Document:

<PAGE>

                                                                    Exhibit 10.1

CONTACTS
--------------------------------------------------------------------------------

       Administrator:             Barbara A Campbell
       Direct Phone No:           (714)247-6278
       Address:                   Deutsche Bank
                                  1761 E. St. Andrew Place
                                  Santa Ana, CA 92705

       Web Site:                  http://www-apps.gis.deutsche-bank.com/invr
       Factor Information:        (800) 735-7777
       Main Phone No:             (714) 247-6000

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

<Table>
<Caption>
ISSUANCE INFORMATION
------------------------------------------------------------------------------------------------------------------------------------
<S>                            <C>                                                     <C>                        <C>

       Seller:                 GreenPoint Mortgage                                     Cut-Off Date:              February 28, 2001
       Certificate Insurer:    Financial Guaranty Insurance Corporation                Closing Date:              April 12, 2001
       Servicer(s):            GreenPoint Mortgage - Master Servicer                   First Payment Date:        May 15, 2001

       Underwriter(s):         Lehman Brothers Securities Corporation - Underwriter    Distribution Date:         February 15, 2002
                                                                                       Record Date:               February 14, 2002

------------------------------------------------------------------------------------------------------------------------------------
</Table>

<PAGE>

                    GreenPoint Home Equity Loan Trust 2001-1
                   Home Equity Loan Asset-Backed Certificates
                                  Series 2001-1
          Certificate Payment Report for February 15, 2002 Distribution

<Table>
<Caption>
         Distribution in Dollars - Current Period
------------------------------------------------------------------------------------------------------------------------------------
                                      Prior                                                                           Current
          Class      Original       Principal                                   Total       Realized   Deferred      Principal
 Class    Type      Face Value       Balance      Interest       Principal   Distribution    Losses    Interest       Balance
------------------------------------------------------------------------------------------------------------------------------------
                                       (1)           (2)            (3)      (4)=(2)+(3)      (5)         (6)    (7)=(1)-(3)-(5)+(6)
------------------------------------------------------------------------------------------------------------------------------------
<S>     <C>       <C>             <C>               <C>          <C>           <C>             <C>      <C>      <C>
  A-1   FLT,STEP  196,178,000.00  140,051,125.16    246,023.14   8,996,385.65  9,242,408.79        -          -      131,054,739.51
  A-2   FLT,STEP  106,801,000.00   79,947,686.37    141,129.87   3,578,714.25  3,719,844.12        -          -       76,368,972.12
   R        R                  -               -    721,218.52              -    721,218.52        -          -                   -

------------------------------------------------------------------------------------------------------------------------------------
 Total            302,979,000.00  219,998,811.53  1,108,371.53  12,575,099.90 13,683,471.43        -          -      207,423,711.63
------------------------------------------------------------------------------------------------------------------------------------
</Table>

<Table>
<Caption>
Interest Accrual Detail               Current Period Factor Information per $1,000 of Original Face
------------------------------------------------------------------------------------------------------------------------------------
                                                Orig. Principal     Prior                                              Current
         Period   Period                        (with Notional)   Principal                              Total        Principal
 Class  Starting  Ending    Method     Cusip        Balance        Balance     Interest   Principal   Distribution     Balance
------------------------------------------------------------------------------------------------------------------------------------
                                                                     (1)         (2)         (3)      (4)=(2)+(3)        (5)
------------------------------------------------------------------------------------------------------------------------------------
<S>    <C>       <C>       <C>        <C>        <C>              <C>          <C>        <C>          <C>            <C>
  A-1  01/15/02  02/14/02  A-Act/360  395385AJ6  196,178,000.00   713.898221   1.254081   45.858280     47.112361     668.039941
  A-2  01/15/02  02/14/02  A-Act/360  395385AK3  106,801,000.00   748.566833   1.321428   34.829675    715.058587      33.508247
   R                            -                             -            -          -           -             -              -

------------------------------------------------------------------------------------------------------------------------------------
</Table>

<Table>
<Caption>
Distribution in Dollars - to Date
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                       Current
          Original                   Unscheduled    Scheduled       Total         Total       Realized  Deferred      Principal
 Class   Face Value     Interest      Principal     Principal     Principal    Distribution    Losses   Interest       Balance
-----------------------------------------------------------------------------------------------------------------------------------
            (1)            (2)           (3)           (4)       (5)=(3)+(4)   (6)=(2)+(5)      (7)        (8)        (9)=(1)-(5)-
                                                                                                                       (7)+(8)
-----------------------------------------------------------------------------------------------------------------------------------
<S>    <C>             <C>           <C>            <C>          <C>            <C>            <C>       <C>      <C>
  A-1  196,178,000.00  5,292,857.37  62,395,042.61  2,728,217.88 65,123,260.49  70,416,117.86         -       -     131,054,739.51
  A-2  106,801,000.00  2,925,559.63  28,987,401.09  1,444,626.80 30,432,027.89  33,357,587.52         -       -      76,368,972.12
   R                -  5,867,728.55              -             -             -   5,867,728.55         -       -                  -

-----------------------------------------------------------------------------------------------------------------------------------
 Total 302,979,000.00 14,086,145.55  91,382,443.69  4,172,844.68 95,555,288.37 109,641,433.92         -       -     207,423,711.63

-----------------------------------------------------------------------------------------------------------------------------------
</Table>

<Table>
<Caption>
Interest Detail
------------------------------------------------------------------------------------------------------------------------------------
           Pass-    Prior Principal                    Non-          Prior      Unscheduled                   Paid or      Current
          Through   (with Notional)     Accrued      Supported      Unpaid        Interest      Optimal      Deferred      Unpaid
 Class     Rate         Balance        Interest     Interest SF    Interest     Adjustments     Interest     Interest     Interest
------------------------------------------------------------------------------------------------------------------------------------
                                          (1)           (2)           (3)           (4)         (5)=(1)-        (6)     (7)=(5)-(6)
                                                                                              (2)+(3)+(4)
------------------------------------------------------------------------------------------------------------------------------------
<S>       <C>        <C>               <C>           <C>           <C>          <C>           <C>            <C>         <C>
  A-1     2.04000%   140,051,125.16    246,023.14            -            -             -     246,023.14     246,023.14           -
  A-2     2.05000%    79,947,686.37    141,129.87            -            -             -     141,129.87     141,129.87           -
   R                              -             -            -            -             -              -     721,218.52           -

------------------------------------------------------------------------------------------------------------------------------------
 Total               219,998,811.53    387,153.01            -            -             -     387,153.01   1,108,371.53           -
------------------------------------------------------------------------------------------------------------------------------------
</Table>

<PAGE>

--------------------------------------------------------------------------------
                            Collection Account Report
--------------------------------------------------------------------------------

<Table>
<Caption>
SUMMARY                                                                                   POOL II          POOL I            TOTAL
-----------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                  <C>             <C>             <C>
    Net Principal Collections                                                        3,379,680.25    8,929,830.44    12,309,510.69

