%
  	
   
 	
  
Y
  	
   
 	
  
2/11/2016
  	
   
 	
  
Greater   of initial interest rate plus 2.0% or TCMYI plus 2.0%
  
	
  
111
  	
  
 
  	
  
1
  	
  
 
  	
  
Peachtree Professional Center
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  112
  	
  
 
  	
  
1
  	
  
 
  	
  
Mosinee Warehouse
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  
113
  	
  
 
  	
  
1
  	
  
 
  	
  
Sylarus Tech Building
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  114
  	
  
 
  	
  
2
  	
  
 
  	
  
Embassy Apartments
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  
115
  	
  
 
  	
  
2
  	
  
 
  	
  
Hermitage Apartments
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  116
  	
  
 
  	
  
1
  	
  
 
  	
  
SSA - Gastonia, NC
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  
117
  	
  
 
  	
  
1
  	
  
 
  	
  
Cherry Bekaert &   Holland Building
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 
	
  NA
  	
  
 
  	
  
NA
  	
  
 
  	
  
The Woodlands Mall(1)
  	
  
 
  	
  
0.02000%
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 

	
  Mortgage
   Loan Number
  	
   
 	
  
Loan Group
   Number
  	
   
 	
  
Property   Name
  	
   
 	
  
Loan   Originator
  	
   
 	
  
Environmental
   Insurance
  	
   
 	
  
Cross   Collateralized and Cross Defaulted
   Loan Flag
  	
   
 	
  
Prepayment   Provisions
  	
   
 	
  
Early   Defeasance
  	
   
 	
  
Secured by   LC
  
	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  
	
  59
  	
  
 
  	
  
1
  	
  
 
  	
  
The Shoppes at Taylor Mill
  	
  
 
  	
  
Artesia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
60
  	
  
 
  	
  
1
  	
  
 
  	
  
Little Chute Warehouse   South
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
  
WOW   Portfolio
  	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  61
  	
  
 
  	
  
1
  	
  
 
  	
  
Gander Mountain Retail   Store
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
62
  	
  
 
  	
  
1
  	
  
 
  	
  
Wawa II Pool
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  62.01
  	
  
 
  	
   
 	
  
 
  	
  
Wawa - Manahawkin, NJ
  	
  
 
  	
   
 	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
62.02
  	
  
 
  	
   
 	
  
 
  	
  
Wawa - Narberth, PA
  	
  
 
  	
   
 	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  62.03
  	
  
 
  	
   
 	
  
 
  	
  
Wawa - Hockessin, DE
  	
  
 
  	
   
 	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
63
  	
  
 
  	
  
1
  	
  
 
  	
  
Auburn Self Storage(17)
  	
  
 
  	
  
Artesia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  64
  	
  
 
  	
  
2
  	
  
 
  	
  
Lantern Colonial Pool
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
64.01
  	
  
 
  	
   
 	
  
 
  	
  
Colonial Village Apartments
  	
  
 
  	
   
 	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  64.02
  	
  
 
  	
   
 	
  
 
  	
  
Lantern Ridge Apartments
  	
  
 
  	
   
 	
   
 	
  
N
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
65
  	
  
 
  	
  
2
  	
  
 
  	
  
Chatham Wood Apartment   Complex(18)
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  66
  	
  
 
  	
  
1
  	
  
 
  	
  
Marlo Plaza II
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
N
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
67
  	
  
 
  	
  
Reserved   (15)
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
  
 
  	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  N
 
	
  68
  	
  
 
  	
  
2
  	
  
 
  	
  
The Tree Tops Apartments
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
69
  	
  
 
  	
  
2
  	
  
 
  	
  
The Cottages of Monroe(19)
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
Y
  
	
  70
  	
  
 
  	
  
Reserved   (15)
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
  
 
  	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  N
 
	
  
71
  	
  
 
  	
  
1
  	
  
 
  	
  
209 West 38th Street
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  72
  	
  
 
  	
  
1
  	
  
 
  	
  
Schofield Warehouse South
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
  
WOW   Portfolio
  	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
73
  	
  
 
  	
  
2
  	
  
 
  	
  
Pines Point Apartments
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  74
  	
  
 
  	
  
1
  	
  
 
  	
  
Staples - Chicago, IL
  	
  
 
  	
  
Artesia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
75
  	
  
 
  	
  
1
  	
  
 
  	
  
Veteran Affairs Outpatient   Clinic
  	
  
 
  	
  
Artesia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  76
  	
  
 
  	
  
1
  	
  
 
  	
  
Taylor Park Shopping Center
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
77
  	
  
 
  	
  
1
  	
  
 
  	
  
Twin Bridges Marine Park,   Phase I
  	
  
 
  	
  
Artesia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
N
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  78
  	
  
 
  	
  
1
  	
  
 
  	
  
Mt. Zion Promenade
  	
  
 
  	
  
Artesia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
79
  	
  
 
  	
  
1
  	
  
 
  	
  
Sunrise Plaza
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
N
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  80
  	
  
 
  	
  
1
  	
  
 
  	
  
1011 Medical Plaza Drive
  	
  
 
  	
  
Artesia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
81
  	
  
 
  	
  
2
  	
  
 
  	
  
Casa Del Verde Apartments
  	
  
 
  	
  
Artesia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  82
  	
  
 
  	
  
1
  	
  
 
  	
  
North Ranch Center
  	
  
 
  	
  
Artesia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
83
  	
  
 
  	
  
2
  	
  
 
  	
  
Cedar Point Apartments
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  84
  	
  
 
  	
  
1
  	
  
 
  	
  
Walgreens - Guilderland, NY
  	
  
 
  	
  
Artesia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
85
  	
  
 
  	
  
1
  	
  
 
  	
  
51 Imclone Drive
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  86
  	
  
 
  	
  
1
  	
  
 
  	
  
Silverlake Shopping Center
  	
  
 
  	
  
Artesia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
87
  	
  
 
  	
  
1
  	
  
 
  	
  
Sav-On - Los Angeles, CA
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  88
  	
  
 
  	
  
1
  	
  
 
  	
  
Mainstay Inn & Suites -   Roanoke, VA
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
  
Dominion   Lodging Portfolio
  	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
89
  	
  
 
  	
  
1
  	
  
 
  	
  
St. Lucie Square
  	
  
 
  	
  
Artesia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
N
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  90
  	
  
 
  	
  
2
  	
  
 
  	
  
Greenbriar Apartments
  	
  
 
  	
  
Artesia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
91
  	
  
 
  	
  
1
  	
  
 
  	
  
North Hampton Mobile Home   Park & Self Storage Facility(20)
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  92
  	
  
 
  	
  
1
  	
  
 
  	
  
South Slappey Shopping   Center
  	
  
 
  	
  
Artesia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
N
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
93
  	
  
 
  	
  
1
  	
  
 
  	
  
BSK Self-Storage Facility
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
N
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  94
  	
  
 
  	
  
1
  	
  
 
  	
  
Comfort Inn - Roanoke, VA
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
  
Dominion   Lodging Portfolio
  	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
95
  	
  
 
  	
  
1
  	
  
 
  	
  
Walgreens - Asheboro, NC
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  96
  	
  
 
  	
  
1
  	
  
 
  	
  
Holiday Inn Express -   Lexington, VA
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
  
Dominion   Lodging Portfolio
  	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
97
  	
  
 
  	
  
1
  	
  
 
  	
  
Yorkshire Shopping Center
  	
  
 
  	
  
Artesia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  98
  	
  
 
  	
  
1
  	
  
 
  	
  
Hampton Inn - Wake Forest,   NC(21)
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
99
  	
  
 
  	
  
1
  	
  
 
  	
  
American Grating Building
  	
  
 
  	
  
Artesia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  100
  	
  
 
  	
  
1
  	
  
 
  	
  
Comfort Inn - Grundy, VA
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
  
Dominion   Lodging Portfolio
  	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
101
  	
  
 
  	
  
1
  	
  
 
  	
  
Drexel Heritage Furniture
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  102
  	
  
 
  	
  
1
  	
  
 
  	
  
Palmer Plaza
  	
  
 
  	
  
Artesia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
N
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
103
  	
  
 
  	
  
1
  	
  
 
  	
  
Sleep Inn Hotel - Staunton,   VA
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
  
Dominion   Lodging Portfolio
  	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  104
  	
  
 
  	
  
1
  	
  
 
  	
  
Shops at Pleasant Hill
  	
  
 
  	
  
Artesia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
N
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
105
  	
  
 
  	
  
2
  	
  
 
  	
  
Spanish Trace
  	
  
 
  	
  
Artesia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
N
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  106
  	
  
 
  	
  
1
  	
  
 
  	
  
Stor-N-Lock - Boise, ID
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
107
  	
  
 
  	
  
2
  	
  
 
  	
  
Morgan Pointe Apartments
  	
  
 
  	
  
Artesia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  108
  	
  
 
  	
  
1
  	
  
 
  	
  
Office Depot - Greenville,   MS
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
109
  	
  
 
  	
  
1
  	
  
 
  	
  
Stor-N-Lock - Taylorsville,   UT
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  110
  	
  
 
  	
  
1
  	
  
 
  	
  
Office Depot - Dayton, OH
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
111
  	
  
 
  	
  
1
  	
  
 
  	
  
Peachtree Professional   Center
  	
  
 
  	
  
Artesia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  112
  	
  
 
  	
  
1
  	
  
 
  	
  
Mosinee Warehouse
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
  
WOW   Portfolio
  	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
113
  	
  
 
  	
  
1
  	
  
 
  	
  
Sylarus Tech Building
  	
  
 
  	
  
Artesia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
Y
  
	
  114
  	
  
 
  	
  
2
  	
  
 
  	
  
Embassy Apartments
  	
  
 
  	
  
Artesia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
115
  	
  
 
  	
  
2
  	
  
 
  	
  
Hermitage Apartments
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  116
  	
  
 
  	
  
1
  	
  
 
  	
  
SSA - Gastonia, NC
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
  
Social   Security Administration/Cherry Bekaert and Holland Portfolio
  	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  
117
  	
  
 
  	
  
1
  	
  
 
  	
  
Cherry Bekaert &   Holland Building
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
  
Social   Security Administration/Cherry Bekaert and Holland Portfolio
  	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  
	
  NA
  	
  
 
  	
  
NA
  	
  
 
  	
  
The Woodlands Mall(1)
  	
  
 
  	
  
Wachovia
  	
   
 	
  
N
  	
   
 	
   
 	
   
 	
  
Y
  	
   
 	
  
N
  	
   
 	
  
N
  

	
  Mortgage
   Loan Number
  	
   
 	
  
Loan Group
   Number
  	
   
 	
  
Property   Name
  	
   
 	
  
Interest   Accrual
   Method
  	
   
 	
  
Lockbox
  	
   
 	
  
Annual   Deposit to Replacement
   Reserves
  	
   
 	
  
Initial   Deposit to Capital
   Improvements
   Reserve
  	
   
 	
  
Initial   TI/LC
   Escrow
  	
   
 	
  
Ongoing
   TI/LC
   Footnote
  
	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  
	
  59
  	
  
 
  	
  
1
  	
  
 
  	
  
The Shoppes at Taylor Mill
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
7,632
  	
   
 	
  
36,410
  	
   
 	
   
 	
   
 	
  
(3)
  
	
  
60
  	
  
 
  	
  
1
  	
  
 
  	
  
Little Chute Warehouse   South
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
35,637
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  61
  	
  
 
  	
  
1
  	
  
 
  	
  
Gander Mountain Retail   Store
  	
  
 
  	
  
Actual/360
  	
   
 	
  
Springing
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
62
  	
  
 
  	
  
1
  	
  
 
  	
  
Wawa II Pool
  	
  
 
  	
  
Actual/360
  	
   
 	
  
Springing
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  62.01
  	
  
 
  	
   
 	
  
 
  	
  
Wawa - Manahawkin, NJ
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
62.02
  	
  
 
  	
   
 	
  
 
  	
  
Wawa - Narberth, PA
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  62.03
  	
  
 
  	
   
 	
  
 
  	
  
Wawa - Hockessin, DE
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
63
  	
  
 
  	
  
1
  	
  
 
  	
  
Auburn Self Storage(17)
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
9,561
  	
   
 	
   
 	
   
 	
   
 	
   
 	
  
(3)
  
	
  64
  	
  
 
  	
  
2
  	
  
 
  	
  
Lantern Colonial Pool
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
57,144
  	
   
 	
  
3,750
  	
   
 	
   
 	
   
 	
   
 
	
  
64.01
  	
  
 
  	
   
 	
  
 
  	
  
Colonial Village Apartments
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  64.02
  	
  
 
  	
   
 	
  
 
  	
  
Lantern Ridge Apartments
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
65
  	
  
 
  	
  
2
  	
  
 
  	
  
Chatham Wood Apartment   Complex(18)
  	
  
 
  	
  
Actual/360
  	
   
 	
  
Springing
  	
   
 	
  
41,600
  	
   
 	
  
7,000
  	
   
 	
   
 	
   
 	
   
 
	
  66
  	
  
 
  	
  
1
  	
  
 
  	
  
Marlo Plaza II
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
67
  	
  
 
  	
  
Reserved   (15)
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  68
  	
  
 
  	
  
2
  	
  
 
  	
  
The Tree Tops Apartments
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
28,000
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
69
  	
  
 
  	
  
2
  	
  
 
  	
  
The Cottages of Monroe(19)
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
12,750
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  70
  	
  
 
  	
  
Reserved   (15)
  	
  
 
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
71
  	
  
 
  	
  
1
  	
  
 
  	
  
209 West 38th Street
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  72
  	
  
 
  	
  
1
  	
  
 
  	
  
Schofield Warehouse South
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
32,975
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
73
  	
  
 
  	
  
2
  	
  
 
  	
  
Pines Point Apartments
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
95,400
  	
   
 	
  
125,000
  	
   
 	
   
 	
   
 	
   
 
	
  74
  	
  
 
  	
  
1
  	
  
 
  	
  
Staples - Chicago, IL
  	
  
 
  	
  
Actual/360
  	
   
 	
  
Springing
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
75
  	
  
 
  	
  
1
  	
  
 
  	
  
Veteran Affairs Outpatient   Clinic
  	
  
 
  	
  
Actual/360
  	
   
 	
  
Springing
  	
   
 	
  
10,386
  	
   
 	
   
 	
   
 	
   
 	
   
 	
  
(3)
  
	
  76
  	
  
 
  	
  
1
  	
  
 
  	
  
Taylor Park Shopping Center
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
77
  	
  
 
  	
  
1
  	
  
 
  	
  
Twin Bridges Marine Park,   Phase I
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
8,300
  	
   
 	
   
 	
   
 	
   
 	
   
 	
  
(3)
  
	
  78
  	
  
 
  	
  
1
  	
  
 
  	
  
Mt. Zion Promenade
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
4,323
  	
   
 	
   
 	
   
 	
   
 	
   
 	
  
(3)
  
	
  
79
  	
  
 
  	
  
1
  	
  
 
  	
  
Sunrise Plaza
  	
  
 
  	
  
Actual/360
  	
   
 	
  
Springing
  	
   
 	
  
3,614
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  80
  	
  
 
  	
  
1
  	
  
 
  	
  
1011 Medical Plaza Drive
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
6,625
  	
   
 	
   
 	
   
 	
  
125,000
  	
   
 	
  
(3)
  
	
  
81
  	
  
 
  	
  
2
  	
  
 
  	
  
Casa Del Verde Apartments
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
37,264
  	
   
 	
  
458,000
  	
   
 	
   
 	
   
 	
   
 
	
  82
  	
  
 
  	
  
1
  	
  
 
  	
  
North Ranch Center
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
3,684
  	
   
 	
  
69,514
  	
   
 	
   
 	
   
 	
  
(3)
  
	
  
83
  	
  
 
  	
  
2
  	
  
 
  	
  
Cedar Point Apartments
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
37,500
  	
   
 	
  
19,500
  	
   
 	
   
 	
   
 	
   
 
	
  84
  	
  
 
  	
  
1
  	
  
 
  	
  
Walgreens - Guilderland, NY
  	
  
 
  	
  
Actual/360
  	
   
 	
  
Springing
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
85
  	
  
 
  	
  
1
  	
  
 
  	
  
51 Imclone Drive
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
15,171
  	
   
 	
   
 	
   
 	
  
170,000
  	
   
 	
  
(3)
  
	
  86
  	
  
 
  	
  
1
  	
  
 
  	
  
Silverlake Shopping Center
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
2,363
  	
   
 	
   
 	
   
 	
   
 	
   
 	
  
(3)
  
	
  
87
  	
  
 
  	
  
1
  	
  
 
  	
  
Sav-On - Los Angeles, CA
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  88
  	
  
 
  	
  
1
  	
  
 
  	
  
Mainstay Inn & Suites -   Roanoke, VA
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
79,541
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
89
  	
  
 
  	
  
1
  	
  
 
  	
  
St. Lucie Square
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
2,108
  	
   
 	
   
 	
   
 	
   
 	
   
 	
  
(3)
  
	
  90
  	
  
 
  	
  
2
  	
  
 
  	
  
Greenbriar Apartments
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
46,000
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
91
  	
  
 
  	
  
1
  	
  
 
  	
  
North Hampton Mobile Home   Park & Self Storage Facility(20)
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
3,075
  	
   
 	
  
10,000
  	
   
 	
   
 	
   
 	
   
 
	
  92
  	
  
 
  	
  
1
  	
  
 
  	
  
South Slappey Shopping   Center
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
14,959
  	
   
 	
  
300,000
  	
   
 	
   
 	
   
 	
  
(3)
  
	
  
93
  	
  
 
  	
  
1
  	
  
 
  	
  
BSK Self-Storage Facility
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
21,175
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  94
  	
  
 
  	
  
1
  	
  
 
  	
  
Comfort Inn - Roanoke, VA
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
82,848
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
95
  	
  
 
  	
  
1
  	
  
 
  	
  
Walgreens - Asheboro, NC
  	
  
 
  	
  
Actual/360
  	
   
 	
  
Springing
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  96
  	
  
 
  	
  
1
  	
  
 
  	
  
Holiday Inn Express - Lexington,   VA
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
88,638
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
97
  	
  
 
  	
  
1
  	
  
 
  	
  
Yorkshire Shopping Center
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
18,813
  	
   
 	
  
51,375
  	
   
 	
  
100,000
  	
   
 	
  
(3)
  
	
  98
  	
  
 
  	
  
1
  	
  
 
  	
  
Hampton Inn - Wake Forest,   NC(21)
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
63,303
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
99
  	
  
 
  	
  
1
  	
  
 
  	
  
American Grating Building
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
  
200,000
  	
   
 	
  
(3)
  
	
  100
  	
  
 
  	
  
1
  	
  
 
  	
  
Comfort Inn - Grundy, VA
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
65,940
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
101
  	
  
 
  	
  
1
  	
  
 
  	
  
Drexel Heritage Furniture
  	
  
 
  	
  
Actual/360
  	
   
 	
  
Springing
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  102
  	
  
 
  	
  
1
  	
  
 
  	
  
Palmer Plaza
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
3,649
  	
   
 	
   
 	
   
 	
  
25,000
  	
   
 	
  
(3)
  
	
  
103
  	
  
 
  	
  
1
  	
  
 
  	
  
Sleep Inn Hotel - Staunton,   VA
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
95,700
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  104
  	
  
 
  	
  
1
  	
  
 
  	
  
Shops at Pleasant Hill
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
2,323
  	
   
 	
   
 	
   
 	
   
 	
   
 	
  
(3)
  
	
  
105
  	
  
 
  	
  
2
  	
  
 
  	
  
Spanish Trace
  	
  
 
  	
  
Actual/360
  	
   
 	
  
Springing
  	
   
 	
  
36,916
  	
   
 	
  
33,125
  	
   
 	
   
 	
   
 	
   
 
	
  106
  	
  
 
  	
  
1
  	
  
 
  	
  
Stor-N-Lock - Boise, ID
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
6,752
  	
   
 	
  
23,957
  	
   
 	
   
 	
   
 	
   
 
	
  
107
  	
  
 
  	
  
2
  	
  
 
  	
  
Morgan Pointe Apartments
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
16,800
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  108
  	
  
 
  	
  
1
  	
  
 
  	
  
Office Depot - Greenville,   MS
  	
  
 
  	
  
Actual/360
  	
   
 	
  
Springing
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
109
  	
  
 
  	
  
1
  	
  
 
  	
  
Stor-N-Lock - Taylorsville,   UT
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
6,261
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  110
  	
  
 
  	
  
1
  	
  
 
  	
  
Office Depot - Dayton, OH
  	
  
 
  	
  
Actual/360
  	
   
 	
  
Springing
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
111
  	
  
 
  	
  
1
  	
  
 
  	
  
Peachtree Professional   Center
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
5,041
  	
   
 	
   
 	
   
 	
  
60,000
  	
   
 	
  
(3)
  
	
  112
  	
  
 
  	
  
1
  	
  
 
  	
  
Mosinee Warehouse
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
13,200
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
113
  	
  
 
  	
  
1
  	
  
 
  	
  
Sylarus Tech Building
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
5,940
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  114
  	
  
 
  	
  
2
  	
  
 
  	
  
Embassy Apartments
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
33,000
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
115
  	
  
 
  	
  
2
  	
  
 
  	
  
Hermitage Apartments
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
28,600
  	
   
 	
  
6,750
  	
   
 	
   
 	
   
 	
   
 
	
  116
  	
  
 
  	
  
1
  	
  
 
  	
  
SSA - Gastonia, NC
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
2,637
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
117
  	
  
 
  	
  
1
  	
  
 
  	
  
Cherry Bekaert &   Holland Building
  	
  
 
  	
  
Actual/360
  	
   
 	
   
 	
   
 	
  
2,240
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  NA
  	
   
  	
  NA
  	
   
  	
  The Woodlands Mall(1)
  	
   
  	
  Actual/360
  	
   
 	
  Day   1
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 

	
  

  
	
  
(1) Includes the vacant   anchor pad of approximately 85,150 square feet formerly owned and occupied by   Mervyn’s.  Exclusive of this space,   the number of units would be 526,406 square feet.
  
	
  
 
  
	
  
(2) The Prime Outlets Pool   Loan (loan number 2, representing 8.7% of the Cut-Off Date Pool Balance or   10.0% of the Cut-Off Date Group 1 Balance), is part of a split loan structure   and the related pari passu   companion loan is not included in the Trust Fund.
  
	
  
 
  
	
  
(3)  In addition to any such escrows funded at   loan closing for potential TI/LC, these Mortgage Loans require funds to be   escrowed during some or all of the loan terms for TI/LC expenses, which may   be incurred during the loan term.  In   certain instances, escrowed funds may be released to the borrower upon satisfaction   of certain leasing conditions.
  
	
  
 
  
	
  
(4)  After the first loan year, Annual Deposit   to Replacement Reserves is 4.0% of yearly revenues.
  
	
  
 
  
	
  
(5) With respect to the   Northland Plaza Loan (loan number 11, representing 1.9% of the Cut-Off Date   Pool Balance or 2.2% of the Cut-Off Date Group 1 Balance), the number of   units includes an additional 5,575 square feet to be completed pursuant to   the executed letter of intent with PetSmart.
  
	
   
  
	
  
(6)  Annual Deposit to Replacement Reserves is   $44,616 through the 48th payment date.
  
	
  
 
  
	
  
(7) With respect to The   Towers of Dadeland Loan (loan number 18, representing 1.2% of the Cut-Off   Date Pool Balance or 1.4% of the Cut-Off Date Group 1 Balance), in addition   to the 120 multifamily units, the Mortgaged Property contains approximately   6,087 square feet of ground floor retail space.
  
	
  
 
  
	
  
(8)  Commencing in the second loan year, Annual   Deposit to Replacement Reserves is $18,262.    Beginning in the fourth loan year, Annual Deposit to Replacement   Reserves is $36,525.
  
	
  
 
  
	
  
(9)  Prohibit prepayment until a date specified   in the related mortgage note; but permit defeasance or impose a yield   maintenance charge for most or all of the remaining term
  
	
  
 
  
	
  
(10)  Commencing on the 37th payment date and   continuing through the 108th payment date, Annual Deposit to Replacement   Reserves is $100,000.
  
	
  
 
  
	
  
(11)  Commencing on the 37th payment date and   continuing through the 108th payment date, Annual Deposit to Replacement   Reserves is $58,800.
  
	
   
  
	
  
(12)  Annual Deposit to Replacement Reserves is   $36,008 through the 48th payment date.
  
	
  
 
  
	
  
(13)  Annual Deposit to Replacement Reserves is   the greater of $250,287 or 4.0% of yearly revenues.
  
	
  
 
  
	
  
(14)  Annual Deposit to Replacement Reserves is   $22,431 through May 11, 2008.
  
	
  
 
  
	
  
(15)  Loan numbers 48, 67 and 70 were removed   from Annex A-1 included in the Free Writing Prospectus dated June 9, 2006
  
	
  
 
  
	
  
(16)  Commencing on the 25th payment date,   Annual Deposit to Replacement Reserves is $39,000.
  
	
  
 
  
	
  
(17) With respect to the   Auburn Self Storage Loan (loan number 63, representing 0.4% of the Cut-Off   Date Pool Balance or 0.5% of the Cut-Off Date Group 1 Balance), the subject   property also includes 12,630 square feet of industrial space.
  
	
  
 
  
	
  
(18)  Commencing on the 37th payment date and   continuing through the 108th payment date, Annual Deposit to Replacement   Reserves is $41,600.
  
	
   
  
	
  (19) With respect to The   Cottages of Monroe Loan (loan number 69, representing 0.4% of the Cut-Off   Date Pool Balance or 2.9% of the Cut-Off Date Group 2 Balance), the number of   units includes seven units currently under construction.
  
	
   
  
	
  (20) With respect to the   North Hampton Mobile Home Park & Self Storage Loan (loan number 91,   representing 0.2% of the Cut-Off Date Pool Balance or 0.3% of the Cut-Off   Date Group 1 Balance), the subject property also includes 13,800 square feet   (109 units) of self storage.
  
	
   
  
	
  (21)  Commencing June 11, 2008, Annual Deposit   to Replacement Reserves is $63,303.
  
	
   
  
	
  See “DESCRIPTION OF THE   MORTGAGED POOL - Additional Mortgage Loan Information” in the prospectus   supplement.
  

B-1

EXHIBIT C-1

SCHEDULE OF EXCEPTIONS TO MORTGAGE FILE DELIVERY

Wachovia Commercial Mortgage Securities Inc.
 Commercial Mortgage Pass-Through Certificates Series 2006-C26

	
  
Collateral   ID
  	
  
 
  	
  
Property   Name
  	
   
 	
  
Pool ID
  	
   
 	
  
Collgroup
  	
   
 	
  
Investor ID
  	
   
 	
  
AlternateLoanID
  	
   
 	
  
Casenum
  	
   
 	
  
Loan Amount
  	
   
 	
  
DocType
  	
   
 	
  
Exception
  
	
  

  	
   
  	
  

  	
  
 
  	
  

  	
   
 	
  

  	
  
 
  	
  

  	
   
 	
  

  	
   
 	
  

  	
  
 
  	
  

  	
  
 
  	
  

  	
  
 
  	
  

  
	
  
52006C26
  	
  
 
  	
  
Tan-Tar-A Resort
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855134
  	
   
 	
  
PROS
  	
  
 
  	
  
55,400,000.00
  	
  
 
  	
  
ALNV
  	
  
 
  	
  
01
  
	
  62006C26
  	
  
 
  	
  
Lincoln Place
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855332
  	
   
 	
  
W&ST
  	
  
 
  	
  
49,600,000.00
  	
  
 
  	
  
ALNV
  	
  
 
  	
  
26
  
	
  
102006C26
  	
  
 
  	
  
Marriott - Tampa, FL
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855442
  	
   
 	
  
PROS
  	
  
 
  	
  
37,800,000.00
  	
  
 
  	
  
ALNV
  	
  
 
  	
  
01
  
	
  192006C26
  	
  
 
  	
  
301 South McDowell
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855795
  	
   
 	
  
PROS
  	
  
 
  	
  
21,000,000.00
  	
  
 
  	
  
ALNV
  	
  
 
  	
  
01
  
	
  
272006C26
  	
  
 
  	
  
Mount Clare
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855809
  	
   
 	
  
PROS
  	
  
 
  	
  
18,000,000.00
  	
  
 
  	
  
ALNV
  	
  
 
  	
  
01
  
	
  1172006C26
  	
  
 
  	
  
Cherry Bekaert & Holland   Building
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2853107
  	
   
 	
  
MOOR
  	
  
 
  	
  
1,000,000.00
  	
  
 
  	
  
ALNV
  	
  
 
  	
  
26
  
	
  
22006C26
  	
  
 
  	
  
Prime Outlets Pool II(2)
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2854925
  	
   
 	
  
W&ST
  	
  
 
  	
  
317,000,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  22006C26
  	
  
 
  	
  
Prime Outlets Pool II(2)
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2854925
  	
   
 	
  
W&ST
  	
  
 
  	
  
317,000,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  
32006C26
  	
  
 
  	
  
Eastern Shore Centre
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855284
  	
   
 	
  
MOOR
  	
  
 
  	
  
73,000,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  52006C26
  	
  
 
  	
  
Tan-Tar-A Resort
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855134
  	
   
 	
  
PROS
  	
  
 
  	
  
55,400,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  
62006C26
  	
  
 
  	
  
Lincoln Place
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855332
  	
   
 	
  
W&ST
  	
  
 
  	
  
49,600,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  82006C26
  	
  
 
  	
  
4 Becker Farm Road
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2856396
  	
   
 	
  
W&ST
  	
  
 
  	
  
43,000,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  
102006C26
  	
  
 
  	
  
Marriott - Tampa, FL
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855442
  	
   
 	
  
PROS
  	
  
 
  	
  
37,800,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  142006C26
  	
  
 
  	
  
Eastern Shore Plaza
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2853362
  	
   
 	
  
MOOR
  	
  
 
  	
  
30,000,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  
162006C26
  	
  
 
  	
  
Oakesdale Center
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062806T
  	
  
 
  	
  
Artesia
  	
   
 	
  
010-00001592
  	
   
 	
  
 
  	
  
 
  	
  
23,000,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
69
  
	
  182006C26
  	
  
 
  	
  
Green Co. - Towers of   Dadeland
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2852784
  	
   
 	
  
MOOR
  	
  
 
  	
  
21,100,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  
202006C26
  	
  
 
  	
  
4400 Jenifer Street
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855418
  	
   
 	
  
CADW
  	
  
 
  	
  
20,800,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  222006C26
  	
  
 
  	
  
Madison at Adams Farm   Apartment Complex
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855181
  	
   
 	
  
KILP
  	
  
 
  	
  
20,250,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  
232006C26
  	
  
 
  	
  
1634 Eye Street
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855416
  	
   
 	
  
CADW
  	
  
 
  	
  
19,250,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  272006C26
  	
  
 
  	
  
Mount Clare
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855809
  	
   
 	
  
PROS
  	
  
 
  	
  
18,000,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  
312006C26
  	
  
 
  	
  
Church Ranch Office Center   Buildings 2 & 4
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062806T
  	
  
 
  	
  
Artesia
  	
   
 	
  
010-00001618
  	
   
 	
  
 
  	
  
 
  	
  
17,000,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  322006C26
  	
  
 
  	
  
210 Clay Avenue
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2856398
  	
   
 	
  
W&ST
  	
  
 
  	
  
16,000,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  
332006C26
  	
  
 
  	
  
5 Becker Farm Road
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2856397
  	
   
 	
  
W&ST
  	
  
 
  	
  
15,500,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  362006C26
  	
  
 
  	
  
Lake Center IV
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2854957
  	
   
 	
  
KILP
  	
  
 
  	
  
14,830,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  
372006C26
  	
  
 
  	
  
CarMax Merriam, KS
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855517
  	
   
 	
  
MOOR
  	
  
 
  	
  
14,175,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  382006C26
  	
  
 
  	
  
River Terrace Inn - Napa, CA
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855137
  	
   
 	
  
MOOR
  	
  
 
  	
  
14,000,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  
412006C26
  	
  
 
  	
  
1712 Eye Street
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855410
  	
   
 	
  
CADW
  	
  
 
  	
  
11,700,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  422006C26
  	
  
 
  	
  
Ashford Manor Apartments
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062806T
  	
  
 
  	
  
Artesia
  	
   
 	
  
010-00001578
  	
   
 	
  
 
  	
  
 
  	
  
11,500,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
96
  
	
  
442006C26
  	
  
 
  	
  
Woodcourt Office Complex
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062806T
  	
  
 
  	
  
Artesia
  	
   
 	
  
010-00001620
  	
   
 	
  
 
  	
  
 
  	
  
10,800,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
68
  
	
  462006C26
  	
  
 
  	
  
Massachusetts State Lottery   Commission
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062806T
  	
  
 
  	
  
Artesia
  	
   
 	
  
010-00001606
  	
   
 	
  
 
  	
  
 
  	
  
10,480,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
68
  
	
  
472006C26
  	
  
 
  	
  
Valley View Phase V
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062806T
  	
  
 
  	
  
Artesia
  	
   
 	
  
010-00001608
  	
   
 	
  
 
  	
  
 
  	
  
10,000,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  492006C26
  	
  
 
  	
  
Hilton Garden Inn -   Columbus, GA
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855014
  	
   
 	
  
MOOR
  	
  
 
  	
  
9,725,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  
502006C26
  	
  
 
  	
  
Gallery Court
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855191
  	
   
 	
