Document:

[FOR EXECUTION]

                        MORTGAGE LOAN PURCHASE AGREEMENT

            This Mortgage Loan Purchase Agreement (this "Agreement"), is dated
and effective as of March 1, 2003, between PNC Bank, National Association, a
national banking association ("PNC Bank"), as seller (in such capacity, together
with its successors and permitted assigns hereunder, the "Seller"), and Credit
Suisse First Boston Mortgage Securities Corp., a Delaware corporation ("CSFB
Mortgage Securities"), as purchaser (in such capacity, together with its
successors and permitted assigns hereunder, the "Purchaser").

                                    RECITALS

            PNC Bank desires to sell, assign, transfer, set over and otherwise
convey to CSFB Mortgage Securities, without recourse, and CSFB Mortgage
Securities desires to purchase, subject to the terms and conditions set forth
herein, the multifamily and commercial mortgage loans (collectively, the
"Mortgage Loans") identified on the schedule annexed hereto as Exhibit A (the
"Mortgage Loan Schedule"), as such schedule may be amended from time to time
pursuant to the terms hereof.

            CSFB Mortgage Securities intends to create a trust (the "Trust"),
the primary assets of which will be a segregated pool of multifamily and
commercial mortgage loans that includes the Mortgage Loans. Beneficial ownership
of the assets of the Trust (such assets collectively, the "Trust Fund") will be
evidenced by the Certificates (as defined below). Certain classes of the
Certificates will be rated by Moody's Investors Service, Inc. and Standard &
Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc.
(together, the "Rating Agencies"). The Trust will be created and the
Certificates will be issued pursuant to a pooling and servicing agreement to be
dated as of March 1, 2003 (the "Pooling and Servicing Agreement"), among CSFB
Mortgage Securities, as depositor (in such capacity, the "Depositor"), Midland
Loan Services, Inc., as general master servicer (in such capacity, the "General
Master Servicer") and as general special servicer (in such capacity, the
"General Special Servicer"), NCB, FSB, as co-op master servicer, National
Consumer Cooperative Bank, as co-op special servicer, and Wells Fargo Bank
Minnesota, N.A., as trustee (in such capacity, together with any successor as
trustee, the "Trustee"), relating to the issuance of Credit Suisse First Boston
Mortgage Securities Corp. Commercial Mortgage Pass-Through Certificates, Series
2003-CPN1 (the "Certificates"). Capitalized terms used but not otherwise defined
herein shall have the respective meanings assigned to them in the Pooling and
Servicing Agreement as in full force and effect on the Closing Date (as defined
in Section 1 hereof). It is anticipated that CSFB Mortgage Securities will
transfer the Mortgage Loans to the Trust contemporaneously with its purchase of
the Mortgage Loans hereunder.

            CSFB Mortgage Securities intends to sell certain classes of the
Certificates (collectively, the "Publicly Offered Certificates") to Credit
Suisse First Boston LLC ("CSFB LLC") and the other underwriters that are parties
to the Underwriting Agreement (as defined below) (collectively in such capacity,
the "Underwriters"), pursuant to an underwriting agreement dated as of February
27, 2003 (the "Underwriting Agreement"), between CSFB Mortgage Securities, CSFB
LLC, PNC Capital Markets, Inc., Greenwich Capital Markets, Inc. and J.P. Morgan
Securities Inc. CSFB Mortgage Securities intends to sell certain classes of the
remaining Certificates (the "Privately Offered Certificates") to CSFB LLC,
pursuant to a certificate purchase agreement dated as of February 27, 2003 (the
"Certificate Purchase Agreement"), between CSFB Mortgage Securities and CSFB
LLC. The Publicly Offered Certificates are more fully described in a prospectus
dated December 2, 2002 (the "Base Prospectus"), and the supplement to the Base
Prospectus dated February 27, 2003 (the "Prospectus Supplement"; and, together
with the Base Prospectus, the "Prospectus"), as each may be amended or
supplemented at any time hereafter. The Privately Offered Certificates are more
fully described in a confidential offering circular dated February 27, 2003 (the
"Confidential Offering Circular"), as it may be amended or supplemented at any
time hereafter.

            PNC Bank will indemnify CSFB Mortgage Securities, CSFB LLC, the
other Underwriters and certain related parties with respect to the disclosure
regarding the Mortgage Loans contained in the Prospectus, the Confidential
Offering Circular and certain other disclosure documents and offering materials
relating to the Certificates, pursuant to an indemnification agreement dated
February 27, 2003 (the "Indemnification Agreement"), among PNC Bank, CSFB
Mortgage Securities, CSFB LLC, both as an Underwriter and as initial purchaser
of the Privately Offered Certificates, and the other Underwriters.

            NOW, THEREFORE, in consideration of the premises and the mutual
agreements set forth herein, the parties agree as follows:

            SECTION 1. Agreement to Purchase. The Seller agrees to sell, assign,
transfer, set over and otherwise convey to the Purchaser, without recourse, and
the Purchaser agrees to purchase from the Seller, subject to the Seller's
transfer of the related servicing rights as provided in the Servicing Rights
Purchase Agreement dated as of March 13, 2003 (the "Servicing Rights Purchase
Agreement") between the Seller and Midland Loan Services, Inc. and subject to
the terms and conditions set forth herein, the Mortgage Loans. The purchase and
sale of the Mortgage Loans shall take place on March 13, 2003 or such other date
as shall be mutually acceptable to the parties hereto (the "Closing Date"). As
of the close of business on the respective Due Dates for the Mortgage Loans in
March 2003 (individually and collectively, the "Cut-off Date"), the Mortgage
Loans will have an aggregate principal balance, after application of all
payments of principal due on the Mortgage Loans on or before the Cut-off Date,
whether or not received, as set forth in the Mortgage Loan Schedule attached
hereto as Exhibit A. The purchase price for the Mortgage Loans shall be
$301,878,729.51, which includes accrued interest on the Mortgage Loans at their
respective Net Mortgage Rates from and including the Cut-off Date to but not
including the Closing Date, and the Purchaser shall pay such purchase price to
the Seller on the Closing Date by wire transfer in immediately available funds
to an account designated by the Seller or by such other method as shall be
mutually acceptable to the parties hereto.

            SECTION 2. Conveyance of the Mortgage Loans.

            (a) Effective as of the Closing Date, subject only to receipt of the
purchase price referred to in Section 1 hereof and the other conditions to the
Seller's obligations set forth herein, the Seller does hereby sell, assign,
transfer, set over and otherwise convey to the Purchaser, subject to the
Seller's transfer of the related servicing rights as provided in the Servicing
Rights Purchase Agreement, without recourse, all of the right, title and
interest of the Seller in and to the Mortgage Loans, including all interest and
principal received on or with respect to the Mortgage Loans after the Cut-off
Date (other than scheduled payments of interest and principal due on or before
the Cut-off Date), together with all of the right, title and interest of the
Seller in and to the proceeds of any related title, hazard or other insurance
policies and any escrow, reserve or other comparable accounts related to the
Mortgage Loans.

            (b) The Purchaser shall be entitled to receive all scheduled
payments of principal and interest due on the Mortgage Loans after the Cut-off
Date, and all other recoveries of principal and interest collected thereon after
the Cut-off Date (other than scheduled payments of principal and interest due on
the Mortgage Loans on or before the Cut-off Date and collected after the Cut-off
Date, which shall belong to the Seller).

            (c) On or before the Closing Date, the Seller shall, at its expense,
subject to Section 18, deliver to and deposit with, or cause to be delivered to
and deposited with, the Purchaser or its designee the Mortgage File and any
Additional Collateral (other than reserve funds and escrow payments) with
respect to each Mortgage Loan; provided, however, that in connection with the
delivery of the Mortgage File, the original of each Letter of Credit (and any
related amendment or assignment), if any, shall be delivered to the General
Master Servicer and a copy thereof shall be delivered to the Trustee or its
designated Custodian. In addition, with respect to each Mortgage Loan as to
which any Additional Collateral is in the form of a Letter of Credit as of the
Closing Date, the Seller shall cause to be prepared, executed and delivered to
the issuer of each such Letter of Credit such notices, assignments and
acknowledgments as are required under such Letter of Credit to assign, without
recourse, to the Trustee (whether by actual assignment or by amendment of the
Letter of Credit) the Seller's rights as the beneficiary thereof and drawing
party thereunder. Unless the Purchaser notifies the Seller in writing to the
contrary, the designated recipient of the items described in the second
preceding sentence (subject to the proviso to that sentence), and the designated
beneficiary under each Letter of Credit referred to in the preceding sentence,
shall be the Trustee.

            If the Seller cannot deliver on the Closing Date any original or
certified recorded or filed document or original policy of title insurance which
is to be delivered as part of the related Mortgage File for any Mortgage Loan
solely because the Seller is delayed in making such delivery by reason of the
fact that such original or certified recorded or filed document has not been
returned by the appropriate recording or filing office or such original policy
of title insurance has not yet been issued, then the Seller shall deliver such
documents to the Purchaser or its designee, promptly upon the Seller's receipt
thereof.

            In addition, the Seller shall, at its expense, deliver to and
deposit with, or cause to be delivered to and deposited with, the Purchaser or
its designee, within three (3) Business Days after the Closing Date, the
following items (except to the extent that any of the following items are to be
retained by a subservicer that will continue to act on behalf of the Purchaser
or its designee): (i) originals or copies of all financial statements,
appraisals, environmental/ engineering reports, leases, rent rolls, third-party
underwriting reports, insurance policies, legal opinions, tenant estoppels and
any other documents that the Purchaser or its servicing agent reasonably deems
necessary to service the subject Mortgage Loan in the possession or under the
control of the Seller that relate to the Mortgage Loans, copies of all documents
required to be delivered by the Seller to the Purchaser or its designee as a
part of a Mortgage File and, to the extent they are not required to be a part of
a Mortgage File for any Mortgage Loan, originals or copies of all documents,
certificates and opinions in the possession or under the control of the Seller
that were delivered by or on behalf of the related Borrowers in connection with
the origination of the Mortgage Loans (provided that the Seller shall not be
required to deliver any attorney-client privileged communication or any other
documents or materials prepared by the Seller or its Affiliates solely for
internal credit analysis and/or other internal uses); and (ii) all unapplied
reserve funds and escrow payments in the possession or under the control of the
Seller that relate to the Mortgage Loans. Unless the Purchaser notifies the
Seller in writing to the contrary, the designated recipient of the items
described in clauses (i) and (ii) of the preceding sentence shall be the General
Master Servicer.

            Notwithstanding the foregoing, if the Seller is unable to deliver
any Letter of Credit constituting Additional Collateral for any Mortgage Loan,
then the Seller may, in lieu thereof, deliver on behalf of the related Borrower,
to be used for the same purposes as such missing Letter of Credit either: (i) a
substitute letter of credit substantially comparable to, but in all cases in the
same amount and with the same draw conditions and renewal rights as, that Letter
of Credit and issued by an obligor that meets any criteria in the related
Mortgage Loan Documents applicable to the issuer of that Letter of Credit; or
(ii) a cash reserve in an amount equal to the amount of that Letter of Credit.
For purposes of the delivery requirements of this Section 2(c), any such
substitute letter of credit shall be deemed to be Additional Collateral of the
type covered by the first paragraph of this Section 2(c) and any such cash
reserve shall be deemed to be reserve funds of the type covered by the third
paragraph of this Section 2(c).

            In connection with the foregoing paragraphs of this Section 2(c),
the Seller shall receive copies, or otherwise be the beneficiary, of all
certifications relating to the Mortgage Loans made and/or delivered by the
Trustee pursuant to Section 2.02(a) and Section 2.02(b) of the Pooling and
Servicing Agreement.

            (d) The Seller shall be responsible for all reasonable fees and
out-of-pocket costs and expenses associated with recording and/or filing any and
all assignments and other instruments of transfer with respect to the Mortgage
Loans that are required to be recorded or filed, as the case may be, under the
Pooling and Servicing Agreement; provided that subject to the next paragraph,
the Seller shall not be responsible for actually recording or filing any such
assignments or other instruments of transfer. If the Seller receives written
notice that any such assignment or other instrument of transfer is lost or
returned unrecorded or unfiled, as the case may be, because of a defect therein,
the Seller shall prepare or cause the preparation of a substitute therefor or
cure such defect, as the case may be; provided that the cost of such preparation
shall be borne by the Purchaser if the loss or return is caused by the
Purchaser's negligence. The Seller shall provide the Purchaser or its designee
with a power of attorney to enable it or them to record any loan documents that
the Purchaser has been unable to record. Unless the Purchaser notifies the
Seller in writing to the contrary, the designated recipients of the power of
attorney referred to in the preceding sentence shall be the Trustee.

            Notwithstanding the immediately preceding paragraph, the Seller may,
at its sole cost and expense, engage a third party contractor to prepare or
complete in proper form for filing and recording any and all of the assignments
and other instruments described in the immediately preceding paragraph,
including assignments of UCC Financing Statements, with respect to the Mortgage
Loans, to submit such assignments and instruments for filing and recording, as
the case may be, in the applicable public filing and recording offices and to
deliver such assignments and instruments to the Trustee or its designee as such
assignments and other instruments (or certified copies thereof) are received
from the applicable filing and recording offices with evidence of such filing
and recording indicated thereon. However, in the event the Seller engages a
third party contractor as contemplated in the immediately preceding sentence,
the rights, duties and obligation of the Seller pursuant to this Agreement
remain binding on the Seller.

            (e) Upon the sale of Certificates representing at least 10% of the
total principal balance of all the Certificates to unaffiliated third parties,
the Seller shall, under GAAP, report its transfer of the Mortgage Loans to the
Purchaser, as provided herein, as a sale of the Mortgage Loans to the Purchaser
in exchange for the consideration specified in Section 1 hereof. In connection
with the foregoing, upon sale of Certificates representing at least 10% of the
total principal balance of all the Certificates to unaffiliated third parties,
the Seller shall cause all of its financial and accounting records to reflect
such transfer as a sale (as opposed to a secured loan).

            (f) After the Seller's transfer of the Mortgage Loans to the
Purchaser, as provided herein, the Seller shall not take any action inconsistent
with the Purchaser's ownership of the Mortgage Loans. Except for actions that
are the express responsibility of another party hereunder or under the Pooling
and Servicing Agreement, and further except for actions that the Seller is
expressly permitted to complete subsequent to the Closing Date, the Seller
shall, on or before the Closing Date, take all actions required under applicable
law to effectuate the transfer of the Mortgage Loans by the Seller to the
Purchaser.

            (g) The Mortgage Loan Schedule, as it may be amended from time to
time, shall conform to the requirements set forth in the Pooling and Servicing
Agreement. The Seller shall, within 15 days of its discovery or receipt of
notice of any error on the Mortgage Loan Schedule, amend such Mortgage Loan
Schedule and deliver to the Purchaser or the Trustee, as the case may be, an
amended Mortgage Loan Schedule.

            SECTION 3. Examination of Mortgage Loan Files and Due Diligence
Review. The Seller shall reasonably cooperate with any examination of the
Mortgage Files for, and any other documents and records relating to, the
Mortgage Loans that may be undertaken by or on behalf of the Purchaser. The fact
that the Purchaser has conducted or has failed to conduct any partial or
complete examination of any of the Mortgage Files for, and/or any of such other
documents and records relating to, the Mortgage Loans, shall not affect the
Purchaser's right to pursue any remedy available in equity or at law for a
breach of the Seller's representations and warranties made pursuant to Section 4
(subject, however, to Section 5(e)).

            SECTION 4. Representations, Warranties and Covenants of the Seller
and the Purchaser.

            (a) The Seller hereby makes, as of the date hereof, to and for the
benefit of the Purchaser, each of the representations and warranties set forth
in Exhibit B-1. The Purchaser hereby makes, as of the date hereof, to and for
the benefit of the Seller, each of the representations and warranties set forth
in Exhibit B-2.

            (b) The Seller hereby makes, as of the date hereof (or as of such
other date specifically provided in the particular representation or warranty),
to and for the benefit of the Purchaser, with respect to each Mortgage Loan,
each of the representations and warranties set forth in Exhibit C, subject,
however, to the exceptions set forth in Schedule C-1 hereto and Section 18.

            (c) The Seller hereby represents and warrants, as of the date
hereof, to and for the benefit of CSFB Mortgage Securities only, that the Seller
has not dealt with any broker, investment banker, agent or other person (other
than the CSFB Mortgage Securities, CSFB LLC and the other Underwriters) who may
be entitled to any commission or compensation in connection with the sale to the
Purchaser of the Mortgage Loans.

            (d) The Seller hereby agrees that it shall be deemed to make, as of
the date of substitution, to and for the benefit of the Purchaser, with respect
to any replacement mortgage loan (a "Replacement Mortgage Loan") that is
substituted for a Defective Mortgage Loan (as defined in Section 5(a) hereof),
pursuant to Section 5(a) of this Agreement, each of the representations and
warranties set forth in Exhibit C (with references in such exhibits to "Closing
Date" being deemed to be references to the "date of substitution", references in
such exhibits to "Cut-off Date" being deemed to be references to the "most
recent Due Date for the subject Replacement Mortgage Loan on or before the date
of substitution" and references in such exhibits to "March 2003" and "February
2003 " being deemed to be references to the "month of substitution" and the
"month preceding the month of substitution", respectively). From and after the
date of substitution, each Replacement Mortgage Loan, if any, shall be deemed to
constitute a "Mortgage Loan" hereunder for all purposes.

            (e) It is understood and agreed that the representations and
warranties set forth in or made pursuant to this Section 4 shall survive
delivery of the respective Mortgage Files to the Purchaser or its designee and
shall inure to the benefit of the Purchaser for so long as any of the Mortgage
Loans remain outstanding, notwithstanding any restrictive or qualified
endorsement or assignment.

            SECTION 5. Notice of Breach; Cure, Repurchase and Substitution.

            (a) The Trustee or its designee shall provide the Seller with
written notice of any Material Breach or Material Document Defect with respect
to any Mortgage Loan. Within 90 days (or in the case of a Material Document
Defect that consists of the failure to deliver a Specially Designated Mortgage
Loan Document with respect to any Mortgage Loan, 15 days) after the earlier of
discovery or receipt of written notice by the Seller that there has been a
Material Breach or Material Document Defect with respect to any Mortgage Loan
(such 90-day (or, if applicable, 15-day) period, the "Initial Resolution
Period"), the Seller shall, subject to Section 5(b), Section 5(c) and Section
5(d) below, (i) correct or cure such Material Breach or Material Document
Defect, as the case may be, in all material respects or (ii) repurchase the
Mortgage Loan affected by such Material Breach or Material Document Defect, as
the case may be (such Mortgage Loan, a "Defective Mortgage Loan"), at the
applicable Purchase Price, with payment to be made in accordance with the
reasonable directions of the General Master Servicer; provided that if the
Seller shall have delivered to the Trustee a certification executed on behalf of
the Seller by an officer thereof stating (i) that such Material Breach or
Material Document Defect, as the case may be, does not relate to whether the
Defective Mortgage Loan is or, as of the Closing Date (or, in the case of a
Replacement Mortgage Loan, as of the related date of substitution), was a
"qualified mortgage" within the meaning of Section 860G(a)(3) of the Code (a
"Qualified Mortgage"), (ii) that such Material Breach or Material Document
Defect, as the case may be, is capable of being cured but not within the
applicable Initial Resolution Period, (iii) that the Seller has commenced and is
diligently proceeding with the cure of such Material Breach or Material Document
Defect, as the case may be, within the applicable Initial Resolution Period,
(iv) what actions the Seller is pursuing in connection with the cure thereof,
and (v) that the Seller anticipates that such Material Breach or Material
Document Defect, as the case may be, will be cured within an additional period
not to exceed the applicable Resolution Extension Period (as defined below),
then the Seller shall have an additional period equal to the applicable
Resolution Extension Period to complete such cure or, failing such, to
repurchase the Defective Mortgage Loan; and provided, further, that, if the
Seller's obligation to repurchase any Defective Mortgage Loan as a result of a
Material Breach or Material Document Defect arises within the three-month period
commencing on the Closing Date (or within the two-year period commencing on the
Closing Date if the Defective Mortgage Loan is a "defective obligation" within
the meaning of Section 860G(a)(4)(B)(ii) of the Code and Treasury regulation
section 1.860G-2(f)) and if the Defective Mortgage Loan is still subject to the
Pooling and Servicing Agreement, then the Seller may, at its option, subject to
the terms, conditions and limitations set forth in the Pooling and Servicing
Agreement, in lieu of repurchasing such Defective Mortgage Loan (but, in any
event, no later than such repurchase would have to have been completed), (i)
replace such Defective Mortgage Loan with one or more substitute mortgage loans
that individually and collectively satisfy the requirements of the definition of
"Qualifying Substitute Mortgage Loan" set forth in the Pooling and Servicing
Agreement, and (ii) pay any corresponding Substitution Shortfall Amount, such
substitution and payment to be effected in accordance with the terms of the
Pooling and Servicing Agreement. Any such repurchase or replacement of a
Defective Mortgage Loan shall be on a whole loan, servicing released basis. The
Seller shall have no obligation to monitor the Mortgage Loans regarding the
existence of a Material Breach or Material Document Defect, but if the Seller
discovers a Material Breach or Material Document Defect with respect to a
Mortgage Loan, it will notify the Trustee.

            "Resolution Extension Period" shall mean:

            (i) for purposes of remediating a Material Breach with respect to
      any Mortgage Loan, 90 days;

            (ii) for purposes of remediating a Material Document Defect with
      respect to any Mortgage Loan that is and remains a Performing Mortgage
      Loan throughout the applicable Initial Resolution Period, the period
      commencing at the end of the applicable Initial Resolution Period and
      ending on, and including, the earlier of (A) the 90th day following the
      end of such Initial Resolution Period and (B) the 45th day following the
      Seller's receipt of written notice from the Trustee, the General Master
      Servicer or the General Special Servicer of the occurrence of any
      Servicing Transfer Event with respect to such Mortgage Loan subsequent to
      the end of such Initial Resolution Period;

            (iii) for purposes of remediating a Material Document Defect with
      respect to any Mortgage Loan that is a Performing Mortgage Loan as of the
      commencement of the applicable Initial Resolution Period, but as to which
      a Servicing Transfer Event occurs during such Initial Resolution Period,
      the period commencing at the end of the applicable Initial Resolution
      Period and ending on, and including, the 90th day following the earlier of
      (A) the end of such Initial Resolution Period and (B) the Seller's receipt
      of written notice from the Trustee, the General Master Servicer or the
      General Special Servicer of the occurrence of such Servicing Transfer
      Event; and

            (iv) for purposes of remediating a Material Document Defect with
      respect to any Mortgage Loan that is a Specially Serviced Mortgage Loan as
      of the commencement of the applicable Initial Resolution Period, zero
      (-0-) days, provided that, if the Seller did not receive written notice
      from the Trustee, the General Master Servicer or the General Special
      Servicer of the relevant Servicing Transfer Event as of the commencement
      of the applicable Initial Resolution Period, then such Servicing Transfer
      Event will be deemed to have occurred during such Initial Resolution
      Period and clause (iii) of this definition will be deemed to apply;

provided that, except as otherwise set forth in the following two provisos,
there shall be no Resolution Extension Period in respect of a Material Document
Defect involving a Specially Designated Mortgage Loan Document for any Mortgage
Loan; and provided, further, that if a Material Document Defect exists with
respect to any Mortgage Loan, if such Mortgage Loan is then subject to the
Pooling and Servicing Agreement, and if the Seller escrows with the General
Master Servicer, prior to the end of the Initial Resolution Period and any
Resolution Extension Period otherwise applicable to the remediation of such
Material Document Defect without regard to this proviso, cash in the amount of
the then Purchase Price for such Mortgage Loan and subsequently delivers to the
General Master Servicer, on a monthly basis, such additional cash as may be
necessary to maintain a total escrow equal to the Purchase Price for such
Mortgage Loan as such Purchase Price may increase over time (the total amount of
cash delivered to the General Master Servicer with respect to any Mortgage Loan
as contemplated by this proviso or the immediately following proviso, the
"Purchase Price Security Deposit"), then the Resolution Extension Period
applicable to the remediation of such Material Document Defect shall be extended
until the earliest of (i) the second anniversary of the Closing Date, (ii) the
date on which such Mortgage Loan is no longer outstanding and part of the Trust
Fund, and (iii) if such Mortgage Loan becomes a Specially Serviced Mortgage Loan
under the Pooling and Servicing Agreement, and if the General Special Servicer
determines in its reasonable judgment that such Material Document Defect will
materially interfere with or delay the realization against the related Mortgaged
Property or materially increase the cost thereof, the end of the 30th day
following the Seller's receipt of written notice from the General Special
Servicer of the occurrence of the related Servicing Transfer Event and of such
determination; and provided, further, that if the Material Document Defect
referred to in the preceding proviso consists of a failure to deliver a
Specially Designated Mortgage Loan Document with respect to any Mortgage Loan,
and if the Seller delivers to the General Master Servicer a Purchase Price
Security Deposit equal to 25% of the outstanding principal balance of the
subject Mortgage Loan, then the Resolution Extension Period applicable to the
remediation of such Material Document Defect shall be extended to, and include,
the 15th day following the end of the applicable Initial Resolution Period.

            The General Master Servicer shall establish, and maintain any
Purchase Price Security Deposit delivered to it with respect to any Mortgage
Loan in, one or more accounts (individually and collectively, the "Purchase
Price Security Deposit Account") and shall be entitled to make withdrawals from
such account(s) for the following purposes: (i) to cover any costs and expenses
resulting from the applicable Material Document Defect; (ii) upon any discounted
payoff or other liquidation of such Mortgage Loan, to cover any Realized Loss
related thereto; and (iii) if the Seller so directs, or if the balance on
deposit in the Purchase Price Security Deposit Account declines, and for 45 days
remains, below the Purchase Price for such Mortgage Loan (except where a
Purchase Price Security Deposit equal to 25% of the outstanding principal
balance of the subject Mortgage Loan is permitted to be delivered in order to
obtain a 15-day Resolution Extension Period with respect to the failure to
deliver a Specially Designated Mortgage Loan Document), or if such Material
Document Defect is not remedied on or before the second anniversary of the
Closing Date, or if such Mortgage Loan becomes a Specially Serviced Mortgage
Loan under the Pooling and Servicing Agreement and the General Special Servicer
determines in its reasonable judgment that such Material Document Defect will
materially interfere with or delay the realization against the related Mortgaged
Property or materially increase the costs thereof and the Seller has received 30
days' prior written notice from the General Special Servicer of the occurrence
of the related Servicing Transfer Event and of such determination, to apply the
Purchase Price Security Deposit to a full or partial, as applicable, payment of
the Purchase Price for such Mortgage Loan (with the Seller to pay any remaining
balance of such Purchase Price). The Seller may obtain a release of the Purchase
Price Security Deposit for any Mortgage Loan (net of any amounts payable
therefrom as contemplated by the prior sentence) upon such Mortgage Loan's being
paid in full or otherwise satisfied, liquidated or removed from the Trust Fund
or upon the subject Material Document Defect's being remedied in all material
respects. The Seller may direct the General Master Servicer to invest or cause
the investment of the funds deposited in any Purchase Price Security Deposit
Account in one or more 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 Master Servicer Remittance Date. The General Master
Servicer shall act upon the written instructions of the Seller with respect to
the investment of funds in any Purchase Price Security Deposit Account in such
Permitted Investments, provided that in the absence of appropriate written
instructions from the Seller, the General Master Servicer shall have no
obligation to invest or direct the investment of funds in such Purchase Price
Security Deposit Account. All income and gain realized from the investment of
funds deposited in any Purchase Price Security Deposit Account shall be for the
benefit of the Seller and shall be withdrawn by the General Master Servicer and
remitted to the Seller on each Master Servicer Remittance Date (net of any
losses incurred and any deposits required to be made by the Seller as
contemplated by the second proviso to the prior paragraph), and the Seller shall
remit to the General Master Servicer from the Seller's own funds for deposit
into such Purchase Price Security Deposit Account the amount of any realized
losses (net of realized gains) in respect of such Permitted Investments
immediately upon realization of such net losses and receipt of written notice
thereof from the General Master Servicer; provided that the Seller shall not be
required to make any such deposit for any realized loss which is incurred solely
as a result of the insolvency of the federal or state depository institution or
trust company that holds such Purchase Price Security Deposit Account. Neither
the Trustee nor the General Master Servicer shall have any responsibility or
liability with respect to the investment directions of the Seller, the
investment of funds in any Purchase Price Security Deposit Account in Permitted
Investments or any losses resulting therefrom.