    TOTAL PRINCIPAL                                                                  3,379,680.25    8,929,830.44    12,309,510.69

    Interest Collections                                                               551,197.26    1,013,677.29     1,564,874.55
    Interest Fees                                                                      (12,181.09)     (20,934.33)      (33,115.42)

    TOTAL INTEREST                                                                     539,016.17      992,742.96     1,531,759.13

    TOTAL AVAILABLE FUNDS                                                            3,918,696.42    9,922,573.40    13,841,269.82

-----------------------------------------------------------------------------------------------------------------------------------
</Table>

<Table>
<Caption>
PRINCIPAL - COLLECTIONS                                                                   POOL II          POOL I            TOTAL
-----------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                  <C>            <C>              <C>
    Principal Collections                                                            4,394,858.62   10,217,132.49    14,611,991.11
    Repurchases/Substitutions                                                                0.00            0.00             0.00
    Liquidations                                                                       175,799.44      598,937.89       774,737.33
    Insurance Principal                                                                      0.00            0.00             0.00
    Liquidation Loss Amounts                                                                 0.00     (203,216.66)     (203,216.66)
    Additional Balances                                                             (1,190,977.81)  (1,683,023.28)   (2,874,001.09)

    TOTAL PRINCIPAL COLLECTED                                                        3,379,680.25    8,929,830.44    12,309,510.69

-----------------------------------------------------------------------------------------------------------------------------------
</Table>

<Table>
<Caption>
PRINCIPAL - WITHDRAWALS                                                                   POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                    <C>              <C>            <C>
                         SPACE INTENTIONALLY LEFT BLANK

------------------------------------------------------------------------------------------------------------------------------------
</Table>

<Table>
<Caption>
PRINCIPAL - OTHER ACCOUNTS                                                                POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                    <C>              <C>            <C>
                         SPACE INTENTIONALLY LEFT BLANK

------------------------------------------------------------------------------------------------------------------------------------
</Table>

<Table>
<Caption>
INTEREST - COLLECTIONS                                                                    POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------

<S>                                                                                    <C>           <C>              <C>
    Interest Collections                                                               583,888.92    1,068,748.02     1,652,636.94
    Repurchases/Substitutions                                                                0.00            0.00             0.00
    Liquidations                                                                         1,310.57        4,890.25         6,200.82
    Insurance                                                                                0.00            0.00             0.00
    Interest
    Other Additional Interest                                                                0.00         (97.25)          (97.25)
    Current Servicing Fee                                                              (34,002.23)     (59,863.73)      (93,865.96)

    TOTAL INTEREST                                                                     551,197.26    1,013,677.29     1,564,874.55

------------------------------------------------------------------------------------------------------------------------------------
</Table>

<PAGE>

<Table>
<Caption>
INTEREST - WITHDRAWALS                                                                    POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                    <C>              <C>            <C>
                         SPACE INTENTIONALLY LEFT BLANK

-----------------------------------------------------------------------------------------------------------------------------------
</Table>

<Table>
<Caption>
INTEREST - OTHER ACCOUNTS                                                                 POOL II          POOL I            TOTAL
-----------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                    <C>              <C>            <C>
                         SPACE INTENTIONALLY LEFT BLANK

-----------------------------------------------------------------------------------------------------------------------------------
</Table>

<Table>
<Caption>
INTEREST - FEES                                                                           POOL II          POOL I            TOTAL
-----------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                     <C>             <C>              <C>
    Trustee Fee                                                                            544.04          957.82         1,501.86
    Certificate Insurer Premium                                                         11,455.35       19,658.21        31,113.56
    Management Fee                                                                         181.70          318.30           500.00

    TOTAL INTEREST  FEES                                                                12,181.09       20,934.33        33,115.42

-----------------------------------------------------------------------------------------------------------------------------------
</Table>

<PAGE>

--------------------------------------------------------------------------------
                            Credit Enhancement Report
--------------------------------------------------------------------------------

<Table>
<Caption>
ACCOUNTS                                                                                  POOL II          POOL I            TOTAL
-----------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                       <C>           <C>           <C>
    Beginning Reserve Fund Balance                                                                                    1,523,044.71
    Curr Period Amounts Dep to Res Fund                                                                                 879,516.91
    Curr Withdrawal from Reserve Fund                                                                                   721,218.52
    Reserve Fund Balance                                                                                              2,402,561.62

-----------------------------------------------------------------------------------------------------------------------------------
</Table>

<Table>
<Caption>
INSURANCE                                                                                 POOL II          POOL I            TOTAL
-----------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                       <C>            <C>              <C>
    Insured Amount                                                                           0.00            0.00             0.00
    Reimbursements to the Insurer                                                            0.00            0.00             0.00
    Cumulative Insurance Payment                                                             0.00            0.00             0.00

    Draws on the Policy                                                                      0.00            0.00             0.00
    Draws on the Demand Note                                                                 0.00            0.00             0.00

    Interest portion of Guarantee Payment                                                    0.00            0.00             0.00
    Principal portion of Guarantee Payment                                                   0.00            0.00             0.00
    Guarantee Payment for this date                                                          0.00            0.00             0.00
    Cumulative Guaranty Payments                                                             0.00            0.00             0.00

-----------------------------------------------------------------------------------------------------------------------------------
</Table>

<Table>
<Caption>
STRUCTURAL FEATURES                                                                       POOL II          POOL I            TOTAL
-----------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                  <C>             <C>              <C>
    Three Month Average Net Excess Spread Amount                                          6.4296%         6.8802%
    Rolling Six-month Pool Delinquency Rate                                               0.0000%         0.0000%

    Prior Overcollateralization Amount                                               1,657,677.62    3,621,834.76     5,279,512.38
    Specified Overcollateralization Amount                                           3,538,054.72    3,485,173.31     7,023,228.03
    Overcollateralization Amount                                                     1,856,711.62    3,485,173.31     5,341,884.93
    Overcollateralization Deficiency Amount                                          1,681,343.10            0.00     1,681,343.10

    Overcollateralization Deficit                                                            0.00            0.00             0.00
    Overcollateralization Reduction Amount                                                   0.00            0.00             0.00
    Step-Up Overcollateralization Amount                                                     0.00            0.00             0.00

    Current Accelerated Principal Payment                                              199,034.00       66,555.21       265,589.21
    Cumulative Accelerated Principal Payment                                         2,393,808.02    3,834,191.12     6,227,999.13

-----------------------------------------------------------------------------------------------------------------------------------
</Table>

<PAGE>

--------------------------------------------------------------------------------
                                Collateral Report
--------------------------------------------------------------------------------

<Table>
<Caption>
COLLATERAL                                                                                POOL II            POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                               <C>               <C>              <C>
    Loan Count:
    Original                                                                                1191              4428             5619
    Prior                                                                                    851             3,137            3,988
    Prefunding                                                                                 -                 -                -
    Scheduled Paid Offs                                                                        -                 -                -
    Full Voluntary Prepayments                                                               (33)             (180)            (213)
    Repurchases                                                                                -                 -                -
    Liquidations                                                                              (2)              (10)             (12)
    --------------------------------------------------------------------------------------------------------------------------------
    Current                                                                                  816             2,947            3,763

