Document:

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              CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.,
                                    Depositor

                          MIDLAND LOAN SERVICES, INC.,
                                 Master Servicer

                             CLARION PARTNERS, LLC,
                                Special Servicer

                             WELLS FARGO BANK, N.A.,
                                     Trustee

                         POOLING AND SERVICING AGREEMENT

                           Dated as of August 1, 2004

                                 $1,639,437,484
                  Commercial Mortgage Pass-Through Certificates
                                 Series 2004-C3

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                                              TABLE OF CONTENTS

                                                                                                       Page
                                                                                                       ----
                                                  ARTICLE I
                                                 DEFINITIONS

SECTION 1.01.    Defined Terms............................................................................6
SECTION 1.02.    Certain Calculations....................................................................81
SECTION 1.03.    General Interpretive Principles.........................................................82
SECTION 1.04.    Certain Matters with Respect to the Serviced Loan Combinations..........................82
SECTION 1.05.    Certain Considerations Regarding Reimbursements of Nonrecoverable
                   Advances and Workout-Delayed Reimbursement Amounts....................................83

                                                 ARTICLE II
                           CONVEYANCE OF LOANS; ORIGINAL ISSUANCE OF CERTIFICATES

SECTION 2.01.    Conveyance of Loans.....................................................................87
SECTION 2.02.    Acceptance by Trustee...................................................................91
SECTION 2.03.    Representations, Warranties and Covenants of the Depositor; Repurchase
                   and Substitution of Loans by the Responsible Parties for Defects in
                   Mortgage Files, Breaches of Representations and Warranties and Other
                   Matters...............................................................................93
SECTION 2.04.    Issuance of Uncertificated Lower-Tier Interests; Execution of
                   Certificates..........................................................................98

                                                 ARTICLE III
                               ADMINISTRATION AND SERVICING OF THE TRUST FUND

SECTION 3.01.    General Servicing Matters..............................................................100
SECTION 3.02.    Collection of Loan Payments............................................................102
SECTION 3.03.    Collection of Taxes, Assessments and Similar Items; Servicing Accounts.................104
SECTION 3.04.    The Collection Account, Distribution Account and Excess Interest
                   Distribution Account.................................................................107
SECTION 3.05.    Permitted Withdrawals from the Collection Account and the Distribution
                   Account..............................................................................112
SECTION 3.06.    Investment of Funds in the Collection Account, Junior Loan Custodial
                   Accounts, Servicing Accounts, Cash Collateral Accounts, Lock-Box
                   Accounts, REO Accounts, Distribution Account, Interest Reserve
                   Account and Excess Liquidation Proceeds Account......................................119
SECTION 3.07.    Maintenance of Insurance Policies; Errors and Omissions and Fidelity
                   Coverage.............................................................................121
SECTION 3.08.    Enforcement of Due-On-Sale and Due-On-Encumbrance Clauses; Assumption
                   Agreements; Defeasance Provisions; Other Provisions..................................125
SECTION 3.09.    Realization Upon Defaulted Loans.......................................................130
SECTION 3.10.    Trustee to Cooperate; Release of Mortgage Files........................................133
SECTION 3.11.    Servicing Compensation.................................................................134
SECTION 3.12.    Reports to the Trustee; Collection Account Statements..................................138
SECTION 3.13.    Annual Statement as to Compliance......................................................143
SECTION 3.14.    Reports by Independent Public Accountants..............................................143

                                       -i-

SECTION 3.15.    Access to Certain Information..........................................................144
SECTION 3.16.    Title to REO Property; REO Account.....................................................144
SECTION 3.17.    Management of REO Property.............................................................145
SECTION 3.18.    Sale of Defaulted Loans and REO Properties.............................................147
SECTION 3.19.    Additional Obligations of the Master Servicer and the Special Servicer;
                   Inspections; Appraisals..............................................................151
SECTION 3.20.    Modifications, Waivers, Amendments and Consents........................................155
SECTION 3.21.    Transfer of Servicing Between Master Servicer and Special Servicer;
                   Record Keeping; Asset Status Report..................................................160
SECTION 3.22.    Sub-Servicing Agreements...............................................................164
SECTION 3.23.    Representations, Warranties and Covenants of the Master Servicer.......................166
SECTION 3.24.    Representations, Warranties and Covenants of the Special Servicer......................168
SECTION 3.25.    Limitation on Liability of the Directing Certificateholder.............................169
SECTION 3.26.    Reports to the Securities and Exchange Commission; Available
                   Information..........................................................................170
SECTION 3.27.    Lock-Box Accounts and Servicing Accounts...............................................176
SECTION 3.28.    Interest Reserve Account...............................................................177
SECTION 3.29.    Limitations on and Authorizations of the Master Servicer and the
                   Special Servicer with Respect to Certain Loans.......................................177
SECTION 3.30.    REMIC Administration...................................................................179
SECTION 3.31.    Master Servicer and Special Servicer May Own Certificates..............................182
SECTION 3.32.    Certain Matters Related to the One Park Avenue Total Loan..............................182
SECTION 3.33.    Certain Matters Related to the Mizner Park Total Loan..................................190

                                                 ARTICLE IV
                                       PAYMENTS TO CERTIFICATEHOLDERS

SECTION 4.01.    Distributions..........................................................................198
SECTION 4.02.    Statements to Certificateholders; Reports by Trustee; Other Information
                   Available to the Holders and Others..................................................207
SECTION 4.03.    P&I Advances...........................................................................209
SECTION 4.04.    Allocation of Collateral Support Deficit...............................................211
SECTION 4.05.    Allocations of Uncovered Prepayment Interest Shortfall Amounts.........................212
SECTION 4.06.    Grantor Trust Reporting................................................................212

                                                  ARTICLE V
                                              THE CERTIFICATES

SECTION 5.01.    The Certificates.......................................................................213
SECTION 5.02.    Registration of Transfer and Exchange of Certificates..................................213
SECTION 5.03.    Book-Entry Certificates................................................................221
SECTION 5.04.    Mutilated, Destroyed, Lost or Stolen Certificates......................................222
SECTION 5.05.    Persons Deemed Owners..................................................................222
SECTION 5.06.    Certification by Certificateholders and Certificate Owners.............................222

                                      -ii-

                                                 ARTICLE VI
                         THE DEPOSITOR, THE MASTER SERVICER AND THE SPECIAL SERVICER

SECTION 6.01.    Liability of the Depositor, the Master Servicer and the Special
                   Servicer.............................................................................224
SECTION 6.02.    Merger, Consolidation or Conversion of the Depositor, the Master
                   Servicer or the Special Servicer.....................................................224
SECTION 6.03.    Limitation on Liability of the Trustee, the Depositor, the Master
                   Servicer, the Special Servicer and Others............................................224
SECTION 6.04.    Master Servicer and Special Servicer Not to Resign.....................................226
SECTION 6.05.    Rights of the Depositor in Respect of the Master Servicer and the
                   Special Servicer.....................................................................227

                                                 ARTICLE VII
                                                   DEFAULT

SECTION 7.01.    Events of Default; Master Servicer and Special Servicer Termination....................228
SECTION 7.02.    Trustee to Act; Appointment of Successor...............................................232
SECTION 7.03.    Notification to Certificateholders.....................................................234
SECTION 7.04.    Waiver of Events of Default............................................................234
SECTION 7.05.    Trustee Advances.......................................................................234

                                                ARTICLE VIII
                                           CONCERNING THE TRUSTEE

SECTION 8.01.    Duties of Trustee......................................................................236
SECTION 8.02.    Certain Matters Affecting the Trustee..................................................237
SECTION 8.03.    Trustee Not Liable for Validity or Sufficiency of Certificates or Loans................238
SECTION 8.04.    Trustee May Own Certificates...........................................................238
SECTION 8.05.    Fees and Expenses of Trustee; Reimbursements and Other Payments to
                   Trustee..............................................................................239
SECTION 8.06.    Eligibility Requirements for Trustee...................................................239
SECTION 8.07.    Resignation and Removal of the Trustee.................................................240
SECTION 8.08.    Successor Trustee......................................................................241
SECTION 8.09.    Merger or Consolidation of Trustee.....................................................241
SECTION 8.10.    Appointment of Co-Trustee or Separate Trustee..........................................241
SECTION 8.11.    Appointment of Custodians..............................................................242
SECTION 8.12.    Access to Certain Information..........................................................243
SECTION 8.13.    Representations, Warranties and Covenants of the Trustee...............................245

                                                 ARTICLE IX
                                                 TERMINATION

SECTION 9.01.    Termination Upon Repurchase or Liquidation of All Loans................................246
SECTION 9.02.    Additional Termination Requirements....................................................248

                                     -iii-

                                                  ARTICLE X
                                          MISCELLANEOUS PROVISIONS

SECTION 10.01.   Amendment..............................................................................250
SECTION 10.02.   Recordation of Agreement; Counterparts.................................................252
SECTION 10.03.   Limitation on Rights of Certificateholders.............................................252
SECTION 10.04.   Governing Law..........................................................................253
SECTION 10.05.   Notices................................................................................253
SECTION 10.06.   Severability of Provisions.............................................................254
SECTION 10.07.   Grant of a Security Interest...........................................................254
SECTION 10.08.   Successors and Assigns; Beneficiaries..................................................254
SECTION 10.09.   Article and Section Headings...........................................................255
SECTION 10.10.   Notices to Rating Agencies.............................................................255

                                      -iv-

EXHIBITS

A-1            Form of Class A-1, Class A-2, Class A-3, Class A-4, Class A-5,
                 Class A-1-A, Class B, Class C and Class D Certificates
A-2            Form of Class A-X and Class A-SP Certificates
A-3            Form of Class E, Class F, Class G, Class H, Class J, Class K,
                 Class L, Class M, Class N, Class O and Class P Certificates
A-4            Form of Class V Certificate
A-5            Form of Class R Certificate
B              Mortgage Loan Schedule
C-1            List of Additional Collateral Loans
C-2            List of Mezzanine Loans
D              Form of Request for Release
E              Form of Lost Note Affidavit
F-1A           Form I of Transferor Certificate for Transfers of Non-Registered
                 Certificates
F-1B           Form II of Transferor Certificate for Transfers of Non-Registered
                 Certificates
F-1C           Form I of Transferor Certificate for Transfers of Interests in
                 Global Certificates for Classes of Non-Registered Certificates
F-1D           Form II of Transferor Certificate for Transfers of Interests in
                 Global Certificates for Classes of Non-Registered Certificates
F-2A           Form I of Transferee Certificate for Transfers of Non-Registered
                 Certificates Held in Physical Form
F-2B           Form II of Transferee Certificate for Transfers of Non-Registered
                 Certificates Held in Physical Form
F-2C           Form I of Transferee Certificate for Transfers of Interests in
                 Non-Registered Certificates Held in Book-Entry Form
F-2D           Form II of Transferee Certificate for Transfers of Interests in
                 Non-Registered Certificates Held in Book-Entry Form
G-1            Form of Transferee Certificate in Connection with ERISA
                 (Non-Registered Certificates and Non-Investment Grade
                 Certificates Held in Fully Registered, Certificated Form)
G-2            Form of Transferee Certificate in Connection with ERISA
                 (Non-Registered Certificates Held in Book-Entry Form)
H-1            Form of Residual Transfer Affidavit for Transfers of Class R
                 Certificates
H-2            Form of Transferor Certificate for Transfers of Class R
                 Certificates
I              Investor Certification
J-1            Form of Interim Certification of Trustee
J-2            Form of Final Certification of Trustee
K              Schedule of Reference Rates
L              Form of Sarbanes-Oxley Certification
M              Form of Statement to Certificateholders
N              [Reserved]
O              Form of Acknowledgement of Proposed Special Servicer

                                      -v-

         This Pooling and Servicing Agreement (this "Agreement"), is dated as of
August 1, 2004, among CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP., as
Depositor, MIDLAND LOAN SERVICES, INC., as Master Servicer, CLARION PARTNERS,
LLC, as Special Servicer, and WELLS FARGO BANK, N.A., as Trustee.

                             PRELIMINARY STATEMENT:

         The Depositor intends to sell commercial mortgage pass-through
certificates (collectively, the "Certificates"), to be issued under this
Agreement in multiple classes (each, a "Class"), which in the aggregate will
evidence the entire beneficial ownership interest in the trust fund (the "Trust
Fund") to be created hereunder, the primary assets of which will be a pool of
multifamily and commercial mortgage loans listed on Exhibit B hereto. As
provided herein, the Trustee shall elect or shall cause an election to be made
that each of the Upper-Tier REMIC and the Lower-Tier REMIC (each as defined
herein) be treated for federal income tax purposes as a "real estate mortgage
investment conduit" (a "REMIC"). The Excess Interest and the Excess Interest
Distribution Account (each as defined herein) shall not be assets of any REMIC
but shall be treated as assets of a grantor trust under subpart E, Part I of
subchapter J of the Code. The Class V Certificates will represent undivided
beneficial interests in the portion of the Trust Fund consisting of the Excess
Interest and the Excess Interest Distribution Account. Additionally, the Trust
shall not include any Junior Loan or any interest of any Junior Loan Holder.

         As provided herein, the Trustee shall elect or cause an election to be
made to treat the segregated pool of assets consisting of the Lower-Tier REMIC
and the proceeds thereof as a REMIC for federal income tax purposes, and such
segregated pool of assets will be designated as the "Upper-Tier REMIC". The
Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-1-A, Class A-X,
Class A-SP, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class
J, Class K, Class L, Class M, Class N, Class O and Class P Certificates will
evidence "regular interests" in the Upper-Tier REMIC created hereunder. The sole
class of "residual interests" in the Upper-Tier REMIC, as well as the sole class
of "residual interests" in the Lower-Tier REMIC, will be evidenced by the Class
R Certificates.

         The following table sets forth the designation, the initial
Pass-Through Rate (as defined herein), and the aggregate initial principal
amount (the "Original Class Principal Balance") or notional balance ("Original
Class Notional Amount"), as applicable, for each Class of Certificates
comprising the "regular interests" in the Upper-Tier REMIC:

                                UPPER-TIER REMIC

                                                                Original Class Principal Balance
                                                                     (or, in the case of the
                                                                     Class A-X or Class A-SP
                                            Initial               Certificates, Original Class
       Class Designation             Pass-Through Rate(1)               Notional Amount)
       -----------------             --------------------               ----------------

Class A-1                                 2.3580%(2)                     $     10,000,000
Class A-2                                 3.9130%(2)                     $     61,126,000
Class A-3                                 4.3020%(2)                     $    209,402,000
Class A-4                                 4.8350%(2)                     $    102,918,000
Class A-5                                 5.1130%(3)                     $    694,474,000
Class A-1-A                               4.8840%(4)                     $    338,144,000
Class A-X                                 0.0885%(5)                     $  1,639,437,484 (6)
Class A-SP                                0.8695%(7)                     $  1,509,166,000 (6)
Class B                                   5.2040%(8)                     $     45,084,000
Class C                                   5.2430%(9)                     $     14,345,000
Class D                                   5.3120%(10)                    $     28,690,000
Class E                                   5.4110%(11)                    $     16,395,000
Class F                                   5.5790%(12)                    $     20,493,000
Class G                                   5.5300%(13)                    $     16,394,000
Class H                                   5.7895%(14)                    $     22,542,000
Class J                                   4.7830%(15)                    $      8,198,000
Class K                                   4.7830%(16)                    $      6,147,000
Class L                                   4.7830%(17)                    $      8,198,000
Class M                                   4.7830%(18)                    $      6,148,000
Class N                                   4.7830%(19)                    $      6,147,000
Class O                                   4.7830%(20)                    $      2,050,000
Class P                                   4.7830%(21)                    $     22,542,484

(1)  Expressed as a rate per annum. Approximate in the case of the Class A-X,
     Class A-SP and Class H Certificates.

(2)  Fixed Pass-Through Rate.

(3)  Variable Pass-Through Rate. See definition of "Class A-5 Pass-Through Rate"
     herein.

(4)  Variable Pass-Through Rate. See definition of "Class A-1-A Pass-Through
     Rate" herein.

(5)  Variable Pass-Through Rate. See definition of "Class A-X Pass-Through Rate"
     herein.

(6)  Original Class Notional Amount. The Class A-X and Class A-SP Certificates
     will not have principal amounts and will not entitle Holders to
     distributions of principal.

(7)  Variable Pass-Through Rate. See definition of "Class A-SP Pass-Through
     Rate" herein.

(8)  Variable Pass-Through Rate. See definition of "Class B Pass-Through Rate"
     herein.

(9)  Variable Pass-Through Rate. See definition of "Class C Pass-Through Rate"
     herein.

(10) Variable Pass-Through Rate. See definition of "Class D Pass-Through Rate"
     herein.

(11) Variable Pass-Through Rate. See definition of "Class E Pass-Through Rate"
     herein.

(12) Variable Pass-Through Rate. See definition of "Class F Pass-Through Rate"
     herein.

                                      -2-

(13) Variable Pass-Through Rate. See definition of "Class G Pass-Through Rate"
     herein.

(14) Variable Pass-Through Rate. See definition of "Class H Pass-Through Rate"
     herein.

(15) Variable Pass-Through Rate. See definition of "Class J Pass-Through Rate"
     herein.

(16) Variable Pass-Through Rate. See definition of "Class K Pass-Through Rate"
     herein.

(17) Variable Pass-Through Rate. See definition of "Class L Pass-Through Rate"
     herein.

(18) Variable Pass-Through Rate. See definition of "Class M Pass-Through Rate"
     herein.

(19) Variable Pass-Through Rate. See definition of "Class N Pass-Through Rate"
     herein.

(20) Variable Pass-Through Rate. See definition of "Class O Pass-Through Rate"
     herein.

(21) Variable Pass-Through Rate. See definition of "Class P Pass-Through Rate"
     herein.

The Class R Certificates will not have principal amounts or notional balances
and will not bear interest.

                                LOWER-TIER REMIC

         As provided herein, the Trustee shall elect or cause an election to be
made to treat the segregated pool of assets consisting of the Loans (exclusive
of Excess Interest thereon) and certain other related assets subject to this
Agreement as a REMIC for federal income tax purposes, and such segregated pool
of assets will be designated as the "Lower-Tier REMIC". The Class LA-1-1, Class
LA-1-2, Class LA-2-1, Class LA-2-2, Class LA-3-1, Class LA-3-2, Class LA-3-3,
Class LA-4, Class LA-5-1, Class LA-5-2, Class LA-5-3, Class LA-5-4, Class
LA1A-1, Class LA1A-2, Class LA1A-3, Class LA1A-4, Class LA1A-5, Class LA1A-6,
Class LA1A-7, Class LA1A-8, Class LB, Class LC-1, Class LC-2, Class LD-1, Class
LD-2, Class LE-1, Class LE-2, Class LF, Class LG, Class LH, Class LJ, Class LK,
Class LL, Class LM, Class LN, Class LO and Class LP Lower-Tier Interests will
constitute "regular interests" in the Lower-Tier REMIC (the "Uncertificated
Lower-Tier Interests") created hereunder. The sole class of "residual interests"
in the Lower-Tier REMIC, as well as the sole class of "residual interests" in
the Upper-Tier REMIC, will be evidenced by the Class R Certificates.

         The following table sets forth the designation, the initial Lower-Tier
Remittance Rate (as defined herein) and the aggregate initial principal amount
(the "Original Lower-Tier Principal Amount") or notional balance (the "Original
Lower-Tier Notional Balance") for each Class of Uncertificated Lower-Tier
Interests.