            If one or more (but not all) of the Mortgage Loans constituting a
Cross-Collateralized Group are to be repurchased or replaced by the Seller as
contemplated by this Section 5(a), then, prior to the subject repurchase or
substitution, the General Master Servicer shall use reasonable efforts, subject
to the terms of such Mortgage Loans, to prepare and, to the extent necessary and
appropriate, have executed by the related Borrower and record, such
documentation as may be necessary to terminate the cross-collateralization
between the Mortgage Loans in such Cross-Collateralized Group that are to be
repurchased or replaced, on the one hand, and the remaining Mortgage Loans
therein, on the other hand, such that those two groups of Mortgage Loans are
each secured only by the Mortgaged Properties identified in the Mortgage Loan
Schedule as directly corresponding thereto, provided that no such termination
shall be effected unless and until (i) the Controlling Class Representative has
consented in writing (which consent may be given or withheld in its sole
discretion) and (ii) the Trustee and the General Master Servicer shall have
received from the Seller (A) an Opinion of Counsel from independent counsel to
the effect that such termination will not cause an Adverse REMIC Event to occur
with respect to the Upper-Tier REMIC or the Lower-Tier REMIC or an Adverse
Grantor Trust Event with respect to the Grantor Trust and (B) written
confirmation from each Rating Agency that such termination will not cause an
Adverse Rating Event to occur with respect to any Class of Rated Certificates;
and provided, further, that the Seller may, at its option, repurchase or replace
the entire subject Cross-Collateralized Group pursuant to the first paragraph of
this Section 5(a) in lieu of terminating the cross-collateralization. All costs
and expenses incurred by the Trustee and the General Master Servicer pursuant to
this paragraph shall be included in the calculation of Purchase Price for the
Mortgage Loan(s) to be repurchased or replaced.

            If one or more (but not all) of the Mortgage Loans constituting a
Cross-Collateralized Group are to be repurchased or replaced by the Seller as
contemplated by the immediately preceding paragraph, the Seller must satisfy
both the requirements set forth in the immediately preceding paragraph and the
Crossed Mortgage Loan Repurchase Criteria (as defined in the Pooling and
Servicing Agreement).

            If the cross-collateralization of any Cross-Collateralized Group of
Mortgage Loans cannot be terminated as contemplated by the second preceding
paragraph for any reason (including, but not limited to, the Seller's failure to
satisfy any of the conditions set forth in the first proviso to the first
sentence of the second preceding paragraph), or if the proposed repurchase or
replacement of less than all of the Mortgage Loans included within such
Cross-Collateralized Group does not satisfy the applicable Crossed Mortgage Loan
Repurchase Criteria as contemplated by the immediately preceding paragraph,
then, for purposes of (i) determining whether the subject Breach or Document
Defect is a Material Breach or Material Document Defect, as the case may be, and
(ii) the application of remedies (including, without limitation, repurchase and
replacement as contemplated by this Section 5(a)), such Cross-Collateralized
Group shall be treated as a single Mortgage Loan.

            Whenever one or more mortgage loans are substituted by the Seller
for a Defective Mortgage Loan as contemplated by this Section 5(a), the Seller
shall (i) deliver the related Mortgage File for each such substitute mortgage
loan to the Trustee, (ii) certify that such substitute mortgage loan satisfies
or such substitute mortgage loans satisfy, as the case may be, all of the
requirements of the definition of "Qualifying Substitute Mortgage Loan" set
forth in the Pooling and Servicing Agreement and (iii) send such certification
to the Trustee. No mortgage loan may be substituted for a Defective Mortgage
Loan as contemplated by this Section 5(a) if the Defective Mortgage Loan to be
replaced was itself a Replacement Mortgage Loan, in which case, absent cure, in
all material respects, of the relevant Material Breach or Material Document
Defect, the Defective Mortgage Loan will be required to be repurchased as
contemplated hereby. Monthly Payments due with respect to each Replacement
Mortgage Loan (if any) after the related date of substitution, and Monthly
Payments due with respect to each Defective Mortgage Loan after the Cut-off Date
(or, in the case of a Replacement Mortgage Loan, after the date on which it is
added to the Trust Fund) and received by the General Master Servicer or the
General Special Servicer on behalf of the Trust on or prior to the related date
of repurchase or replacement, shall belong to the Trust Fund. Monthly Payments
due with respect to each Replacement Mortgage Loan (if any) on or prior to the
related date of substitution, and Monthly Payments due with respect to each
Defective Mortgage Loan, and received by the General Master Servicer or the
General Special Servicer on behalf of the Trust, after the related date of
repurchase or replacement, shall belong to the Seller.

            (b) Notwithstanding Section 5(a), if there exists a Breach of any
representation or warranty on the part of the Seller with respect to any
Mortgage Loan set forth in, or made pursuant to, Section 4(b) or 4(d) of this
Agreement that the related Mortgage Loan Documents or any particular related
Mortgage Loan Document requires the related Borrower to bear the costs and
expenses associated with any particular action or matter under such Mortgage
Loan Document(s), then the Seller shall, within 90 days of the Seller's receipt
of written direction from the General Master Servicer or the General Special
Servicer, pay the amount of any such costs and expenses borne by the Trust that
are the basis of such Breach and have not been reimbursed by the related
Borrower; provided, however, that in the event any such costs and expenses
exceed $10,000, the Seller shall have the option to repurchase such Mortgage
Loan at the applicable Purchase Price as contemplated by Section 5(a), replace
such Mortgage Loan and pay the applicable Substitution Shortfall Amount as
contemplated by Section 5(a) or pay such costs and expenses. Except as provided
in the proviso to the immediately preceding sentence, the Seller shall remit the
amount of such costs and expenses and upon its making such payment, the Seller
shall be deemed to have cured such Breach in all respects. Provided such payment
is made, this paragraph describes the sole remedy available to the
Certificateholders and the Trustee on their behalf regarding any such Breach,
regardless of whether it constitutes a Material Breach, and the Seller shall not
be obligated to repurchase or otherwise cure such Breach under any
circumstances.

            (c) If any Defective Mortgage Loan is to be repurchased or replaced
as contemplated by Section 5(a), the Seller shall amend the Mortgage Loan
Schedule to reflect the removal of the Defective Mortgage Loan and, if
applicable, the substitution of the related Replacement Mortgage Loan(s) and
shall forward such amended schedule to the General Master Servicer.

            It shall be a condition to any repurchase or replacement of a
Defective Mortgage Loan by the Seller pursuant to Section 5(a) that the Trustee
shall have executed and delivered such endorsements and instruments of release,
transfer and/or assignment then presented to it by the Seller, in each case
without recourse, as shall be necessary to vest in the Seller the legal and
beneficial ownership of such Defective Mortgage Loan (including any property
acquired in respect thereof or proceeds of any insurance policy with respect
thereto) and the related Mortgage Loan Documents, to the extent that such
ownership interest was transferred to the Purchaser hereunder.

            (d) If, on or after September 13, 2004, the Seller receives notice
of a Material Document Defect with respect to any Mortgage Loan, which Material
Document Defect constitutes a Recording Omission, and if such Mortgage Loan is
still subject to the Pooling and Servicing Agreement, then the Seller, with the
written consent of the Controlling Class Representative, which consent may be
granted or withheld in its sole discretion, and written confirmation from each
Rating Agency that the following arrangement will not result in an Adverse
Rating Event with respect to any Class of Rated Certificates, in lieu of
repurchasing or replacing such Mortgage Loan (as and to the extent contemplated
by Section 5(a) above), but in no event later than such repurchase would have to
have been completed, establish a Recording Omission Credit or a Recording
Omission Reserve with the General Master Servicer; provided that if the Seller
has already established a Purchase Price Security Deposit with respect to such
Mortgage Loan in accordance with Section 5(a), the outstanding balance of such
Purchase Price Security Deposit (when, if applicable, combined with an
additional amount being tendered by the Seller) is not less than the amount of
the required Recording Omission Reserve and the establishment of a Recording
Omission Reserve will not result in an Adverse Rating Event with respect to any
Class of Rated Certificates, the existing Purchase Price Security Deposit
(together with any additional amount being tendered by the Seller, if
applicable) shall constitute the establishment of a Recording Omission Reserve
with respect to such Mortgage Loan for purposes of this Section 5(d). In
furtherance of the preceding sentence, the General Master Servicer shall
establish one or more accounts (individually and collectively, the "Special
Reserve Account"), each of which shall be an Eligible Account, and the General
Master Servicer shall deposit any Recording Omission Reserve into the Special
Reserve Account within one Business Day of receipt. The Seller may direct the
General Master Servicer to invest or cause the investment of the funds deposited
in the Special Reserve Account in one or more 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 Master Servicer Remittance Date.
The General Master Servicer shall act upon the written instructions of the
Seller with respect to the investment of funds in the Special Reserve Account in
such Permitted Investments, provided that in the absence of appropriate written
instructions from the Seller, the General Master Servicer shall have no
obligation to invest or direct the investment of 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 Seller and shall be
withdrawn by the General Master Servicer and remitted to the Seller on each
Master Servicer Remittance Date (net of any losses incurred), and the Seller
shall remit to the General Master Servicer from the Seller's own funds for
deposit into such Special Reserve Account the amount of any realized losses (net
of realized gains) in respect of such Permitted Investments immediately upon
realization of such net losses and receipt of written notice thereof from the
General Master Servicer; provided that the Seller shall not be required to make
any such deposit for any realized loss which is incurred solely as a result of
the insolvency of the federal or state depository institution or trust company
that holds such Special Reserve Account. Neither the Trustee nor the General
Master Servicer shall have any responsibility or liability with respect to the
investment directions of the Seller, the investment of funds in the Special
Reserve Account in Permitted Investments or any losses resulting therefrom. A
Recording Omission Credit shall (i) entitle the General Master Servicer to draw
upon the Recording Omission Credit on behalf of the Trustee upon presentation of
only a sight draft or other written demand for payment, (ii) permit multiple
draws by the General Master Servicer, and (iii) be issued by such issuer and
containing such other terms as the General Master Servicer may reasonably
require to make such Recording Omission Credit reasonably equivalent security to
a Recording Omission Reserve in the same amount. Once a Recording Omission
Reserve or Recording Omission Credit is established with respect to any Mortgage
Loan, the General Master Servicer shall, from time to time, withdraw funds from
the related Special Reserve Account or draw upon the related Recording Omission
Credit, as the case may be, and apply the proceeds thereof to pay the losses or
expenses directly incurred by the Trust as a result of a Recording Omission. The
Recording Omission Reserve or Recording Omission Credit or any unused balance
thereof with respect to any Mortgage Loan will be released to the Seller by the
General Master Servicer upon the earlier of the Seller's cure of all Recording
Omissions with respect to such Mortgage Loan (provided that the Trust has been
reimbursed with respect to all losses and expenses relating to Recording
Omissions with respect to such Mortgage Loan) and such Mortgage Loan's no longer
being a part of the Trust Fund under the Pooling and Servicing Agreement.

            (e) It is understood and agreed that the obligations of the Seller
set forth in this Section 5 to cure a Material Breach or a Material Document
Defect, repurchase or replace the related Defective Mortgage Loan(s), cover
certain expenses or establish a Purchase Price Security Deposit, a Recording
Omission Credit or a Recording Omission Reserve with respect to the related
Defective Mortgage Loan(s), constitute the sole remedies against the Seller
available to the Purchaser, the Certificateholders or the Trustee on behalf of
the Certificateholders with respect to a Breach or Document Defect in respect of
any Mortgage Loan.

            (f) If the Seller disputes that a Material Document Defect or
Material Breach exists with respect to a Mortgage Loan or otherwise refuses (i)
to effect a correction or cure of such Material Document Defect or Material
Breach, (ii) to repurchase the affected Mortgage Loan from the Purchaser or its
assignee or (iii) to replace such Mortgage Loan with a Qualifying Substitute
Mortgage Loan, each in accordance with the foregoing provisions of this Section
5, then (provided that (A) the Mortgage Loan is then subject to the Pooling and
Servicing Agreement, (B) at least the applicable Initial Resolution Period has
expired and (C) the Mortgage Loan is then in default and is then a Specially
Serviced Mortgage Loan), the General Special Servicer may, subject to the
Servicing Standard, modify, work-out or foreclose, sell or otherwise liquidate
(or permit the liquidation of) the Mortgage Loan pursuant to the terms of the
Pooling and Servicing Agreement, while pursuing the repurchase claim, and such
action shall not be a defense to the repurchase claim or alter the applicable
Purchase Price (it being understood and agreed that the foregoing is not
intended to otherwise delay the actions of the General Special Servicer with
respect to a Specially Serviced Mortgage Loan).

            If any REO Property in respect of any Mortgage Loan is subject to
the Pooling and Servicing Agreement and there is any alleged Material Document
Defect or Material Breach with respect to such REO Property or the related
Mortgage Loan, then the Seller shall be notified promptly and in writing by the
General Special Servicer of any offer that it receives to purchase such REO
Property. Upon the receipt of such notice by the Seller, the Seller shall then
have the right to repurchase such REO Property from the Trust at a purchase
price equal to the amount of such offer. The Seller shall have three (3)
Business Days to purchase such REO Property from the date that it was notified
of such offer. The General Special Servicer shall be obligated to provide the
Seller with any appraisal or other third-party reports relating to such REO
Property within its possession to enable the Seller to evaluate such REO
Property. Any sale of a Mortgage Loan, or foreclosure upon such Mortgage Loan
and sale of any related REO Property, to a Person other than the Seller shall be
(i) without recourse of any kind (either expressed or implied) by such Person
against the Seller and (ii) without representation or warranty of any kind
(either expressed or implied) by the Seller to or for the benefit of such
Person.

            The fact that a Material Document Defect or Material Breach is not
discovered until after foreclosure (but in all instances prior to the sale of
the subject Mortgage Loan or REO Property) shall not prejudice any claim of the
Trust against the Seller for repurchase of the subject Mortgage Loan or REO
Property. The provisions of this Section 5 regarding remedies against the Seller
for a Material Breach or Material Document Defect with respect to any Mortgage
Loan shall also apply to the related REO Property.

            If the Seller fails to correct or cure the Material Document Defect
or Material Breach or purchase the subject REO Property, then the provisions
above regarding notice of offers related to such REO Property and the Seller's
right to purchase such REO Property shall apply. If a court of competent
jurisdiction issues a final order that the Seller is or was obligated to
repurchase the related Mortgage Loan or REO Property or the Seller otherwise
accepts liability, then, after the expiration of any applicable appeal period,
but in no event later than the termination of the Trust pursuant to the Pooling
and Servicing Agreement, the Seller will be obligated to pay to the Trust the
amount, if any, by which the applicable Purchase Price exceeds any Liquidation
Proceeds received upon such liquidation (including those arising from any sale
to the Seller); provided that the prevailing party in such action shall be
entitled to recover all costs, fees and expenses (including reasonable
attorneys' fees) related thereto.

            SECTION 6. Closing. The closing of the sale of the Mortgage Loans
(the "Closing") shall be held at the offices of Cadwalader, Wickersham & Taft,
100 Maiden Lane, New York, New York, or at such other location as agreed upon
between the parties hereto, at 10:00 a.m., New York City time, on the Closing
Date.

            The Closing shall be subject to each of the following conditions:

            (i) all of the representations and warranties of each of the Seller
      and the Purchaser made pursuant to Section 4 of this Agreement (subject,
      in the case of the Seller, to the exceptions set forth in Schedule C-1
      hereto) shall be true and correct in all material respects as of the
      Closing Date;

            (ii) all documents specified in Section 7 of this Agreement (the
      "Closing Documents"), in such forms as are agreed upon and reasonably
      acceptable to the Purchaser and, in the case of the Pooling and Servicing
      Agreement (insofar as such Agreement affects the obligations of the Seller
      hereunder), to the Seller, shall be duly executed and delivered by all
      signatories as required pursuant to the respective terms thereof;

            (iii) the Seller shall have delivered and released to the Purchaser
      or its designee, all documents, funds and other assets required to be
      delivered thereto on or before the Closing Date pursuant to Section 2 of
      this Agreement;

            (iv) the result of any examination of the Mortgage Files for, and
      any other documents and records relating to, the Mortgage Loans performed
      by or on behalf of the Purchaser pursuant to Section 3 hereof shall be
      satisfactory to the Purchaser in its reasonable determination;

            (v) all other terms and conditions of this Agreement required to be
      complied with on or before the Closing Date shall have been complied with
      in all material respects, and the Seller shall have the ability to comply
      with all terms and conditions and perform all duties and obligations
      required to be complied with or performed by it after the Closing Date;

            (vi) the Seller shall have paid all fees and expenses payable by it
      to the Purchaser or otherwise pursuant to this Agreement;

            (vii) the Seller shall have received the purchase price for the
      Mortgage Loans, as contemplated by Section 1; and

            (viii) neither the Underwriting Agreement nor the Certificate
      Purchase Agreement shall have been terminated in accordance with its
      terms.

            Both parties agree to use their commercially reasonable best efforts
to perform their respective obligations hereunder in a manner that will enable
the Purchaser to purchase the Mortgage Loans on the Closing Date.

            SECTION 7. Closing Documents. The Closing Documents shall consist of
the following:

            (i) this Agreement, duly executed by the Purchaser and the Seller;

            (ii) each of the Pooling and Servicing Agreement and the
      Indemnification Agreement, duly executed by the respective parties
      thereto;

            (iii) an Officer's Certificate substantially in the form of Exhibit
      D-1 hereto, executed by the Secretary or an assistant secretary of the
      Seller, in his or her individual capacity on behalf of the Seller, and
      dated the Closing Date, and upon which CSFB Mortgage Securities, CSFB LLC,
      the other Underwriters and the Rating Agencies (collectively, for purposes
      of this Section 7, the "Interested Parties") may rely, attaching thereto
      as an exhibit the bylaws of the Seller;

            (iv) a certificate of corporate existence with respect to the Seller
      issued by the Comptroller of Currency not earlier than fifteen (15) months
      prior to the Closing Date, and upon which the Interested Parties may rely;

            (v) a Certificate of the Seller substantially in the form of Exhibit
      D-2 hereto, executed by an executive officer of the Seller on the Seller's
      behalf and dated the Closing Date, and upon which the Interested Parties
      may rely;

            (vi) a written opinion or opinions of counsel for the Seller (which
      may include an opinion of in-house counsel), dated the Closing Date and
      addressed to the Interested Parties and the respective parties to the
      Pooling and Servicing Agreement, which opinion shall be in form reasonably
      acceptable to the Purchaser and shall cover such corporate and other
      matters as shall be reasonably required by the Purchaser;

            (vii) one or more comfort letters from Ernst & Young, certified
      public accountants, dated the date of any preliminary Prospectus
      Supplement and of the Prospectus Supplement, respectively, and addressed
      to, and in form and substance acceptable to, CSFB Mortgage Securities,
      CSFB LLC, the other Underwriters and their respective counsel, stating in
      effect that, using the assumptions and methodology used by CSFB Mortgage
      Securities, all of which shall be described in such letters, they have
      recalculated such numbers and percentages relating to the Mortgage Loans
      set forth in any preliminary Prospectus Supplement and the Prospectus
      Supplement, compared the results of their calculations to the
      corresponding items in any preliminary Prospectus Supplement and the
      Prospectus Supplement, respectively, and found each such number and
      percentage set forth in any preliminary Prospectus Supplement and the
      Prospectus Supplement, respectively, to be in agreement with the results
      of such calculations;

            (viii) such further certificates, opinions and documents as the
      Purchaser may reasonably request or any Rating Agency may require;

            (ix) a written certificate or certificates of the Purchaser dated
      the Closing Date in form acceptable to the Seller confirming the
      Purchaser's representations and warranties in Section 4 of this Agreement
      as of the Closing Date, with the resolutions of the Purchaser authorizing
      the transactions set forth herein, together with copies of the
      organizational documents and certificate of good standing dated not
      earlier than 30 days prior to the Closing Date of the Purchaser; and

            (x) such other certificates of the Purchaser's officers, such
      opinions of the Purchaser's counsel (which may include in-house counsel)
      and such other documents required to evidence fulfillment of the
      conditions set forth in this Agreement as the Seller or its counsel may
      reasonably request.

            SECTION 8. Costs. Whether or not this Agreement is terminated,
except to the extent otherwise specifically provided in this Agreement, the
costs and expenses incurred in connection with the transactions herein
contemplated shall be allocated between the parties hereto as provided in any
terms letter agreement or other agreement between them which pertains to such
transactions.

            SECTION 9. Notices. All demands, notices and communications
hereunder shall be in writing, shall be effective only upon receipt by the
Purchaser or the Seller, as applicable, and shall be personally delivered,
mailed, by registered mail, postage prepaid, delivered by overnight mail or
courier service, or transmitted by facsimile and confirmed to the sender and (a)
if to the Purchaser, addressed to the Purchaser at 11 Madison Avenue, 5th Floor,
New York, New York 10010, Attention: Edmond Taylor, with a copy to Pamela
McCormack, Esq., Compliance Department, Telecopy No: (212) 325-8282, or such
other address or telecopy number as may be designated by the Purchaser to the
Seller in writing, or (b) if to the Seller, addressed to the Seller at 10851
Mastin, Suite 300, Overland Park, Kansas 66210 (for deliveries), and P.O. Box
25965, Shawnee Mission, Kansas 66225-5965 (for communications by United States
mail), Attention: Harry Funk, Telecopy No.: (913) 253-9001, with a copy to PNC
Bank, National Association, One PNC Plaza, 21st Floor, 249 Fifth Avenue,
Pittsburgh, Pennsylvania 15222, Attention: Gretchen Lengel Kelly, Telecopy No.:
(412) 762-4334, or such other address as may be designated by the Seller to the
Purchaser in writing.

            SECTION 10. Miscellaneous. Neither this Agreement nor any term or
provision hereof may be changed, waived, discharged or terminated except by a
writing signed by a duly authorized officer of the party against whom
enforcement of such change, waiver, discharge or termination is sought to be
enforced. This Agreement may be executed in any number of counterparts (and by
each of the parties hereto on different counterparts), each of which shall for
all purposes be deemed to be an original and all of which shall together
constitute but one and the same instrument. This Agreement will inure to the
benefit of and be binding upon the parties hereto and their respective
successors and permitted assigns, and no other person will have any right or
obligation hereunder. Notwithstanding any contrary provision of this Agreement
or the Pooling and Servicing Agreement, the Purchaser shall not consent to any
amendment of the Pooling and Servicing Agreement which will increase the
obligations of, or otherwise adversely affect, the Seller, without the consent
of the Seller.

            SECTION 11. Characterization. The parties hereto agree that it is
their express intent that the conveyance contemplated by this Agreement be, and
be treated for all purposes as, a sale by the Seller of all the Seller's right,
title and interest in and to the Mortgage Loans. The parties hereto further
agree that it is not their intention that such conveyance be a pledge of the
Mortgage Loans by the Seller to secure a debt or other obligation of the Seller.
However, in the event that, notwithstanding the intent of the parties, the
Mortgage Loans are held to continue to be property of the Seller, then: (a) this
Agreement shall be deemed to be a security agreement under applicable law; (b)
the transfer of the Mortgage Loans provided for herein shall be deemed to be a
grant by the Seller to the Purchaser of a first priority security interest in
all of the Seller's right, title and interest in and to the Mortgage Loans and
all amounts payable to the holder(s) of the Mortgage Loans in accordance with
the terms thereof (other than scheduled payments of interest and principal due
on or before the Cut-off Date) and all proceeds of the conversion, voluntary or
involuntary, of the foregoing into cash, instruments, securities or other
property; (c) the assignment by CSFB Mortgage Securities to the Trustee of its
interests in the Mortgage Loans as contemplated by Section 16 hereof shall be
deemed to be an assignment of any security interest created hereunder; (d) the
possession by the Purchaser of the related Mortgage Notes and such other items
of property as constitute instruments, money, negotiable documents or chattel
paper shall be deemed to be "possession by the secured party" for purposes of
perfecting the Purchaser's security interest under applicable law; and (e)
notifications to, and acknowledgments, receipts or confirmations from, persons
or entities holding such property, shall be deemed notifications to, or
acknowledgments, receipts or confirmations from, bailees or agents (as
applicable) of the Purchaser for the purpose of perfecting such security
interest under applicable law. The Seller and the Purchaser shall, to the extent
consistent with this Agreement, take such actions as may be necessary to ensure
that, if this Agreement were deemed to create a security interest in the
Mortgage Loans, such security interest would be a perfected security interest of
first priority under applicable law and will be maintained as such throughout
the term of this Agreement and the Pooling and Servicing Agreement. In
connection with the foregoing, the Seller authorizes the Purchaser to execute
and file such UCC financing statements as the Purchaser may deem necessary or
appropriate to accomplish the foregoing.

            SECTION 12. Representations, Warranties and Agreements to Survive
Delivery. All representations, warranties and agreements contained in this
Agreement, incorporated herein by reference or contained in the certificates of
officers of the Seller delivered pursuant hereto, shall remain operative and in
full force and effect and shall survive delivery of the Mortgage Loans by the
Seller to the Purchaser, notwithstanding any restrictive or qualified
endorsement or assignment in respect of any Mortgage Loan.

            SECTION 13. Severability of Provisions. Any part, provision,
representation, warranty or covenant of this Agreement that is prohibited or is
held to be void or unenforceable shall be ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining provisions
hereof. Any part, provision, representation, warranty or covenant of this
Agreement that is prohibited or is held to be void or unenforceable in any
particular jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any
particular jurisdiction shall not invalidate or render unenforceable such
provision in any other jurisdiction. To the extent permitted by applicable law,
the parties hereto waive any provision of law which prohibits or renders void or
unenforceable any provision hereof.

            SECTION 14. GOVERNING LAW; CONSENT TO JURISDICTION. THIS AGREEMENT
WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK, APPLICABLE TO AGREEMENTS NEGOTIATED, MADE AND TO BE PERFORMED ENTIRELY
IN SAID STATE. TO THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW, THE
PURCHASER AND THE SELLER HEREBY IRREVOCABLY (I) SUBMIT TO THE JURISDICTION OF
ANY NEW YORK STATE AND FEDERAL COURTS SITTING IN NEW YORK CITY WITH RESPECT TO
MATTERS ARISING OUT OF OR RELATING TO THIS AGREEMENT; (II) AGREE THAT ALL CLAIMS
WITH RESPECT TO SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH
NEW YORK STATE OR FEDERAL COURTS; (III) WAIVE, TO THE FULLEST POSSIBLE EXTENT,
THE DEFENSE OF AN INCONVENIENT FORUM; AND (IV) AGREE THAT A FINAL JUDGMENT IN
ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER
JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.

            SECTION 15. Further Assurances. The Seller and the Purchaser agree
to execute and deliver such instruments and take such further actions as the
other party may, from time to time, reasonably request in order to effectuate
the purposes and to carry out the terms of this Agreement.

            SECTION 16. Successors and Assigns. The rights and obligations of
the Seller under this Agreement shall not be assigned by the Seller without the
prior written consent of the Purchaser, except that any person into which the
Seller may be merged or consolidated, or any corporation resulting from any
merger, conversion or consolidation to which the Seller is a party, or any
person succeeding to all or substantially all of the business of the Seller,
shall be the successor to the Seller hereunder. In connection with its transfer
of the Mortgage Loans to the Trust as contemplated by the recitals hereto, CSFB
Mortgage Securities is expressly authorized to assign its rights and obligations
under this Agreement, in whole or in part, to the Trustee for the benefit of the
registered holders and beneficial owners of the Certificates. To the extent of
any such assignment, the Trustee, for the benefit of the registered holders and
beneficial owners of the Certificates, shall be the Purchaser hereunder.
Notwithstanding any provision of this Agreement to the contrary, the Trustee
shall have no authority or right to assign or transfer its rights and
obligations under this Agreement, in whole or in part, to any other Person
(other than a successor Trustee), regardless of whether such assignment or
transfer is made in connection with the transfer of any Mortgage Loan by the
Trust as contemplated by the terms of the Pooling and Servicing Agreement, or
otherwise; provided, however, that the Trustee, for the benefit of the
registered holders and beneficial owners of the Certificates, is expressly
authorized to assign its rights and obligations under this Agreement with
respect to any Specially Designated Defaulted Mortgage Loan (as defined in
Pooling and Servicing Agreement) to the Majority Controlling Class
Certificateholder (as defined in the Pooling and Servicing Agreement) or its
assignee in connection with its or such assignee's purchase of such Mortgage
Loan pursuant to Section 3.18(c) of the Pooling and Servicing Agreement. Subject
to the foregoing, this Agreement shall bind and inure to the benefit of and be
enforceable by the Seller and the Purchaser, and their respective successors and
permitted assigns.