    Principal Balance:
    Original                                                                      106,801,182.40    196,178,327.60   302,979,510.00
    Prior                                                                          81,605,363.98    143,672,959.92   225,278,323.90
    Prefunding                                                                                 -                 -                -
    Scheduled Principal                                                              (201,435.67)      (349,066.07)     (550,501.74)
    Partial and Full Voluntary Prepayments                                         (4,193,422.95)    (9,868,066.42)  (14,061,489.37)
    Repurchases                                                                                -                 -                -
    Liquidations                                                                     (175,799.44)      (598,937.89)     (774,737.33)
    --------------------------------------------------------------------------------------------------------------------------------
    Current
                                                                                   78,225,683.73    134,539,912.82   212,765,596.55
------------------------------------------------------------------------------------------------------------------------------------
</Table>

<Table>
<Caption>
PREFUNDING                                                                                POOL II            POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                  <C>                  <C>             <C>
                         SPACE INTENTIONALLY LEFT BLANK

------------------------------------------------------------------------------------------------------------------------------------
</Table>

<Table>
<Caption>
CHARACTERISTICS                                                                           POOL II            POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                    <C>              <C>               <C>
    Weighted Average Coupon Original                                                   9.879188%        10.019075%        9.969764%
    Weighted Average Coupon Prior                                                      8.683440%         8.858548%        8.796083%
    Weighted Average Coupon Current                                                    8.222488%         8.509156%        8.405313%
    --------------------------------------------------------------------------------------------------------------------------------
    Weighted Average Months to Maturity Original                                             189               195              193
    Weighted Average Months to Maturity Prior                                                178               186              183
    Weighted Average Months to Maturity Current                                              176               185              182
    --------------------------------------------------------------------------------------------------------------------------------
    Weighted Avg Remaining Amortization Term Original                                        196               213              207
    Weighted Avg Remaining Amortization Term Prior                                           182               203              195
    Weighted Avg Remaining Amortization Term Current                                         180               201              194
    --------------------------------------------------------------------------------------------------------------------------------
    Weighted Average Seasoning Original                                                     2.92              3.09             3.03
    Weighted Average Seasoning Prior                                                        9.92             10.17            10.08
    Weighted Average Seasoning Current                                                     10.89             11.16            11.06

------------------------------------------------------------------------------------------------------------------------------------
</Table>
Note:  Original information refers to deal issue.

<PAGE>

<Table>
<Caption>
ARM CHARACTERISTICS                                                                       POOL II            POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                      <C>               <C>
    Weighted Average Margin Original                                                     293.006%          228.112%
    Weighted Average Margin Prior                                                        301.040%          231.330%
    Weighted Average Margin Current                                                      301.306%          232.324%
    --------------------------------------------------------------------------------------------------------------------------------
    Weighted Average Max Rate Original                                                    17.033%           14.638%
    Weighted Average Max Rate Prior                                                       17.398%           15.106%
    Weighted Average Max Rate Current                                                     17.438%           15.129%
    --------------------------------------------------------------------------------------------------------------------------------
    Weighted Average Min Rate Original                                                     2.930%            2.281%
    Weighted Average Min Rate Prior                                                        3.010%            2.314%
    Weighted Average Min Rate Current                                                      3.013%            2.324%
    --------------------------------------------------------------------------------------------------------------------------------
    Weighted Average Cap Up Original
    Weighted Average Cap Up Prior
    Weighted Average Cap Up Current
    --------------------------------------------------------------------------------------------------------------------------------
    Weighted Average Cap Down Original
    Weighted Average Cap Down Prior
    Weighted Average Cap Down Current

------------------------------------------------------------------------------------------------------------------------------------
</Table>
Note:  Original information refers to deal issue.

<Table>
<Caption>
SERVICING FEES / ADVANCES                                                                 POOL II            POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                     <C>               <C>              <C>
    TOTAL SERVICING FEE                                                                 34,002.23         59,863.73        93,865.96

------------------------------------------------------------------------------------------------------------------------------------
</Table>

<Table>
<Caption>
ADDITIONAL COLLATERAL INFORMATION                                                         POOL II            POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                    <C>                <C>             <C>
                         SPACE INTENTIONALLY LEFT BLANK

------------------------------------------------------------------------------------------------------------------------------------
</Table>

<PAGE>

--------------------------------------------------------------------------------
                           Delinquency Report - Total
--------------------------------------------------------------------------------

<Table>
<Caption>

                                                           CURRENT       1 PAYMENT       2  PAYMTS      3+  PAYMTS            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                     <C>           <C>               <C>              <C>           <C>
DELINQUENT           Balance                                          4,272,339.16      953,509.62       48,015.41     5,273,864.19
                     % Balance                                               2.01%           0.45%           0.02%            2.48%
                     # Loans                                                    85              17               1              103
                     % # Loans                                               2.26%           0.45%           0.03%            2.74%
------------------------------------------------------------------------------------------------------------------------------------
FORECLOSURE          Balance                             81,244.85               -      190,190.40    4,490,186.04     4,761,621.29
                     % Balance                               0.04%           0.00%           0.09%           2.11%            2.24%
                     # Loans                                     2               -               3              60               65
                     % # Loans                               0.05%           0.00%           0.08%           1.59%            1.73%
------------------------------------------------------------------------------------------------------------------------------------
BANKRUPTCY           Balance                            185,400.30      163,661.49               -      172,478.33       521,540.12
                     % Balance                               0.09%           0.08%           0.00%           0.08%            0.25%
                     # Loans                                     4               4               -               5               13
                     % # Loans                               0.11%           0.11%           0.00%           0.13%            0.35%
------------------------------------------------------------------------------------------------------------------------------------
REO                  Balance                                     -               -               -               -                -
                     % Balance                               0.00%           0.00%           0.00%           0.00%            0.00%
                     # Loans                                     -               -               -               -                -
                     % # Loans                               0.00%           0.00%           0.00%           0.00%            0.00%
------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------
TOTAL                Balance                            266,645.15    4,436,000.65    1,143,700.02    4,710,679.78    10,557,025.60
                     % Balance                               0.13%           2.08%           0.54%           2.21%            4.96%
                     # Loans                                     6              89              20              66              181
                     % # Loans                               0.16%           2.37%           0.53%           1.75%            4.81%
------------------------------------------------------------------------------------------------------------------------------------
</Table>
Note:  Current = 0-29days, 1 Payment =30-59days, 2 Payments = 60-89days,
       3+ Payments = 90+

--------------------------------------------------------------------------------
                        Delinquency Report - Pool I Group
--------------------------------------------------------------------------------