                                      -3-

                             Initial Lower-Tier              Original Lower-Tier
 Class Designation            Remittance Rate(1)               Principal Amount
 -----------------            ------------------               ----------------
      LA-1-1                      5.7895%(2)                  $     8,354,000
      LA-1-2                      5.7895%(2)                  $     1,646,000
      LA-2-1                      5.7895%(2)                  $    54,288,000
      LA-2-2                      5.7895%(2)                  $     6,838,000
      LA-3-1                      5.7895%(2)                  $    52,520,000
      LA-3-2                      5.7895%(2)                  $    57,386,000
      LA-3-3                      5.7895%(2)                  $    99,496,000
       LA-4                       5.7895%(2)                  $   102,918,000
      LA-5-1                      5.7895%(2)                  $    12,997,000
      LA-5-2                      5.7895%(2)                  $    46,330,000
      LA-5-3                      5.7895%(2)                  $    54,538,000
      LA-5-4                      5.7895%(2)                  $   580,609,000
      LA1A-1                      5.7895%(2)                  $     3,058,000
      LA1A-2                      5.7895%(2)                  $    15,484,000
      LA1A-3                      5.7895%(2)                  $    15,813,000
      LA1A-4                      5.7895%(2)                  $    14,991,000
      LA1A-5                      5.7895%(2)                  $    77,337,000
      LA1A-6                      5.7895%(2)                  $    11,781,000
      LA1A-7                      5.7895%(2)                  $    10,415,000
      LA1A-8                      5.7895%(2)                  $   189,265,000
        LB                        5.7895%(2)                  $    45,084,000
       LC-1                       5.7895%(2)                  $     2,159,000
       LC-2                       5.7895%(2)                  $    12,186,000
       LD-1                       5.7895%(2)                  $    11,347,000
       LD-2                       5.7895%(2)                  $    17,343,000
       LE-1                       5.7895%(2)                  $     2,653,000
       LE-2                       5.7895%(2)                  $    13,742,000
        LF                        5.7895%(2)                  $    20,493,000
        LG                        5.7895%(2)                  $    16,394,000
        LH                        5.7895%(2)                  $    22,542,000
        LJ                        5.7895%(2)                  $     8,198,000
        LK                        5.7895%(2)                  $     6,147,000
        LL                        5.7895%(2)                  $     8,198,000
        LM                        5.7895%(2)                  $     6,148,000
        LN                        5.7895%(2)                  $     6,147,000
        LO                        5.7895%(2)                  $     2,050,000
        LP                        5.7895%(2)                  $    22,542,484

(1)  Expressed as a rate per annum. Approximate in all cases.

(2)  Variable Lower-Tier Remittance Rate. See the definition of "Lower-Tier
     Remittance Rate" herein.

         The Class R Certificates will not have principal amounts or notional
balances and will not bear interest.

                                      -4-

         The parties intend that the portion of the Trust Fund representing the
Excess Interest and the Excess Interest Distribution Account shall be treated as
a grantor trust under subpart E of Part 1 of subchapter J of Chapter 1 of
Subtitle A of the Code and that the Class V Certificates shall represent
undivided beneficial interests in the portion of the Trust Fund consisting of
the Excess Interest and the Excess Interest Distribution Account.

         As of the close of business on the Cut-off Date (as defined herein),
the Loans had an aggregate principal balance, after application of all payments
of principal due on or before such date, whether or not received, equal to
$1,639,437,484.

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

                                      -5-

                                    ARTICLE I

                                   DEFINITIONS

         SECTION 1.01. Defined Terms.

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

         "30/360 Basis": The accrual of interest based on a 360-day year
consisting of twelve 30-day months.

         "A Loan": The Mizner Park Loan, the One Park Avenue Loan and each CBA A
Loan, each of which is senior in right of payment to the related Junior Loan(s).

         "A Note": With respect to any A Loan, the Mortgage Note included in the
Trust Fund, which is senior in right of payment to the related Junior Loan, if
any, to the extent set forth in the related Intercreditor Agreement.

         "Accountant's Statement": As defined in Section 3.14.

         "Accrued Certificate Interest Amount": With respect to each
Distribution Date and each Class of Regular Certificates, an amount equal to
interest for the related Interest Accrual Period at the Pass-Through Rate
applicable to such Class of Certificates for such Distribution Date, accrued on
the related Class Principal Balance of such Class (or, in the case of a Class of
Interest-Only Certificates, on the Class Notional Amount thereof) immediately
prior to such Distribution Date. The Accrued Certificate Interest Amount for
each such Class shall be calculated on a 30/360 Basis.

         "Accrued Component Interest Amount": With respect to each Component of
the Class A-X and Class A-SP Certificates for any Distribution Date, an amount
equal to interest for the related Interest Accrual Period at the Class A-X Strip
Rate or Class A-SP Strip Rate, as applicable, with respect to such Component for
such Distribution Date, accrued on the Component Notional Amount of such
Component outstanding immediately prior to such Distribution Date. The Accrued
Component Interest Amount for each Component shall be calculated on a 30/360
Basis.

         "Acquisition Date": With respect to any REO Property, the first day on
which such REO Property is considered to be acquired by the Trust Fund and the
Lower-Tier REMIC within the meaning of Treasury regulations section
1.856-6(b)(1), which is the first day on which the Lower-Tier REMIC is treated
as the owner of such REO Property (or any interest therein) for federal income
tax purposes.

         "Actual/360 Basis": The accrual of interest based on the actual number
of days elapsed during each one-month accrual period in a year assumed to
consist of 360 days.

         "Additional Collateral": With respect to each Additional Collateral
Loan, the cash reserve or irrevocable letter of credit partially securing such
Additional Collateral Loan.

         "Additional Collateral Loan": Any of the Loans identified on Exhibit
C-1 hereto.

         "Additional Review Period": As defined in Section 3.21(e).

                                      -6-

         "Additional Servicing Compensation": As defined in Section 3.11(a).

         "Additional Trust Fund Expenses": An expense of the Trust Fund that (i)
arises out of a default on a Loan or Serviced Loan Combination or an otherwise
unanticipated event, (ii) is not covered by a Servicing Advance or a
corresponding collection from the related Borrower and (iii) does not represent
a loss on a Loan arising from the inability of the Master Servicer and/or the
Special Servicer to collect all amounts due and owing under the Loan, including
by reason of the fraud or bankruptcy of the Borrower or, to the extent not
covered by insurance, a casualty of any nature at a Mortgaged Property;
provided, however, that, "Additional Trust Fund Expense" shall not include any
of the foregoing amounts that have been recovered from the related Borrower or
Mortgaged Property.

         "Adjusted Lower-Tier Remittance Rate": With respect to each
Uncertificated Lower-Tier Interest that constitutes a Corresponding
Uncertificated Lower-Tier Interest for any Class A-SP Component, for any
Distribution Date up to and including the related Class A-SP Termination Date,
an annual rate equal to the Reference Rate for such Distribution Date, and for
any Distribution Date subsequent to the related Class A-SP Termination Date, an
annual rate equal to the Pass-Through Rate in effect for such Distribution Date
for the Corresponding Class of Sequential Pay Certificates in respect of such
Uncertificated Lower-Tier Interest. With respect to each Uncertificated
Lower-Tier Interest that does not constitute a Corresponding Uncertificated
Lower-Tier Interest for any Class A-SP Component, for any Distribution Date, an
annual rate equal to the Pass-Through Rate in effect for such Distribution Date
for the Corresponding Class of Sequential Pay Certificates in respect of such
Uncertificated Lower-Tier Interest.

         "Advance": Any P&I Advance or Servicing Advance.

         "Adverse REMIC Event": As defined in Section 3.30(f).

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

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

         "Alternative Adjusted Lower-Tier Remittance Rate": With respect to any
Uncertificated Lower-Tier Interest, for any Distribution Date, the rate per
annum equal to the Pass-Through Rate in effect for such Distribution Date for
the Corresponding Class of Sequential Pay Certificates in respect of such
Uncertificated Lower-Tier Interest.

         "Anticipated Repayment Date": With respect to any ARD Loan, designated
as such on the Mortgage Loan Schedule, the date upon which such ARD Loan starts
to accrue interest at its Revised Rate.

         "Appraisal": An appraisal prepared in accordance with 12 C.F.R. ss.
225.64 by an Appraiser selected by the Master Servicer or the Special Servicer,
as applicable, or obtained in connection with the origination of the Loan.

                                      -7-

         "Appraisal Reduction Amount": For any Distribution Date and for any
Loan as to which an Appraisal Reduction Event has occurred, an amount calculated
by the Special Servicer (and confirmed by the Master Servicer) equal to the
excess, if any, of: (a) the Stated Principal Balance of such Loan; over (b) the
excess, if any, of (i) the sum of (A) 90% of the Appraised Value (as such
Appraised Value may be adjusted downward by the Special Servicer in accordance
with the Servicing Standard, without implying any duty to do so, based on the
Special Servicer's review of the Appraisal or such other information as the
Special Servicer deems relevant) of the related Mortgaged Property as determined
(1) with respect to any Loan with an outstanding principal balance equal to or
greater than $2,000,000, by one or more Appraisals (the costs of which shall be
paid by the Master Servicer as a Servicing Advance) or (2) with respect to any
Loan with an outstanding principal balance less than $2,000,000, by an Appraisal
(or an update of a prior Appraisal) (the costs of which shall be paid by the
Master Servicer as a Servicing Advance) or an internal valuation performed by
the Special Servicer, plus (B) any letter of credit, reserve, escrow or similar
amount held by the Master Servicer which are posted as additional security for
and may be applied to payments due on the Loan in the case of default, over (ii)
the sum of (X) to the extent not previously advanced by the Master Servicer or
the Trustee, all unpaid interest on such Loan at a per annum rate equal to its
Mortgage Rate, (Y) all unreimbursed Advances in respect of such Loan, together
with interest thereon at the Reimbursement Rate, and (Z) all currently due and
unpaid real estate taxes and assessments, Insurance Policy premiums, ground
rents and all other amounts due and unpaid with respect to such Loan, net of any
amounts currently escrowed for such amounts (which taxes, assessments, premiums,
ground rents and other amounts have not been subject to an Advance by the Master
Servicer or the Trustee and/or for which funds have not been escrowed); provided
that, if neither a required Appraisal has been obtained nor an internal
valuation is completed within the period required under Section 3.19(c) with
respect to such Loan, then the Appraisal Reduction Amount shall be equal to 25%
of the Stated Principal Balance of such Loan as of the date of the related
Appraisal Reduction Event; and provided, further, that, if the related Mortgaged
Property has become an REO Property, then references to "Loan" above in this
definition shall include any successor REO Loan with respect to the subject
Loan.

         In the case of each Loan Combination (or any successor REO Loans with
respect thereto), including without limitation each CBA A/B Loan Pair, any
Appraisal Reduction Amount will be calculated in respect of such Loan
Combination (or any successor REO Loans with respect thereto), as if it was a
single Loan (or single REO Loan), and any Appraisal Reduction Amount shall be
allocated first to the related Junior Loan(s) (and, in the case of the One Park
Avenue Total Loan, such amounts so allocated shall be allocated first to the One
Park Avenue D Loan (or any successor REO Loan with respect thereto), up to the
outstanding principal balance of such Junior Loan (or REO Loan), second to the
One Park Avenue C Loan (or any successor REO Loan with respect thereto), up to
the outstanding principal balance of such Junior Loan (or REO Loan), and then to
the One Park Avenue B Loan (or any successor REO Loan with respect thereto), up
to the outstanding principal balance of such Junior Loan (or REO Loan)), and
then to the Loan contained in such Loan Combination.

         Notwithstanding anything herein to the contrary, the aggregate
Appraisal Reduction Amount related to a Loan or any successor REO Loan with
respect thereto will be reduced to zero as of the date such Loan or such REO
Loan (or the related REO Property) is paid in full, liquidated, repurchased or
otherwise removed from the Trust Fund.

         "Appraisal Reduction Event": With respect to any Loan, the earliest of
(i) 120 days after an uncured delinquency (without regard to the application of
any grace period) occurs in respect of such Loan (except that with respect to a
Balloon Payment, such date may extend until the Loan becomes a Specially
Serviced Loan), (ii) the date on which a reduction in the amount of Monthly
Payments on such Loan, or a change in any other material economic term of such
Loan (other than an extension of the Maturity Date for a period of six months or
less), becomes effective as a result of a modification of such

                                      -8-

Loan by the Special Servicer, (iii) 60 days after a receiver has been appointed
and remains undismissed for the Borrower or immediately after a receiver has
been appointed for the related Mortgaged Property, (iv) 30 days after a Borrower
declares bankruptcy, (v) 60 days after the Borrower has become the subject of a
decree or order for a bankruptcy proceeding that shall have remained in force
undischarged and unstayed, and (vi) immediately after such Loan becomes an REO
Loan; provided, however, that there shall be no reduction in P&I Advances if an
Appraisal Reduction Event shall occur on and after the date (if any) when the
aggregate of the Class Principal Balances of all Classes of Sequential Pay
Certificates (other than the Class A Sequential Pay Certificates) have been
reduced to zero. The Special Servicer or the Master Servicer, as applicable,
shall notify the Master Servicer or the Special Servicer, as applicable, and the
Trustee (and, with respect to each Serviced Loan Combination and each CBA A/B
Loan Pair, the related Junior Loan Holder(s), as applicable) promptly upon the
occurrence of any of the foregoing events.

         "Appraised Value": With respect to any Mortgaged Property, the
appraised value thereof (as is) as determined by the most recent Appraisal
obtained or conducted, as appropriate, pursuant to this Agreement or obtained in
connection with the origination of the Loan.

         "Appraiser": An Independent MAI, state certified organization with five
years of experience in properties of like kind and in the same geographic area.

         "ARD Loan": Any Loan that is designated as such on the Mortgage Loan
Schedule.

         "Asset Status Report": As defined in Section 3.21(e).

         "Assignable Primary Servicing Fee": Any Primary Servicing Fee that is
payable to Midland or its permitted assignee pursuant to Section 3.11(a) and
subject to reduction by the Trustee pursuant to Section 3.11(a).

         "Assignment of Leases": With respect to any Mortgaged Property, any
assignment of leases, rents and profits or similar instrument, executed by the
related Borrower, assigning to the related mortgagee all of the income, rents
and profits derived from the ownership, operation, leasing or disposition of all
or a portion of such Mortgaged Property, in the form which was duly executed,
acknowledged and delivered, as amended, modified, renewed or extended through
the date hereof and from time to time hereafter.

         "Assumed Scheduled Payment": For any Due Period shall mean the
following:

         (a) with respect to any Loan or Junior Loan that is delinquent in
     respect of its Balloon Payment (and, if applicable, any successor REO Loan
     with respect thereto as to which the Balloon Payment would have been past
     due), an amount equal to the sum of (i) the principal portion of the
     Monthly Payment that would have been due on such Loan or Junior Loan on the
     related Due Date based on the constant payment required by the related Note
     or the original amortization schedule thereof (as calculated with interest
     at the related Mortgage Rate), if applicable, assuming such Balloon Payment
     had not become due (and, if applicable, assuming the related Mortgaged
     Property had not become an REO Property), after giving effect to any
     modification of such Loan or Junior Loan, and (ii) one month's interest on
     the Stated Principal Balance of such Loan or Junior Loan (or, if
     applicable, any successor REO Loan with respect thereto) as of the end of
     such Due Period at the applicable Mortgage Rate (less the related Master
     Servicing Fee Rate and any Primary Servicing Fee Rate). The amount of the
     Assumed Scheduled Payment for any A Loan or Junior Loan shall be calculated
     solely by reference to the terms of

                                      -9-

     such A Loan or Junior Loan, as applicable (as modified in connection with
     any bankruptcy or similar proceeding involving the related Mortgagor or
     pursuant to a modification, waiver or amendment thereof granted or agreed
     to by the Master Servicer or the Special Servicer pursuant to the terms
     hereof) and without regard to the remittance provisions of the related
     Intercreditor Agreement; and

         (b) any REO Loan that is not delinquent in respect of its Balloon
     Payment, an amount equal to the sum of (i) the principal portion of the
     Monthly Payment that would have been due on the related Loan on the related
     Due Date based on the original amortization schedule thereof (as calculated
     with interest at the related Mortgage Rate), if applicable, assuming the
     related Mortgaged Property had not become an REO Property, after giving
     effect to any modification of the related Loan, and (ii) one month's
     interest on the Stated Principal Balance of such REO Loan as of the end of
     such Due Period at the applicable Mortgage Rate (less the related Master
     Servicing Fee Rate and any Primary Servicing Fee Rate).

         "Available Distribution Amount": With respect to any Distribution Date,
an amount equal to the sum (without duplication) of:

         (a) the aggregate amount received on or with respect to the Loans (and
     any related REO Properties) on or prior to the related Determination Date
     and on deposit in the Collection Account as of the close of business on the
     Business Day preceding the Master Servicer Remittance Date, exclusive of
     any portion of such aggregate amount that is comprised of one or more of
     the following amounts (without duplication):

                  (i) all Monthly Payments collected but due on a Due Date after
         the end of the related Due Period;

                  (ii) all Principal Prepayments, Balloon Payments, Liquidation
         Proceeds, Insurance and Condemnation Proceeds, amounts received in
         connection with Loan repurchases pursuant to Section 2.03(b) and other
         unscheduled recoveries that, in each case, are received or deemed
         received after the related Determination Date;

                  (iii) all amounts in the Collection Account that are payable
         or reimbursable to any Person from the Collection Account pursuant to
         clauses (iii) through (xvii), inclusive, and clauses (xix), (xx) and
         (xxi) of Section 3.05(a);

                  (iv) all amounts that are payable or reimbursable to any
         Person from the Distribution Account pursuant to clauses (iii) through
         (vi), inclusive, of Section 3.05(b);

                  (v) all Yield Maintenance Charges and all Static Prepayment
         Premiums;

                  (vi) all amounts deposited in the Collection Account in error;

                  (vii) any net interest or net investment income on funds on
         deposit in the Collection Account or any REO Account or in Permitted
         Investments in which such funds may be invested;

                  (viii) with respect to any Distribution Date relating to each
         Interest Accrual Period ending in each February or in any January in a
         year which is not a leap year, the Withheld Amounts in respect of the
         Interest Reserve Loans that are to be deposited in the

                                      -10-

         Interest Reserve Account on such Distribution Date and held for future
         distribution pursuant to Section 3.28;

                  (ix) all amounts received with respect to a Serviced Loan
         Combination that are required to be paid to any related Junior Loan
         Holder pursuant to the terms of the related Junior Loan and the related
         Intercreditor Agreement (which amounts will be deposited into the
         related Junior Loan Custodial Account pursuant to Section 3.04 and/or
         Section 3.05, and withdrawn from such accounts pursuant to Section
         3.05);

                  (x) Excess Interest; and

                  (xi) Excess Liquidation Proceeds;

         (b) if and to the extent not already included in clause (a) hereof, the
     aggregate amount transferred with respect to the REO Loans in the Mortgage
     Pool from any REO Account to the Collection Account for such Distribution
     Date pursuant to Section 3.16(c);

         (c) the aggregate amount of any P&I Advances made in respect of the
     Mortgage Pool by the Master Servicer and/or the Trustee, as applicable, for
     such Distribution Date pursuant to Section 4.03 or 7.05, which P&I Advances
     shall not include any related Master Servicing Fees, Primary Servicing Fees
     or Workout Fees;

         (d) all funds released from the Interest Reserve Account for
     distribution on such Distribution Date;

         (e) any and all payments required to be made by the Master Servicer
     pursuant to Section 3.02(d);

         (f) the aggregate amount transferred (pursuant to Section 3.04(d)) from
     the Excess Liquidation Proceeds Account to the Distribution Account in
     respect of such Distribution Date; and

         (g) if and to the extent not already included in clause (a) hereof, any
     Cure Payment (except for any portion thereof payable or reimbursable to the
     Master Servicer or the Special Servicer) made by any Junior Loan Holder or
     any CBA B Loan Holder pursuant to the terms of the related Intercreditor
     Agreement prior to or during the related Due Period and allocable to
     principal or interest with respect to the related Loan that is due during
     the related Due Period.