            SECTION 17. Information. The Seller shall, for the purpose of
facilitating the issuance and sale of the Certificates by CSFB Mortgage
Securities, provide the Purchaser with such information about the Seller, the
Mortgage Loans and the Seller's underwriting and servicing procedures as is (i)
customary in commercial mortgage loan securitization transactions, (ii) required
by a Rating Agency or a governmental agency or body or (iii) reasonably
requested by the Purchaser for use in a public or private disclosure document.

            SECTION 18. Cross-Collateralized Mortgage Loans. Notwithstanding
anything herein to the contrary, it is hereby acknowledged that certain groups
of Mortgage Loans are, in the case of each such particular group of Mortgage
Loans (each, a "Cross-Collateralized Group"), by their terms, cross-defaulted
and cross-collateralized. Each Cross-Collateralized Group is identified on the
Mortgage Loan Schedule. For purposes of reference, the Mortgaged Property that
relates or corresponds to any of the Mortgage Loans referred to in this Section
18 shall be the property identified in the Mortgage Loan Schedule as
corresponding thereto. The provisions of this Agreement, including, without
limitation, each of the representations and warranties set forth in Exhibit C
hereto and each of the capitalized terms used herein but defined in the Pooling
and Servicing Agreement, shall be interpreted in a manner consistent with this
Section 18. In addition, if there exists with respect to any
Cross-Collateralized Group only one original of any document referred to in the
definition of "Mortgage File" in the Pooling and Servicing Agreement and
covering all the Mortgage Loans in such Cross-Collateralized Group, the
inclusion of the original of such document in the Mortgage File for any of the
Mortgage Loans constituting a part of such Cross-Collateralized Group shall be
deemed an inclusion of such original in the Mortgage File for each Mortgage Loan
included within such Cross-Collateralized Group.

            SECTION 19. Entire Agreement. Except as otherwise expressly
contemplated hereby, this Agreement constitutes the entire agreement and
understanding of the parties with respect to the matters addressed herein, and
this Agreement supersedes any prior agreements and/or understandings, written or
oral, with respect to such matters.

                            [SIGNATURE PAGE FOLLOWS]
<PAGE>

            IN WITNESS WHEREOF, the Seller and the Purchaser have caused this
Agreement to be duly executed by their respective officers as of the day and
year first above written.

                                    PNC BANK, NATIONAL ASSOCIATION

                                    By:_________________________________________
                                    Name:
                                    Title:

                                    CREDIT SUISSE FIRST BOSTON MORTGAGE
                                      SECURITIES CORP.

                                    By:_________________________________________
                                    Name:
                                    Title:

<PAGE>

                                    EXHIBIT A

                             MORTGAGE LOAN SCHEDULE

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
   NUMBER            PROPERTY NAME                              ADDRESS                        CITY
-----------------------------------------------------------------------------------------------------------------------------
     <S>      <C>                                       <C>                                   <C>
      5       Fairfax Building                          8150 Leesburg Pike                    Vienna

      7       Mooresville Consumer Square               Norman Station Boulevard              Mooresville

      8       Flower Hill Mall                          2610-2750 Via de la Valle             San Diego

     11       One Montrose Metro                        11921 Rockville Pike                  Rockville

     17       Canyon Plaza Shopping Center              503-599 Telegraph Canyon Road         Chula Vista

     21       Rehoboth Bay Mobile Home Park             163 Rehoboth Bay                      Rehoboth Beach

     22       Huntwick Apartments                       5100 F. M. 1960 West                  Houston

     23       Court Village Apartments                  101 South Old Coachman Road           Clearwater

     24       Southern Hills Tower                      2431 East 61st Street                 Tulsa

     26       Richmond Plaza Building                   4200 East Skelly Drive                Tulsa

     28       50-66 Office Building                     11130 & 11166 Main Street             Fairfax

     29       Chasco Woods Apartments                   8228 Chasco Woods Boulevard           Port Richey

     31       Shady Grove Tech Center                   15200 Shady Grove Road                Rockville

     39       261-267 Boston Road                       261-267 Boston Road                   Billerica

     43       Bard Townhouses                           Bard Road                             Shippensburg

     47       Potomac Valley Bank Building              702 Russell Avenue                    Gaithersburg

     51       Stone Creek Apartment Homes               6100 Hollytree Drive                  Tyler

     52       One Beltway North                         10230 New Hampshire Avenue            Silver Spring

     57       The Park at Summerhill Apartments         5201 Summerhill Road                  Texarkana

     58       Country Bend Apartments                   5608 Royal Lane                       Benbrook

     59       Grosse Pointe Farms                       1-21 Kercheval Avenue                 Grosse Pointe Farms

     61       Nineteenth Avenue Self Storage            4050 19th Avenue                      San Francisco

     63       Professional Equity Building              101 Lakeforest Boulevard              Gaithersburg

     64       Canoga Park Center                        22323 Sherman Way                     Conoga Park

     69       Fairfax Apartments                        6201 Bordeaux Avenue                  Dallas

     76       Hunt Gardens Apartments                   800 Hunt Road                         Baytown

     78       Kickingbird Apartments                    1700 East Kickingbird Road            Edmond

     79       Willow Tree Apartments                    1800 James Bowie Drive                Baytown

     86       4 Manley Street                           4 Manley Street                       West Bridgewater

     89       Brookwood Townhomes                       526 Northeast 6th Street              Blue Springs

     91       Orangewood Place Apartments               7328 North 27th Avenue                Phoenix

     97       Belle Village Apartments                  Belle Village Drive                   Erie
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
STATE    ZIP CODE        ORIGINAL BALANCE           CUT-OFF BALANCE        MONTHLY PAYMENT          RATE     ORIGINAL BALLOON TERM
------------------------------------------------------------------------------------------------------------------------------------
<S>      <C>             <C>                        <C>                      <C>                    <C>                <C>
VA       22182           $29,000,000.00             $28,937,315.19           $173,869.65            6.00%              120

NC       28117           $24,500,000.00             $24,438,653.13           $161,848.95            6.93%              120

CA       92014           $24,000,000.00             $24,000,000.00           $151,696.33            6.50%              120

MD       20852           $20,590,000.00             $20,544,013.39           $120,812.45            5.80%              120

CA       91910           $15,000,000.00             $14,968,361.91            $91,384.22            6.15%               84

DE       19971           $13,000,000.00             $13,000,000.00            $76,277.89            5.80%              120

TX       77069           $12,300,000.00             $12,246,107.90            $77,744.37            6.50%              120

FL       33765           $12,000,000.00             $11,984,102.32            $72,177.68            6.03%              120

OK       74136           $12,000,000.00             $11,973,848.49            $71,560.77            5.95%              120

OK       74135           $11,800,000.00             $11,774,284.35            $70,368.09            5.95%              120

VA       22030           $11,040,000.00             $11,015,342.77            $64,777.54            5.80%              120

FL       34668           $10,300,000.00             $10,286,172.50            $61,093.06            5.90%              120

MD       20850            $9,120,000.00              $9,099,630.98            $53,511.88            5.80%              120

MA       01862            $6,700,000.00              $6,691,230.04            $40,818.29            6.15%              120

PA       17257            $5,880,000.00              $5,872,186.43            $35,253.57            6.00%              120

MD       20877            $5,520,000.00              $5,507,671.38            $32,388.77            5.80%              120

TX       75703            $5,200,000.00              $5,173,498.77            $33,554.45            6.70%              120

MD       20903            $5,120,000.00              $5,108,564.76            $30,041.76            5.80%              120

TX       75503            $4,800,000.00              $4,784,906.43            $28,011.50            5.75%              120

TX       76109            $4,765,000.00              $4,751,380.47            $29,338.92            6.25%              120

MI       48236            $4,737,000.00              $4,730,799.51            $28,859.14            6.15%              120

CA       94132            $4,400,000.00              $4,400,000.00            $29,709.12            6.50%              120

MD       20877            $4,336,000.00              $4,326,315.79            $25,441.61            5.80%              120

CA       91303            $4,250,000.00              $4,240,615.98            $25,126.78            5.87%              120

TX       75209            $4,000,000.00              $3,977,037.62            $25,943.92            6.75%              120

TX       77521            $3,250,000.00              $3,243,088.87            $19,694.83            6.10%              120

OK       73034            $3,150,000.00              $3,140,299.43            $20,199.33            5.95%              120

TX       77521            $3,125,000.00              $3,118,354.67            $18,937.34            6.10%              120

MA       02379            $2,715,000.00              $2,704,623.31            $16,716.72            6.25%              120

MO       64014            $2,640,000.00              $2,636,455.87            $15,658.80            5.90%              120

AZ       85051            $2,550,000.00              $2,542,919.40            $15,950.40            6.40%              120

PA       16509            $2,100,000.00              $2,095,642.38            $12,930.06            6.25%              120
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
ORIGINAL AMORT TERM    REMAINING TERM     REMAINING AMORT. TERM      CROSS COLLATERALIZED         CO-OP LOAN      ARD DATE
------------------------------------------------------------------------------------------------------------------------------------
        <S>                <C>                   <C>                       <C>                      <C>              <C>
        360                119                   359                        No                      No               N/A

        360                118                   358                        No                      No               N/A

        360                116                   356                        No                      No               N/A

        360                119                   359                        No                      No               N/A

        360                 83                   359                        No                      No               N/A

        360                119                   359                        No                      No               N/A

        360                116                   356                        No                      No               N/A

        360                119                   359                        No                      No               N/A

        360                119                   359                        No                      No               N/A

        360                119                   359                        No                      No               N/A

        360                119                   359                        No                      No               N/A

        360                119                   359                        No                      No               N/A

        360                119                   359                        No                      No               N/A

        360                119                   359                        No                      No               N/A

        360                119                   359                        No                      No               N/A

        360                119                   359                        No                      No               N/A

        360                115                   355                        No                      No               N/A

        360                119                   359                        No                      No               N/A

        360                118                   358                        No                      No               N/A

        360                118                   358                        No                      No               N/A

        360                119                   359                        No                      No               N/A

        300                119                   359                        No                      No               N/A

        360                119                   359                        No                      No               N/A

        360                119                   359                        No                      No               N/A

        360                116                   356                        No                      No               N/A

        360                119                   359                        No                      No               N/A

        300                119                   299                        No                      No               N/A

        360                119                   359                        No                      No               N/A

        360                117                   357                        No                      No               N/A

        360                119                   359                        No                      No               N/A

        360                118                   358                        No                      No               N/A

        360                119                   359                        No                      No               N/A
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
DEFEASANCE          FEE SIMPLE/LEASEHOLD      HOSPITALITY    MTG. LOAN SELLER   ORIGINATOR   INTEREST CALCULATION
----------------------------------------------------------------------------------------------------------------------
    <S>                   <C>                       <C>           <C>                <C>         <C>
    Yes                   Fee Simple                No            PNC                PNC         Actual/360

    Yes                   Fee Simple                No            PNC                PNC         Actual/360

    Yes                   Fee Simple                No            PNC                PNC         Actual/360

    Yes                   Fee Simple                No            PNC                PNC         Actual/360

    Yes                   Fee Simple                No            PNC                PNC         Actual/360

    Yes                   Fee Simple                No            PNC                PNC         Actual/360

    No                    Fee Simple                No            PNC                PNC         Actual/360

    Yes                   Fee Simple                No            PNC                PNC         Actual/360

    No                    Fee Simple                No            PNC                PNC         Actual/360

    No                    Fee Simple                No            PNC                PNC         Actual/360

    Yes                   Fee Simple                No            PNC                PNC         Actual/360

    Yes                   Fee Simple                No            PNC                PNC         Actual/360

    Yes                   Fee Simple                No            PNC                PNC         Actual/360

    Yes                   Fee Simple                No            PNC                PNC         Actual/360

    Yes                   Fee Simple                No            PNC                PNC         Actual/360

    Yes                   Fee Simple                No            PNC                PNC         Actual/360

    No                    Fee Simple                No            PNC                PNC         Actual/360

    Yes                   Fee Simple                No            PNC                PNC         Actual/360

    No                    Fee Simple                No            PNC                PNC         Actual/360

    Yes                   Fee Simple                No            PNC                PNC         Actual/360

    Yes                   Fee Simple                No            PNC                PNC         Actual/360

    Yes                   Fee Simple                No            PNC                PNC         Actual/360

    Yes                   Fee Simple                No            PNC                PNC         Actual/360

    Yes                   Fee Simple                No            PNC                PNC         Actual/360

    Yes                   Fee Simple                No            PNC                PNC         Actual/360

    No                    Fee Simple                No            PNC                PNC         Actual/360

    Yes                   Fee Simple                No            PNC                PNC         Actual/360

    No                    Fee Simple                No            PNC                PNC         Actual/360

    Yes                   Fee Simple                No            PNC                PNC         Actual/360

    Yes                   Fee Simple                No            PNC                PNC         Actual/360

    Yes                   Fee Simple                No            PNC                PNC         Actual/360

    Yes                   Fee Simple                No            PNC                PNC         Actual/360
----------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

---------------------------------------------------
   SERVICING AND TRUSTEE FEES      "A" LOAN
---------------------------------------------------
             0.0974%                  No
             0.1124%                  No
             0.1024%                  No
             0.1024%                  No
             0.1324%                  No
             0.0824%                  No
             0.1324%                  No
             0.1124%                  No
             0.0824%                  No
             0.0824%                  No
             0.1024%                  No
             0.1324%                  No
             0.1024%                  No
             0.1124%                  No
             0.0824%                  No
             0.1024%                  No
             0.1324%                  No
             0.1024%                  No
             0.1324%                  No
             0.0824%                  No
             0.1324%                  No
             0.0824%                  No
             0.1024%                  No
             0.0824%                  No
             0.1324%                  No
             0.1024%                  No
             0.1824%                  No
             0.1024%                  No
             0.1124%                  No
             0.0824%                  No
             0.0824%                  No
             0.0824%                  No
---------------------------------------------------
<PAGE>

                                   EXHIBIT B-1

            REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE SELLER

            The Seller hereby represents and warrants that, as of the date
hereof:

            1. The Seller is a national banking association duly organized,
validly existing and in good standing under the laws of the United States of
America.

            2. The execution and delivery by the Seller of, and the performance
by the Seller under, this Agreement, the execution (including, without
limitation, by facsimile or machine signature) and delivery of any and all
documents contemplated by this Agreement, including, without limitation,
endorsements of Mortgage Notes, and the consummation by the Seller of the
transactions herein contemplated, do not: (a) violate the Seller's
organizational documents; or (b) 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 indenture, agreement or other instrument to which the
Seller is a party or by which it is bound or which is applicable to it or any of
its assets, which default or breach, in the Seller's good faith and reasonable
judgment, is likely to affect materially and adversely either the ability of the
Seller to perform its obligations under this Agreement or the financial
condition of the Seller.

            3. The Seller has full power and authority to enter into and perform
under this Agreement, has duly authorized the execution, delivery and
performance of this Agreement, and has duly executed and delivered this
Agreement.

            4. The Seller has the full right, power and authority to sell,
assign, transfer, set over and convey the Mortgage Loans (and, in the event that
the related transaction is deemed to constitute a loan secured by all or part of
the Mortgage Loans, to pledge the Mortgage Loans) in accordance with, and under
the conditions set forth in, this Agreement.

            5. Assuming due authorization, execution and delivery hereof by the
Purchaser, this Agreement constitutes a valid, legal and binding obligation of
the Seller, enforceable against the Seller in accordance with the terms hereof,
subject to (a) applicable bankruptcy, insolvency, reorganization, receivership,
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.

            6. The Seller is not in violation of, and its execution and delivery
of this Agreement and its performance under and compliance with the terms hereof
do 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 Seller's good
faith and reasonable judgment, is likely to affect materially and adversely
either the ability of the Seller to perform its obligations under this Agreement
or the financial condition of the Seller.

            7. There are no actions, suits or proceedings pending or, to the
best of the Seller's knowledge, threatened against the Seller which, if
determined adversely to the Seller, would prohibit the Seller from entering into
this Agreement or, in the Seller's good faith and reasonable judgment, would be
likely to affect materially and adversely either the ability of the Seller to
perform its obligations hereunder or the financial condition of the Seller.

            8. No consent, approval, authorization or order of, or filing or
registration with, any state or federal court or governmental agency or body is
required for the consummation by the Seller of the transactions contemplated
herein, except for those consents, approvals, authorizations and orders that
previously have been obtained and those filings and registrations that
previously have been completed, and except for those filings and recordings of
Mortgage Loan documents and assignments thereof that are contemplated by the
Pooling and Servicing Agreement to be completed after the Closing Date.

            9. The transfer of the Mortgage Loans to the Purchaser as
contemplated herein is not subject to any bulk transfer or similar law in effect
in any applicable jurisdiction.

            10. The Mortgage Loans do not constitute all or substantially all of
the assets of the Seller.

            11. The Seller is not transferring the Mortgage Loans to the
Purchaser with any intent to hinder, delay or defraud its present or future
creditors.

            12. The Seller will be solvent at all relevant times prior to, and
will not be rendered insolvent by, its transfer of the Mortgage Loans to the
Purchaser, as contemplated herein.

            13. After giving effect to its transfer of the Mortgage Loans to the
Purchaser, as provided herein, the value of the Seller's assets, either taken at
their present fair saleable value or at fair valuation, will exceed the amount
of the Seller's debts and obligations, including contingent and unliquidated
debts and obligations of the Seller, and the Seller will not be left with
unreasonably small assets or capital with which to engage in and conduct its
business.

            14. The Seller does not intend to, and does not believe that it
will, incur debts or obligations beyond its ability to pay such debts and
obligations as they mature.

            15. No proceedings looking toward liquidation, dissolution or
bankruptcy of the Seller are pending or contemplated.

            16. In connection with its transfer of the Mortgage Loans to the
Purchaser as contemplated herein, the Seller is receiving new value and
consideration constituting at least reasonably equivalent value and fair
consideration.
<PAGE>
                                   EXHIBIT B-2

          REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE PURCHASER

            The Purchaser hereby represents and warrants that, as of the date
hereof:

            1. The Purchaser is a corporation duly organized, validly existing
and in good standing under the laws of the State of Delaware.

            2. The execution and delivery by the Purchaser of, and the
performance by the Purchaser under, this Agreement, and the consummation by the
Purchaser of transactions herein contemplated, do not: (a) violate the
Purchaser's organizational documents; or (b) 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 indenture, agreement or other instrument to
which the Purchaser is a party or by which it is bound or which is applicable to
it or any of its assets, which default or breach, in the Purchaser's good faith
and reasonable judgment, is likely to affect materially and adversely either the
ability of the Purchaser to perform its obligations under this Agreement or the
financial condition of the Purchaser.

            3. The Purchaser has full power and authority to enter into and
perform under this Agreement, has duly authorized the execution, delivery and
performance of this Agreement, and has duly executed and delivered this
Agreement.

            4. Assuming due authorization, execution and delivery hereof by the
Seller, this Agreement constitutes a valid, legal and binding obligation of the
Purchaser, enforceable against the Purchaser in accordance with the terms
hereof, subject to (a) applicable bankruptcy, insolvency, reorganization,
receivership, 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.

            5. The Purchaser is not in violation of, and its execution and
delivery of this Agreement and its performance under and compliance with the
terms hereof do 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
Purchaser's good faith and reasonable judgment, is likely to affect materially
and adversely either the ability of the Purchaser to perform its obligations
under this Agreement or the financial condition of the Purchaser.

            6. There are no actions, suits or proceedings pending or, to the
best of the Purchaser's knowledge, threatened against the Purchaser which, if
determined adversely to the Purchaser, would prohibit the Purchaser from
entering into this Agreement or, in the Purchaser's good faith and reasonable
judgment, would be likely to affect materially and adversely either the ability
of the Purchaser to perform its obligations hereunder or the financial condition
of the Purchaser.

            7. No consent, approval, authorization or order of, or filing or
registration with, any state or federal court or governmental agency or body is
required for the consummation by the Purchaser of the transactions contemplated
herein, except for those consents, approvals, authorizations and orders that
previously have been obtained and those filings and registrations that
previously have been completed, and except for those filings of Mortgage Loan
documents and assignments thereof that are contemplated by the Pooling and
Servicing Agreement to be completed after the Closing Date.
<PAGE>
                                    EXHIBIT C

        REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE MORTGAGE LOANS

      FOR PURPOSES OF THESE REPRESENTATIONS AND WARRANTIES, THE PHRASES "TO THE
KNOWLEDGE OF SELLER" OR "TO THE SELLER'S KNOWLEDGE" OR PHRASES OF SIMILAR IMPORT
SHALL MEAN, EXCEPT WHERE OTHERWISE EXPRESSLY SET FORTH BELOW, THE ACTUAL STATE
OF KNOWLEDGE OF THE SELLER OR ANY SERVICER ACTING ON ITS BEHALF REGARDING THE
MATTERS REFERRED TO, IN EACH CASE WITHOUT HAVING CONDUCTED ANY INDEPENDENT
INQUIRY OR DUE DILIGENCE WITH RESPECT TO SUCH MATTERS AND WITHOUT ANY ACTUAL OR
IMPLIED OBLIGATION TO MAKE SUCH INQUIRY OR PERFORM SUCH DUE DILIGENCE, OTHER
THAN MAKING SUCH INQUIRY OR PERFORMING SUCH DUE DILIGENCE AS WOULD BE
CUSTOMARILY PERFORMED BY PRUDENT COMMERCIAL OR MULTIFAMILY MORTGAGE LENDERS OR
SERVICERS (AS THE CASE MAY BE) WITH RESPECT TO SIMILAR MORTGAGE LOANS OR
MORTGAGED PROPERTIES. ALL INFORMATION CONTAINED IN DOCUMENTS WHICH ARE PART OF
OR REQUIRED TO BE PART OF A MORTGAGE FILE SHALL BE DEEMED TO BE WITHIN THE
KNOWLEDGE OF THE SELLER. WHEREVER THERE IS A REFERENCE TO RECEIPT BY, OR
POSSESSION OF, THE SELLER OF ANY INFORMATION OR DOCUMENTS, OR TO ANY ACTION
TAKEN BY THE SELLER OR NOT TAKEN BY THE SELLER, SUCH REFERENCE SHALL INCLUDE THE
RECEIPT OR POSSESSION OF SUCH INFORMATION OR DOCUMENTS BY, OR THE TAKING OF SUCH
ACTION OR THE NOT TAKING OF SUCH ACTION BY, EITHER THE SELLER OR ANY SERVICER
ACTING ON ITS BEHALF.

      The Seller hereby represents and warrants, subject to the exceptions set
forth in Schedule C-1 hereto and Section 18 of this Agreement, with respect to
the Mortgage Loans that, as of the date hereinbelow specified or, if no such
date is specified, as of the date hereof:

            1. Mortgage Loan Schedule. The information set forth in the Mortgage
Loan Schedule with respect to the Mortgage Loans is true, complete (in
accordance with the requirements of this Agreement and the Pooling and Servicing
Agreement) and correct in all material respects as of the dates of the
information set forth therein (or, if not set forth therein, and in all events
no earlier than, as of the respective Due Dates of the Mortgage Loans in March
2003).

            2. Ownership of Mortgage Loans. Immediately prior to the transfer of
the Mortgage Loans to the Purchaser, the Seller had good title to, and was the
sole owner of, each Mortgage Loan. The Seller has full right, power and
authority to sell, transfer and assign each Mortgage Loan to, or at the
direction of, the Purchaser free and clear of any and all pledges, liens,
charges, security interests, participation interests and/or other interests and
encumbrances (except for certain servicing rights as provided in the Pooling and
Servicing Agreement, any permitted subservicing agreements and servicing rights
purchase agreements pertaining thereto). Subject to the completion of the names
and addresses of the assignees and endorsees and any missing recording
information in all instruments of transfer or assignment and endorsements and
the completion of all recording and filing contemplated hereby and by the
Pooling and Servicing Agreement, the Seller will have validly and effectively
conveyed to the Purchaser all legal and beneficial interest in and to each
Mortgage Loan free and clear of any pledge, lien, charge, security interest or
other encumbrance (except for certain servicing rights as provided in the
Pooling and Servicing Agreement, any permitted subservicing agreements and
servicing rights purchase agreements pertaining thereto). The sale of the
Mortgage Loans to the Purchaser or its designee does not require the Seller to
obtain any governmental or regulatory approval or consent that has not been
obtained. Each Mortgage Note is, or shall be as of the Closing Date, properly
endorsed to the Purchaser or its designee and each such endorsement is, or shall
be as of the Closing Date, genuine.

            3. Payment Record. No scheduled payment of principal and interest
due under any Mortgage Loan on the Due Date in March 2003 or on any Due Date in
the twelve-month period immediately preceding the Due Date for such Mortgage
Loan in March 2003 was 30 days or more delinquent, without giving effect to any
applicable grace period.

            4. Lien; Valid Assignment. The Mortgage related to and delivered in
connection with each Mortgage Loan constitutes a valid and enforceable first
priority lien upon the related Mortgaged Property, except as the enforcement of
the Mortgage may be limited as provided in the exceptions set forth in Paragraph
13 below, prior to all other liens and/or encumbrances (and there are no liens
or encumbrances that are pari passu with the lien of such Mortgage), except as
described on Schedule C-1 hereto and except for the following (collectively, the
"Permitted Encumbrances"): (a) the lien for current real estate taxes, water
charges, sewer rents and assessments not yet delinquent or accruing interest or
penalties; (b) covenants, conditions and restrictions, rights of way, easements
and other matters that are of public record and are referred to in the related
lender's title insurance policy (or, if not yet issued, referred to in a pro
forma title policy or title policy commitment meeting the requirements described
in Paragraph 8 below); (c) exceptions and exclusions specifically referred to in
the related lender's title insurance policy (or, if not yet issued, referred to
in a pro forma title policy or title policy commitment meeting the requirements
described in Paragraph 8 below); (d) other matters to which like properties are
commonly subject; (e) the rights of tenants (as tenants only) under leases
(including subleases) pertaining to the related Mortgaged Property; (f)
condominium declarations of record and identified in the related lender's title
insurance policy (or, if not yet issued, identified in a pro forma title policy
or title policy commitment meeting the requirements described in Paragraph 8
below); and (g) if such Mortgage Loan constitutes a Cross-Collateralized
Mortgage Loan, the lien of the Mortgage for another Mortgage Loan contained in
the same Cross-Collateralized Group. With respect to each Mortgage Loan, such
Permitted Encumbrances do not, individually or in the aggregate, materially
interfere with the security intended to be provided by the related Mortgage, the
current principal use of the related Mortgaged Property or the ability of the
related Mortgaged Property to generate income sufficient to service such
Mortgage Loan. The related assignment of the Mortgage for each Mortgage Loan,
executed and delivered in favor of the Trustee, is in recordable form (but for
insertion of the name and address of the assignee and any related recording
information which is not yet available to the Seller) to validly and effectively
convey the assignor's interest therein and constitutes a legal, valid, binding
and, subject to the exceptions set forth in Paragraph 13 below, enforceable
assignment of such Mortgage from the relevant assignor to the Trustee.