<Table>
<Caption>

                                                           CURRENT       1 PAYMENT       2  PAYMTS      3+  PAYMTS            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                     <C>           <C>               <C>              <C>           <C>
DELINQUENT           Balance                                          3,207,566.02      555,240.08       48,015.41     3,810,821.51
                     % Balance                                               2.38%           0.41%           0.04%            2.83%
                     # Loans                                                    65              14               1               80
                     % # Loans                                               2.21%           0.48%           0.03%            2.71%
------------------------------------------------------------------------------------------------------------------------------------
FORECLOSURE          Balance                             81,244.85               -      190,190.40    2,122,833.45     2,394,268.70
                     % Balance                               0.06%           0.00%           0.14%           1.58%            1.78%
                     # Loans                                     2               -               3              43               48
                     % # Loans                               0.07%           0.00%           0.10%           1.46%            1.63%
------------------------------------------------------------------------------------------------------------------------------------
BANKRUPTCY           Balance                            185,400.30      163,661.49               -      172,478.33       521,540.12
                     % Balance                               0.14%           0.12%           0.00%           0.13%            0.39%
                     # Loans                                     4               4               -               5               13
                     % # Loans                               0.14%           0.14%           0.00%           0.17%            0.44%
------------------------------------------------------------------------------------------------------------------------------------
REO                  Balance                                     -               -               -               -                -
                     % Balance                               0.00%           0.00%           0.00%           0.00%            0.00%
                     # Loans                                     -               -               -               -                -
                     % # Loans                               0.00%           0.00%           0.00%           0.00%            0.00%
------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------
TOTAL                Balance                            266,645.15    3,371,227.51      745,430.48    2,343,327.19     6,726,630.33
                     % Balance                               0.20%           2.51%           0.55%           1.74%            5.00%
                     # Loans                                     6              69              17              49              141
                     % # Loans                               0.20%           2.34%           0.58%           1.66%            4.78%
------------------------------------------------------------------------------------------------------------------------------------
</Table>
Note:  Current = 0-29days, 1 Payment =30-59days, 2 Payments = 60-89days,
       3+ Payments = 90+

<PAGE>

--------------------------------------------------------------------------------
                       Delinquency Report - Pool II Group
--------------------------------------------------------------------------------

<Table>
<Caption>

                                                            CURRENT       1 PAYMENT       2  PAYMTS      3+  PAYMTS            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                         <C>        <C>               <C>                            <C>
DELINQUENT           Balance                                           1,064,773.14      398,269.54               -     1,463,042.68
                     % Balance                                                1.36%           0.51%           0.00%            1.87%
                     # Loans                                                     20               3               -               23
                     % # Loans                                                2.45%           0.37%           0.00%            2.82%
------------------------------------------------------------------------------------------------------------------------------------
FORECLOSURE          Balance                                      -               -               -    2,367,352.59     2,367,352.59
                     % Balance                                0.00%           0.00%           0.00%           3.03%            3.03%
                     # Loans                                      -               -               -              17               17
                     % # Loans                                0.00%           0.00%           0.00%           2.08%            2.08%
------------------------------------------------------------------------------------------------------------------------------------
BANKRUPTCY           Balance                                      -               -               -               -                -
                     % Balance                                0.00%           0.00%           0.00%           0.00%            0.00%
                     # Loans                                      -               -               -               -                -
                     % # Loans                                0.00%           0.00%           0.00%           0.00%            0.00%
------------------------------------------------------------------------------------------------------------------------------------
REO                  Balance                                      -               -               -               -                -
                     % Balance                                0.00%           0.00%           0.00%           0.00%            0.00%
                     # Loans                                      -               -               -               -                -
                     % # Loans                                0.00%           0.00%           0.00%           0.00%            0.00%
------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------
TOTAL                Balance                                      -    1,064,773.14      398,269.54    2,367,352.59     3,830,395.27
                     % Balance                                0.00%           1.36%           0.51%           3.03%            4.90%
                     # Loans                                      -              20               3              17               40
                     % # Loans                                0.00%           2.45%           0.37%           2.08%            4.90%
------------------------------------------------------------------------------------------------------------------------------------
</Table>
Note:  Current = 0-29days, 1 Payment =30-59days, 2 Payments = 60-89days,
       3+ Payments = 90+

<PAGE>

--------------------------------------------------------------------------------
     REO Report - Mortgage Loans that Become REO During Current Distribution
--------------------------------------------------------------------------------

<Table>
<Caption>
SUMMARY                                                 LOAN GROUP
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                     <C>
Total Loan Count =   0                                  Loan Group 1  =  Pool I Group;   REO Book Value  = 000.00
Total Original Principal Balance =   000.00             Loan Group 2  =  Pool II Group;  REO Book Value  = 000.00
Total Current Balance =   000.00
REO Book Value =   000.00

------------------------------------------------------------------------------------------------------------------------------------
</Table>
REO Book Value reported corresponds to total REO loans, including loans that
become REO during current distribution.

<Table>
<Caption>
------------------------------------------------------------------------------------------------------------------------------------
   Loan Number         Original        Stated                           Current        State &
        &             Principal       Principal         Paid to          Note           LTV at          Original      Origination
    Loan Group         Balance         Balance           Date            Rate         Origination         Term            Date
------------------------------------------------------------------------------------------------------------------------------------
<S>                  <C>              <C>              <C>            <C>            <C>               <C>            <C>
                         SPACE INTENTIONALLY LEFT BLANK

------------------------------------------------------------------------------------------------------------------------------------
</Table>

<PAGE>

--------------------------------------------------------------------------------
                    Prepayment Report - Voluntary Prepayments
--------------------------------------------------------------------------------

<Table>
<Caption>
VOLUNTARY PREPAYMENTS                                                                     POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                  <C>             <C>             <C>
    Current
    Number of Paid in Full Loans                                                                33             180              213
    Number of Repurchased Loans                                                                  -               -                -
    --------------------------------------------------------------------------------------------------------------------------------
    Total Number of Loans Prepaid in Full                                                       33             180              213
    Paid in Full Balance                                                              3,186,228.59    8,891,709.70    12,077,938.29
    Repurchased Loans Balance                                                                    -               -                -
    Curtailments Amount                                                               1,007,194.36      976,356.72     1,983,551.08
    --------------------------------------------------------------------------------------------------------------------------------
    Total Prepayment Amount                                                           4,193,422.95    9,868,066.42    14,061,489.37
    Cumulative
    Number of Paid in Full Loans                                                               369           1,443            1,812
    Number of Repurchased Loans                                                                  -               -                -
    --------------------------------------------------------------------------------------------------------------------------------
    Total Number of Loans Prepaid in Full                                                      369           1,443            1,812
    Paid in Full Balance                                                             38,634,574.93   71,920,515.15   110,555,090.08
    Repurchased Loans Balance                                                                    -               -                -
    Curtailments Amount                                                              16,959,232.80   18,098,302.91    35,057,535.71
    --------------------------------------------------------------------------------------------------------------------------------
    Total Prepayment Amount                                                          55,593,807.73   90,018,818.06   145,612,625.79

                                                  SPACE INTENTIONALLY LEFT BLANK

------------------------------------------------------------------------------------------------------------------------------------
</Table>