         Any determination of the portion of the Available Distribution Amount
that is attributable to Loan Group 1 or Loan Group 2 (as contemplated by Section
4.01) shall take account of Section 1.05.

         "Balloon Loan": Any Loan or Junior Loan that by its terms provides for
an amortization schedule extending materially beyond its Maturity Date or for no
amortization prior to its Maturity Date.

         "Balloon Payment": With respect to any Balloon Loan and any date of
determination, the scheduled payment of principal due on the Maturity Date of
such Balloon Loan (less principal included in the applicable amortization
schedule or scheduled Monthly Payment).

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

                                      -11-

         "Base Interest Fraction": With respect to any Principal Prepayment or
other early collection of principal on any Loan (or any successor REO Loan with
respect thereto) and any of the Class A-1, Class A-2, Class A-3, Class A-4,
Class A-5, Class A-1-A, Class B, Class C, Class D, Class E, Class F, Class G and
Class H Certificates, a fraction (not greater than 1) (a) whose numerator is the
amount, if any, by which (i) the Pass-Through Rate on such Class of Certificates
exceeds (ii) the Yield Rate used in calculating the Yield Maintenance Charge
with respect to such Principal Prepayment or other early collection of principal
and (b) whose denominator is the amount, if any, by which the (i) Mortgage Rate
on such Loan (or REO Loan) exceeds (ii) the Yield Rate (as provided by the
Master Servicer) used in calculating the Yield Maintenance Charge with respect
to such Principal Prepayment or other early collection of principal; provided,
however, that if such Yield Rate is greater than or equal to the lesser of (x)
the Mortgage Rate on such Loan (or REO Loan) and (y) the Pass-Through Rate
described in clause (a)(i) above, then the Base Interest Fraction shall be zero.

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

         "Book-Entry Non-Registered Certificate": Any Non-Registered Certificate
that constitutes a Book-Entry Certificate.

         "Borrower": With respect to any Loan, the obligor or obligors on any
related Note or Notes, including, without limitation, any Person that has
acquired the related Mortgaged Property and assumed the obligations of the
original obligor under the Note or Notes.

         "Breach": As defined in Section 2.03(b).

         "Business Day": Any day other than a Saturday, a Sunday or a day on
which banking institutions in the states where the Collection Account, the
Distribution Account, the Trustee, the Master Servicer or the Special Servicer
are located are authorized or obligated by law or executive order to remain
closed.

         "Cash Collateral Account": With respect to any Loan that has a Lock-Box
Account, any account or accounts created pursuant to the related Mortgage, Loan
Agreement, Cash Collateral Account Agreement or other Loan Document, into which
account or accounts the Lock-Box Account monies are swept on a regular basis for
the benefit of the Trustee as successor to the applicable Mortgage Loan Seller's
interest in such Loan. Any Cash Collateral Account shall be beneficially owned
for federal income tax purposes by the Person who is entitled to receive all
reinvestment income or gain thereon in accordance with the terms and provisions
of the related Loan and Section 3.06, which Person (and not the Trust) may be
taxed on all reinvestment income or gain thereon. The Master Servicer shall be
permitted to make withdrawals therefrom solely for deposit into the Collection
Account or a Servicing Account, or to remit to the Borrower as required by the
related Loan Documents, as applicable. To the extent not inconsistent with the
terms of the related Loan, each such Cash Collateral Account shall be an
Eligible Account.

         "Cash Collateral Account Agreement": With respect to any Loan, the cash
collateral account agreement, if any, between the related Mortgage Loan
Originator and the related Borrower, pursuant to which the related Cash
Collateral Account, if any, may have been established.

         "CBA A Loan": The Loans secured by the Mortgaged Properties identified
on the Mortgage Loan Schedule as Highpoint Village Apartments and Whisper Hollow
Apartments,

                                      -12-

respectively, each of which Loans are senior in right of payment to the related
CBA B Loan, to the extent set forth in the related CBA Intercreditor Agreement.

         "CBA A/B Loan Pair": Any CBA A Loan together with the related CBA B
Loan.

         "CBA A/B Material Default": With respect to a CBA A/B Loan Pair, a
"Material Default" under, and within the meaning of, the related Intercreditor
Agreement.

         "CBA B Loan": With respect to each CBA A Loan, the mortgage loan
secured, on a subordinate basis, by the same Mortgage on the same Mortgaged
Property as such CBA A Loan, which subordinate mortgage loan is not included in
the Trust Fund.

         "CBA B Loan Holder": With respect to any CBA A/B Loan Pair,
CBA-Mezzanine Capital Finance, LLC or its successors and assigns, as the holder
of the related CBA B Loan.

         "CBA Intercreditor Agreement": With respect to each CBA A/B Loan Pair,
the related intercreditor agreement entered into by and between the holder of
the related CBA A Loan and the related CBA B Loan Holder, as the same may be
further amended from time to time in accordance with the terms thereof.

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

         "Certificate": Any one of the Depositor's Commercial Mortgage
Pass-Through Certificates, Series 2004-C3, as executed by the Trustee or
Certificate Registrar and authenticated and delivered hereunder by the
Certificate Registrar.

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

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

         "Certificate Principal Balance": With respect to any Sequential Pay
Certificate, as of any date of determination, the then principal balance of such
Certificate equal to the product of (a) the Percentage Interest evidenced by
such Certificate, multiplied by (b) the then Class Principal Balance of the
Class of Sequential Pay Certificates to which such Certificate belongs.

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

         "Certificateholder" or "Holder": The Person in whose name a Certificate
is registered in the Certificate Register; provided, however, that solely for
the purposes of giving any consent, approval or waiver pursuant to this
Agreement with respect to the rights, obligations or liabilities of the Trustee,
the Master Servicer or the Special Servicer, any Certificate registered in the
name of the Trustee, the Master Servicer, the Special Servicer or any Affiliate
of any of them, as applicable, shall be deemed not to be outstanding, and the
Voting Rights to which it is entitled shall not be taken into account in
determining

                                      -13-

whether the requisite percentage of Voting Rights necessary to effect any such
consent, approval or waiver has been obtained; provided that (i) such
restrictions shall not apply to the selection of the Controlling Class (or the
Directing Certificateholder) or the exercise of the Special Servicer's or its
Affiliates' rights as a member of the Controlling Class and (ii) the foregoing
shall not apply if the Trustee, the Master Servicer or the Special Servicer, as
the case may be, and/or their Affiliates, own the entire Class of each Class of
Certificates affected by such action, vote, consent or waiver. The Trustee shall
be entitled to request and conclusively rely upon a certificate of the Master
Servicer or the Special Servicer in determining whether a Certificate is
registered in the name of an Affiliate of such Person. All references herein to
"Holders" or "Certificateholders" shall reflect the rights of Certificate Owners
as they may indirectly exercise such rights through the Depository and the
Depository Participants, except as otherwise specified herein; provided,
however, that the parties hereto shall be required to recognize as a "Holder" or
"Certificateholder" only the Person in whose name a Certificate is registered in
the Certificate Register.

         "Class": With respect to any Certificates or Uncertificated Lower-Tier
Interests, all of the Certificates or Uncertificated Lower-Tier Interests
bearing the same alphabetical and, if applicable, numerical class designation.

         "Class A Certificate": Any Class A-1, Class A-2, Class A-3, Class A-4,
Class A-5, Class A-1-A, Class A-SP or Class A-X Certificate.

         "Class A Sequential Pay Certificate": Any Class A-1, Class A-2, Class
A-3, Class A-4, Class A-5 or Class A-1-A Certificate.

         "Class A-1 Certificate": A Certificate designated as "Class A-1" on the
face thereof, substantially in the form of Exhibit A-1 hereto.

         "Class A-1 Pass-Through Rate": 2.3580% per annum.

         "Class A-2 Certificate": A Certificate designated as "Class A-2" on the
face thereof, substantially in the form of Exhibit A-1 hereto.

         "Class A-2 Pass-Through Rate": 3.9130% per annum.

         "Class A-3 Certificate": A Certificate designated as "Class A-3" on the
face thereof, substantially in the form of Exhibit A-1 hereto.

         "Class A-3 Pass-Through Rate": 4.3020% per annum.

         "Class A-4 Certificate": A Certificate designated as "Class A-4" on the
face thereof, substantially in the form of Exhibit A-1 hereto.

         "Class A-4 Pass-Through Rate": 4.8350% per annum.

         "Class A-5 Certificate": A Certificate designated as "Class A-5" on the
face thereof, substantially in the form of Exhibit A-1 hereto.

         "Class A-5 Pass-Through Rate": As to any Distribution Date, a per annum
rate equal to the lesser of (i) 5.1130% and (ii) the Weighted Average Net
Mortgage Pass-Through Rate for such Distribution Date.

                                      -14-

         "Class A-1-A Certificate": A Certificate designated as "Class A-1-A" on
the face thereof, substantially in the form of Exhibit A-1 hereto.

         "Class A-1-A Components": Component A-1-A-1, Component A-1-A-2,
Component A-1-A-3, Component A-1-A-4, Component A-1-A-5, Component A-1-A-6,
Component A-1-A-7 and Component A-1-A-8.

         "Class A-1-A Pass-Through Rate": As to any Distribution Date, a per
annum rate equal to the lesser of (i) 4.8840% and (ii) the Weighted Average Net
Mortgage Pass-Through Rate for such Distribution Date.

         "Class A-SP Certificate": A Certificate designated as "Class A-SP" on
the face thereof, substantially in the form of Exhibit A-2 hereto.

         "Class A-SP Component": Any of Component A-SP-A-1-2, Component
A-SP-A-2-1, Component A-SP-A-2-2, Component A-SP-A-3-1, Component A-SP-A-3-2,
Component A-SP-A-3-3, Component A-SP-A-4, Component A-SP-A-5-1, Component
A-SP-A-5-2, Component A-SP-A-5-3, Component A-SP-A-5-4, Component A-SP-A1A-2,
Component A-SP-A1A-3, Component A-SP-A1A-4, Component A-SP-A1A-5, Component
A-SP-A1A-6, Component A-SP-A1A-7, Component A-SP-A1A-8, Component A-SP-B,
Component A-SP-C-1, Component A-SP-C-2, Component A-SP-D-1, Component A-SP-D-2,
Component A-SP-E-1 and Component A-SP-E-2. Each of the Class A-SP Components
constitutes a separate "regular interest" in the Upper-Tier REMIC.

         "Class A-SP Notional Amount": As of any date of determination, the sum
of then Component Notional Amounts of the Class A-SP Components; provided that,
for reporting purposes, the Class A-SP Notional Amount from time to time shall
be calculated in accordance with the Prospectus Supplement.

         "Class A-SP Pass-Through Rate": As to any Distribution Date, the per
annum rate, expressed as a percentage, equal to the weighted average of the
respective Class A-SP Strip Rates of the Class A-SP Components for (and weighted
on the basis of their respective Component Notional Balances immediately prior
to) such Distribution Date; provided that, for reporting purposes, the Class
A-SP Pass-Through Rate for each Distribution Date shall be calculated in
accordance with the Prospectus Supplement.

         "Class A-SP Strip Rate": With respect to any Class A-SP Component, for
any Distribution Date, a rate per annum equal to the excess, if any, of (i) the
lesser of the Lower-Tier Remittance Rate and the Adjusted Lower-Tier Remittance
Rate with respect to such Class A-SP Component's Corresponding Uncertificated
Lower-Tier Interest for such Distribution Date, over (ii) the Alternative
Adjusted Lower-Tier Remittance Rate with respect to such Class A-SP Component's
Corresponding Uncertificated Lower-Tier Interest for such Distribution Date.

         "Class A-SP Termination Date": With respect to any of the
Uncertificated Lower-Tier Interests specified below, the Distribution Date that
occurs in the month and year indicated below:

                                      -15-

                                              Month and Year of Related
              Class Designation              Class A-SP Termination Date
              -----------------              ---------------------------
                   LA-1-2                            August 2005
                   LA-2-1                            August 2005
                   LA-2-2                            August 2006
                  LA-3-1-1                           August 2006
                  LA-3-1-2                           August 2007
                  LA-3-1-3                           August 2008
                    LA-4                             August 2008
                   LA-5-1                            August 2008
                   LA-5-2                            August 2009
                   LA-5-3                            August 2010
                   LA-5-4                            August 2011
                  LA-1-A-2                           August 2005
                  LA-1-A-3                           August 2006
                  LA-1-A-4                           August 2007
                  LA-1-A-5                           August 2008
                  LA-1-A-6                           August 2009
                  LA-1-A-7                           August 2010
                  LA-1-A-8                           August 2011
                     LB                              August 2011
                    LC-1                             August 2010
                    LC-1                             August 2011
                    LD-1                             August 2009
                    LD-2                             August 2010
                    LE-1                             August 2008
                    LE-2                             August 2009

         "Class A-X Certificate": A Certificate designated as "Class A-X" on the
face thereof, substantially in the form of Exhibit A-2 hereto.

         "Class A-X Component": Any of Component A-X-A-1-1, Component A-X-A-1-2,
Component A-X-A-2-1, Component A-X-A-2-2, Component A-X-A-3-1, Component
A-X-A-3-2, Component A-X-A-3-3, Component A-X-A-4, Component A-X-A-5-1,
Component A-X-A-5-2, Component A-X-A-5-3, Component A-X-A-5-4, Component
A-X-A1A-1, Component A-X-A1A-2, Component A-X-A1A-3, Component A-X-A1A-4,
Component A-X-A1A-5, Component A-X-A1A-6, Component A-X-A1A-7, Component
A-X-A1A-8, Component A-X-B, Component A-X-C-1, Component A-X-C-2, Component
A-X-D-1, Component A-X-D-2, Component A-X-E-1, Component A-X-E-2, Component
A-X-F, Component A-X-G, Component A-X-H, Component A-X-J, Component A-X-K,
Component A-X-L, Component A-X-M, Component A-X-N, Component A-X-O and Component
A-X-P. Each Class A-X Component constitutes a separate "regular interest" in the
Upper-Tier REMIC.

         "Class A-X Notional Amount": With respect to the Class A-X
Certificates, as of any date of determination, the sum of then Component
Notional Amounts of all of the Class A-X Components.

         "Class A-X Pass-Through Rate": As to any Distribution Date, the per
annum rate, expressed as a percentage, equal to the weighted average of the
respective Class A-X Strip Rates of the Class A-X Components for (and weighted
on the basis of their respective Component Notional Balances immediately prior
to) for such Distribution Date.

                                      -16-

         "Class A-X Strip Rate": With respect to any Class A-X Component, for
any Distribution Date, a rate per annum equal to the excess, if any, of (i) the
Lower-Tier Remittance Rate with respect to such Class A-X Component's
Corresponding Uncertificated Lower-Tier Interest for such Distribution Date,
over (ii) the greater of the Adjusted Lower-Tier Remittance Rate and the
Alternative Adjusted Lower-Tier Remittance Rate with respect to such Class A-X
Component's Corresponding Uncertificated Lower-Tier Interest for such
Distribution Date.

         "Class B Certificate": A Certificate designated as "Class B" on the
face thereof, substantially in the form of Exhibit A-1 hereto.

         "Class B Pass-Through Rate": As to any Distribution Date, a per annum
rate equal to the lesser of (i) 5.2040% and (ii) the Weighted Average Net
Mortgage Pass-Through Rate for such Distribution Date.

         "Class C Certificate": A Certificate designated as "Class C" on the
face thereof, substantially in the form of Exhibit A-1 hereto.

         "Class C Pass-Through Rate": As to any Distribution Date, a per annum
rate equal to the lesser of (i) 5.2430% and (ii) the Weighted Average Net
Mortgage Pass-Through Rate for such Distribution Date.

         "Class D Certificate": A Certificate designated as "Class D" on the
face thereof, substantially in the form of Exhibit A-1 hereto.

         "Class D Pass-Through Rate": As to any Distribution Date, a per annum
rate equal to the lesser of (i) 5.3120% and (ii) the Weighted Average Net
Mortgage Pass-Through Rate for such Distribution Date.

         "Class E Certificate": A Certificate designated as "Class E" on the
face thereof, substantially in the form of Exhibit A-3 hereto.

         "Class E Pass-Through Rate": As to any Distribution Date, a per annum
rate equal to the lesser of (i) 5.4110% and (ii) the Weighted Average Net
Mortgage Pass-Through Rate for such Distribution Date.

         "Class F Certificate": A Certificate designated as "Class F" on the
face thereof, substantially in the form of Exhibit A-3 hereto.

         "Class F Pass-Through Rate": As to any Distribution Date, a per annum
rate equal to the lesser of (i) 5.5790% and (ii) the Weighted Average Net
Mortgage Pass-Through Rate for such Distribution Date.

         "Class G Certificate": A Certificate designated as "Class G" on the
face thereof, substantially in the form of Exhibit A-3 hereto.

         "Class G Pass-Through Rate": As to any Distribution Date, a per annum
rate equal to the lesser of (i) 5.5300% and (ii) the Weighted Average Net
Mortgage Pass-Through Rate for such Distribution Date.

         "Class H Certificate": A Certificate designated as "Class H" on the
face thereof, substantially in the form of Exhibit A-3 hereto.

                                      -17-

         "Class H Pass-Through Rate": As to any Distribution Date, a per annum
rate equal to the Weighted Average Net Mortgage Pass-Through Rate for such
Distribution Date.

         "Class J Certificate": A Certificate designated as "Class J" on the
face thereof, substantially in the form of Exhibit A-3 hereto.

         "Class J Pass-Through Rate": As to any Distribution Date, a per annum
rate equal to the lesser of (i) 4.7830% and (ii) the Weighted Average Net
Mortgage Pass-Through Rate for such Distribution Date.

         "Class K Certificate": A Certificate designated as "Class K" on the
face thereof, substantially in the form of Exhibit A-3 hereto.

         "Class K Pass-Through Rate": As to any Distribution Date, a per annum
rate equal to the lesser of (i) 4.7830% and (ii) the Weighted Average Net
Mortgage Pass-Through Rate for such Distribution Date.

         "Class L Certificate": A Certificate designated as "Class L" on the
face thereof, substantially in the form of Exhibit A-3 hereto.

         "Class L Pass-Through Rate": As to any Distribution Date, a per annum
rate equal to the lesser of (i) 4.7830% and (ii) the Weighted Average Net
Mortgage Pass-Through Rate for such Distribution Date.