            5. Assignment of Leases. The Mortgage File contains an assignment of
leases and rents (an "Assignment of Leases"), either as a separate instrument or
incorporated into the related Mortgage, which establishes and creates a valid,
subsisting and, subject to the exceptions set forth in Paragraph 13 below,
enforceable first priority lien on and security interest in, subject to
applicable law, the property, rights and interests of the related Borrower
described therein, except that a license may have been granted to the related
Borrower to exercise certain rights and perform certain obligations of the
lessor under the relevant lease or leases, including, without limitation, the
right to operate the related leased property and subject as to priority to the
Permitted Encumbrances; and each assignor thereunder has the full right to
assign the same. The related assignment of any Assignment of Leases not included
in a Mortgage, executed and delivered in favor of the Trustee is in recordable
form (but for insertion of the name and address of the assignee and any related
recording information which is not yet available to the Seller) to validly and
effectively convey the assignor's interest therein and constitutes a legal,
valid, binding and, subject to the exceptions set forth in Paragraph 13 below,
enforceable assignment of such Assignment of Leases from the relevant assignor
to the Trustee.

            6. Mortgage Status; Waivers and Modifications. In the case of each
Mortgage Loan, except by a written instrument which has been delivered to the
Purchaser or its designee as a part of the related Mortgage File, (a) the
related Mortgage (including any amendments or supplements thereto included in
the related Mortgage File) has not been impaired, waived, modified, altered,
satisfied, canceled, subordinated or rescinded, (b) neither the related
Mortgaged Property (nor any portion thereof that has a material value or is
material to the use or operation of the related Mortgaged Property) has been
released from the lien of such Mortgage and (c) the related Borrower has not
been released from its obligations under such Mortgage, in whole or in material
part. Except as described on Schedule C-1 hereto, no alterations, waivers,
modifications or assumptions of any kind with respect to any Mortgage Loan have
been given, made or consented to by or on behalf of the Seller since the later
of December 1, 2002 and the date of the origination of such Mortgage Loan. The
Seller has not taken any affirmative action that would cause the representations
and warranties of the related Borrower under the Mortgage Loan not to be true
and correct in any material respect.

            7. Condition of Property; Condemnation. In the case of each Mortgage
Loan, one or more engineering reports were prepared in connection with the
origination of such Mortgage Loan by an independent third-party engineering
firm, and except as set forth in such engineering report(s) or on Schedule C-1,
the related Mortgaged Property is, to the Seller's knowledge, in good repair,
free and clear of any damage that would materially and adversely affect its
value as security for such Mortgage Loan (except in any such case where an
escrow of funds, letter of credit or insurance coverage exists sufficient to
effect the necessary repairs and maintenance); provided that, if no engineer or
architect physically visited the related Mortgaged Property in connection with
preparing and delivering such engineering report, then the representation and
warranty made in this sentence shall not be qualified by "to the Seller's
knowledge". As of origination of such Mortgage Loan, there was no proceeding
pending, and subsequent to such date, the Seller has not received actual notice
of, any proceeding pending for the condemnation of all or any material portion
of the Mortgaged Property securing any Mortgage Loan, except as otherwise
described on Schedule C-1. If any of the engineering reports referred to above
in this Paragraph 7 revealed any material damage or material deferred
maintenance, then one of the following is true: (a) the repairs and/or
maintenance necessary to correct such condition have been completed in all
material respects; (b) an escrow of funds is required or a letter of credit was
obtained in an amount reasonably estimated to be sufficient to complete the
repairs and/or maintenance necessary to correct such condition; or (c) the
reasonable estimate of the cost to complete the repairs and/or maintenance
necessary to correct such condition represented no more than 2% of the value of
the related Mortgaged Property as reflected in an appraisal conducted in
connection with the origination of the subject Mortgage Loan. As of the date of
the origination of each Mortgage Loan: (a) all of the material improvements on
the related Mortgaged Property lay wholly within the boundaries and, to the
extent in effect at the time of construction, building restriction lines of such
property, except for encroachments that are insured against by the lender's
title insurance policy referred to in Paragraph 8 below or that do not
materially and adversely affect the value, marketability or current principal
use of such Mortgaged Property, and (b) no improvements on adjoining properties
encroached upon such Mortgaged Property so as to materially and adversely affect
the value or marketability of such Mortgaged Property, except those
encroachments that are insured against by the lender's title insurance policy
referred to in Paragraph 8 below.

            8. Title Insurance. The lien of each Mortgage securing a Mortgage
Loan is insured by an American Land Title Association (or an equivalent form of)
lender's title insurance policy (the "Title Policy") (except that if such policy
is yet to be issued, such insurance may be evidenced by a "marked up" pro forma
policy or title commitment in either case marked as binding and countersigned by
the title company or its authorized agent, either on its face or by an
acknowledged closing instruction or escrow letter) in the original principal
amount of such Mortgage Loan after all advances of principal, insuring the
originator of the related Mortgage Loan, its successors and assigns (as the sole
insured) that the related Mortgage is a valid first priority lien on such
Mortgaged Property, subject only to the Permitted Encumbrances. Such Title
Policy (or, if it has yet to be issued, the coverage to be provided thereby) is
in full force and effect, all premiums thereon have been paid, the Seller has
made no claims thereunder and, to the Seller's knowledge, no prior holder of the
related Mortgage has made any claims thereunder and no claims have been paid
thereunder. The Seller has not, and to the Seller's knowledge, no prior holder
of the related Mortgage has, done, by act or omission, anything that would
materially impair the coverage under such Title Policy. Immediately following
the transfer and assignment of the related Mortgage Loan to the Trustee
(including endorsement and delivery of the related Mortgage Note to the Trustee
and recording of the related Assignment of Mortgage in favor of the Trustee in
the applicable real estate records), such Title Policy (or, if it has yet to be
issued, the coverage to be provided thereby) will inure to the benefit of the
Trustee without the consent of or notice to the insurer. Such Title Policy
contains no exclusion for any of the following circumstances, or it
affirmatively insures (unless the related Mortgaged Property is located in a
jurisdiction where such affirmative insurance is not available), (a) that the
related Mortgaged Property has access to a public road, and (b) that the area
shown on the survey, if any, reviewed or prepared in connection with the
origination of the related Mortgage Loan is the same as the property legally
described in the related Mortgage. Such Title Policy contains no exclusion
regarding the encroachment upon any material easements of any material permanent
improvements located at the related Mortgaged Property for which the grantee of
such easement has the ability to force removal of such improvement, or such
Title Policy affirmatively insures (unless the related Mortgaged Property is
located in a jurisdiction where such affirmative insurance is not available)
against losses caused by forced removal of any material permanent improvements
on the related Mortgaged Property that encroach upon any material easements.

            9. No Holdback. The proceeds of each Mortgage Loan have been fully
disbursed (except in those cases where the full amount of the Mortgage Loan has
been disbursed but a portion thereof is being held in escrow or reserve accounts
pending the satisfaction of certain conditions relating to leasing, repairs or
other matters with respect to the related Mortgaged Property), and there is no
obligation for future advances with respect thereto. If the related Mortgage
Loan Documents include any requirements regarding (a) the completion of any
on-site or off-site improvements and (b) the disbursement of any funds escrowed
for such purpose, and if those requirements were to have been complied with on
or before the date hereof, then such requirements have been complied with in all
material respects or such funds so escrowed have not been released except to the
extent specifically provided by the related Mortgage Loan Documents.

            10. Mortgage Provisions. The Mortgage Note, Mortgage and Assignment
of Leases for each Mortgage Loan, together with applicable state law, contain
customary and, subject to the exceptions set forth in Paragraph 13 below,
enforceable provisions for commercial and multifamily mortgage loans such as to
render the rights and remedies of the holder thereof adequate for the practical
realization against the related Mortgaged Property of the principal benefits of
the security intended to be provided thereby. The Mortgage Loan Documents for
each Mortgage Loan, subject to applicable law, provide for the appointment of a
receiver for the collection of rents or for the related mortgagee to enter into
possession to collect the rents if there is an event of default under such
Mortgage Loan.

            11. Trustee under Deed of Trust. If the Mortgage for any Mortgage
Loan is a deed of trust, then (a) a trustee, duly qualified under applicable law
to serve as such, has either (i) been properly designated, has accepted such
designation and currently so serves or (ii) may be substituted in accordance
with the Mortgage and applicable law, and (b) no fees or expenses are payable to
such trustee by the Seller, the Purchaser or any transferee thereof except for
such fees and expenses (all of which are the obligation of the related Borrower
under the related Mortgage Loan Documents) as would be payable in connection
with a trustee's sale after default by the related Borrower or in connection
with any full or partial release of the related Mortgaged Property or related
security for such Mortgage Loan.

            12. Environmental Conditions. Except in the case of the Mortgage
Loans identified on Schedule C-1, (a) an environmental site assessment meeting
the requirements of the American Society for Testing and Materials and covering
all environmental hazards typically assessed for similar properties including
use, type and tenants of the Mortgaged Property, or an update of such an
assessment (or with respect to certain Mortgage Loans with an original principal
balance of $350,000 or less, a transaction screen meeting ASTM standards) and/or
a Phase II or other environment assessment supplemental to such assessment
and/or update, was performed by a licensed (to the extent required by applicable
state law) independent third-party environmental consulting firm with respect to
each Mortgaged Property securing a Mortgage Loan in connection with the
origination of such Mortgage Loan such that, except as set forth on Schedule
C-1, such assessment, transaction screen, update or supplement, as applicable,
is dated no earlier than twelve months prior to the date hereof, (b) a written
report of each such assessment, transaction screen, if any, update, if any, and
supplement, if any (collectively, an "Environmental Report"), has been delivered
to the Purchaser, and (c) either: (i) no such Environmental Report provides that
as of the date of the report there is a material violation of any applicable
environmental laws with respect to any circumstances or conditions relating to
the related Mortgaged Property; or (ii) if any such Environmental Report does
reveal any such circumstances or conditions with respect to the related
Mortgaged Property and the same have not been subsequently remediated in all
material respects, then one or more of the following are true--(A) one or more
parties not related to or including the related Borrower and collectively having
financial resources reasonably estimated to be adequate to cure the subject
violation in all material respects were identified as the responsible party or
parties for such condition or circumstance and such condition or circumstance
does not materially impair the value of the Mortgaged Property, (B) the related
Borrower was required to provide additional security reasonably estimated to be
adequate to cure the subject violation in all material respects, (C) if and to
the extent that such condition or circumstances can, based upon the
recommendation set forth in the subject Environmental Report, be remediated or
otherwise appropriately addressed in all material respects through the
implementation of an operations and maintenance plan, the related Borrower was
required to obtain and maintain an operations and maintenance plan, (D) the
related Borrower, or other responsible party, provided a "no further action"
letter or other evidence reasonably acceptable to a reasonably prudent
commercial or multifamily mortgage lender that applicable federal, state or
local governmental authorities had no current intention of taking any action,
and are not requiring any action, in respect of such condition or circumstance,
(E) such conditions or circumstances were investigated further and based upon
such additional investigation, an independent third-party environmental
consultant recommended no further investigation or remediation, (F) the
expenditure of funds reasonably estimated to be necessary to effect such
remediation is not greater than 2% of the outstanding principal balance of the
related Mortgage Loan or $10,000, whichever is greater, (G) there exists an
escrow of funds reasonably estimated to be sufficient for purposes of effecting
such remediation, (H) the related Mortgaged Property is identified on Schedule
C-1 and insured under a policy of insurance subject to reasonable per occurrence
and aggregate limits and a reasonable deductible, against certain losses arising
from such circumstances and conditions or (I) a party with financial resources
reasonably estimated to be adequate to cure the subject violation in all
material respects provided a guaranty or indemnity to the related Borrower to
cover the costs of any required investigation, testing, monitoring or
remediation. To the Seller's knowledge, there are no significant or material
circumstances or conditions with respect to any Mortgaged Property not revealed
in any such Environmental Report, where obtained, or in any Borrower
questionnaire delivered to the Seller in connection with the issue of any
related environmental insurance policy, if applicable, that render such
Mortgaged Property in material violation of any applicable environmental laws.
The Mortgage Loan Documents for each Mortgage Loan require the related Borrower
to comply in all material respects with all applicable federal, state and local
environmental laws and regulations. The Seller has not taken any affirmative
action which would cause the Mortgaged Property securing any Mortgage Loan not
to be in compliance with all federal, state and local laws pertaining to
environmental hazards. Each Borrower represents and warrants in the related
Mortgage Loan Documents generally to the effect that, except as set forth in
certain specified environmental reports and to the Borrower's knowledge, it has
not used, caused or permitted to exist and will not use, cause or permit to
exist on the related Mortgaged Property any hazardous materials in any manner
which violates federal, state or local laws, ordinances, regulations, orders,
directives, or policies governing the use, storage, treatment, transportation,
manufacture, refinement, handling, production or disposal of hazardous
materials. Unless the related Mortgage Loan is identified on Schedule C-1, the
related Borrower (or an affiliate thereof) has agreed to indemnify, defend and
hold the Seller and its successors and assigns harmless from and against, or
otherwise be liable for, any and all losses resulting from a breach of
environmental representations, warranties or covenants given by the Borrower in
connection with such Mortgage Loan, generally including any and all losses,
liabilities, damages, injuries, penalties, fines, expenses and claims of any
kind or nature whatsoever (including without limitation, attorneys' fees and
expenses) paid, incurred or suffered by or asserted against, any such party
resulting from such breach.

            13. Loan Document Status. Each Mortgage Note, Mortgage, and other
agreement executed by or on behalf of the related Borrower, or any guarantor of
non-recourse exceptions and environmental liability, with respect to each
Mortgage Loan is the legal, valid and binding obligation of the maker thereof
(subject to any non-recourse provisions contained in any of the foregoing
agreements and any applicable state anti-deficiency or market value limit
deficiency legislation), enforceable in accordance with its terms, except as
such enforcement may be limited by (i) bankruptcy, insolvency, reorganization,
receivership, fraudulent transfer and conveyance or other similar laws affecting
the enforcement of creditors' rights generally and (ii) general principles of
equity (regardless of whether such enforcement is considered in a proceeding in
equity or at law), and except that certain provisions in such loan documents may
be further limited or rendered unenforceable by applicable law, but (subject to
the limitations set forth in the foregoing clauses (i) and (ii)) such
limitations will not render such loan documents invalid as a whole or
substantially interfere with the mortgagee's realization of the principal
benefits and/or security provided thereby. There is no right of rescission,
offset, abatement or diminution or valid defense or counterclaim available to
the related Borrower with respect to such Mortgage Note, Mortgage or other
agreements that would deny the mortgagee the principal benefits intended to be
provided thereby. The Seller has no knowledge of any such rights, defenses or
counterclaims having been asserted.

            14. Insurance. Except in certain cases, where tenants, having a net
worth of at least $50,000,000 or an investment grade credit rating and obligated
to maintain the insurance described in this paragraph, are allowed to
self-insure the related Mortgaged Properties, all improvements upon each
Mortgaged Property securing a Mortgage Loan are insured under a fire and
extended perils insurance policy included within the classification "All Risk of
Physical Loss" insurance (or the equivalent) policy in an amount at least equal
to the lesser of the outstanding principal balance of such Mortgage Loan and
100% of the insurable replacement cost of the improvements located on the
related Mortgaged Property, and if applicable, the related hazard insurance
policy contains appropriate endorsements to avoid the application of
co-insurance and does not permit reduction in insurance proceeds for
depreciation. Each Mortgaged Property securing a Mortgage Loan is the subject of
a business interruption or rent loss insurance policy providing coverage for at
least twelve (12) months (or a specified dollar amount which is reasonably
estimated to cover no less than twelve (12) months of rental income). If, based
solely on a flood zone certification or a survey of the related Mortgaged
Property, any portion of the improvements on a Mortgaged Property securing any
Mortgage Loan was, at the time of the origination of such Mortgage Loan, in an
area identified in the Federal Register by the Flood Emergency Management Agency
as a special flood hazard area (Zone A or Zone V) and flood insurance was
available, then a flood insurance policy meeting the requirements of the then
current guidelines of the Federal Insurance Administration is in effect with a
generally acceptable insurance carrier, in an amount representing coverage not
less than the least of (1) the minimum amount required, under the terms of
coverage, to compensate for any damage or loss on a replacement basis, (2) the
outstanding principal balance of such Mortgage Loan, and (3) the maximum amount
of insurance available under the applicable National Flood Insurance
Administration Program. All such hazard and flood insurance policies contain a
standard mortgagee clause for the benefit of the holder of the related Mortgage,
its successors and assigns, as mortgagee, and are not terminable (nor may the
amount of coverage provided thereunder be reduced) without ten (10) days' prior
written notice to the mortgagee; and no such notice has been received, including
any notice of nonpayment of premiums, that has not been cured. Each Mortgaged
Property and all improvements thereon are also covered by comprehensive general
liability insurance in such amounts as are generally required by reasonably
prudent commercial or multifamily mortgage lenders for similar properties and
seismic insurance to the extent any Mortgaged Property has a probable maximum
loss in the event of an earthquake of greater than twenty percent (20%) of the
replacement value of the related improvements, calculated using methodology
acceptable to a reasonably prudent commercial or multifamily mortgage lender
with respect to similar properties in same area or earthquake zone. If the
Mortgaged Property for any Mortgage Loan is located in Florida or within 25
miles of the coast in Texas, Louisiana, Mississippi, Alabama, Georgia, North
Carolina or South Carolina, then such Mortgaged Property is insured by windstorm
insurance in an amount at least equal to the lesser of (i) the outstanding
principal balance of such Mortgage Loan and (ii) 100% of the insurable
replacement cost of the improvements located on the related Mortgaged Property.
If any Mortgaged Property is, to the Seller's knowledge, a materially
non-conforming use or structure under applicable zoning laws and ordinances,
then, in the event of a material casualty or destruction, one or more of the
following is true: (i) such Mortgaged Property may be restored or repaired to
materially the same extent of the use or structure at the time of such casualty;
(ii) such Mortgaged Property is covered by law and ordinance insurance in an
amount customarily required by reasonably prudent commercial or multifamily
mortgage lenders; or (iii) the amount of hazard insurance currently in place and
required by the related Mortgage Loan Documents would generate proceeds
sufficient to pay off the subject Mortgage Loan. Additionally, for any Mortgage
Loan having a Cut-off Date Principal Balance equal to or greater than
$20,000,000, the insurer for all of the required coverages set forth herein has
a claims paying ability rating from S&P, Moody's or Fitch of not less than
A-minus (or the equivalent), or from A.M. Best of not less than "A-minus:V" (or
the equivalent). With respect to each Mortgage Loan, the related Mortgage Loan
Documents require that the related Borrower or a tenant of such Borrower
maintain insurance as described above or permit the Mortgagee to require
insurance as described above. Except under circumstances set forth in the
related Mortgage Loan Documents that would be reasonably acceptable to a prudent
commercial or multifamily mortgage lender or that would not otherwise materially
and adversely affect the security intended to be provided by the related
Mortgage, the Mortgage Loan Documents for each Mortgage Loan provide that
proceeds paid under any such casualty insurance policy will (or, at the lender's
option, will) be applied either to the repair or restoration of the related
Mortgaged Property or to the payment of amounts due under such Mortgage Loan;
provided that the related Mortgage Loan Documents may entitle the related
Borrower to any portion of such proceeds remaining after the repair or
restoration of the related Mortgaged Property or payment of amounts due under
the Mortgage Loan; and provided, further, that, if the related Borrower holds a
leasehold interest in the related Mortgaged Property, the application of such
proceeds will be subject to the terms of the related Ground Lease (as defined in
Paragraph 18 below). To the Seller's knowledge, all insurance policies described
above are with an insurance carrier qualified to write insurance in the relevant
jurisdiction and all insurance described above is in full force and effect.

            15. Taxes and Assessments. As of the date of origination of the
subject Mortgage Loan or January 31, 2003, whichever is later, there were no
(and, to the Seller's knowledge, there are no) delinquent property taxes or
water, sewer or other governmental assessments affecting any Mortgaged Property
securing a Mortgage Loan that are not otherwise covered by an escrow of funds
sufficient to pay such charge. For purposes of this representation and warranty,
real property taxes and water, sewer and other governmental assessments shall
not be considered delinquent until the date on which interest and/or penalties
would be payable thereon.

            16. Borrower Bankruptcy. No Borrower under a Mortgage Loan is a
debtor in any state or federal bankruptcy, insolvency or similar proceeding.

            17. Local Law Compliance. To the Seller's knowledge, based upon a
letter from governmental authorities, a legal opinion, a zoning consultant's
report, an endorsement to the related Title Policy, or (when such would be
acceptable to a reasonably prudent commercial or multifamily mortgage lender) a
representation of the related Borrower at the time of origination of the subject
Mortgage Loan, or based on such other due diligence considered reasonable by
prudent commercial or multifamily mortgage lenders in the lending area where the
subject Mortgaged Property is located, the improvements located on or forming
part of, and the existing use of, each Mortgaged Property securing a Mortgage
Loan are in material compliance with applicable zoning laws and ordinances or
constitute a legal non-conforming use or structure (or, if any such improvement
does not so comply and does not constitute a legal non-conforming use or
structure, such non-compliance and failure does not materially and adversely
affect the value of the related Mortgaged Property as determined by the
appraisal performed in connection with the origination of such Mortgage Loan).

            18. Leasehold Estate Only. If any Mortgage Loan is secured by the
interest of a Borrower as a lessee under a ground lease (together with any and
all written amendments and modifications thereof and any and all estoppels from
or other agreements with the ground lessor, a "Ground Lease"), but not by the
related fee interest in the subject real property (the "Fee Interest"), then,
except as set forth on Schedule C-1:

            (a) Such Ground Lease or a memorandum thereof has been or will be
duly recorded; such Ground Lease permits the interest of the lessee thereunder
to be encumbered by the related Mortgage and does not restrict the use of the
related Mortgaged Property by such lessee, its successors or assigns in a manner
that would materially adversely affect the security provided by the related
Mortgage; to the extent required under such Ground Lease, the lessor under such
Ground Lease has been sent notice of the lien of the related Mortgage in
accordance with the provisions of such Ground Lease; and there has been no
material change in the terms of such Ground Lease since its recordation, with
the exception of material changes reflected in written instruments which are a
part of the related Mortgage File;

            (b) The related lessee's leasehold interest in the portion of the
related Mortgaged Property covered by such Ground Lease is not subject to any
liens or encumbrances superior to, or of equal priority with, the related
Mortgage, other than Permitted Encumbrances, and such Ground Lease provides that
it shall remain superior to any mortgage or other lien upon the related Fee
Interest;

            (c) The Borrower's interest in such Ground Lease is assignable to,
and is thereafter further assignable by, the Purchaser upon notice to, but
without the consent of, the lessor thereunder (or, if such consent is required,
it has been obtained); provided that such Ground Lease has not been terminated
and all defaults, if any, on the part of the related lessee have been cured;

            (d) Such Ground Lease is in full force and effect, and the Seller
has not received actual notice that any material default or any delinquent
rental payment has occurred under such Ground Lease;

            (e) Such Ground Lease requires the lessor thereunder to give notice
of any default by the lessee to the mortgagee under such Mortgage Loan.
Furthermore, such Ground Lease further provides that no notice of termination
given under such Ground Lease is effective against the mortgagee under such
Mortgage Loan unless a copy has been delivered to such mortgagee in the manner
described in such Ground Lease;

            (f) The mortgagee under such Mortgage Loan is permitted a reasonable
opportunity (including, where necessary, sufficient time to gain possession of
the interest of the lessee under such Ground Lease) to cure any default under
such Ground Lease, which is curable after the receipt of notice of any such
default, before the lessor thereunder may terminate such Ground Lease;

            (g) Such Ground Lease has an original term (or an original term plus
options exercisable by the holder of the related Mortgage) which extends not
less than twenty (20) years beyond the end of the amortization term of such
Mortgage Loan;

            (h) Such Ground Lease requires the lessor to enter into a new lease
with the mortgagee under such Mortgage Loan upon termination of such Ground
Lease as a result of a rejection of such Ground Lease in a bankruptcy proceeding
involving the related Borrower unless the mortgagee under such Mortgage Loan
fails to cure a default of the lessee under such Ground Lease following notice
thereof from the lessor;

            (i) Under the terms of such Ground Lease and the related Mortgage
Loan Documents, taken together, any casualty insurance proceeds, other than de
minimis amounts for minor casualties, with respect to the leasehold interest
will be applied either: (i) to the repair or restoration of all or part of the
related Mortgaged Property, with the mortgagee under such Mortgage Loan or a
trustee appointed by it having the right to hold and disburse such proceeds as
the repair or restoration progresses (except in such cases where a provision
entitling another party to hold and disburse such proceeds would not be viewed
as commercially unreasonable by a prudent commercial or multifamily mortgage
lender), or (ii) to the payment of the outstanding principal balance of the
Mortgage Loan together with any accrued interest thereon. Under the terms of
such Ground Lease and the related Mortgage Loan Documents, taken together, any
condemnation proceeds or awards in respect of a total or substantially total
taking will be applied first to the payment of the outstanding principal and
interest on the Mortgage Loan (except as otherwise provided by applicable law)
and subject to any rights to require the improvements to be rebuilt;

            (j) Such Ground Lease does not impose any restrictions on subletting
which would be viewed as commercially unreasonable by a prudent commercial or
multifamily mortgage lender in the lending area where the related Mortgaged
Property is located at the time of the origination of such Mortgage Loan;

            (k) The lessor under such Ground Lease is not permitted under the
terms thereof, in the absence of an uncured default (after notice to the
mortgagee under such Mortgage Loan and the expiration of the applicable cure
period), to disturb the possession, interest or quiet enjoyment of the lessee in
the relevant portion of the Mortgaged Property subject to such Ground Lease for
any reason, or in any manner, which would materially adversely affect the
security provided by the related Mortgage; and

            (l) Such Ground Lease provides that it may not be amended or
modified without the prior consent of the mortgagee under such Mortgage Loan and
that any such action without such consent is not binding on such mortgagee, its
successors or assigns.

            19. Qualified Mortgage. Such Mortgage Loan is a "qualified mortgage"
within the meaning of Section 860G(a)(3) of the Code (but without regard to the
rule in Treasury Regulation Section 1.860G-2(f)(2) that treats a defective
obligation as a qualified mortgage), and the related Mortgaged Property, if
acquired by a REMIC in connection with the default or imminent default of such
Mortgage Loan, would constitute "foreclosure property" within the meaning of
Section 860G(a)(8) of the Code.

            20. Advancement of Funds. The Seller has not (nor, to the Seller's
knowledge, has any prior holder of such Mortgage Loan) advanced funds, or
induced, solicited or knowingly received any advance of funds from a party other
than the owner of the related Mortgaged Property (or a tenant at or the property
manager of the related Mortgaged Property), for the payment of any amount
required by such Mortgage Loan, except for interest accruing from the date of
origination of such Mortgage Loan or the date of disbursement of the Mortgage
Loan proceeds, whichever is later, to the date which preceded by 30 days the
first due date under the related Mortgage Note.

            21. No Equity Interest, Equity Participation or Contingent Interest.
No Mortgage Loan contains any equity participation by the mortgagee thereunder,
is convertible by its terms into an equity ownership interest in the related
Mortgaged Property or the related Borrower, has a shared appreciation feature,
provides for any contingent or additional interest in the form of participation
in the cash flow of the related Mortgaged Property, or, except as identified on
Schedule C-1, provides for interest-only payments without principal amortization
for more than six months or for the negative amortization of interest, except
that, in the case of an ARD Loan, such Mortgage Loan provides that, during the
period commencing on or about the related Anticipated Repayment Date and
continuing until such Mortgage Loan is paid in full, (a) additional interest
shall accrue, may be compounded monthly and shall be payable only after the
outstanding principal of such Mortgage Loan is paid in full, and (b) a portion
of the cash flow generated by such Mortgaged Property will be applied each month
to pay down the principal balance thereof in addition to the principal portion
of the related Monthly Payment. Neither the Seller nor any affiliate thereof has
any obligation to make any capital contribution to the Borrower under the
Mortgage Loan or otherwise.

            22. Legal Proceedings. To the Seller's knowledge, as of origination
of the Mortgage Loan, there were no, and to the Seller's knowledge, as of the
date hereof, there are no, pending actions, suits, litigation or other
proceedings by or before any court or governmental authority against or
affecting the Borrower (or any guarantor to the extent a reasonably prudent
commercial or multifamily, as applicable, mortgage lender would consider such
guarantor material to the underwriting of such Mortgage Loan) under such
Mortgage Loan or the related Mortgaged Property that, if determined adversely to
such Borrower, guarantor or Mortgaged Property, would materially and adversely
affect the value of the Mortgaged Property as security for such Mortgage Loan,
the Borrower's ability to pay principal, interest or any other amounts due under
such Mortgage Loan or the ability of any such guarantor to meet its obligations.