<Table>
<Caption>
VOLUNTARY PREPAYMENT RATES                                                                 POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                       <C>             <C>              <C>
    SMM                                                                                      5.15%           6.89%            6.26%
    3 Months Avg SMM                                                                         5.31%           5.94%            5.71%
    12 Months Avg SMM
    Avg SMM Since Cut-off                                                                    5.78%           5.24%            5.43%

    CPR                                                                                     46.99%          57.52%           53.95%
    3 Months Avg CPR                                                                        48.01%          52.05%           50.61%
    12 Months Avg CPR
    Avg CPR Since Cut-off                                                                   51.05%          47.58%           48.82%

    PSA                                                                                   2157.33%        2577.18%         2438.82%
    3 Months Avg  PSA Approximation                                                       2422.16%        2559.00%         2511.70%
    12 Months Avg PSA Approximation
    Avg PSA Since Cut-off Approximation                                                   3739.04%        3379.17%         3505.16%

------------------------------------------------------------------------------------------------------------------------------------
</Table>

<PAGE>

<Table>
<Caption>
PREPAYMENT CALCULATION METHODOLOGY
------------------------------------------------------------------------------------------------------------------------------------
<S><C>
    Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases)/(Beg Principal Balance - Sched Principal)

    Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)

    PSA Standard Prepayment Model:  CPR/(0.02*min(30,WAS))

    Average SMM over period between nth month and mth month (AvgSMMn,m): [(1-SMMn) * (1-SMMn+1) *.......*(1-SMMm)]^(1/months in
    period n,m)
    Average CPR over period between the nth month and mth month (AvgCPRn,m): 1-((1-AvgSMMn,m)^12)

    Average PSA Approximation over period between the nth month and mth month: AvgCPRn,m/(0.02*Avg WASn,m))

    Average WASn,m: (min(30,WASn)+min(30,WASn+1)+.......+min(30,WASm)/(number of months in the period n,m)

    Weighted Average Seasoning (WAS)

    Note:  Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments and repurchases.
           Dates correspond to distribution dates.
------------------------------------------------------------------------------------------------------------------------------------
</Table>

<PAGE>

--------------------------------------------------------------------------------
                        Realized Loss Report - Collateral
--------------------------------------------------------------------------------

<Table>
<Caption>
COLLATERAL REALIZED LOSSES                                                                POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                     <C>             <C>              <C>
    Current
    Number of Loans Liquidated                                                                   2              10               12
    Collateral Realized Loss/(Gain) Amount                                                       -      203,216.66       203,216.66
    Net Liquidation Proceeds                                                            175,799.44      395,721.23       571,520.67

    Cumulative
    Number of Loans Liquidated                                                                   6              43               49
    Collateral Realized Loss/(Gain) Amount                                              537,278.80      349,345.41       886,624.21
    Net Liquidation Proceeds                                                            301,872.27    1,767,165.83     2,069,038.10

    Note: Collateral realized losses may include adjustments to
          loans liquidated in prior periods.

    Cumulative Losses as % of Original Balance                                             0.0000%         0.0000%          0.0000%

    Cumulative Losses as % of Current Balance                                              0.0000%         0.0000%          0.0000%

------------------------------------------------------------------------------------------------------------------------------------
</Table>

<Table>
<Caption>
DEFAULT SPEEDS                                                                            POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                          <C>             <C>              <C>
    MDR                                                                                      0.22%           0.42%            0.34%
    3 Months Avg MDR                                                                         0.30%           0.27%            0.28%
    12 Months Avg MDR
    Avg MDR Since Cut-off                                                                    0.10%           0.13%            0.12%

    CDR                                                                                      2.55%           4.89%            4.05%
    3 Months Avg CDR                                                                         3.49%           3.18%            3.28%
    12 Months Avg CDR
    Avg CDR Since Cut-off                                                                    1.16%           1.60%            1.44%

    SDA                                                                                     11.73%          21.91%           18.31%
    3 Months Avg  SDA Approximation                                                         17.60%          15.61%           16.28%
    12 Months Avg SDA Approximation
    Avg SDA Since Cut-off Approximation                                                      8.49%          11.34%           10.34%

    Loss Severity Approximation for Current Period                                           0.00%          33.93%           26.23%
    3 Months Avg Loss Severity Approximation                                                33.33%          25.78%           38.09%
    12 Months Avg Loss Severity Approximation
    Avg  Loss Severity Approximation Since Cut-off                                          25.00%          13.89%           20.04%

------------------------------------------------------------------------------------------------------------------------------------
</Table>

<PAGE>

<Table>
<Caption>
COLLATERAL REALIZED LOSS  CALCULATION METHODOLOGY
------------------------------------------------------------------------------------------------------------------------------------
<S><C>
    Monthly Default Rate (MDR):  (Beg Principal Balance of Liquidated Loans)/(Total Beg Principal Balance)

    Conditional Default Rate (CDR):   1-((1-MDR)^12)

    SDA Standard Default Assumption:   CDR/IF(WAS<61,MIN(30,WAS)*0.02,MAX(0.03,MIN(30,WAS)*0.02-0.0095*(WAS-60)))

    Average MDR over period between nth month and mth month (AvgMDRn,m): [(1-MDRn) * (1-MDRn+1) *.......*(1-MDRm)]^(1/months in
    period n,m)

    Average CDR over period between the nth month and mth month (AvgCDRn,m): 1-((1-AvgMDRn,m)^12)

    Average SDA Approximation over period between the nth month and mth month:

    AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m) *0.02,MAX(0.03,MIN(30,Avg WASn,m)*0.02-0.0095*(Avg WASn,m-60)))

    Average WASn,m: (WASn + WASn+1 +.......+ WASm )/(number of months in the period n,m)

    Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)

    Average Loss Severity Approximation over period between nth month and mth month: Avg(Loss Severityn,m)

    Note: Default rates are calculated since deal issue date and include realized gains and additional realized losses and
          gains from prior periods.

          Dates correspond to distribution dates.
------------------------------------------------------------------------------------------------------------------------------------
</Table>

<PAGE>

--------------------------------------------------------------------------------
   Realized Loss Detail Report - Loans Liquidated During Current Distribution
--------------------------------------------------------------------------------

<Table>
<Caption>
SUMMARY                                                                  LOAN GROUP
---------------------------------------------------------                -----------------------------------------------------------
<S>                                                                      <C>
Total Loan Count =   12                                                  Loan Group 1    =    Pool I Group
Total Original Principal Balance =   530,770.00                          Loan Group 2    =    Pool II Group
Total Prior Principal Balance =   774,737.33
Total Realized Loss Amount =   203,216.66
Total Net Liquidation Proceeds =   571,520.67
---------------------------------------------------------                -----------------------------------------------------------
</Table>

<Table>
<Caption>
------------------------------------------------------------------------------------------------------------------------------------
   Loan Number               Original         Prior                         Current       State &
        &           Loan     Principal      Principal        Realized        Note          LTV at         Original      Origination
    Loan Group     Status     Balance        Balance       Loss/(Gain)       Rate       Origination         Term            Date
------------------------------------------------------------------------------------------------------------------------------------