  
MOOR
  	
  
 
  	
  
9,600,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  512006C26
  	
  
 
  	
  
Value City Pool
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2856259
  	
   
 	
  
W&ST
  	
  
 
  	
  
9,600,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  
512006C26
  	
  
 
  	
  
Value City Pool
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2856259
  	
   
 	
  
W&ST
  	
  
 
  	
  
9,600,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  512006C26
  	
  
 
  	
  
Value City Pool
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2856259
  	
   
 	
  
W&ST
  	
  
 
  	
  
9,600,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  
552006C26
  	
  
 
  	
  
Pinnacle View Apartments
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855203
  	
   
 	
  
MOOR
  	
  
 
  	
  
8,700,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  562006C26
  	
  
 
  	
  
Vanguard Rental Car Facility
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855499
  	
   
 	
  
MOOR
  	
  
 
  	
  
8,625,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  
572006C26
  	
  
 
  	
  
Wawa IV Pool
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855534
  	
   
 	
  
MOOR
  	
  
 
  	
  
8,580,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  572006C26
  	
  
 
  	
  
Wawa IV Pool
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855534
  	
   
 	
  
MOOR
  	
  
 
  	
  
8,580,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  
572006C26
  	
  
 
  	
  
Wawa IV Pool
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855534
  	
   
 	
  
MOOR
  	
  
 
  	
  
8,580,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  

C-1-1

	
  
Collateral   ID
  	
  
 
  	
  
Property   Name
  	
   
 	
  
Pool ID
  	
   
 	
  
Collgroup
  	
   
 	
  
Investor ID
  	
   
 	
  
AlternateLoanID
  	
   
 	
  
Casenum
  	
   
 	
  
Loan Amount
  	
   
 	
  
DocType
  	
   
 	
  
Exception
  
	
  

  	
   
  	
  

  	
  
 
  	
  

  	
   
 	
  

  	
  
 
  	
  

  	
   
 	
  

  	
   
 	
  

  	
  
 
  	
  

  	
  
 
  	
  

  	
  
 
  	
  

  
	
  
592006C26
  	
  
 
  	
  
Shoppes at Taylor Mill
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062806T
  	
  
 
  	
  
Artesia
  	
   
 	
  
010-00001587
  	
   
 	
  
 
  	
  
 
  	
  
8,000,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
68
  
	
  612006C26
  	
  
 
  	
  
Cole Gander Mountain Retail   Store
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855535
  	
   
 	
  
MOOR
  	
  
 
  	
  
7,800,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  
622006C26
  	
  
 
  	
  
Wawa II Pool
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855533
  	
   
 	
  
MOOR
  	
  
 
  	
  
7,748,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  652006C26
  	
  
 
  	
  
Chatham Wood Apartment   Complex
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855182
  	
   
 	
  
KILP
  	
  
 
  	
  
7,350,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  
662006C26
  	
  
 
  	
  
Marlo Plaza II
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855256
  	
   
 	
  
MOOR
  	
  
 
  	
  
7,000,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  682006C26
  	
  
 
  	
  
Tree Tops at Post Oak
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855273
  	
   
 	
  
KILP
  	
  
 
  	
  
6,670,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
96
  
	
  
692006C26
  	
  
 
  	
  
Cottages of Monroe
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855368
  	
   
 	
  
MOOR
  	
  
 
  	
  
6,600,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  712006C26
  	
  
 
  	
  
209 West 38th Street
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
9850307
  	
   
 	
  
W&ST
  	
  
 
  	
  
6,400,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  
712006C26
  	
  
 
  	
  
209 West 38th Street
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
9850307
  	
   
 	
  
W&ST
  	
  
 
  	
  
6,400,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  742006C26
  	
  
 
  	
  
Staples - Chicago, IL
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062806T
  	
  
 
  	
  
Artesia
  	
   
 	
  
010-00001602
  	
   
 	
  
 
  	
  
 
  	
  
5,843,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  
782006C26
  	
  
 
  	
  
Mt. Zion Promenade
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062806T
  	
  
 
  	
  
Artesia
  	
   
 	
  
010-00001605
  	
   
 	
  
 
  	
  
 
  	
  
5,240,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  802006C26
  	
  
 
  	
  
1011 Medical Plaza Drive
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062806T
  	
  
 
  	
  
Artesia
  	
   
 	
  
010-00001579
  	
   
 	
  
 
  	
  
 
  	
  
4,880,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  
812006C26
  	
  
 
  	
  
Casa Del Verde Apartments
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062806T
  	
  
 
  	
  
Artesia
  	
   
 	
  
010-00001489
  	
   
 	
  
 
  	
  
 
  	
  
4,800,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
68
  
	
  832006C26
  	
  
 
  	
  
Cedar Point
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2854451
  	
   
 	
  
KILP
  	
  
 
  	
  
4,800,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  
852006C26
  	
  
 
  	
  
51 Chubb Way
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2856399
  	
   
 	
  
W&ST
  	
  
 
  	
  
4,500,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  912006C26
  	
  
 
  	
  
North Hampton Mobile Home   Park
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2854922
  	
   
 	
  
KILP
  	
  
 
  	
  
3,760,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  
932006C26
  	
  
 
  	
  
BSK Mini Warehouses
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855467
  	
   
 	
  
MOOR
  	
  
 
  	
  
3,520,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  972006C26
  	
  
 
  	
  
Yorkshire Shopping Center
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062806T
  	
  
 
  	
  
Artesia
  	
   
 	
  
010-00001576
  	
   
 	
  
 
  	
  
 
  	
  
3,300,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
68
  
	
  
992006C26
  	
  
 
  	
  
American Grating Building
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062806T
  	
  
 
  	
  
Artesia
  	
   
 	
  
010-00001583
  	
   
 	
  
 
  	
  
 
  	
  
3,250,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
96
  
	
  1002006C26
  	
  
 
  	
  
Comfort Inn - Grundy, VA
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855576
  	
   
 	
  
MOOR
  	
  
 
  	
  
3,100,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  
1012006C26
  	
  
 
  	
  
Cole Drexel Heritage
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
501000016
  	
   
 	
  
MOOR
  	
  
 
  	
  
2,763,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  1042006C26
  	
  
 
  	
  
Shops at Pleasant Hill
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062806T
  	
  
 
  	
  
Artesia
  	
   
 	
  
010-00001612
  	
   
 	
  
 
  	
  
 
  	
  
2,500,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
96
  
	
  
1052006C26
  	
  
 
  	
  
Spanish Trace
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062806T
  	
  
 
  	
  
Artesia
  	
   
 	
  
010-00001603
  	
   
 	
  
 
  	
  
 
  	
  
2,500,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  1082006C26
  	
  
 
  	
  
Cole Office Depot Greenville   MS
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2853998
  	
   
 	
  
MOOR
  	
  
 
  	
  
2,192,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  
1132006C26
  	
  
 
  	
  
Sylarus Tech Building
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062806T
  	
  
 
  	
  
Artesia
  	
   
 	
  
010-00001567
  	
   
 	
  
 
  	
  
 
  	
  
2,050,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  1152006C26
  	
  
 
  	
  
Hermitage Apartments
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855633
  	
   
 	
  
W&ST
  	
  
 
  	
  
1,650,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  
1172006C26
  	
  
 
  	
  
Cherry Bekaert & Holland   Building
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2853107
  	
   
 	
  
MOOR
  	
  
 
  	
  
1,000,000.00
  	
  
 
  	
  
MORT
  	
  
 
  	
  
20
  
	
  22006C26
  	
  
 
  	
  
Prime Outlets Pool II(2)
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2854925
  	
   
 	
  
W&ST
  	
  
 
  	
  
317,000,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  
32006C26
  	
  
 
  	
  
Eastern Shore Centre
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855284
  	
   
 	
  
MOOR
  	
  
 
  	
  
73,000,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  42006C26
  	
  
 
  	
  
Chemed Center
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2854715
  	
   
 	
  
KILP
  	
  
 
  	
  
76,000,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  
52006C26
  	
  
 
  	
  
Tan-Tar-A Resort
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855134
  	
   
 	
  
PROS
  	
  
 
  	
  
55,400,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  62006C26
  	
  
 
  	
  
Lincoln Place
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855332
  	
   
 	
  
W&ST
  	
  
 
  	
  
49,600,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  
72006C26
  	
  
 
  	
  
Chemed Center ground
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855602
  	
   
 	
  
KILP
  	
  
 
  	
  
45,000,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  82006C26
  	
  
 
  	
  
4 Becker Farm Road
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2856396
  	
   
 	
  
W&ST
  	
  
 
  	
  
43,000,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  
92006C26
  	
  
 
  	
  
One Enterprise Center
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855412
  	
   
 	
  
W&ST
  	
  
 
  	
  
41,600,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  102006C26
  	
  
 
  	
  
Marriott - Tampa, FL
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855442
  	
   
 	
  
PROS
  	
  
 
  	
  
37,800,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  
122006C26
  	
  
 
  	
  
Sunset Industrial Park
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2854950
  	
   
 	
  
W&ST
  	
  
 
  	
  
32,000,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  132006C26
  	
  
 
  	
  
Washington Park
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855144
  	
   
 	
  
MOOR
  	
  
 
  	
  
30,600,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  
142006C26
  	
  
 
  	
  
Eastern Shore Plaza
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2853362
  	
   
 	
  
MOOR
  	
  
 
  	
  
30,000,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  152006C26
  	
  
 
  	
  
Saddle Club Apartments
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2850472
  	
   
 	
  
KILP
  	
  
 
  	
  
25,000,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  
172006C26
  	
  
 
  	
  
HMA- Lake Norman
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2854923
  	
   
 	
  
KILP
  	
  
 
  	
  
22,000,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  182006C26
  	
  
 
  	
  
Green Co. - Towers of   Dadeland
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2852784
  	
   
 	
  
MOOR
  	
  
 
  	
  
21,100,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  

C-1-2

	
  Collateral   ID
  	
  
 
  	
  
Property   Name
  	
   
 	
  
Pool ID
  	
   
 	
  
Collgroup
  	
   
 	
  
Investor ID
  	
   
 	
  
AlternateLoanID
  	
   
 	
  
Casenum
  	
   
 	
  
Loan Amount
  	
   
 	
  
DocType
  	
   
 	
  
Exception
  
	
  

  	
  
 
  	
  

  	
  
 
  	
  

  	
   
 	
  

  	
  
 
  	
  

  	
   
 	
  

  	
   
 	
  

  	
  
 
  	
  

  	
  
 
  	
  

  	
  
 
  	
  

  
	
  192006C26
  	
  
 
  	
  
301 South McDowell
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855795
  	
   
 	
  
PROS
  	
  
 
  	
  
21,000,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  202006C26
  	
  
 
  	
  
4400 Jenifer Street
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855418
  	
   
 	
  
CADW
  	
  
 
  	
  
20,800,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  212006C26
  	
  
 
  	
  
Reserve at Charles Place   Apartments
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855529
  	
   
 	
  
KILP
  	
  
 
  	
  
20,475,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  
222006C26
  	
  
 
  	
  
Madison at Adams Farm   Apartment Complex
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855181
  	
   
 	
  
KILP
  	
  
 
  	
  
20,250,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  232006C26
  	
  
 
  	
  
1634 Eye Street
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855416
  	
   
 	
  
CADW
  	
  
 
  	
  
19,250,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  
242006C26
  	
  
 
  	
  
ACG: The Center Martinez
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2854506
  	
   
 	
  
MOOR
  	
  
 
  	
  
19,100,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  252006C26
  	
  
 
  	
  
Hickory Creek Apartments
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855183
  	
   
 	
  
KILP
  	
  
 
  	
  
18,500,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  
26C006C26
  	
  
 
  	
  
La Ventana Apartment Homes
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855626
  	
   
 	
  
KILP
  	
  
 
  	
  
18,200,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  272006C26
  	
  
 
  	
  
Mount Clare
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855809
  	
   
 	
  
PROS
  	
  
 
  	
  
18,000,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  
292006C26
  	
  
 
  	
  
Wilshire Rexford Plaza
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855116
  	
   
 	
  
KILP
  	
  
 
  	
  
17,900,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  302006C26
  	
  
 
  	
  
Hilton Garden Inn Downtown   Portland
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855236
  	
   
 	
  
W&ST
  	
  
 
  	
  
17,500,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  
322006C26
  	
  
 
  	
  
210 Clay Avenue
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2856398
  	
   
 	
  
W&ST
  	
  
 
  	
  
16,000,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  332006C26
  	
  
 
  	
  
5 Becker Farm Road
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2856397
  	
   
 	
  
W&ST
  	
  
 
  	
  
15,500,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  
342006C26
  	
  
 
  	
  
Lincoln Commerce Center
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
501000089
  	
   
 	
  
MOOR
  	
  
 
  	
  
15,000,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  352006C26
  	
  
 
  	
  
Silver Shadow Apartments
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855628
  	
   
 	
  
KILP
  	
  
 
  	
  
14,950,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  
362006C26
  	
  
 
  	
  
Lake Center IV
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2854957
  	
   
 	
  
KILP
  	
  
 
  	
  
14,830,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  372006C26
  	
  
 
  	
  
CarMax Merriam, KS
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855517
  	
   
 	
  
MOOR
  	
  
 
  	
  
14,175,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  
382006C26
  	
  
 
  	
  
River Terrace Inn - Napa, CA
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855137
  	
   
 	
  
MOOR
  	
  
 
  	
  
14,000,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  392006C26
  	
  
 
  	
  
Westfield Apartments
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2854791
  	
   
 	
  
KILP
  	
  
 
  	
  
13,950,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  
402006C26
  	
  
 
  	
  
Sunrise Springs Apartment   Homes
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855629
  	
   
 	
  
KILP
  	
  
 
  	
  
13,250,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  412006C26
  	
  
 
  	
  
1712 Eye Street
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855410
  	
   
 	
  
CADW
  	
  
 
  	
  
11,700,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  
432006C26
  	
  
 
  	
  
Potrero Business Center
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855219
  	
   
 	
  
MOOR
  	
  
 
  	
  
10,800,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  452006C26
  	
  
 
  	
  
PetSmart Pool
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855590
  	
   
 	
  
KILP
  	
  
 
  	
  
10,773,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  
492006C26
  	
  
 
  	
  
Hilton Garden Inn -   Columbus, GA
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855014
  	
   
 	
  
MOOR
  	
  
 
  	
  
9,725,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  502006C26
  	
  
 
  	
  
Gallery Court
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855191
  	
   
 	
  
MOOR
  	
  
 
  	
  
9,600,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  
512006C26
  	
  
 
  	
  
Value City Pool
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2856259
  	
   
 	
  
W&ST
  	
  
 
  	
  
9,600,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  522006C26
  	
  
 
  	
  
Weathersfield Commons
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855233
  	
   
 	
  
MOOR
  	
  
 
  	
  
9,300,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  
532006C26
  	
  
 
  	
  
The Falls at Quail Lake   Apartments
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855271
  	
   
 	
  
MOOR
  	
  
 
  	
  
9,200,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  542006C26
  	
  
 
  	
  
Marlo Plaza III
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2854644
  	
   
 	
  
MOOR
  	
  
 
  	
  
9,000,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  
552006C26
  	
  
 
  	
  
Pinnacle View Apartments
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855203
  	
   
 	
  
MOOR
  	
  
 
  	
  
8,700,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  562006C26
  	
  
 
  	
  
Vanguard Rental Car Facility
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855499
  	
   
 	
  
MOOR
  	
  
 
  	
  
8,625,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  
572006C26
  	
  
 
  	
  
Wawa IV Pool
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855534
  	
   
 	
  
MOOR
  	
  
 
  	
  
8,580,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  582006C26
  	
  
 
  	
  
Skyline Plaza
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855174
  	
   
 	
  
KILP
  	
  
 
  	
  
8,500,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  
602006C26
  	
  
 
  	
  
Little Chute
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2856146
  	
   
 	
  
KILP
  	
  
 
  	
  
8,000,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  612006C26
  	
  
 
  	
  
Cole Gander Mountain Retail   Store
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855535
  	
   
 	
  
MOOR
  	
  
 
  	
  
7,800,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  
622006C26
  	
  
 
  	
  
Wawa II Pool
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855533
  	
   
 	
  
MOOR
  	
  
 
  	
  
7,748,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  642006C26
  	
  
 
  	
  
Lantern Colonial Pool
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2854665
  	
   
 	
  
KILP
  	
  
 
  	
  
7,440,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  
652006C26
  	
  
 
  	
  
Chatham Wood Apartment   Complex
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855182
  	
   
 	
  
KILP
  	
  
 
  	
  
7,350,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  662006C26
  	
  
 
  	
  
Marlo Plaza II
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855256
  	
   
 	
  
MOOR
  	
  
 
  	
  
7,000,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  
682006C26
  	
  
 
  	
  
Tree Tops at Post Oak
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855273
  	
   
 	
  
KILP
  	
  
 
  	
  
6,670,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  692006C26
  	
  
 
  	
  
Cottages of Monroe
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855368
  	
   
 	
  
MOOR
  	
  
 
  	
  
6,600,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  
712006C26
  	
  
 
  	
  
209 West 38th Street
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
9850307
  	
   
 	
  
W&ST
  	
  
 
  	
  
6,400,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  

C-1-3

	
  
Collateral   ID
  	
  
 
  	
  
Property   Name
  	
   
 	
  
Pool ID
  	
   
 	
  
Collgroup
  	
   
 	
  
Investor ID
  	
   
 	
  
AlternateLoanID
  	
   
 	
  
Casenum
  	
   
 	
  
Loan Amount
  	
   
 	
  
DocType
  	
   
 	
  
Exception
  
	
  

  	
   
  	
  

  	
  
 
  	
  

  	
   
 	
  

  	
  
 
  	
  

  	
   
 	
  

  	
   
 	
  

  	
  
 
  	
  

  	
  
 
  	
  

  	
  
 
  	
  

  
	
  
722006C26
  	
  
 
  	
  
Schofield
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2856148
  	
   
 	
  
KILP
  	
  
 
  	
  
6,140,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  
732006C26
  	
  
 
  	
  
Pines Point Apartments
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855812
  	
   
 	
  
KILP
  	
  
 
  	
  
6,000,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  
762006C26
  	
  
 
  	
  
Taylor Park Shopping Center
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855701
  	
   
 	
  
KILP
  	
  
 
  	
  
5,400,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  792006C26
  	
  
 
  	
  
Sunrise Plaza
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855569
  	
   
 	
  
KILP
  	
  
 
  	
  
5,143,068.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  
832006C26
  	
  
 
  	
  
Cedar Point
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2854451
  	
   
 	
  
KILP
  	
  
 
  	
  
4,800,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  852006C26
  	
  
 
  	
  
51 Chubb Way
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2856399
  	
   
 	
  
W&ST
  	
  
 
  	
  
4,500,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  
872006C26
  	
  
 
  	
  
Sav-On Drugstore
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855720
  	
   
 	
  
MOOR
  	
  
 
  	
  
4,300,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  882006C26
  	
  
 
  	
  
Mainstay Inn & Suites -   Roanoke, VA
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855578
  	
   
 	
  
MOOR
  	
  
 
  	
  
4,200,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  
912006C26
  	
  
 
  	
  
North Hampton Mobile Home   Park
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2854922
  	
   
 	
  
KILP
  	
  
 
  	
  
3,760,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  932006C26
  	
  
 
  	
  
BSK Mini Warehouses
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855467
  	
   
 	
  
MOOR
  	
  
 
  	
  
3,520,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  
942006C26
  	
  
 
  	
  
Comfort Inn - Roanoke, VA
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855575
  	
   
 	
  
MOOR
  	
  
 
  	
  
3,500,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  952006C26
  	
  
 
  	
  
Cole Walgreens Asheboro NC
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2853047
  	
   
 	
  
MOOR
  	
  
 
  	
  
3,350,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  
962006C26
  	
  
 
  	
  
Holiday Inn Express -   Lexington, VA
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855577
  	
   
 	
  
MOOR
  	
  
 
  	
  
3,300,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  982006C26
  	
  
 
  	
  
Hampton Inn- Wake Forest
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855180
  	
   
 	
  
KILP
  	
  
 
  	
  
3,300,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  
1002006C26
  	
  
 
  	
  
Comfort Inn - Grundy, VA
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855576
  	
   
 	
  
MOOR
  	
  
 
  	
  
3,100,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  1012006C26
  	
  
 
  	
  
Cole Drexel Heritage
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
501000016
  	
   
 	
  
MOOR
  	
  
 
  	
  
2,763,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  
1032006C26
  	
  
 
  	
  
Sleep Inn Hotel - Staunton,   VA
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855579
  	
   
 	
  
MOOR
  	
  
 
  	
  
2,600,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  1062006C26
  	
  
 
  	
  
Stor-N-Lock # 11
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2851349
  	
   
 	
  
MOOR
  	
  
 
  	
  
2,450,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  
1082006C26
  	
  
 
  	
  
Cole Office Depot Greenville   MS
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2853998
  	
   
 	
  
MOOR
  	
  
 
  	
  
2,192,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  1092006C26
  	
  
 
  	
  
Stor-N-Lock #7
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2851310
  	
   
 	
  
MOOR
  	
  
 
  	
  
2,150,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  
1102006C26
  	
  
 
  	
  
Cole Office Depot Dayton OH
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2853816
  	
   
 	
  
MOOR
  	
  
 
  	
  
2,130,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  1122006C26
  	
  
 
  	
  
Mosinee
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2856147
  	
   
 	
  
KILP
  	
  
 
  	
  
2,100,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  
1152006C26
  	
  
 
  	
  
Hermitage Apartments
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855633
  	
   
 	
  
W&ST
  	
  
 
  	
  
1,650,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  1162006C26
  	
  
 
  	
  
Social Security   Administration
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2853105
  	
   
 	
  
MOOR
  	
  
 
  	
  
1,480,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  
1172006C26
  	
  
 
  	
  
Cherry Bekaert & Holland   Building
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2853107
  	
   
 	
  
MOOR
  	
  
 
  	
  
1,000,000.00
  	
  
 
  	
  
NOTE
  	
  
 
  	
  
13
  
	
  432006C26
  	
  
 
  	
  
Potrero Business Center
  	
  
 
  	
  
2006C26
  	
   
 	
  
WACH062706T
  	
  
 
  	
  
Wachovia
  	
   
 	
  
2855219
  	
   
 	
  
MOOR
  	
  
 
  	
  
10,800,000.00
  	
  
 
  	
  
TPOL
  	
  
 
  	
  
02
  

C-1-4

	
  Exception   Description
  	
  
 
  	
  
Notation
  
	
  

  	
  
 
  	
  

  
	
  
MISSING
  	
  
 
  	
  
WACH TO BLANK
  
	
  
SIGNATURE IS MISSING
  	
  
 
  	
  
WACH TO BLANK
  
	
  
MISSING
  	
  
 
  	
  
WACH TO BLANK
  
	
  
MISSING
  	
  
 
  	
  
WACH TO BLANK
  
	
  
MISSING
  	
  
 
  	
  
WACH TO BLANK
  
	
  SIGNATURE IS MISSING
  	
  
 
  	
  
WACH TO BLANK
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
DOT WILLIAMSBURG OUTLETS,   LLC; COUNTY: JAMES CITY
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
DOT OUTLET VILLAGE OF   HAGERSTOWN, LP; COUNTY:WASHINGTON
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
EASTERN SHORE CENTRE LC, LLC   TO WACH
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
COLUMBIA PROPERTIES OZARKS   TO WACH
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
TAG LINCOLN PLACE LLC TO   WACH
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
4 BECKER SPE LLC TO   WACH
  
	
  UNRECORDED ORIGINAL
  	
  
 
  	
  
COLUMBIA PROPERTIES   WESTSHORE TO WACH
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
EASTERN SHORE CENTRE PC, LLC   TO WACH
  
	
  
RECORDED COPY
  	
  
 
  	
  
BLACK RIVER PARK LLC TO AMCC
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
TOWERS OF DADELAD I, LLC TO   WACH
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
JENIFER STREET LP TO WACH
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
 
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
1634 EYE, LLC TO WACH
  
	
  UNRECORDED ORIGINAL
  	
  
 
  	
  
MCJ IMPROVEMENTS, LLC TO   WACH
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
CHURCH RANCH OFFICE CENTER   IV BUILDING 2 & 4 TO AMCC
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
210 CLAY SPE LLC TO WACH
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
5 BECKER SPE LLC TO   WACH
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
 
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
COLE CM MERRIAM, LLC TO WACH
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
WINE COUNTY HOTELS, LLC TO   WACH
  
	
  UNRECORDED ORIGINAL
  	
  
 
  	
  
1712 LP TO WACH
  
	
  
DOCUMENT IS AN UNRECORDED   COPY, NEED RECORDED COPY
  	
  
 
  	
  
LAS VEGAS APARTMENT PROP LLC   TO AMCC
  
	
  
CERTIFIED TRUE COPY
  	
  
 
  	
  
20259 VENTURA BLVD. TO AMCC
  
	
  
CERTIFIED TRUE COPY
  	
  
 
  	
  
AREF BRAINTREE, LTD TO AMCC
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
YORK NEVADA MANAGEMENT SOUTH   TO AMCC
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
 
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
 
  
	
  UNRECORDED ORIGINAL
  	
  
 
  	
  
6002 INDIANAPOLIS LLC TO   WACH
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
1425 ALLIANCE LLC TO WACH
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
18525 WARRENSVILLE HEIGHTS   LLC TO WACH
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
15 BORROWERS - SEE MEMO TO   WACH
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
COLE VG ATLANTA GA, LLC TO   WACH
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
CONWA PROPERTY AND SWA   REMAINDER TO WACH (PA)
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
CONWA PROPERTY AND SWA   REMAINDER TO WACH (NJ)
  
	
  UNRECORDED ORIGINAL
  	
  
 
  	
  
CONWA PROPERTY AND SWA   REMAINDER TO WACH (DE)
  

C-1-5

	
  
Exception   Description
  	
  
 
  	
  
Notation
  
	
  

  	
  
 
  	
  

  
	
  
CERTIFIED TRUE COPY
  	
  
 
  	
  
 
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
COLE GM HOUSTON TX. LP TO   WACH
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
CONWA PROPERTY II LLC &   SWA REMAINDER II LLC TO WACH
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
 
  
	
  UNRECORDED ORIGINAL
  	
  
 
  	
  
MARLO PLAZA II HOME   FURNISHING CENTER LP TO WACH
  
	
  
DOCUMENT IS AN UNRECORDED   COPY, NEED RECORDED COPY
  	
  
 
  	
  
 
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
 
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
AMEND, RESTATE & CONSOL
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
GAP MORTGAGE
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
711 WEST JACKSON LLC TO AMCC
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
MPI/MT.ZION PROMENAD, INC.
  
	
  UNRECORDED ORIGINAL
  	
  
 
  	
  
WOODLANDS MEDICAL BUILDING,   LP TO AMCC
  
	
  
CERTIFIED TRUE COPY
  	
  
 
  	
  
ANM WPI LLC TO AMCC
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
CEDAR POINT ASSOCIATES II,   LP TO WACH
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
51 CUBB SPE LLC TO WACH
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
CROWN PROP & HOME SALES   LLC TO WACH
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
ELIZEBETH LLC/WEBB   COMPANY/BSK LIMITED TO WACH
  
	
  
CERTIFIED TRUE COPY
  	
  
 
  	
  
 
  
	
  DOCUMENT IS AN UNRECORDED   COPY, NEED RECORDED COPY
  	
  
 
  	
  
CENTER POINT BUSINESS PARK   LLC TO AMCC
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
INN AT GRUNDY, LLC O WACH
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
COLE DH HICKORY NC, LLC TO   WACH
  
	
  
DOCUMENT IS AN UNRECORDED   COPY, NEED RECORDED COPY
  	
  
 
  	
  
ROMAN REAL ESTATE   INVESTMENTS, LLC TO AMCC
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
 
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
COLE OD GREENVILLE MS, LLC   TO WACH
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
FORT PIERCE LEASING, LC TO   AMCC
  
	
  UNRECORDED ORIGINAL
  	
  
 
  	
  
SOUTHEASTERN PROPERTIES II   TO WACH
  
	
  
UNRECORDED ORIGINAL
  	
  
 
  	
  
PEARSON PROPERTIES   PROVIDENCE LLC TO WACH
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 4/11/2016; SCHED:   5/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 6/11/06; SCH’D:   7/11/06
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 0511/2016; SCHD: 06/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 6/11/2006; SCHEDULE:   7/11/2006
  
	
  DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 06/11/2016; SCHD:   07/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 05/11/2016; SCHD:   06/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 05/11/2016; SCHD:   06/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 05/11/2016; SCHD:   06/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE:6/11/2016; SCHEDULE:7/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 05/11/2016; SCHD:   06/11/2016
  
	
  DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 0511/2016; SCHD:   06/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 06/11/2016; SCHD:   07/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 06/11/2011; SCHEDULE:   07/11/2011
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 05/11/2016; SCHD:   06/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 08/11/2016; SCHD:   09/11/2016
  

C-1-6

	
  Exception   Description
  	
  
 
  	
  
Notation
  
	
  

  	
  
 
  	
  

  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 05/11/2011; SCHD:   01/01/1900
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 06/11/2016; SCHD:   07/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 06/11/2016; SCHEDULE:   07/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 6/11/2016;   SCHED: 7/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 06/11/2016; SCHD:   07/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 04/11/2016;SCHED:5/11/2016
  
	
  DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 6/11/2016; SCHEDULE:   7/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 0511/2016; SCHD:   06/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
 
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 06/11/2016; SCHD:   07/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 5/11/2016; SCHEDULE:   6/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 05/11/2016; SCHD:   06/11/2016
  
	
  DATE OF LAST PAYMENT DOES NOT   AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 05/11/2016; SCHD:   06/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 0511/2016; SCHD:   06/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 0511/2016, SCHD:   06/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE:6/11/2016;   SCHED:7/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 06/11/2016; SCHD:   07/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 06/11/2016; SCHD:   07/11/2016
  
	
  DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 03/11/2016; SCHD:   04/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 0511/2016; SCHD:   06/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 06/11/2016; SCHD:   07/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 05/11/2016; SCHD:   06/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE:6/11/2016;SCHED:7/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE:6/11/2016;SCHED:7/11/2016
  
	
  DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 5111/2016; SCHED: 6/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 6/11/2016; SCHEDULE:   7/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 0511/2016; SCHD:   06/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE:4/11/2016;SCHED:5/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 05/11/2016; SCHD:   06/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 05/11/2016; SCHD:   06/11/2016
  
	
  DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 06/11/2016; SCHD:   07/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 06/11/2016; SCHD:   07/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 06/11/2016; SCHD:   07/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 05/11/2016; SCHD:   06/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 06/11/2011; SCHD:   07/11/2011
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
 
  
	
  DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 4/1 1/2016;   SCHED:5/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 6/11/2016; SCHED:   7/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
 
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE:6/11/2011; SCHED:7/11/2011
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 5/11/2016;   SCHED:6/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 06/11/2016; SCHD:   07/11/2016
  

C-1-7

	
  
Exception   Description
  	
  
 
  	
  
Notation
  
	
  

  	
  
 
  	
  

  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 05/11/2016; SCHD:   06/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 05/11/2016; SCHD:   06/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 06/11/2016; SCHD:   07/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 05/11/2016; SCHD:   06/11/2016
  
	
  DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 05/11/2016; SCHD:   06/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 05/11/2016; SCHD:   06/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 0511/2016; SCHD:   06/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 06/11/2016; SCHD:   07/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 05/11/2016; SCHD:   06/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 5/11/2016; SCHEDULE:   6/11/2016
  
	
  DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 06/11/2016; SCHD:   07/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 03/11/2016; SCHD:   04/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 06/11/2016; SCHD:   07/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 5/11/2016; SCHEDULE: 6/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 06/11/2016; SCHD:   07/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 03/11/2011; SCHD:   04/11/2011
  
	
  DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 06/11/2016; SCHD:   07/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 05/11/2016; SCHD:   06/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 03/11/2011; SCHD: 04/11/2011
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 5/11/2016; SCHED: 6/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 02/11/2016; SCHD:   03/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 05/11/2016; SCHD: 06/11/2016
  
	
  DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 5/11/2016; SCHEDULE: 6/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE
  	
  
 
  	
  
NOTE: 05/11/2016; SCHD:   06/11/2016
  
	
  
DATE OF LAST PAYMENT DOES   NOT AGREE WITH SCHEDULE 
  	
  
 
  	
  
NOTE: 05/11/2016, SCHD:   06/11/2016
  
	
  
DOCUMENT IS COPY, NEED ORIGINAL
  	
  
 
  	
  
 
  

C-1-8

	
  
Trust   Number
  	
  
 
  	
  
Query ID
  	
  
 
  	
  
Adress2
  
	
  

  	
   
  	
  

  	
  
 
  	
  

  
	
  
Columbia Properties, Ozarks,   LTD
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
TAG Lincoln Place LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Columbia Properties   Westshore, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
301 Cameron Associates LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  MCJ Improvements, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Pearson   Properties-Providence, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
BIRCH RUN OUTLETS, II (3   BORR-SEE MEMO)
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
BIRCH RUN OUTLETS, II (3   BORR-SEE MEMO)
  	
  
 
  	
  
Q1
  	
  
 
  	
  
 
  
	
  
EASTERN SHORE CENTRE LC, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  Columbia Properties, Ozarks,   LTD
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
TAG Lincoln Place LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
4 BECKER SPE LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Columbia Properties   Westshore, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Eastern Shore Centre PC, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  Black River Park LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Towers of Dadeland I, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Jenifer Street Limited   Partnership
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Core Madison at Adams Farm   (19 BORR)
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
1634 Eye, LLC
  	
  
 
  	
  
Q1
  	
  
 
  	
  
 
  
	
  MCJ Improvements, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Church Ranch Office Center   IV Buildings
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
210 Clay SPE LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
5 Becker SPE LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
NNN Lake Center, LLC (30   BORR - SEE MEMO
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  Cole CM Merriam KS, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
WINE COUNTRY HOTELS, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
1712 Limited Partnership
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Las Vegas Apartment   Properties, L.L.C.
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
20259 Ventura Blvd.
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  AREF Braintree, Ltd.
  	