         "Class LA-1-1 Lower-Tier Interest": A regular interest in the
Lower-Tier REMIC that is held as an asset of the Upper-Tier REMIC, has the
Original Lower-Tier Principal Amount set forth in the Preliminary Statement
hereto and accrues interest at its Lower-Tier Remittance Rate in effect from
time to time.

         "Class LA-1-2 Lower-Tier Interest": A regular interest in the
Lower-Tier REMIC that is held as an asset of the Upper-Tier REMIC, has the
Original Lower-Tier Principal Amount set forth in the Preliminary Statement
hereto and accrues interest at its Lower-Tier Remittance Rate in effect from
time to time.

         "Class LA-2-1 Lower-Tier Interest": A regular interest in the
Lower-Tier REMIC that is held as an asset of the Upper-Tier REMIC, has the
Original Lower-Tier Principal Amount set forth in the Preliminary Statement
hereto and accrues interest at its Lower-Tier Remittance Rate in effect from
time to time.

         "Class LA-2-2 Lower-Tier Interest": A regular interest in the
Lower-Tier REMIC that is held as an asset of the Upper-Tier REMIC, has the
Original Lower-Tier Principal Amount set forth in the Preliminary Statement
hereto and accrues interest at its Lower-Tier Remittance Rate in effect from
time to time.

         "Class LA-3-1 Lower-Tier Interest": A regular interest in the
Lower-Tier REMIC that is held as an asset of the Upper-Tier REMIC, has the
Original Lower-Tier Principal Amount set forth in the Preliminary Statement
hereto and accrues interest at its Lower-Tier Remittance Rate in effect from
time to time.

         "Class LA-3-2 Lower-Tier Interest": A regular interest in the
Lower-Tier REMIC that is held as an asset of the Upper-Tier REMIC, has the
Original Lower-Tier Principal Amount set forth in the

                                      -18-

Preliminary Statement hereto and accrues interest at its Lower-Tier Remittance
Rate in effect from time to time.

         "Class LA-3-3 Lower-Tier Interest": A regular interest in the
Lower-Tier REMIC that is held as an asset of the Upper-Tier REMIC, has the
Original Lower-Tier Principal Amount set forth in the Preliminary Statement
hereto and accrues interest at its Lower-Tier Remittance Rate in effect from
time to time.

         "Class LA-4 Lower-Tier Interest": A regular interest in the Lower-Tier
REMIC that is held as an asset of the Upper-Tier REMIC, has the Original
Lower-Tier Principal Amount set forth in the Preliminary Statement hereto and
accrues interest at its Lower-Tier Remittance Rate in effect from time to time.

         "Class LA-5-1 Lower-Tier Interest": A regular interest in the
Lower-Tier REMIC that is held as an asset of the Upper-Tier REMIC, has the
Original Lower-Tier Principal Amount set forth in the Preliminary Statement
hereto and accrues interest at its Lower-Tier Remittance Rate in effect from
time to time.

         "Class LA-5-2 Lower-Tier Interest": A regular interest in the
Lower-Tier REMIC that is held as an asset of the Upper-Tier REMIC, has the
Original Lower-Tier Principal Amount set forth in the Preliminary Statement
hereto and accrues interest at its Lower-Tier Remittance Rate in effect from
time to time.

         "Class LA-5-3 Lower-Tier Interest": A regular interest in the
Lower-Tier REMIC that is held as an asset of the Upper-Tier REMIC, has the
Original Lower-Tier Principal Amount set forth in the Preliminary Statement
hereto and accrues interest at its Lower-Tier Remittance Rate in effect from
time to time.

         "Class LA-5-4 Lower-Tier Interest": A regular interest in the
Lower-Tier REMIC that is held as an asset of the Upper-Tier REMIC, has the
Original Lower-Tier Principal Amount set forth in the Preliminary Statement
hereto and accrues interest at its Lower-Tier Remittance Rate in effect from
time to time.

         "Class LA1A-1 Lower-Tier Interest": A regular interest in the
Lower-Tier REMIC that is held as an asset of the Upper-Tier REMIC, has the
Original Lower-Tier Principal Amount set forth in the Preliminary Statement
hereto and accrues interest at its Lower-Tier Remittance Rate in effect from
time to time.

         "Class LA1A-2 Lower-Tier Interest": A regular interest in the
Lower-Tier REMIC that is held as an asset of the Upper-Tier REMIC, has the
Original Lower-Tier Principal Amount set forth in the Preliminary Statement
hereto and accrues interest at its Lower-Tier Remittance Rate in effect from
time to time.

         "Class LA1A-3 Lower-Tier Interest": A regular interest in the
Lower-Tier REMIC that is held as an asset of the Upper-Tier REMIC, has the
Original Lower-Tier Principal Amount set forth in the Preliminary Statement
hereto and accrues interest at its Lower-Tier Remittance Rate in effect from
time to time.

         "Class LA1A-4 Lower-Tier Interest": A regular interest in the
Lower-Tier REMIC that is held as an asset of the Upper-Tier REMIC, has the
Original Lower-Tier Principal Amount set forth in

                                      -19-

the Preliminary Statement hereto and accrues interest at its Lower-Tier
Remittance Rate in effect from time to time.

         "Class LA1A-5 Lower-Tier Interest": A regular interest in the
Lower-Tier REMIC that is held as an asset of the Upper-Tier REMIC, has the
Original Lower-Tier Principal Amount set forth in the Preliminary Statement
hereto and accrues interest at its Lower-Tier Remittance Rate in effect from
time to time.

         "Class LA1A-6 Lower-Tier Interest": A regular interest in the
Lower-Tier REMIC that is held as an asset of the Upper-Tier REMIC, has the
Original Lower-Tier Principal Amount set forth in the Preliminary Statement
hereto and accrues interest at its Lower-Tier Remittance Rate in effect from
time to time.

         "Class LA1A-7 Lower-Tier Interest": A regular interest in the
Lower-Tier REMIC that is held as an asset of the Upper-Tier REMIC, has the
Original Lower-Tier Principal Amount set forth in the Preliminary Statement
hereto and accrues interest at its Lower-Tier Remittance Rate in effect from
time to time.

         "Class LA1A-8 Lower-Tier Interest": A regular interest in the
Lower-Tier REMIC that is held as an asset of the Upper-Tier REMIC, has the
Original Lower-Tier Principal Amount set forth in the Preliminary Statement
hereto and accrues interest at its Lower-Tier Remittance Rate in effect from
time to time.

         "Class LB Lower-Tier Interest": A regular interest in the Lower-Tier
REMIC that is held as an asset of the Upper-Tier REMIC, has the Original
Lower-Tier Principal Amount set forth in the Preliminary Statement hereto and
accrues interest at its Lower-Tier Remittance Rate in effect from time to time.

         "Class LC Lower-Tier Interest": A regular interest in the Lower-Tier
REMIC that is held as an asset of the Upper-Tier REMIC, has the Original
Lower-Tier Principal Amount set forth in the Preliminary Statement hereto and
accrues interest at its Lower-Tier Remittance Rate in effect from time to time.

         "Class LD-1 Lower-Tier Interest": A regular interest in the Lower-Tier
REMIC that is held as an asset of the Upper-Tier REMIC, has the Original
Lower-Tier Principal Amount set forth in the Preliminary Statement hereto and
accrues interest at its Lower-Tier Remittance Rate in effect from time to time.

         "Class LD-2 Lower-Tier Interest": A regular interest in the Lower-Tier
REMIC that is held as an asset of the Upper-Tier REMIC, has the Original
Lower-Tier Principal Amount set forth in the Preliminary Statement hereto and
accrues interest at its Lower-Tier Remittance Rate in effect from time to time.

         "Class LD-3 Lower-Tier Interest": A regular interest in the Lower-Tier
REMIC that is held as an asset of the Upper-Tier REMIC, has the Original
Lower-Tier Principal Amount set forth in the Preliminary Statement hereto and
accrues interest at its Lower-Tier Remittance Rate in effect from time to time.

         "Class LE-1 Lower-Tier Interest": A regular interest in the Lower-Tier
REMIC that is held as an asset of the Upper-Tier REMIC, has the Original
Lower-Tier Principal Amount set forth in the

                                      -20-

Preliminary Statement hereto and accrues interest at its Lower-Tier Remittance
Rate in effect from time to time.

         "Class LE-2 Lower-Tier Interest": A regular interest in the Lower-Tier
REMIC that is held as an asset of the Upper-Tier REMIC, has the Original
Lower-Tier Principal Amount set forth in the Preliminary Statement hereto and
accrues interest at its Lower-Tier Remittance Rate in effect from time to time.

         "Class LF Lower-Tier Interest": A regular interest in the Lower-Tier
REMIC that is held as an asset of the Upper-Tier REMIC, has the Original
Lower-Tier Principal Amount set forth in the Preliminary Statement hereto and
accrues interest at its Lower-Tier Remittance Rate in effect from time to time.

         "Class LG Lower-Tier Interest": A regular interest in the Lower-Tier
REMIC that is held as an asset of the Upper-Tier REMIC, has the Original
Lower-Tier Principal Amount set forth in the Preliminary Statement hereto and
accrues interest at its Lower-Tier Remittance Rate in effect from time to time.

         "Class LH Lower-Tier Interest": A regular interest in the Lower-Tier
REMIC that is held as an asset of the Upper-Tier REMIC, has the Original
Lower-Tier Principal Amount set forth in the Preliminary Statement hereto and
accrues interest at its Lower-Tier Remittance Rate in effect from time to time.

         "Class LJ Lower-Tier Interest": A regular interest in the Lower-Tier
REMIC that is held as an asset of the Upper-Tier REMIC, has the Original
Lower-Tier Principal Amount set forth in the Preliminary Statement hereto and
accrues interest at its Lower-Tier Remittance Rate in effect from time to time.

         "Class LK Lower-Tier Interest": A regular interest in the Lower-Tier
REMIC that is held as an asset of the Upper-Tier REMIC, has the Original
Lower-Tier Principal Amount set forth in the Preliminary Statement hereto and
accrues interest at its Lower-Tier Remittance Rate in effect from time to time.

         "Class LL Lower-Tier Interest": A regular interest in the Lower-Tier
REMIC that is held as an asset of the Upper-Tier REMIC, has the Original
Lower-Tier Principal Amount set forth in the Preliminary Statement hereto and
accrues interest at its Lower-Tier Remittance Rate in effect from time to time.

         "Class LM Lower-Tier Interest": A regular interest in the Lower-Tier
REMIC that is held as an asset of the Upper-Tier REMIC, has the Original
Lower-Tier Principal Amount set forth in the Preliminary Statement hereto and
accrues interest at its Lower-Tier Remittance Rate in effect from time to time.

         "Class LN Lower-Tier Interest": A regular interest in the Lower-Tier
REMIC that is held as an asset of the Upper-Tier REMIC, has the Original
Lower-Tier Principal Amount set forth in the Preliminary Statement hereto and
accrues interest at its Lower-Tier Remittance Rate in effect from time to time.

         "Class LO Lower-Tier Interest": A regular interest in the Lower-Tier
REMIC that is held as an asset of the Upper-Tier REMIC, has the Original
Lower-Tier Principal Amount set forth in the

                                      -21-

Preliminary Statement hereto and accrues interest at its Lower-Tier Remittance
Rate in effect from time to time.

         "Class LP Lower-Tier Interest": A regular interest in the Lower-Tier
REMIC that is held as an asset of the Upper-Tier REMIC, has the Original
Lower-Tier Principal Amount set forth in the Preliminary Statement hereto and
accrues interest at its Lower-Tier Remittance Rate in effect from time to time.

         "Class M Certificate": A Certificate designated as "Class M" on the
face thereof, substantially in the form of Exhibit A-3 hereto.

         "Class M Pass-Through Rate": As to any Distribution Date, a per annum
rate equal to the lesser of (i) 4.7830% and (ii) the Weighted Average Net
Mortgage Pass-Through Rate for such Distribution Date.

         "Class N Certificate": A Certificate designated as "Class N" on the
face thereof, substantially in the form of Exhibit A-3 hereto.

         "Class N Pass-Through Rate": As to any Distribution Date, a per annum
rate equal to the lesser of (i) 4.7830% and (ii) the Weighted Average Net
Mortgage Pass-Through Rate for such Distribution Date.

         "Class Notional Amount": For any date of determination, the Class A-X
Notional Amount or the Class A-SP Notional Amount, as applicable.

         "Class O Certificate": A Certificate designated as "Class O" on the
face thereof, substantially in the form of Exhibit A-3 hereto.

         "Class O Pass-Through Rate": As to any Distribution Date, a per annum
rate equal to the lesser of (i) 4.7830% and (ii) the Weighted Average Net
Mortgage Pass-Through Rate for such Distribution Date.

         "Class P Certificate": A Certificate designated as "Class P" on the
face thereof, substantially in the form of Exhibit A-3 hereto.

         "Class P Pass-Through Rate": As to any Distribution Date, a per annum
rate equal to the lesser of (i) 4.7830% and (ii) the Weighted Average Net
Mortgage Pass-Through Rate for such Distribution Date.

         "Class Principal Balance": With respect to any Class of Sequential Pay
Certificates, as of any date of determination, a principal amount equal to the
Original Class Principal Balance of such Class as specified in the Preliminary
Statement hereto, as such principal amount may be permanently reduced (to not
less than zero) on each Distribution Date coinciding with or preceding such date
of determination by (i) any distributions of principal made with respect to such
Class of Sequential Pay Certificates on the subject Distribution Date pursuant
to Section 4.01(a) and (ii) any Collateral Support Deficit allocated to such
Class of Sequential Pay Certificates on the subject Distribution Date pursuant
to Section 4.04.

         "Class R Certificate": A Certificate designated as "Class R" on the
face thereof, substantially in the form of Exhibit A-5 hereto.

                                      -22-

         "Class V Certificate": A Certificate designated as "Class V" on the
face thereof, substantially in the form of Exhibit A-4 hereto. The Class V
Certificates have no Pass-Through Rate, Class Principal Balance or Class
Notional Amount.

         "Clearstream": Clearstream Banking, Luxembourg, or any successor.

         "Closing Date": August 25, 2004.

         "CMSA": The Commercial Mortgage Securities Association, or any
association or organization that is a successor thereto. If neither such
association nor any successor remains in existence, "CMSA" shall be deemed to
refer to such other association or organization as may exist whose principal
membership consists of servicers, trustees, issuers, placement agents and
underwriters generally involved in the commercial mortgage loan securitization
industry, which is the principal such association or organization in the
commercial mortgage loan securitization industry and one of whose principal
purposes is the establishment of industry standards for reporting
transaction-specific information relating to commercial mortgage pass-through
certificates and commercial mortgage-backed bonds and the commercial mortgage
loans and foreclosed properties underlying or backing them to investors holding
or owning such certificates or bonds, and any successor to such other
association or organization. If an organization or association described in one
of the preceding sentences of this definition does not exist, "CMSA" shall be
deemed to refer to such other association or organization as shall be selected
by the Master Servicer and reasonably acceptable to the Trustee, the Special
Servicer and the Directing Certificateholder.

         "CMSA Bond Level File": A report substantially in the form of, and
containing the information called for in, the downloadable form of the "Bond
Level File" available as of the Closing Date on the CMSA Website, or such other
form for the presentation of such information and containing such additional
information as may from time to time be recommended by the CMSA for commercial
mortgage-backed securities transactions generally (unless the Directing
Certificateholder otherwise consents to an alternative form of such report).

         "CMSA Collateral Summary File": A report substantially in the form of,
and containing the information called for in, the downloadable form of the
"Collateral Summary File" available as of the Closing Date on the CMSA Website,
or such other form for the presentation of such information and containing such
additional information as may from time to time be recommended by the CMSA for
commercial mortgage-backed securities transactions generally (unless the
Directing Certificateholder otherwise consents to an alternative form of such
report).

         "CMSA Comparative Financial Status Report": A report substantially in
the form of, and containing the information called for in, the downloadable form
of the "Comparative Financial Status Report" available as of the Closing Date on
the CMSA Website, or such other form for the presentation of such information
and containing such additional information as may from time to time be
recommended by the CMSA for commercial mortgage-backed securities transactions
generally (unless the Directing Certificateholder otherwise consents to an
alternative form of such report).

         "CMSA Delinquent Loan Status Report": A report substantially in the
form of, and containing the information called for in, the downloadable form of
the "Delinquent Loan Status Report" available as of the Closing Date on the CMSA
Website, or such other form for the presentation of such information and
containing such additional information as may from time to time be recommended
by the CMSA for commercial mortgage-backed securities transactions generally
(unless the Directing Certificateholder otherwise consents to an alternative
form of such report).

                                      -23-

         "CMSA Financial File": A report substantially in the form of, and
containing the information called for in, the downloadable form of the
"Financial File" available as of the Closing Date on the CMSA Website, or such
other form for the presentation of such information and containing such
additional information as may from time to time be recommended by the CMSA for
commercial mortgage-backed securities transactions generally (unless the
Directing Certificateholder otherwise consents to an alternative form of such
report).

         "CMSA Historical Liquidation Report": A report substantially in the
form of, and containing the information called for in, the downloadable form of
the "Historical Liquidation Report" available as of the Closing Date on the CMSA
Website, or such other form for the presentation of such information and
containing such additional information as may from time to time be recommended
by the CMSA for commercial mortgage-backed securities transactions generally
(unless the Directing Certificateholder otherwise consents to an alternative
form of such report).

         "CMSA Historical Loan Modification and Corrected Mortgage Loan Report":
A report substantially in the form of, and containing the information called for
in, the downloadable form of the "Historical Loan Modification and Corrected
Mortgage Loan Report" available as of the Closing Date on the CMSA Website, or
such other form for the presentation of such information and containing such
additional information as may from time to time be recommended by the CMSA for
commercial mortgage-backed securities transactions generally (unless the
Directing Certificateholder otherwise consents to an alternative form of such
report).

         "CMSA Investor Reporting Package":

         (a) the following seven electronic files: (i) CMSA Loan Setup File,
     (ii) CMSA Loan Periodic Update File, (iii) CMSA Property File, (iv) CMSA
     Bond Level File, (v) CMSA Financial File, (vi) CMSA Collateral Summary File
     and (vii) CMSA Special Servicer Loan File;

         (b) the following nine supplemental reports: (i) CMSA Delinquent Loan
     Status Report, (ii) CMSA Historical Loan Modification and Corrected
     Mortgage Loan Report, (iii) CMSA Historical Liquidation Report, (iv) CMSA
     REO Status Report, (v) CMSA Loan Level Reserve/LOC Report, (vi) CMSA
     Comparative Financial Status Report, (vii) CMSA Servicer Watch List, (viii)
     CMSA Operating Statement Analysis Report and (ix) CMSA NOI Adjustment
     Worksheet;

         (c) the Monthly Additional Report on Recoveries and Reimbursements
     (notwithstanding that such form of report has not been adopted or
     recommended by the CMSA); and

         (d) such other reports as CMSA may designate as part of the "CMSA
     Investor Reporting Package" from time to time generally.

         "CMSA Loan Level Reserve/LOC Report": A report substantially in the
form of, and containing the information called for in, the downloadable form of
the "Loan Level Reserve/LOC Report" on the CMSA Website, or in such other form
for the presentation of such information and containing such additional
information as may from time to time be recommended by the CMSA for commercial
mortgage-backed securities transactions generally (unless the Directing
Certificateholder otherwise consents to an alternative form of such report).