<S>                <C>        <C>             <C>             <C>           <C>        <C>                <C>            <C>
   101883635 1                 70,100.00       68,879.35           -        10.250%      OR - 50.52%        180         Nov-07-00
   101905610 1                120,000.00      119,741.96           -        10.500%      CA - 61.57%        180         Nov-22-00
   102093093 1                 15,000.00       14,303.51           -         5.000%      CA - 70.00%        180         Dec-13-00
   102218856 1                 30,645.00       47,381.05           -         5.000%      CA - 68.60%        180         Dec-26-00
   102245941 1                         -       60,500.00           -        13.625%      OR - 74.92%        180         Jan-16-01
   102258241 1                 30,000.00       39,366.73           -         6.750%      CA - 80.00%        300         Jan-04-01
   102266582 1                 97,500.00       97,277.05           -         9.750%      CA - 75.00%        180         Feb-08-01
   102341310 1                101,200.00       99,708.93           -        11.000%      AZ - 75.00%        180         Jan-24-01
   102342748 1                 35,000.00       29,303.24           -         6.250%      CA - 67.93%        300         Jan-24-01
   102408135 1                         -       22,476.07           -        12.375%      NV - 80.00%        180         Feb-02-01
   101913101 2                 19,000.00       30,552.24           -         7.500%      CA - 34.73%        180         Nov-20-00
   102001344 2                 12,325.00      145,247.20           -         9.250%      CA - 50.31%        180         Nov-16-00

------------------------------------------------------------------------------------------------------------------------------------
</Table>

<PAGE>

--------------------------------------------------------------------------------
               Triggers, Adj. Rate Cert. and Miscellaneous Report
--------------------------------------------------------------------------------

<Table>
<Caption>
TRIGGER EVENTS                                                                            POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                       <C>              <C>              <C>
    Servicer Event of Default                                                                   No              No               No

    Insurer Default                                                                             No              No               No

------------------------------------------------------------------------------------------------------------------------------------
</Table>

<Table>
<Caption>
ADJUSTABLE RATE CERTIFICATE INFORMATION                                                   POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                    <C>              <C>              <C>
                         SPACE INTENTIONALLY LEFT BLANK

------------------------------------------------------------------------------------------------------------------------------------
</Table>

<Table>
<Caption>
ADDITIONAL INFORMATION                                                                    POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                     <C>             <C>            <C>
    Detail Delinq. Breakdown to Supplement pages 11-13
    Number of Mort. Loans Delinq. 90 -119 days                                                   -               1                1
    Balance of Mort. Loans Delinq. 90 -119 days                                               0.00       48,015.41        48,015.41
    Number of Mort. Loans Delinq. 120 -149 days                                                  -               2                2
    Balance of Mort. Loans Delinq. 120 -149 days                                              0.00      113,961.80       113,961.80
    Number of Mort. Loans Delinq. 150 -179 days                                                  -               -                -
    Balance of Mort. Loans Delinq. 150 -179 days                                              0.00            0.00             0.00
    Number of Mort. Loans Delinq. 180 days or more                                               -               -                -
    Balance of Mort. Loans Delinq. 180 days or more                                           0.00            0.00             0.00
    Count of ALL Loans 180 day plus bucket                                                       7              19               26
    Balance of ALL Loans 180 day plus bucket                                            977,920.48      794,800.78     1,772,721.26
    Management Fee Accrued and Unpaid                                                     1,817.00        3,183.00         5,000.00

------------------------------------------------------------------------------------------------------------------------------------
</Table><PAGE>

                                                                    EXHIBIT 4.5

         THIS NOTE AND THE COMMON SHARES ISSUABLE UPON CONVERSION OF THIS
         NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
         AMENDED. THIS NOTE AND THE COMMON SHARES ISSUABLE UPON CONVERSION OF
         THIS NOTE MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED
         IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THIS
         NOTE UNDER SAID ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY
         TO COMMERCIAL CONSOLIDATORS CORP. THAT SUCH REGISTRATION IS NOT
         REQUIRED.

                            SECURED CONVERTIBLE NOTE

            FOR VALUE RECEIVED, COMMERCIAL CONSOLIDATORS CORP., an Alberta,
Canada corporation (hereinafter called "Borrower"), hereby promises to pay to
ALPHA CAPITAL AKTIENGESELLSCHAFT, Pradafant 7, 9490 Furstentums, Vaduz,
Lichtenstein, Fax: 011-42-32323196 (the "Holder") or order, without demand, the
sum of One Million Dollars ($1,000,000.00), with simple interest accruing at the
annual rate of 8%, on March 15, 2003 (the "Maturity Date").

            This Note has been entered into pursuant to the terms of a
subscription agreement between the Borrower and the Holder, dated of even date
herewith (the "Subscription Agreement"), and shall be governed by the terms of
such Subscription Agreement. Unless otherwise separately defined herein, all
capitalized terms used in this Note shall have the same meaning as is set forth
in the Subscription Agreement. The following terms shall apply to this Note:

                                    ARTICLE I

                               GENERAL PROVISIONS

            1.1 Payment Grace Period. The Borrower shall have a ten (10) day
grace period to pay any monetary amounts due under this Note, after which grace
period a default interest rate of fifteen percent (15%) per annum shall apply to
the amounts owed hereunder.

            1.2 Conversion Privileges. The Conversion Privileges set forth in
Article II shall remain in full force and effect immediately from the date
hereof and until the Note is paid in full. Except as set forth in Section 9.7 of
the Subscription Agreement, the Borrower may not prepay the Note at any time. To
the extent prepayment is permitted under Section 9.7 of the Subscription
Agreement, the Borrower shall not pay any penalty or premium, except as set
forth in the Subscription Agreement. The Note shall be payable in full on the
Maturity Date, unless previously converted into Common Stock in accordance with
Article II hereof; provided, that if the Borrower violates or breaches in any
material respect any of its covenants or agreements to register the Registrable
Securities pursuant to Section 10 of the Subscription Agreement, the Borrower
may not pay this Note after the Maturity Date, without the consent of the
Holder.

            1.3 Interest Rate. Interest payable on this Note shall accrue at the
annual rate of eight percent (8%) and be payable on each annual anniversary of
this Note or sooner, upon each Conversion, and on the Maturity Date, accelerated
or otherwise, when the principal and remaining accrued but unpaid interest shall
be due and payable, or sooner as described below.

                                       1
<PAGE>

                                   ARTICLE II

                                CONVERSION RIGHTS

                  The Holder shall have the right to convert the principal due
under this Note into Shares of the Borrower's Common Stock, no par value per
share ("Common Stock") as set forth below.