            23. Other Mortgage Liens. Except for Mortgage Loans secured by
residential cooperative properties and except as otherwise set forth on Schedule
C-1, none of the Mortgage Loans permits the related Mortgaged Property or any
direct controlling equity interest in the related Borrower to be encumbered by
any mortgage lien or, in the case of a direct controlling equity interest in the
related Borrower, a lien to secure any other debt, without the prior written
consent of the holder of the subject Mortgage Loan or the satisfaction of debt
service coverage or similar criteria specified therein. To the Seller's
knowledge, as of origination of the subject Mortgage Loan and as of the date
hereof, except as otherwise set forth on Schedule C-1, and except for liens
securing other Mortgage Loans, no Mortgaged Property securing the subject
Mortgage Loan was or is encumbered by any other mortgage liens (other than
Permitted Encumbrances) and no direct controlling equity interest in the related
Borrower was or is encumbered by a lien to secure any other debt. The related
Mortgage Loan Documents require the Borrower under each Mortgage Loan to pay all
reasonable costs and expenses related to any required consent to an encumbrance,
including reasonable legal fees and expenses and any applicable Rating Agency
fees, or would permit the subject mortgagee to withhold such consent if such
costs and expenses are not paid by a party other than such mortgagee.

            24. No Mechanics' Liens. To the Seller's knowledge, as of the
origination of the Mortgage Loan and as of the date hereof: (i) each Mortgaged
Property securing a Mortgage Loan (exclusive of any related personal property)
was and is free and clear of any and all mechanics' and materialmen's liens that
are prior or equal to the lien of the related Mortgage and that are not bonded
or escrowed for or covered by title insurance, and (ii) no rights were or are
outstanding that under law could give rise to any such lien that would be prior
or equal to the lien of the related Mortgage and that is not bonded or escrowed
for or covered by title insurance.

            25. Compliance with Usury Laws. Each Mortgage Loan complied with, or
was exempt from, all applicable usury laws in effect at its date of origination.

            26. Licenses and Permits. To the extent required by applicable law,
each Mortgage Loan requires the related Borrower to be qualified to do business,
and requires the related Borrower and the related Mortgaged Property to be in
material compliance with all regulations, licenses, permits, authorizations,
restrictive covenants and zoning and building laws, in each case to the extent
required by law or to the extent that the failure to be so qualified or in
compliance would have a material and adverse effect upon the enforceability of
the Mortgage Loan or upon the practical realization against the related
Mortgaged Property of the principal benefits of the security intended to be
provided thereby. To the Seller's knowledge, as of the date of origination of
each Mortgage Loan and based on any of: (i) a letter from governmental
authorities, (ii) a legal opinion, (iii) an endorsement to the related Title
Policy, (iv) a representation of the related Borrower at the time of origination
of such Mortgage Loan, (v) a zoning report from a zoning consultant, or (vi)
other due diligence that a reasonably prudent commercial or multifamily mortgage
lender would customarily perform in the origination of comparable mortgage
loans, the related Borrower was in possession of all material licenses, permits
and franchises required by applicable law for the ownership and operation of the
related Mortgaged Property as it was then operated or such material licenses,
permits and franchises have otherwise been issued.

            27. Cross-Collateralization. No Mortgage Loan is
cross-collateralized with any loan which is outside the Mortgage Pool. With
respect to any group of cross-collateralized Mortgage Loans, the sum of the
amounts of the respective Mortgages recorded on the related Mortgaged Properties
with respect to such Mortgage Loans is at least equal to the total amount of
such Mortgage Loans.

            28. Releases of Mortgaged Properties. Except as set forth on
Schedule C-1, no Mortgage Note or Mortgage requires the mortgagee to release all
or any material portion of the related Mortgaged Property from the lien of the
related Mortgage except upon: (i) payment in full of all amounts due under the
related Mortgage Loan or (ii) delivery of "government securities" within the
meaning of Treas. Reg. Section 1.860G-2(a)(8)(i) in connection with a defeasance
of the related Mortgage Loan; provided that the Mortgage Loans that are
Cross-Collateralized Mortgage Loans, and the other individual Mortgage Loans
secured by multiple parcels, may require the respective mortgagee(s) to grant
releases of material portions of the related Mortgaged Property or the release
of one or more related Mortgaged Properties upon: (i) the satisfaction of
certain legal and underwriting requirements, (ii) the payment of a release price
(in an amount that is, except as otherwise set forth on Schedule C-1, at least
equal to 125% of the allocated loan amount for the released property or parcel)
and prepayment consideration in connection therewith or (iii) the delivery of
substitute real estate collateral. No release or partial release of any
Mortgaged Property, or any portion thereof, expressly permitted pursuant to the
terms of any Mortgage Note or Mortgage would constitute a significant
modification of the related Mortgage Loan under Treas. Reg. Section
1.860G-2(b)(2). Notwithstanding the foregoing, any Mortgage Loan may permit the
unconditional release of one or more unimproved parcels of land to which the
Seller did not give any material value in its underwriting of such Mortgage
Loan.

            29. Defeasance. With respect to any Mortgage Loan that contains a
provision for any defeasance of mortgage collateral (a "Defeasance Loan"), the
related Mortgage Note or Mortgage provides that the defeasance option is not
exercisable prior to a date that is at least two (2) years following the Closing
Date and is otherwise in compliance with applicable statutes, rules and
regulations governing REMICs; requires prior written notice to the holder of the
Mortgage Loan of the exercise of the defeasance option and payment by the
Borrower of all related reasonable fees, costs and expenses as set forth below;
if the Borrower would continue to own assets in addition to the defeasance
collateral, requires, or permits the lender to require, the Mortgage Loan (or
the portion thereof being defeased) to be assumed by a single-purpose entity;
and requires counsel to provide a legal opinion that the Trustee has a perfected
security interest in the defeasance collateral prior to any other claim or
interest. In addition, each Mortgage Loan that is a Defeasance Loan permits
defeasance only with substitute collateral constituting "government securities"
within the meaning of Treas. Reg. Section 1.860G-2(a)(8)(i) in an amount
sufficient to make all scheduled payments under the Mortgage Note (or the
portion thereof being defeased) when due, and in the case of ARD Loans, assuming
the Anticipated Repayment Date is the Maturity Date. The Mortgage Loan Documents
for each Defeasance Loan provide that such defeasance collateral shall consist
solely of non-callable U.S. Treasury securities or other non-callable securities
backed by the full faith and credit of the United States government. To the
Seller's knowledge, defeasance under the Mortgage Loan is only for the purpose
of facilitating the disposition of a Mortgaged Property and not as part of an
arrangement to collateralize a REMIC offering with obligations that are not real
estate mortgages. With respect to each Defeasance Loan, the related Mortgage
Loan Documents provide that the related Borrower shall (a) pay all Rating Agency
fees associated with defeasance (if rating confirmation is a specific condition
precedent thereto) and all other reasonable expenses associated with defeasance,
including, but not limited to, accountant's fees and opinions of counsel, or (b)
provide all opinions required under the related Mortgage Loan Documents,
including, if applicable, a REMIC opinion and a perfection opinion and any
applicable rating agency letters confirming no downgrade or qualification of
ratings on any classes in the transaction. Additionally, for any Mortgage Loan
having a Cut-off Date Principal Balance equal to or greater than $19,900,000,
the Mortgage Loan or the related documents require confirmation from the Rating
Agency that exercise of the defeasance option will not cause a downgrade or
withdrawal of the rating assigned to any securities backed by the Mortgage Loan
and require the Borrower to pay any Rating Agency fees and expenses in
connection with defeasance.

            30. Fixed Rate Loans. Each Mortgage Loan bears interest at a rate
that remains fixed throughout the remaining term of such Mortgage Loan, except
in the case of an ARD Loan after its Anticipated Repayment Date and except for
the imposition of a default rate.

            31. Inspection. The Seller, an affiliate of the Seller, or a
correspondent in the conduit lending program of the Seller, inspected, or caused
the inspection of, each Mortgaged Property securing a Mortgage Loan within the
preceding twelve (12) months.

            32. No Material Default. To the Seller's knowledge, there exists no
material default, breach, violation or event of acceleration (and, to the
Seller's knowledge, there is no event, other than payments due but not yet 30
days' delinquent, that, with the passage of time or the giving of notice, or
both, would constitute a material default, breach, violation or event of
acceleration) under the Mortgage Note or Mortgage for any Mortgage Loan;
provided, however, that this representation and warranty does not cover any
default, breach, violation or event of acceleration that specifically pertains
to or arises out of the subject matter otherwise covered by any other
representation and warranty made by the Seller in this Exhibit C.

            33. Due-on-Sale. The Mortgage for each Mortgage Loan contains a
"due-on-sale" clause, which provides for the acceleration of the payment of the
unpaid principal balance of such Mortgage Loan if, without the prior written
consent of the holder of such Mortgage, either the related Mortgaged Property
or, except as set forth in Schedule C-1 hereto, any direct controlling equity
interest in the related Borrower, is transferred or sold, other than by reason
of: (i) if the related Mortgaged Property is a residential cooperative property,
transfers of stock of the Borrower in connection with the assignment of a
proprietary lease for a unit in the related Mortgaged Property by a
tenant-shareholder of the Borrower to other persons who by virtue of such
transfers become tenant-shareholders in the Borrower; and (ii) in the case of
other types of Mortgaged Properties, family or estate planning transfers,
transfers of less than a controlling interest in the Borrower, transfers of
shares in public companies, issuance of non-controlling new equity interests,
transfers to an affiliate meeting the requirements of the Mortgage Loan,
transfers among existing members, partners or shareholders in the Borrower,
transfers among affiliated Borrowers with respect to cross-collateralized
Mortgaged Loans or multi-property Mortgage Loans, transfers among co-Borrowers
or transfers of a similar nature to the foregoing meeting the requirements of
the Mortgage Loan. The related Mortgage Loan Documents require the Borrower
under each Mortgage Loan to pay all reasonable fees and expenses associated with
securing the consent or approval of the holder of the related Mortgage for all
actions pertaining to such "due-on-sale" clause (including an assumption of the
Mortgage Loan) requiring such consent or approval under the related Mortgage,
including the cost of counsel opinions relating to REMIC or other securitization
and tax issues, or require the payment of a specified fee or fees, including,
except as described on Schedule C-1 hereto, an assumption fee that may or may
not be applied to pay such fees and expenses.

            34. Single Purpose Entity. Except for Mortgage Loans secured by
residential cooperative properties, each Mortgage Loan with an original
principal balance over $5,000,000.00 requires the related Borrower to be, at
least for so long as the Mortgage Loan is outstanding, and to the Seller's
knowledge, the related Borrower is, a Single-Purpose Entity. For this purpose,
"Single-Purpose Entity" means a person, other than an individual, which is
formed or organized solely for the purpose of owning and operating the related
Mortgaged Property or Properties; which does not engage in any business
unrelated to such Mortgaged Property or Properties and the financing thereof;
and whose organizational documents provide, or which entity represented and
covenanted in the related Mortgage Loan Documents, substantially to the effect
that such Borrower (i) does not and will not have any material assets other than
those related to its interest in such Mortgaged Property or Properties or the
financing thereof; (ii) does not and will not have any indebtedness other than
as permitted by the related Mortgage or other related Mortgage Loan Documents;
(iii) maintains its own books, records and accounts, in each case which are
separate and apart from the books, records and accounts of any other person; and
(iv) holds itself out as being a legal entity, separate and apart from any other
person. In addition, with respect to each Mortgage Loan with a Cut-off Date
Principal Balance of $20,000,000 or more, (a) the related Borrower's
organizational documents provide substantially to the effect that the Borrower
shall: conduct business in its own name; not guarantee or assume the debts or
obligations of any other person; not commingle its assets or funds with those of
any other person; prepare separate tax returns and financial statements, or if
part of a consolidated group, be shown as a separate member of such group;
transact business with affiliates on an arm's length basis; hold itself out as
being a legal entity, separate and apart from any other person; (b) such
organizational documents further provide substantially to the effect that: any
dissolution and winding up or insolvency filing for such entity is prohibited or
requires the consent of an independent director or member or the unanimous
consent of all partners, directors or members, as applicable; (c) such documents
may not be amended with respect to the Single-Purpose Entity requirements
without the approval of the mortgagee or Rating Agencies; and (d) the Borrower
shall have an outside independent director or member. The Seller has obtained,
with respect to each Mortgage Loan having a Cut-off Date Principal Balance of
$20,000,000 or more, in connection with its origination or acquisition thereof,
a counsel's opinion regarding non-consolidation of the Borrower in any
insolvency proceeding involving any other party. To the Seller's knowledge,
except with respect to Mortgage Loans secured by residential cooperative
properties, each Borrower has fully complied with the requirements of the
related Mortgage Note and Mortgage and the Borrower's organizational documents
regarding Single-Purpose Entity status. The organization documents of any
Borrower on a Mortgage Loan having a Cut-off Date Principal Balance of
$20,000,000 or more that is a single member limited liability company, provide
that the Borrower shall not dissolve or liquidate upon the bankruptcy,
dissolution, liquidation or death of the sole member. Any such single member
limited liability company Borrower is organized in jurisdictions that provide
for such continued existence, and the Seller has obtained, in connection with
its origination or acquisition of the subject Mortgage Loan, an opinion of such
Borrower's counsel confirming such continued existence and that the applicable
law provides that creditors of the single member may only attach the assets of
the member including the membership interests in the Borrower but not the assets
of the Borrower.

            35. Whole Loan. Each Mortgage Loan is a whole loan and not a
participation interest in a mortgage loan.

            36. Tax Parcels. Each Mortgaged Property constitutes one or more
complete separate tax lots containing no other property, or is subject to an
endorsement under the related Title Policy insuring same, or an application for
the creation of separate tax lots complying in all respects with the applicable
laws and requirements of the applicable governing authority has been made and
approved by the applicable governing authority and such separate tax lots shall
be effective for the next tax year.

            37. ARD Loans. Except as described on Schedule C-1, each Mortgage
Loan which is an ARD Loan commenced amortizing on its initial scheduled Due
Date, and provides that: (i) its Mortgage Rate will increase by at least two (2)
percentage points in connection with the passage of its Anticipated Repayment
Date; (ii) its Anticipated Repayment Date is not less than seven (7) years
following the origination of such Mortgage Loan; (iii) no later than the related
Anticipated Repayment Date, the related Borrower is required (if it has not
previously done so) to enter into a "lockbox agreement" whereby all revenue from
the related Mortgaged Property shall be deposited directly into a designated
account controlled by the Master Servicer; and (iv) any net cash flow from the
related Mortgaged Property that is applied to amortize such Mortgage Loan
following its Anticipated Repayment Date shall, to the extent such net cash flow
is in excess of the scheduled principal and interest payment payable therefrom,
be net of budgeted and discretionary (servicer approved) capital expenditures.

            38. Security Interests. Subject to the exceptions set forth in
Paragraph 13 above, the security agreements, financing statements or other
instruments, if any, related to the Mortgage Loan establish and create, and a
UCC financing statement has been filed and/or recorded in all places required by
applicable law for the perfection of (to the extent that the filing of such a
UCC financing statement can perfect such a security interest), a valid security
interest in the personal property granted under such Mortgage (and any related
security agreement or instrument), which in all cases includes elevators, if
any, and all Borrower-owned furniture, fixtures and equipment material to the
operation and use of the Mortgaged Property as presently operated, and if such
Mortgaged Property is a hotel operated by the related Borrower, then such
personal property constitutes such portion of the material personal property
required to operate the Borrower's business as the Seller considered appropriate
in light of its underwriting standards; any security agreement, chattel mortgage
or equivalent document related to and delivered in connection with the Mortgage
Loan establishes and creates a valid and enforceable lien and security interest
on the collateral described therein (subject to the exceptions set forth in
Paragraph 13 above), which lien/security interest shall, in the case of (i)
elevators at all Mortgaged Properties having the same and (ii) all
Borrower-owned furniture, fixtures and equipment at Borrower operated hotel
properties, be a first priority lien/security interest except for certain
personal property subject to purchase money security interests and personal
property leases. In the case of any Mortgage Loan secured by a hotel, the
related loan documents contain such provisions as are necessary and UCC
Financing Statements have been filed as necessary, in each case, to perfect a
valid first priority security interest in the related revenues with respect to
such Mortgaged Property (to the extent that such security interest can be
perfected by the filing of such UCC Financing Statements). The Purchaser or
Trustee or a designee thereof is authorized to file an assignment of each UCC
financing statement relating to the Mortgage Loan in the filing office in which
such financing statement was filed. Each Mortgage Loan and the related Mortgage
(along with any security agreement and UCC financing statement), together with
applicable state law, contain customary and enforceable provisions (subject to
the exceptions set forth in Paragraph 13 above) such as to render the rights and
remedies of the holders thereof adequate for the practical realization against
the personal property collateral described above of the principal benefits of
the security intended to be provided thereby.

            39. Disclosure to Environmental Insurer and Other Matters. If the
Mortgaged Property securing any Mortgage Loan is covered by a secured creditor
impairment environmental insurance policy, then the Seller:

            (a) has disclosed, or is aware that there has been disclosed, in the
application for such policy or otherwise to the insurer under such policy the
"pollution conditions" (as defined in such policy) identified in any
environmental reports related to such Mortgaged Property which are in the
Seller's possession or are otherwise known to the Seller; or

            (b) has delivered or caused to be delivered to the insurer under
such policy copies of all environmental reports in the Seller's possession
related to such Mortgaged Property;

in each case to the extent required by such policy or to the extent the failure
to make any such disclosure or deliver any such report would materially and
adversely affect the Purchaser's ability to recover under such policy. If the
Mortgaged Property securing any Mortgage Loan is covered by a secured creditor
impairment environmental insurance policy, then: (x) all premiums for such
insurance have been paid; (y) such insurance is in full force and effect; and
(z) (i) an environmental report, a property condition report or an engineering
report was prepared that included an assessment for lead based paint ("LBP") (in
the case of a multifamily property built prior to 1978), asbestos containing
materials ("ACM") (in the case of any property built prior to 1981) and radon
gas ("RG") (in the case of a multifamily property) at such Mortgaged Property
and (ii) if such report disclosed the existence of a material and adverse LBP,
ACM or RG environmental condition or circumstance affecting such Mortgaged
Property, then (A) the related Borrower was required to remediate such condition
or circumstance prior to the closing of the subject Mortgage Loan, or (B) the
related Borrower was required to provide additional security reasonably
estimated to be adequate to cure such condition or circumstance, or (C) the
related Mortgage Loan documents require the related Borrower to establish an
operations and maintenance plan with respect to such condition or circumstance
after the closing of such Mortgage Loan. If the Mortgage Loan is listed on
Schedule C-1 and the environmental insurance for such Mortgage Loan is not a
secured creditor impairment environmental insurance policy but was required to
be obtained by the Borrower, then the holder of the Mortgage Loan is entitled to
be an additional insured under such policy, all premiums have been paid, such
insurance is in full force and effect and, to the Seller's knowledge, the
Borrower has made the disclosures and complied with the requirements of clauses
(a) and (b) of this Paragraph 39.

            40. Prepayment Premiums and Yield Maintenance Charges. Prepayment
Premiums and Yield Maintenance Charges payable with respect to each Mortgage
Loan, if any, constitute "customary prepayment penalties" within meaning of
Treas. Reg. Section 1.860G-1(b)(2).

            41. Operating Statements. Except for Mortgage Loans secured by
residential cooperative properties and Mortgage Loans with an initial principal
balance less than $3,000,000, either of which may only require annual financial
statements, each Mortgage Loan requires the Borrower, in some cases only at the
request of the holder of the related Mortgage, to provide the owner or holder of
the related Mortgage with at least quarterly and annual operating statements,
rent rolls (if there is more than one tenant) and related information and annual
financial statements, which annual financial statements with respect to each
Mortgage Loan with an original principal balance greater than $20 million shall
be audited (or prepared and certified) by an independent certified public
accountant upon the request of the holder of the related Mortgage.

            42. Servicing Rights. Except as provided in the Pooling and
Servicing Agreement, any permitted subservicing agreements and servicing rights
purchase agreements pertaining thereto, no Person has been granted or conveyed
the right to service any Mortgage Loan or receive any consideration in
connection therewith.

            43. Recourse. Other than Mortgage Loans which are secured by
residential cooperative properties (such Mortgage Loans being full recourse
loans to the related Borrower), each Mortgage Loan is non-recourse; provided
that, except as described on Schedule C-1 or for Mortgage Loans with a Cut-off
Date Principal Balance of less than $5,000,000, the Borrower and either a
principal of the Borrower or other individual guarantor, with assets other than
any interest in the Borrower, is liable in the event of (i) fraud or material
intentional misrepresentation, (ii) misapplication or misappropriation of rents,
insurance payments, condemnation awards or tenant security deposits, (iii)
violation of applicable environmental laws or breaches of environmental
covenants or (iv) the filing of a voluntary bankruptcy or insolvency proceeding
by the Borrower; and provided, further, that, with respect to clause (iii) of
the preceding proviso, an indemnification against losses related to such
violations or environmental insurance shall satisfy such requirement. No waiver
of liability for such non-recourse exceptions has been granted to the Borrower
or any such guarantor or principal by the Seller or anyone acting on behalf of
the Seller.

            44. Assignment of Collateral. There is no material collateral
securing any Mortgage Loan that is not being assigned to the Purchaser.

            45. Fee Simple or Leasehold Interests. The interest of the related
Borrower in the Mortgaged Property securing each Mortgage Loan includes a fee
simple and/or leasehold estate or interest in real property and the improvements
thereon.

            46. Servicing. The servicing and collection practices used with
respect to each Mortgage Loan in all material respects have met customary
standards utilized by prudent commercial or multifamily mortgage loan servicers
with respect to whole loans.

            47. Originator's Authorization To Do Business. To the extent
required under applicable law, as of the Mortgage Loan's funding date and at all
times when it held such Mortgage Loan, the originator of each Mortgage Loan was
authorized to do business in the jurisdiction in which the related Mortgaged
Property is located, except where the failure to be so authorized does not
adversely affect the enforceability of such Mortgage Loan.

            48. No Fraud In Origination. In the origination of the Mortgage
Loan, neither the originator nor any employee or agent of the Seller or the
originator, participated in any fraud or intentional material misrepresentation
with respect to the Borrower, the Mortgaged Property or any guarantor. To the
Seller's knowledge, no Borrower is guilty of defrauding or making an intentional
material misrepresentation to the Seller or originator with respect to the
origination of the Mortgage Loan, the Borrower or the Mortgaged Property.

            49. Appraisal. In connection with its origination or acquisition of
each Mortgage Loan, the Seller obtained an appraisal of the related Mortgaged
Property, which appraisal was signed by an appraiser, who, to the Seller's
knowledge, had no interest, direct or indirect, in the Borrower, the Mortgaged
Property or in any loan made on the security of the Mortgaged Property, and
whose compensation was not affected by the approval or disapproval of the
Mortgage Loan; to the Seller's knowledge, the appraisal and appraiser both
satisfied the requirements of the "Uniform Standards of Professional Appraisal
Practice" as adopted by the Appraisal Standards Board of the Appraisal
Foundation, all as in effect on the date the Mortgage Loan was originated.

            50. Jurisdiction of Organization. Each Borrower under a Mortgage
Loan was organized under the laws of the United States or the laws of a
jurisdiction located within the United States, its territories and possessions.

            51. Borrower Concentration. Except as otherwise specified on
Schedule C-1, no single Borrower or group of affiliated Borrowers is/are the
obligor(s) under any one or more Mortgage Loans with a Cut-off Date Principal
Balance of $50,000,000 or more.

            52. Escrows. All escrow deposits (including capital improvements and
environmental remediation reserves) relating to any Mortgage Loan that were
required to be delivered to the lender under the terms of the related Mortgage
Loan Documents have been received and, to the extent of any remaining balances
of such escrow deposits, are in the possession or under the control of the
Seller or its agents (which shall include the Master Servicer). All such escrow
deposits which are required for the administration and servicing of such
Mortgage Loan are being conveyed hereunder to the Purchaser.

            53. Access. The Mortgaged Property securing each Mortgage Loan is
located on or adjacent to a public road or has access to an irrevocable easement
permitting ingress and egress.
<PAGE>

                                  SCHEDULE C-1

           EXCEPTIONS TO MORTGAGE LOAN REPRESENTATIONS AND WARRANTIES

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

Exception to Paragraph 6:
940929812  FAIRFAX  APARTMENTS.  The  completion  date on the  Deferred
Maintenance  Escrow Agreement was changed from 1/25/2003 to 4/30/2003.
940930043  FLOWER  HILL  MALL.  The  completion  date  on  the  Outstanding
Issues  Escrow Agreement was extended from 30 days from the funding date to 180
days.
940930610  CANOGA PARK CENTER.  The monthly payment amount was corrected on
1/17/03.

Exception to Paragraph 12:
With respect to the following Mortgage Loans, no Phase I environmental site
assessment was performed and no Phase I environmental report was obtained;
however, such Mortgage Loans are covered by a secured creditor impairment
environmental insurance policy.
940927192 BELLE VILLAGE APARTMENTS
940930142 4 MANLEY STREET
940930441 ORANGEWOOD PLACE APARTMENTS
940930995 KICKINGBIRD APARTMENTS

Exception to Paragraph 23:
None of the Mortgage Loans prohibits any direct controlling equity interest in
the related Borrower from being encumbered under any circumstances.

Exception to Paragraph 33:
None of the Mortgage Loans provides for acceleration of indebtedness if without
the consent of the holder of the related Mortgage Loan, (i) a direct controlling
equity interest in the related Borrower of 49% or less is transferred or sold or
(ii) a direct controlling equity interest in the related Borrower of any amount
is transferred by virtue of an involuntary change in ownership resulting from a
death or physical or mental disability.

Exception to Paragraph 34:
940930852 ONE MONTROSE METRO. The Borrower under this Mortgage Loan that
executed the Promissory Note is a single member limited liability company formed
in the state of Maryland. Such Borrower does not satisfy all of the requirements
set forth in the last two sentences of Paragraph 34.

Exception to Paragraph 41:
940929089 MOORESVILLE CONSUMER SQUARE. The Mortgage Loan requires the Borrower
to provide only annual financial statements and rent rolls.
<PAGE>

Exceptions to Paragraph 43:
940937192 BELLE VILLAGE APARTMENTS. The co-Borrowers under this Mortgage Loan
are both individuals and there are no individual guarantors.
The following Mortgage Loans do not have individuals who are liable in the event
of (i) fraud or material intentional misrepresentation, (ii) misapplication or
misappropriation of rents, insurance payments, condemnation awards or tenant
security deposits, (iii) violations of applicable environmental laws or breaches
of environmental covenants or (iv) the filing of a voluntary bankruptcy or
insolvency proceeding by the Borrower.
940930691 FAIRFAX BUILDING
940930847 POTOMAC VALLEY BANK BUILDING
940930848 50-66 OFFICE BUILDING
940930849 ONE BELTWAY NORTH
940930850 SHADY GROVE TECH CENTER
940930852 ONE MONTROSE METRO
940930957 SOUTHERN HILLS TOWER
940930958 RICHMOND PLAZA BUILDING
940931010 CHASCO WOODS APARTMENTS
940931062 COURT VILLAGE APARTMENTS

Exception to Paragraph 51:
Guardian Realty Investments LLLP is the principal of the Borrower for the
following Mortgage Loans having an aggregate Cut-off Date Principal Balance in
excess of $50,000,000.
940930841 PROFESSIONAL EQUITY BUILDING
940930847 POTOMAC VALLEY BANK BUILDING
940930848 50-66 OFFICE BUILDING
940930849 ONE BELTWAY NORTH
940930850 SHADY GROVE TECH CENTER
940930852 ONE MONTROSE METRO
<PAGE>

                                   EXHIBIT D-1

  FORM OF CERTIFICATE OF THE SECRETARY OR AN ASSISTANT SECRETARY OF THE SELLER

              CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
         COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2003-CPN1

           CERTIFICATE OF SECRETARY OF PNC BANK, NATIONAL ASSOCIATION

            I, Thomas R. Moore, hereby certify that I am a duly appointed
Secretary of PNC Bank, National Association (the "Bank"), a national banking
association, and further certify on behalf of the Bank as follows:

            1. Attached hereto as Exhibit A is a true and correct copy of the
      By-Laws of the Bank, which By-Laws are, on the date hereof, and have been
      at all times since the formation of the Bank, in full force and effect.