  
 
  	
  
Q1
  	
  
 
  	
  
 
  
	
  
York Nevada Management   South, LLC II
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Cascade Hotels LLC (2   BORROWERS-SEE MEMO)
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Gallery Court, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
1425 ALLIANCE LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  1425 ALLIANCE LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
1425 ALLIANCE LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
PINNACLE VIEW APARTMENTS,   LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Cole VG Atlanta GA, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
CONWA Property IV LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  CONWA Property IV LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
CONWA Property 1V LLC
  	
  
 
  	
  
Q1
  	
  
 
  	
  
 
  

C-1-9

	
  
Trust   Number
  	
  
 
  	
  
Query ID
  	
  
 
  	
  
Adress2
  
	
  

  	
  
 
  	
  

  	
  
 
  	
  

  
	
  Taylor Mill Shopping Center LP (2 BORR)
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  Cole GM Houston TX, LP
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
CONWA Property II LLC
  	
  
 
  	
  
Q1
  	
  
 
  	
  
 
  
	
  
Core Chatham Wood, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Marlo Plaza II Home   Furnishings Center L
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
VR Treetops Apartments, LP
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  The Cottages of Monroe, LLC
  	
  
 
  	
  
Q1
  	
  
 
  	
  
 
  
	
  
209-219 W. 38 LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
209-219 W. 38 LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
711 West Jackson LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
MPI / Mt. Zion Promenade,   Inc.
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  Woodlands Medical Building,   L.P.
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
ANM WPI LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Cedar Point Associates II,   L.P.
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
51 Imclone SPE LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Crown Properties and Home   Sales, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  ELIZEBETH LLC; Webb Company,   Inc.; BSK L
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Yorkshire Shopping Center,   LLC
  	
  
 
  	
  
Q1
  	
  
 
  	
  
 
  
	
  
Center Point Business Park   LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Inn at Grundy, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
COLE DH Hickory NC, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  Roman Real Estate   Investments, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
SPT Apartments LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Cole OD Greenville MS, LLC
  	
  
 
  	
  
Q1
  	
  
 
  	
  
 
  
	
  
Fort Pierce Leasing, LC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Southeastern Properties, II,   LTD.
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  Pearson   Properties-Providence, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
BIRCH RUN OUTLETS, II (3   BORR-SEE MEMO)
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
EASTERN SHORE CENTRE LC, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
MRI Chemed, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Columbia Properties, Ozarks,   LTD
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  TAG Lincoln Place LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
255 Fifth Limited   Partnership, LP
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
4 BECKER SPE LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
ONE ENTERPRISE FINANCIAL   ASSOCIATES, LLC
  	
  
 
  	
  
Q1
  	
  
 
  	
  
 
  
	
  
Columbia Properties   Westshore, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  Sunset Industrial Park LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Washington Park Plaza   Partners, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Eastern Shore Centre PC, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Saddle Club Properties, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Lake Norman Medical   Partners, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  Towers of Dadeland I, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  

C-1-10

	
  
Trust   Number
  	
  
 
  	
  
Query ID
  	
  
 
  	
  
Adress2
  
	
  

  	
  
 
  	
  

  	
  
 
  	
  

  
	
  
301 Cameron Associates LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  Jenifer Street Limited   Partnership
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
SCI Reserve at Charles Place   Fund, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Core Madison at Adams Farm   (19 BORR)
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
1634 Eye, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
The Center Martinez
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  Core Hickory Creek, LLC
  	
  
 
  	
  
Q1
  	
  
 
  	
  
 
  
	
  
Ventara P, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
MCJ Improvements, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Wilshire Rexford Plaza LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Olympia Companies
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  210 Clay SPE LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
5 Becker SPE LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Seventh Avenue I LLC;   Seventh Avenue II
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Silver P, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
NNN Lake Center, LLC (30   BORR - SEE MEMO
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  Cole CM Merriam KS, LLC
  	
  
 
  	
  
Q1
  	
  
 
  	
  
 
  
	
  
WINE COUNTRY HOTELS, LLC
  	
  
 
  	
  
Q1
  	
  
 
  	
  
 
  
	
  
2003 Westfield Apartments,   LP
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Sunrise P, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
1712 Limited Partnership
  	
  
 
  	
  
Q1
  	
  
 
  	
  
 
  
	
  Potrero Investor I, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
TIERRA DORADA KOESTER   PARADISE (2 BORR)
  	
  
 
  	
  
Q1
  	
  
 
  	
  
 
  
	
  
Cascade Hotels LLC (2   BORROWERS-SEE MEMO
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Gallery Court, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
1425 ALLIANCE LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  Bell Weathersfield Commons   LLC, Vanstory
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
FALLS AT QUAIL LAKE (10   BORR-SEE MEMO)
  	
  
 
  	
  
Q1
  	
  
 
  	
  
 
  
	
  
Marlo Plaza III Home   Furnishings Center
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
PINNACLE VIEW APARTMENTS,   LLC
  	
  
 
  	
  
Q1
  	
  
 
  	
  
 
  
	
  
Cole VG Atlanta GA, LLC
  	
  
 
  	
  
Q1
  	
  
 
  	
  
 
  
	
  CONWA Property IV LLC
  	
  
 
  	
  
Q1
  	
  
 
  	
  
 
  
	
  
2835-2897 East Thousand   Oaks, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Little Chute Warehouse, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Cole GM Houston TX, LP
  	
  
 
  	
  
Q1
  	
  
 
  	
  
 
  
	
  
CONWA Property II LLC
  	
  
 
  	
  
Q1
  	
  
 
  	
  
 
  
	
  Colonial Village of   Lincolnton, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Core Chatham Wood, LLC
  	
  
 
  	
  
Q1
  	
  
 
  	
  
 
  
	
  
Marlo Plaza II Home Furnishings   Center L
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
VR Treetops Apartments, LP
  	
  
 
  	
  
Q1
  	
  
 
  	
  
 
  
	
  
The Cottages of Monroe, LLC
  	
  
 
  	
  
Q1
  	
  
 
  	
  
 
  
	
  209-219 W. 38 LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  

C-1-11

	
  
Trust   Number
  	
  
 
  	
  
Query ID
  	
  
 
  	
  
Adress2
  
	
  

  	
  
 
  	
  

  	
  
 
  	
  

  
	
  
Schofield South Warehouse,   Inc.
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  Oradell/321-Dallas, LP
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Taylor Park Delaware, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
SCI Sunrise Plaza, LP
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Cedar Point Associates II,   L.P.
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
51 Imclone SPE LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  Broadway/Workman LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Inn at Valley View   Boulevard, LLC
  	
  
 
  	
  
Q1
  	
  
 
  	
  
 
  
	
  
Crown Properties and Home   Sales, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
ELIZEBETH LLC; Webb Company,   Inc.; BSK L
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Inn at Roanoke, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  COLE WG ASHEBORO NC, LLC
  	
  
 
  	
  
Q1
  	
  
 
  	
  
 
  
	
  
Inn at North Lee, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
WF Hotel, Inc.
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Inn at Grundy, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
COLE DH Hickory NC, LLC
  	
  
 
  	
  
Q1
  	
  
 
  	
  
 
  
	
  Inn at Augusta, LLC
  	
  
 
  	
  
Q1
  	
  
 
  	
  
 
  
	
  
STOR-N-LOCK PARTNERS   #11,L.L.C.
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Cole OD Greenville MS, LLC
  	
  
 
  	
  
Q1
  	
  
 
  	
  
 
  
	
  
STOR-N-LOCK PARTNERS #7,   L.L.C.
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
COLE OD DAYTON OH, LLC
  	
  
 
  	
  
Q1
  	
  
 
  	
  
 
  
	
  Mosinee Warehouse, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Southeastern Properties, II,   LTD.
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Baxter Run, Inc.
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Pearson   Properties-Providence, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  
	
  
Potrero Investor I, LLC
  	
  
 
  	
  
Ql
  	
  
 
  	
  
 
  

C-1-12

EXHIBIT C-2

FORM OF CUSTODIAL CERTIFICATION

[Date]

Wachovia Bank, National Association
 301 South College Street
 One Wachovia Center
 Charlotte, North Carolina  28288

Artesia Mortgage Capital Corporation
 1180 NW Maple Street
 Suite 202
 Issaquah, Washington 98027

Wachovia Commercial Mortgage Securities, Inc.
 301 South College Street
 One Wachovia Center
 Charlotte, North Carolina  28288
 Attention:  Barry Reiner

Wachovia Bank, National Association
 NC  1075
 8739 Research Drive – URP4
 Charlotte, North Carolina  28262-1075
 Attention:     Wachovia Bank Commercial Mortgage Trust
                       Commercial Mortgage Pass-Through Certificates, Series 2006-C26

LNR Partners, Inc.
 1601 Washington Avenue, Suite 800
 Miami Beach, Florida 33139
 Attention:  Randy Wolpert

Re:     Wachovia Bank Commercial Mortgage Trust
            Commercial Mortgage Pass-Through Certificates, Series 2006-C26

Ladies and Gentlemen:

          (a)          Wells Fargo Bank, N.A., as Trustee, hereby certifies to the above referenced parties that, with respect to each Mortgage Loan (and with respect to a Companion Loan, only those items required pursuant to the definition of “Mortgage File”) listed in the Mortgage Loan Schedule, except as specifically identified in the schedule of exceptions annexed thereto, (i) without regard to the proviso in the definition of “Mortgage File,” all documents specified in clauses (i), (ii), (iv)(a), (v) and (vii), and to the extent provided in the related Mortgage File and actually known by a Responsible Officer of the Trustee to be required, clauses (iii), (iv)(b), (iv)(c), (vi), (viii), (ix)(a) and (xii) of the definition of “Mortgage File” are in its possession, (ii) all documents delivered or caused to be delivered by the
applicable Mortgage Loan Seller constituting the related Mortgage File have been reviewed by it and appear regular on their face and appear to relate to such Mortgage Loan, (iii) based on such examination and only as to the foregoing documents, the information set forth in the Mortgage Loan Schedule for such 

C-2-1

Mortgage Loan with respect to the items specified in clauses (v) and (vi)(c) of the definition of “Mortgage Loan Schedule” is correct and (iv) solely with respect to the Companion Loans, all documents specified in clause (xiii) of the definition of Mortgage File are in its possession.  Further, with respect to the documents described in clause (viii) of the definition of Mortgage File, the Trustee may assume, for purposes of the certification delivered in Section 2.02(b) of the Pooling and Servicing Agreement and for purposes of determining (subject to the proviso at the end of this sentence) where to file UCC Financing Statements, that the related Mortgage File should include one state level UCC Financing Statement filing in the state of incorporation of the Mortgagor for each Mortgaged Property (or with respect to any Mortgage Loan that has two or more Mortgagors, for each Mortgagor); provided, however, that to the extent the Trustee

has actual knowledge or is notified of any fixture or real property UCC Financing Statements filed in the county of the state where the related Mortgaged Property is located, the Trustee shall file an assignment to the Trust Fund with respect to such UCC Financing Statements in the appropriate jurisdiction under the UCC at the expense of the related Mortgage Loan Seller.  The UCC Financing Statements to be assigned to the Trust Fund pursuant to Section 2.01(d) of the Pooling and Servicing Agreement will be delivered by the related Mortgage Loan Seller to the Trustee on the new national forms, in recordable form and completed pursuant to Revised Article IX of the UCC.  The Trustee will submit such UCC Financing Statements for filing in the state of incorporation of the related Mortgagor as so indicated on the documents provided.

          None of the Trustee, the Master Servicer, the Special Servicer or any Custodian is under any duty or obligation to inspect, review or examine any of the documents, instruments, certificates or other papers relating to the Mortgage Loans delivered to it to determine that the same are valid, legal, effective, genuine, enforceable, in recordable form, sufficient or appropriate for the represented purpose or that they are other than what they purport to be on their face.  Capitalized terms used herein and not otherwise defined shall have the respective meanings assigned to them under the Pooling and Servicing Agreement.

                                          Respectfully,

	
  
 
  	
  

  
	
  
 
  	
  
Name:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Title:
  	
  
 
  
	
   
  	
  
 
  	
  

  

C-2-2

EXHIBIT D-1

FORM OF MASTER SERVICER REQUEST FOR RELEASE

[Date]

Wells Fargo Bank, N.A.
 Wells Fargo Center
 Sixth Street and Marquette Avenue
 Minneapolis, Minnesota 55479-0113

	
  
Attn:
  	
  
Corporate   Trust Services – Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage   Pass-Through Certificates, Series 2006-C26
  

	
  
Re:
  	
  
Wachovia   Bank Commercial Mortgage Trust,
  
	
  
 
  	
  
Commercial   Mortgage Pass-Through Certificates, Series 2006-C26
  

Ladies and Gentlemen:

In connection with the administration of the Mortgage Files held by you as Trustee under a certain pooling and servicing agreement, dated as of June 1, 2006 (the “Pooling and Servicing Agreement”), by and among Wachovia Commercial Mortgage Securities, Inc., as Depositor, Wachovia Bank, National Association, as Master Servicer, LNR Partners, Inc., as Special Servicer and Wells Fargo Bank, N.A., as Trustee, the undersigned hereby requests a release of the Mortgage File (or the portion thereof specified below) held by you with respect to the following described Mortgage Loan for the reason indicated below.

Property Name:

Property Address:

Control No.:

          The Mortgage File should be delivered to the following:

	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  

  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
Attn:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Phone:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  

D-1-1

If only particular documents in the Mortgage File are requested, please specify which:

Reason for requesting file (or portion thereof):

	
  _____
  	
  
1.
  	
  
Mortgage   Loan paid in full.
  
	
  
 
  	
   
 	
  
 
  
	
  
 
  	
   
 	
  
The Master   Servicer hereby certifies that all amounts received in connection with the   Mortgage Loan that are required to be credited to the Certificate Account   pursuant to the Pooling and Servicing Agreement have been or will be so   credited.
  
	
  
 
  	
   
 	
  
 
  
	
  
_____
  	
  
2.
  	
  
Other.  (Describe)
  
	
  
 
  	
   
 	
  
 
  
	
  
 
  	
   
 	
  

  
	
  
 
  	
   
 	
  
 
  
	
   
  	
   
 	
  

  

          The undersigned acknowledges that the above Mortgage File (or requested portion thereof) will be held by the undersigned in accordance with the provisions of the Pooling and Servicing Agreement and will be returned to you or your designee within ten (10) days of our receipt thereof, unless the Mortgage Loan has been paid in full, in which case the Mortgage File (or such portion thereof) will be retained by us permanently.

          Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Pooling and Servicing Agreement.

	
  
 
  	
  
WACHOVIA   BANK, NATIONAL
  
	
  
 
  	
  
ASSOCIATION,   as Master Servicer
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Name:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Title:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  

D-1-2

EXHIBIT D-2

FORM OF SPECIAL SERVICER REQUEST FOR RELEASE

[Date]

Wells Fargo Bank, N.A.
 Wells Fargo Center
 Sixth Street and Marquette Avenue
 Minneapolis, Minnesota 55479-0113

	
  
Attn:
  	
  
Corporate   Trust Services – Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage   Pass-Through Certificates, Series 2006-C26
  
	
  
 
  	
  
 
  
	
  
Re:
  	
  
Wachovia   Bank Commercial Mortgage Trust,
  
	
  
 
  	
  
Commercial   Mortgage Pass-Through Certificates, Series 2006-C26
  

Ladies and Gentlemen:

          In connection with the administration of the Mortgage Files held by you as Trustee under a certain pooling and servicing agreement, dated as of June 1, 2006 (the “Pooling and Servicing Agreement”), by and among Wachovia Commercial Mortgage Securities, Inc., as Depositor, Wachovia Bank, National Association, as Master Servicer, LNR Partners, Inc., as Special Servicer, and Wells Fargo Bank, N.A., as Trustee, the undersigned hereby requests a release of the Mortgage File (or the portion thereof specified below) held by you with respect to the following described Mortgage Loan for the reason indicated below.

Property Name:

Property Address:

Control No.:

          The Mortgage File should be delivered to the following:

	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
Attn:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
   
  	
  
Phone:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  

D-2-1

If only particular documents in the Mortgage File are requested, please specify which:

Reason for requesting file (or portion thereof):

	
  
_____
  	
  
1.
  	
  
The Mortgage   Loan is being foreclosed.
  
	
  
 
  	
   
 	
  
 
  
	
  
 
  	
   
 	
  
 
  
	
  
_____
  	
  
2.
  	
  
Other.  (Describe)
  
	
   
  	
   
 	
  
 
  
	
  
 
  	
   
 	
  

  
	
  
 
  	
   
 	
  
 
  
	
  
 
  	
   
 	
  

  

          The undersigned acknowledges that the above Mortgage File (or requested portion thereof) will be held by the undersigned in accordance with the provisions of the Pooling and Servicing Agreement and will be returned to you or your designee within ten (10) days of our receipt thereof, unless the Mortgage Loan is being foreclosed, in which case the Mortgage File (or such portion thereof) will be returned when no longer required by us for such purpose.

          Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Pooling and Servicing Agreement.

	
  
 
  	
  
LNR   PARTNERS, INC.,
  
	
   
  	
  
as   Special Servicer
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Name:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Title:
  	
  
 
  
	
   
  	
  
 
  	
  

  

D-2-2

EXHIBIT E

CALCULATION OF NOI/DEBT SERVICE COVERAGE RATIOS

          “Net Cash Flow” shall mean the revenue derived from the use and operation of a Mortgaged Property less operating expenses (such as utilities, administrative expenses, repairs and maintenance, tenant improvement costs, leasing commissions, management fees and advertising), fixed expenses (such as insurance, real estate taxes and, if applicable, ground lease payments) and replacement reserves and an allowance for vacancies and credit losses.  Net Cash Flow does not reflect interest expenses and non-cash items such as depreciation and amortization, and generally does not reflect capital expenditures, but does reflect reserves for replacements and an allowance for vacancies and credit losses.

          In determining vacancy for the “revenue” component of Net Cash Flow for each Rental Property, the Special Servicer shall rely on the most recent rent roll supplied by the related borrower and where the actual vacancy shown thereon and the market vacancy is less than 1%, the Special Servicer shall assume a 1% vacancy in determining revenue from rents, except that in the case of certain anchored shopping centers, space occupied by anchor or single tenants or other large tenants shall be disregarded in performing the vacancy adjustment due to the length of the related leases or creditworthiness of such tenants, in accordance with the respective Mortgage Loan Seller’s underwriting standards.  Where the actual or market vacancy was not less than 5.0%, the Special Servicer shall determine revenue from rents by generally relying on the most recent roll supplied and the greater of (a) actual
historical vacancy at the related Mortgaged Property, and (b) historical vacancy at comparable properties in the same market as the related Mortgaged Property.  In determining rental revenue for multifamily, self-storage and mobile home park properties, the Special Servicer shall either review rental revenue shown on the certified rolling 12-month operating statements or annualized the rental revenue and reimbursement of expenses shown on rent rolls or operating statements with respect to the prior one to twelve month periods.  For the other Rental Properties, the Special Servicer shall annualize rental revenue shown on the most recent certified rent roll, after applying the vacancy factor, without further regard to the terms (including expiration dates) of the leases shown thereon.  In the case of hospitality properties, gross receipts shall be determined on the basis of adjusted average occupancy not to exceed 75.0% and daily rates achieved during the prior two to three year annual
reporting period.  In the case of residential health care facilities, receipts shall be based on historical occupancy levels, historical operating revenues and the then current occupancy rates. Occupancy rates for private health care facilities shall be within current market ranges and vacancy levels shall be at a minimum of 1%.  In general, any non-recurring items and non-property related revenue shall be eliminated from the calculation except in the case of residential health care facilities.

          In determining the “expense” component of Net Cash Flow for each Mortgaged Property, the Special Servicer shall rely on the rolling 12-month operating statements and/or full-year or year-to-date financial statements supplied by the related borrower, except that (a) if tax or insurance expense information more current than that reflected in the financial statements is available, the newer information shall be used, (b) with respect to each Mortgaged Property, property management fees shall be assumed to be 3% to 7% of effective gross revenue (except with respect to hospitality properties, where a minimum of 3.1% of gross receipts shall be 

E-1

assumed, and with respect to limited service hospitality properties, where a minimum of 4.0% of gross receipts shall be assumed and, with respect to single tenant properties, where fees as low as 3% of effective gross receipts shall be assumed), (c) assumptions shall be made with respect to reserves for leasing commission, tenant improvement expenses and capital expenditures and (d) expenses shall be assumed to include annual replacement reserves. In addition, in some instances, the Special Servicer may recharacterize as capital expenditures those items reported by borrowers as operating expenses (thus increasing “net cash flow”) where determined appropriate.

E-2

EXHIBIT F-1

FORM OF TRANSFEROR CERTIFICATE

[Date]

Wells Fargo Bank, N.A.
 Wells Fargo Center
 Sixth Street and Marquette Avenue
 Minneapolis, Minnesota 55479-0113

	
  Attn:
  	
  
Corporate   Trust Services – Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage   Pass-Through Certificates, Series 2006-C26
  
	
  
 
  	
  
 
  
	
  
Re:
  	
  
Wachovia   Bank Commercial Mortgage Trust,
  
	
  
 
  	
  
Commercial   Mortgage Pass-Through Certificates,
  
	
  
 
  	
  
Series   2006-C26 (the “Certificates”)
  

Ladies and Gentlemen:

          This letter is delivered to you in connection with the transfer by ____________________ (the “Transferor”) to _______________________ (the “Transferee”) of a Certificate (the “Transferred Certificate”) having an initial [principal balance] [notional amount] as of June 29, 2006 (the “Closing Date”) of $_____________ evidencing a __% interest in the Class to which it belongs.  The Certificates were issued pursuant to the pooling and servicing agreement (the “Pooling and Servicing Agreement”), dated as of June 1, 2006, among Wachovia Commercial Mortgage Securities, Inc., as depositor, Wachovia Bank, National Association, as Master Servicer, LNR Partners, Inc., as Special Servicer and Wells Fargo Bank, N.A., as Trustee.  All terms used herein and not otherwise defined shall have the meanings set forth in the Pooling

and Servicing Agreement.  The Transferor hereby certifies, represents and warrants to you, as Certificate Registrar, that:

	
  
 
  	
  
          1.          The   Transferor is the lawful owner of the Transferred Certificate with the full   right to transfer such Certificate free from any and all claims and   encumbrances whatsoever.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          2.          Neither   the Transferor nor anyone acting on its behalf has (a) offered, transferred,   pledged, sold or otherwise disposed of any Certificate, any interest in any   Certificate or any other similar security to any person in any manner, (b)   solicited any offer to buy or accepted a transfer, pledge or other   disposition of any Certificate, any interest in any Certificate or any other   similar security from any person in any manner, (c) otherwise approached or   negotiated with respect to any Certificate, any interest in any Certificate   or any other similar security with any person in any manner, (d) made any   general solicitation by means of general advertising or in any other manner,   or (e) taken any other action, which (in the case of any of the acts   described in clauses (a) through (e) hereof) would constitute a distribution   of
any Certificate under the Securities Act of 1933, as amended (the “Securities   Act”), or would render the disposition of any Certificate a violation of   Section 5 of the Securities Act or any state securities laws, or would   require registration or qualification of any Certificate pursuant to the   Securities Act or any state securities laws.
  

F-1-1

	
  
 
  	
  
Very truly   yours,
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	

  
  (Transferor)

	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
   
  	
  
Name:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Title:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  

F-1-2

EXHIBIT F-2

FORM OF TRANSFEREE CERTIFICATE
 FOR QIBs

[Date]

Wells Fargo Bank, N.A.
 Wells Fargo Center
 Sixth Street and Marquette Avenue
 Minneapolis, Minnesota 55479-0113

	
  
Attn:
  	
  
Corporate Trust   Services – Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage   Pass-Through Certificates, Series 2006-C26
  
	
   
  	
  
 
  
	
  
Re:
  	
  
Wachovia   Bank Commercial  Mortgage Trust,
  
	
  
 
  	
  
Commercial   Mortgage Pass-Through Certificates,
  
	
  
 
  	
  
Series   2006-C26 (the “Certificates”)
  

Ladies and Gentlemen:

          This letter is delivered to you in connection with the transfer by ____________________ (the “Transferor”) to _______________________ (the “Transferee”) of a Certificate (the “Transferred Certificate”) having an initial [principal balance] [notional amount] as of June 29, 2006 (the “Closing Date”) of $_____________ evidencing a __% interest in the Class to which it belongs.  The Certificates were issued pursuant to the pooling and servicing agreement (the “Pooling and Servicing Agreement”), dated as of June 1, 2006, among Wachovia Commercial Mortgage Securities, Inc., as Depositor, Wachovia Bank, National Association, as Master Servicer, LNR Partners, Inc., as Special Servicer and Wells Fargo Bank, N.A., as Trustee.  All terms used herein and not otherwise defined shall have the meanings set forth in the Pooling

and Servicing Agreement.  The Transferee hereby certifies, represents and warrants to you, as Certificate Registrar, that:

	
   
  	
  
          1.          The   Transferee is a “qualified institutional buyer” as that term is defined in   Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended   (the “Securities Act”) and has completed one of the forms of   certification to that effect attached hereto as Annex 1 and Annex 2.  The Transferee is aware that the sale to   it is being made in reliance on Rule 144A.    The Transferee is acquiring the Transferred Certificate for its own   account or for the account of a qualified institutional buyer, and   understands that such Certificate may be resold, pledged or transferred only   (i) to a person reasonably believed to be a qualified institutional buyer   that purchases for its own account or for the account of a qualified   institutional buyer to whom notice is given that the resale,
pledge or   transfer is being made in reliance on Rule 144A, or (ii) pursuant to another   exemption from registration under the Securities Act.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          2.          In   the case of a Class G, Class H, Class X-C Certificate or Class WM, the   Transferee either (A) is not an “employee benefit plan” subject to Title I of   ERISA or a “plan” subject to Section 4975 of the Code or any other retirement   plan or other employee benefit plan or arrangement subject to any federal,   state, local, non-U.S. or 
  

F-2-1

	
  
 
  	
  
other law   substantively similar to the foregoing provisions of ERISA or the Code, or   any Person directly or indirectly acquiring such Certificate for, on behalf   of or with any assets of any such plan (each, a “Plan”) or (B) (1)   qualifies as an accredited investor as defined in Rule 501(a)(1) of   Regulation D under the Securities Act and satisfies all the requirements of   the Exemptions as in effect at the time of such transfer or (2) is an   insurance company general account that is eligible for, and satisfies all of   the requirements of, Sections I and III of Department of Labor Prohibited   Transaction Class Exemption 95-60 (“PTE 95-60”).
  
	
  
 
  	
  
 
  
	
  
 
  	
  
In the case   of a Class J, Class K, Class L, Class M, Class N, Class O or Class P   Certificate, the Transferee either (A) is not an “employee benefit plan”   subject to Title I of ERISA or a “plan” subject to Section 4975 of the Code   or any other retirement plan or other employee benefit plan or arrangement   subject to any federal, state, local, non-U.S. or other law substantively   similar to the foregoing provisions of ERISA or the Code, or any Person   directly or indirectly acquiring such Certificate for, on behalf of or with   any assets of any such plan (each, a “Plan”) or (B) is an insurance   company general account which is eligible for, and satisfies all of the   requirements for, exemptive relief under PTE 95-60.
  
	
  
 
  	
  
 
  
	
   
  	
  
In the case   of a Class R-I, Class R-II, and Class Z Certificate, the Transferee is not an   “employee benefit plan” subject to Title I of ERISA or a “plan” subject to   Section 4975 of the Code or any other retirement plan or other employee   benefit plan or arrangement subject to any federal, state, local, non-U.S. or   other law substantively similar to the foregoing provisions of ERISA or the   Code, or any Person directly or indirectly acquiring such Certificate for, on   behalf of or with any assets of any such plan (each, a “Plan”).
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          3.          The   Transferee has been furnished with all information regarding (a) the   Certificates and distributions thereon, (b) the nature, performance and   servicing of the Mortgage Loans, (c) the Pooling and Servicing Agreement, and   (d) any credit enhancement mechanism associated with the Certificates, that   it has requested.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          4.          The   Transferee understands that it may not sell or otherwise transfer any portion   of its interest in the Transferred Certificate except in compliance with the   provisions of Section 5.02 of the Pooling and Servicing Agreement, which   provisions it has carefully reviewed, and that the Transferred Certificate   will bear legends substantially to the following effect (provided that the Class G, Class H and   Class X-C and Class WM Certificates will bear a legend substantially to the   effect of the following first paragraph only):
  
	
   
  	
  
 
  
	
  
 
  	
  
THE   CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE   SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE   SECURITIES LAWS OF ANY STATE. ANY RESALE, TRANSFER OR OTHER DISPOSITION OF   THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY   IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION   AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND   SERVICING AGREEMENT REFERRED TO HEREIN.
  

F-2-2

	
  
 
  	
  
NO TRANSFER   OF THIS CERTIFICATE, OR ANY INTEREST THEREIN SHALL BE MADE TO ANY “EMPLOYEE   BENEFIT PLAN” SUBJECT TO TITLE I OF ERISA, ANY “PLAN” SUBJECT TO SECTION   4975 OF THE CODE OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN   OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE, LOCAL, OR OTHER LAW   SUBSTANTIVELY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR   ANY PERSON DIRECTLY OR INDIRECTLY ACQUIRING SUCH CERTIFICATE FOR, ON BEHALF   OF OR WITH ANY ASSETS OF ANY SUCH PLAN (EACH, A “PLAN”) UNLESS IT IS   AN INSURANCE COMPANY GENERAL ACCOUNT WHICH IS ELIGIBLE FOR, AND SATISFIES ALL   OF THE REQUIREMENTS FOR EXEMPTIVE RELIEF UNDER SECTIONS I AND III OF   DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTE   95-60”). EACH PERSON WHO ACQUIRES THIS CERTIFICATE SHALL BE DEEMED TO   HAVE CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT IT WILL
NOT TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.
  
	
   
  	
  
 
  
	
  
 
  	
  
[In the case   of Class R-I, Class R-II or Class Z Certificates]: NO TRANSFER OF THIS   CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY “EMPLOYEE BENEFIT   PLAN” SUBJECT TO TITLE I OF ERISA, ANY “PLAN” SUBJECT TO SECTION 4975 OF THE   CODE OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR   ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE, LOCAL, NON–U.S. OR OTHER LAW   SUBSTANTIVELY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR   ANY PERSON DIRECTLY OR INDIRECTLY ACQUIRING SUCH CERTIFICATE FOR, ON BEHALF   OF OR WITH ANY ASSETS OF ANY SUCH PLAN (EACH, A “PLAN”).  EACH PERSON WHO ACQUIRES THIS CERTIFICATE   SHALL BE DEEMED TO HAVE CERTIFIED THAT THE FOREGOING CONDITIONS ARE   SATISFIED, AND THAT IT WILL NOT TRANSFER THIS CERTIFICATE IN VIOLATION OF THE   FOREGOING.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          5.          Neither   the Transferee nor anyone acting on its behalf has (a) offered, pledged,   sold, disposed of or otherwise transferred any Certificate, any interest in   any Certificate or any other similar security to any person in any manner,   (b) solicited any offer to buy or accept a pledge, disposition or other   transfer of any Certificate, any interest in any Certificate or any other   similar security from any person in any manner, (c) otherwise approached or   negotiated with respect to any Certificate, any interest in any Certificate   or any other similar security with any person in any manner, (d) made any   general solicitation by means of general advertising or in any other manner,   or (e) taken any other action, that (in the case of any of the acts described   in clauses (a) through (e) above) would constitute a distribution of any
Certificate under the Securities Act, would render the disposition of any   Certificate a violation of Section 5 of the Securities Act or any state   securities law or would require registration or qualification of any Certificate   pursuant thereto.  The Transferee will   not act, nor has it authorized or will it authorize any person to act, in any   manner set forth in the foregoing sentence with respect to any Certificate.
  

F-2-3

	
  
 
  	
  
          6.          Check   one of the following:
  

	
  
—
  	
  
The   Transferee is a U.S. Person (as defined below) and it has attached hereto an   Internal Revenue Service (“IRS”) Form W-9 (or successor form).
  