                                      -24-

         "CMSA Loan Periodic Update File": A report substantially in the form
of, and containing the information called for in, the downloadable form of the
"Loan Periodic Update File" available as of the Closing Date on the CMSA
Website, or such other form for the presentation of such information and
containing such additional information as may from time to time be recommended
by the CMSA for commercial mortgage-backed securities transactions generally
(unless the Directing Certificateholder otherwise consents to an alternative
form of such report). Each CMSA Loan Periodic Update File prepared by the Master
Servicer shall be accompanied by a Monthly Additional Report on Recoveries and
Reimbursements and all references herein to "CMSA Loan Periodic Update File"
shall be construed accordingly.

         "CMSA Loan Setup File": A report substantially in the form of, and
containing the information called for in, the downloadable form of the "Loan
Setup File" available as of the Closing Date on the CMSA Website, or such other
form for the presentation of such information and containing such additional
information as may from time to time be recommended by the CMSA for commercial
mortgage-backed securities transactions generally (unless the Directing
Certificateholder otherwise consents to an alternative form of such report).

         "CMSA NOI Adjustment Worksheet": A report substantially in the form of,
and containing the information called for in, the downloadable form of the "NOI
Adjustment Worksheet" available as of the Closing Date on the CMSA Website, or
such other form for the presentation of such information and containing such
additional information as may from time to time be recommended by the CMSA for
commercial mortgage-backed securities transactions generally (unless the
Directing Certificateholder otherwise consents to an alternative form of such
report), and in any event, shall present the computations made in accordance
with the methodology described in such form to "normalize" the full year net
operating income or net cash flow, as applicable, and debt service coverage
numbers used in the other reports required by this Agreement.

         "CMSA Operating Statement Analysis Report": A report substantially in
the form of, and containing the information called for in, the downloadable form
of the "Operating Statement Analysis Report" available as of the Closing Date on
the CMSA Website or in such other form for the presentation of such information
and containing such additional information as may from time to time be
recommended by the CMSA for commercial mortgage-backed securities transactions
generally (unless the Directing Certificateholder otherwise consents to an
alternative form of such report).

         "CMSA Property File": A report substantially in the form of, and
containing the information called for in, the downloadable form of the "Property
File" available as of the Closing Date on the CMSA Website, or such other form
for the presentation of such information and containing such additional
information as may from time to time be recommended by the CMSA for commercial
mortgage-backed securities transactions generally (unless the Directing
Certificateholder otherwise consents to an alternative form of such report).

         "CMSA REO Status Report": A report substantially in the form of, and
containing the information called for in, the downloadable form of the "REO
Status Report" available as of the Closing Date on the CMSA Website, or such
other form for the presentation of such information and containing such
additional information as may from time to time be recommended by the CMSA for
commercial mortgage-backed securities transactions generally (unless the
Directing Certificateholder otherwise consents to an alternative form of such
report).

         "CMSA Servicer Watch List": For any Determination Date, a report
substantially in the form of, and containing the information called for in, the
downloadable form of the "Servicer Watch List"

                                      -25-

available as of the Closing Date on the CMSA Website, or such other form for the
presentation of such information and containing such additional information as
may from time to time be recommended by the CMSA for commercial mortgage-backed
securities transactions generally (unless the Directing Certificateholder
otherwise consents to an alternative form of such report).

         "CMSA Special Servicer Loan File": A report substantially in the form
of, and containing the information called for in, the downloadable form of the
"Special Servicer Loan File" available as of the Closing Date on the CMSA
Website, or in such other form for the presentation of such information and
containing such additional information as may from time to time be recommended
by the CMSA for commercial mortgage-backed securities transactions generally
(unless the Directing Certificateholder otherwise consents to an alternative
form of such report).

         "CMSA Website": The CMSA's Website located at "www.cmbs.org" or such
other primary website as the CMSA may establish for dissemination of its report
forms.

         "Code": The Internal Revenue Code of 1986 and regulations promulgated
thereunder, including proposed regulations to the extent that, by reason of
their proposed effective date, could, as of the date of any determination or
opinion as to the tax consequences of any action or proposed action or
transaction, be applied to the Trust or the Certificates.

         "Collateral Support Deficit": As defined in Section 4.04.

         "Collection Account": One or more separate custodial accounts or,
subject to Section 3.04(h), sub-accounts created and maintained by the Master
Servicer or any Sub-Servicer on behalf of the Master Servicer pursuant to
Section 3.04(a) in the name of the Trustee on behalf of the Certificateholders
and (insofar as amounts on deposit therein may potentially relate to any Loan
Combination) any related Junior Loan Holder(s) (other than a CBA B Loan Holder
before the occurrence of a CBA A/B Material Default), as their interests may
appear, into which the amounts set forth in Section 3.04(a) shall be deposited
directly, which account shall, subject to Section 3.04(h), be entitled
substantially as follows: "Midland Loan Services, Inc. [or name of any successor
Master Servicer], in trust for Wells Fargo Bank, N.A. [or name of any successor
Trustee], as Trustee for the benefit of Holders of Credit Suisse First Boston
Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates, Series
2004-C3, and each related Junior Loan Holder, as their interests appear,
Collection Account". Any such account or accounts or, subject to Section
3.04(h), sub-accounts shall be an Eligible Account and shall be part of the
Lower-Tier REMIC.

         "Commission": The Securities and Exchange Commission.

         "Component": Any of the components of the Class A-X or Class A-SP
Certificates, which components are: (a) in the case of the Class A-X
Certificates, the respective Class A-X Components; and (b) in the case of the
Class A-SP Certificates, the respective Class A-SP Components.

         "Component A-SP-A-1-2": One of the 25 components of the Class A-SP
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LA-1-2 Lower-Tier Interest as of any
date of determination.

         "Component A-SP-A-2-1": One of the 25 components of the Class A-SP
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LA-2-1 Lower-Tier Interest as of any
date of determination.

                                      -26-

         "Component A-SP-A-2-2": One of the 25 components of the Class A-SP
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LA-2-2 Lower-Tier Interest as of any
date of determination.

         "Component A-SP-A-3-1": One of the 25 components of the Class A-SP
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LA-3-1 Lower-Tier Interest as of any
date of determination.

         "Component A-SP-A-3-2": One of the 25 components of the Class A-SP
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LA-3-2 Lower-Tier Interest as of any
date of determination.

         "Component A-SP-A-3-3": One of the 25 components of the Class A-SP
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LA-3-3 Lower-Tier Interest as of any
date of determination.

         "Component A-SP-A-4": One of the 25 components of the Class A-SP
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LA-4 Lower-Tier Interest as of any date
of determination.

         "Component A-SP-A-5-1": One of the 25 components of the Class A-SP
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LA-5-1 Lower-Tier Interest as of any
date of determination.

         "Component A-SP-A-5-2": One of the 25 components of the Class A-SP
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LA-5-2 Lower-Tier Interest as of any
date of determination.

         "Component A-SP-A-5-3": One of the 25 components of the Class A-SP
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LA-5-3 Lower-Tier Interest as of any
date of determination.

         "Component A-SP-A-5-4": One of the 25 components of the Class A-SP
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LA-5-4 Lower-Tier Interest as of any
date of determination.

         "Component A-SP-A1A-2": One of the 25 components of the Class A-SP
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LA1A-2 Lower-Tier Interest as of any
date of determination.

         "Component A-SP-A1A-3": One of the 25 components of the Class A-SP
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LA1A-3 Lower-Tier Interest as of any
date of determination.

         "Component A-SP-A1A-4": One of the 25 components of the Class A-SP
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LA1A-4 Lower-Tier Interest as of any
date of determination.

         "Component A-SP-A1A-5": One of the 25 components of the Class A-SP
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LA1A-5 Lower-Tier Interest as of any
date of determination.

                                      -27-

         "Component A-SP-A1A-6": One of the 25 components of the Class A-SP
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LA1A-6 Lower-Tier Interest as of any
date of determination.

         "Component A-SP-A1A-7": One of the 25 components of the Class A-SP
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LA1A-7 Lower-Tier Interest as of any
date of determination.

         "Component A-SP-A1A-8": One of the 25 components of the Class A-SP
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LA1A-8 Lower-Tier Interest as of any
date of determination.

         "Component A-SP-B": One of the 25 components of the Class A-SP
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LB Lower-Tier Interest as of any date
of determination.

         "Component A-SP-C-1": One of the 25 components of the Class A-SP
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LC-1 Lower-Tier Interest as of any date
of determination.

         "Component A-SP-C-2": One of the 25 components of the Class A-SP
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LC-2 Lower-Tier Interest as of any date
of determination. "Component A-SP-D-1": One of the 25 components of the Class
A-SP Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LD-1 Lower-Tier Interest as of any date
of determination.

         "Component A-SP-D-2": One of the 25 components of the Class A-SP
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LD-2 Lower-Tier Interest as of any date
of determination.

         "Component A-SP-E-1": One of the 25 components of the Class A-SP
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LE-1 Lower-Tier Interest as of any date
of determination.

         "Component A-SP-E-2": One of the 25 components of the Class A-SP
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LE-2 Lower-Tier Interest as of any date
of determination.

         "Component A-X-A-1-1": One of the 37 components of the Class A-X
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LA-1-1 Lower-Tier Interest as of any
date of determination.

         "Component A-X-A-1-2": One of the 37 components of the Class A-X
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LA-1-2 Lower-Tier Interest as of any
date of determination.

         "Component A-X-A-2-1": One of the 37 components of the Class A-X
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LA-2-1 Lower-Tier Interest as of any
date of determination.

                                      -28-

         "Component A-X-A-2-2": One of the 37 components of the Class A-X
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LA-2-2 Lower-Tier Interest as of any
date of determination.

         "Component A-X-A-3-1": One of the 37 components of the Class A-X
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LA-3-1 Lower-Tier Interest as of any
date of determination.

         "Component A-X-A-3-2": One of the 37 components of the Class A-X
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LA-3-2 Lower-Tier Interest as of any
date of determination.

         "Component A-X-A-3-3": One of the 37 components of the Class A-X
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LA-3-3 Lower-Tier Interest as of any
date of determination.

         "Component A-X-A-4": One of the 37 components of the Class A-X
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LA-4 Lower-Tier Interest as of any date
of determination.

         "Component A-X-A-5-1": One of the 37 components of the Class A-X
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LA-5-1 Lower-Tier Interest as of any
date of determination.

         "Component A-X-A-5-2": One of the 37 components of the Class A-X
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LA-5-2 Lower-Tier Interest as of any
date of determination.

         "Component A-X-A-5-3": One of the 37 components of the Class A-X
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LA-5-3 Lower-Tier Interest as of any
date of determination.

         "Component A-X-A-5-4": One of the 37 components of the Class A-X
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LA-5-4 Lower-Tier Interest as of any
date of determination.

         "Component A-X-A1A-1": One of the 37 components of the Class A-X
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LA1A-1 Lower-Tier Interest as of any
date of determination.

         "Component A-X-A1A-2": One of the 37 components of the Class A-X
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LA1A-2 Lower-Tier Interest as of any
date of determination.

         "Component A-X-A1A-3": One of the 37 components of the Class A-X
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LA1A-3 Lower-Tier Interest as of any
date of determination.

         "Component A-X-A1A-4": One of the 37 components of the Class A-X
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LA1A-4 Lower-Tier Interest as of any
date of determination.

                                      -29-

         "Component A-X-A1A-5": One of the 37 components of the Class A-X
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LA1A-5 Lower-Tier Interest as of any
date of determination.

         "Component A-X-A1A-6": One of the 37 components of the Class A-X
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LA1A-6 Lower-Tier Interest as of any
date of determination.

         "Component A-X-A1A-7": One of the 37 components of the Class A-X
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LA1A-7 Lower-Tier Interest as of any
date of determination.

         "Component A-X-A1A-8": One of the 37 components of the Class A-X
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LA1A-8 Lower-Tier Interest as of any
date of determination.

         "Component A-X-B": One of the 37 components of the Class A-X
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LB Lower-Tier Interest as of any date
of determination.

         "Component A-X-C-1": One of the 37 components of the Class A-X
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LC-1 Lower-Tier Interest as of any date
of determination.

         "Component A-X-C-2": One of the 37 components of the Class A-X
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LC-2 Lower-Tier Interest as of any date
of determination.

         "Component A-X-D-1": One of the 37 components of the Class A-X
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LD-1 Lower-Tier Interest as of any date
of determination.

         "Component A-X-D-2": One of the 37 components of the Class A-X
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LD-2 Lower-Tier Interest as of any date
of determination.

         "Component A-X-E-1": One of the 37 components of the Class A-X
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LE-1 Lower-Tier Interest as of any date
of determination.

         "Component A-X-E-2": One of the 37 components of the Class A-X
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LE-2 Lower-Tier Interest as of any date
of determination.

         "Component A-X-F": One of the 37 components of the Class A-X
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LF Lower-Tier Interest as of any date
of determination.

         "Component A-X-G": One of the 37 components of the Class A-X
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LG Lower-Tier Interest as of any date
of determination.

                                      -30-

         "Component A-X-H": One of the 37 components of the Class A-X
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LH Lower-Tier Interest as of any date
of determination.

         "Component A-X-J": One of the 37 components of the Class A-X
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LJ Lower-Tier Interest as of any date
of determination.

         "Component A-X-K": One of the 37 components of the Class A-X
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LK Lower-Tier Interest as of any date
of determination.

         "Component A-X-L": One of the 37 components of the Class A-X
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LL Lower-Tier Interest as of any date
of determination.

         "Component A-X-M": One of the 37 components of the Class A-X
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LM Lower-Tier Interest as of any date
of determination.

         "Component A-X-N": One of the 37 components of the Class A-X
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LN Lower-Tier Interest as of any date
of determination.

         "Component A-X-O": One of the 37 components of the Class A-X
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LO Lower-Tier Interest as of any date
of determination.

         "Component A-X-P": One of the 37 components of the Class A-X
Certificates having a Component Notional Amount equal to the then current
Lower-Tier Principal Amount of the Class LP Lower-Tier Interest as of any date
of determination.

         "Component Notional Amount": With respect to each Component and any
date of determination, an amount equal to the then Lower-Tier Principal Amount
of its Corresponding Uncertificated Lower-Tier Interest.

         "Controlling Class": As of any date of determination, the most
subordinate Class of Sequential Pay Certificates then outstanding that has a
Class Principal Balance at least equal to 25% of the initial Class Principal
Balance of such Class; or, if no such Class exists, the most subordinate Class
of Sequential Pay Certificates then outstanding that has a Class Principal
Balance greater than zero. As of the Closing Date, the Controlling Class shall
be the Class P Certificates. For purposes of this definition, the respective
Classes of the Class A Sequential Pay Certificates shall be treated as a single
Class and, if appropriate under the terms of this definition, shall collectively
constitute the Controlling Class.

         "Controlling Class Certificateholder": Each Holder (or Certificate
Owner, if applicable) of a Certificate of the Controlling Class as certified by
the Certificate Registrar to the Trustee from time to time.

         "Corporate Trust Office": The corporate trust office of the Trustee at
which at any particular time its asset-backed securities trust business with
respect to this Agreement shall be administered, which office at the date of the
execution of this Agreement is located at, with respect to

                                      -31-

Certificate transfers and surrenders, at Sixth Street and Marquette Avenue,
Minneapolis, Minnesota 55479-0113 and, for all other purposes, at 9062 Old
Annapolis Road, Columbia, Maryland 21045-1951, or at such other address as the
Trustee or Certificate Registrar may designate from time to time by notice to
the Certificateholders, the Depositor, the Master Servicer and the Special
Servicer.

         "Corrected Loan": Any Specially Serviced Loan that has become current
and remained current for three consecutive Monthly Payments (for such purposes
taking into account any modification or amendment of the subject Loan or Junior
Loan, as the case may be) and as to which Loan or Junior Loan, as the case may
be, the Special Servicer has returned servicing to the Master Servicer pursuant
to Section 3.21(a).

         "Corresponding Class A-SP Component": With respect to any
Uncertificated Lower-Tier Interest, the Class A-SP Component that has an
alphabetic or alphanumeric designation that, with the replacement of "A-SP-"
with "L" at the beginning of such designation, is the same as the alphabetic or
alphanumeric, as applicable, designation for such Uncertificated Lower-Tier
Interest.

         "Corresponding Class A-X Component": With respect to any Uncertificated
Lower-Tier Interest, the Class A-X Component that has an alphabetic or
alphanumeric designation that, with the replacement of "A-X-" with "L" at the
beginning of such designation, is the same as the alphabetic or alphanumeric, as
applicable, designation for such Uncertificated Lower-Tier Interest.

         "Corresponding Class of Certificates": With respect to any
Uncertificated Lower-Tier Interest, the Corresponding Class of Sequential Pay
Certificates.

         "Corresponding Class of Sequential Pay Certificates": With respect to
any Uncertificated Lower-Tier Interest, the Class of Sequential Pay Certificates
that has an alphabetic or alphanumeric designation that, with the addition of
"L" at the beginning of such designation, is the same as the alphabetic or
alphanumeric, as applicable, designation for such Uncertificated Lower-Tier
Interest; provided that (i) the Class A-1 Certificates shall be the
Corresponding Class of Sequential Pay Certificates with respect to each of the
Class LA-1-1 and Class LA-1-2 Lower-Tier Interests, (ii) the Class A-2
Certificates shall be the Corresponding Class of Sequential Pay Certificates
with respect to each of the Class LA-2-1 and Class LA-2-2 Lower-Tier Interests,
(iii) the Class A-3 Certificates shall be the Corresponding Class of Sequential
Pay Certificates with respect to each of the Class LA-3-1, Class LA-3-2 and
Class LA-3-3 Lower-Tier Interests, (iv) the Class A-5 Certificates shall be the
Corresponding Class of Sequential Pay Certificates with respect to each of the
Class LA-5-1, Class LA-5-2, Class LA-5-3 and Class LA-5-4 Lower-Tier Interests,
(v) the Class C Certificates shall be the Corresponding Class of Sequential Pay
Certificates with respect to each of the Class LC-1 and Class LC-2 Lower-Tier
Interests, (vi) the Class D Certificates shall be the Corresponding Class of
Sequential Pay Certificates with respect to each of the Class LD-1 and Class
LD-2 Lower-Tier Interests and (vii) the Class E Certificates shall be the
Corresponding Class of Sequential Pay Certificates with respect to each of the
Class LE-1 and Class LE-2 Lower-Tier Interests.