            2. Attached hereto as Exhibit B is a Certificate of Corporate
      Existence of the Bank, as in full force and effect on the date hereof, and
      no event has occurred since the date thereof which has affected the
      authorization of the Bank to transact the business of banking under the
      laws of the United States.

            3. Each person listed below is and has been the duly elected and
      qualified officer or authorized signatory of the Bank and his genuine
      signature is set forth opposite his name.

      NAME                          OFFICE                      SIGNATURE
      ----                          ------                      ---------

      Jeffrey E. Johnson      Senior Vice  President     _______________________

      Harry J. Funk           Senior Vice  President     _______________________

            Capitalized terms used but not defined herein shall have the
meanings assigned to such terms in the Mortgage Loan Purchase Agreement dated as
of March 1, 2003 between Credit Suisse First Boston Mortgage Securities Corp.,
as purchaser, and the Bank, as seller.

                                     [SIGNATURE PAGE FOLLOWS]
<PAGE>

            IN WITNESS WHEREOF, the undersigned has executed this certificate as
of March ___, 2003.

                                       By:
                                            ----------------------------------
                                           Name:  Thomas R. Moore
                                           Title: Secretary

<PAGE>

                                    EXHIBIT A

                    BY-LAWS OF PNC BANK, NATIONAL ASSOCIATION

                                 [See attached.]

<PAGE>

                                    EXHIBIT B

      CERTIFICATE OF CORPORATE EXISTENCE OF PNC BANK, NATIONAL ASSOCIATION

                                 [See attached.]

<PAGE>
                                   EXHIBIT D-2

                        FORM OF CERTIFICATE OF THE SELLER

              CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
         COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2003-CPN1

                  CERTIFICATE OF PNC BANK, NATIONAL ASSOCIATION

            In connection with the execution and delivery by PNC Bank, National
Association ("PNC Bank") of, and the consummation of the various transactions
contemplated by, that certain Mortgage Loan Purchase Agreement dated as of March
1, 2003 (the "Mortgage Loan Purchase Agreement"), between Credit Suisse First
Boston Mortgage Securities Corp. ("CSFBMSC"), as purchaser, and PNC Bank, as
seller, and that certain Indemnification Agreement dated as of February 27, 2003
(the "Indemnification Agreement" and, together with the Mortgage Loan Purchase
Agreement, the "Agreements"), between PNC Bank, CSFBMSC and Credit Suisse First
Boston LLC and the other Underwriters, the undersigned hereby certifies on
behalf of PNC Bank that (i) the representations and warranties of PNC Bank in
the Agreements are true and correct in all material respects at and as of the
date hereof (or, in the case of any particular representation or warranty set
forth in Exhibit C to the Mortgage Loan Purchase Agreement, as of such other
date provided for in such representation or warranty) with the same effect as if
made on the date hereof; provided, however, that in the case of the
representations and warranties set forth in Exhibit C to the Mortgage Loan
Purchase Agreement, such representations and warranties are subject to the
exceptions set forth in Schedule C-1 thereto and Section 18 thereof; and (ii)
PNC Bank has, in all material respects, complied with all the agreements and
satisfied all the conditions on its part required under the Mortgage Loan
Purchase Agreement to be performed or satisfied at or prior to the date hereof.
Capitalized terms used but not defined herein shall have the respective meanings
assigned to them in the Mortgage Loan Purchase Agreement.

                          [Signature on Following Page]
<PAGE>

            Certified this ______ day of March, 2003.

                                       PNC BANK, NATIONAL ASSOCIATION

                                       By: __________________________________
                                           Name:  Jeffrey E. Johnson
                                           Title: Senior Vice President

<PAGE>Exhibit 4.18

                                Table of Contents

                                                                            Page

ARTICLE I           PURPOSES OF THE PLAN......................................1

ARTICLE II          DEFINITIONS...............................................1

ARTICLE III         EFFECTIVE DATE AND TERM...................................7

ARTICLE IV          ADMINISTRATION OF THE PLAN................................7

ARTICLE V           ELIGIBILITY...............................................8

   Section 5.1        In General..............................................8
   Section 5.2        Investment Company Act Limitation.......................8

ARTICLE VI          SHARE AWARDS..............................................9

   Section 6.1        Grant of Share Awards and Contributions to the Trust....9
   Section 6.2        Deferred Share Awards...................................10
   Section 6.3        Restricted Share Awards.................................15
   Section 6.4        Transitional Provisions.................................17

ARTICLE VII         DEFERRED LONG TERM AWARDS.................................18

   Section 7.1        Grant of Deferred Long-Term Awards and Contributions to
                        the Trust.............................................18
   Section 7.2        Deferred Long-Term Awards...............................19

ARTICLE VIII        FUNDING OF THE PLAN.......................................24

   Section 8.1        Unfunded Plan...........................................24
   Section 8.2        Trust...................................................25
   Section 8.3        Internal Funding........................................26

ARTICLE IX          ADDITIONAL SECURITIES MATTERS.............................26

ARTICLE X           MISCELLANEOUS PROVISIONS..................................26

   Section 10.1       Taxes...................................................26
   Section 10.2       No Special Employment Rights............................27
   Section 10.3       Expenses................................................27
   Section 10.4       Titles and Headings Not to Control......................27
   Section 10.5       Amendment or Termination of Plan........................27
   Section 10.6       Governing Law...........................................28
   Section 10.7       Waiver of Punitive Damages..............................28
   Section 10.8       Restrictions on Transfer................................28
   Section 10.9       Change in Control.......................................28
   Section 10.10      Consolidation or Merger of the Company..................29

                                       i
<PAGE>

   Section 10.11      Set-off.................................................29
   Section 10.12      Special Rules Regarding Management Committee............29
   Section 10.13      Transfer of Awards......................................29

   APPENDIX A              SPECIAL RULES RELATING TO PARTICIPANTS IN JAPAN
   APPENDIX B              SPECIAL RULES RELATING TO PARTICIPANTS IN THE
                                UNITED KINGDOM
   APPENDIX C              SPECIAL RULES RELATING TO PARTICIPANTS IN CANADA
   APPENDIX D              SPECIAL RULES RELATING TO PARTICIPANTS IN GERMANY
   APPENDIX E              SPECIAL RULES RELATING TO PARTICIPANTS IN FRANCE
   APPENDIX F              SPECIAL RULES RELATING TO PARTICIPANTS IN BELGIUM
   APPENDIX G              SPECIAL RULES RELATING TO PARTICIPANTS IN HONG KONG
   APPENDIX H              SPECIAL RULES RELATING TO PARTICIPANTS IN AUSTRALIA
   APPENDIX I              SPECIAL RULES RELATING TO PARTICIPANTS IN TAIWAN

                                       ii
<PAGE>

                           AMVESCAP GLOBAL STOCK PLAN
             (Amended and Restated Effective as of December 1, 2002)

                                   ARTICLE I
                              PURPOSES OF THE PLAN

     The main purposes of the AMVESCAP Global Stock Plan are (i) to provide
                                                              -
additional incentives to Global Partners in the form of contingent awards of
ordinary shares of AMVESCAP PLC (including American depositary shares
representing such ordinary shares), (ii) to seek to retain senior personnel by
                                     --
making a portion of Global Partners' compensation contingent upon the
satisfaction of certain vesting requirements, and (iii) to enhance a long-term
                                                   ---
mutuality of interest between Global Partners and shareholders of the Company.
This Plan is intended to be an unfunded plan for the purpose of providing
deferred compensation for a select group of management or highly compensated
employees for the purposes of Title I of ERISA and is intended to be part of an
employees' share scheme (within the meaning of section 743 of the Companies
Act).

                                   ARTICLE II
                                   DEFINITIONS

     As used in the Plan, the terms set forth below shall have the meanings
indicated unless the context clearly indicates to the contrary. Where the
context so admits or requires, the singular shall include the plural and the
masculine shall include the feminine and vice versa.

     Account. "Account" shall mean a book account maintained by a Participant's
     -------
employer (the Company or a Subsidiary, as the case may be) reflecting the
Shares, cash and other property, together with earnings and distributions
thereon, credited to a Participant with respect to his Deferred Share Award(s)
or Deferred Long-Term Award(s) under the Plan.

     Additional Shares. "Additional Shares" shall mean Shares purchased with
     -----------------
reinvested dividends or dividend equivalent contributions pursuant to Sections
6.2(c) or 7.2(c), as the case may be.

     Average Cost Per Share. "Average Cost Per Share," with respect to a
     ----------------------
Deferred Share Award or Deferred Long-Term Award, as the case may be, and with
respect to the reinvestment of dividends or dividend equivalent contributions
pursuant to Sections 6.2(c) or 7.2(c), as the case may be ("Reinvestment"),
                                                            ------------
shall mean (i) with respect to ordinary shares of the Company, the average cost
            -
per share purchased with respect to such Award or Reinvestment, as the case may
be, as determined in any reasonable manner by the Management Committee and (ii)
                                                                            --
with respect to American depositary shares ("ADSs") representing ordinary shares
                                             ----
of the Company, the average cost per ADS
<PAGE>
purchased with respect to such Award or Reinvestment, as the case may be, as
determined in any reasonable manner by the Management Committee.

     Award. "Award" shall mean any Share Award and any Deferred Long-Term Award,
     -----
in each case, granted pursuant to the provisions of the Plan.

     Award Date. "Award Date" shall mean, with respect to an Award, the date
     ----------
specified by the Remuneration Committee with respect to the grant of such Award.

     Beneficiary. "Beneficiary" shall mean the person or persons determined to
     -----------
be a Participant's beneficiary pursuant to Section 6.2(h) or 7.2(h), as the case
may be.

     Board of Directors. "Board of Directors" shall mean the Board of Directors
     ------------------
of the Company.

     Business Day. "Business Day" shall mean a day on which The Stock Exchange
     ------------
is open for the transaction of business.

     Cause. "Cause" shall mean, when used in connection with the termination of
     -----
a Participant's employment, the termination of the Participant's employment by
the Company or a Subsidiary on account of (i) the willful violation by the
                                           -
Participant of (x) any law, (y) any rule of the Company or such Subsidiary or
                -            -
(z) any rule or regulation of any regulatory body to which the Company or such
 -
Subsidiary is subject, including, without limitation, The Stock Exchange or any
other exchange or contract market of which the Company or such Subsidiary is a
member, which violation would materially reflect on the Participant's character,
competence or integrity, (ii) a breach by a Participant of the Participant's
                          --
duty of loyalty to the Company and/or its Subsidiaries in contemplation of the
Participant's termination of employment with the Company or a Subsidiary, such
as the Participant's solicitation of customers or employees of the Company or
any Subsidiary prior to the termination of his employment or (iii) the
                                                              ---
Participant's unauthorized removal from the premises of the Company or a
Subsidiary of any records, files, memoranda, data in machine readable form,
reports, fee lists, customer lists, drawings, plans, sketches, or other
documents (in any medium or form) relating to the business of the Company or a
Subsidiary or the customers of the Company or a Subsidiary, including, but not
limited to, all intellectual property and proprietary research which the
Participant uses, develops or comes in contact with in the course of or as the
result of his employment with the Company or a Subsidiary, as the case may be.
Any rights the Company or a Subsidiary may have hereunder in respect of the
events giving rise to Cause shall be in addition to the rights the Company or
such Subsidiary may have under any other agreement with the employee or at law
or in equity. If, subsequent to a Participant's voluntary termination of
employment or involuntary termination of employment without Cause, it is
discovered that the Participant's employment could have been terminated for
Cause, such Participant's employment shall, at the election of the

                                       2
<PAGE>
Management Committee in its sole discretion, be deemed for the purposes of this
Plan to have been terminated for Cause.

     Change in Control. "Change in Control" shall mean (x) with respect to the
     -----------------                                  -
Company, the occurrence of any of the following events:

          (i) the stockholders of the Company shall approve a definitive
     agreement (a) for the merger or other business combination of the Company
                -
     with or into another corporation, and with respect to the surviving public
     company, a majority of the directors of which were not directors of the
     Company immediately prior to such merger or combination and in which the
     stockholders of the Company immediately prior to the effective date of such
     merger or combination directly or indirectly own less than a majority of
     the voting power in such corporation, or (b) for the direct or indirect
                                               -
     sale or other disposition of all or substantially all of the assets of the
     Company;

          (ii) (a) the acquisition by purchase, subscription or otherwise
                -
     (including pursuant to a reconstruction or scheme of arrangement) by any
     person (or persons acting together, meaning persons party to an agreement
     to which section 204 of the Companies Act applies) of 20 percent or more of
     the relevant share capital of the Company (or any successor company to
     which all or the majority of the assets of the Company are transferred
     pursuant to any such reconstruction or scheme of arrangement); (b) the -
                                                                     -
     giving of notice of any general meeting of the Company at which a
     resolution will be proposed for the winding-up of the Company; (c) if under
                                                                     -
     section 425 of the Companies Act, the Court sanctions a compromise or
     arrangement proposed for the purposes of or in connection with a scheme
     for the reconstruction of the Company or its amalgamation with any other
     company or companies; or (d) any scheme of arrangement involving the
                               -
     reconstruction of the Company or the amalgamation of the Company with any
     other entity that is approved by the holders of Shares;

          (iii) any person obtains Control of the Company as a result of making
     an offer to acquire Shares which is either unconditional or is made on a
     condition such that, if it is satisfied, the person making the offer will
     have Control of the Company; or

          (iv) a change in the composition of the Board of Directors such that
     individuals who, as of December 1, 2002, constituted the Board of Directors
     (generally the "Directors" and as of December 1, 2002, the "Continuing
                     ---------                                   ----------
     Directors") cease for any reason to constitute at least a majority thereof,
     ---------
     provided that any person becoming a Director subsequent to December 1, 2002
     whose nomination for election was approved by a vote of at least a majority
     of the Continuing Directors (other than a nomination of an individual whose
     initial

                                       3
<PAGE>
     assumption of office is in connection with an actual or threatened election
     contest relating to the election of the Directors) shall be deemed to be a
     Continuing Director; and

(y) with respect to a Subsidiary, the consummation of the sale of the capital
 -
stock or all or substantially all of the assets of such Subsidiary to, or the
merger or other business combination of such Subsidiary with or into, a third
party that is not affiliated with the Company or any Subsidiary.

For the purpose of clause (x)(iii) above, (A) a person shall be deemed to have
                                           -
obtained "Control of the Company" if he and others acting in concert with him
          ----------------------
have together obtained Control of it and (B) "Control" shall mean, in relation
                                          -   -------
to the Company, the power of a person to secure that the affairs of the Company
are conducted in accordance with the wishes of that person by means of the
holding of shares or the possession of voting power in or in relation to the
Company or by virtue of any powers conferred by the articles of association of
the Company.

     Code. "Code" shall mean the United States of America Internal Revenue Code
     ----
of 1986, as amended from time to time.

     Companies Act. "Companies Act" shall mean the Companies Act 1985 of Great
     -------------
Britain, as amended from time to time.

     Company. "Company" shall mean AMVESCAP PLC and any successor corporation
     -------
which continues the Plan pursuant to Section 10.10.

     Deferred Long-Term Award. "Deferred Long-Term Award" shall mean, with
     ------------------------
respect to each Global Partner, the right to receive Shares, cash or other
property (or a combination of the foregoing) equal to the amount initially
awarded to such Global Partner under the Plan by the Remuneration Committee
pursuant to Section 7.1 and as adjusted for earnings, distributions and gains
and losses on such Shares, cash and/or other property.

     Deferred Share Award. "Deferred Share Award" shall mean with respect to
     --------------------
each Global Partner, the right to receive Shares, cash or other property (or a
combination of the foregoing) equal to the amount initially awarded to such
Global Partner under the Plan by the Remuneration Committee pursuant to Section
6.1 and as adjusted for earnings, distributions and gains and losses on such
Shares, cash and/or other property.

     Demotion. "Demotion" shall mean, in relation to a Participant, his ceasing
     --------
to be a Global Partner other than by reason of the termination of his employment
with the Company or a Subsidiary.

                                       4
<PAGE>

     Disability. "Disability" shall mean any physical or mental condition that
     ----------
would qualify a Participant for a disability benefit under the long-term
disability plan maintained by the Company or a Subsidiary and applicable to the
Participant.

     ERISA. "ERISA" shall mean the United States of America Employee Retirement
     -----
Income Security Act of 1974, as amended from time to time.

     Exchange Act. "Exchange Act" shall mean the United States of America
     ------------
Securities Exchange Act of 1934, as amended from time to time.

     Global Partner. "Global Partner" shall mean an employee of the Company or a
     --------------
Subsidiary who (i) has been designated as such by the Company and (ii) has
                -                                                  --
executed a Global Partner Employment Agreement.

     Management Committee. "Management Committee" shall mean the management
     --------------------
committee, or any successor committee, comprised of a majority of United States
persons within the meaning of section 7701(a)(30) of the Code and appointed by
the Board of Directors of AVZ, Inc. from time to time to administer the Plan in
accordance with the terms hereof and direct the Trustee and serving at the
pleasure of the Board of Directors of AVZ, Inc. To the extent that (i) Section
                                                                    -
16 of the Exchange Act is applicable to any equity securities of the Company and
(ii) Rule 16b-3, as promulgated under the Exchange Act, or any successor rule is
 --
applicable to the composition of the Management Committee, the composition of
the Management Committee shall comply with the terms of Rule 16b-3 or such
successor rule.

     Participant. "Participant" shall mean any Global Partner or former Global
     -----------
Partner with respect to whom an Award, which has not previously been forfeited,
is outstanding.

     Permissive Retirement. "Permissive Retirement" shall mean a Participant's
     ---------------------
termination of employment with the Company and the Subsidiaries as a Global
Partner, other than by reason of death or Disability, on or after the earlier to
occur of the following dates:

          (i) the attainment of age 58; or
           -

          (ii) retirement with the approval of the Management Committee.
           --

     Plan. "Plan" shall mean the AMVESCAP Global Stock Plan, as constituted by
     ----
these rules and as amended from time to time.

     Remuneration Committee. "Remuneration Committee" shall mean the duly
     ----------------------
appointed Remuneration Committee, or any successor thereto, of the Board of
Directors; provided that, in the event that the Remuneration Committee is
comprised of less than a majority of United States persons within the meaning of
Section 7701(a)(30) of the Code,

                                       5
<PAGE>
all powers of the Remuneration Committee described herein shall be exercised by
a majority of those members of the Remuneration Committee who are United States
persons within the meaning of Section 7701(a)(30) of the Code.

     Restricted Share Award. "Restricted Share Award" shall mean, with
     ----------------------
respect to each Global Partner, Shares awarded to such Global Partner under the
Plan by the Remuneration Committee pursuant to Section 6.1 that are subject to
the restrictions contained in Section 6.3, so long as such restrictions are in
effect.

     Securities Act. "Securities Act" shall mean the United States of America
     --------------
Securities Act of 1933, as amended from time to time.

     Share Award. "Share Award" shall mean any Deferred Share Award and any
     -----------
Restricted Share Award, in each case, granted pursuant to the Plan.

     Shares. "Shares" shall mean the ordinary shares of the Company, or any
     ------
other shares and/or other property into which the ordinary shares of the Company
are converted pursuant to a stock split, reverse split, subdivision,
reconstruction, amalgamation, scheme of arrangement, recapitalization,
reorganization, merger, combination, consolidation, split-up or other similar
corporate event and shall include American depositary shares representing such
ordinary shares.

     Subsidiary. "Subsidiary" shall mean a corporation with respect to which the
     ----------
Company, directly or indirectly, has the power, whether through the ownership of
voting securities, by contract or otherwise, to elect at least a majority of the
members of such corporation's board of directors.

     The Stock Exchange. "The Stock Exchange" shall mean The International Stock
     ------------------
Exchange of the United Kingdom and Republic of Ireland Limited.

     Trust. "Trust" shall mean the grantor trust of the Company from time to
     -----
time to which contributions are made in respect of the Plan and, in the case of
any Subsidiary, the term "Trust" shall be limited to such Subsidiary's Sub-Trust
as described in Section 1.3 of the Trust Agreement. The Company and the
Subsidiaries intend that, in the event of the insolvency or bankruptcy of the
Company or any Subsidiary, only the assets of the Trust which are attributable
to the aggregate Accounts of the Company's or such Subsidiary's Participants be
available to pay the claims of the Company's or such Subsidiary's creditors.

     Trust Agreement. "Trust Agreement" shall mean the trust agreement between
     ---------------
the Company and the Trustee as amended from time to time with respect to the
Trust.

     Trustee. "Trustee" shall mean the entity from time to time serving as
     -------
trustee under the Trust Agreement.

                                       6
<PAGE>

                                  ARTICLE III
                             EFFECTIVE DATE AND TERM

     The Plan was originally adopted effective as of December 17, 1993, was
amended and restated effective as of January 1, 1997, which was amended by (i)
                                                                            -
the First Amendment to the Plan effective as of December 1, 1998, (ii) the
                                                                   --
Second Amendment to the Plan effective as of January 1, 2001 and (iii) the Third
                                                                  ---
Amendment to the Plan effective as of February 1, 2002, and has been amended and
restated as set forth herein effective as of December 1, 2002 unless otherwise
indicated. The Plan shall continue in effect, as amended from time to time, in
accordance with its terms until terminated by the Remuneration Committee or the
Board of Directors. The Plan is a plan of the Company and a plan of each
Subsidiary that is the employer of a Global Partner.

                                   ARTICLE IV
                           ADMINISTRATION OF THE PLAN

     (a) In General. The Plan shall be administered by the Management Committee,
         ----------
provided that the Remuneration Committee shall have the duties and powers
specified herein and in the Trust Agreement. The Management Committee shall have
full authority, consistent with the Plan, to administer the Plan, including
authority to interpret and construe any provision of the Plan and to adopt such
rules and regulations for administering the Plan and such forms of election as
it may deem necessary or appropriate. Any person making a claim for any
distribution under the Plan shall file a written claim with the Management
Committee. Decisions of the Management Committee regarding any matter connected
with the Plan shall be final and binding on all parties. Management Committee
decisions shall be made by a majority of its members at a meeting (which meeting
may be held by telephone) at which there is a quorum and which has been duly
called by any member on no less than 48 hours written notice; notice may be
transmitted by facsimile, telex, courier, electronic mail or by other reasonable
means of transmission. No notice of any meeting of the Management Committee need
be given to any member who submits a signed waiver of notice, whether before or
after the meeting. Neither the business to be transacted at, nor the purpose of,
any meeting of the Management Committee need be specified in a written waiver of
notice. The attendance of any member at a meeting of the Management Committee
shall constitute a waiver of notice of such meeting, except when the member
attends a meeting for the express purpose of objecting, at the beginning of the
meeting, to the transaction of any business on the ground that the meeting is
not lawfully called or convened. At all meetings of the Management Committee,
the presence of a majority of the members of the Management Committee, comprised
of a majority of United States persons within the meaning of section 7701(a)(30)
of the Code, shall constitute a quorum for the transaction of business. Except
as otherwise provided by law, the vote of a majority of the members present at
any meeting at which a quorum is present (including those who participate by
telephone) shall constitute the action of the Management Committee. Any decision
reduced to

                                       7
<PAGE>
writing and signed by all of the members of the Management Committee shall be as
fully effective as if it had been made at a meeting duly held.

     (b) Indemnification. No member of the Management Committee or the
         ---------------
Remuneration Committee, as the case may be, shall be liable for any action,
omission or determination relating to the Plan, and the Company and the
Subsidiaries shall indemnify and hold harmless each member of the Management
Committee and the Remuneration Committee, and each other director or employee of
the Company or a Subsidiary to whom any duty or power relating to the
administration or interpretation of the Plan has been delegated, against any
cost, expense (including counsel fees, which fees shall be paid as incurred) or
liability (including any sum paid in settlement of a claim with the approval of
the Board of Directors) arising out of any action, omission or determination
relating to the Plan, if such action, omission or determination was taken or
made by such member, director or employee in good faith and in a manner he
reasonably believed to be in or not opposed to the best interests of the Company
and the Subsidiaries, and with respect to any criminal action or proceeding,
such member had no reasonable cause to believe his conduct was unlawful. The
termination of any action, suit or proceeding by judgment, order, settlement,
conviction or upon a plea of nolo contendere or its equivalent shall not, of
itself, create a presumption that the person did not act in good faith and in a
manner which he reasonably believed to be in or not opposed to the best
interests of the Company and the Subsidiaries, and, with respect to any criminal
action or proceeding, had reasonable cause to believe that his conduct was
unlawful.

                                   ARTICLE V
                                  ELIGIBILITY

     Section 5.1 In General. All Global Partners shall be eligible to
                 ----------
participate in the Plan in accordance with the terms of the Plan and the rules
and procedures established by the Management Committee. Subject to the
definition of "Participant" in Article II, a Global Partner shall become a
Participant effective as of the date on which such Global Partner is granted an
Award hereunder. Participation by eligible Global Partners is mandatory, not
elective.

     Section 5.2 Investment Company Act Limitation. With respect to any
                 ---------------------------------
Participant, the Management Committee or the Remuneration Committee, as the case
may be, may, in its sole discretion, use its authority under Sections 6.1(d) and
7.1(d) to accelerate the vesting of such Participant's Award(s) and its
authority under Sections 6.2(k) and 7.2(k) to accelerate the time of
distribution with respect to such Award(s) so that neither the Plan nor the
Trust will be required to register as an investment company under the United
States of America Investment Company Act of 1940, as amended from time to time.

                                       8
<PAGE>

                                   ARTICLE VI
                                  SHARE AWARDS

     Section 6.1 Grant of Share Awards and Contributions to the Trust.
                 ----------------------------------------------------

     (a) In General. The Remuneration Committee may grant Share Awards (which
         ----------
may be of differing types and amounts) to any Global Partner employed by the
Company or a Subsidiary. The Remuneration Committee shall specify the Award Date
with respect to each Share Award and the year to which such Share Award relates.
Each Global Partner who has been granted a Share Award shall receive a Deferred
Share Award on the Award Date; provided that, on or as soon as reasonably
practicable after the Award Date, the Remuneration Committee (or its delegate)
shall notify each Global Partner who has been granted a Deferred Share Award of
his ability to elect to receive in lieu of such Deferred Share Award a
Restricted Share Award for all of the Shares subject to such Deferred Share
Award. Such Global Partner shall notify the Remuneration Committee (or its
delegate) of his election to receive a Restricted Share Award no later than the
thirtieth day after the Award Date. If such Global Partner fails to respond
prior to such date, the Global Partner shall be deemed to have made no election.
In addition, after such date, the Global Partner cannot elect to change the type
of Share Award(s) so granted.

     The Company intends to contribute, or procure the contributions, and
transfer to the Trust, funds and/or other property equivalent to the sum of the
amounts of all Share Awards made to Global Partners. At the direction of the
Management Committee, the Trustee shall use such funds and/or other property to
purchase Shares from any person, and to make such other investments, as the
Management Committee shall direct.

     Each Participant's Share Award shall be subject to the terms of the Plan
applicable to that type of Share Award and to that Participant, and such
additional terms as may be adopted from time to time applicable to particular
jurisdictions. No Participant shall have any right to receive any Shares, cash
or other property under the Plan other than in accordance with the terms of the
Plan applicable to the type of Share Award granted to such Participant,
including any applicable additional terms.

     (b) Vesting of Awards. Subject to Sections 6.1(c), 6.1(d) and 6.1(e), a
         -----------------
Share Award shall fully vest on the November 30th of the third year following
the year to which the Share Award is attributable. Notwithstanding the
foregoing, any Share Award(s) of a Participant not previously forfeited shall
immediately vest in the event of (i) such Participant's Permissive Retirement or
                                  -
(ii) such Participant's termination of employment with the Company or a
 --
Subsidiary by reason of his death or Disability. Prior to vesting, a Share Award
shall be completely unvested. Both vested and unvested Share Awards shall be
subject to the terms of the Plan. A Participant shall have no rights with
respect to the Shares, cash or other property underlying his vested and unvested
Share Awards until

                                       9
<PAGE>
such Shares, cash or other property are distributed pursuant to Sections 6.2(f)
through (l) (inclusive) or Section 6.3, as the case may be.