	
  
 
  	
  
 
  
	
  
—
  	
  
1*The   Transferee is not a U.S. Person and under applicable law in effect on the   date hereof, no taxes will be required to be withheld by the Trustee (or its   agent) with respect to distributions to be made on the Transferred   Certificate.  The Transferee has   attached hereto (i) a duly executed IRS Form W-8BEN (or successor form),   which identifies such Transferee as the beneficial owner of the Transferred   Certificate and states that such Transferee is not a U.S. Person, (ii) two   duly executed copies of IRS Form W-8IMY (with all the appropriate   attachments), or (iii) two duly executed copies of IRS Form W-8ECI (or   successor form), which identify such Transferee as the beneficial owner of   the Transferred Certificate and state that interest and original issue   discount on the Transferred Certificate and Permitted Investments is, or is   expected to be, effectively connected with a U.S. trade or business.  The Transferee agrees

to provide to the   Certificate Registrar updated IRS Form W-8BEN, IRS Form W-8IMY or IRS Form   W-8ECI, as the case may be, any applicable successor IRS forms, or such other   certifications as the Certificate Registrar may reasonably request, on or   before the date that any such IRS form or certification expires or becomes   obsolete, or promptly after the occurrence of any event requiring a change in   the most recent IRS form of certification furnished by it to the Certificate   Registrar.
  
	
   
  	
  
 
  
	
  
 
  	
  
For this   purpose, “U.S. Person” means a citizen or resident of the United States, a   corporation or partnership (including an entity treated as a corporation or   partnership for federal income tax purposes) created or organized in, or   under the laws of, the United States, any State thereof or the District of   Columbia unless in the case of a partnership, Treasury Regulations are   adopted that provide otherwise, an estate whose income is includable in gross   income for United States federal income tax purposes regardless of its source   or a trust if a court within the United States is able to exercise primary   supervision over the administration of the trust, and one or more United   States Persons have the authority to control all substantial decisions of the   trust, all within the meaning of Section 7701(a)(30) of the Code.
  

	
  
 
  	
  
Very truly   yours,
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
   
  	

  
  (Transferor)

	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Name:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Title:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  

	
  

  
	
  
1
  	
  
Does not apply to Class R-I or Class R-II Certificates.
  

F-2-4

ANNEX 1 TO EXHIBIT F-2

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

[For Transferees Other Than Registered Investment Companies]

          The undersigned hereby certifies as follows to [name of Transferor] (the “Transferor”) and Wells Fargo Bank, N.A., as Certificate Registrar, with respect to the mortgage pass-through certificate being transferred (the “Transferred Certificate”) as described in the Transferee Certificate to which this certification relates and to which this certification is an Annex:

	
  
 
  	
  
          1.          As   indicated below, the undersigned is the chief financial officer, a person   fulfilling an equivalent function, or other executive officer of the entity   purchasing the Transferred Certificate (the “Transferee”).
  
	
   
  	
  
 
  
	
  
 
  	
  
          2.          The   Transferee is a “qualified institutional buyer” as that term is defined in   Rule 144A under the Securities Act of 1933, as amended (“Rule 144A”)   because (i) the Transferee owned and/or invested on a discretionary basis   $____________ / _____________ in securities (other than the excluded   securities referred to below) as of the end of the Transferee’s most recent   fiscal year (such amount being calculated in accordance with Rule 144A)   [Transferee must own and/or invest on a discretionary basis at least   $100,000,000 in securities unless Transferee is a dealer, and, in that case,   Transferee must own and/or invest on, a discretionary basis at least $10,000,000   in securities.] and (ii) the Transferee satisfies the criteria in the   category marked below.
  

	
  
 
  	
  
____
  	
  
Corporation,   etc.  The Transferee is a corporation   (other than a bank, savings and loan association or similar institution),   business trust, partnership, or any organization described in Section   501(c)(3) of the Internal Revenue Code of 1986, as amended.
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
____
  	
  
Bank.  The Transferee (a) is a national bank or a   banking institution organized under the laws of any State, U.S. territory or   the District of Columbia, the business of which is substantially confined to   banking and is supervised by the State or territorial banking commission or   similar official or is a foreign bank or equivalent institution, and (b) has   an audited net worth of at least $25,000,000 as demonstrated in its latest   annual financial statements, a copy of which is attached hereto, as of a date   not more than 16 months preceding the date of sale of the Certificate in the   case of a U.S. bank, and not more than 18 months preceding such date of sale   for a foreign bank or equivalent institution.
  

F-2-5

	
  
 
  	
  
____
  	
  
Savings and   Loan.  The Transferee (a) is a savings   and loan association, building and loan association, cooperative bank,   homestead association or similar institution, which is supervised and   examined by a State or Federal authority having supervision over any such   institutions or is a foreign savings and loan association or equivalent   institution and (b) has an audited net worth of at least $25,000,000 as   demonstrated in its latest annual financial statements, a copy of which is   attached hereto, as of a date not more than 16 months preceding the date of   sale of the Certificate in the case of a U.S. savings and loan association,   and not more than 18 months preceding such date of sale for a foreign savings   and loan association or equivalent institution.
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
____
  	
  
Broker-dealer.  The Transferee is a dealer registered   pursuant to Section 15 of the Securities Exchange Act of 1934.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
____
  	
  
Insurance   Company.  The Transferee is an   insurance company whose primary and predominant business activity is the   writing of insurance or the reinsuring of risks underwritten by insurance   companies and which is subject to supervision by the insurance commissioner   or a similar official or agency of a State, U.S. territory or the District of   Columbia.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
____
  	
  
State or   Local Plan.  The Transferee is a plan   established and maintained by a State, its political subdivisions, or any   agency or instrumentality of the State or its political subdivisions, for the   benefit of its employees.
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
____
  	
  
ERISA   Plan.  The Transferee is an employee   benefit plan within the meaning of Title I of the Employee Retirement Income   Security Act of 1974, as amended.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
____
  	
  
Investment   Advisor.  The Transferee is an   investment advisor registered under the Investment Advisers Act of 1940.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
____
  	
  
Other.  (Please supply a brief description of the   entity and a cross-reference to the paragraph and subparagraph under   subsection (a)(1) of Rule 144A pursuant to which it qualifies.  Note that registered investment companies   should complete Annex 2 rather than this Annex 1.)
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
          3.          The   term “securities” as used herein does not include (i) securities of issuers   that are affiliated with the Transferee, (ii) securities that are part of an   unsold allotment to or subscription by the Transferee, if the Transferee is a   dealer, (iii) bank deposit notes and certificates of deposit, (iv) loan   participations, (v) repurchase agreements, (vi) securities owned but subject   to a repurchase agreement and (vii) currency, interest rate and commodity   swaps.  For purposes of determining   the aggregate amount of securities owned and/or invested on a discretionary   basis by the Transferee, the Transferee did not include any of the securities   referred to in this paragraph.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
          4.          For   purposes of determining the aggregate amount of securities owned and/or   invested on a discretionary basis by the Transferee, the Transferee used the   cost of such securities to the Transferee, unless the Transferee reports its   securities holdings in its financial statements on the basis of their market   value, and no current information 
  

F-2-6

	
  
 
  	
  
with respect   to the cost of those securities has been published, in which case the   securities were valued at market.    Further, in determining such aggregate amount, the Transferee may have   included securities owned by subsidiaries of the Transferee, but only if such   subsidiaries are consolidated with the Transferee in its financial statements   prepared in accordance with generally accepted accounting principles and if   the investments of such subsidiaries are managed under the Transferee’s   direction.  However, such securities   were not included if the Transferee is a majority-owned, consolidated   subsidiary of another enterprise and the Transferee is not itself a reporting   company under the Securities Exchange Act of 1934, as amended.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          5.          The   Transferee acknowledges that it is familiar with Rule 144A and understands   that the parties to which this certification is being made are relying and   will continue to rely on the statements made herein because one or more sales   to the Transferee may be in reliance on Rule 144A.
  

	
   
  	

  _________

  	
  
 
  	
   _________

	
  
 
  	

  
  Will the   Transferee be purchasing the Transferred Certificate only for the   Transferee’s own account?

	
  
 
  	
  
Yes
  	
   
 	
  
No
  	
   
 

	
  
 
  	
  
          6.          If   the answer to the foregoing question is “no”, then in each case where the   Transferee is purchasing for an account other than its own, such account   belongs to a third party that is itself a “qualified institutional buyer”   within the meaning of Rule 144A, and the “qualified institutional buyer”   status of such third party has been established by the Transferee through one   or more of the appropriate methods contemplated by Rule 144A.
  
	
   
  	
  
 
  
	
  
 
  	
  
          7.          The   Transferee will notify each of the parties to which this certification is   made of any changes in the information and conclusions herein.  Until such notice is given, the   Transferee’s purchase of the Transferred Certificate will constitute a   reaffirmation of this certification as of the date of such purchase.  In addition, if the Transferee is a bank   or savings and loan as provided above, the Transferee agrees that it will   furnish to such parties any updated annual financial statements that become   available on or before the date of such purchase, promptly after they become   available.
  

	
  
 
  	
  
Print Name   of Transferee
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Name:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Title:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Date:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  

F-2-7

ANNEX 2 TO EXHIBIT F-2

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

[For Transferees That Are Registered Investment Companies]

          The undersigned hereby certifies as follows to [name of Transferor] (the “Transferor”) and Wells Fargo Bank, N.A., as Certificate Registrar, with respect to the mortgage pass-through certificate being transferred (the “Transferred Certificate”) as described in the Transferee Certificate to which this certification relates and to which this certification is an Annex:

	
  
 
  	
  
          1.          As   indicated below, the undersigned is the chief financial officer, a person   fulfilling an equivalent function, or other executive officer of the entity   purchasing the Transferred Certificate (the “Transferee”) or, if the   Transferee is a “qualified institutional buyer” as that term is defined in   Rule 144A under the Securities Act of 1933, as amended (“Rule 144A”)   because the Transferee is part of a Family of Investment Companies (as   defined below), is an executive officer of the investment adviser (the “Adviser”).
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          2.          The   Transferee is a “qualified institutional buyer” as defined in Rule 144A   because (i) the Transferee is an investment company registered under the   Investment Company Act of 1940, and (ii) as marked below, the Transferee   alone owned and/or invested on a discretionary basis, or the Transferee’s   Family of Investment Companies owned, at least $100,000,000 in securities   (other than the excluded securities referred to below) as of the end of the   Transferee’s most recent fiscal year.    For purposes of determining the amount of securities owned by the   Transferee or the Transferee’s Family of Investment Companies, the cost of   such securities was used, unless the Transferee or any member of the   Transferee’s Family of Investment Companies, as the case may be, reports its   securities holdings in
its financial statements on the basis of their market   value, and no current information with respect to the cost of those   securities has been published, in which case the securities of such entity   were valued at market.
  

	
  
 
  	
  
____
  	
  
The   Transferee owned and/or invested on a discretionary basis   $          in securities   (other than the excluded securities referred to below) as of the end of the   Transferee’s most recent fiscal year (such amount being calculated in   accordance with Rule 144A).
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
____
  	
  
The   Transferee is part of a Family of Investment Companies which owned in the   aggregate $          in securities (other than the excluded securities referred to   below) as of the end of the Transferee’s most recent fiscal year (such amount   being calculated in accordance with Rule 144A).
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
          3.          The   term “Family of Investment Companies” as used herein means two or more   registered investment companies (or series thereof) that have the same   investment adviser or investment advisers that are affiliated (by virtue of   being majority owned subsidiaries of the same parent or because one   investment adviser is a majority owned subsidiary of the other).
  

F-2-8

	
  
 
  	
  
          4.          The   term “securities” as used herein does not include (i) securities of issuers   that are affiliated with the Transferee or are part of the Transferee’s   Family of Investment Companies, (ii) bank deposit notes and certificates of   deposit, (iii) loan participations, (iv) repurchase agreements, (v)   securities owned but subject to a repurchase agreement and (vi) currency,   interest rate and commodity swaps.    For purposes of determining the aggregate amount of securities owned   and/or invested on a discretionary basis by the Transferee, or owned by the   Transferee’s Family of Investment Companies, the securities referred to in   this paragraph were excluded.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          5.          The   Transferee is familiar with Rule 144A and understands that the parties to   which this certification is being made are relying and will continue to rely   on the statements made herein because one or more sales to the Transferee   will be in reliance on Rule 144A.
  

	
  
 
  	
   _________

	
  
 
  	
  _________

  	
  
 
  	

  
  Will the   Transferee be purchasing the Transferred Certificate only for the   Transferee’s own account?

	
  
 
  	
  
Yes
  	
   
 	
  
No
  	
  
 
  

	
  
 
  	
  
          6.          If   the answer to the foregoing question is “no”, then in each case where the   Transferee is purchasing for an account other than its own, such account   belongs to a third party that is itself a “qualified institutional buyer”   within the meaning of Rule 144A, and the “qualified institutional buyer”   status of such third party has been established by the Transferee through one   or more of the appropriate methods contemplated by Rule 144A.
  
	
   
  	
  
 
  
	
  
 
  	
  
          7.          The   undersigned will notify the parties to which this certification is made of   any changes in the information and conclusions herein.  Until such notice, the Transferee’s   purchase of the Transferred Certificate will constitute a reaffirmation of   this certification by the undersigned as of the date of such purchase.
  

	
  
 
  	
  
Print Name   of Transferee or Adviser
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
   
  	
  
 
  	
  

  
	
  
 
  	
  
Name:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Title:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  

F-2-9

EXHIBIT F-3

FORM OF TRANSFEREE CERTIFICATE

FOR NON-QIBs

[Date]

Wells Fargo Bank, N.A.
 Wells Fargo Center
 Sixth Street and Marquette Avenue
 Minneapolis, Minnesota 55479-0113

	
  Attn:
  	
  
Corporate   Trust Services – Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage   Pass-Through Certificates, Series 2006-C26
  
	
  
 
  	
  
 
  
	
  
Re:
  	
  
Wachovia   Bank Commercial Mortgage Trust,
  
	
  
 
  	
  
Commercial   Mortgage Pass-Through Certificates, 
  
	
  
 
  	
  
Series   2006-C26 (the “Certificates”)
  

Ladies and Gentlemen:

          This letter is delivered to you in connection with the transfer by ____________________ (the “Transferor”) to _______________________ (the “Transferee”) of a Certificate (the “Transferred Certificate”) having an initial [principal balance] [notional amount] as of June 29, 2006 (the “Closing Date”) of $_____________ evidencing a __% interest in the Class to which it belongs.  The Certificates were issued pursuant to the pooling and servicing agreement (the “Pooling and Servicing Agreement”), dated as of June 1, 2006, among Wachovia Commercial Mortgage Securities, Inc., as depositor (the “Depositor”), Wachovia Bank, National Association, as Master Servicer, LNR Partners, Inc., as Special Servicer and Wells Fargo Bank, N.A., as Trustee.  All terms used herein and not otherwise defined shall have
the meanings set forth in the Pooling and Servicing Agreement.  The Transferee hereby certifies, represents and warrants to you, as Certificate Registrar, that:

	
  
 
  	
  
          1.          The   Transferee is acquiring the Transferred Certificate for its own account for   investment and not with a view to or for sale or transfer in connection with   any distribution thereof, in whole or in part, in any manner which would violate   the Securities Act of 1933, as amended (the “Securities Act”), or any   applicable state securities laws.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          2.          The   Transferee understands that (a) the Certificates have not been and will not   be registered under the Securities Act or registered or qualified under any   applicable state securities laws, (b) neither the Depositor nor the Trustee   or the Certificate Registrar is obligated so to register or qualify the   Certificates and (c) the Certificates may not be resold or transferred unless   they are (i) registered pursuant to the Securities Act and registered or   qualified pursuant to any applicable state securities laws or (ii) sold or   transferred in transactions which are exempt from such registration and   qualification and the Certificate Registrar has received either (A)   certifications from both the transferor and the transferee (substantially in   the forms attached to the Pooling and Servicing Agreement) setting forth the   facts
surrounding the transfer or (B) an opinion of counsel 
  

F-3-1

	
  
 
  	
  
satisfactory   to the Certificate Registrar with respect to the availability of such   exemption (which Opinion of Counsel shall not be an expense of the Trust Fund   or of the Depositor, the Master Servicer, the Special Servicer, the Trustee   or the Certificate Registrar in their respective capacities as such),   together with copies of the certification(s) from the Transferor and/or   Transferee setting forth the facts surrounding the transfer upon which such   opinion is based.  Any holder of a   Certificate desiring to effect such a transfer shall, and upon acquisition of   such Certificate shall be deemed to have agreed to, indemnify the Master   Servicer, the Special Servicer, Trustee, the Certificate Registrar and the   Depositor against any liability that may result if the transfer is not so   exempt or is not made in accordance with such federal and state laws.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          3.          The   Transferee understands that it may not sell or otherwise transfer any portion   of its interest in the Transferred Certificate except in compliance with the   provisions of Section 5.02 of the Pooling and Servicing Agreement, which   provisions it has carefully reviewed, and that the Transferred Certificate   will bear legends substantially to the following effect (provided that the Class G, Class H and   Class X-C and Class WM Certificates will bear a legend substantially to the   effect of the following first paragraph only):
  
	
   
  	
  
 
  
	
  
 
  	
  
THE   CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE   SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE   SECURITIES LAWS OF ANY STATE. ANY RESALE, TRANSFER OR OTHER DISPOSITION OF   THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY   IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION   AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND   SERVICING AGREEMENT REFERRED TO HEREIN.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
NO TRANSFER   OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY “EMPLOYEE   BENEFIT PLAN” SUBJECT TO TITLE I OF ERISA, ANY “PLAN” SUBJECT TO SECTION   4975 OF THE CODE OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN   OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE, LOCAL, OR OTHER LAW   SUBSTANTIVELY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR   ANY PERSON DIRECTLY OR INDIRECTLY ACQUIRING SUCH CERTIFICATE FOR, ON BEHALF   OF OR WITH ANY ASSETS OF ANY SUCH PLAN (EACH, A “PLAN”) UNLESS IT IS   AN INSURANCE COMPANY GENERAL ACCOUNT WHICH IS ELIGIBLE FOR, AND SATISFIES ALL   OF THE REQUIREMENTS FOR EXEMPTIVE RELIEF UNDER SECTIONS I AND III OF   DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTE   95-60”). EACH PERSON WHO ACQUIRES THIS CERTIFICATE SHALL BE DEEMED TO   HAVE CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT IT WILL   NOT

TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.
  

F-3-2

	
  
 
  	
  
[In the case   of Class R-I, Class R-II or Class Z Certificates]: NO TRANSFER OF THIS   CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY “EMPLOYEE BENEFIT   PLAN” SUBJECT TO TITLE I OF ERISA, ANY “PLAN” SUBJECT TO SECTION 4975 OF THE   CODE OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR   ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE, LOCAL, NON–U.S. OR OTHER LAW   SUBSTANTIVELY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR   ANY PERSON DIRECTLY OR INDIRECTLY ACQUIRING SUCH CERTIFICATE FOR, ON BEHALF   OF OR WITH ANY ASSETS OF ANY SUCH PLAN (EACH, A “PLAN”).  EACH PERSON WHO ACQUIRES THIS CERTIFICATE   SHALL BE DEEMED TO HAVE CERTIFIED THAT THE FOREGOING CONDITIONS ARE   SATISFIED, AND THAT IT WILL NOT TRANSFER THIS CERTIFICATE IN VIOLATION OF THE   FOREGOING.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          4.          Neither   the Transferee nor anyone acting on its behalf has (a) offered, pledged,   sold, disposed of or otherwise transferred any Certificate, any interest in   any Certificate or any other similar security to any person in any manner,   (b) solicited any offer to buy or accept a pledge, disposition or other   transfer of any Certificate, any interest in any Certificate or any other similar   security from any person in any manner, (c) otherwise approached or   negotiated with respect to any Certificate, any interest in any Certificate   or any other similar security with any person in any manner, (d) made any   general solicitation by means of general advertising or in any other manner,   or (e) taken any other action, that (in the case of any of the acts described   in clauses (a) through (e) above) would constitute a distribution of any
Certificate under the Securities Act, would render the disposition of any   Certificate a violation of Section 5 of the Securities Act or any state   securities law or would require registration or qualification of any   Certificate pursuant thereto.  The   Transferee will not act, nor has it authorized or will it authorize any   person to act, in any manner set forth in the foregoing sentence with respect   to any Certificate.
  
	
   
  	
  
 
  
	
  
 
  	
  
          5.          The   Transferee has been furnished with all information regarding (a) the   Depositor, (b) the Certificates and distributions thereon, (c) the Pooling   and Servicing Agreement, and (d) all related matters, that it has requested.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          6.          The   Transferee has been furnished a copy of the Private Placement Memorandum   dated June 20, 2006 and has read such Private Placement Memorandum.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          7.          The   Transferee is an “accredited investor” as defined in Rule 501(a)(1), (2), (3)   or (7) under the Securities Act and has such knowledge and experience in   financial and business matters as to be capable of evaluating the merits and   risks of an investment in the Certificates; the Transferee has sought such   accounting, legal and tax advice as it has considered necessary to make an   informed investment decision; and the Transferee is able to bear the economic   risks of such an investment and can afford a complete loss of such   investment.
  
	
   
  	
  
 
  
	
  
 
  	
  
          8.          In   the case of the Class G, Class H, Class X-C or Class WM Certificates, the   Transferee either (A) is not an “employee benefit plan” subject to Title I of   ERISA or a “plan” subject to Section 4975 of the Code or any other retirement   plan or other employee benefit plan or arrangement subject to any federal,   state or local, non-U.S. or 
  

F-3-3

	
  
 
  	
  
other law   substantively similar to the foregoing provisions of ERISA or the Code, or   any Person directly or indirectly acquiring such Certificate for, on behalf   of or with any assets of any such plan (each, a “Plan”) or (B) (1)   qualifies as an accredited investor as defined in Rule 501(a)(1) of   Regulation D under the Securities Act and satisfies all the requirements of   the Exemptions as in effect at the time of such transfer or (2) is an   insurance company general account that is eligible for, and satisfies all of   the requirements for, Sections I and III of Department of Labor Prohibited   Transaction Class Exemption 95-60 (“PTE 95-60”).
  
	
  
 
  	
  
 
  
	
   
  	
  
          9.          In   the case of Class J, Class K, Class L, Class M, Class N, Class O and Class P   Certificates, the Transferee either (A) is not an “employee benefit plan”   subject to Title I of ERISA or a “plan” subject to Section 4975 of the Code,   or any other retirement plan or other employee benefit plan or arrangement   subject to any federal, state, local non-U.S. or other law substantively   similar to the foregoing provisions of ERISA or the Code, or any Person   acting on behalf of or with any assets of the foregoing (each, a “Plan”)   or (B) is an insurance company general account which is eligible for, and   satisfies all of the requirements for, exemptive relief under Sections I and   III of Department of Labor Prohibited Transaction Class Exemption (“PTE   95-60”).
  
	
  
 
  	
  
 
  
	
  
 
  	
  
In the case   of a Class R-I, Class R-II, and Class Z Certificate, the Transferee is not an   “employee benefit plan” subject to Title I of ERISA or a “plan” subject to   Section 4975 of the Code or any other retirement plan or other employee   benefit plan or arrangement subject to any federal, state, local, non-U.S. or   other law substantively similar to the foregoing provisions of ERISA or the   Code, or any Person directly or indirectly acquiring such Certificate for, on   behalf of or with any assets of any such plan (each, a “Plan”).
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          10.        Check   one of the following:
  

	
  
 
  	
  
—
  	
  
The   Transferee is a U.S. Person (as defined below) and it has attached hereto an   Internal Revenue Service (“IRS”) Form W-9 (or successor form).
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
—
  	
  
2*The   Transferee is not a U.S. Person and under applicable law in effect on the   date hereof, no taxes will be required to be withheld by the Trustee (or its   agent) with respect to distributions to be made on the Transferred   Certificate.  The Transferee has   attached hereto (i) a duly executed IRS Form W-8BEN (or successor form),   which identifies such Transferee as the beneficial owner of the Transferred   Certificate and states that such Transferee is not a U.S. Person, (ii) two   duly executed copies of IRS Form W-8IMY (with all the appropriate   attachments),  or (iii) two duly   executed copies of IRS Form W-8ECI (or successor form), which identify such   Transferee as the beneficial owner of the Transferred Certificate and state   that interest and original issue discount on the Transferred Certificate and   Permitted Investments is, or is expected to be, effectively connected with a   U.S. trade or business.  The
Transferee agrees to provide to the Certificate Registrar updated IRS Form   W-8BEN, IRS Form W-8IMY or IRS Form W-8ECI, as the case may be, any   applicable successor IRS forms, or such other certifications as the   Certificate Registrar may reasonably request, on or before the date that any   such IRS form or certification expires or becomes obsolete, or promptly after   the occurrence of any event requiring a change in the most recent IRS form of   certification furnished by it to the Certificate Registrar.
  

	
  

  
	
  
2
  	
  
[Does not   apply to Class R-I or Class R-II Certificates.]
  

F-3-4

For this purpose, “U.S. Person” means a citizen or resident of the United States, a corporation or partnership (including an entity treated as a corporation or partnership for federal income tax purposes) created or organized in, or under the laws of, the United States, any State thereof or the District of Columbia unless in the case of a partnership, Treasury Regulations are adopted that provide otherwise, an estate whose income is includable in gross income for United States federal income tax purposes regardless of its source or a trust if a court within the United States is able to exercise primary supervision over the administration of the trust, and one or more United States Persons have the authority to control all substantial decisions of the trust, all within the meaning of Section 7701(a)(30) of the Code or, to the extent provided in applicable Treasury regulations, certain trusts in existence on August 20, 1996, that are eligible to elect to
elect to be treated as United States Persons.

	
  
 
  	
  
Very truly   yours,
  
	
   
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	

  
  (Transferee)

	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Name:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
   
  	
  
Title:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  

F-3-5

EXHIBIT F-4

FORM OF TRANSFEREE CERTIFICATE
 FOR REGULATION S TRANSFERS

[Date]

Wells Fargo Bank, N.A.
 Wells Fargo Center
 Sixth Street and Marquette Avenue
 Minneapolis, Minnesota  55479-0113

	
  
Attn:
  	
  
Corporate   Trust Service Group
  
	
  
 
  	
  
Wachovia   Bank Commercial Mortgage Trust
  
	
  
 
  	
  
Commercial   Mortgage Pass-Through Certificates,
  
	
  
 
  	
  
Series 2006-C26
  
	
   
  	
  
 
  
	
  
Re:
  	
  
Wachovia   Bank Commercial Mortgage Trust,
  
	
  
 
  	
  
Commercial   Mortgage Pass-Through Certificates,
  
	
  
 
  	
  
Series   2006-C26 (the “Certificates”)
  

Ladies and Gentlemen:

This letter is delivered to you in connection with the transfer by ____________________ (the “Transferor”) to _______________________ (the “Transferee”) of a Certificate (the “Transferred Certificate”) having an initial [principal balance] [notional amount] as of June 29, 2006 (the “Closing Date”) of $_____________ evidencing a __% interest in the Class A-3FL Certificates.  The Certificates were issued pursuant to the pooling and servicing agreement (the “Pooling and Servicing Agreement”), dated as of June 1, 2006, among Wachovia Commercial Mortgage Securities, Inc., as Depositor, Wachovia Bank, National Association, as Master Servicer, LNR Partners, Inc., as Special Servicer and Wells Fargo Bank, N.A., as Trustee.  All terms used herein and not otherwise defined shall have the meanings set forth in the Pooling and Servicing Agreement.  The Transferee hereby
certifies, represents and warrants to you, as Certificate Registrar, that:

	
   
  	
  
          1.          The   Transferee is not acquiring the Transferred Certificate in any manner which   would violate the Securities Act of 1933, as amended (the “Securities Act”),   or any applicable state securities laws.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          2.          The   Transferee understands that (a) the Certificates have not been and will not   be registered under the Securities Act or registered or qualified under any   applicable state securities laws, (b) neither the Depositor nor the Trustee   nor the Certificate Registrar is obligated so to register or qualify the   Certificates and (c) the Certificates may not be resold or transferred unless   they are (i) registered pursuant to the Securities Act and registered or   qualified pursuant to any applicable state securities laws or (ii) sold or   transferred in transactions which are exempt from such registration and   qualification and the Certificate Registrar has received either (A)   certifications from both the transferor and the transferee (substantially in   the forms attached to the Pooling and Servicing Agreement) setting forth the   facts
surrounding the transfer or (B) an opinion of counsel 
  

F-4-1

	
   
  	
  
satisfactory   to the Certificate Registrar with respect to the availability of such   exemption (which Opinion of Counsel shall not be an expense of the Trust Fund   or of the Depositor, the Master Servicer, the Special Servicer, the Trustee,   or the Certificate Registrar in their respective capacities as such),   together with copies of the certification(s) from the Transferor and/or   Transferee setting forth the facts surrounding the transfer upon which such   opinion is based.  Any holder of a   Certificate desiring to effect such a transfer shall, and upon acquisition of   such Certificate shall be deemed to have agreed to, indemnify the Master   Servicer, the Special Servicer, the Trustee, the Certificate Registrar and   the Depositor against any liability that may result if the transfer is not so   exempt or is not made in accordance with such federal and state laws.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          3.          The   Transferee understands that it may not sell or otherwise transfer any portion   of its interest in the Transferred Certificate except in compliance with the   provisions of Section 5.02 of the Pooling and Servicing Agreement, which   provisions it has carefully reviewed, and that the Transferred Certificate   will bear a legend substantially to the following effect:
  
	
  
 
  	
  
 
  
	
  
THE   CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE   SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE   SECURITIES LAWS OF ANY STATE.  ANY   RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH   REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES   NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE   PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO   HEREIN.
  
	
   
  	
  
 
  
	
  
 
  	
  
          4.          Neither   the Transferee nor anyone acting on its behalf has (a) offered, pledged,   sold, disposed of or otherwise transferred any Certificate, any interest in   any Certificate or any other similar security to any person in any manner,   (b) solicited any offer to buy or accept a pledge, disposition or other   transfer of any Certificate, any interest in any Certificate or any other   similar security from any person in any manner, (c) otherwise approached or   negotiated with respect to any Certificate, any interest in any Certificate   or any other similar security with any person in any manner, (d) made any   general solicitation by means of general advertising or in any other manner,   or (e) taken any other action, that (in the case of any of the acts described   in clauses (a) through (e) above) would constitute a distribution of any
Certificate under the Securities Act, would render the disposition of any   Certificate a violation of Section 5 of the Securities Act or any state   securities law or would require registration or qualification of any   Certificate pursuant thereto.  The   Transferee will not act, nor has it authorized or will it authorize any   person to act, in any manner set forth in the foregoing sentence with respect   to any Certificate.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          5.          The   Transferee has been furnished with all information regarding (a) the   Depositor, (b) the Certificates and distributions thereon, (c) the Pooling   and Servicing Agreement, and (d) all related matters, that it has requested.
  

F-4-2

	
  
 
  	
  
          6.          The   Transferee has been furnished a copy of the Private Placement Memorandum,   dated June 20, 2006 and has read such Private Placement Memorandum.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          7.          The   offer of the Certificates was not made to a person in the United States.  No directed selling efforts have been made   in contravention of the requirements of Rule 903(b) or Rule 904(b) of   Regulation S, as applicable.  The   transaction is not part of a plan or scheme to evade the registration   requirements of the Securities Act.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          8.          Check   one of the following:*
  

______        At the time the buy order was originated, the Transferee was outside the United States.

______        The transaction was executed in, on or through the facilities of a designated offshore securities market and the Transferee does not know that the transaction was pre-arranged with a buyer in the United States.

	
  

  
	
  
*
  	
  
These two   provisions come from the definition of “offshore transaction” in Regulation   S.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          9.          The   Transferee is not a U.S. Person and under applicable law in effect on the   date hereof, no taxes will be required to be withheld by the Trustee (or its   agent) with respect to distributions to be made on the Transferred   Certificate.  The Transferee has   attached hereto (i) a duly executed IRS Form W-8BEN (or successor form),   which identifies such Transferee as the beneficial owner of the Transferred   Certificate and states that such Transferee is not a U.S. Person, (ii) two   duly executed copies of IRS Form W-8IMY (with all the appropriate attachments)   or (iii) two duly executed copies of IRS Form W-8ECI (or successor form),   which identify such Transferee as the beneficial owner of the Transferred   Certificate and state that interest and original issue discount on the   Transferred Certificate and Permitted Investments
is, or is expected to be,   effectively connected with a U.S. trade or business.  The Transferee agrees to provide to the   Certificate Registrar updated IRS Form W 8BEN, IRS Form W-8IMY or IRS Form   W-8ECI, as the case may be, any applicable successor IRS forms, or such other   certifications as the Certificate Registrar may reasonably request, on or   before the date that any such IRS form or certification expires or becomes   obsolete, or promptly after the occurrence of any event requiring a change in   the most recent IRS form of certification furnished by it to the Certificate   Registrar.
  

For this purpose, “U.S. Person” means a citizen or resident of the United States, a corporation or partnership (including an entity treated as a corporation or partnership for federal income tax purposes) created or organized in, or under the laws of, the United States, any State thereof or the District of Columbia unless in the case of a partnership, Treasury Regulations are adopted that provide otherwise, an estate whose income is includable in gross income for United States federal income tax purposes regardless of its source or a trust if a court within the United States is able to exercise primary supervision over the administration of the trust, and one or more U.S. Persons have the authority to control all substantial decisions of the trust (or, to the extent provided in applicable Treasury Regulations, certain trusts in existence on August 20, 1996 which are eligible to elect to be treated as U.S. Persons), all within the meaning of
Section 7701(a)(30) of the Code.