         "Corresponding Uncertificated Lower-Tier Interest": With respect to:
(a) any Class of Sequential Pay Certificates, the Uncertificated Lower-Tier
Interest that has an alphabetic or alphanumeric designation that, with the
deletion of "L", is the same as the alphabetic or alphanumeric, as applicable,
designation for such Class of Sequential Pay Certificates (provided that (i) the
Class LA-1-1 and Class LA-1-2 Lower-Tier Interests shall each be a Corresponding
Uncertificated Lower-Tier Interest with respect to the Class A-1 Certificates,
(ii) the Class LA-2-1 and Class LA-2-2 Lower-Tier Interests shall each be a
Corresponding Uncertificated Lower-Tier Interest with respect to the Class A-2
Certificates, (iii) the Class LA-3-1, Class L-A-3-2 and Class LA-3-3 Lower-Tier
Interests shall each be a

                                      -32-

Corresponding Uncertificated Lower-Tier Interest with respect to the Class A-3
Certificates, (iv) the Class LA-5-1, Class LA-5-2, Class LA-5-3 and Class LA-5-4
Lower-Tier Interests shall be a Corresponding Uncertificated Lower-Tier Interest
with respect to the Class A-5 Certificates, (v) the Class LC-1 and Class LC-2
Lower-Tier Interests shall each be a Corresponding Uncertificated Lower-Tier
Interest with respect to the Class C Certificates, (vi) the Class LD-1 and Class
LD-2 Lower-Tier Interests shall each be a Corresponding Uncertificated
Lower-Tier Interest with respect to the Class D Certificates and (vii) the Class
LE-1 and Class LE-2 Lower-Tier Interests shall each be a Corresponding
Uncertificated Lower-Tier Interest with respect to the Class E Certificates);
(b) any Class A-SP Component, the Uncertificated Lower-Tier Interest that has an
alphabetic or alphanumeric designation that, with the replacement of "L" with
"A-SP-" at the beginning of such designation, is the same as the alphabetic or
alphanumeric, as applicable, designation for such Class A-SP Component; and (c)
any Class A-X Component, the Uncertificated Lower-Tier Interest that has an
alphabetic or alphanumeric designation that, with the replacement of "L" with
"A-X-" at the beginning of such designation, is the same as the alphabetic or
alphanumeric, as applicable, designation for such Class A-X Component.

         "Crossed Group": Any group of Loans that is cross-defaulted and
cross-collateralized with each other.

         "Crossed Loan": Any Loan which is cross-defaulted and
cross-collateralized with any other Loan.

         "Crossed Loan Repurchase Criteria": (i) The Debt Service Coverage Ratio
for all related Crossed Loans remaining in the Trust Fund for the four calendar
quarters immediately preceding the repurchase or substitution is not less than
the greater of (a) the Debt Service Coverage Ratio for all such related Crossed
Loans, together with the affected Crossed Loan, for the four calendar quarters
immediately preceding the repurchase or substitution and (b) 1.25x, (ii) the
Loan-to-Value Ratio for any related Crossed Loans remaining in the Trust Fund
determined at the time of repurchase or substitution based upon an Appraisal
obtained by the Special Servicer at the expense of the related Responsible Party
is not greater than the least of (a) the Loan-to-Value Ratio for all such
related Crossed Loans, together with the affected Crossed Loan, as set forth in
the tables on Exhibit A-1 to the Prospectus Supplement, (b) the Loan-to-Value
Ratio for all such related Crossed Loans, together with the affected Crossed
Loan, determined at the time of repurchase or substitution based upon an
Appraisal obtained by the Special Servicer at the expense of the related
Responsible Party and (c) 75%, and (iii) the Trustee receives an Opinion of
Counsel (at the expense of the related Responsible Party) to the effect that
such repurchase or substitution will not result in the imposition of a tax on
the Trust Fund or its assets, income or gain, cause the remaining Crossed Loans
to have been significantly modified under the REMIC Provisions or cause any
Trust REMIC to fail to qualify as a REMIC for federal or applicable state tax
purposes at any time that any of the Certificates are outstanding.

         "CSFB Loans": The mortgage loans transferred to the Depositor pursuant
to the CSFB Mortgage Loan Purchase Agreement and identified on Schedule II
thereto, together with any mortgage loans substituted in replacement thereof
pursuant to the CSFB Mortgage Loan Purchase Agreement.

         "CSFB Mortgage Loan Purchase Agreement": The agreement between the
Depositor as purchaser and the CSFB Mortgage Loan Seller as seller, dated as of
August 11, 2004, relating to the transfer of all of the CSFB Mortgage Loan
Seller's right, title and interest in and to the mortgage loans identified on
Schedule II thereto.

         "CSFB Mortgage Loan Seller": Column Financial, Inc., a Delaware
corporation, and its successors in interest.

                                      -33-

         "Cure Event": The exercise by any Junior Loan Holder or any CBA B Loan
Holder of the cure rights set forth in the related Intercreditor Agreement
whether for one month, or for consecutive months in the aggregate.

         "Cure Payments": With respect to any Loan Combination, as to which the
related Intercreditor Agreement provides that a Junior Loan Holder shall be
entitled to cure a default under the related Loan, the payment that such Junior
Loan Holder makes to the Master Servicer or the Special Servicer, as applicable,
which payments shall consist (without duplication) of all actual costs,
expenses, losses, obligations, damages, penalties, and disbursements imposed on
or incurred (whether or not yet paid) by the Master Servicer or the Special
Servicer (including, without limitation, all unreimbursed Advances (without
regard to whether such Advance would be a Nonrecoverable Advance) and any
interest accrued thereon, Default Interest and any servicing compensation
incurred with respect to the related Loan) during the period of time from the
expiration of the grace period under such Loan until such Cure Payment is made
or such other cure is otherwise effected.

         "Cut-off Date": Individually and collectively, the respective Due Dates
for the Loans in August 2004, or with respect to any Loan originated in August
2004, the date of origination of such Loan.

         "Cut-off Date Principal Balance": With respect to any Loan or Junior
Loan, the outstanding principal balance of such Loan or Junior Loan as of the
Cut-off Date, after application of all payments of principal due on or before
such date, whether or not received.

         "Debt Service Coverage Ratio": With respect to any Loan for any
twelve-month period covered by an annual operating statement for the related
Mortgaged Property, the ratio of (i) Net Operating Income produced by the
related Mortgaged Property during such period to (ii) the aggregate amount of
Monthly Payments (other than any Balloon Payment) due under such Loan (in the
case of any Serviced Loan Combination, without regard to debt service due under
the related Junior Loan(s)) during such period.

         "Default Interest": With respect to any Loan or Junior Loan (or any
successor REO Loan with respect to either of the foregoing), any amounts
collected thereon, other than late payment charges or prepayment consideration,
that represent interest in excess of interest accrued on the principal balance
of such Loan or Junior Loan (or such successor REO Loan) at the related Mortgage
Rate, such excess interest arising out of a default thereunder.

         "Defaulted Loan": A Loan that is at least 60 days delinquent in respect
of its Monthly Payments, or that is delinquent in respect of its Balloon
Payment, if any, in each case without giving effect to any grace period
permitted by the related Mortgage or Note or a Loan as to which any non-monetary
event of default occurs that results in the Loan becoming a Specially Serviced
Loan; provided, however, that no Monthly Payment (other than a Balloon Payment)
shall be deemed delinquent if less than ten dollars of all amounts due and
payable on such Loan has not been received.

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

         "Defeasance Collateral": As defined in Section 3.08.

         "Defeasance Loan": As defined in Section 3.08.

         "Defect": As defined in Section 2.02(e).

                                      -34-

         "Deficient Valuation": With respect to any Loan (other than any Loan
that constitutes part of a Loan Combination) or any Loan Combination, a
valuation by a court of competent jurisdiction of the related Mortgaged Property
in an amount less than the then outstanding principal balance of such Loan or
such Loan Combination, as the case may be, which valuation results from a
proceeding initiated under the Bankruptcy Code.

         "Definitive Certificate": A Certificate issued in registered,
definitive physical form.

         "Depositor": Credit Suisse First Boston Mortgage Securities Corp., a
Delaware corporation, or its successor in interest.

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

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

         "Determination Date": With respect to any Distribution Date, the close
of business on the 11th day of the month in which such Distribution Date occurs,
or if such 11th day is not a Business Day, the Business Day immediately
following such 11th day.

         "Directing Certificateholder": The Controlling Class Certificateholder
selected by the holders or beneficial owners of more than 50% of the Percentage
Interests in the Controlling Class, by Certificate Principal Balance, as
certified by the Trustee from time to time, and as shall be evidenced by notice
delivered by the Directing Certificateholder to the parties hereto and the prior
Directing Certificateholder, if any; provided, however, that until a Directing
Certificateholder is so selected or after receipt of a notice from the Holders
of more than 50% of the Percentage Interests in the Controlling Class that a
Directing Certificateholder is no longer designated, the Controlling Class
Certificateholder that beneficially owns the largest aggregate Certificate
Principal Balance of the Controlling Class shall be the Directing
Certificateholder. The initial Directing Certificateholder will be Clarion
Partners, LLC. No appointment of any Person as a Directing Certificateholder
shall be effective until such Person provides the Trustee, the Master Servicer
and the Special Servicer with written confirmation of its acceptance of such
appointment, an address and telecopy number for the delivery of notices and
other correspondence and a list of officers or employees of such Person with
whom the parties to this Agreement may deal (including their names, titles, work
addresses and telecopy numbers). If no Person is appointed a Directing
Certificateholder, the Master Servicer, the Special Servicer and the Trustee
shall not be required to recognize the Controlling Class Certificateholder that
beneficially owns the largest aggregate Certificate Principal Balance of the
Controlling Class as the Directing Certificateholder until such Controlling
Class Certificateholder provides an address and telecopy number for the delivery
of notices and other correspondence and a list of officers or employees of such
Person with whom the parties to this Agreement may deal (including their names,
titles, work addresses and telecopy numbers).

         "Directly Operate": With respect to any REO Property, the furnishing or
rendering of services to the tenants thereof that are not (within the meaning of
Treasury regulations section 1.512(b)-1(c)(5)) customarily provided to tenants
in connection with the rental of space for occupancy, the management or
operation of such REO Property, the holding of such REO Property primarily for
sale to

                                      -35-

customers in the ordinary course of a trade or business, the performance of any
construction work thereon or any use of such REO Property in a trade or business
conducted by the Trust Fund, in each case other than through an Independent
Contractor; provided, however, that the Trustee (or the Master Servicer or the
Special Servicer on behalf of the Trustee) shall not be considered to Directly
Operate an REO Property solely because the Trustee (or the Master Servicer or
the Special Servicer on behalf of the Trustee) establishes rental terms, chooses
tenants, enters into or renews leases, deals with taxes and insurance or makes
decisions as to repairs (of the type that would be deductible under Section 162
of the Code) or capital expenditures with respect to such REO Property.

         "Disqualified Organization": Any of (i) the United States, any State or
political subdivision thereof, any possession of the United States or any agency
or instrumentality of any of the foregoing (other than an instrumentality that
is a corporation if all of its activities are subject to tax and, except for
FHLMC, a majority of its board of directors is not selected by such governmental
unit), (ii) a foreign government, any international organization or any agency
or instrumentality of any of the foregoing, (iii) any organization (other than
certain farmers' cooperatives described in Section 521 of the Code) that is
exempt from the tax imposed by Chapter 1 of the Code (including the tax imposed
by Section 511 of the Code on unrelated business taxable income), (iv) rural
electric and telephone cooperatives described in Section 1381(a)(2)(C) of the
Code and (v) any other Person so designated by the Master Servicer or the
Trustee based upon an Opinion of Counsel provided to the Trustee (which shall
not be an expense of the Trustee) that the holding of an Ownership Interest in a
Class R Certificate by such Person may cause the Lower-Tier REMIC or the
Upper-Tier REMIC to fail to qualify as a REMIC or any Person having an Ownership
Interest in any Class of Certificates (other than such Person) to incur a
liability for any federal tax imposed under the Code that would not otherwise be
imposed but for the Transfer of an Ownership Interest in a Class R Certificate
to such Person. The terms "United States", "State" and "international
organization" shall have the meanings set forth in Section 7701 of the Code or
successor provisions.

         "Distribution Account": The account, accounts or, subject to Section
3.04(i), sub-accounts created and maintained by the Trustee, pursuant to Section
3.04(b), in trust for the Certificateholders, which, subject to Section 3.04(i),
shall be entitled "Wells Fargo Bank, N.A. [or name of any successor Trustee], as
Trustee, for the benefit of Holders of Credit Suisse First Boston Mortgage
Securities Corp., Commercial Mortgage Pass-Through Certificates, Series 2004-C3,
Distribution Account". Any such account or sub-account shall be an Eligible
Account or, subject to Section 3.04(i), a sub-account of an Eligible Account.

         "Distribution Date": With respect to any month, the fourth Business Day
after the Determination Date of such month, commencing in September 2004.

         "Due Date": With respect to (i) any Loan or Junior Loan, on or prior to
its Maturity Date, the day of the month set forth in the related Note on which
each Monthly Payment thereon is scheduled to be first due (without giving effect
to any grace period with respect to late Monthly Payments), (ii) any Loan or
Junior Loan, after the Maturity Date therefor, the day of the month set forth in
the related Note on which each Monthly Payment on such Loan or Junior Loan had
been scheduled to be first due (without giving effect to any grace period) and
(iii) any REO Loan, the day of the month set forth in the related Note on which
each Monthly Payment on the related Loan or Junior Loan, as applicable, had been
scheduled to be first due (without giving effect to any grace period).

         "Due Period": With respect to each Distribution Date, the period
commencing immediately following the Determination Date in the calendar month
preceding the month in which such Distribution Date occurs (or, in the case of
the initial Distribution Date, commencing as of the Closing

                                      -36-

Date) and ending on and including the Determination Date in the calendar month
in which such Distribution Date occurs.

         "EDGAR" The Electronic Data Gathering, Analysis, and Retrieval System
of the Commission, which is the computer system for the receipt, acceptance,
review and dissemination of documents submitted to the Commission in electronic
format.

         "Eligible Account": Either (i) an account or accounts maintained with a
federal or state chartered depository institution or trust company (including
the Trustee) the long-term unsecured debt obligations of which are rated at
least "AA" by Fitch (or "A" if the short-term debt obligations thereof have a
short-term rating of not less than "F-1" by Fitch) and "Aa3" by Moody's, if the
deposits are to be held in such account for more than 30 days, or the short-term
debt obligations of which have a short-term rating of not less than "P-1" by
Moody's and "F-1" by Fitch, if the deposits are to be held in such account for
30 days or less, or such other account or accounts with respect to which each of
the Rating Agencies shall have confirmed in writing that the then-current rating
assigned to any of the Certificates that are currently being rated by such
Rating Agency will not be qualified (as applicable), downgraded or withdrawn by
reason thereof or (ii) a segregated trust account or accounts maintained with
the corporate trust department of a federal- or state-chartered depository
institution or trust company that, in either case, has a combined capital and
surplus of at least $50,000,000 and has corporate trust powers, acting in its
fiduciary capacity, provided that any state-chartered depository institution or
trust company is subject to regulation regarding fiduciary funds substantially
similar to 12 C.F.R. ss. 9.10(b), (iii) an account or accounts maintained with
PNC so long as PNC (1) shall have a long-term unsecured debt rating of at least
"A1" and a short-term rating of at least "P-1" from Moody's and (2) has the
appropriate rating from Fitch specified in clause (i) above, (iv) an account or
accounts maintained with KeyBank so long as KeyBank (1) shall have a long-term
unsecured debt rating of at least "A1" and a short-term rating of at least "P-1"
from Moody's and (2) has the appropriate rating from Fitch specified in clause
(i) above, or (v) such other account or accounts with respect to which each of
the Rating Agencies shall have confirmed in writing that the then-current rating
assigned to any of the Certificates that are currently being rated by such
Rating Agency will not be qualified (as applicable), downgraded or withdrawn by
reason thereof. Eligible Accounts may bear interest. No Eligible Account shall
be evidenced by a certificate of deposit, passbook or other similar instrument.

         "Environmental Assessment": A "Phase I environmental assessment" as
described in and meeting the criteria of the American Society of Testing
Materials Standard E 1527-94 or any successor thereto published by the American
Society of Testing Materials.

         "Environmental Insurance Policy": With respect to any Loan, any
insurance policy covering Insured Environmental Events that is maintained from
time to time in respect of such Loan or the related Mortgaged Property.

         "Environmental Insurer": The provider of insurance pursuant to any
Environmental Insurance Policy.

         "ERISA": The Employee Retirement Income Security Act of 1974, as
amended.

         "Escrow Payment": Any payment received by the Master Servicer for the
account of any Borrower for application toward the payment of real estate taxes,
assessments, Insurance Policy premiums and similar items in respect of the
related Mortgaged Property, including amounts for deposit to any reserve
account.

                                      -37-

         "Euroclear": The Euroclear System.

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

         "Excess Interest": With respect to each of the ARD Loans or any
successor REO Loan with respect thereto, interest accrued on such ARD Loan or
REO Loan, as the case may be, and allocable to the Excess Rate. The Excess
Interest is an asset of the Trust Fund, but shall not be an asset of any Trust
REMIC.

         "Excess Interest Distribution Account": The trust account, accounts or,
subject to Section 3.04(i), sub-account created and maintained by the Trustee,
pursuant to Section 3.04(c), in trust for the Certificateholders, which, subject
to Section 3.04(i), shall be entitled "Wells Fargo Bank, N.A. [or name of any
successor Trustee], as Trustee, in trust for Holders of Credit Suisse First
Boston Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates,
Series 2004-C3, Excess Interest Distribution Account" and which shall be an
Eligible Account or, subject to Section 3.04(i), a sub-account of an Eligible
Account. The Excess Interest Distribution Account shall not be an asset of any
Trust REMIC.

         "Excess Liquidation Proceeds": The excess, if any, of (a) the
Liquidation Proceeds from the sale or liquidation of a Specially Serviced Loan
or REO Property, net of (i) interest on any related Advances and (ii) any
related Servicing Advances, over (b) the amount needed to pay off in full such
Loan (or if such amount relates to a Loan Combination, the amount needed to pay
off such Loan Combination) or the related REO Loan(s) and all amounts due with
respect thereto.

         "Excess Liquidation Proceeds Account": The trust account, accounts or,
subject to Section 3.04(i), sub-account created and maintained by the Trustee,
pursuant to Section 3.04(d), in trust for the Certificateholders, which, subject
to Section 3.04(i), shall be entitled "Wells Fargo Bank, N.A. [or name of any
successor Trustee], as Trustee, in trust for the registered holders of Credit
Suisse First Boston Mortgage Securities Corp., Commercial Mortgage Pass-Through
Certificates, Series 2004-C3". The Excess Liquidation Proceeds Account shall be
an asset of the Lower-Tier REMIC. Any such account or, subject to Section
3.04(i), sub-account shall be an Eligible Account.

         "Excess Rate": With respect to each ARD Loan (and each REO Loan that
relates to an ARD Loan) after the related Anticipated Repayment Date, the excess
of (i) the applicable Revised Rate over (ii) the applicable Mortgage Rate, each
as initially set forth in the Mortgage Loan Schedule.

         "Excess Servicing Strip": With respect to any Loan or any successor REO
Loan with respect thereto, the portion of the related Master Servicing Fee
calculated at an annual rate equal to the excess, if any, of the related Master
Servicing Fee Rate over 0.005% (0.5 basis points) per annum, subject to
reduction by the Trustee pursuant to Section 3.11(a).

         "Exchange Act": The Securities Exchange Act of 1934, as amended from
time to time.

         "Exchange Act Report": The monthly Statement to Certificateholders to
be filed with the Commission, under cover of the related form required by the
Exchange Act.

         "Exemption Favored Party": Any of (i) Credit Suisse First Boston LLC,
(ii) any Person directly or indirectly, through one or more intermediaries,
controlling, controlled by or under common control with Credit Suisse First
Boston LLC, and (iii) any member of any underwriting syndicate or selling group
of which any Person described in clauses (i) and (ii) is a manager or co-manager
with

                                      -38-

respect to a Class of Certificates (other than the Class R and Class V
Certificates) that is investment grade rated by at least one Rating Agency.