            2.1. Conversion into the Borrower's Common Stock.

            (a) The Holder shall have the right from and after the issuance of
this Note and then at any time until this Note is fully paid, to convert any
outstanding and unpaid principal portion of this Note, and accrued interest, at
the election of the Holder (the date of giving of such notice of conversion
being a "Conversion Date") into fully paid and nonassessable shares of common
stock of Borrower as such stock exists on the date of issuance of this Note, or
any shares of capital stock of Borrower into which such stock shall hereafter be
changed or reclassified (the "Common Stock") at the conversion price as defined
in Section 2.1(b) hereof (the "Conversion Price"), determined as provided
herein. Upon delivery to the Borrower of a Notice of Conversion as described in
Section 9 of the Subscription Agreement of the Holder's written request for
conversion, Borrower shall issue and deliver to the Holder within five business
days from the Conversion Date that number of shares of Common Stock for the
portion of the Note converted in accordance with the foregoing. At the election
of the Holder, the Borrower will deliver accrued but unpaid interest on the Note
in the manner provided in Section 1.3 through the Conversion Date directly to
the Holder on or before the Delivery Date (as defined in the Subscription
Agreement). The number of shares of Common Stock to be issued upon each
conversion of this Note shall be determined by dividing that portion of the
principal of the Note and interest to be converted, by the Conversion Price.

            (b) Subject to adjustment as provided in Section 2.1(c) hereof, the
Conversion Price per share shall be the lower of (i) One Dollar and Ninety Cents
($1.90) ("Maximum Base Price") or (ii) eighty percent (80%) of the three lowest
closing prices for the Common Stock on the OTC Pink Sheets, NASD OTC Bulletin
Board, NASDAQ SmallCap Market, NASDAQ National Market System, American Stock
Exchange, or New York Stock Exchange, as applicable, or if not then trading on
any of the foregoing, such other principal market or exchange where the Common
Stock is listed or traded (whichever of the foregoing is at the time the
principal trading exchange or market for the Common Stock, the "Principal
Market") for the fifteen (15) trading days prior to but not including the
Conversion Date; provided, however, that in no event shall the Conversion Price
be less than $1.50 (the "Floor Price") unless a condition described in Section
9.9 of the Subscription Agreement shall have occurred. For purposes of the NASD
OTC Bulletin Board, closing bid price shall mean the last closing bid price as
reported by Bloomberg Financial.

            (c) The Maximum Base Price described in Section 2.1(b)(i) and the
Floor Price described in Section 2.1(b)(ii) above and number and kind of shares
or other securities to be issued upon conversion determined pursuant to Section
2.1(a) and 2.1(b), shall be subject to adjustment from time to time upon the
happening of certain events while this conversion right remains outstanding, as
follows:

                                       2
<PAGE>

                A. Merger, Sale of Assets, etc. If the Borrower at any time
shall consolidate with or merge into or sell or convey all or substantially all
its assets to any other corporation, this Note, as to the unpaid principal
portion thereof and accrued interest thereon, shall thereafter be deemed to
evidence the right to purchase such number and kind of shares or other
securities and property as would have been issuable or distributable on account
of such consolidation, merger, sale or conveyance, upon or with respect to the
securities subject to the conversion or purchase right immediately prior to such
consolidation, merger, sale or conveyance. The foregoing provision shall
similarly apply to successive transactions of a similar nature by any such
successor or purchaser. Without limiting the generality of the foregoing, the
anti-dilution provisions of this Section shall apply to such securities of such
successor or purchaser after any such consolidation, merger, sale or conveyance.

                B. Reclassification, etc. If the Borrower at any time shall, by
reclassification or otherwise, change the Common Stock into the same or a
different number of securities of any class or classes, this Note, as to the
unpaid principal portion thereof and accrued interest thereon, shall thereafter
be deemed to evidence the right to purchase an adjusted number of such
securities and kind of securities as would have been issuable as the result of
such change with respect to the Common Stock immediately prior to such
reclassification or other change.

                C. Stock Splits, Combinations and Dividends. If the shares of
Common Stock are subdivided or combined into a greater or smaller number of
shares of Common Stock, or if a dividend is paid on the Common Stock in shares
of Common Stock, the Conversion Price shall be proportionately reduced in case
of subdivision of shares or stock dividend or proportionately increased in the
case of combination of shares, in each such case by the ratio which the total
number of shares of Common Stock outstanding immediately after such event bears
to the total number of shares of Common Stock outstanding immediately prior to
such event.

            (d) During the period the conversion right exists, Borrower will
reserve from its authorized and unissued Common Stock a sufficient number of
shares to provide for the issuance of Common Stock upon the full conversion of
this Note. Borrower represents that upon issuance, such shares will be duly and
validly issued, fully paid and non-assessable. Borrower agrees that its issuance
of this Note shall constitute full authority to its officers, agents, and
transfer agents who are charged with the duty of executing and issuing stock
certificates to execute and issue the necessary certificates for shares of
Common Stock upon the conversion of this Note.

            2.2 Method of Conversion. This Note may be converted by the Holder
in whole or in part as described in Section 2.1(a) hereof and the Subscription
Agreement. Upon partial conversion of this Note, a new Note containing the same
date and provisions of this Note shall, at the request of the Holder, be issued
by the Borrower to the Holder for the principal balance of this Note and
interest which shall not have been converted or paid.

                                       3
<PAGE>

                                   ARTICLE III

                                EVENT OF DEFAULT

            The occurrence of any of the following events of default ("Event of
Default") shall, at the option of the Holder hereof, make all sums of principal
and interest then remaining unpaid hereon and all other amounts payable
hereunder immediately due and payable, upon demand, without presentment, or
grace period, all of which hereby are expressly waived, except as set forth
below:

            3.1 Failure to Pay Principal or Interest. The Borrower fails to pay
any installment of principal or interest hereon when due and such failure
continues for a period of ten (10) days after the due date. The ten (10) day
period described in this Section 3.1 is the same ten (10) day period described
in Section 1.1 hereof.

            3.2 Breach of Covenant. The Borrower breaches any material covenant
or other term or condition of this Note in any material respect and such breach,
if subject to cure, continues for a period of twenty (20) days after written
notice to the Borrower from the Holder.

            3.3 Breach of Representations and Warranties. Any material
representation or warranty of the Borrower made herein, in the Subscription
Agreement entered into by the Holder and Borrower in connection with this Note,
or in any agreement, statement or certificate given in writing pursuant hereto
or in connection therewith shall be false or misleading in any material respect
as of the date made and the Closing Date (as defined in the Subscription
Agreement).

            3.4 Receiver or Trustee. The Borrower shall make an assignment for
the benefit of creditors, or apply for or consent to the appointment of a
receiver or trustee for it or for a substantial part of its property or
business; or such a receiver or trustee shall otherwise be appointed.

            3.5 Judgments. Any money judgment, writ or similar final process
shall be entered or filed against Borrower or any of its property or other
assets for more than $100,000, and shall remain unvacated, unbonded or unstayed
for a period of forty-five (45) days.

            3.6 Bankruptcy. Bankruptcy, insolvency, reorganization or
liquidation proceedings or other proceedings or relief under any bankruptcy law
or any law for the relief of debtors shall be instituted by or against the
Borrower and if instituted against Borrower are not dismissed within 45 days of
initiation.