F-4-3

	
  
 
  	
  
Very truly   yours,
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	

  
  (Transferor)

	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Name:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Title:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  

F-4-4

EXHIBIT G

FORM OF TRANSFEREE CERTIFICATE

[Date]

Wells Fargo Bank, N.A.
 Wells Fargo Center
 Sixth Street and Marquette Avenue
 Minneapolis, Minnesota 55479-0113

	
  
Attn:
  	
  
Corporate   Trust Services – Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage   Pass-Through Certificates, Series 2006-C26
  
	
  
 
  	
  
 
  
	
  
Re:
  	
  
Wachovia   Bank Commercial Mortgage Trust,
  
	
  
 
  	
  
Commercial   Mortgage Pass-Through Certificates,
  
	
  
 
  	
  
Series   2006-C26 (the “Certificates”)
  

Ladies and Gentlemen:

          This letter is delivered to you in connection with the transfer by ____________________ (the “Transferor”) to _______________________ (the “Transferee”) of the Class ______________ Certificates (the “Transferred Certificate”) having an initial [principal balance] [notional amount] as of June 29, 2006 (the “Closing Date”) of $_____________ evidencing a __% interest in the Classes to which they belong.  The Certificates were issued pursuant to a pooling and servicing agreement, dated as of June 1, 2006 (the “Pooling and Servicing Agreement”), among Wachovia Commercial Mortgage Securities, Inc., as Depositor, Wachovia Bank, National Association, as Master Servicer, LNR Partners, Inc., as Special Servicer and Wells Fargo Bank, N.A., as Trustee.  Capitalized terms used but not defined herein shall have the meanings
set forth in the Pooling and Servicing Agreement.  The Transferee hereby certifies, represents and warrants to you that:

          In the case of a Class G, Class H, Class X-C or Class WM Certificate, the Transferee either (A) is not an “employee benefit plan” subject to Title I of ERISA or a “plan” subject to Section 4975 of the Code or any other retirement plan or other employee benefit plan or arrangement subject to any federal, state, local, non–U.S. or other law substantively similar to the foregoing provisions of ERISA or the Code, or any Person directly or indirectly acquiring such Certificate for, on behalf of or with any assets of any such plan (each, a “Plan”) or (B) (1) it qualifies as an accredited investor as defined in Rule 501(a)(1) of Regulation D under the Securities Act and satisfies all the requirements of the Exemptions as in effect at the time of such transfer or (2) is an insurance company general account that is eligible for, and satisfies all of the requirements
for, Sections I and III of Department of Labor Prohibited Transaction Class Exemption 95-60 (“PTE 95-60”).

          In the case of a Class J, Class K, Class L, Class M, Class N, Class O or Class P Certificate, the Transferee either (A) is not an “employee benefit plan” subject to Title I of ERISA or a “plan” subject to Section 4975 of the Code, or any other retirement plan or other employee benefit plan or arrangement subject to any federal, state, local, non–U.S. or other law 

G-1

substantively similar to the foregoing provisions of ERISA or the Code, or any Person directly or indirectly acquiring such Certificate for, on behalf of or with any assets of any such plan (each, a “Plan”) or (B) is an insurance company general account which is eligible for, and satisfies all of the requirements for, exemptive relief under PTE 95-60.

          In the case of a Class R-I, Class R-II, or Class Z Certificate, the Transferee is not an “employee benefit plan” subject to Title I of ERISA or a “plan” described by Section 4975 of the Code or any other retirement plan or other employee benefit plan or arrangement subject to any federal, state, local, or other law substantially similar to the foregoing provisions of ERISA and the Code, or any person directly or indirectly acquiring such Certificate for, on behalf of or with any assets of any such plan (each, a “Plan”).

          IN WITNESS WHEREOF, the undersigned has executed this certificate as of the date first written above.

	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	

  
  (Name of   Transferee)

	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
   
  	
  
 
  	
  

  
	
  
 
  	
  
Name:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Title:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  

G-2

EXHIBIT H-1

FORM OF TRANSFER AFFIDAVIT AND AGREEMENT

PURSUANT TO SECTION 5.02(d)(i)(B)

	
  
STATE OF   [_________________]
  	
  
)
  
	
   
  	
  
) ss.:
  
	
  
COUNTY OF   [_______________]
  	
  
)
  

                    [NAME OF OFFICER], being first duly sworn, deposes, and represents and warrants:

	
  
 
  	
  
          1.          That   he is a [Title of Officer] of [Name of Owner] (the “Owner”), a   corporation duly organized and existing under the laws of the [State of   ___________] [the United States], and the owner of the Wachovia Commercial   Mortgage Securities, Inc., Commercial Mortgage Pass-Through Certificates,   Series 2006-C26, Class [R-I] [R-II] evidencing a ___% Interest in the Class   to which its belongs (the “Class [R-I] [R-II]”).  Capitalized terms used but not defined   herein have the meanings assigned to such terms in the pooling and servicing   agreement dated as of June 1, 2006 (the “Pooling and Servicing Agreement”)   among Wachovia Commercial Mortgage Securities, Inc., as Depositor, Wachovia   Bank, National Association, as Master Servicer, LNR Partners, Inc., as   Special Servicer and
Wells Fargo Bank, N.A., as Trustee.
  
	
  
 
  	
  
 
  
	
   
  	
  
          2.          That   the Owner (i) is and will be a “Permitted Transferee” as of ________, _______   and (ii) is acquiring the Class [R-I] [R-II] Certificates for its own account   or for the account of another Owner from which it has received an affidavit   in substantially the same form as this affidavit.  A “Permitted Transferee” is any person other than a   Disqualified Organization, a Plan or a Disqualified Non-United States Person,   a partnership any partner of which, directly or indirectly (except through a   U.S. corporation), is a Disqualified Non-United States Person or a United   States Person with respect to whom income on the Class [R-I][R-II]   Certificate is allocable to a foreign permanent establishment or fixed base,   within the meaning of an applicable income tax treaty, of such Person or any   other
Non-United States Person.  For   this purpose, a “Disqualified Organization” means any of the   following: (i) the United States or a possession thereof, any State or any   political subdivision thereof, or any agency or instrumentality of any of the   foregoing (other than an instrumentality which is a corporation if all of its   activities are subject to tax and, except for FHLMC, a majority of its board   of directors is not selected by any such governmental unit), (ii) a foreign   government, international organization, or any agency or instrumentality of   either of the foregoing, (iii) any organization (except certain farmers’   cooperatives described in Section 521 of the Internal Revenue Code of 1986,   as amended (the “Code”)) which is exempt from the tax imposed by   Chapter 1 of the Code (unless such organization is subject to the tax imposed   by Section 511 of the Code on unrelated business taxable income), (iv) rural   electric and telephone
cooperatives described in Section 1381 of the Code or   (v) any other Person so designated by the Paying Agent or the Certificate   Registrar based upon an Opinion of Counsel that the holding of an Ownership Interest   in 
  

H-1-1

	
  
 
  	
  
a Class   [R-I] [R-II] Certificate by such Person may cause the Trust Fund or any   Person having an Ownership Interest in any Class of Certificates, other than   such Person, to incur a liability for any federal tax imposed under the Code   that would not otherwise be imposed but for the Transfer of an Ownership   Interest in a Class [R-I] [R-II] Certificate to such Person.  The terms “United States”, “State”   and “international organization” shall have the meanings set forth in   Section 7701 of the Code or successor provisions.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          3.          A   “Disqualified Non-United States Person” is any Person (i) who is not a   United States Person and who holds the Class [R-I][R-II] Certificate in   connection with the conduct of a trade or business within the United States   and has furnished the transferor and the Certificate Registrar with an   effective IRS Form W-8ECI (or successor form) or that has delivered to both   the transferor and the Certificate Registrar an opinion of a nationally   recognized tax counsel to the effect that the transfer of the Class   [R-I][R-II] Certificate to it is in accordance with the requirements of the   Code and the regulations promulgated thereunder and that such transfer of the   Class [R-I][R-II] Certificate will not be disregarded for federal income tax   purposes or (ii) who is a United States Person with respect to whom income on

 the Class [R-I] [R-II] Certificate is allocable to a foreign permanent   establishment or fixed base (within the meaning of an applicable income tax   treaty) of such Person or any other United States Person.  A “United States Person” is a   citizen or resident of the United States, a corporation or partnership   (including an entity treated as a corporation or partnership for federal   income tax purposes) created or organized in, or under the laws of the United   States, any State thereof or the District of Columbia unless, in the case of   a partnership, Treasury Regulations are adopted that provide otherwise, an   estate whose income is includable in gross income for United States federal   income tax purposes regardless of its source, or a trust if a court within   the United States is able to exercise primary supervision over the   administration of the trust and one or more United States Persons have the   authority to control all substantial decisions of the trust, all
within the   meaning of Section 7701(a)(30) of the Code.
  
	
   
  	
  
 
  
	
  
 
  	
  
          4.          That   the Owner is aware (i) of the tax that would be imposed on transfers of the   Class [R-I] [R-II] Certificates to Disqualified Organizations under the Code   that applies to all transfers of the Class [R-I] [R-II] Certificates after   March 31, 1988; (ii) that such tax would be on the transferor, or, if such   transfer is through an agent (which person includes a broker, nominee or   middleman) for a Disqualified Organization Transferee, on the agent; (iii)   that the person otherwise liable for the tax shall be relieved of liability   for the tax if the transferee furnishes to such person an affidavit that the   transferee is not a Disqualified Organization and, at the time of transfer,   such person does not have actual knowledge that the affidavit is false; and   (iv) that the Class [R-I] [R-II] Certificates may be “non-economic
residual   interests” within the meaning of Treasury regulation section 1.860E-1(c)(2)   and that the transferor of a “non-economic residual interest” will remain   liable for any taxes due with respect to the income on such residual   interest, unless no significant purpose of the transfer is to enable the   transferor to impede the assessment or collection of tax.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          5.          That   the Owner is aware of the tax imposed on a “pass-through entity” holding the   Class [R-I] [R-II] Certificates if at any time during the taxable year of the   pass-through entity a non-Permitted Transferee is the record holder of an   interest in such 
  

H-1-2

	
  
 
  	
  
entity.  For this purpose, a “pass through   entity” includes a regulated investment company, a real estate investment   trust or common trust fund, a partnership, trust or estate, and certain   cooperatives.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          6.          That   the Owner is aware that the Certificate Registrar will not register the   transfer of any Class [R-I] [R-II] Certificate unless the transferee, or the   transferee’s agent, delivers to the Trustee, among other things, an affidavit   in substantially the same form as this affidavit.  The Owner expressly agrees that it will not consummate any such   transfer if it knows or believes that any of the representations contained in   such affidavit and agreement are false.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          7.          That   the Owner consents to any additional restrictions or arrangements that shall   be deemed necessary upon advice of counsel to constitute a reasonable   arrangement to ensure that the Class [R-I] [R-II] Certificates will only be   owned, directly or indirectly, by Permitted Transferees.
  
	
   
  	
  
 
  
	
  
 
  	
  
          8.          That   the Owner’s taxpayer identification number is _____________.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          9.          That   the Owner has reviewed the restrictions set forth on the face of the Class   [R-I] [R-II] Certificates and the provisions of Section 5.02 of the Pooling   and Servicing Agreement under which the Class [R-I] [R-II] Certificates were   issued (and, in particular, the Owner is aware that such Section authorizes   the Paying Agent to deliver payments to a person other than the Owner and   negotiate a mandatory sale by the Paying Agent in the event that the Owner   holds such Certificate in violation of Section 5.02); and that the Owner   expressly agrees to be bound by and to comply with such restrictions and   provisions.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          10.          That   the Owner is not acquiring and will not transfer the Class [R-I] [R-II]   Certificates in order to impede the assessment or collection of any tax.
  
	
   
  	
  
 
  
	
  
 
  	
  
          11.          That   the Owner has historically paid its debts as they have come due, intends to   continue to pay its debts as they come due in the future, and anticipates   that it will, so long as it holds any of the Class [R-I] [R-II] Certificates,   have sufficient assets to pay any taxes owed by the holder of such Class   [R-I] [R-II] Certificates.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          12.          That   the Owner has no present knowledge that it may become insolvent or subject to   a bankruptcy proceeding for so long as it holds any of the Class [R-I] [R-II]   Certificates.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          13.          That   the Owner has no present knowledge or expectation that it will be unable to   pay any United States taxes owed by it so long as any of the Certificates   remain outstanding.  In this regard,   the Owner hereby represents to and for the benefit of the Person from whom it   acquired the Class [R-I] [R-II] Certificates that the Owner intends to pay   taxes associated with holding the Class [R-I] [R-II] Certificates as they   become due, fully understanding that it may incur tax liabilities in excess   of any cash flows generated by the Class [R-I] [R-II] Certificates.
  

H-1-3

	
  
 
  	
  
          14.          That   the Owner is not acquiring the Class [R-I] [R-II] Certificates with the   intent to transfer any of the Class [R-I] [R-II] Certificates to any person   or entity that will not have sufficient assets to pay any taxes owed by the   holder of such Class [R-I] [R-II] Certificates, or that may become insolvent   or subject to a bankruptcy proceeding, for so long as the Class [R-I] [R-II]   Certificates remain outstanding.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          15.          That   the Owner will, in connection with any transfer that it makes of the Class   [R-I] [R-II] Certificates, obtain from its transferee the representations   required by Section 5.02(d) of the Pooling and Servicing Agreement under   which the Class [R-I] [R-II] Certificates were issued and will not consummate   any such transfer if it knows, or knows facts that should lead it to believe,   that any such representations are false.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          16.          That   the Owner will, in connection with any transfer that it makes of any Class   [R-I] [R-II] Certificate, deliver to the Certificate Registrar an affidavit,   which represents and warrants that it is not transferring such Class [R-I]   [R-II] Certificate to impede the assessment or collection of any tax and that   it has no actual knowledge that the proposed transferee:  (i) has insufficient assets to pay any   taxes owed by such transferee as holder of such Class [R-I] [R-II] Certificate;   (ii) may become insolvent or subject to a bankruptcy proceeding, for so long   as the Class [R-I] [R-II] Certificates remain outstanding; and (iii) is not a   “Permitted Transferee”.
  
	
   
  	
  
 
  
	
  
 
  	
  
          17.          Check   the applicable paragraph:
  

	
  
                    
o          The   present value of the anticipated tax liabilities associated with holding the   [R-I] [R-II] Certificate, as applicable, does not exceed the sum of:
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(i)
  	
  
              the   present value of any consideration given to the Owner to acquire such [R-I]   [R-II] Certificate;
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
(ii)
  	
  
              the   present value of the expected future distributions on such [R-I] [R-II]   Certificate; and
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(iii)
  	
  
              the   present value of the anticipated tax savings associated with holding such   [R-I] [R-II] Certificate as the related REMIC generates losses.
  

          For purposes of this calculation, (i) the Owner is assumed to pay tax at the highest rate currently specified in Section 11(b) of the Code (but the tax rate in Section 55(b)(1)(B) of the Code may be used in lieu of the highest rate specified in Section 11(b) of the Code if the Owner has been subject to the alternative minimum tax under Section 55 of the Code in the preceding two years and will compute its taxable income in the current taxable year using the alternative minimum tax rate) and (ii) present values are computed using a discount rate equal to the short-term Federal rate prescribed by Section 1274(d) of the Code for the month of the transfer and the compounding period used by the Owner.

                    
o          The transfer of the [R-I] [R-II] Certificate complies with U.S. Treasury Regulations Sections 1.860E-1(c)(5) and (6) and, accordingly,

H-1-4

	
  
 
  	
  
(iv)
  	
  
              the   Owner is an “eligible corporation,” as defined in U.S. Treasury Regulations   Section 1.860E-1(c)(6)(i), as to which income from the [R-I] [R-II]   Certificate will only be taxed in the United States;
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(v)
  	
  
              at   the time of the transfer, and at the close of the Owner’s two fiscal years   preceding the year of the transfer, the Owner had gross assets for financial   reporting purposes (excluding any obligation of a person related to the   Owner  within the meaning of U.S.   Treasury Regulations Section 1.860E-1(c)(6)(ii)) in excess of $100 million   and net assets in excess of $10 million;
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
(vi)
  	
  
              the   Owner will transfer the [R-I] [R-II] Certificate only to another “eligible   corporation,” as defined in U.S. Treasury Regulations Section   1.860E-1(c)(6)(i), in a transaction that satisfies the requirements of   Sections 1.860E-1(c)(4)(i), (ii) and (iii) and Section 1.860E-1(c)(5) of the   U.S. Treasury Regulations; and
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(vii)
  	
  
              the   Owner determined the consideration paid to it to acquire the [R-I] [R-II]   Certificate based on reasonable market assumptions (including, but not   limited to, borrowing and investment rates, prepayment and loss assumptions,   expense and reinvestment assumptions, tax rates and other factors specific to   the Owner) that it has determined in good faith.
  

	
  
 
  	
  
o
  	
  
None of the   above.
  

H-1-5

          IN WITNESS WHEREOF, the Owner has caused this instrument to be executed on its behalf, by its [Title of Officer] and Authorized Signatory, attested by its Assistant Secretary, this ____ day of _____, ___.

	
  
 
  	
  
 
  	
  
[NAME OF   OWNER]
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
 
  	
   
[Name of   Officer]

  
	
  
 
  	
  
 
  	
  
 
  	
   
[Title of   Officer]

  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  

  	
  
 
  	
  
 
  
	
  
          [Assistant]   Secretary
  	
  
 
  	
  
 
  

          Personally appeared before me the above-named [Name of Officer], known or proved to me to be the same person who executed the foregoing instrument and to be [Title of Officer], and acknowledged to me that he executed the same as his free act and deed and the free act and deed of the Owner.

          Subscribed and sworn before me this ____ day of _____, _____.

	
  
 
  	
  

  
	
  
 
  	
  
NOTARY PUBLIC
  
	
  
 
  	
   
 
	
  
 
  	
   
 
	
  
 
  	
  
COUNTY   OF_____________________________
  
	
  
 
  	
  
STATE   OF_______________________________
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
My   Commission expires the
  
	
  
 
  	
  
     ____   day of ___________, ____.
  

H-1-6

EXHIBIT H-2

FORM OF TRANSFEROR CERTIFICATE

PURSUANT TO SECTION 5.02(d)(i)(D)

[Date]

Wells Fargo Bank, N.A.
 Wells Fargo Center
 Sixth Street and Marquette Avenue
 Minneapolis, Minnesota 55479-0113

	
  
Attn:
  	
  
Corporate   Trust Services – Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage   Pass-Through Certificates, Series 2006-C26
  
	
  
 
  	
  
 
  
	
  
Re:
  	
  
Wachovia   Bank Commercial Mortgage Trust, 
  
	
  
 
  	
  
Commercial   Mortgage Pass-Through Certificates, 
  
	
  
 
  	
  
Series   2006-C26, Class  [R-I] [R-II],   evidencing a ____%
  
	
  
 
  	
  
percentage   interest in the Class to which they belong
  

Dear Sirs:

          This letter is delivered to you in connection with the transfer by _________ (the “Transferor”) to ______________________ (the “Transferee”) of the captioned Class [R-I] [R-II] Certificates (the “Class [R-I] [R-II] Certificates”), pursuant to Section 5.02 of the pooling and servicing agreement (the “Pooling and Servicing Agreement”), dated as of June 1, 2006, among Wachovia Commercial Mortgage Securities, Inc., as Depositor, Wachovia Bank, National Association, as Master Servicer, LNR Partners, Inc., as Special Servicer and Wells Fargo Bank, N.A., as Trustee.  All terms used herein and not otherwise defined shall have the meanings set forth in the Pooling and Servicing Agreement.  The Transferor hereby represents and warrants to you, as Certificate Registrar, that:

	
  
 
  	
  
          1.          No   purpose of the Transferor relating to the transfer of the Class [R-I] [R-II]   Certificates by the Transferor to the Transferee is or will be to impede the   assessment or collection of any tax.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          2.          The   Transferor understands that the Transferee has delivered to you a Transfer   Affidavit and Agreement in the form attached to the Pooling and Servicing   Agreement as Exhibit H-1.  The Transferor   does not know or believe that any representation contained therein is false.
  
	
   
  	
  
 
  
	
  
 
  	
  
          3.          The   Transferor at the time of this transfer has conducted a reasonable   investigation of the financial condition of the Transferee as contemplated by   Treasury regulation section 1.860E-1(c)(4)(i) and, as a result of that   investigation, the Transferor has determined that the Transferee has   historically paid its debts as they became due and has found no significant   evidence to indicate that the Transferee will not continue to pay its debts   as they become due in the future.
  

H-2-1

	
  
 
  	
  
          4.          The   Transferor understands that the transfer of the Class [R-I] [R-II]   Certificates may not be respected for United States income tax purposes (and   the Transferor may continue to be liable for United States income taxes   associated therewith) unless the test described above in Paragraph 3 has been   met as to any transfer.
  

	
   
  	
  
Very truly   yours,
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Name:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Title:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  

H-2-2

EXHIBIT I-1

FORM OF NOTICE AND ACKNOWLEDGMENT

[Date]

Standard & Poor’s Ratings Services,
 a division of The McGraw-Hill Companies, Inc.
 56 Water Street
 New York, New York  10041-0003

Attention: CMBS Surveillance Group

Moody’s Investors Service, Inc.
 99 Church Street
 New York, New York  10007
 Attention: Commercial Mortgage Surveillance

Ladies and Gentlemen:

          This notice is being delivered pursuant to Section 6.09 of the pooling and servicing agreement, dated as of June 1, 2006  (the “Pooling and Servicing Agreement”) relating to Wachovia Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2006-C26.  Any term with initial capital letters not otherwise defined in this notice has the meaning given such term in the Pooling and Servicing Agreement.

          Notice is hereby given that the Holders of Certificates evidencing a majority of the Voting Rights allocated to the Controlling Class have designated ___________________ to serve as the Special Servicer under the Pooling and Servicing Agreement.

          The designation of ____________________ as Special Servicer will become final if certain conditions are met and on the date you will deliver to Wells Fargo Bank N.A., the trustee under the Pooling and Servicing Agreement (the “Trustee”), a written confirmation stating that the appointment of the person designated to become the Special Servicer will not result in the qualification, downgrading or withdrawal of the rating or ratings assigned to one or more Classes of the Certificates.

          Please acknowledge receipt of this notice by signing the enclosed copy of this notice where indicated below and returning it to the Trustee, in the enclosed stamped self-addressed envelope.

I-1-1

	
  
 
  	
  
Very truly   yours,
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
WELLS FARGO   BANK, N.A.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Name:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Title:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  

Receipt and acknowledged:

	
  Standard   & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc.
  	
  
 
  	
  
Moody’s   Investors Service, Inc.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
By:
  	
  
 
  	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  

  	
  
 
  	
  
 
  	
  

  
	
  
Title:
  	
  
 
  	
  
 
  	
  
Title:
  	
  
 
  
	
   
  	
  

  	
  
 
  	
  
 
  	
  

  
	
  
Date:
  	
  
 
  	
  
 
  	
  
Date:
  	
  
 
  
	
  
 
  	
  

  	
  
 
  	
  
 
  	
  

  

I-1-2

EXHIBIT I-2

FORM OF ACKNOWLEDGMENT OF PROPOSED SPECIAL SERVICER

[Date]

Wells Fargo Bank, N.A.
 Wells Fargo Center
 Sixth Street and Marquette Avenue
 Minneapolis, Minnesota 55479-0113

Attn:     Corporate Trust Services – Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2006-C26

Ladies & Gentlemen:

          Pursuant to Section 6.09 of the pooling and servicing agreement dated as of June 1, 2006 (the “Pooling and Servicing Agreement”), relating to Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2006-C26, the undersigned hereby agrees with all the other parties to the Pooling and Servicing Agreement that the undersigned shall serve as Special Servicer under, and as defined in, the Pooling and Servicing Agreement.  The undersigned hereby acknowledges that, as of the date hereof, it is and shall be a party to the Pooling and Servicing Agreement and bound thereby to the full extent indicated therein in the capacity of Special Servicer.  The undersigned hereby makes, as of the date hereof, the representations and warranties set forth in Section 3.23(b)(ii)(ix) of the Pooling and Servicing Agreement as if it were the Special Servicer
thereunder.  The undersigned additionally represents that, as of the date hereof, it has been duly organized and is validly existing under the laws of the jurisdiction of its organization and that it is in compliance with the laws of each state in which a Mortgaged Property (as defined in the Pooling and Servicing Agreement) is located to the extent necessary to perform its obligations under the Pooling and Servicing Agreement.

	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Name:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Title:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  

I-2-1

EXHIBIT J

LIST OF EARNOUT AND HOLDBACK MORTGAGE LOANS

	
  Mortgage 
   Loan Number
  	
   
 	
  
Property Name
  
	
  

  	
  
 
  	
  

  
	
  
2
  	
  
 
  	
  
Prime   Outlets Pool II
  
	
  
 
  	
  
 
  	
  
 
  
	
  
3
  	
  
 
  	
  
Eastern   Shore Centre
  
	
  
 
  	
  
 
  	
  
 
  
	
  
4
  	
  
 
  	
  
Chemed   Center Leasehold
  
	
  
 
  	
  
 
  	
  
 
  
	
  7
  	
  
 
  	
  
Chemed   Center Fee
  
	
  
 
  	
  
 
  	
  
 
  
	
  
8
  	
  
 
  	
  
4 Becker   Farm Road
  
	
  
 
  	
  
 
  	
  
 
  
	
  
9
  	
  
 
  	
  
One Enterprise   Center
  
	
  
 
  	
  
 
  	
  
 
  
	
  
11
  	
  
 
  	
  
Northland   Plaza
  
	
  
 
  	
  
 
  	
  
 
  
	
  13
  	
  
 
  	
  
Washington   Park Plaza
  
	
  
 
  	
  
 
  	
  
 
  
	
  
14
  	
  
 
  	
  
Eastern   Shore Plaza
  
	
  
 
  	
  
 
  	
  
 
  
	
  
15
  	
  
 
  	
  
Saddle Club   Apartments
  
	
  
 
  	
  
 
  	
  
 
  
	
  
16
  	
  
 
  	
  
Oakesdale   Center
  
	
  
 
  	
  
 
  	
  
 
  
	
  22
  	
  
 
  	
  
Madison at   Adams Farm Apartment Complex
  
	
  
 
  	
  
 
  	
  
 
  
	
  
24
  	
  
 
  	
  
The Center   Martinez
  
	
  
 
  	
  
 
  	
  
 
  
	
  
25
  	
  
 
  	
  
Hickory   Creek Apartments
  
	
  
 
  	
  
 
  	
  
 
  
	
  
27
  	
  
 
  	
  
Mount Clare
  
	
  
 
  	
  
 
  	
  
 
  
	
  31
  	
  
 
  	
  
Church Ranch   Office Center Buildings @ & 4
  
	
  
 
  	
  
 
  	
  
 
  
	
  
32
  	
  
 
  	
  
210 Clay   Avenue
  
	
  
 
  	
  
 
  	
  
 
  
	
  
33
  	
  
 
  	
  
5 Becker   Farm Road
  
	
  
 
  	
  
 
  	
  
 
  
	
  
36
  	
  
 
  	
  
Lake Center   IV
  
	
  
 
  	
  
 
  	
  
 
  
	
  42
  	
  
 
  	
  
Ashford   Manor Apartments
  
	
  
 
  	
  
 
  	
  
 
  
	
  
46
  	
  
 
  	
  
Massachusetts   State Lottery Commission
  
	
  
 
  	
  
 
  	
  
 
  
	
  
52
  	
  
 
  	
  
Weathersfield   Commons
  
	
  
 
  	
  
 
  	
  
 
  
	
  
55
  	
  
 
  	
  
Pinnacle   View Apartments
  
	
  
 
  	
  
 
  	
  
 
  
	
  59
  	
  
 
  	
  
The Shoppes   at Taylor Mill
  
	
  
 
  	
  
 
  	
  
 
  
	
  
63
  	
  
 
  	
  
Auburn Self   Storage
  
	
  
 
  	
  
 
  	
  
 
  
	
  
65
  	
  
 
  	
  
Chatham Wood   Apartment Complex
  
	
  
 
  	
  
 
  	
  
 
  
	
  
69
  	
  
 
  	
  
The Cottages   of Monroe
  

J-1

	
  
73
  	
  
 
  	
  
Pines Point   Apartments
  
	
  
 
  	
  
 
  	
  
 
  
	
  
78
  	
  
 
  	
  
Mt. Zion   Promenade
  
	
  
 
  	
  
 
  	
  
 
  
	
  
81
  	
  
 
  	
  
Casa Del   Verde Apartments
  
	
  
 
  	
  
 
  	
  
 
  
	
  
82
  	
  
 
  	
  
North Ranch   Center
  
	
   
  	
  
 
  	
  
 
  
	
  
84
  	
  
 
  	
  
Walgreens –   Guilderland, NY
  
	
  
 
  	
  
 
  	
  
 
  
	
  
85
  	
  
 
  	
  
51 Imclone   Drive
  
	
  
 
  	
  
 
  	
  
 
  
	
  
86
  	
  
 
  	
  
Silverlake   Shopping Center
  
	
  
 
  	
  
 
  	
  
 
  
	
  
89
  	
  
 
  	
  
St. Lucie   Square
  
	
   
  	
  
 
  	
  
 
  
	
  
92
  	
  
 
  	
  
South   Slappey shopping Center
  
	
  
 
  	
  
 
  	
  
 
  
	
  
102
  	
  
 
  	
  
Palmer Plaza
  
	
  
 
  	
  
 
  	
  
 
  
	
  
104
  	
  
 
  	
  
Shops at   Pleasant Hill
  
	
  
 
  	
  
 
  	
  
 
  
	
  
113
  	
  
 
  	
  
Sylarus Tech   Building
  

J-2

EXHIBIT K-1

FORM OF CERTIFICATEHOLDER CONFIRMATION CERTIFICATE

REQUEST BY BENEFICIAL HOLDER

[Date]

Wells Fargo Bank, N.A.
 Wells Fargo Center
 Sixth Street and Marquette Avenue
 Minneapolis, Minnesota 55479-0113

	
  
Attn:
  	
  
Corporate   Trust Services – Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage   Pass-Through Certificates, Series 2006-C26
  

Wachovia Bank, National Association
 8739 Research Drive – URP4
 Charlotte, North Carolina  28262-1075

	
  
Attn:
  	
  
Wachovia   Bank Commercial Mortgage Trust,
  
	
  
 
  	
  
Commercial   Mortgage Pass-Through Certificates,
  
	
  
 
  	
  
Service   2006-C26
  

LNR Partners, Inc.
 1601 Washington Avenue, Suite 800
 Miami Beach, Florida 33139
 Attn:  Randy Wolpert

Re:     Wachovia Bank Commercial Mortgage Trust,
 Commercial Mortgage Pass-Through Certificates, Series 2006-C26

          In accordance with Section 3.15 of the pooling and servicing agreement dated as of June 1, 2006 (the “Pooling and Servicing Agreement”), among Wachovia Commercial Mortgage Securities, Inc., as depositor (the “Depositor”), Wachovia Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), LNR Partners, Inc., as special servicer (the “Special Servicer”) and Wells Fargo Bank, N.A., as trustee (the “Trustee”), with respect to the Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2006-C26 (the “Certificates”), the undersigned hereby certifies and agrees as follows:

	
  
 
  	
  
          1.          The   undersigned is a beneficial owner of the Class ____ Certificates.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          2.          The   undersigned is requesting access to the information posted to the Trustee’s   Internet Website pursuant to Section 4.02 of the Pooling and Servicing   Agreement, or the information identified on the schedule attached hereto   pursuant to Section 3.15 of the Pooling and Servicing Agreement (the “Information”).
  
	
   
  	
  
 
  
	
  
 
  	
  
          3.          In   consideration of the [Trustee’s] [Master Servicer’s] [Special Servicer’s]   disclosure to the undersigned of the Information, the undersigned will keep   the Information confidential (except from its agents and auditors), and such   Information will not, 
  

K-1-1

	
  
 
  	
  
without the   prior written consent of the [Trustee] [Master Servicer] [Special Servicer],   be disclosed by the undersigned or by its officers, directors, partners,   employees, agents or representatives (collectively, the “Representatives”)   in any manner whatsoever, in whole or in part; provided that the undersigned   may provide all or any part of the Information to any other person or entity   that holds or is contemplating the purchase of any Certificate or interest   therein, but only if such person or entity confirms in writing such ownership   interest or prospective ownership interest and agrees to keep it   confidential.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          4.          The   undersigned will not use or disclose the Information in any manner which   could result in a violation of any provision of the Securities Act of 1933,   as amended, (the “Securities Act”), or the Securities Exchange Act of   1934, as amended, or would require registration of any Certificate pursuant   to Section 5 of the Securities Act.
  
	
   
  	
  
 
  
	
  
 
  	
  
          5.          The   undersigned shall be fully liable for any breach of this agreement by itself   or any of its Representatives and shall indemnify the Depositor, the Trustee,   the Master Servicer, the Special Servicer and the Trust Fund for any loss,   liability or expense incurred thereby with respect to any such breach by the   undersigned or any of its Representatives.
  

          IN WITNESS WHEREOF, the undersigned has caused its name to be signed hereto by its duly authorized officer, as of the day and year written above.