         "Fair Value": As defined in Section 3.18(b).

         "FDIC": Federal Deposit Insurance Corporation or any successor.

         "FHLMC": Federal Home Loan Mortgage Corporation or any successor.

         "Final Recovery Determination": A determination by the Special Servicer
with respect to any Loan or Junior Loan that constitutes a Defaulted Loan or any
REO Property that there has been a recovery of all Insurance and Condemnation
Proceeds, Liquidation Proceeds and other payments or recoveries that, in the
Special Servicer's reasonable good faith judgment, exercised without regard to
any obligation of the Special Servicer to make payments from its own funds
pursuant to Section 3.07(b), will ultimately be recoverable.

         "Fitch": Fitch, Inc. or its successor in interest.

         "FNMA": Federal National Mortgage Association or any successor thereto.

         "GAAP": Generally Accepted Accounting Principles in the United States.

         "Global Certificate": With respect to any Class of Non-Registered
Certificates, any related Regulation S Global Certificate or Rule 144A Global
Certificate.

         "Grantor Trust": A grantor trust as defined under Subpart E of Part 1
of Subchapter J of the Code.

         "Group 1 Loan": Any Loan identified on the Mortgage Loan Schedule as
belonging to Loan Group No. 1, together with any other Loan that is substituted
in replacement thereof pursuant to or as contemplated by the related Mortgage
Loan Purchase Agreement.

         "Group 2 Loan": Any Loan identified on the Mortgage Loan Schedule as
belonging to Loan Group No. 2, together with any other Loan that is substituted
in replacement thereof pursuant to or as contemplated by the related Mortgage
Loan Purchase Agreement.

         "Hazardous Materials": Any dangerous, toxic or hazardous pollutants,
chemicals, wastes or substances, including, without limitation, those so
identified pursuant to CERCLA or any other federal, state or local environmental
related laws and regulations, and specifically including, without limitation,
asbestos and asbestos-containing materials, polychlorinated biphenyls, radon
gas, petroleum and petroleum products, urea formaldehyde and any substances
classified as being "in inventory", "usable work in process" or similar
classification which would, if classified as unusable, be included in the
foregoing definition.

         "Independent": When used with respect to any specified Person, any such
Person that (i) is in fact independent of the Depositor, each Junior Loan
Holder, the Master Servicer, the Special Servicer, the Trustee and any and all
Affiliates thereof, (ii) does not have any material direct financial interest in
or any material indirect financial interest in any of the Depositor, any Junior
Loan Holder, the Master Servicer, any Special Servicer or any Affiliate thereof
and (iii) is not connected with the Depositor, any Junior Loan Holder, the
Master Servicer, any Special Servicer or any Affiliate thereof as an officer,
employee, promoter, underwriter, trustee, partner, director or Person performing
similar

                                      -39-

functions; provided, however, that a Person shall not fail to be Independent of
the Depositor, any Junior Loan Holder, the Master Servicer, any Special
Servicer, the Trustee or any Affiliate thereof merely because such Person is the
beneficial owner of 1% or less of any class of debt or equity securities issued
by the Depositor, such Junior Loan Holder, the Master Servicer, the Special
Servicer, the Trustee or any Affiliate thereof, as the case may be, provided
that such ownership constitutes less than 1.0% of the total assets of such
Person.

         "Independent Contractor": Either (i) any Person that would be an
"independent contractor" with respect to the Trust Fund within the meaning of
Section 856(d)(3) of the Code if the Trust Fund were a real estate investment
trust (except that the ownership test set forth in that Section shall be
considered to be met by any Person that owns, directly or indirectly, 35% or
more of any Class of Certificates, or such other interest in any Class of
Certificates as is set forth in an Opinion of Counsel, which shall be at no
expense to the Trustee, the Master Servicer or the Trust, delivered to the
Trustee and the Master Servicer), so long as the Trust Fund does not receive or
derive any income from such Person and provided that the relationship between
such Person and the Trust Fund is at arm's length, all within the meaning of
Treasury regulations section 1.856-4(b)(5) (except that neither the Master
Servicer nor the Special Servicer shall be considered to be an Independent
Contractor under the definition in this clause (i) unless an Opinion of Counsel
(at the expense of the party seeking to be deemed an Independent Contractor) has
been delivered to the Trustee to that effect or (ii) any other Person (including
the Master Servicer and the Special Servicer) upon receipt by the Trustee and
the Master Servicer of an Opinion of Counsel (at the expense of the party
seeking to be deemed an Independent Contractor), to the effect that the taking
of any action in respect of any REO Property by such Person, subject to any
conditions therein specified, that is otherwise herein contemplated to be taken
by an Independent Contractor will not cause such REO Property to cease to
qualify as "foreclosure property" within the meaning of Section 860G(a)(8) of
the Code or cause any income realized in respect of such REO Property to fail to
qualify as Rents from Real Property (provided that such income would otherwise
so qualify).

         "Independent Director": A duly appointed member of the board of
directors of the relevant entity who shall not have been, at the time of such
appointment, at any time after appointment, or at any time in the preceding five
years, (i) a direct or indirect legal or beneficial owner in such entity or any
of its affiliates, (ii) a creditor, supplier, employee, officer, director,
manager or contractor of such entity or any of its affiliates, (iii) a person
who controls such entity or any of its affiliates, or (iv) a member of the
immediate family of a person defined in (i), (ii) or (iii) above.

         "Initial Purchaser": Credit Suisse First Boston LLC, as initial
purchaser of the Non-Registered Certificates.

         "Initial Resolution Period": As defined in Section 2.03(b).

         "Institutional Accredited Investor" or "IAI": An "accredited investor"
as defined in any of paragraphs (1), (2), (3) and (7) of Rule 501(a) under the
Securities Act or any entity in which all of the equity owners come within such
paragraphs.

         "Institutional Lender/Owner": One or more of the following: (i) a bank,
saving and loan association, investment bank, insurance company, real estate
investment trust, trust company, commercial credit corporation, pension plan,
pension fund or pension advisory firm, mutual fund, government entity or plan,
(ii) an investment company, money management firm or "qualified institutional
buyer" within the meaning of Rule 144A under the Securities Act, which is
regularly engaged in the business of making or owning mezzanine loans of similar
types to the mezzanine loan in the question, (iii) a trustee in connection with
a securitization of the mezzanine loan, so long as such trustee or the servicer
therefor is

                                      -40-

an entity that otherwise would be an Institutional Lender/Owner, (iv) an
institution substantially similar to any of the foregoing, in each case of
clauses (i), (ii), (iii) or (iv) of this definition, which (A) has total assets
(in name or under management) in excess of $600,000,000 and (except with respect
to a pension advisory firm or similar fiduciary) capital/statutory surplus or
shareholder's equity of $200,000,000 and (B) is regularly engaged in the
business of making or owning commercial loans or (v) an entity Controlled (as
defined below) by the Underwriters or any of the entities described in clause
(i) above. For purposes of this definition only, "Control" means the ownership,
directly or indirectly, in the aggregate of more than fifty percent (50%) of the
beneficial ownership interests of an entity and the possession, directly or
indirectly, of the power to direct or cause the direction of the management or
policies of an entity, whether through the ability to exercise voting power, by
contract or otherwise ("Controlled" has the meaning correlative thereto). The
Special Servicer shall obtain from the proposed transferee, and shall be
entitled to rely on, (i) an officer's certificate of a proposed transferee that
such transferee satisfies the requirements of this definition and (ii) in the
case of any proposed transferee that is an entity described in and meeting the
criteria in clauses (i)-(iv) of the immediately preceding sentence, the most
recent financial statements of such transferee.

         "Insurance and Condemnation Proceeds": All proceeds (net of expenses of
collection) paid under any Insurance Policy or in connection with the full or
partial condemnation of a Mortgaged Property, in either case, to the extent such
proceeds are not applied to the restoration of the related Mortgaged Property or
released to the Borrower, in either case, in accordance with the Servicing
Standard.

         "Insurance Policy": With respect to any Loan or Junior Loan (or any
Mortgaged Property that secures a Loan or Junior Loan) or any REO Property
acquired in respect of any Loan or Junior Loan, any hazard insurance policy,
flood insurance policy, title insurance policy, earthquake insurance policy,
environmental insurance policy, business interruption insurance policy or other
insurance policy that is maintained from time to time in respect of such Loan or
Junior Loan (or the related Mortgaged Property) or such REO Property, as the
case may be.

         "Insured Environmental Event": As defined in Section 3.07.

         "Intercreditor Agreement": The One Park Avenue Intercreditor Agreement,
the Mizner Park Intercreditor Agreement or any CBA Intercreditor Agreement,
individually or collectively, as the case may be.

         "Interest Accrual Period": With respect to any Class of Regular
Certificates or any Uncertificated Lower-Tier Interest and any Distribution
Date, the calendar month preceding the month in which such Distribution Date
occurs. Each Interest Accrual Period shall be deemed for purposes of this
definition to consist of 30 days.

         "Interest Deposit Amount": $157,596.47, consisting of $118,976.28 and
$38,620.19 with respect to the Loans identified on the Mortgage Loan Schedule as
loan numbers 14 and 56, respectively, each of which amounts represents the sum
of (i) the amount of interest that would have accrued at the related Mortgage
Rate on the original Stated Principal Balance of the related Loan from and
including August 1, 2004 to, but not including, the date of origination of such
Loan had such Loan been originated on August 1, 2004 and (ii) prepaid interest
collected at the origination of such Loan by the related Mortgage Loan Seller
for the period from and including the related date of origination to, but not
including, September 1, 2004.

         "Interest-Only Certificates": Collectively, the Class A-X and Class
A-SP Certificates.

                                      -41-

         "Interest Reserve Account": The account, accounts or, subject to
Section 3.04(i), sub-accounts created and maintained by the Trustee, pursuant to
Section 3.28, in trust for the Certificateholders, which, subject to Section
3.04(i), shall be entitled "Wells Fargo Bank, N.A. [or name of any successor
Trustee], as Trustee, in trust for the registered holders of Credit Suisse First
Boston Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates,
Series 2004-C3, Interest Reserve Account", and which shall be an Eligible
Account or, subject to Section 3.04(i), a sub-account of an Eligible Account.

         "Interest Reserve Loan": Any Loan that accrues interest on an
Actual/360 Basis (or any successor REO Loan with respect thereto).

         "Interest Shortfall Amount": As to any Distribution Date and any Class
of Regular Certificates, the amount, if any, by which the amount distributed on
such Class on such Distribution Date in respect of interest is less than the
related Optimal Interest Distribution Amount.

         "Interested Person": The Depositor, the Master Servicer, the Special
Servicer, any Independent Contractor engaged by the Special Servicer, any Holder
of a Certificate or any Affiliate of any such Person.

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

         "Issue Price": With respect to each Class of Certificates, the "issue
price" as defined in the REMIC Provisions.

         "Junior Loans": The One Park Avenue Junior Loans, the Mizner Park
Junior Loan and the CBA B Loans, collectively, each of which is subordinate in
right of payment to the related A Loan.

         "Junior Loan Custodial Account": Each of the custodial accounts or,
subject to Section 3.04(h), sub-accounts (none of which are included in the
Trust Fund) created and maintained by the Master Servicer pursuant to Section
3.04 on behalf of the respective Junior Loan Holders. Each Junior Loan Custodial
Account shall be maintained as an Eligible Account or, subject to Section
3.04(h), a sub-account of an Eligible Account.

         "Junior Loan Holder": Any holder of a Junior Loan or any successor REO
Loan with respect thereto.

         "KeyBank": KeyBank National Association, a national banking
association, and its successors in interest.

         "KeyBank Mortgage Loan Purchase Agreement": The agreement between the
Depositor as purchaser, the CSFB Mortgage Loan Seller as seller and KeyBank as
additional party, dated as of August 11, 2004 relating to the transfer of the
CSFB Mortgage Loan Seller's right, title and interest in and to the Mizner Park
Loan.

         "KRECM": KeyCorp Real Estate Capital Markets, Inc., an Ohio
corporation, and its successors in interest.

         "Late Collections": With respect to any Loan or Junior Loan, all
amounts (except Penalty Charges) received thereon during any Due Period, whether
as payments, Insurance and Condemnation Proceeds, Liquidation Proceeds or
otherwise, which represent late payments or collections of principal or interest
due in respect of such Loan or Junior Loan (without regard to any acceleration
of

                                      -42-

amounts due thereunder by reason of default) on a Due Date in a previous Due
Period and not previously received. With respect to any REO Loan, all amounts
(except Penalty Charges) received in connection with the related REO Property
during any Due Period, whether as Insurance and Condemnation Proceeds,
Liquidation Proceeds, REO Revenues or otherwise, which represent late
collections of principal or interest due or deemed due in respect of such REO
Loan or the predecessor Loan or predecessor Junior Loan (without regard to any
acceleration of amounts due under the predecessor Loan (or predecessor Junior
Loan, as the case may be), as the case may be, by reason of default) on a Due
Date in a previous Due Period and not previously received.

         "Liquidation Event": With respect to any Loan or REO Property, any of
the following events: (i) payment in full of such Loan; (ii) the making of a
Final Recovery Determination with respect to such Loan or REO Property; (iii)
the repurchase or replacement of such Loan by or on behalf of the related
Responsible Party pursuant to Section 7 of the related Mortgage Loan Purchase
Agreement; (iv) the purchase of such Loan or REO Property by the Directing
Certificateholder or the Special Servicer pursuant to Section 3.18; (v) in the
case of any Loan Combination for which the related Intercreditor Agreement so
provides, the purchase of the related A Loan by a related Junior Loan Holder;
(vi) the purchase of such Loan by a related mezzanine lender pursuant to the
terms of any related intercreditor agreement; (vii) the sale or other
liquidation of such REO Property hereunder; or (viii) the purchase of such Loan
or REO Property by the Holders of more than 50% of the Percentage Interests in
the Controlling Class, the Special Servicer or the Master Servicer pursuant to
Section 9.01.

         "Liquidation Fee": A fee payable to the Special Servicer with respect
to each Specially Serviced Loan or REO Loan as to which the Special Servicer
receives a full or discounted payoff with respect thereto from the related
Borrower or any Liquidation Proceeds with respect thereto, equal to the product
of the Liquidation Fee Rate and the proceeds of such full or discounted payoff
or the net Liquidation Proceeds (net of the related costs and expenses
associated with the related liquidation) related to such liquidated Specially
Serviced Loan or REO Loan, as the case may be; provided, however, that no
Liquidation Fee shall be payable with respect to clauses (iii) (so long as the
Directing Certificateholder (rather than its assignee) or the Special Servicer
(rather than its assignee) effects such purchase), (iv) (so long as such
repurchase occurs within the applicable cure period set forth in the related
Mortgage Loan Purchase Agreement, as extended), (v) (so long as such repurchase
occurs within 90 days from the date when the related Loan has become a Specially
Serviced Loan and notice thereof has been delivered to the related Junior Loan
Holder that is entitled to purchase the related A Loan), (vi) or (vii) of the
definition of Liquidation Proceeds or, in connection with the purchase of a
Specially Serviced Loan by the Special Servicer or the actual purchase of a Loan
by a mezzanine lender pursuant to the terms of any related intercreditor
agreement unless the purchase price with respect thereto includes the
liquidation fee.

         "Liquidation Fee Rate": As defined in Section 3.11.

         "Liquidation Proceeds": Cash amounts (other than Insurance and
Condemnation Proceeds and REO Revenues) actually received by the Trust, net of
expenses, in connection with: (i) the liquidation of a Mortgaged Property or
other collateral constituting security for a Defaulted Loan or Loan Combination
(including in the case of any Loan Combination, the default of the related Loan
or Junior Loan, as applicable, collectively), through trustee's sale,
foreclosure sale, REO Disposition or otherwise, exclusive of any portion thereof
required to be released to the related Borrower; (ii) the realization upon any
deficiency judgment obtained against a Borrower; (iii) the purchase of a
Defaulted Loan by the Directing Certificateholder or the Special Servicer
pursuant to Section 3.18; (iv) the repurchase of a Loan by or on behalf of the
related Responsible Party pursuant to Section 7 of the related Mortgage Loan
Purchase Agreement; (v) in the case of any Loan Combination for which the
related Intercreditor Agreement so provides, the purchase of the related A Loan
by any related Junior Loan Holder; (vi) the

                                      -43-

purchase of any Loan or Loan Combination by a related mezzanine lender; or (vii)
the purchase of all Loans by Holders of more than 50% of the Percentage
Interests in the Controlling Class, the Special Servicer or the Master Servicer
pursuant to Section 9.01.

         "Loan": Each of the mortgage loans transferred and assigned to the
Trustee pursuant to Section 2.01, and from time to time held in the Trust Fund,
including any Loan that becomes a Specially Serviced Loan, which does not
include any Junior Loan. As used herein, the term "Loan" includes the related
Note, Mortgage and other documents contained in the related Mortgage File and
any related agreements.

         "Loan Agreement": With respect to any Loan, Junior Loan, the loan
agreement, if any, between the related Mortgage Loan Originator and the
Borrower, pursuant to which such Loan, Junior Loan was made.

         "Loan Combination": With respect to any A Loan, such A Loan and the
related Junior Loan(s), collectively.

         "Loan Documents": With respect to each Loan, Junior Loan, to the extent
applicable, the Loan Agreement, the Mortgage, the Note, the Assignment of Leases
(if separate from the Mortgage), the Security Agreement, any cash management
agreement, any ground lease, any letters of credit, escrow or reserve account
information relating to the Additional Collateral Loans, any UCC Financing
Statements, the title insurance policy, all surveys, all insurance policies, any
environmental liability agreements, any escrow agreements for improvements or
lease-up, any guaranties related to such Loan, Junior Loan, any prior
assignments of mortgage in the event that the originator is not the originator
of record, any collateral assignments of property management agreements and
other services agreements required by the applicable commitment and other loan
documents, any preferred equity and mezzanine loan documents and all
modification, consolidation and extension agreements, if any.

         "Loan Group": Either of Loan Group No. 1 or Loan Group No. 2.

         "Loan Group No. 1": Collectively, all of the Loans that are Group 1
Loans and any successor REO Loans with respect thereto.

         "Loan Group No. 2": Collectively, all of the Loans that are Group 2
Loans and any successor REO Loans with respect thereto.

         "Loan-to-Value Ratio": With respect to any Loan, as of any date of
determination, the fraction, expressed as a percentage, the numerator of which
is the principal balance of such Loan (or, in the case of each Serviced Loan
Combination, of such Serviced Loan Combination (exclusive of any related Junior
Loan(s)) at the time of determination, and the denominator of which is the
Appraised Value of the related Mortgaged Property.

         "Lock-Box Account": With respect to any Mortgaged Property, the
account, if any, created pursuant to any documents relating to a Loan to receive
revenues therefrom. Any Lock-Box Account shall be beneficially owned for federal
income tax purposes by the Person who is entitled to receive the reinvestment
income or gain thereon in accordance with the terms and provisions of the
related Loan and Section 3.06, which Person (and not the Trust) may be taxed on
all reinvestment income or gain thereon. The Master Servicer shall be permitted
to make withdrawals therefrom for deposit into the related Cash Collateral
Accounts.

                                      -44-

         "Lock-Box Agreement": With respect to any Loan, the lock-box agreement,
if any, between the applicable Mortgage Loan Originator or the applicable
Mortgage Loan Seller and the related Borrower, pursuant to which the related
Lock-Box Account may have been established.