            3.7 Delisting. Delisting of the Common Stock from the American Stock
Exchange or such other principal exchange on which the Common Stock is listed
for trading; failure to comply with the requirements for continued listing on
the American Stock Exchange for a period of three consecutive trading days; or
notification from the American Stock Exchange or any Principal Market that the
Borrower is not in compliance with the conditions for such continued listing on
the American Stock Exchange or other Principal Market and the Common Stock does
not at the time of such notification comply with the initial listing
requirements of the American Stock Exchange.

            3.8 Concession. A concession by the Borrower, after applicable
notice and cure periods, under any one or more obligations in an aggregate
monetary amount in excess of $100,000.

            3.9 Stop Trade. An SEC stop trade order or Principal Market trading
suspension that lasts for five or more consecutive trading days.

                                       4
<PAGE>

            3.10 Failure to Deliver Common Stock or Replacement Note. Borrower's
failure to timely deliver Common Stock to the Holder pursuant to and in the form
required by this Note and Section 9 of the Subscription Agreement, or if
required a replacement Note.

            3.11 Non-Registration Event. The occurrence of a Non-Registration
Event as described in Section 10.4 of the Subscription Agreement.

            3.12 Cross Default. A default by the Borrower of a material term,
covenant, warranty or undertaking of any other agreement to which the Borrower
and Holder are parties, or the occurrence of a material event of default under
any such other agreement, in each case, which is not cured after any required
notice and/or cure period.

            3.13 Guaranteed Return. In the event that by the Anniversary Date,
the Holder shall not have received the minimum Guaranteed Return specified in
Section 4.8 of this Note.

                                   ARTICLE IV

                                  MISCELLANEOUS

            4.1 Failure or Indulgence Not Waiver. No failure or delay on the
part of Holder hereof in the exercise of any power, right or privilege hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of
any such power, right or privilege preclude other or further exercise thereof or
of any other right, power or privilege. All rights and remedies existing
hereunder are cumulative to, and not exclusive of, any rights or remedies
otherwise available.

            4.2 Notices. Any notice herein required or permitted to be given
shall be in writing and may be personally served or sent by fax transmission
(with copy sent by regular, certified or registered mail or by overnight
courier). For the purposes hereof, the address and fax number of the Holder is
as set forth on the first page hereof. A Conversion Notice shall be deemed
delivered on (i) the business day it is received by facsimile or otherwise by
the Borrower if such notice is received prior to 11:00 A.M. New York time, or
(ii) the immediately succeeding business day if it is received by facsimile or
otherwise after 11:00 A.M. New York time on a business day or at any time on a
day which is not a business day. The address and fax number of the Borrower
shall be Commercial Consolidators Corp., 5255 Yonge Street, Suite 1010, Toronto,
Ontario M2N 6P4, Canada, attn: Michael Weingarten, Chairman, telecopier number:
(416) 512-8348. Both Holder and Borrower may change the address and fax number
for service by service of notice to the other as herein provided. Notice of
Conversion shall be deemed given when made to the Borrower pursuant to the
Subscription Agreement.

            4.3 Amendment Provision. The term "Note" and all reference thereto,
as used throughout this instrument, shall mean this instrument as originally
executed, or if later amended or supplemented, then as so amended or
supplemented.

                                       5
<PAGE>

            4.4 Assignability. This Note shall be binding upon the Borrower and
its successors and assigns, and shall inure to the benefit of the Holder and its
successors and assigns, and may be assigned by the Holder.

            4.5 Cost of Collection. If default is made in the payment of this
Note, Borrower shall pay the Holder hereof reasonable costs of collection,
including reasonable attorneys' fees.

            4.6 Governing Law. This Note shall be governed by and construed in
accordance with the laws of the State of New York. Any action brought by either
party against the other concerning the transactions contemplated by this
Agreement shall be brought only in the state courts of New York or in the
federal courts located in the state of New York. Both parties and the individual
signing this Agreement on behalf of the Borrower agree to submit to the
jurisdiction of such courts. The prevailing party shall be entitled to recover
from the other party its reasonable attorney's fees and costs.

            4.7 Maximum Payments. Nothing contained herein shall be deemed to
establish or require the payment of a rate of interest or other charges in
excess of the maximum permitted by applicable law. In the event that the rate of
interest required to be paid or other charges hereunder exceed the maximum
permitted by such law, any payments in excess of such maximum shall be credited
against amounts owed by the Borrower to the Holder and thus refunded to the
Borrower.

            4.8 Guaranteed Minimum Return on Investment. The Holder of this Note
shall have received in cash, by a date which shall be not later than one (1)
year from the date of this Note (the "Anniversary Date"), a cash amount equal to
120% of the principal amount of this Note (the "Guaranteed Return").
Notwithstanding the foregoing, such Guaranteed Return shall, for all purposes of
this Note, the Subscription Agreement, the Pledge Agreement and the Security
Agreement given as collateral to secure the Borrower's obligations under this
Note, be deemed to have been paid to the Holder if, by such Anniversary Date,
the sum of (a) all cash interest payments received under this Note, (b) all
payments of principal and/or Premium on this Note paid in connection with any
Optional Redemption or Mandatory Redemption, (c) an amount equal to the closing
price of the Common Stock on each Conversion Date multiplied by the number of
shares of Common Stock received by Holder in connection with each such
Conversion Date, or (d) any combination of the foregoing, shall equal or exceed
$1,200,000, inclusive. Notwithstanding the foregoing, the Borrower may comply
with the provisions of this Section 4.8 by tendering payment ot the Holder, in
exchange for any then outstanding principal amount of this Note, of an amount
equal to $1,200,000, less all cash previously received by the Holder or
otherwise calculated in accordance with clauses (a), (b) and (c) above. The
tender must be made within five business days of the Anniversary Date. If the
Holder elects not to accept the tender, then the Lender waives the right to
receive the Guaranteed Return.

               [the balance of this page intentionally left blank]

                                       6
<PAGE>

            IN WITNESS WHEREOF, Borrower has caused this Note to be signed in
its name by its ___________________ on this 24th day of January, 2002.

                                        COMMERCIAL CONSOLIDATORS CORP.

                                        By:________________________________
                                           Name:
                                           Title:

WITNESS:

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

                                       7
<PAGE>

                              NOTICE OF CONVERSION

(To be executed by the Registered Holder in order to convert the Note)

         The undersigned hereby elects to convert $_________ of the principal
and $_________ of the interest due on the Note issued by COMMERCIAL
CONSOLIDATORS CORP. on January ____, 2002 into Shares of Common Stock of
COMMERCIAL CONSOLIDATORS CORP. (the "Company") according to the conditions set
forth in such Note, as of the date written below.

Date of Conversion:
                   -------------------------------------------------------------

Conversion Price:
                 ---------------------------------------------------------------

Shares To Be Delivered:
                       ---------------------------------------------------------

Signature:
          ----------------------------------------------------------------------

Print Name:
            --------------------------------------------------------------------

Address:
          ----------------------------------------------------------------------

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

                                       8

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