	
  
 
  	
  

  
	
  
 
  	
  
BENEFICIAL HOLDER OF A
  
	
  
 
  	
  
CERTIFICATE
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Name:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Title:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Phone:
  	
  
 
  
	
   
  	
  
 
  	
  

  

K-1-2

EXHIBIT K-2

FORM OF PROSPECTIVE PURCHASER CERTIFICATE

[Date]

Wells Fargo Bank, N.A.
 Wells Fargo Center
 Sixth Street and Marquette Avenue
 Minneapolis, Minnesota 55479-0113

Attn:     Corporate Trust Services – Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2006-C26

Wachovia Bank, National Association
 NC1075
 8739 Research Drive – URP4
 Charlotte, North Carolina  28262-1075

	
  
Attn:
  	
  
Wachovia   Bank Commercial Mortgage Trust, Commercial Mortgage
  
	
  
 
  	
  
Pass-Through   Certificates, Series 2006-C26
  

LNR Partners, Inc.
 1601 Washington Avenue, Suite 800
 Miami Beach, Florida 33139
 Attention:  Randy Wolpert

	
  
Re:
  	
  
Wachovia   Bank Commercial Mortgage Trust
  
	
  
 
  	
  
Commercial   Mortgage Pass-Through Certificates,
  
	
  
 
  	
  
Series   2006-C26 (the “Certificates”)
  

          In accordance with Section 3.15 of the pooling and servicing agreement, dated as of June 1, 2006 (the “Pooling and Servicing Agreement”), by and among Wachovia Commercial Mortgage Securities, Inc., as depositor (the “Depositor”), Wachovia Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), LNR Partners, Inc., as special servicer (the “Special Servicer”) and Wells Fargo Bank, N.A., as trustee (the “Trustee”), with respect to the Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2006-C26 (the “Certificates”), the undersigned hereby certifies and agrees as follows:

	
  
 
  	
  
          1.          The   undersigned is contemplating an investment in the Class [__] Certificates.
  
	
   
  	
  
 
  
	
  
 
  	
  
          2.          The   undersigned is requesting access to the information posted to the Trustee’s   Internet Website pursuant to Section 4.02 of the Pooling and Servicing   Agreement, or the information identified on the schedule attached hereto   pursuant to Section 3.15 of the Pooling and Servicing Agreement (the “Information”)   for use in evaluating such possible investment.
  

K-2-1

	
  
 
  	
  
          3.          In   consideration of the [Trustee’s] [Master Servicer’s] [Special Servicer’s]   disclosure to the undersigned of the Information, the undersigned will keep   the Information confidential (except from its agents and auditors), and such   Information will not, without the prior written consent of the [Trustee]   [Master Servicer] [Special Servicer], be disclosed by the undersigned or by   its officers, directors, partners employees, agents or representatives   (collectively, the “Representatives”) in any manner whatsoever, in   whole or in part.
  
	
  
 
  	
  
 
  
	
   
  	
  
          4.          The   undersigned will not use or disclose the Information in any manner which   could result in a violation of any provision of the Securities Act of 1933,   as amended (the “Securities Act”), or the Securities Exchange Act of   1934, as amended, or would require registration of any Certificate pursuant   to Section 5 of the Securities Act.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          5.          The   undersigned shall be fully liable for any breach of this agreement by itself   or any of its Representatives and shall indemnify the Depositor, the Trustee,   the Master Servicer, the Special Servicer and the Trust Fund for any loss,   liability or expense incurred thereby with respect to any such breach by the   undersigned or any of its Representatives.
  

          IN WITNESS WHEREOF, the undersigned has caused its name to be signed hereto by its duly authorized officer, as of the day and year written above.

	
  
 
  	
  
 
  
	
  
 
  	
  

  

K-2-2

	
  
 
  	
  

  
	
  
 
  	
  
[PROSPECTIVE PURCHASER]
  
	
  
 
  	
   
 
	
  
 
  	
   
 
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Name:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
   
  	
  
Title:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Phone:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  

K-2-3

EXHIBIT L

INITIAL COMPANION HOLDERS

	
  
Name:
  	
  
Metropolitan   Life Insurance Company, with respect to The Woodlands Mall Companion Loan
  
	
  
 
  	
  
 
  
	
   
  	
  
Address:          10   Park Avenue, Morristown, New Jersey 07960
  
	
  
 
  	
  
 
  
	
  
 
  	
  
Wiring   Instructions:
  
	
  
 
  	
  
 
  
	
  
 
  	
  
Tax   Identification Number:
  
	
  
 
  	
  
 
  
	
  
Name:
  	
  
Wachovia   Bank, National Association, with respect to the Prime Outlets Pool II   Subordinate Companion Loan.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
Address:          301   South College Street, Charlotte, North Carolina 28288
  
	
  
 
  	
  
 
  
	
   
  	
  
Wiring   Instructions:
  
	
  
 
  	
  
 
  
	
  
 
  	
  
Tax   Identification Number:
  
	
  
 
  	
  
 
  
	
  
Name:
  	
  
Wachovia   Bank, National Association, with respect to the Chemed Center Leasehold   Companion Loan.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
Address:          301   South College Street, Charlotte, North Carolina 28288
  
	
  
 
  	
  
 
  
	
  
 
  	
  
Wiring   Instructions:
  
	
  
 
  	
  
 
  
	
   
  	
  
Tax   Identification Number:
  
	
  
 
  	
  
 
  
	
  
Name:
  	
  
Wachovia   Bank, National Association, with respect to the Tan-Tar-A Resort Companion   Loan.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
Address:          301   South College Street, Charlotte, North Carolina 28288
  
	
  
 
  	
  
 
  
	
  
 
  	
  
Wiring   Instructions:
  
	
  
 
  	
  
 
  
	
  
 
  	
  
Tax   Identification Number:
  

L-1

EXHIBIT M

FORM OF PURCHASE OPTION NOTICE
 PURSUANT TO SECTION 3.18

[Date]

Wells Fargo Bank, N.A.
 Wells Fargo Center
 Sixth Street and Marquette Avenue
 Minneapolis, Minnesota 55479-0113

Attn:     Corporate Trust Services – Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2006-C26

Wachovia Bank, National Association
 NC 1075
 8739 Research Drive URP4
 Charlotte, North Carolina  28262-1075

	
  
Attn:
  	
  
Wachovia   Bank Commercial Mortgage Trust, Commercial Mortgage Pass-
  
	
  
 
  	
  
Through   Certificates, Series 2006-C26
  
	
  
 
  	
  
 
  
	
  
Re:
  	
  
Wachovia   Bank Commercial Mortgage Trust,
  
	
  
 
  	
  
Commercial   Mortgage Pass-Through Certificates, Series 2006-C26
  

Ladies and Gentlemen:

          The undersigned hereby acknowledges that it is the holder of an assignable option (the “Purchase Option”) to purchase Mortgage Loan number ____ from the Trust Fund, pursuant to Section 3.18 of the pooling and servicing agreement (the “Pooling and Servicing Agreement”) dated as of June 1, 2006, by and among Wachovia Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, N.A., as Trustee, LNR Partners, Inc., as Special Servicer and Wachovia Bank, National Association, as Master Servicer.  Capitalized terms used herein and not otherwise defined shall have the meaning set forth in the Pooling and Servicing Agreement.

          The undersigned Option Holder [is the Special Servicer] [is the Majority Subordinate Certificateholder] [acquired its Purchase Option from the [Special Servicer] [Majority Subordinate Certificateholder] on _________].

          The undersigned Option Holder is exercising its Purchase Option at the cash price of $______________, which amount equals or exceeds the Option Price, as defined in Section 3.18(c) of the Pooling and Servicing Agreement.  Within ten (10) Business Days of the date hereof, [the undersigned Option Holder] [______________, an Affiliate of the undersigned Option Holder] will deliver the Option Price to or at the direction of the Special Servicer in exchange for the release of the Mortgage Loan, the related Mortgaged Property and delivery of the related Mortgage Loan File.

          The undersigned Option Holder agrees that it shall prepare and provide the Special Servicer with such instruments of transfer or assignment, in each case without recourse, as shall 

M-1

be reasonably necessary to vest in it or its designee the ownership of Mortgage Loan ____, together with such other documents or instruments as the Special Servicer shall reasonably require to consummate the purchase contemplated hereby.

          The undersigned Option Holder acknowledges and agrees that its exercise of its Purchase Option Notice may not be revoked and that the undersigned Option Holder, or its designee, shall be obligated to close its purchase of Mortgage Loan ___ in accordance with the terms and conditions of this letter and Section 3.18 of the Pooling and Servicing Agreement.

	
  
 
  	
  
Very truly   yours,
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
[Option   Holder]
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
   
  	
  
 
  	
  

  
	
  
 
  	
  
Name:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Title:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  

          [By signing this letter in the space provided below, the [Special Servicer] [Majority Subordinate Certificateholder] hereby acknowledges and affirms that it transferred its Purchase Option to the Option Holder identified above on [_________].

[                                        ]

By:
 Name:
 Title:

M-2

EXHIBIT N

FORM OF
 NOTICE AND CERTIFICATION
 REGARDING DEFEASANCE OF MORTGAGE LOAN

	
  
To:
  	
  
Standard   & Poor’s Ratings Services,
  
	
  
 
  	
  
a division   of The McGraw-Hill Companies, Inc.
  
	
  
 
  	
  
56 Water   Street
  
	
  
 
  	
  
New York,   New York  10041-0003
  
	
  
 
  	
  
Attn:  CMBS Surveillance Group
  
	
  
 
  	
  
 
  
	
  
From:
  	
  
Wachovia   Bank, National Association, in its capacity
  
	
  
 
  	
  
as Master   Servicer (the “Master Servicer”) under the pooling and 
  
	
   
  	
  
servicing   agreement dated as of June 1, 2006 (the “Pooling and Servicing Agreement”),
  
	
  
 
  	
  
among the   Master Servicer, Wells Fargo Bank, N.A., as Trustee and others.
  
	
  
 
  	
  
 
  
	
  
Date:
  	
  
_________,   20___
  
	
  
 
  	
  
 
  
	
  
Re:
  	
  
Wachovia   Bank Commercial Mortgage Trust,
  
	
  
 
  	
  
Commercial   Mortgage Pass-Through Certificates
  
	
  
 
  	
  
Series   2006-C26
  

	 Mortgage Loan (the “Mortgage Loan”) identified by loan number _____ on the Mortgage Loan Schedule attached to the Pooling and Servicing Agreement and heretofore secured by the Mortgaged Properties identified on the Mortgage Loan Schedule by the following
     
	
  
names:
  	
  
 
  	
  
 
  
	
  
 
  	
  
___________________________________________

  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
   
___________________________________________

  	
  
 
  

          Reference is made to the Pooling and Servicing Agreement described above.  Capitalized terms used but not defined herein have the meanings assigned to such terms in the Pooling and Servicing Agreement.

          As Master Servicer under the Pooling and Servicing Agreement, we hereby:

          (a)          Notify you that the Mortgagor has consummated a defeasance of the Mortgage Loan pursuant to the terms of the Mortgage Loan, of the type checked below:

          ____       a full defeasance of the entire principal balance of the Mortgage Loan; or

          ____       a partial defeasance of a portion of the principal balance of the Mortgage Loan that represents and, an allocated loan amount of $____________ or _______% of the entire principal balance of the Mortgage Loan;

          (b)          Certify that each of the following is true, subject to those exceptions set forth with explanatory notes on Exhibit A hereto, which exceptions the Master Servicer has determined, 

N-1

consistent with the Servicing Standard, will have no material adverse effect on the Mortgage Loan or the defeasance transaction:

	
  
 
  	
  
(i)
  	
  
          The   Mortgage Loan documents permit the defeasance, and the terms and conditions   for defeasance specified therein were satisfied in all material respects in   completing the defeasance.
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
(ii)
  	
  
          The   defeasance was consummated on __________, 20__.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(iii)
  	
  
          The   defeasance collateral consists of securities that (i) constitute “government   securities” as defined in Section 2(a)(16) of the Investment Company Act of   1940 as amended (15 U.S.C. 80A1), (ii) are listed as “Qualified Investments   for ‘AAA’ Financings” under Paragraphs 1, 2 or 3 of “Cash Flow Approach” in   Standard & Poor’s Public Finance Criteria 2000, as amended to the date of   the defeasance, (iii) are rated ‘AAA’ by S&P, (iv) if they include a   principal obligation, the principal due at maturity cannot vary or change,   and (v) are not subject to prepayment, call or early redemption.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(iv)
  	
  
          The   Master Servicer received an opinion of counsel (from counsel approved by   Master Servicer in accordance with the Servicing Standard) that the   defeasance will not result in an Adverse REMIC Event.
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
(v)
  	
  
          The   Master Servicer determined that the defeasance collateral will be owned by an   entity (the “Defeasance Obligor”) that is a Single-Purpose Entity (as   defined in Standard & Poor’s Structured Finance Ratings Real Estate   Finance Criteria, as amended to the date of the defeasance (the “S&P   Criteria”)) as of the date of the defeasance, and after the defeasance   owns no assets other than the defeasance collateral and real property   securing Mortgage Loans included in the pool.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(vi)
  	
  
          The   Master Servicer received written confirmation of the crediting of the   defeasance collateral to an Eligible Account (as defined in the S&P   Criteria) in the name of the Defeasance Obligor, which account is maintained   as a securities account by a securities intermediary and has been pledged to   the Trustee.
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
(vii)
  	
  
          The   agreements executed in connection with the defeasance (i) grant control of   the pledged securities account to the Trustee, (ii) require the securities   intermediary to make the scheduled payments on the Mortgage Loan from the   proceeds of the defeasance collateral directly to the Servicer’s collection   account in the amounts and on the dates specified in the Mortgage Loan   documents or, in a partial defeasance, the portion of such scheduled payments   attributed to the allocated loan amount for the real property defeased,   increased by any defeasance premium specified in the Mortgage Loan documents   (the “Scheduled Payments”), (iii) permit reinvestment of proceeds of   the defeasance collateral only in Permitted Investments (as defined in the   S&P Criteria), (iv) permit release of surplus defeasance collateral and   earnings on reinvestment from the pledged
securities account only after the   Mortgage Loan has been paid in full, if any such 
  

N-2

	
  
 
  	
  
 
  	
  
release is   permitted, (v) prohibit transfers by the Defeasance Obligor of the defeasance   collateral and subordinate liens against the defeasance collateral, and (vi)   provide for payment from sources other than the defeasance collateral or   other assets of the Defeasance Obligor of all fees and expenses of the   securities intermediary for administering the defeasance and the securities   account and all fees and expenses of maintaining the existence of the   Defeasance Obligor.
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
(viii)
  	
  
          The   Master Servicer received written confirmation from a firm of independent   certified public accountants, who were approved by Master Servicer in   accordance with the Servicing Standard stating that (i) revenues from the   defeasance collateral (without taking into account any earnings on   reinvestment of such revenues) will be sufficient to timely pay each of the   Scheduled Payments after the defeasance including the payment in full of the   Mortgage Loan (or the allocated portion thereof in connection with a partial   defeasance) on its Maturity Date (or, in the case of an ARD Loan, on its   Anticipated Repayment Date), (ii) the revenues received in any month from the   defeasance collateral will be applied to make Scheduled Payments within four   (4) months after the date of receipt, and (iii) interest income from the   defeasance collateral to the Defeasance Obligor in any calendar or fiscal

year will not exceed such Defeasance Obligor’s interest expense for the   Mortgage Loan (or the allocated portion thereof in a partial defeasance) for   such year.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(ix)
  	
  
          The   Mortgage Loan is not among the ten (10) largest loans in the pool.  The entire principal balance of the   Mortgage Loan as of the date of defeasance was  less than both $[______] and five percent of the pool balance,   which is less than [__]% of the aggregate Certificate Balance of the   Certificates as of the date of the most recent Trustee’s Distribution Date   Statement received by us (the “Current Report”).
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
(x)
  	
  
          The   defeasance described herein, together with all prior and simultaneous   defeasances of Mortgage Loans, brings the total of all fully and partially   defeased Mortgage Loans to $__________________, which is _____% of the   aggregate Certificate Balance of the Certificates as of the date of the   Current Report.
  

          (c)       Certify that Exhibit B hereto is a list of the material agreements, instruments, organizational documents for the Defeasance Obligor, and opinions of counsel and independent accountants executed and delivered in connection with the defeasance.

          (d)       Certify that the individual under whose hand the Master Servicer has caused this Notice and Certification to be executed did constitute a Servicing Officer as of the date of the defeasance described above.

          (e)       Agree to provide copies of all items listed in Exhibit B to you upon request.

[SIGNATURE PAGE FOLLOWS]

N-3

          IN WITNESS WHEREOF, the Master Servicer has caused this Notice and Certification to be executed as of the date captioned above.

	
  
 
  	
  
WACHOVIA   BANK, NATIONAL
  
	
  
 
  	
  
ASSOCIATION
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Name:
  	
  
 
  
	
   
  	
  
 
  	
  

  
	
  
 
  	
  
Title:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  

N-4

EXHIBIT O

FORM OF DEPOSITOR CERTIFICATION TO BE
 PROVIDED WITH FORM 10-K

Wachovia Bank Commercial Mortgage Trust,
 Commercial Mortgage Pass-Through Certificates
 Series 2006-C26 (the “Trust Fund”)

          I, [identify the certifying individual], a [title] of Wachovia Commercial Mortgage Securities, Inc., the depositor into the above-referenced Trust Fund, certify that:

	
  
 
  	
  
          1.          I   have reviewed this annual report on Form 10-K, and all reports on Form 10-D   required to be filed in respect of periods included in the year covered by   this annual report, of the Trust Fund;
  
	
   
  	
  
 
  
	
  
 
  	
  
          2.          Based   on my knowledge, the Exchange Act periodic reports, taken as a whole, do not   contain any untrue statement of a material fact or omit to state a material   fact necessary to make the statements made, in light of the circumstances   under which such statements were made, not misleading with respect to the   period covered by this annual report;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          3.          Based   on my knowledge, all of the distribution, servicing and other information   required to be provided on Form 10-D for the period covered by this report is   included in the Exchange Act periodic reports;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          4.          Based   on my knowledge and the servicer compliance statements required in this   report under Item 1123 of Regulation AB, and except as disclosed in the   Exchange Act periodic reports, the servicers have fulfilled their obligations   under the pooling and servicing agreement; and
  
	
   
  	
  
 
  
	
  
 
  	
  
          5.          All   of the reports on assessment of compliance with servicing criteria for   asset-backed securities and their related attestation reports on assessment   of compliance with servicing criteria for asset-backed securities required to   be included in this report in accordance with Item 1122 of Regulation AB and   Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to this   report, except as otherwise disclosed in this report.  Any material instances of noncompliance   described in such reports have been disclosed in this report on Form 10-K.
  

O-1

In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties:  LNR Partners, Inc. and Wells Fargo Bank, N.A.

Date:______________________

____________________________________
 President and Chief Executive Officer
 Wachovia Commercial Mortgage Securities, Inc.

O-2

EXHIBIT P

FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR
 BY THE TRUSTEE

Wachovia Bank Commercial Mortgage Trust,
 Commercial Mortgage Pass-Through Certificates
 Series 2006-C26 (the “Trust Fund”)

          I, [identify the certifying individual], a [title] of Wells Fargo Bank, N.A., certify to Wachovia Commercial Mortgage Securities, Inc. and their officers, directors and affiliates, and with the knowledge and intent that they will rely upon this certification in delivering the Certification required by the pooling and servicing agreement relating to the Certificates (capitalized terms used herein without definition shall have the meanings assigned to such terms in the pooling and servicing agreement), that:

	
  
 
  	
  
          1.          I   have reviewed this annual report on Form 10-K, and all reports on Form 10-D   required to be filed in respect of the period included in the year covered by   this annual report, of the Trust Fund;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          2.          Based   on my knowledge, the distribution information in these reports, taken as a   whole, does not contain any untrue statement of a material fact or omit to   state a material fact necessary to make the statements made, in light of the   circumstances under which such statements were made, not misleading with   respect to the period covered by this report;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          3.          Based   on my knowledge, the distribution and servicing information required to be   provided to the trustee by the master servicer under the pooling and   servicing agreement is included in the reports delivered by the master   servicer to the trustee;
  
	
   
  	
  
 
  
	
  
 
  	
  
          4.          I   am responsible for reviewing the activities performed by the trustee and   based on my knowledge and the compliance reviews conducted in preparing the   trustee compliance statements required for inclusion on Form 10-K pursuant to   Item 1123 of Regulation AB, and except as disclosed on any Form 10-D or 10-K,   the trustee has fulfilled its obligations in all material respects under the   pooling and servicing agreement; and
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          5.          All   of the reports on assessment of compliance with servicing criteria for   asset-backed securities and their related attestation reports on assessment   of compliance with servicing criteria for asset-backed securities with   respect to the trustee required to be included in Form 10-K in accordance   with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have   been included as an exhibit to Form 10-K, except as otherwise disclosed in   Form 10-K.  Any material instances of   noncompliance described in such reports have been disclosed in such report on   Form 10-K.
  

P-1

	
  Date:
  	
  
 
  	
  
 
  
	
  
 
  	
  

  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  

  	
  

  	
  
 
  
	
  
[Title]
  	
  
 
  
	
  
Wells Fargo   Bank, N.A.
  	
  
 
  

P-2

EXHIBIT Q-1

FORM OF MASTER SERVICER CERTIFICATION TO BE
 PROVIDED WITH FORM 10-K

Wachovia Bank Commercial Mortgage Trust,
 Commercial Mortgage Pass-Through Certificates
 Series 2006-C26 (the “Trust Fund”)

          I, [identify the certifying individual], a [title] of Wachovia Bank, National Association, certify to Wachovia Commercial Mortgage Securities, Inc. and their officers, directors and affiliates, and with the knowledge and intent that they will rely upon this certification (capitalized terms used herein without definition shall have the meanings assigned to such terms in the Pooling and Servicing Agreement), that:

	
  
 
  	
  
          1.          I   have reviewed the servicing reports relating to the Trust Fund delivered by   the master servicer to the trustee pursuant to the Pooling and Servicing   Agreement covering the fiscal year [_____];
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          2.          Based   on my knowledge, (a) assuming the accuracy of the statements required to be   made in the corresponding certificate of the special servicer pursuant to   Section 8.17(n) of the Pooling and Servicing Agreement and (b) assuming that   the information regarding the Mortgage Loans, the Mortgagors or the Mortgaged   Properties in the Prospectus (the “Mortgage Information”) does not contain   any untrue statement of a material fact or omit to state a material fact   necessary to make the statements made, in the light of the circumstances   under which such statements were made, not misleading (but only to the extent   that such Mortgage Information is or shall be used by the servicer to prepare   the servicing reports, provided, however,   the servicer shall provide any information of which the servicer has   knowledge, to
the extent such information updates the Mortgage Information   and is required to be provided by the servicer pursuant to the Pooling and   Servicing Agreement), the servicing information reports, taken as a whole,   does not contain any untrue statement of a material fact or omit to state a   material fact necessary to make the statements made, in light of the   circumstances under which such statements were made, not misleading with   respect to the period covered by this report;
  
	
   
  	
  
 
  
	
  
 
  	
  
          3.          Based   on my knowledge and assuming the accuracy of the statements required to be   made in the corresponding certificate of the special servicer pursuant to   Section 8.17(n) of the Pooling and Servicing Agreement and assuming that the   special servicer timely delivered to the master servicer all servicing   information required to be provided to the master servicer by the special   servicer under the Pooling and Servicing Agreement, the servicing information   required to be provided to the trustee by the master servicer under the   Pooling and Servicing Agreement is included in the servicing reports   delivered by the master servicer to the trustee;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          4.          I   am responsible for reviewing the activities performed by the master servicer   under the Pooling and Servicing Agreement and based upon my knowledge and the   annual compliance reviews conducted in preparing the servicer compliance 
  

Q-1-1

	
   
  	
  
statements   required in this report under Item 1123 of Regulation AB with respect to the   master servicer, and except as disclosed in the compliance certificate   delivered by the master servicer under Section 3.13 of the Pooling and   Servicing Agreement, the master servicer has fulfilled its obligations under   the Pooling and Servicing Agreement in all material respects;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          5.          The   accountant’s statement delivered pursuant to Section 3.14 of the Pooling and   Servicing Agreement discloses all significant deficiencies relating to the   master servicer’s compliance with the minimum servicing standards based upon   the report provided by an independent public accountant, after conducting a   review in compliance with the Uniform Single Attestation Program for Mortgage   Bankers or similar procedure, as set forth in the Pooling and Servicing   Agreement; and
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          6.          All   of the reports on assessment of compliance with servicing criteria for   asset-backed securities and their related attestation reports on assessment   of compliance with servicing criteria for asset-backed securities with   respect to the master servicer have been provided as required by the Pooling   and Servicing Agreement, except as otherwise disclosed in the servicing   reports.  Any material instances of   noncompliance described in such reports have been disclosed in this report on   Form 10-K.
  
	
   
  	
  
 
  
	
  
 
  	
  
          7.          If   this certification is delivered by the Master Servicer, add: In addition,   notwithstanding the foregoing certifications under clauses (2) and (3) above,   the Master Servicer does not make any certification under such clauses (2)   and (3) above with respect to the information in the servicing reports   delivered by the Master Servicer to the Trustee referred to in such clauses   (2) and (3) above that is in turn dependent upon information provided by the   Special Servicer under the Pooling and Servicing Agreement beyond the   corresponding certification actually provided by the Special Servicer pursuant   to Section 8.17(n) of the Pooling and Servicing Agreement. Further,   notwithstanding the foregoing certifications, the Master Servicer does not   make any certification under the foregoing clauses (1) through (5) that is in   turn
dependent (i) upon information required to be provided by any   Sub-Servicer acting under a Sub-Servicing Agreement that the Master Servicer   entered into in connection with the issuance of the Certificates, or upon the   performance by any such Sub-Servicer of its obligations pursuant to any such   Sub-Servicing Agreement, in each case beyond the respective backup   certifications actually provided by such Sub-Servicer to the Master Servicer   with respect to the information that is the subject of such certification, or   (ii) upon information required to be provided by the Non-Serviced Mortgage   Loan Servicer or upon the performance by the Non-Serviced Mortgage Loan   Servicer of its obligations pursuant to the Non-Serviced Mortgage Loan   Pooling and Servicing Agreement, in each case beyond the backup certification   actually provided by the Non-Serviced Mortgage Loan Servicer to the Master   Servicer with respect to the information that is the subject of such   certification; provided that this
clause (ii) shall not apply in the event   the Master Servicer is, or is an Affiliate of, the Non-Serviced Mortgage Loan   Servicer.
  
	
   
  	
  
 
  
	
  
 
  	
  
                    If   this certification is delivered by a Sub-Servicer retained by the Master   Servicer, add: In addition, notwithstanding the foregoing certifications   under clauses (2) and (3)   above, the Master Servicer does not make any certification under such clauses   (2)
  

Q-1-2

	
  
 
  	
  
 and (3) above with respect to the information in the servicing reports   delivered by the Master Servicer to the Trustee referred to in such clauses   (2) and (3) above that is in turn dependent upon information provided by the   Special Servicer under the Pooling and Servicing Agreement beyond the   corresponding certification actually provided by the Special Servicer   pursuant to Section 8.17(n) of the Pooling and Servicing Agreement.
  

          In giving the certification above, I have reasonably relied on information provided to me by the following unaffiliated parties:  [names of sub-servicers].

	
  Date:
  	
  
 
  	
  
 
  
	
  
 
  	
  

  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  

  	
  
 
  
	
  
[Title]
  	
  
 
  	
  
 
  
	
  
Wachovia   Bank, National Association
  	
  
 
  

Q-1-3

EXHIBIT Q-2

FORM OF SPECIAL SERVICER CERTIFICATION TO BE PROVIDED TO DEPOSITOR

Wachovia Bank Commercial Mortgage Trust,
 Commercial Mortgage Pass-Through Certificates
 Series 2006-C26 (the “Trust Fund”)

          I, [identify the certifying individual], a [title] of LNR Partners, Inc., certify to Wachovia Commercial Mortgage Securities, Inc. and their officers, directors and affiliates, and with the knowledge and intent that they will rely upon this certification (capitalized terms used herein without definition shall have the meanings assigned to such terms in the pooling and servicing agreement), that:

	
  
 
  	
  
          1.          I   have reviewed the servicing reports relating to the Trust Fund delivered by the   special servicer to the depositor pursuant to Section 3.13 of the pooling and   servicing agreement covering the fiscal year [____];
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          2.          Based   on my knowledge, the servicing information in these reports delivered by the   special servicer, taken as a whole, does not contain any untrue statement of   a material fact or omit to state a material fact necessary to make the   statements made, in light of the circumstances under which such statements   were made, not misleading with respect to the period covered by such reports;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          3.          Based   on my knowledge, the servicing information required to be provided under   Section 3.13 of the pooling and servicing agreement is included in such   servicing reports delivered by the special servicer to the depositor;
  
	
   
  	
  
 
  
	
  
 
  	
  
          4.          I   am responsible for reviewing the activities performed by the special servicer   under the pooling and servicing agreement and based upon my knowledge and the   annual compliance reviews conducted in preparing the servicer compliance   statements required in such reports under Item 1123 of Regulation AB with   respect to the special servicer, and except as disclosed in the compliance   certificate delivered by the special servicer under Section 3.13 of the   pooling and servicing agreement, the special servicer has fulfilled its   obligations under the pooling and servicing agreement in all material   respects;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          5.          The   accountant’s statement delivered pursuant to Section 3.14 of the pooling and   servicing agreement discloses all significant deficiencies relating to the   special servicer’s compliance with the minimum servicing standards based upon   the report provided by an independent public accountant, after conducting a   review in compliance with the Uniform Single Attestation Program for Mortgage   Bankers or similar procedure, as set forth in the pooling and servicing   agreement; and
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          6.          All   of the reports on assessment of compliance with servicing criteria for   asset-backed securities and their related attestation reports on assessment   of compliance with servicing criteria for asset-backed securities with   respect to the special servicer required to be delivered by the special   servicer under the pooling and servicing 
  

Q-2-1

 

	
  
 
  	
  
agreement in   accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and   15d-18 have been delivered pursuant to the terms of the pooling and servicing   agreement.  Any material instances of   noncompliance with the servicing criteria have been disclosed in such   reports.
  

	
  
Date:
  	
  
 
  	
  
 
  
	
  
 
  	
  

  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  

  	
   
  
	
  
[Title]
  	
  
 
  	
  
 
  
	
  
LNR   Partners, Inc.
  	