     (c) Forfeited Awards. Upon termination of a Participant's employment with
         ----------------
the Company and its Subsidiaries or, at the discretion of the Management
Committee, upon Demotion of a Participant, any Share Award(s) granted to such
Participant which have not vested shall be forfeited unless otherwise determined
by the Management Committee. The Shares, cash and/or other property underlying
forfeited Share Awards shall revert to the Trust and, unless otherwise
determined by the Management Committee, shall be added to and allocated as part
of subsequent Award(s) made under the Plan. Under no circumstances shall such
Shares, cash or other property held in the Trust revert to the Company or any of
its Subsidiaries; however such Shares, cash or other property shall be available
to creditors of the Company or any Subsidiary in the event of the Company's or
such Subsidiary's insolvency in accordance with the terms and conditions of
Section 8.2 and the Trust Agreement.

     (d) Acceleration of Vesting. The Management Committee may accelerate the
         -----------------------
vesting of any Share Award at any time at its sole discretion.

     (e) Forfeiture of Share Awards for Gross Malfeasance. Notwithstanding any
         ------------------------------------------------
other provision of the Plan, Share Awards (whether vested or unvested) will be
forfeited in their entirety by a Participant and the Participant will retain no
right whatsoever in relation to any Share Award in the event that the
Participant commits an act of gross malfeasance, such as theft of corporate
property or client funds, against the Company or any Subsidiary which act
results in the termination of that Participant's employment by the Company or
Subsidiary, as appropriate.

     Section 6.2 Deferred Share Awards.
                 ---------------------

     (a) Accounts. Each Participant's Account shall be comprised of one or more
         --------
sub-accounts where each sub-account relates to a particular Deferred Share Award
granted to such Participant and is initially credited with the amount of such
Deferred Share Award. Each sub-account of the Participant's Account shall be
adjusted to reflect the earnings, distributions, gains and losses with respect
to the Shares, cash and/or other property allocated to the sub-account for each
Deferred Share Award. Shares shall be allocated among a Participant's Accounts
and sub-accounts based upon the Average Cost Per Share. Fractional Shares may be
allocated to a Participant's Account or sub-account. Cash or other property
remaining after a whole number of Shares has been purchased may be added to any
dividend or dividend equivalent contributions to purchase Additional Shares
pursuant to Section 6.2(c) from time to time. Each Participant's Account and
sub-accounts shall reflect any securities, cash or other property received with
respect to Shares, cash or other property credited to such Participant's Account
or sub-account, as the case may be. The Shares, cash or other property, together
with

                                       10
<PAGE>
earnings and distributions thereon, allocated to a Deferred Share Award shall be
subject to the same vesting and other restrictions to which such initial
Deferred Share Award is subject. Each Participant shall receive a statement of
his Account quarterly. Prior to, and as a condition of, the vesting of any
Deferred Share Awards granted under Section 6.1, each Global Partner shall
execute and deliver a participation consent form, on a form approved by the
Management Committee, acknowledging such Global Partner's participation subject
to the terms of the Plan.

     (b) Date of Termination or Demotion. The date of a Participant's
         -------------------------------
termination of employment or Demotion shall be determined at the sole discretion
of the Management Committee.

     (c) Dividends. The Management Committee shall direct the Trustee to
         ---------
reinvest the full amount of any dividends paid on Shares held in the Trust in
Additional Shares and shall direct such purchase of Additional Shares.
Participants' Accounts (and the underlying sub-accounts) shall be credited with
the appropriate number of Additional Shares based upon the Average Cost Per
Share. Additional Shares shall be subject to the same vesting requirements and
other restrictions as are the Deferred Share Award to which such Additional
Shares relate. The Management Committee may direct the Trustee to waive
dividends on Shares held in the Trust; in such event, the Company may make, or
cause to be made, contributions to the Trust equivalent to the dividends waived
in respect of such Shares. Such dividend equivalent contributions shall be used
to purchase Additional Shares as described in this Section 6.2(c).

     (d) Voting of Shares.
         ----------------

          (i) The Management Committee shall direct the Trustee, and the Trustee
     shall have no discretion, as to the manner in which the voting rights
     attaching to Shares that are allocated to unvested Deferred Share Awards
     are to be voted.

          (ii) The Management Committee shall direct the Trustee, and the
     Trustee shall have no discretion, as to the manner in which the voting
     rights attaching to Shares that are allocated to vested Deferred Share
     Awards are to be voted; provided that, the Management Committee may, in its
     sole discretion, direct the Trustee to take direction from any or all
     Participants as to the manner in which the Shares subject to the relevant
     Participant's vested Deferred Share Awards are to be voted. If the
     Management Committee directs the Trustee to take voting directions from any
     Participant(s), (x) the Trustee shall vote combined fractional Shares, to
                      -
     the extent possible, to reflect the directions of the Participant(s)
     holding such Shares and (y) if the Trustee does not receive valid
                              -
     Participant voting directions with respect to the Shares allocated to a
     Participant's vested Deferred Share Award(s), the Trustee shall have no
     discretion as to the

                                       11
<PAGE>
     voting of such Shares but shall vote such Shares in the manner directed by
     the Management Committee.

          (iii) Notwithstanding any other provision of this Section 6.2(d), the
     Shares allocated to a Participant's Deferred Share Awards shall be voted by
     the Trustee, at the direction of the Management Committee, with respect to
     any Participant(s) with respect to whom counsel to the Company advises that
     the Participant might be taxed on the value of the Participant's Deferred
     Share Awards if the Participant(s) were permitted to direct the voting of
     such Shares.

     (e) Tender of Shares.
         ----------------

          (i) If any person shall commence a tender or exchange offer or any
     similar transaction with respect to Shares, the Management Committee shall
     be entitled to direct the Trustee, and the Trustee shall have no
     discretion, as to whether the Shares underlying unvested Deferred Share
     Awards allocated to Participants' Accounts are to be tendered and whether
     such tender is to be revoked (to the extent such a revocation is permitted
     by the terms of such tender or exchange offer or applicable law).

          (ii) If any person shall commence a tender or exchange offer or any
     similar transaction with respect to Shares, the Management Committee shall
     be entitled to direct the Trustee, and the Trustee shall have no
     discretion, as to whether the Shares underlying vested Deferred Share
     Awards allocated to Participants' Accounts are to be tendered and whether
     such tender is to be revoked (to the extent such a revocation is permitted
     by the terms of such tender or exchange offer or applicable law); provided
     that, the Management Committee may, in its sole discretion, direct the
     Trustee to take direction from any or all Participant(s) as to whether such
     Shares are to be tendered and whether such tender is to be revoked (to the
     extent such a revocation is permitted by the terms of such tender or
     exchange offer or applicable law). If the Management Committee directs the
     Trustee to take tender directions from any Participant(s), (x) the Trustee
                                                                 -
     shall tender Shares underlying vested Deferred Share Awards allocated to
     any Participants' Accounts for which the Trustee shall have received
     affirmative and valid Participant directions to tender (except to the
     extent such directions are revoked prior to such tender); (y) the Trustee
                                                                -
     shall revoke the tender of Shares allocated to any Participants' Accounts
     underlying vested Deferred Share Awards for which the Trustee shall have
     received affirmative and valid Participant directions to revoke such
     tender; and (z) the Trustee shall not tender, or revoke the tender of,
                  -
     Shares allocated to Participants' Accounts for which the Trustee does not
     receive affirmative and valid Participant directions.

                                       12
<PAGE>

          (iii) To the extent that a Participant or the Management Committee
     elects to tender Shares allocated to a Participant's Account, the Trustee
     shall transfer the consideration the Trustee receives as a result of such
     tender into the Trust and the Participant's Account shall reflect the
     transfer.

          (iv) Notwithstanding any other provision of this Section 6.2(e), the
     Management Committee, in its sole discretion, shall make tender decisions
     with respect to Shares held in the Accounts of Participants with respect to
     whom counsel to the Company advises that the Participant(s) might be taxed
     on the value of the Participant's Account if the Participant(s) were
     permitted to direct the tender of Shares.

     (f) Distributions; In General. Subject to any applicable withholding
         -------------------------
obligations and Sections 5.2, 6.1(c), 6.1(e), 6.2(g) through 6.2(l) (inclusive)
and 10.1, the Management Committee shall direct the Trustee to deliver or cause
to be delivered to a Participant certificates for Shares, cash or other property
equivalent to the amount credited to such Participant's Account in respect of
vested Deferred Share Awards, no later than one year and thirty-five days after
such Participant becomes vested in his Deferred Share Award(s). The Management
Committee may, in its sole discretion and at any time, direct the Trustee to
sell any securities or other property that would have been received in respect
of Shares or other property credited to a Participant's Account for cash or
other property of equivalent value. Upon termination of a Participant's
employment with the Company and its Subsidiaries, the Shares, cash or other
property credited to such Participant's Account in respect of vested Deferred
Share Awards shall continue to be invested in Shares, cash or other property
until a complete distribution of the value of the vested Deferred Share Awards
credited to such Account is made to such Participant; provided, however, that
(x) during the period prior to a Participant's Permissive Retirement as
 -
determined by the Management Committee or (y) upon a Participant's attainment of
                                           -
age 58, a Participant may request in writing and, if such a request is made, the
Management Committee, in its sole discretion, may (but need not) direct the
Trustee to sell any Shares or other property credited to such Participant's
Account in respect of vested Deferred Share Awards for cash or other property
and direct the investment of such proceeds in such manner as the Management
Committee may approve until a complete distribution of the value of the vested
Deferred Share Awards credited to such Account is made to such Participant. The
Management Committee (or its delegate) may, in its sole discretion, consult with
the Participant as to the investment of, or the timing of the distribution or
sale of, Shares, cash or other property credited to a Participant's Account in
respect of vested Deferred Share Awards.

     (g) Deferral Election. A Participant may voluntarily elect to defer receipt
         -----------------
of distribution of his Deferred Share Awards under this Plan upon such terms and
conditions as the Management Committee may prescribe. The Management Committee,
at its sole discretion, may approve or disapprove any such deferral election.

                                       13
<PAGE>

     (h) Distribution Upon the Death of a Participant. Each Participant shall
         --------------------------------------------
have the right to designate in writing from time to time a Beneficiary by filing
a written notice of such designation with the Management Committee. A
Participant's designation of a Beneficiary may be revoked by filing with the
Management Committee an instrument of revocation or a later designation. Any
designation or revocation shall be effective when received by the Management
Committee. In the event of the death of a Participant, certificates for Shares,
cash or other property equivalent to the amount remaining in such Participant's
Account in respect of vested Deferred Share Awards may, at the discretion of the
Management Committee, be distributed to the Participant's Beneficiary as soon as
reasonably practicable. Unless the Participant's Beneficiary designation
provides otherwise, no person shall be entitled to benefits upon the death of
the Participant unless such person survives the Participant. If the Beneficiary
designated by a Participant does not survive the Participant or if the
Participant has not made a valid Beneficiary designation, such Participant's
Beneficiary shall be such Participant's estate.

     (i) Distribution Upon Disability. In the event of the termination of a
         ----------------------------
Participant's employment by reason of Disability, certificates for Shares, cash
or other property equivalent to the amount credited to such Participant's
Account in respect of vested Deferred Share Awards shall be distributed as soon
as reasonably practicable to the Participant or such other representative of the
Participant as the Management Committee in its sole discretion shall determine.

     (j) Termination of Trust or Court-Ordered Distribution. In the event that
         --------------------------------------------------
the Trust is terminated prior to the vesting of a Deferred Share Award or in the
event that a court of competent jurisdiction finally determines that the Company
or a Subsidiary is obligated to distribute to a Participant, Beneficiary or any
other person certificates representing any Shares credited to a Participant's
Account prior to the time of distribution otherwise provided for in this Article
VI, the Share certificates so distributed to such Participant, Beneficiary or
other person shall, in the sole discretion of the Management Committee, be
restricted as to transferability until the date that the Shares would otherwise
have been distributed to the Participant or a Beneficiary under the terms of the
Plan had they not been distributed to the Participant, Beneficiary or other
person and had remained subject to the Plan, and each such stock certificate
shall bear the legend provided for in Section 6.3(f).

     (k) Acceleration of Distribution. The Management Committee may, in its sole
         ----------------------------
discretion, accelerate the time of distribution with respect to any or all of a
Participant's vested Deferred Share Awards.

     (l) Distributions to Insiders. With respect to any Deferred Share Award
         -------------------------
made to a Participant who is subject to the reporting requirements of section
16(a) of the Exchange Act (an "insider"), distributions with respect to such
                               -------
Deferred Share Awards

                                       14
<PAGE>
shall be made only in the form of Shares and in the form of cash or other
property for any fractional Shares.

     Section 6.3 Restricted Share Awards.
                 -----------------------

     (a) Grant of Restricted Share Awards. The Remuneration Committee (or its
         --------------------------------
delegate) shall advise the Management Committee of each Participant who has
elected to receive a Restricted Share Award pursuant to Section 6.1. In
connection therewith, subject to Sections 5.2, 6.1(c), 6.1(e), 6.3(b), 6.3(c)
and 10.1, the Management Committee shall direct the Trustee to deliver or cause
to be delivered to such Participant certificates for the Shares subject to his
Restricted Share Award, which shall be subject to the restrictions contained in
this Section 6.3 from the Award Date until such Restricted Share Award vests in
accordance with Sections 6.1(b) or 6.1(d), as the case may be. The Shares
subject to a Restricted Share Award shall be held by the AMVESCAP Employee Share
Service; provided that a Participant may transfer any Shares that have vested in
accordance with Section 6.1(b) or 6.1(d), as the case may be, from such employee
share service. The Management Committee shall issue appropriate stop-transfer
restrictions to the AMVESCAP Employee Share Service in respect of the Shares
that are subject to a Restricted Share Award. In connection with any election to
receive a Restricted Share Award, if a Participant fails to comply with Sections
6.3(b), 6.3(c) and 10.1 by the thirtieth day after the Award Date, such
Participant shall not receive a Restricted Share Award but instead shall
continue to hold a Deferred Share Award.

     (b) Acknowledgement of Restrictions. Each Participant who has elected to
         -------------------------------
receive a Restricted Share Award shall, no later than the thirtieth day after
the Award Date, execute and deliver an acknowledgement form, on a form approved
by the Management Committee (an "Acknowledgement Form"), acknowledging such
                                 --------------------
Participant's participation subject to the terms of the Plan including this
Section 6.3 and such other terms and conditions not inconsistent with the terms
of the Plan as the Management Committee shall determine on or before the Award
Date. Each Participant shall also deliver to the Management Committee on or
before such time a duly executed undated instrument of transfer or assignment in
blank, having attached thereto or to such certificate all requisite stock or
other applicable or documentary tax stamps, all in form and substance
satisfactory to the Management Committee, relating the Shares subject to a
Restricted Share Award.

     (c) 83(b) Election. Each Participant who has elected to receive a
         --------------
Restricted Share Award shall make a timely election pursuant to Section 83(b) of
the Code with respect to such Restricted Share Award. A copy of such executed
election shall be filed with the Management Committee. On or before the
distribution of Shares subject to a Restricted Share Award, a Participant shall
remit to the Company or a Subsidiary (as determined by the Management Committee)
an amount sufficient to discharge the Company's or such Subsidiary's Obligations
with respect to any taxes, withholding,

                                       15
<PAGE>
assessment or governmental charge imposed on the distribution of such Shares to
such Participant. Each Participant will be solely responsible for any and all
tax liabilities payable by him in connection with the grant and receipt of the
Shares subject to a Restricted Share Award or attributable to his making or
failing to make such an election.

     (d) Securities Law Matters. Shares subject to Restricted Share Awards have
         ----------------------
not been registered under the Securities Act or any state securities or "blue
sky" laws and it is not anticipated that there will be any U.S. public market
for the Shares.

     (e) Restrictions on Transferability. No Shares subject to a Restricted
         -------------------------------
Share Award may be sold, transferred, pledged, assigned, or otherwise alienated
or hypothecated until such Restricted Share Award vests in accordance with
Sections 6.1(b) or 6.1(d), as the case may be. Thereafter, none of the Shares
may be sold, transferred, pledged, assigned or otherwise alienated or
hypothecated or otherwise disposed of unless (I) (A) such disposition is
                                              -   -
pursuant to an effective registration statement under the Securities Act, (B)
                                                                           -
such disposition is effected on the London Stock Exchange in compliance with
Rule 904 of Regulation S under the Securities Act, and the holder shall have
delivered to the Company evidence reasonably satisfactory to the Company to such
effect, (C) a Participant shall have delivered to the Company an opinion of
         -
counsel, which opinion and counsel shall be reasonably satisfactory to the
Company, to the effect that such disposition is exempt from the provisions of
Section 5 of the Securities Act, or (D) a no-action letter from the Commission,
                                     -
reasonably satisfactory to the Company, shall have been obtained with respect to
such disposition, and (II) such disposition is pursuant to registration under
                       --
any applicable state or foreign securities laws or an exemption therefrom. Any
attempt by a Participant, directly or indirectly, to offer, transfer, sell,
pledge, hypothecate or otherwise dispose of any Shares subject to a Restricted
Share Award or any interest therein or any rights relating thereto without
complying with the provisions of the Plan including this Section 6.3 shall be
void and of no effect.

     (f) Legend. Each certificate evidencing Shares subject to a Restricted
         ------
Share Award shall be registered in the name of the Participant holding such
Restricted Share Award and shall bear the following (or similar) legends;
provided that, such certificate(s) shall bear the first legend described below
only until the vesting of such Restricted Share Award:

     "THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS AND
     CONDITIONS (INCLUDING FORFEITURE) CONTAINED IN THE AMVESCAP GLOBAL STOCK
     PLAN AND NEITHER THIS CERTIFICATE OR THE SHARES REPRESENTED BY IT ARE
     ASSIGNABLE OR OTHERWISE TRANSFERABLE EXCEPT IN ACCORDANCE WITH SUCH PLAN, A
     COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY."

                                       16
<PAGE>

     "THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
     THE U.S. SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY STATE SECURITIES
     LAWS AND MAY NOT BE TRANSFERRED, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE
     DISPOSED OF UNLESS (i) (A) SUCH DISPOSITION IS PURSUANT TO AN EFFECTIVE
                         -   -
     REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED,
     (B) SUCH DISPOSITION IS EFFECTED ON THE LONDON STOCK EXCHANGE IN COMPLIANCE
      -
     WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933, AS
     AMENDED, AND THE HOLDER SHALL HAVE DELIVERED TO THE COMPANY EVIDENCE
     REASONABLY SATISFACTORY TO THE COMPANY TO SUCH EFFECT, (C) THE HOLDER
                                                             -
     HEREOF SHALL HAVE DELIVERED TO THE COMPANY AN OPINION OF COUNSEL, WHICH
     OPINION AND COUNSEL SHALL BE REASONABLY SATISFACTORY TO THE COMPANY, TO THE
     EFFECT THAT SUCH DISPOSITION IS EXEMPT FROM THE PROVISIONS OF SECTION 5 OF
     SUCH ACT OR (D) A NO-ACTION LETTER FROM THE U.S. SECURITIES AND EXCHANGE
                  -
     COMMISSION, REASONABLY SATISFACTORY TO COUNSEL FOR THE COMPANY, SHALL HAVE
     BEEN OBTAINED WITH RESPECT TO SUCH DISPOSITION AND (ii) SUCH DISPOSITION IS
                                                         --
     PURSUANT TO REGISTRATION UNDER ANY APPLICABLE STATE SECURITIES LAWS OR AN
     EXEMPTION THEREFROM."

     (g) Rights as a Shareholder. A Participant holding Shares subject to a
         -----------------------
Restricted Share Award granted pursuant to Section 6.1 may exercise full voting
rights and other rights as a shareholder with respect to the Shares subject to a
Restricted Share Award during the period in which such Shares remain unvested
under Section 6.1(b).

     (h) Dividends and Other Distributions. A Participant holding Shares subject
         ---------------------------------
to a Restricted Share Award shall be entitled to receive all dividends and other
distributions paid with respect to such Shares; provided that, if any such
dividends or distributions are paid in Shares or other securities, such Shares
and other securities shall be subject to the same vesting restrictions and
restrictions on transferability as apply to the Shares subject to a Restricted
Share Award with respect to which they were paid.

     Section 6.4 Transitional Provisions.
                 -----------------------

     (a) Vested Awards. Effective as of December 1, 2002, all Awards that have
         -------------
become vested on or before such date shall be deemed to be vested Deferred Share
Awards, which shall be subject to the terms and conditions of the Plan. Subject
to any applicable withholding obligations and Sections 5.2, 6.1(c), 6.1(e),
6.2(g) through 6.2(l) (inclusive), and 10.1, the Management Committee shall
direct the Trustee to deliver or cause to be delivered to a Participant
certificates for Shares, cash or other property

                                       17
<PAGE>
equivalent to the amount credited to such Participant's Account in respect of
such vested Deferred Share Awards on or after June 20, 2003.

     (b) Unvested Awards. Effective as of December 1, 2002, all Awards that have
         ---------------
not become vested on or before such date shall be deemed to be unvested Deferred
Share Awards, which shall be subject to the terms and conditions of the Plan.

                                  ARTICLE VII
                            DEFERRED LONG TERM AWARDS

     Section 7.1 Grant of Deferred Long-Term Awards and Contributions to the
                 -----------------------------------------------------------
Trust.
-----

     (a) In General. The Remuneration Committee may grant Deferred Long-Term
         ----------
Awards (which may be of differing amounts) to any Global Partner employed by the
Company or a Subsidiary. The Remuneration Committee shall specify the Award Date
with respect to each Deferred Long-Term Award. The Company intends to
contribute, or procure the contributions, and transfer to the Trust, funds
and/or other property equivalent to the sum of the amounts of all Deferred
Long-Term Awards made to Global Partners. At the direction of the Management
Committee, the Trustee shall use such funds and/or other property to purchase
Shares from any person, and to make such other investments, as the Management
Committee shall direct.

     Each Participant's Deferred Long-Term Award shall be subject to the terms
of the Plan applicable to that Participant, and such additional terms as may be
adopted from time to time applicable to particular jurisdictions. No Participant
shall have any right to receive any Shares, cash or other property under the
Plan other than in accordance with the terms of the Plan applicable to the
Deferred Long-Term Award granted to such participant, including any applicable
additional terms.

     (b) Vesting of Awards. Subject to Sections 7.1(c), 7.1(d) and 7.1(e), a
         -----------------
Deferred Long-Term Award shall vest in three equal installments beginning on the
fifth anniversary of the Award Date. Notwithstanding the foregoing, any Deferred
Long-Term Award(s) of a Participant not previously forfeited shall immediately
vest in the event of such Participant's termination of employment with the
Company or a Subsidiary by reason of his death or Disability. Prior to vesting,
a Deferred Long-Term Award shall be completely unvested. Both vested and
unvested Deferred Long-Term Awards shall be subject to the terms of the Plan. A
Participant shall have no rights with respect to the Shares, cash or other
property underlying his vested and unvested Deferred Long-Term Awards until such
Shares, cash or other property are distributed pursuant to Sections 7.2(f)
through (l) (inclusive).

                                       18
<PAGE>

     (c) Forfeited Awards. Upon termination of a Participant's employment with
         ----------------
the Company and its Subsidiaries or, at the discretion of the Remuneration
Committee, upon Demotion of a Participant, any Deferred Long-Term Award(s)
granted to such Participant which have not vested shall be forfeited unless
otherwise determined by the Remuneration Committee. The Shares, cash and/or
other property underlying forfeited Deferred Long-Term Awards shall revert to
the Trust and shall be added to and allocated as part of subsequent Award(s)
made under the Plan, unless otherwise determined by the Remuneration Committee,
who shall advise the Management Committee of such determination, and the
Management Committee shall direct the Trustee in accordance with such advice.
Under no circumstances shall such Shares, cash or other property held in the
Trust revert to the Company or any of its Subsidiaries; however such Shares,
cash or other property shall be available to creditors of the Company or any
Subsidiary in the event of the Company's or such Subsidiary's insolvency in
accordance with the terms and conditions of Section 8.2 and the Trust Agreement.

     (d) Acceleration of Vesting. The Remuneration Committee may accelerate the
         -----------------------
vesting of any Deferred Long-Term Award at any time at its sole discretion.

     (e) Forfeiture of Deferred Long-Term Awards for Gross Malfeasance.
         -------------------------------------------------------------
Notwithstanding any other provision of the Plan, Deferred Long-Term Awards
(whether vested or unvested) will be forfeited in their entirety by a
Participant and the Participant will retain no right whatsoever in relation to
any Deferred Long-Term Award in the event that the Participant commits an act of
gross malfeasance, such as theft of corporate property or client funds, against
the Company or any Subsidiary which act results in the termination of that
Participant's employment by the Company or Subsidiary, as appropriate.

     Section 7.2 Deferred Long-Term Awards.
                 -------------------------

     (a) Accounts. Each Participant's Account shall be comprised of one or more
         --------
sub-accounts where each sub-account relates to a particular Deferred Long-Term
Award granted to such Participant and is initially credited with the amount of
such Deferred Long-Term Award. Each sub-account of the Participant's Account
shall be adjusted to reflect the earnings, distributions, gains and losses with
respect to the Shares, cash and/or other property allocated to the sub-account
for each Deferred Long-Term Award. Shares shall be allocated among a
Participant's Accounts and sub-accounts based upon the Average Cost Per Share.
Fractional Shares may be allocated to a Participant's Account or sub-account.
Cash or other property remaining after a whole number of Shares has been
purchased may be added to any dividend or dividend equivalent contributions to
purchase Additional Shares pursuant to Section 7.2(c) from time to time. Each
Participant's Account and sub-accounts shall reflect any securities, cash or
other property received with respect to Shares, cash or other property credited
to such Participant's Account or sub-account, as the case may be. The Shares,
cash or other property, together

                                       19
<PAGE>
with earnings and distributions thereon, allocated to a Deferred Long-Term Award
shall be subject to the same vesting and other restrictions to which such
initial Deferred Long-Term Award is subject. Each Participant shall receive a
statement of his Account quarterly. Prior to the grant of any Deferred Long-Term
Awards under Section 7.1, each Global Partner must executed and deliver a
participation consent form, on a form approved by the Management Committee,
acknowledging such Global Partner's participation subject to the terms of the
Plan.

     (b) Date of Termination or Demotion. The date of a Participant's
         -------------------------------
termination of employment or Demotion shall be determined at the sole discretion
of the Management Committee.

     (c) Dividends. The Management Committee shall direct the Trustee to
         ---------
reinvest the full amount of any dividends paid on Shares held in the Trust in
Additional Shares and shall direct such purchase of Additional Shares.
Participants' Accounts (and the underlying sub-accounts) shall be credited with
the appropriate number of Additional Shares based upon the Average Cost Per
Share. Additional Shares shall be subject to the same vesting requirements and
other restrictions as are the Deferred Long-Term Award to which such Additional
Shares relate. The Management Committee may direct the Trustee to waive
dividends on Shares held in the Trust; in such event, the Company may make, or
cause to be made, contributions to the Trust equivalent to the dividends waived
in respect of such Shares. Such dividend equivalent contributions shall be used
to purchase Additional Shares as described in this Section 7.2(c).

     (d) Voting of Shares.
         ----------------

          (i) The Management Committee shall direct the Trustee, and the Trustee
     shall have no discretion, as to the manner in which the voting rights
     attaching to Shares that are allocated to unvested Deferred Long-Term
     Awards are to be voted.

          (ii) The Management Committee shall direct the Trustee, and the
     Trustee shall have no discretion, as to the manner in which the voting
     rights attaching to Shares that are allocated to vested Deferred Long-Term
     Awards are to be voted; provided that, the Management Committee may, in its
     sole discretion, direct the Trustee to take direction from any or all
     Participants as to the manner in which the Shares subject to the relevant
     Participant's vested Deferred Long-Term Awards are to be voted. If the
     Management Committee directs the Trustee to take voting directions from any
     Participant(s), (x) the Trustee shall vote combined fractional Shares, to
                      -
     the extent possible, to reflect the directions of the Participant(s)
     holding such Shares and (y) if the Trustee does not receive valid
                              -
     Participant voting directions with respect to the Shares allocated to a
     Participant's vested Deferred Long-Term Award(s), the Trustee shall have no
     discretion as to

                                       20
<PAGE>
     the voting of such Shares but shall vote such Shares in the manner directed
     by the Management Committee.