  
 
  

Q-2-2

EXHIBIT R

CLASS A-PB
 PLANNED PRINCIPAL BALANCE SCHEDULE

	
  
Period
  	
   
 	
  
Date
  	
  
 
  	
  
Balance ($)
  
	
  

  	
   
 	
  

  	
  
 
  	
  

  
	
  
0
  	
  
 
  	
  
06/29/06
  	
  
 
  	
  
83,806,000.00
  
	
  1
  	
  
 
  	
  
07/15/06
  	
  
 
  	
  
83,806,000.00
  
	
  
2
  	
  
 
  	
  
08/15/06
  	
  
 
  	
  
83,806,000.00
  
	
  
3
  	
  
 
  	
  
09/15/06
  	
  
 
  	
  
83,806,000.00
  
	
  
4
  	
  
 
  	
  
10/15/06
  	
  
 
  	
  
83,806,000.00
  
	
  
5
  	
  
 
  	
  
11/15/06
  	
  
 
  	
  
83,806,000.00
  
	
  6
  	
  
 
  	
  
12/15/06
  	
  
 
  	
  
83,806,000.00
  
	
  
7
  	
  
 
  	
  
01/15/07
  	
  
 
  	
  
83,806,000.00
  
	
  
8
  	
  
 
  	
  
02/15/07
  	
  
 
  	
  
83,806,000.00
  
	
  
9
  	
  
 
  	
  
03/15/07
  	
  
 
  	
  
83,806,000.00
  
	
  
10
  	
  
 
  	
  
04/15/07
  	
  
 
  	
  
83,806,000.00
  
	
  11
  	
  
 
  	
  
05/15/07
  	
  
 
  	
  
83,806,000.00
  
	
  
12
  	
  
 
  	
  
06/15/07
  	
  
 
  	
  
83,806,000.00
  
	
  
13
  	
  
 
  	
  
07/15/07
  	
  
 
  	
  
83,806,000.00
  
	
  
14
  	
  
 
  	
  
08/15/07
  	
  
 
  	
  
83,806,000.00
  
	
  
15
  	
  
 
  	
  
09/15/07
  	
  
 
  	
  
83,806,000.00
  
	
  16
  	
  
 
  	
  
10/15/07
  	
  
 
  	
  
83,806,000.00
  
	
  
17
  	
  
 
  	
  
11/15/07
  	
  
 
  	
  
83,806,000.00
  
	
  
18
  	
  
 
  	
  
12/15/07
  	
  
 
  	
  
83,806,000.00
  
	
  
19
  	
  
 
  	
  
01/15/08
  	
  
 
  	
  
83,806,000.00
  
	
  
20
  	
  
 
  	
  
02/15/08
  	
  
 
  	
  
83,806,000.00
  
	
  21
  	
  
 
  	
  
03/15/08
  	
  
 
  	
  
83,806,000.00
  
	
  
22
  	
  
 
  	
  
04/15/08
  	
  
 
  	
  
83,806,000.00
  
	
  
23
  	
  
 
  	
  
05/15/08
  	
  
 
  	
  
83,806,000.00
  
	
  
24
  	
  
 
  	
  
06/15/08
  	
  
 
  	
  
83,806,000.00
  
	
  
25
  	
  
 
  	
  
07/15/08
  	
  
 
  	
  
83,806,000.00
  
	
  26
  	
  
 
  	
  
08/15/08
  	
  
 
  	
  
83,806,000.00
  
	
  
27
  	
  
 
  	
  
09/15/08
  	
  
 
  	
  
83,806,000.00
  
	
  
28
  	
  
 
  	
  
10/15/08
  	
  
 
  	
  
83,806,000.00
  
	
  
29
  	
  
 
  	
  
11/15/08
  	
  
 
  	
  
83,806,000.00
  
	
  
30
  	
  
 
  	
  
12/15/08
  	
  
 
  	
  
83,806,000.00
  
	
  31
  	
  
 
  	
  
01/15/09
  	
  
 
  	
  
83,806,000.00
  
	
  
32
  	
  
 
  	
  
02/15/09
  	
  
 
  	
  
83,806,000.00
  
	
  
33
  	
  
 
  	
  
03/15/09
  	
  
 
  	
  
83,806,000.00
  
	
  
34
  	
  
 
  	
  
04/15/09
  	
  
 
  	
  
83,806,000.00
  
	
  
35
  	
  
 
  	
  
05/15/09
  	
  
 
  	
  
83,806,000.00
  
	
  36
  	
  
 
  	
  
06/15/09
  	
  
 
  	
  
83,806,000.00
  
	
  
37
  	
  
 
  	
  
07/15/09
  	
  
 
  	
  
83,806,000.00
  

R-1

	
  
Period
  	
   
 	
  
Date
  	
  
 
  	
  
Balance ($)
  
	
  

  	
   
 	
  

  	
  
 
  	
  

  
	
  38
  	
  
 
  	
  
08/15/09
  	
  
 
  	
  
83,806,000.00
  
	
  
39
  	
  
 
  	
  
09/15/09
  	
  
 
  	
  
83,806,000.00
  
	
  
40
  	
  
 
  	
  
10/15/09
  	
  
 
  	
  
83,806,000.00
  
	
  
41
  	
  
 
  	
  
11/15/09
  	
  
 
  	
  
83,806,000.00
  
	
  
42
  	
  
 
  	
  
12/15/09
  	
  
 
  	
  
83,806,000.00
  
	
  43
  	
  
 
  	
  
01/15/10
  	
  
 
  	
  
83,806,000.00
  
	
  
44
  	
  
 
  	
  
02/15/10
  	
  
 
  	
  
83,806,000.00
  
	
  
45
  	
  
 
  	
  
03/15/10
  	
  
 
  	
  
83,806,000.00
  
	
  
46
  	
  
 
  	
  
04/15/10
  	
  
 
  	
  
83,806,000.00
  
	
  
47
  	
  
 
  	
  
05/15/10
  	
  
 
  	
  
83,806,000.00
  
	
  48
  	
  
 
  	
  
06/15/10
  	
  
 
  	
  
83,806,000.00
  
	
  
49
  	
  
 
  	
  
07/15/10
  	
  
 
  	
  
83,806,000.00
  
	
  
50
  	
  
 
  	
  
08/15/10
  	
  
 
  	
  
83,806,000.00
  
	
  
51
  	
  
 
  	
  
09/15/10
  	
  
 
  	
  
83,806,000.00
  
	
  
52
  	
  
 
  	
  
10/15/10
  	
  
 
  	
  
83,806,000.00
  
	
  53
  	
  
 
  	
  
11/15/10
  	
  
 
  	
  
83,806,000.00
  
	
  
54
  	
  
 
  	
  
12/15/10
  	
  
 
  	
  
83,806,000.00
  
	
  
55
  	
  
 
  	
  
01/15/11
  	
  
 
  	
  
83,806,000.00
  
	
  
56
  	
  
 
  	
  
02/15/11
  	
  
 
  	
  
83,806,000.00
  
	
  
57
  	
  
 
  	
  
03/15/11
  	
  
 
  	
  
83,806,000.00
  
	
  58
  	
  
 
  	
  
04/15/11
  	
  
 
  	
  
83,806,000.00
  
	
  
59
  	
  
 
  	
  
05/15/11
  	
  
 
  	
  
83,806,000.00
  
	
  
60
  	
  
 
  	
  
06/15/11
  	
  
 
  	
  
83,805,131.89
  
	
  
61
  	
  
 
  	
  
07/15/11
  	
  
 
  	
  
82,593,685.84
  
	
  
62
  	
  
 
  	
  
08/15/11
  	
  
 
  	
  
81,539,682.13
  
	
  63
  	
  
 
  	
  
09/15/11
  	
  
 
  	
  
80,460,923.65
  
	
  
64
  	
  
 
  	
  
10/15/11
  	
  
 
  	
  
79,209,896.34
  
	
  
65
  	
  
 
  	
  
11/15/11
  	
  
 
  	
  
78,118,847.79
  
	
  
66
  	
  
 
  	
  
12/15/11
  	
  
 
  	
  
76,855,863.99
  
	
  
67
  	
  
 
  	
  
01/15/12
  	
  
 
  	
  
75,752,397.19
  
	
  68
  	
  
 
  	
  
02/15/12
  	
  
 
  	
  
74,643,110.09
  
	
  
69
  	
  
 
  	
  
03/15/12
  	
  
 
  	
  
73,196,793.64
  
	
  
70
  	
  
 
  	
  
04/15/12
  	
  
 
  	
  
72,074,022.70
  
	
  
71
  	
  
 
  	
  
05/15/12
  	
  
 
  	
  
70,780,177.53
  
	
  
72
  	
  
 
  	
  
06/15/12
  	
  
 
  	
  
69,644,657.49
  
	
  73
  	
  
 
  	
  
07/15/12
  	
  
 
  	
  
68,338,409.24
  
	
  
74
  	
  
 
  	
  
08/15/12
  	
  
 
  	
  
67,190,007.13
  
	
  
75
  	
  
 
  	
  
09/15/12
  	
  
 
  	
  
66,035,547.15
  
	
  
76
  	
  
 
  	
  
10/15/12
  	
  
 
  	
  
64,710,873.02
  
	
  
77
  	
  
 
  	
  
11/15/12
  	
  
 
  	
  
63,543,333.42
  
	
  78
  	
  
 
  	
  
12/15/12
  	
  
 
  	
  
62,205,934.69
  
	
  
79
  	
  
 
  	
  
01/15/13
  	
  
 
  	
  
61,025,179.04
  

R-2

	
  
Period
  	
   
 	
  
Date
  	
   
 	
  
Balance ($)
  
	
  

  	
   
 	
  

  	
   
 	
  

  
	
  80
  	
  
 
  	
  
02/15/13
  	
   
 	
  
59,838,194.48
  
	
  
81
  	
  
 
  	
  
03/15/13
  	
   
 	
  
58,155,739.52
  
	
  
82
  	
  
 
  	
  
04/15/13
  	
   
 	
  
56,953,611.98
  
	
  
83
  	
  
 
  	
  
05/15/13
  	
   
 	
  
55,582,564.06
  
	
  
84
  	
  
 
  	
  
06/15/13
  	
   
 	
  
54,366,859.68
  
	
  85
  	
  
 
  	
  
07/15/13
  	
   
 	
  
52,931,985.82
  
	
  
86
  	
  
 
  	
  
08/15/13
  	
   
 	
  
51,659,777.07
  
	
  
87
  	
  
 
  	
  
09/15/13
  	
   
 	
  
50,380,865.80
  
	
  
88
  	
  
 
  	
  
10/15/13
  	
   
 	
  
48,925,668.35
  
	
  
89
  	
  
 
  	
  
11/15/13
  	
   
 	
  
47,632,351.25
  
	
  90
  	
  
 
  	
  
12/15/13
  	
   
 	
  
46,163,139.07
  
	
  
91
  	
  
 
  	
  
01/15/14
  	
   
 	
  
44,855,266.08
  
	
  
92
  	
  
 
  	
  
02/15/14
  	
   
 	
  
43,540,502.27
  
	
  
93
  	
  
 
  	
  
03/15/14
  	
   
 	
  
41,713,654.34
  
	
  
94
  	
  
 
  	
  
04/15/14
  	
   
 	
  
40,382,334.64
  
	
  95
  	
  
 
  	
  
05/15/14
  	
   
 	
  
38,876,151.55
  
	
  
96
  	
  
 
  	
  
06/15/14
  	
   
 	
  
37,529,880.07
  
	
  
97
  	
  
 
  	
  
07/15/14
  	
   
 	
  
36,009,151.12
  
	
  
98
  	
  
 
  	
  
08/15/14
  	
   
 	
  
34,647,772.10
  
	
  
99
  	
  
 
  	
  
09/15/14
  	
   
 	
  
33,279,219.73
  
	
  100
  	
  
 
  	
  
10/15/14
  	
   
 	
  
31,736,814.75
  
	
  
101
  	
  
 
  	
  
11/15/14
  	
   
 	
  
30,352,922.73
  
	
  
102
  	
  
 
  	
  
12/15/14
  	
   
 	
  
28,795,594.54
  
	
  
103
  	
  
 
  	
  
01/15/15
  	
   
 	
  
27,396,203.06
  
	
  
104
  	
  
 
  	
  
02/15/15
  	
   
 	
  
25,989,437.48
  
	
  105
  	
  
 
  	
  
03/15/15
  	
   
 	
  
24,079,052.39
  
	
  
106
  	
  
 
  	
  
04/15/15
  	
   
 	
  
22,654,803.97
  
	
  
107
  	
  
 
  	
  
05/15/15
  	
   
 	
  
21,058,214.97
  
	
  
108
  	
  
 
  	
  
06/15/15
  	
   
 	
  
19,618,046.64
  
	
  
109
  	
  
 
  	
  
07/15/15
  	
   
 	
  
18,005,969.91
  
	
  110
  	
  
 
  	
  
08/15/15
  	
   
 	
  
16,549,715.79
  
	
  
111
  	
  
 
  	
  
09/15/15
  	
   
 	
  
15,085,787.29
  
	
  
112
  	
  
 
  	
  
10/15/15
  	
   
 	
  
13,450,595.40
  
	
  
113
  	
  
 
  	
  
11/15/15
  	
   
 	
  
11,970,333.56
  
	
  
114
  	
  
 
  	
  
12/15/15
  	
   
 	
  
10,319,251.74
  
	
  115
  	
   
  	
  01/15/16
  	
   
 	
  8,822,486.38
  
	
  116
  	
   
  	
  02/15/16
  	
   
 	
  5,187,832.67
  
	
  117
  	
   
  	
  03/15/16
  	
   
 	
  793.35
  
	
  118
  	
   
  	
  04/15/16
  	
   
 	
  0.00
  

R-3

EXHIBIT S

RELEVANT SERVICING CRITERIA

SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

The assessment of compliance to be delivered by the Trustee, the Master Servicer, the Special Servicer and each Sub-Servicer identified by the Master Servicer or the Special Servicer shall address, at a minimum, the criteria identified below as applicable to each Reporting Servicer:

SERVICING CRITERIA

	
  Reference
  	
   
 	
  
Criteria
  	
   
 	
  
Reporting   Servicer
  
	
  

  	
  
 
  	
  

  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
General Servicing Considerations
  	
  
 
  	
   
 
	
   
  	
  
 
  	
  
 
  	
  
 
  	
   
 
	
  
1122(d)(1)(i)
  	
  
 
  	
  
Policies and procedures are   instituted to monitor any performance or other triggers and events of default   in accordance with the transaction agreements.
  	
  
 
  	
  
Master   Servicer
   Special Servicer
Trustee
  
	
   
  	
  
 
  	
  
 
  	
  
 
  	
   
 
	
  
1122(d)(1)(ii)
  	
  
 
  	
  
If any material servicing   activities are outsourced to third parties, policies and procedures are   instituted to monitor the third party’s performance and compliance with such   servicing activities.
  	
  
 
  	
  
Master   Servicer 
   Special Servicer
Trustee
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
   
 
	
  
1122(d)(1)(iii)
  	
  
 
  	
  
Any requirements in the   transaction agreements to maintain a back-up servicer for the mortgage loans   are maintained.
  	
  
 
  	
   
 
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
   
 
	
  1122(d)(1)(iv)
  	
  
 
  	
  
A fidelity bond and errors   and omissions policy is in effect on the party participating in the servicing   function throughout the reporting period in the amount of coverage required   by and otherwise in accordance with the terms of the transaction agreements.
  	
  
 
  	
  
Master   Servicer 
   Special Servicer
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
   
 
	
  
 
  	
  
 
  	
  
Cash Collection and Administration
  	
  
 
  	
   
 
	
  
 
  	
  
 
  	
   
 	
  
 
  	
   
 
	
  
1122(d)(2)(i)
  	
  
 
  	
  
Payments on mortgage loans   are deposited into the appropriate custodial bank accounts and related bank   clearing accounts no more than two business days following receipt, or such   other number of days specified in the transaction agreements.
  	
  
 
  	
  
Master   Servicer 
   Special Servicer
Trustee
  
	
   
  	
  
 
  	
  
 
  	
  
 
  	
   
 
	
  
1122(d)(2)(ii)
  	
  
 
  	
  
Disbursements made via wire   transfer on behalf of an obligor or to an investor are made only by   authorized personnel.
  	
  
 
  	
  
Trustee
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
   
 
	
  
1122(d)(2)(iii)
  	
  
 
  	
  
Advances of funds or   guarantees regarding collections, cash flows or distributions, and any   interest or other fees charged for such advances, are made, reviewed and   approved as specified in the transaction agreements.
  	
  
 
  	
  
Master   Servicer 
   Special Servicer
Trustee
  
	
   
  	
  
 
  	
  
 
  	
  
 
  	
   
 
	
  
1122(d)(2)(iv)
  	
  
 
  	
  
The related accounts for   the transaction, such as cash reserve accounts or accounts established as a   form of overcollateralization, are separately maintained (e.g., with respect   to commingling of cash) as set forth in the transaction agreements.
  	
  
 
  	
  
Master   Servicer 
   Special Servicer
Trustee
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
   
 
	
  
1122(d)(2)(v)
  	
  
 
  	
  
Each custodial account is   maintained at a federally insured depository institution as set forth in the   transaction agreements. For purposes of this criterion, “federally insured   depository institution” with respect to a foreign financial institution means   a foreign financial institution that meets the requirements of Rule   13k-1(b)(1) of the Securities Exchange Act.
  	
  
 
  	
  
Master   Servicer 
   Special Servicer
Trustee
  
	
   
  	
  
 
  	
  
 
  	
  
 
  	
   
 
	
  
1122(d)(2)(vi)
  	
  
 
  	
  
Unissued checks are   safeguarded so as to prevent unauthorized access.
  	
  
 
  	
  
Master   Servicer 
   Special Servicer
Trustee
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
   
 
	
  
1122(d)(2)(vii)
  	
  
 
  	
  
Reconciliations are   prepared on a monthly basis for all asset-backed securities related bank   accounts, including custodial accounts and related bank clearing accounts.   These reconciliations are (A) mathematically accurate; (B) prepared within 30   calendar days after the bank statement cutoff date, or such other number of   days specified in the transaction agreements; (C) reviewed and approved by   someone other than the person who prepared the reconciliation; and (D)   contain explanations for reconciling items. These reconciling items are   resolved within 90 calendar days of their original identification, or such   other number of days specified in the transaction agreements.
  	
  
 
  	
  
Trustee
   Master Servicer 
Special Servicer
  

S-1

SERVICING CRITERIA

	
  
Reference
  	
   
 	
  
Criteria
  	
   
 	
  
Reporting   Servicer
  
	
  

  	
  
 
  	
  

  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Investor   Remittances and Reporting
  	
  
 
  	
   
 
	
   
  	
  
 
  	
  
 
  	
  
 
  	
   
 
	
  
1122(d)(3)(i)
  	
  
 
  	
  
Reports to investors,   including those to be filed with the Commission, are maintained in accordance   with the transaction agreements and applicable Commission requirements.   Specifically, such reports (A) are prepared in accordance with timeframes and   other terms set forth in the transaction agreements; (B) provide information calculated   in accordance with the terms specified in the transaction agreements; (C) are   filed with the Commission as required by its rules and regulations; and (D)   agree with investors’ or the trustee’s records as to the total unpaid   principal balance and number of mortgage loans serviced by the Reporting   Servicer.
  	
  
 
  	
  
Trustee
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
   
 
	
  
1122(d)(3)(ii)
  	
  
 
  	
  
Amounts due to investors   are allocated and remitted in accordance with timeframes, distribution   priority and other terms set forth in the transaction agreements.
  	
  
 
  	
  
Trustee
  
	
   
  	
  
 
  	
  
 
  	
  
 
  	
   
 
	
  
1122(d)(3)(iii)
  	
  
 
  	
  
Disbursements made to an   investor are posted within two business days to the Servicer’s investor   records, or such other number of days specified in the transaction   agreements.
  	
  
 
  	
  
Trustee
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
   
 
	
  
1122(d)(3)(iv)
  	
  
 
  	
  
Amounts remitted to   investors per the investor reports agree with cancelled checks, or other form   of payment, or custodial bank statements.
  	
  
 
  	
  
Trustee
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
   
 
	
   
  	
  
 
  	
  
Pool Asset Administration
  	
  
 
  	
   
 
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
   
 
	
  
1122(d)(4)(i)
  	
  
 
  	
  
Collateral or security on   mortgage loans is maintained as required by the transaction agreements or   related mortgage loan documents.
  	
  
 
  	
  
Trustee
   Master Servicer 
Special Servicer
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
   
 
	
  
1122(d)(4)(ii)
  	
  
 
  	
  
Mortgage loan and related   documents are safeguarded as required by the transaction agreements
  	
  
 
  	
  
Trustee
   Special Servicer
  
	
   
  	
  
 
  	
  
 
  	
  
 
  	
   
 
	
  
1122(d)(4)(iii)
  	
  
 
  	
  
Any additions, removals or   substitutions to the mortgage loan    pool are made, reviewed and approved in accordance with any conditions   or requirements in the transaction agreements.
  	
  
 
  	
  
Trustee
   Special Servicer
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
   
 
	
  
1122(d)(4)(iv)
  	
  
 
  	
  
Payments on mortgage loans,   including any payoffs, made in accordance with the related mortgage loan   documents are posted to the Servicer’s obligor records maintained no more   than two business days after receipt, or such other number of days specified   in the transaction agreements, and allocated to principal, interest or other   items (e.g., escrow) in accordance with the related mortgage loan documents.
  	
  
 
  	
  
Master   Servicer
  
	
   
  	
  
 
  	
  
 
  	
  
 
  	
   
 
	
  
1122(d)(4)(v)
  	
  
 
  	
  
The Reporting Servicer’s   records regarding the mortgage loans agree with the Reporting Servicer’s   records with respect to an obligor’s unpaid principal balance.
  	
  
 
  	
  
Master   Servicer
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
   
 
	
  
1122(d)(4)(vi)
  	
  
 
  	
  
Changes with respect to the   terms or status of an obligor’s mortgage loans (e.g., loan modifications or   re-agings) are made, reviewed and approved by authorized personnel in   accordance with the transaction agreements and related pool asset documents.
  	
  
 
  	
  
Master   Servicer 
   Special Servicer
  
	
   
  	
  
 
  	
  
 
  	
  
 
  	
   
 
	
  
1122(d)(4)(vii)
  	
  
 
  	
  
Loss mitigation or recovery   actions (e.g., forbearance plans, modifications and deeds in lieu of   foreclosure, foreclosures and repossessions, as applicable) are initiated,   conducted and concluded in accordance with the timeframes or other   requirements established by the transaction agreements.
  	
  
 
  	
  
Special   Servicer
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
   
 
	
  
1122(d)(4)(viii)
  	
  
 
  	
  
Records documenting   collection efforts are maintained during the period a mortgage loan is   delinquent in accordance with the transaction agreements. Such records are   maintained on at least a monthly basis, or such other period specified in the   transaction agreements, and describe the entity’s activities in monitoring   delinquent mortgage loans including, for example, phone calls, letters and   payment rescheduling plans in cases where delinquency is deemed temporary   (e.g., illness or unemployment).
  	
  
 
  	
  
Master   Servicer 
   Special Servicer
  
	
   
  	
  
 
  	
  
 
  	
  
 
  	
   
 
	
  
1122(d)(4)(ix)
  	
  
 
  	
  
Adjustments to interest   rates or rates of return for mortgage loans with variable rates are computed   based on the related mortgage loan documents.
  	
  
 
  	
  
Master   Servicer
  

S-2

SERVICING CRITERIA

	
  
Reference
  	
   
 	
  
Criteria
  	
   
 	
  
Reporting   Servicer
  
	
  

  	
   
  	
  

  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
   
 
	
  
1122(d)(4)(x)
  	
  
 
  	
  
Regarding any funds held in   trust for an obligor (such as escrow accounts): (A) such funds are analyzed,   in accordance with the obligor’s mortgage loan documents, on at least an   annual basis, or such other period specified in the transaction agreements;   (B) interest on such funds is paid, or credited, to obligors in accordance   with applicable mortgage loan documents and state laws; and (C) such funds   are returned to the obligor within 30 calendar days of full repayment of the   related mortgage loans, or such other number of days specified in the   transaction agreements.
  	
  
 
  	
  
Master   Servicer
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
   
 
	
  1122(d)(4)(xi)
  	
  
 
  	
  
Payments made on behalf of   an obligor (such as tax or insurance payments) are made on or before the   related penalty or expiration dates, as indicated on the appropriate bills or   notices for such payments, provided that such support has been received by   the servicer at least 30 calendar days prior to these dates, or such other   number of days specified in the transaction agreements.
  	
  
 
  	
  
Master   Servicer
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
   
 
	
  
1122(d)(4)(xii)
  	
  
 
  	
  
Any late payment penalties   in connection with any payment to be made on behalf of an obligor are paid   from the servicer’s funds and not charged to the obligor, unless the late   payment was due to the obligor’s error or omission.
  	
  
 
  	
  
Master   Servicer
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
   
 
	
  1122(d)(4)(xiii)
  	
  
 
  	
  
Disbursements made on   behalf of an obligor are posted within two business days to the obligor’s   records maintained by the servicer, or such other number of days specified in   the transaction agreements.
  	
  
 
  	
  
Master   Servicer
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
   
 
	
  
1122(d)(4)(xiv)
  	
  
 
  	
  
Delinquencies, charge-offs   and uncollectible accounts are recognized and recorded in accordance with the   transaction agreements.
  	
  
 
  	
  
Master   Servicer
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
   
 
	
  
1122(d)(4)(xv)
  	
  
 
  	
  
Any external enhancement or   other support, identified in Item 1114(a)(1) through (3) or Item 1115 of   Regulation AB, is maintained as set forth in the transaction agreements.
  	
  
 
  	
  
N/A
  

	
  
[NAME OF   REPORTING SERVICER]
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Date:
  	
  
 
  	
  
 
  
	
  
 
  	
  

  	
  
 
  
	
  
By:
  	
  
 
  	
  
 
  
	
  
 
  	
  

  	
  
 
  
	
  Name:
  	
  
 
  	
  
 
  
	
  
 
  	
  

  	
  
 
  
	
  
Title:
  	
  
 
  	
  
 
  
	
  
 
  	
  

  	
  
 
  

S-3

EXHIBIT T

CLASS X-P REFERENCE RATE SCHEDULE

	
  
Interest Accrual Period
  	
  
 
  	
  
Distribution Date
  	
  
 
  	
  
Class X-P Reference Rate
  
	
  

  	
   
 	
  

  	
   
 	
  

  
	
  
1
  	
  
 
  	
  
7/15/2006
  	
  
 
  	
  
6.03715%
  
	
  
2
  	
  
 
  	
  
8/15/2006
  	
  
 
  	
  
6.23909%
  
	
  3
  	
  
 
  	
  
9/15/2006
  	
  
 
  	
  
6.23905%
  
	
  
4
  	
  
 
  	
  
10/15/2006
  	
  
 
  	
  
6.03705%
  
	
  
5
  	
  
 
  	
  
11/15/2006
  	
  
 
  	
  
6.23898%
  
	
  
6
  	
  
 
  	
  
12/15/2006
  	
  
 
  	
  
6.03697%
  
	
  
7
  	
  
 
  	
  
1/15/2007
  	
  
 
  	
  
6.03693%
  
	
  8
  	
  
 
  	
  
2/15/2007
  	
  
 
  	
  
6.03689%
  
	
  
9
  	
  
 
  	
  
3/15/2007
  	
  
 
  	
  
6.03699%
  
	
  
10
  	
  
 
  	
  
4/15/2007
  	
  
 
  	
  
6.23877%
  
	
  
11
  	
  
 
  	
  
5/15/2007
  	
  
 
  	
  
6.03677%
  
	
  
12
  	
  
 
  	
  
6/15/2007
  	
  
 
  	
  
6.23869%
  
	
  13
  	
  
 
  	
  
7/15/2007
  	
  
 
  	
  
6.03669%
  
	
  
14
  	
  
 
  	
  
8/15/2007
  	
  
 
  	
  
6.23860%
  
	
  
15
  	
  
 
  	
  
9/15/2007
  	
  
 
  	
  
6.23856%
  
	
  
16
  	
  
 
  	
  
10/15/2007
  	
  
 
  	
  
6.03656%
  
	
  
17
  	
  
 
  	
  
11/15/2007
  	
  
 
  	
  
6.23847%
  
	
  18
  	
  
 
  	
  
12/15/2007
  	
  
 
  	
  
6.03647%
  
	
  
19
  	
  
 
  	
  
1/15/2008
  	
  
 
  	
  
6.23838%
  
	
  
20
  	
  
 
  	
  
2/15/2008
  	
  
 
  	
  
6.03639%
  
	
  
21
  	
  
 
  	
  
3/15/2008
  	
  
 
  	
  
6.03639%
  
	
  
22
  	
  
 
  	
  
4/15/2008
  	
  
 
  	
  
6.23823%
  
	
  23
  	
  
 
  	
  
5/15/2008
  	
  
 
  	
  
6.03625%
  
	
  
24
  	
  
 
  	
  
6/15/2008
  	
  
 
  	
  
6.23817%
  
	
  
25
  	
  
 
  	
  
7/15/2008
  	
  
 
  	
  
6.03619%
  
	
  
26
  	
  
 
  	
  
8/15/2008
  	
  
 
  	
  
6.23809%
  
	
  
27
  	
  
 
  	
  
9/15/2008
  	
  
 
  	
  
6.23805%
  
	
  28
  	
  
 
  	
  
10/15/2008
  	
  
 
  	
  
6.03607%
  
	
  
29
  	
  
 
  	
  
11/15/2008
  	
  
 
  	
  
6.23797%
  
	
  
30
  	
  
 
  	
  
12/15/2008
  	
  
 
  	
  
6.03599%
  
	
  
31
  	
  
 
  	
  
1/15/2009
  	
  
 
  	
  
6.03594%
  
	
  
32
  	
  
 
  	
  
2/15/2009
  	
  
 
  	
  
6.03591%
  
	
  33
  	
  
 
  	
  
3/15/2009
  	
  
 
  	
  
6.03612%
  
	
  
34
  	
  
 
  	
  
4/15/2009
  	
  
 
  	
  
6.23773%
  
	
  
35
  	
  
 
  	
  
5/15/2009
  	
  
 
  	
  
6.03576%
  
	
  
36
  	
  
 
  	
  
6/15/2009
  	
  
 
  	
  
6.23764%
  
	
  
37
  	
  
 
  	
  
7/15/2009
  	
  
 
  	
  
6.03444%
  

T-1

	
  Interest Accrual Period
  	
  
 
  	
  
Distribution Date
  	
  
 
  	
  
Class X-P Reference Rate
  
	
  

  	
   
 	
  

  	
   
 	
  

  
	
  
38
  	
  
 
  	
  
8/15/2009
  	
  
 
  	
  
6.23628%
  
	
  
39
  	
  
 
  	
  
9/15/2009
  	
  
 
  	
  
6.23623%
  
	
  40
  	
  
 
  	
  
10/15/2009
  	
  
 
  	
  
6.03431%
  
	
  
41
  	
  
 
  	
  
11/15/2009
  	
  
 
  	
  
6.23614%
  
	
  
42
  	
  
 
  	
  
12/15/2009
  	
  
 
  	
  
6.03421%
  
	
  
43
  	
  
 
  	
  
1/15/2010
  	
  
 
  	
  
6.03416%
  
	
  
44
  	
  
 
  	
  
2/15/2010
  	
  
 
  	
  
6.03412%
  
	
  45
  	
  
 
  	
  
3/15/2010
  	
  
 
  	
  
6.03437%
  
	
  
46
  	
  
 
  	
  
4/15/2010
  	
  
 
  	
  
6.23588%
  
	
  
47
  	
  
 
  	
  
5/15/2010
  	
  
 
  	
  
6.03396%
  
	
  
48
  	
  
 
  	
  
6/15/2010
  	
  
 
  	
  
6.23578%
  
	
  
49
  	
  
 
  	
  
7/15/2010
  	
  
 
  	
  
6.03386%
  
	
  50
  	
  
 
  	
  
8/15/2010
  	
  
 
  	
  
6.23567%
  
	
  
51
  	
  
 
  	
  
9/15/2010
  	
  
 
  	
  
6.23562%
  
	
  
52
  	
  
 
  	
  
10/15/2010
  	
  
 
  	
  
6.03371%
  
	
  
53
  	
  
 
  	
  
11/15/2010
  	
  
 
  	
  
6.23551%
  
	
  
54
  	
  
 
  	
  
12/15/2010
  	
  
 
  	
  
6.03359%
  
	
  55
  	
  
 
  	
  
1/15/2011
  	
  
 
  	
  
6.03476%
  
	
  
56
  	
  
 
  	
  
2/15/2011
  	
  
 
  	
  
6.03471%
  
	
  
57
  	
  
 
  	
  
3/15/2011
  	
  
 
  	
  
6.03501%
  
	
  
58
  	
  
 
  	
  
4/15/2011
  	
  
 
  	
  
6.23730%
  
	
  
59
  	
  
 
  	
  
5/15/2011
  	
  
 
  	
  
6.03217%
  
	
  60
  	
  
 
  	
  
6/15/2011
  	
  
 
  	
  
6.22753%
  
	
  
61
  	
  
 
  	
  
7/15/2011
  	
  
 
  	
  
6.03206%
  
	
  
62
  	
  
 
  	
  
8/15/2011
  	
  
 
  	
  
6.23381%
  
	
  
63
  	
  
 
  	
  
9/15/2011
  	
  
 
  	
  
6.23377%
  
	
  
64
  	
  
 
  	
  
10/15/2011
  	
  
 
  	
  
6.03192%
  
	
  65
  	
  
 
  	
  
11/15/2011
  	
  
 
  	
  
6.23367%
  
	
  
66
  	
  
 
  	
  
12/15/2011
  	
  
 
  	
  
6.03183%
  
	
  
67
  	
  
 
  	
  
1/15/2012
  	
  
 
  	
  
6.23358%
  
	
  
68
  	
  
 
  	
  
2/15/2012
  	
  
 
  	
  
6.03174%
  
	
  
69
  	
  
 
  	
  
3/15/2012
  	
  
 
  	
  
6.03187%
  
	
  70
  	
  
 
  	
  
4/15/2012
  	
  
 
  	
  
6.23343%
  
	
  
71
  	
  
 
  	
  
5/15/2012
  	
  
 
  	
  
6.03159%
  
	
  
72
  	
  
 
  	
  
6/15/2012
  	
  
 
  	
  
6.23333%
  
	
  
73
  	
  
 
  	
  
7/15/2012
  	
  
 
  	
  
6.03150%
  
	
  
74
  	
  
 
  	
  
8/15/2012
  	
  
 
  	
  
6.23326%
  
	
  75
  	
  
 
  	
  
9/15/2012
  	
  
 
  	
  
6.23324%
  
	
  
76
  	
  
 
  	
  
10/15/2012
  	
  
 
  	
  
6.03143%
  
	
  
77
  	
  
 
  	
  
11/15/2012
  	
  
 
  	
  
6.23319%
  

T-2

	
  
Interest Accrual Period
  	
  
 
  	
  
Distribution Date
  	
  
 
  	
  
Class X-P Reference Rate
  
	
  

  	
   
 	
  

  	
   
 	
  

  
	
  78
  	
  
 
  	
  
12/15/2012
  	
  
 
  	
  
6.03138%
  
	
  
79
  	
  
 
  	
  
1/15/2013
  	
  
 
  	
  
6.03136%
  
	
  
80
  	
  
 
  	
  
2/15/2013
  	
  
 
  	
  
6.03134%
  
	
  
81
  	
  
 
  	
  
3/15/2013
  	
  
 
  	
  
6.03191%
  
	
  82
  	
   
  	
  4/15/2013
  	
   
  	
  6.23306%
  
	
  83
  	
   
  	
  5/15/2013
  	
   
  	
  6.03125%
  
	
  84
  	
   
  	
  6/15/2013
  	
   
  	
  6.23301%
  

T-3

EXHIBIT U

ADDITIONAL FORM 10-D DISCLOSURE

	
  
Item on Form 10-D
  	
   
 	
  
Party Responsible 
  
	
  

  	
   
 	
  

  
	
  
Item 1: Distribution and Pool Performance Information
   Any information required by 1121 which is NOT included on the Distribution   Date Statement
  	
   
 	
  
Master Servicer 
   (only with respect to Item 1121(a)(12) and solely with respect to   non-Specially Serviced Mortgage Loans)
   Special Servicer 
   (only with respect to Item 1121(a)(12) and solely with respect to Specially   Serviced Mortgage Loans)
 Trustee
  
	
   
 	
   
 	
   
 
	
  
Item 2: Legal Proceedings per Item 1117 of Regulation AB (to the   extent material to Certificateholders)
  	
   
 	
  
(i) All parties to the Pooling and Servicing Agreement (as to   themselves), (ii) the Trustee, the Master Servicer and the Special Servicer   as to the Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage   Pass-Through Certificates, Series 2006-C26 (in the case of the Master   Servicer and the Special Servicer, to be reported by the party controlling   litigation pursuant to Section 2.03 of the Pooling and Servicing Agreement),   (iii) the Depositor as to the sponsors, any 1110(b) originator and any   1100(d)(1) party
  
	
   
 	
   
 	
   
 
	
  Item 3:  Sale of Securities   and Use of Proceeds
  	
   
 	
  
Depositor
  
	
   
 	
   
 	
   
 
	
  
Item 4:  Defaults Upon Senior   Certificates
  	
   
 	
  
Trustee
  
	
   
 	
   
 	
   
 
	
  
Item 5:  Submission of Matters   to a Vote of Certificateholders
  	
   
 	
  
Trustee
  
	
   
 	
   
 	
   
 
	
  
Item 6:  Significant Obligors   of Pool Assets
  	
   
 	
  
N/A
  
	
   
 	
   
 	
   
 
	
  Item 7:  Significant   Enhancement Provider Information
  	
   
 	
  
Depositor
  
	
   
 	
   
 	
   
 
	
  
Item 8:  Other Information   (information required to be disclosed on Form 8-K that was not properly   disclosed)
  	
   
 	
  
Any party responsible for disclosure items on Form 8-K to the extent   of such items
  
	
   
 	
   
 	
   
 
	
  
Item 9:  Exhibits
  	
   
 	
  
Trustee
  

U-1

EXHIBIT V

ADDITIONAL DISCLOSURE NOTIFICATION

**SEND VIA FAX TO (410) 715-2380 AND VIA EMAIL TO WELLS FARGO BANK, N.A. AT cts.sec.notifications@wellsfargo.com AND VIA OVERNIGHT MAIL TO WELLS FARGO AND WACHOVIA AT THE ADDRESSES IMMEDIATELY BELOW**

Wells Fargo Bank, N.A., as Trustee
 Wells Fargo Center
 Sixth Street and Marquette Avenue
 Minneapolis, Minnesota 55479-0113

Attn:     Corporate Trust Services – Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2006-C26—SEC REPORT PROCESSING

Wachovia Commercial Mortgage Securities, Inc.
 301 South College Street
 Charlotte, North Carolina 28288
 Attention: Charles Culbreth, Managing Director

RE:  **Additional Form [10-D][10-K][8-K] Disclosure** Required

Ladies and Gentlemen:

                    In accordance with Section(s) [8.17(i)] [8.17(j)] [8.17(k)] of the pooling and servicing agreement, dated as of June 1, 2006 (the “Pooling and Servicing Agreement”), by and among Wachovia Commercial Mortgage Securities, Inc., as Depositor, Wachovia Bank, National Association, as Master Servicer, LNR Partners, Inc., as Special Servicer, and Wells Fargo Bank, N.A., as Trustee.  The undersigned, as [          ], hereby notifies you that certain events have come to our attention that [will] [may] need to be disclosed on Form [10-D][10-K][8-K].