          (iii) Notwithstanding any other provision of this Section 7.2(d), the
     Shares allocated to a Participant's Deferred Long-Term Awards shall be
     voted by the Trustee, at the direction of the Management Committee, with
     respect to any Participant(s) with respect to whom counsel to the Company
     advises that the Participant might be taxed on the value of the
     Participant's Deferred Long-Term Awards if the Participant(s) were
     permitted to direct the voting of such Shares.

     (e) Tender of Shares.
         ----------------

          (i) If any person shall commence a tender or exchange offer or any
     similar transaction with respect to Shares, the Management Committee shall
     be entitled to direct the Trustee, and the Trustee shall have no
     discretion, as to whether the Shares underlying unvested Deferred Long-Term
     Awards allocated to Participants' Accounts are to be tendered and whether
     such tender is to be revoked (to the extent such a revocation is permitted
     by the terms of such tender or exchange offer or applicable law).

          (ii) If any person shall commence a tender or exchange offer or any
     similar transaction with respect to Shares, the Management Committee shall
     be entitled to direct the Trustee, and the Trustee shall have no
     discretion, as to whether the Shares underlying vested Deferred Long-Term
     Awards allocated to Participants' Accounts are to be tendered and whether
     such tender is to be revoked (to the extent such a revocation is permitted
     by the terms of such tender or exchange offer or applicable law); provided
     that, the Management Committee may, in its sole discretion, direct the
     Trustee to take direction from any or all Participant(s) as to whether such
     Shares are to be tendered and whether such tender is to be revoked (to the
     extent such a revocation is permitted by the terms of such tender or
     exchange offer or applicable law). If the Management Committee directs the
     Trustee to take tender directions from any Participant(s), (x) the Trustee
                                                                 -
     shall tender Shares underlying vested Deferred Long-Term Awards allocated
     to any Participants' Accounts for which the Trustee shall have received
     affirmative and valid Participant directions to tender (except to the
     extent such directions are revoked prior to such tender); (y) the Trustee
                                                                -
     shall revoke the tender of Shares allocated to any Participants' Accounts
     underlying vested Deferred Long-Term Awards for which the Trustee shall
     have received affirmative and valid Participant directions to revoke such
     tender; and (z) the Trustee shall not tender, or revoke the tender of,
                  -
     Shares allocated to Participants' Accounts for which the Trustee does not
     receive affirmative and valid Participant directions.

                                       21
<PAGE>

          (iii) To the extent that a Participant or the Management Committee
     elects to tender Shares allocated to a Participant's Account, the Trustee
     shall transfer the consideration the Trustee receives as a result of such
     tender into the Trust and the Participant's Account shall reflect the
     transfer.

          (iv) Notwithstanding any other provision of this Section 7.2(e), the
     Management Committee, in its sole discretion, shall make tender decisions
     with respect to Shares held in the Accounts of Participants with respect to
     whom counsel to the Company advises that the Participant(s) might be taxed
     on the value of the Participant's Account if the Participant(s) were
     permitted to direct the tender of Shares.

     (f) Distributions; In General. Subject to any applicable withholding
         -------------------------
obligations and Sections 5.2, 7.1(c), 7.1(e), 7.2(g) through 7.2(e) (inclusive)
and 10.1, the Management Committee shall direct the Trustee to deliver or cause
to be delivered to a Participant certificates for Shares, cash or other property
equivalent to the amount credited to such Participant's Account in respect of
vested Deferred Long-Term Awards, no later than one year and thirty-five days
after such Participant becomes vested in his Deferred Long-Term Award(s). The
Management Committee may, in its sole discretion and at any time, direct the
Trustee to sell any securities or other property that would have been received
in respect of Shares or other property credited to a Participant's Account for
cash or other property of equivalent value. Upon termination of a Participant's
employment with the Company and its Subsidiaries, the Shares, cash or other
property credited to such Participant's Account in respect of vested Deferred
Long-Term Awards shall continue to be invested in Shares, cash or other property
until a complete distribution of the value of the vested Deferred Long-Term
Awards credited to such Account is made to such Participant; provided, however,
that (x) during the period prior to a Participant's Permissive Retirement as
      -
determined by the Management Committee or (y) upon a Participant's attainment of
                                           -
age 58, a Participant may request in writing and, if such a request is made, the
Management Committee, in its sole discretion, may (but need not) direct the
Trustee to sell any Shares or other property credited to such Participant's
Account in respect of vested Deferred Long-Term Awards for cash or other
property and direct the investment of such proceeds in such manner as the
Management Committee may approve until a complete distribution of the value of
the vested Deferred Long-Term Awards credited to such Account is made to such
Participant. The Management Committee (or its delegate) may, in its sole
discretion, consult with the Participant as to the investment of, or the timing
of the distribution or sale of, Shares, cash or other property credited to a
Participant's Account in respect of vested Deferred Long-Term Awards.

     (g) Deferral Election. A Participant may voluntarily elect to defer receipt
         -----------------
of distribution of his Deferred Long-Term Awards under this Plan upon such terms
and

                                       22
<PAGE>
conditions as the Management Committee may prescribe. The Management Committee,
at its sole discretion, may approve or disapprove any such deferral election.

     (h) Distribution Upon the Death of a Participant. Each Participant shall
         --------------------------------------------
have the right to designate in writing from time to time a Beneficiary by filing
a written notice of such designation with the Management Committee. A
Participant's designation of a Beneficiary may be revoked by filing with the
Management Committee an instrument of revocation or a later designation. Any
designation or revocation shall be effective when received by the Management
Committee. In the event of the death of a Participant, certificates for Shares,
cash or other property equivalent to the amount remaining in such Participant's
Account in respect of vested Deferred Long-Term Awards may, at the discretion of
the Management Committee, be distributed to the Participant's Beneficiary as
soon as reasonably practicable. Unless the Participant's Beneficiary designation
provides otherwise, no person shall be entitled to benefits upon the death of
the Participant unless such person survives the Participant. If the Beneficiary
designated by a Participant does not survive the Participant or if the
Participant has not made a valid Beneficiary designation, such Participant's
Beneficiary shall be such Participant's estate.

     (i) Distribution Upon Disability. In the event of the termination of a
         ----------------------------
Participant's employment by reason of Disability, certificates for Shares, cash
or other property equivalent to the amount credited to such Participant's
Account in respect of vested Deferred Long-Term Awards shall be distributed as
soon as reasonably practicable to the Participant or such other representative
of the Participant as the Management Committee in its sole discretion shall
determine.

     (j) Termination of Trust or Court-Ordered Distribution. In the event that
         --------------------------------------------------
the Trust is terminated prior to the vesting of an Deferred Long-Term Award or
in the event that a court of competent jurisdiction finally determines that the
Company or a Subsidiary is obligated to distribute to a Participant, Beneficiary
or any other person certificates representing any Shares credited to a
Participant's Account prior to the time of distribution otherwise provided for
in this Article VII, the Share certificates so distributed to such Participant,
Beneficiary or other person shall, in the sole discretion of the Management
Committee, be restricted as to transferability until the date that the Shares
would otherwise have been distributed to the Participant or a Beneficiary under
the terms of the Plan had they not been distributed to the Participant,
Beneficiary or other person and had remained subject to the Plan, and each such
stock certificate shall bear the following (or similar) legends; provided that,
such certificate(s) shall bear the first legend described below only until the
vesting of such Deferred Long-Term Award:

     "THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS AND
     CONDITIONS (INCLUDING FORFEITURE) CONTAINED IN THE AMVESCAP GLOBAL STOCK
     PLAN AND NEITHER THIS CERTIFICATE OR THE SHARES REPRESENTED BY IT ARE

                                       23
<PAGE>
     ASSIGNABLE OR OTHERWISE TRANSFERABLE EXCEPT IN ACCORDANCE WITH SUCH PLAN, A
     COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY."

     "THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
     THE U.S. SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY STATE SECURITIES
     LAWS AND MAY NOT BE TRANSFERRED, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE
     DISPOSED OF UNLESS (i) (A) SUCH DISPOSITION IS PURSUANT TO AN EFFECTIVE
                         -   -
     REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED,
     (B) SUCH DISPOSITION IS EFFECTED ON THE LONDON STOCK EXCHANGE IN COMPLIANCE
      -
     WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933, AS
     AMENDED, AND THE HOLDER SHALL HAVE DELIVERED TO THE COMPANY EVIDENCE
     REASONABLY SATISFACTORY TO THE COMPANY TO SUCH EFFECT, (C) THE HOLDER
                                                             -
     HEREOF SHALL HAVE DELIVERED TO THE COMPANY AN OPINION OF COUNSEL, WHICH
     OPINION AND COUNSEL SHALL BE REASONABLY SATISFACTORY TO THE COMPANY, TO THE
     EFFECT THAT SUCH DISPOSITION IS EXEMPT FROM THE PROVISIONS OF SECTION 5 OF
     SUCH ACT OR (D) A NO-ACTION LETTER FROM THE U.S. SECURITIES AND EXCHANGE
                  -
     COMMISSION, REASONABLY SATISFACTORY TO COUNSEL FOR THE COMPANY, SHALL HAVE
     BEEN OBTAINED WITH RESPECT TO SUCH DISPOSITION AND (ii) SUCH DISPOSITION IS
                                                         --
     PURSUANT TO REGISTRATION UNDER ANY APPLICABLE STATE SECURITIES LAWS OR AN
     EXEMPTION THEREFROM."

     (k) Acceleration of Distribution. The Management Committee may, in its sole
         ----------------------------
discretion, accelerate the time of distribution with respect to any or all of a
Participant's vested Deferred Long-Term Awards.

     (l) Distributions to Insiders. With respect to any Deferred Long-Term Award
         -------------------------
made to a Participant who is subject to the reporting requirements of section
16(a) of the Exchange Act (an "insider"), distributions with respect to such
                               -------
Deferred Share Awards shall be made only in the form of Shares and in the form
of cash or other property for any fractional Shares.

                                  ARTICLE VIII
                               FUNDING OF THE PLAN

     Section 8.1 Unfunded Plan. The Plan shall be unfunded, including without
                 -------------
limitation for purposes of the United States of America Department of Labor
Regulation ss. 2520.104-23. Benefits under the Plan to a Participant shall be
the unfunded obligation

                                       24
<PAGE>
of such Participant's employer or former employer (the Company or a Subsidiary,
as the case may be). Notwithstanding the fact that the Company established the
Trust for the purpose of assisting itself and its Subsidiaries in meeting their
respective compensatory obligations to their employees, the Company and each of
the Subsidiaries, respectively, shall remain obligated to pay the amounts
credited to Participant's Accounts as a result of Awards under the Plan. In the
event that assets of the Trust are used to satisfy the claims of general
creditors of the Company in accordance with Section 8.2 and the Trust Agreement,
such assets shall be deemed to be sold at their fair market value and the
Accounts of Participants shall be adjusted to reflect such deemed sale. Nothing
shall relieve the Company and each of the Subsidiaries of their respective
liabilities under the Plan except to the extent amounts are paid to Participants
or Beneficiaries from the assets of the Trust.

     Section 8.2 Trust. Effective as of December 24, 1997, the Company
                 -----
established the Trust, which is intended to be (i) a "grantor trust" within the
                                                -
meaning of sections 671 et seq. of the Code of the Company and (ii) a "United
                        -- ---                                  --
States person" within the meaning of section 7701(a)(30) of the Code, to assist
the Company and its Subsidiaries in meeting their respective compensatory
obligations to their employees. The Trust is part of an employees' share scheme
as defined in section 743 of the Companies Act. The Trustee is State Street Bank
and Trust Company and the Trust is domiciled in the State of New York. Pursuant
to the Trust Agreement, the Management Committee may remove the Trustee and
appoint a successor Trustee and may change the domicile of the Trust. The Trust
can hold Shares, cash and other property contributed to the Trust by the Company
to provide itself and the Subsidiaries with a source of funds to assist each of
them in meeting their respective compensatory obligations to their employees.
The Management Committee shall direct that the assets of the Trust be invested
and reinvested primarily in Shares.

     The trust agreement creating the Trust contains procedures to the following
effect: In the event of the insolvency of the Company or any Subsidiary, the
assets of the Trust shall be available to pay the claims of creditors of the
Company or such Subsidiary, as the case may be, as a court of competent
jurisdiction may direct. The Company or any Subsidiary shall be deemed to be
"insolvent" if the Company or such Subsidiary is generally unable to pay its
debts as they become due, or if the Company is subject to a pending proceeding
under the bankruptcy laws of the United Kingdom, or if such Subsidiary is
subject to a pending proceeding under the bankruptcy laws of the jurisdiction in
which it is organized or incorporated. In the event the Company or any
Subsidiary becomes insolvent, the Board of Directors and the Chief Executive
Officer of the Company or such Subsidiary, as the case may be, have a duty to
inform the Trustee in writing of the Company's or such Subsidiary's insolvency.
Upon receipt of such notice, or if the Trustee receives written notice from a
person claiming to be a creditor of the Company or any Subsidiary alleging such
insolvency, the Trustee shall cease making payments from the assets of the Trust
on behalf of the Company or such Subsidiary, shall

                                       25
<PAGE>
hold such assets for the benefit of creditors of the Company or such Subsidiary,
as the case may be, and shall resume payments from the assets of the Trust only
after the Trustee has determined that the Company or such Subsidiary, as the
case may be, is not, or is no longer, insolvent.

     Section 8.3 Internal Funding. The Subsidiaries shall have no obligations to
                 ----------------
make contributions to the Trust, although a Subsidiary may reimburse the Company
for contributions to the Trust made by the Company on behalf of employees of
such Subsidiary. The Subsidiaries shall have obligations to make payments under
the Plan to the Participants that are their respective employees. To the extent
that a Subsidiary's obligations under the Plan are satisfied by the Company or
by the distribution of assets from the Trust, such distribution shall be treated
as a capital contribution from the Company to the Subsidiary as of the date on
which such obligation is satisfied. To the extent that a Subsidiary reimburses
the Company for contributions to the Trust and the Company then fails to satisfy
the Subsidiary's obligation under the Plan (by a distribution from the Trust or
otherwise) and the Subsidiary pays such obligations, the Subsidiary shall have
the right to recover such payment from the Company.

                                   ARTICLE IX
                          ADDITIONAL SECURITIES MATTERS

     Subject to Sections 6.2(j), 6.3 and 7.2(j), the Company shall use its best
efforts to ensure that any securities distributed to Participants hereunder are
marketable at the time of distribution. Notwithstanding anything herein to the
contrary, the Company shall not be obliged to cause to be delivered any
certificates evidencing Shares pursuant to the Plan unless and until the Company
is advised by its counsel that the delivery of such certificates is in
compliance with all applicable laws, regulations of governmental authority and
the requirements of The Stock Exchange and any other securities exchange on
which Shares are traded. In addition to the covenants, agreements and
representations contained in Sections 6.3, the Management Committee may require,
as a condition of the delivery of certificates evidencing Shares pursuant to the
terms hereof, the recipient of such Shares to make such additional covenants,
agreements and representations, and that such certificates bear such additional
legends, as the Management Committee, in its sole discretion, deems necessary or
desirable, provided that any such legends shall not contravene any rules or
regulations of The Stock Exchange or any applicable statute.

                                   ARTICLE X
                            MISCELLANEOUS PROVISIONS

     Section 10.1 Taxes. As a condition to the making of any Award, the vesting
                  -----
of any Award, the lapse of the restrictions pertaining thereto or the
distribution of Shares subject to an Award, the Company or a Subsidiary may
require a Participant to pay such sum to the Company or such Subsidiary as may
be necessary to discharge the Company's

                                       26
<PAGE>
or such Subsidiary's obligations with respect to any taxes, withholding,
assessment or other governmental charge imposed on property or income received
by the Participant pursuant to the Plan. In accordance with the rules and
procedures established by the Management Committee and in the discretion of the
Management Committee, such payment may be in the form of cash or other property.
The Company and the Subsidiaries shall have the right to withhold from any cash
or property payable to a Participant (including any salary, bonus or any other
amount payable from the Company or a Subsidiary to the Participant) an amount
sufficient to satisfy applicable withholding tax requirements, prior to a
distribution of Share certificates or other property under the Plan or to direct
the Trustee to sell any Shares or other property credited to a Participant's
Account in respect of vested Awards to satisfy applicable withholding tax
requirements. In order to satisfy such taxes, assessments or other governmental
charges, the Management Committee may direct the Trustee to pay to the Company
or a Subsidiary an amount to satisfy such obligation and to pay the balance to
the Participant. At the direction of the Participant and subject to the approval
of the Management Committee, the Company and its Subsidiaries may deduct or
withhold from any payment or distribution to a Participant whether or not
pursuant to the Plan in order to satisfy required withholding obligations under
the Plan.

     Section 10.2 No Special Employment Rights. Nothing contained in the Plan
                  ----------------------------
shall confer upon any Participant any right with respect to the continuation of
the Participant's employment by the Company or a Subsidiary or interfere in any
way with the right of the Company or a Subsidiary at any time to terminate such
employment or demote such Participant from the status of "Global Partner"
without prior notice at any time for any or no reason. Each Participant shall,
by participating in the Plan, waive all and any right to compensation or damages
in consequence of the termination of his office or employment with the Company
or a Subsidiary for any reason whatsoever in so far as these rights arise or may
arise from his ceasing to have rights under the Plan as a result of such
termination. Nothing in the Plan shall be deemed to give any employee of the
Company or a Subsidiary any right to participate in the Plan.

     Section 10.3 Expenses. Subject to the Trust Agreement, all expenses and
                  --------
costs in connection with the administration of the Plan shall be borne by the
Company and the Subsidiaries.

     Section 10.4 Titles and Headings Not to Control. The titles to Articles and
                  ----------------------------------
headings of Sections in the Plan are placed herein for convenience of reference
only and shall not affect the meaning of any of the provisions of the Plan.

     Section 10.5 Amendment or Termination of Plan. The Remuneration Committee
                  --------------------------------
may modify, amend, suspend or terminate this Plan in whole or in part at any
time, provided that, such modification, amendment, suspension or termination
      -------- ----
shall not, without a Participant's consent, affect adversely the rights of a
Participant with respect to

                                       27
<PAGE>
outstanding Awards that have not previously been forfeited; provided further,
                                                            -------- -------
that the Remuneration Committee may, without a Participant's consent, amend the
Plan from time to time in such a manner as may be necessary to avoid having the
Plan, the Trust Agreement or the Trust being subject to ERISA and to avoid the
current taxation of the assets held in the Trust. In this regard, neither a
Participant's incurring tax liability nor the loss of an investment opportunity
as a result of the termination of the Plan shall be considered an impairment of
the rights of a Participant.

     Upon termination of the Plan or the Trust, unvested Awards of each
Participant shall immediately vest and the Shares, cash or other property, or
the equivalent thereof, credited to the Account of each Participant in respect
of vested Awards shall be distributed to each such Participant in order to meet
the payment obligations under the Plan with respect to each such Participant. In
the event that Shares or other property allocated to unvested Awards have been
previously forfeited, the Management Committee shall determine how such Shares
and other property shall be applied to provide compensation and benefits to
employees of the Company and the Subsidiaries. No portion of the assets held in
the Trust shall revert to the Company or the Subsidiaries at any time except for
the reimbursement of taxes pursuant to Section 10.1 and the Trust Agreement;
provided that, in the event of the insolvency of the Company or any Subsidiary,
the assets of the Trust shall be available to pay the claims of creditors of the
Company or such Subsidiary, as the case may be, as provided in Section 8.2 and
the Trust Agreement.

     Section 10.6 Governing Law. The Plan, as amended from time to time, and all
                  -------------
rights hereunder shall be governed by, administered and enforced in accordance
with the laws of the State of New York (without reference to the choice of law
doctrine).

     Section 10.7 Waiver of Punitive Damages. There is no right to punitive,
                  --------------------------
exemplary or similar damages as a result of any controversy or claim arising out
of, relating to or in connection with the Plan, or the breach, termination or
validity thereof, and each Participant shall, by participating in the Plan,
waive all and any of such rights.

     Section 10.8 Restrictions on Transfer. No transfer (other than any transfer
                  ------------------------
made by will or by the laws of descent and distribution), charge or encumbrance
by a Participant of any right to any payment hereunder, whether voluntary or
involuntary, by operation of law or otherwise, shall vest the transferee with
any interest or right in or with respect to such payment, and the transfer,
charge or encumbrance shall be of no force and effect.

     Section 10.9 Change in Control. In the event of a Change in Control of the
                  -----------------
Company or a Participant's employer, all of a Participant's unvested Award(s)
shall immediately vest if (i) the Participant's employment with the Company and
                           -
its Subsidiaries is involuntarily terminated other than for Cause or (ii) the
                                                                      --
Participant

                                       28
<PAGE>
voluntarily terminates employment with the Company and its Subsidiaries for
"good reason" which shall mean (a) reduction in compensation following the
                                -
Change in Control or (b) reduction in responsibilities or position following the
                      -
Change in Control.

     Section 10.10 Consolidation or Merger of the Company. In the event of the
                   --------------------------------------
consolidation, amalgamation, combination or merger of the Company with or into
any other corporation, or the sale by the Company of substantially all of its
assets, the resulting successor may continue the Plan by adopting the same by
resolution of its board of directors and by executing a proper supplemental
agreement to the Trust Agreement with the Trustee. If within ninety days from
the effective date of such consolidation, amalgamation, combination, merger or
sale of assets, such new corporation does not adopt the Plan, the rights of all
affected Participants to their respective benefits with respect to vested and
unvested Awards shall be non-forfeitable as of the effective date of such
consolidation, amalgamation, combination, merger or sale of assets.

     Section 10.11 Set-off. In the event that the Company or a Subsidiary has
                   -------
any claims against a Participant, the Company or Subsidiary (as the case may be)
may, in its discretion, offset such claims against its obligations to such
Participant under the Plan. The Company or Subsidiary, as the case may be, shall
give notice to the Participant of any set-off effected under this Section 10.11.

     Section 10.12 Special Rules Regarding Management Committee. Notwithstanding
                   --------------------------------------------
any other provision of the Plan, with respect to any power of the Management
Committee described herein that is exercised with respect to a Participant who
is a member of the Management Committee and the exercise of such power does not
affect all Participants relatively equally, such power shall be exercised with
respect to such Participant by the non-Participant members of the Management
Committee who are United States persons within the meaning of section
7701(a)(30) of the Code, if any; provided that, if all members of the Management
                                 -------- ----
Committee are Participants or none of the non-Participant members of the
Management Committee are United States persons within the meaning of section
7701(a)(30) of the Code, then such powers shall be exercised with respect to
such Participants by the members of the Remuneration Committee who are United
States persons within the meaning of section 7701(a)(30) of the Code.

     Section 10.13 Transfer of Awards. The Management Committee may, with a
                   ------------------
Participant's consent, permit the transfer of such Participant's vested awards
under the AMVESCAP Global Stock Plan II to this Plan upon such terms and
conditions as the Management Committee may prescribe.

                                       29
<PAGE>

                                                                      Appendix A
                                                                      ----------

                            SPECIAL RULES RELATING TO
                              PARTICIPANTS IN JAPAN

     In order to comply with laws and  regulations of Japan and  notwithstanding
Sections 6.2(g),  6.2(k),  6.3(c) and 7.2(k) or any other provision of the Plan,
(a) the Management  Committee shall not accelerate the time of distribution with
respect to any Awards of a Participant  resident in, or employed by a Subsidiary
that is resident in, Japan;  and (b)  Participants  resident for tax purposes in
Japan (1) shall not be entitled  to elect to defer  receipt of  distribution  of
Deferred  Share  Awards;  and (2)  shall  not be  required  to make an  election
pursuant to Section  83(b) of the Code as a condition  to receiving a Restricted
Share Award.

<PAGE>

                                                                      Appendix B
                                                                      ----------

                           SPECIAL RULES RELATING TO
                       PARTICIPANTS IN THE UNITED KINGDOM

     Notwithstanding  Section  6.3(c)  or  any  other  provision  of  the  Plan,
Participants  resident  for tax  purposes  in the  United  Kingdom  shall not be
required  to make  an  election  pursuant  to  Section  83(b)  of the  Code as a
condition to receiving a Restricted Share Award.

<PAGE>

                                                                      Appendix C
                                                                      ----------

                            SPECIAL RULES RELATING TO
                             PARTICIPANTS IN CANADA

     In order to comply with laws and regulations of Canada and  notwithstanding
Sections 6.1(a), 6.2(g) and 6.3, Article VII or any other provision of the Plan,
Participants  resident for tax purposes in Canada shall not have the ability (a)
to elect to defer receipt of distribution of Deferred Share Awards; (b) to elect
to receive a Restricted Share Award in lieu of a Deferred Share Award; or (c) to
receive a Deferred Long-Term Award.

<PAGE>

                                                                      Appendix D
                                                                      ----------

                            SPECIAL RULES RELATING TO
                             PARTICIPANTS IN GERMANY

     In order to comply with laws and regulations of Germany and notwithstanding
Section 6.3(c) or any other provision of the Plan, Participants resident for tax
purposes  in Germany  shall not be  required  to make an  election  pursuant  to
Section 83(b) of the Code as a condition to receiving a Restricted Share Award.

<PAGE>

                                                                      Appendix E
                                                                      ----------

                            SPECIAL RULES RELATING TO
                             PARTICIPANTS IN FRANCE

     In order to comply with laws and regulations of France and  notwithstanding
Sections 6.1(a), 6.2(g) and 6.3 or any other provision of the Plan, Participants
resident for tax purposes in France shall not have the ability to elect to defer
receipt  of  distribution  of  Deferred  Share  Awards or to elect to  receive a
Restricted Share Award in lieu of a Deferred Share Award.

<PAGE>

                                                                      Appendix F
                                                                      ----------

                           SPECIAL RULES RELATING TO
                            PARTICIPANTS IN BELGIUM

     Notwithstanding  Section  6.3(c)  or  any  other  provision  of  the  Plan,
Participants  resident for tax purposes in Belgium shall not be required to make
an election  pursuant to Section 83(b) of the Code as a condition to receiving a
Restricted Share Award.

<PAGE>
                                                                      Appendix G
                                                                      ----------

                            SPECIAL RULES RELATING TO
                            PARTICIPANTS IN HONG KONG

     In  order  to  comply   with  laws  and   regulations   of  Hong  Kong  and
notwithstanding  Sections  6.1(a),  6.2(g) and 6.3 or any other provision of the
Plan,  Participants  resident  for tax  purposes in Hong Kong shall not have the
ability to elect to defer receipt of distribution of Deferred Share Awards or to
elect to receive a Restricted Share Award in lieu of a Deferred Share Award.

<PAGE>

                                                                      Appendix H
                                                                      ----------

                            SPECIAL RULES RELATING TO
                            PARTICIPANTS IN AUSTRALIA

     In  order  to  comply  with  laws  and   regulations   of   Australia   and
notwithstanding  Sections  6.1(a)  and 6.3 or any other  provision  of the Plan,
Participants  resident for tax purposes in Australia  shall not have the ability
to elect to receive a Restricted Share Award in lieu of a Deferred Share Award.

<PAGE>
                                                                      Appendix I
                                                                      ----------

                            SPECIAL RULES RELATING TO
                             PARTICIPANTS IN TAIWAN

     In order to comply with laws and regulations of Taiwan and  notwithstanding
Sections 6.1(a), 6.2(g) and 6.3 or any other provision of the Plan, Participants
resident for tax purposes in Taiwan shall not have the ability to elect to defer
receipt  of  distribution  of  Deferred  Share  Awards or to elect to  receive a
Restricted Share Award in lieu of a Deferred Share Award.

<PAGE>

--------------------------------------------------------------------------------

                           AMVESCAP GLOBAL STOCK PLAN

              Amended and Restated Effective as of December 1, 2002

--------------------------------------------------------------------------------

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