Description of Additional Form [10-D][10-K][8-K] Disclosure:

List of any Attachments hereto to be included in the Additional Form [10-D][10-K][8-K] Disclosure:

                    Any inquiries related to this notification should be directed to [                    ], phone number:  [          ]; email address: [                    ].  

V-1

 

	
  
 
  	
  
[NAME OF   PARTY],
  
	
  
 
  	
  
     as   [role]
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Name:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
   
  	
  
Title:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  

cc: Depositor

V-2

EXHIBIT W

ADDITIONAL FORM 10-K DISCLOSURE

	
  
Item on   Form 10-K
  	
   
 	
  
Party   Responsible
  
	
  

  	
   
 	
  

  
	
  
Item 1B: Unresolved Staff Comments
  	
   
 	
  
Depositor
  
	
   
 	
   
 	
   
 
	
  
Item 9B:  Other Information   (information required to be disclosed on Form 8-K that was not properly   disclosed)
  	
   
 	
  
Any party responsible for disclosure items on Form 8-K to the extent   of such items
  
	
   
 	
   
 	
   
 
	
  Item 15:  Exhibits, Financial   Statement Schedules
  	
   
 	
  
Trustee
  
	
   
 	
   
 	
   
 
	
  
Additional Item:
   Disclosure per Item 1117 of Reg AB
   (to the extent material to Certificateholders)
  	
   
 	
  
(i) All parties to the Pooling and Servicing Agreement (as to   themselves), (ii) the Trustee, the Master Servicer and the Special Servicer   as to the Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage   Pass-Through Certificates, Series 2006-C26 (in the case of the Master Servicer   and the Special Servicer, to be reported by the party controlling litigation   pursuant to Section 2.03 of the Pooling and Servicing Agreement), (iii) the   Depositor as to the sponsors, any 1110(b) originator and any 1100(d)(1) party
  
	
   
 	
   
 	
   
 
	
  
Additional Item:
   Disclosure per Item 1119 of Reg AB
   (to the extent material to Certificateholders)
  	
   
 	
  
(i) All parties to the Pooling and Servicing Agreement (as to   themselves), as to the Master Servicer, only to the extent material to   Certificateholders and only as to affiliations under 1119(a) with the   Trustee, Special Servicer or a 1108(a)(3) Sub-Servicer, (ii) the Trustee, the   Special Servicer and the Master Servicer as to the Wachovia Bank Commercial   Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series   2006-C26, (iii) the Depositor as to the sponsors, any 1110(b) originator and   any 1100(d)(1) party
  
	
   
 	
   
 	
   
 
	
  Additional Item:
   Disclosure per Item 1112(b) of Reg AB
  	
   
 	
  
N/A
  
	
   
 	
   
 	
   
 
	
  
Additional Item:
   Disclosure per Items 1114(b) and 1115(b) of Reg AB
  	
   
 	
  
Depositor
  

W-1

EXHIBIT X

FORM 8-K DISCLOSURE INFORMATION

	
  
Item on   Form 8-K
  	
   
 	
  
Party   Responsible
  
	
  

  	
   
 	
  

  
	
  Item 1.01- Entry into a Material Definitive Agreement
  	
   
 	
  
All parties to this Agreement only as to agreements such entity is a   party to or entered into on behalf of the Trust Fund
  
	
   
 	
   
 	
   
 
	
  
Item 1.02- Termination of a Material Definitive Agreement
  	
   
 	
  
All parties to this Agreement only as to agreements such entity is a   party to or entered into on behalf of the Trust Fund
  
	
   
 	
   
 	
   
 
	
  
Item 1.03- Bankruptcy or Receivership
  	
   
 	
  
Depositor
  
	
   
 	
   
 	
   
 
	
  
Item 2.04- Triggering Events that Accelerate or Increase a Direct   Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
  	
   
 	
  
Depositor
  
	
   
 	
   
 	
   
 
	
  Item 3.03- Material Modification to Rights of Security Holders
  	
   
 	
  
Trustee
  
	
   
 	
   
 	
   
 
	
  
Item 5.03- Amendments of Articles of Incorporation or Bylaws; Change   of Fiscal Year
  	
   
 	
  
Depositor
  
	
   
 	
   
 	
   
 
	
  
Item 6.01- ABS Informational and Computational Material
  	
   
 	
  
Depositor
  
	
   
 	
   
 	
   
 
	
  
Item 6.02- Change of Master Servicer, Special Servicer or Trustee
  	
   
 	
  
Master Servicer (as to itself or a Sub-Servicer retained by the   Master Servicer)
   Special Servicer (as to itself or a Sub-Servicer retained by the Special   Servicer)
   Trustee
  
	
   
 	
   
 	
   
 
	
  Item 6.03- Change in Credit Enhancement or External Support
  	
   
 	
  
Depositor
   Trustee
  
	
   
 	
   
 	
   
 
	
  
Item 6.04- Failure to Make a Required Distribution
  	
   
 	
  
Trustee
  
	
   
 	
   
 	
   
 
	
  
Item 6.05- Securities Act Updating Disclosure
  	
   
 	
  
Depositor
  
	
   
 	
   
 	
   
 
	
  
Item 7.01- Reg FD Disclosure
  	
   
 	
  
Depositor
  
	
   
 	
   
 	
   
 
	
  Item 8.01
  	
   
 	
  
Depositor
  
	
   
 	
   
 	
   
 
	
  
Item 9.01
  	
   
 	
  
Depositor
  

X-1

EXHIBIT Y

SUB-SERVICER LIST

	
  
SUB-SERVICERS
  	
   
 	
  
SUB-SERVICED   MORTGAGE LOANS
  
	
  

  	
   
 	
  

  
	
  
CAPMARK FINANCIAL GROUP INC.
  	
   
 	
  
American Grating Building
  
	
   
 	
   
 	
   
 
	
  CBRE MELODY OF TEXAS, LP
  	
   
 	
  Lincoln Commerce Center
  
	
   
 	
   
 	
   
 
	
  HOLLIDAY FENOGLIO 
   FOWLER, LP
   
 	
   
 	
  Chemed Center Leasehold(3)
   Chemed Center Fee
   Westfield Apartments
   The Tree Tops Apartments
   Pines Point Apartments
  
	
   
 	
   
 	
   
 
	
  LAUREATE CAPITAL LLC
  	
   
 	
  South Slappey Shopping Center
   Morgan Pointe Apartments
  

Y-1

EXHIBIT Z

TENANTS IN COMMON TRANSFER COMPLIANCE

	
  Sponsor   Name
  	
  
`
  	
  
Timing   & Notice 
   Requirement
  	
   
 	
  
Approval   of New 
   Borrower
  	
   
 	
  
Accredited   
   Investors Only
  	
   
 	
  
Continued   Sponsor 
   Control Requirement
  	
   
 	
  
New   Borrower 
   Debt Liability
  
	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  
	
  SCI Loans  (Initial TIC Transfers)  - Reserve at Charles Place
  	
   
 	
  
First 180 days upon 10 days notice; No more than 2 groups per month
  	
   
 	
  
At Lender’s Discretion
  	
   
 	
  
Yes
  	
   
 	
  
SCI Real Estate Investments, LLC    must continue to hold 1%, directly or indirectly, in the related   sponsor borrower
  	
   
 	
  
Joint & Several
  
	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
SCI Loans  (Initial TIC Transfers)  - Northbay Commerce Center
  	
   
 	
  
First 180 days upon 10 days notice; No more than 2 groups per month
  	
   
 	
  
At Lender’s Discretion
  	
   
 	
  
Yes
  	
   
 	
  
Secured California Investments Inc.    must continue to hold 1%, directly or indirectly, in the related   sponsor borrower
  	
   
 	
  
Joint & Several
  
	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  SCI Loans (Future TIC Transfers)   - Reserve at Charles Place and Nortbay Commerce Center
  	
   
 	
  
After first 180 days upon 30 days notice; Subordinate loan must be   repaid in full; No more than 20 permitted; No more than 2 per month
  	
   
 	
  
At Lender’s Discretion
  	
   
 	
  
Yes
  	
   
 	
  
Not Applicable
  	
   
 	
  
Joint & Several
  
	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  CORE Loans  (Initial TIC Transfers)
  	
   
 	
  
First 180 days upon 10 days notice; No more than 2 groups per month
  	
   
 	
  
At Lender’s Discretion
  	
   
 	
  
Yes
  	
   
 	
  
Not Applicable
  	
   
 	
  
Joint & Several
  
	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
CORE Loans (Future TIC Transfers)
  	
   
 	
  
After first 180 days upon 30 days notice; Subordinate loan must be   repaid in full (if applicable); No more than 20 permitted; No more than 2 per   month
  	
   
 	
  
At Lender’s Discretion
  	
   
 	
  
Yes
  	
   
 	
  
Not Applicable
  	
   
 	
  
Joint & Several
  

	
  Sponsor   Name
  	
   
 	
  
New   Guarantor 
   Requirement
  	
   
 	
  
Sponsor   Release on 
   Guaranty
  	
   
 	
  
General 
   Pre-Conditions
  	
   
 	
  
Total   Borrowers 
   Permitted
  	
   
 	
  
Required   Closing & 
   Assumption Documents
  
	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  
	
  SCI Loans  (Initial TIC Transfers)  - Reserve at Charles Place
  	
   
 	
  
A party approved by Lender to sign new TIC Indemnity Agreement
  	
   
 	
  
Indirectly; Each TIC liable for own actions
  	
   
 	
  
(I) No Event of Default; (ii) No material adverse change in financial   condition
  	
   
 	
  
Max permitted under Rev. Proc. 2002-14 (currently 35)
  	
   
 	
  
Settlement Statement; Transfer Deed; Note Modification; Partial Loan   Assumption Agreement; TIC Indemnity Agreement; Assumption of TIC Agreement;   UCCs; Subordinate Loan Acknowledgment (if applicable); other required by   Lender
  
	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
SCI Loans  (Initial TIC Transfers)  - Northbay Commerce Center
  	
   
 	
  
A party approved by Lender to sign new TIC Indemnity Agreement
  	
   
 	
  
Indirectly; Each TIC liable for own actions
  	
   
 	
  
(I) No Event of Default; (ii) No material adverse change in financial   condition
  	
   
 	
  
Max permitted under Rev. Proc. 2002-14 (currently 35)
  	
   
 	
  
Settlement Statement; Transfer Deed; Note Modification; Partial Loan   Assumption Agreement; TIC Indemnity Agreement; Assumption of TIC Agreement;   UCCs; Subordinate Loan Acknowledgment (if applicable); other required by   Lender
  
	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  SCI Loans (Future TIC Transfers)   - Reserve at Charles Place and Nortbay Commerce Center
  	
   
 	
  
A party approved by Lender to sign new TIC Indemnity Agreement
  	
   
 	
  
Indirectly; Each TIC liable for own actions
  	
   
 	
  
(I) No Event of Default; (ii) No material adverse change in financial   condition
  	
   
 	
  
Max permitted under Rev. Proc. 2002-14 (currently 35)
  	
   
 	
  
Settlement Statement; Transfer Deed/Membership Assignment; Assumption   & Release Agreement; TIC Indemnity Agreement; UCCs; other required by Lender
  
	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  CORE Loans  (Initial TIC Transfers)
  	
   
 	
  
A party approved by Lender to sign new TIC Indemnity Agreement
  	
   
 	
  
Indirectly; Each TIC liable for own actions
  	
   
 	
  
(I) No Event of Default; (ii) No material adverse change in financial   condition
  	
   
 	
  
Max permitted under Rev. Proc. 2002-14 (currently 35)
  	
   
 	
  
Settlement Statement; Transfer Deed; Note Modification; Partial Loan   Assumption Agreement; TIC Indemnity Agreement; Assumption of TIC Agreement;   UCCs; Subordinate Loan Acknowledgment (if applicable); other required by   Lender
  
	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
CORE Loans  (Future TIC Transfers)
  	
   
 	
  
A party approved by Lender to sign new TIC Indemnity Agreement
  	
   
 	
  
Indirectly; Each TIC liable for own actions
  	
   
 	
  
(I) No Event of Default; (ii) No material adverse change in financial   condition
  	
   
 	
  
Max permitted under Rev. Proc. 2002-14 (currently 35)
  	
   
 	
  
Settlement Statement; Transfer Deed/Membership Assignment; Assumption   & Release Agreement; TIC Indemnity Agreement; UCCs; other required by   Lender
  

	
  Sponsor   Name
  	
   
 	
  
Opinions   Required
  	
   
 	
  
Assumption/   
   Application Fees
  	
   
 	
  
SPE   Requirement
  	
   
 	
  
Title   Down-Date 
   Endorsement
  	
   
 	
  
Insurance   Endorsements
  
	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  
	
  SCI Loans  (Initial TIC Transfers)  - Reserve at Charles Place
  	
   
 	
  
Due Execution; Enforceability; Non-Consolidation (only if required at   initial closing)
  	
   
 	
  
$1000 per TIC LLC plus costs for transfers 1-5; $750 per TIC LLC plus   costs for transfers 6-10; $500 per TIC LLC plus cost for transfers 11-15;   $250 per TIC LLC plus costs for all transfers thereafter
  	
   
 	
  
New Borrower must be SPE; all organization documents to be approved   by Lender
  	
   
 	
  
Required
  	
   
 	
  
Not Required
  
	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
SCI Loans  (Initial TIC Transfers)  - Northbay Commerce Center
  	
   
 	
  
Due Execution; Enforceability; Non-Consolidation (only if required at   initial closing)
  	
   
 	
  
$1000 per TIC LLC plus costs
  	
   
 	
  
New Borrower must be SPE; all organization documents to be approved   by Lender
  	
   
 	
  
Required
  	
   
 	
  
Not Required
  
	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  SCI Loans (Future TIC Transfers)   - Reserve at Charles Place and Nortbay Commerce Center
  	
   
 	
  
Due Execution; Enforceability; Non-Consolidation (only if required at   initial closing)
  	
   
 	
  
$2,000 application fee and prorate 0.5% assumption fee, plus costs
  	
   
 	
  
New Borrower must be SPE; all organization documents to be approved   by Lender
  	
   
 	
  
Required
  	
   
 	
  
Not Required
  
	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  CORE Loans  (Initial TIC Transfers)
  	
   
 	
  
Due Execution; Enforceability; Non-Consolidation (only if required at   initial closing)
  	
   
 	
  
$4000 per TIC LLC (or $2000 per additional co-transferee)  plus costs
  	
   
 	
  
New Borrower must be SPE; all organization documents to be approved   by Lender
  	
   
 	
  
Required
  	
   
 	
  
Not Required
  
	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
CORE Loans  (Future TIC Transfers)
  	
   
 	
  
Due Execution; Enforceability; Non-Consolidation (only if required at   initial closing)
  	
   
 	
  
$5,000 application fee and prorate 0.5% assumption fee, plus costs
  	
   
 	
  
New Borrower must be SPE; all organization documents to be approved   by Lender
  	
   
 	
  
Required
  	
   
 	
  
Not Required
  

	
  Sponsor   Name
  	
   
 	
  
Timing   & Notice 
   Requirement
  	
   
 	
  
Approval   of New 
   Borrower
  	
   
 	
  
Accredited   Investors 
   Only
  	
   
 	
  
Continued   Sponsor 
   Control Requirement
  	
   
 	
  
New   Borrower Debt 
   Liability
  
	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  
	
  Pinnacle View Apartments and The Falls at Quail Lake Apartments
  	
   
 	
  
At any time upon 60 days notice; No more than 5 permitted
  	
   
 	
  
At Lender’s Discretion
  	
   
 	
  
Yes
  	
   
 	
  
Hamilton Zanze & Company or its Affiliates  must continue to own and control Pinnacle View   Apartments LLC or The Falls at Quail Lake, LLC, as applicable, each of which   must own at least a 2.03% (Pinanacle View Apartments) or 35.12% (The Falls at   Quail Lake Apartments) interest in the property, as applicable
  	
   
 	
  
Joint & Several
  
	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
Lake Center IV
  	
   
 	
  
At any time upon 20 days notice
  	
   
 	
  
At Lender’s Discretion
  	
   
 	
  
Yes
  	
   
 	
  
Not Applicable
  	
   
 	
  
Joint & Several
  
	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  Eastern Shore Loans
  	
   
 	
  
No timing requirements; Notice required
  	
   
 	
  
At Lender’s Discretion
  	
   
 	
  	
   
 	
  
Initial Borrowers must maintain 51%    interest in the Property
  	
   
 	
  
Joint & Several
  
	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
PetsMart Pool Loans
  	
   
 	
  
At any time upon 45 days notice; No more than 5 permitted
  	
   
 	
  
At Lender’s Discretion
  	
   
 	
  
Yes
  	
   
 	
  
Tierra Dorada, LLC must    continue to own 5% undivided interest in related Property
  	
   
 	
  
Joint & Several
  
	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  Weathersfield   Commons
  	
   
 	
  
sixty   (60) days prior notice
  	
   
 	
  
At   Lender’s discretion
  	
   
 	
  
Yes
  	
   
 	
  
Bell   Weathersfield Commons, LLC must continue to own at least 59.5% interest and   be controlled by Steven D. Bell & Company or its affiliates
  	
   
 	
  
Joint & Several
  
	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  Chemed Center Leasehold
   -  (Initial TIC Transfers)
  	
   
 	
  
At any time until the 18th Payment Date under the Note upon 10 days   notice;  No more than 2 groups per   month
  	
   
 	
  
At Lender’s Discretion
  	
   
 	
  
Yes
  	
   
 	
  
Not Applicable
  	
   
 	
  
Joint & Several
  

	
  
Sponsor   Name
  	
   
 	
  
New   Guarantor 
   Requirement
  	
   
 	
  
Sponsor   Release on 
   Guaranty
  	
   
 	
  
General   Pre-Conditions
  	
   
 	
  
Total   Borrowers 
   Permitted
  	
   
 	
  
Required   Closing & 
   Assumption Documents
  
	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  
	
  Pinnacle View Apartments and The Falls at Quail Lake Apartments
  	
   
 	
  
Not   applicable; original indemnitors Tony Zanze and Mark Hamilton remain for all   entities
  	
   
 	
  
Not   applicable; original indemnitors Tony Zanze and Mark Hamilton remain for all   entities
  	
   
 	
  
(I) No Event of Default; (ii) Satisfaction of financial conditions
  	
   
 	
  
17 for The Falls at Quail Lake Apartments and 15 for Pinnacle View   Apartments
  	
   
 	
  
Assumption & Release Agreement; Indemnity Agreement; UCCs;   No-downgrade letter; other required by Lender
  
	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  Lake Center IV
  	
   
 	
  
Not Applicable; Sponsor provides indemnity for all entities
  	
   
 	
  
Not Applicable; Sponsor provides indemnity for all entities
  	
   
 	
  
(I) No Event of Default; (ii) No material adverse change in financial   condition
  	
   
 	
  
Max permitted under Rev. Proc. 2002-14 (currently 35)
  	
   
 	
  
Settlement Statement; Transfer Deed; Note Modification; Partial Loan   Assumption Agreement; Assumption of TIC Agreement; UCCs; other required by   Lender
  
	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  Eastern Shore Loans
  	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
  
As may be required by Lender, including, without limitation,   Conveyance Instruments, amendments to TIC Agreement,  and Loan Documents
  
	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
PetsMart Pool Loans
  	
   
 	
  
A party approved by Lender to sign new TIC Indemnity Agreement
  	
   
 	
   
 	
   
 	
  
(I) No Event of Default; (ii) No material adverse change in financial   condition
  	
   
 	
  
Lessor of 7 and max permitted under Rev. Proc. 2002-14 (currently 35)
  	
   
 	
  
As may be required by Lender; Assumption Agreement
  
	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  Weathersfield   Commons
  	
   
 	
  
Not   applicable; Steven D. Bell & Company remains as indemnitor under Guaranty   only for all entities
  	
   
 	
  
Not   applicable; Steven D. Bell & Company remains as indemnitor under Guaranty   only for all entities
  	
   
 	
  
1.  No Event of Default
   2.  Assumption Fee
  	
   
 	
  
Max   is 8 (3 original and up to 5 transfers)
  	
   
 	
  
Assumption   Agreement; UCCs; other documents required by Lender
  
	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  Chemed Center Leasehold
   - (Initial TIC Transfers)
  	
   
 	
  
A party approved by Lender to sign new TIC Indemnity Agreement
  	
   
 	
  
Indirectly; Each TIC liable for own actions
  	
   
 	
  
(I) No Event of Default; (ii) No material adverse change in financial   condition
  	
   
 	
  
Max permitted under Rev. Proc. 2002-14 (currently 35)
  	
   
 	
  
Settlement Statement; Ground Lease Assignment; Note Modification;   Partial Loan Assumption Agreement; TIC Indemnity Agreement; Assumption of TIC   Agreement; UCCs; Subordinate Loan Acknowledgment (if applicable); other   required by Lender
  

	
  Sponsor   Name
  	
   
 	
  
Opinions   Required
  	
   
 	
  
Assumption/   
   Application Fees
  	
   
 	
  
SPE   Requirement
  	
   
 	
  
Title   Down-Date 
   Endorsement
  	
   
 	
  
Insurance   Endorsements
  
	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  
	
  Pinnacle View Apartments and The Falls at Quail Lake Apartments
  	
   
 	
  
Such opinions required by Lender (including without limitation, a   REMIC opinion)
  	
   
 	
  
$2500 plus cost and assumption fee equal to outstanding principal   amount multiplied by tenant in common interest being transferred
  	
   
 	
  
New Borrower must be SPE; all organization documents to be approved   by Lender
  	
   
 	
  
Required
  	
   
 	
  
Required
  
	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
Lake Center IV
  	
   
 	
  
Due Execution; Enforceability; Non-Consolidation (only if required at   initial closing)
  	
   
 	
  
$1000 per TIC LLC plus costs
  	
   
 	
  
New Borrower must be SPE; all organization documents to be approved   by Lender
  	
   
 	
  
Required
  	
   
 	
  
At Lender’s Discretion
  
	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  Eastern Shore Loans
  	
   
 	
  
As may be required by Lender
  	
   
 	
  
No Fee
  	
   
 	
  
New Borrower must be SPE
  	
   
 	
  
Required
  	
   
 	
  
At Lender’s Discretion
  
	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  
PetsMart Pool Loans
  	
   
 	
  
As may be required by Lender
  	
   
 	
  
$2,500 per TIC LLC plus costs
  	
   
 	
  
New Borrower must be SPE; all organization documents to be approved   by Lender
  	
   
 	
  
Required
  	
   
 	
  
At Lender’s Discretion
  
	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  Weathersfield   Commons
  	
   
 	
  
Legal   opinions required by Lender
  	
   
 	
  
$5,000   Application Fee and 0.5% Assumption Fee
  	
   
 	
  
Must   be SPE with org. docs. approved by Lender
  	
   
 	
  
Required
  	
   
 	
  
Required
  
	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 	
   
 
	
  Chemed Center Leasehold
   -  (Initial TIC Transfers)
  	
   
 	
  
Due Execution; Enforceability; Non-Consolidation (only if required at   initial closing)
  	
   
 	
  
$1000 per TIC LLC plus costs
  	
   
 	
  
New Borrower must be SPE; all organization documents to be approved   by Lender
  	
   
 	
  
Required
  	
   
 	
  
Not Required
  

	
  
Sponsor   Name
  	
   
 	
  
Timing   & Notice 
   Requirement
  	
   
 	
  
Approval   of New 
   Borrower
  	
   
 	
  
Accredited   Investors 
   Only
  	
   
 	
  
Continued   Sponsor 
   Control Requirement
  	
   
 	
  
New   Borrower Debt 
   Liability
  
	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  
	
  
Chemed   Center Leasehold -
   (Future TIC Transfers)
  	
  
 
  	
  
At any time   after the 18th Payment Date under the Note upon 20 days notice;  No more than 2 groups per month
  	
  
 
  	
  
At Lender’s   Discretion
  	
  
 
  	
  
Yes
  	
  
 
  	
  
Not   Applicable
  	
  
 
  	
  
Joint &   Several
  

	
  Sponsor   Name
  	
   
 	
  
New   Guarantor 
   Requirement
  	
   
 	
  
Sponsor   Release on 
   Guaranty
  	
   
 	
  
General   Pre-Conditions
  	
   
 	
  
Total   Borrowers 
   Permitted
  	
   
 	
  
Required   Closing & 
   Assumption Documents
  
	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  
	
  Chemed Center Leasehold
   - (Future TIC Transfers)
  	
   
 	
  
A party approved by Lender to sign new TIC Indemnity Agreement
  	
   
 	
  
Indirectly; Each TIC liable for own actions
  	
   
 	
  
(I) No Event of Default; (ii) No material adverse change in financial   condition
  	
   
 	
  
Max permitted under Rev. Proc. 2002-14 (currently 35)
  	
   
 	
  
Settlement Statement; Ground Lease Assignment/Membership Assignment;   Assumption & Release Agreement; TIC Indemnity Agreement; UCCs; other   required by Lender
  

	
  
Sponsor   Name
  	
   
 	
  
Opinions   Required
  	
   
 	
  
Assumption/ 

   ApplicationFees
  	
   
 	
  
SPE   Requirement
  	
   
 	
  
Title Down-Date   
   Endorsement
  	
   
 	
  
Insurance   Endorsements
  
	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  
	
  Chemed Center Leasehold
   -  (Future TIC Transfers)
  	
   
 	
  
Due Execution; Enforceability; Non-Consolidation (only if required at   initial closing)
  	
   
 	
  
$2,000 application fee and prorate 0.5% assumption fee, plus costs
  	
   
 	
  
New Borrower must be SPE; all organization documents to be approved   by Lender
  	
   
 	
  
Required
  	
   
 	
  
Not Required
  

Z-1

EXHIBIT AA 
 
 FORM OF OFFICER’S CERTIFICATE

Wachovia Bank, National Association 
 8739 Research Drive, URP4 
 Charlotte, NC 28288-1075 
 Phone: (704) 593-7320 
 Fax:  (704) 715-0036

WACHOVIA SECURITIES

[Date] 

VIA EMAIL AND OVERNIGHT MAIL

[Addressee]

	
  
RE:
  	
  
Depositor:
  	
  
Wachovia Commercial   Mortgage Securities, Inc.
  	
  
 
  
	
  
 
  	
  
Pool:
  	
  
WBCMT 2006-C26
  	
  
 
  
	
  
 
  	
  
Borrower: 
  	
  
 
  	
  
 
  
	
   
  	
  
Property: 
  	
  
 
  
	
  
 
  	
  
Control #: 
  	
  
 
  
	
  
 
  	
  
WB Loan #:
  	
  
 
  
	
  
 
  	
  
Current Loan Amount: $
  	
  
 
  
	
  
 
  	
  
Proposed TICs:
  	
  
 
  

OFFICER’S   CERTIFICATE

Dear [                    ]:

Wachovia Bank, National Association (“WB”), is the Master Servicer on behalf of Wells Fargo Bank National Association, as Trustee, in trust for the Holders of Wachovia Bank Commercial Mortgage Trust 2006-C26, Commercial Mortgage Pass-Through Certificates, Series 2006-C26.

Borrower has submitted for lender approval information pertaining to the
proposed transfer of Tenant in Common interests per Section
[          ] of the Mortgage
and Security Agreement dated
[          ].   
In accordance with our responsibilities as dictated by Section 3.08(a)(ii) of
the Pooling and Servicing Agreement dated June 1, 2006, WB has conducted its
review and determined that the proposed transfer meets the applicable
requirements of Exhibit Z. The results of our analysis can be found on the
attached spreadsheet and the supporting documents have been provided for your
review. Accordingly, we are recommending approval of the proposed
transaction.

Sincerely,

Wachovia Bank, NA 
 Master Servicer

___________________________
 Diana C. Stewart 
Vice President

	
  
 
  	
  
TIC Consent
  	
  
 
  
	
  
 
  	
  
Original Borrower
  	
  
 
  
	
  
 
  	
  
Loan #
  	
  
 
  
	
  
 
  	
  
Current UPB
  	
  
 
  
	
  
 
  	
  
TIC#
  	
  
 
  
	
   
  	
  
Proposed TIC
  	
  
 
  
	
  
 
  	
  
Purchase Price
  	
  
 
  
	
  
 
  	
  
Net Worth
  	
  
 
  
	
  
 
  	
  
TIC% Interest
  	
  
 
  
	
  
 
  	
   
 	
  
 
  
	
  
 
  	
  
Requirements
  	
  
 
  
	
  
1.
  	
  
Timing & Notice Requirement
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  2.
  	
  
Approval of New Borrower
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
3.
  	
  
Accredited Investor
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
4.
  	
  
Sponsor control requirement
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
5.
  	
  
New Borrower Debt Liability
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  6.
  	
  
New Guarantor Requirement
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
7.
  	
  
Sponsor Release on Guaranty
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
8.
  	
  
General Pre-Conditions
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
9.
  	
  
Total Borrowers permitted
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  10.
  	
  
Required Closing Docs
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
11.
  	
  
Required Opinions
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
12.
  	
  
Application/Assumption Fees
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
Application Fee
  	
  
 
  
	
  
 
  	
  
Assumption Fee
  	
  
 
  
	
   
  	
  
 
  	
  
 
  
	
  
13.
  	
  
MS/SS Assumption Fee Arrangement
  	
  
 
  
	
  
 
  	
  
MS portion of Assumption Fee
  	
  
 
  
	
  
 
  	
  
SS portion of Assumption Fee
  	
  
 
  

	
  
12.
  	
  
SPE Requirement
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  13.
  	
  
Title Date-Down Endorsement
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
14.
  	
  
Insurance Endorsements
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
Attached
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
Purchase and Sale Agreement
  	
  
 
  
	
  
 
  	
  
Purchaser Questionnaire
  	
  
 
  
	
   
  	
  
Lender Questionnaire
  	
  
 
  
	
  
 
  	
  
Lender Minimum Qualifications   Acknowledgement
  	
  
 
  
	
  
 
  	
  
Statement of Net Worth
  	
  
 
  
	
  
 
  	
  
Credit Check
  	
  
 
  
	
  
 
  	
  
Company/LLC/Trust Information
  	
  
 
  
	
  
 
  	
  
Settlement Statement
  	
  
 
  
	
  
 
  	
  
Transfer Deed/Membership   Assignment
  	
  
 
  
	
   
  	
  Partial Loan Assumption   Agreement
  	
   
  
	
   
  	
  TIC Indemnity Agreement
  	
   
  
	
   
  	
  UCCs
  	
   
  
	
   
  	
  Required Opinions

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}]]