         "Lower-Tier Principal Amount": With respect to any Uncertificated
Lower-Tier Interest, as of any date of determination, a principal amount equal
to the Original Lower-Tier Principal Amount of such Uncertificated Lower-Tier
Interest as specified in the Preliminary Statement hereto, as such principal
amount may be permanently reduced (to not less than zero) on each Distribution
Date coinciding with or preceding such date of determination by (i) any deemed
distributions of principal with respect to such Uncertificated Lower-Tier
Interest on the subject Distribution Date pursuant to Section 4.01 and (ii) any
Collateral Support Deficit allocated to such Uncertificated Lower-Tier Interest
on the subject Distribution Date pursuant to Section 4.04.

         "Lower-Tier REMIC": One of multiple separate REMICs comprising the
Trust Fund, the assets of which consist of the Loans (exclusive of any Excess
Interest thereon), any REO Property with respect thereto (exclusive of any
interest therein that a Junior Loan Holder may have), such amounts (exclusive of
any Excess Interest) as shall from time to time be held in the Collection
Account, the Interest Reserve Account, an REO Account (exclusive of any such
amounts that are allocable to a Junior Loan), if any, and the Distribution
Account, and except as otherwise provided in this Agreement, all other property
included in the Trust Fund that is not in the Upper-Tier REMIC or designated as
a grantor trust asset in the Preliminary Statement hereto.

         "Lower-Tier Remittance Rate": With respect to any Uncertificated
Lower-Tier Interest, for any Distribution Date, the Weighted Average Net
Mortgage Pass-Through Rate for such Distribution Date.

         "MAI": Member of the Appraisal Institute.

         "Management Agreement": With respect to any Loan, the Management
Agreement, if any, by and between the Manager and the related Borrower, or any
successor Management Agreement between such parties.

         "Manager": With respect to any Loan, any property manager for the
related Mortgaged Property or Mortgaged Properties.

         "Master Servicer: Midland Loan Services, Inc., or any successor master
servicer appointed as provided herein.

         "Master Servicer Remittance Date": With respect to any Distribution
Date, the Business Day preceding such Distribution Date, commencing in September
2004.

         "Master Servicing Fee": With respect to each Loan (and any successor
REO Loan with respect thereto), the fee payable to the Master Servicer pursuant
to the first paragraph of Section 3.11(a), computed on the same basis and in the
same manner as interest is computed on the related Loan. For the avoidance of
doubt, the parties acknowledge that a Master Servicer Fee shall not accrue or be
payable with respect to any Junior Loan (or any successor REO Loan with respect
thereto).

         "Master Servicing Fee Rate": With respect to the Master Servicer and
each Loan, Specially Serviced Loan, and REO Loan, a rate equal to 0.01% (one
basis point) per annum computed on the same basis and in the same manner as
interest is computed on the related Loan.

                                      -45-

         "Material Breach": As defined in Section 2.03(b).

         "Material Document Defect": As defined in Section 2.03(b).

         "Maturity Date": With respect to any Loan or Junior Loan, as of any
date of determination, the date on which the last payment of principal is due
and payable under the related Note, after taking into account all Principal
Prepayments received prior to such date of determination, but without giving
effect to (i) any acceleration of the principal of such Loan or Junior Loan by
reason of default thereunder, (ii) any grace period permitted by the related
Note or (iii) any modification, waiver or amendment of such Loan or Junior Loan
granted or agreed to by the Master Servicer or the Special Servicer pursuant to
Section 3.20 occurring prior to such date of determination.

         "Mezzanine Loan": Any loan constituting "Mezzanine Debt", a "Mezzanine
Loan" or "Future Mezzanine Debt" as identified in Exhibit C-2 hereto.

         "Mezzanine Loan Collateral": With respect to any Mezzanine Loan, any
stock, partnership interests, membership interests or other equity interest in
the related Borrower that has been pledged pursuant to such Mezzanine Loan.

         "Mezzanine Loan Holder": With respect to any Mezzanine Loan, the Holder
or obligee thereof.

         "Midland": Midland Loan Services, Inc.

         "Mizner Park Consent Holder": The Mizner Park Junior Loan Holder, but
only if and for so long as a Mizner Park Junior Loan Loss of Consent Event is
not in effect.

         "Mizner Park Consultation Action": Any of the actions referred to in
subclauses (1) through (6) of the first sentence of Section 3.1.3.1(a) of the
Mizner Park Intercreditor Agreement with respect to the Mizner Park Total Loan
or any REO Property, but only if and for so long as a Mizner Park Junior Loan
Loss of Control Event is not in effect.

         "Mizner Park Intercreditor Agreement": The Agreement Among Noteholders
dated as of August 19, 2004, by and between KeyBank National Association, as
initial A Noteholder, and KeyBank National Association, as initial B Noteholder.

         "Mizner Park Junior Loan": The mortgage loan that is secured, on a
subordinate basis, by the same Mortgage on the Mizner Park Property as the
Mizner Park Loan, has a Cut-off Date Principal Balance of $8,831,222 and is
evidenced by a Note designated "Note B". The Mizner Park Junior Loan is not a
"Loan" hereunder.

         "Mizner Park Junior Loan Holder": The holder of the Mizner Park Junior
Loan or any successor REO Loan with respect thereto.

         "Mizner Park Junior Loan Loss of Consent Event": As of any date of
determination, the event that either the condition set forth in clause (i) of
Section 3.1.3.4 of the Mizner Park Intercreditor Agreement is satisfied or the
condition set forth in clause (ii) of Section 3.1.3.4 of the Mizner Park
Intercreditor Agreement is satisfied.

                                      -46-

         "Mizner Park Loan": With respect to the Mizner Park Total Loan, the
mortgage loan, with a Cut-off Date Principal Balance of $53,110,129, that is
included in the Trust Fund and secured by a Mortgage on the Mizner Park
Property. The Mizner Park Loan is a "Loan".

         "Mizner Park Property": The Mortgaged Property identified on the
Mortgage Loan Schedule as "Mizner Park".

         "Mizner Park Specially Designated Servicing Actions": Any of the
actions referred to in clauses (i) through (xiii) of Section 3.1.3.1(b) of the
Mizner Park Intercreditor Agreement with respect to the Mizner Park Total Loan
or any Mizner Park REO Property.

         "Mizner Park Total Loan": The aggregate indebtedness, with an original
principal amount of $62,000,000 that is secured by the related Mortgage on the
Mizner Park Property. References herein to the Mizner Park Total Loan shall be
construed to refer to the aggregate indebtedness under the Mizner Park Loan and
the Mizner Park Junior Loan.

         "Monthly Additional Report on Recoveries and Reimbursements": With
respect to the Due Period immediately prior to the related Determination Date, a
report, in a format reasonably acceptable to the Master Servicer, the Special
Servicer and the Trustee that identifies the following with respect to such Due
Period, in all cases both on a loan-by-loan basis and in the aggregate:

         (a) the amount of any Advance (and accrued and unpaid interest thereon)
     that became a Workout-Delayed Reimbursement Amount during such Due Period;

         (b) (i) the amount of any Workout-Delayed Reimbursement Amount that was
     reimbursed to the Master Servicer, the Special Servicer or the Trustee
     during such period, (ii) the extent to which any reimbursement of a
     Workout-Delayed Reimbursement Amount made during such Due Period was made
     from principal collections on the related Loan (or any successor REO Loan
     with respect thereto) received during such Due Period as contemplated by
     clause (vi) of Section 3.05(b), (iii) the extent to which any reimbursement
     of a Workout-Delayed Reimbursement Amount made during such period was made
     from principal collections on the remainder of the Mortgage Pool received
     during such Due Period as contemplated by clause (vi) of Section 3.05(b)
     and (iv) the amount of any related Unliquidated Advances;

         (c) (i) the amount of any Unliquidated Advances recovered from the
     related Borrower or otherwise from the proceeds of the related Loan or REO
     Property on behalf of the Trust during such Due Period and (ii) the extent
     to which any such recovery constitutes a Principal Distribution Adjustment
     Amount;

         (d) (i) the amount of any Unliquidated Advance that became a
     Nonrecoverable Advance in such Due Period, and (ii) the amount of any
     Workout-Delayed Reimbursement Amount that arose in a prior such Due Period,
     was not reimbursed to the Master Servicer, the Special Servicer or the
     Trustee in such Due Period or a prior such Due Period (and therefore had
     not become an Unliquidated Advance) but which has become a Nonrecoverable
     Advance in such Due Period;

         (e) the amount of any Advance (and accrued and unpaid interest
     thereon), other than an amount described in clause (d) above, that became a
     Nonrecoverable Advance during such Due Period;

                                      -47-

         (f) (i) the amount of any Nonrecoverable Advance (and accrued interest
     thereon) that was reimbursed to the Master Servicer, the Special Servicer
     or the Trustee during such Due Period, and (ii) the extent (if any) to
     which any reimbursement of a Nonrecoverable Advance (and accrued interest
     thereon) was made from principal collections on the Mortgage Pool received
     during such Due Period as contemplated by clause (vii) of Section 3.05(a)
     and/or clause (v) of Section 3.05(b);

         (g) (i) the amount of any Advance reimbursed to the Master Servicer,
     the Special Servicer or the Trustee as a Nonrecoverable Advance in a prior
     Due Period but recovered from the related Borrower or otherwise from the
     proceeds of the related Loan or REO Property on behalf of the Trust during
     such Due Period (notwithstanding that it was previously determined to
     constitute a Nonrecoverable Advance) and (ii) the extent to which any such
     amount is a Principal Distribution Adjustment Amount; and

         (h) a reconciliation of interest accrued on Advances and accrued on any
     Workout-Delayed Reimbursement Amount or any Nonrecoverable Advance, any
     Penalty Charges collected during such Due Period and the amount of Penalty
     Charges that were applied to pay or reimburse interest on Advances.

         The preparation of each Monthly Additional Report on Recoveries and
Reimbursements shall constitute a responsibility of the Master Servicer and
shall not constitute a responsibility of any other party; provided, however,
that the Master Servicer shall not be responsible for preparing a Monthly
Additional Report on Recoveries and Reimbursements in any month that neither
Nonrecoverable Advances nor Workout Delayed Reimbursement Amounts were paid from
principal collections in the Collection Account and/or the Distribution Account.
Each CMSA Loan Periodic Update File prepared by the Master Servicer shall be
accompanied by a Monthly Additional Report on Recoveries and Reimbursements
(provided that there is any information to be included on such Monthly
Additional Report on Recoveries and Reimbursements). For the purposes of the
production by the Master Servicer of a Monthly Additional Report on Recoveries
and Reimbursements, the Master Servicer may conclusively rely (without
independent verification), absent manifest error, on information provided to it,
by the Trustee, by the related Mortgage Loan Seller, by the related Borrower, by
the Special Servicer (if other than the Master Servicer or an Affiliate thereof)
or, to the extent such reliance is reasonable, by any other appropriate Person.

         "Monthly Interest Distribution Amount": As to any Distribution Date and
any Class of Regular Certificates, an amount of interest equal to (a) the
Accrued Certificate Interest Amount for such Class for such Distribution Date,
reduced (to not less than zero) by (b) that portion, if any, of the Uncovered
Prepayment Interest Shortfall Amount, if any, for such Distribution Date that is
allocable to such Class pursuant to Section 4.05(a). As to any Distribution Date
and any Uncertificated Lower-Tier Interest, an amount of interest equal to (a)
the Uncertificated Accrued Interest Amount for such Uncertificated Lower-Tier
Interest for such Distribution Date, reduced (to not less than zero) by (b) that
portion, if any, of the Uncovered Prepayment Interest Shortfall Amount, if any,
for such Distribution Date that is allocable to such Uncertificated Lower-Tier
Interest pursuant to Section 4.05(b). As to any Distribution Date and any
Component of the Class A-X or Class A-SP Certificates, an amount of interest
equal to (a) the Accrued Component Interest Amount for such Component for such
Distribution Date, reduced (to not less than zero) by (b) that portion, if any,
of the Uncovered Prepayment Interest Shortfall Amount, if any, for such
Distribution Date that is allocable to such Component pursuant to Section
4.05(a).

                                      -48-

         "Monthly Payment": With respect to any Loan (other than any REO Loan)
and any Due Date, the scheduled monthly payment of principal, if any, and
interest at the Mortgage Rate, excluding any Balloon Payment, which is payable
by the related Borrower on such Due Date under the related Note (as such terms
may be changed or modified in connection with a bankruptcy or similar proceeding
involving the related Borrower or by reason of a modification, waiver or
amendment of such Loan granted or agreed to by the Master Servicer or the
Special Servicer pursuant to Section 3.20), without regard to any acceleration
of principal of such Loan by reason of a default thereunder. With respect to an
REO Loan, the monthly payment that would otherwise have been payable on the
related Due Date had the related Note not been discharged, determined as set
forth in the preceding sentence and on the assumption that all other amounts, if
any, due thereunder are paid when due.

         "Moody's": Moody's Investors Service, Inc. or its successor in
interest. If neither such rating agency nor any successor remains in existence,
"Moody's" shall be deemed to refer to such other nationally recognized
statistical rating agency or other comparable Person designated by the
Depositor, notice of which designation shall be given to the other parties
hereto, and specific ratings of Moody's Investors Service, Inc. herein
referenced shall be deemed to refer to the equivalent ratings of the party so
designated. References herein to "applicable rating category" (other than such
references to "highest applicable rating category") shall, in the case of
Moody's, be deemed to refer to such applicable rating category of Moody's,
without regard to any plus or minus or other comparable rating qualification.

         "Mortgage": With respect to any Loan or Junior Loan, the mortgage, deed
of trust, deed to secure debt or other instrument securing a Note and creating a
lien on the related Mortgaged Property.

         "Mortgage File": With respect to any Loan, the following documents on a
collective basis:

                  (i) the original Note (or a lost note affidavit with a
         customary indemnification provision), bearing, or accompanied by, all
         prior and intervening endorsements or assignments showing a complete
         chain of endorsement or assignment from the applicable Mortgage Loan
         Originator either in blank or to the applicable Mortgage Loan Seller,
         and further endorsed (at the direction of the Depositor given pursuant
         to the related Mortgage Loan Purchase Agreement) by the applicable
         Mortgage Loan Seller, on its face or by allonge attached thereto,
         without recourse, either in blank or to the order of the Trustee in the
         following form: "Pay to the order of Wells Fargo Bank, N.A., as trustee
         for the registered Holders of Credit Suisse First Boston Mortgage
         Securities Corp., Commercial Mortgage Pass-Through Certificates, Series
         2004-C3, without recourse, representation or warranty, express or
         implied";

                  (ii) a duplicate original Mortgage or a counterpart thereof,
         or if such Mortgage has been returned by the related recording office,
         (A) an original, (B) a certified copy or (C) a copy thereof from the
         applicable recording office, and originals or counterparts (or
         originals, certified copies or copies from the applicable recording
         office) of any intervening assignments thereof from the related
         Mortgage Loan Originator to the applicable Mortgage Loan Seller, in
         each case in the form submitted for recording or, if recorded, with
         evidence of recording indicated thereon;

                  (iii) an original assignment of the Mortgage, in recordable
         form (except for any missing recording information and, if applicable,
         completion of the name of the assignee), from the applicable Mortgage
         Loan Seller (or the applicable Mortgage Loan Originator) either in
         blank or to "Wells Fargo Bank, N.A., as trustee for the registered

                                      -49-

         Holders of Credit Suisse First Boston Mortgage Securities Corp.,
         Commercial Mortgage Pass-Through Certificates, Series 2004-C3";

                  (iv) an original, counterpart or copy of any related
         Assignment of Leases (if such item is a document separate from the
         Mortgage) and the originals, counterparts or copies of any intervening
         assignments thereof from the applicable Mortgage Loan Originator of the
         Loan to the applicable Mortgage Loan Seller, in each case in the form
         submitted for recording or, if recorded, with evidence of recording
         thereon;

                  (v) an original assignment of any related Assignment of Leases
         (if such item is a document separate from the Mortgage), in recordable
         form (except for any missing recording information and, if applicable,
         completion of the name of the assignee), from the applicable Mortgage
         Loan Seller (or the applicable Mortgage Loan Originator), either in
         blank or to "Wells Fargo Bank, N.A., as trustee for the registered
         Holders of Credit Suisse First Boston Mortgage Securities Corp.,
         Commercial Mortgage Pass-Through Certificates, Series 2004-C3", which
         assignment may be included as part of an omnibus assignment covering
         other documents relating to the Loan (provided that such omnibus
         assignment is effective and in recordable form under applicable law);

                  (vi) an original or copy of any related Security Agreement (if
         such item is a document separate from the Mortgage), and the originals
         or copies of any intervening assignments thereof from the applicable
         Mortgage Loan Originator to the applicable Mortgage Loan Seller;

                  (vii) an original assignment of any related Security Agreement
         (if such item is a document separate from the Mortgage), from the
         applicable Mortgage Loan Seller (or the applicable Mortgage Loan
         Originator), either in blank or to "Wells Fargo Bank, N.A., as trustee
         for the registered Holders of Credit Suisse First Boston Mortgage
         Securities Corp., Commercial Mortgage Pass-Through Certificates, Series
         2004-C3", which assignment may be included as part of an omnibus
         assignment covering other documents relating to the Loan (provided that
         such omnibus assignment is effective under applicable law);

                  (viii) originals or copies of all (A) assumption agreements,
         (B) modifications, (C) written assurance agreements and (D)
         substitution agreements, together with any evidence of recording
         thereon or in the form submitted for recording, in those instances
         where the terms or provisions of the Mortgage, Note or any related
         security document have been modified or the Loan has been assumed;

                  (ix) the original lender's title insurance policy or a copy
         thereof (together with all endorsements or riders that were issued with
         or subsequent to the issuance of such policy), or if the policy has not
         yet been issued, the original or a copy of a binding written commitment
         (which may be a pro forma or specimen title insurance policy which has
         been accepted or approved in writing by the related title insurance
         company or interim binder that is marked as binding and countersigned
         by the title company), insuring the priority of the Mortgage as a first
         lien on the related Mortgaged Property, relating to such Loan;

                  (x) the original or a counterpart of any guaranty of the
         obligations of the Borrower under the Loan;

                                      -50-

                  (xi) UCC acknowledgement, certified or other copies of all UCC
         Financing Statements and continuation statements which show the filing
         or recording thereof (including the filing number or other similar
         filing information) or, alternatively, other evidence of filing or
         recording (including the filing number or other similar filing
         information) acceptable to the Trustee (including, without limitation,
         evidence of such filed or recorded UCC Financing Statement as shown on
         a written UCC search report from a reputable search firm, such as
         CSC/LexisNexis Document Solutions, Corporation Service Company, CT
         Corporation System and the like or printouts of on-line confirmations
         from such UCC filing or recording offices or authorized agents thereof)
         sufficient to perfect (and maintain the perfection of) the security
         interest held by the related Mortgage Loan Originator (and each
         assignee of record prior to the Trustee) in and to the personalty of
         the Borrower at the related Mortgaged Property, and original UCC
         Financing Statement assignments, in a form suitable for filing or
         recording, sufficient to assign each such UCC Financing Statement to
         the Trustee;

                  (xii) the original or copy of the power of attorney (with
         evidence of recording thereon) granted by the Borrower if the Mortgage,
         Note or other document or instrument referred to above was not signed
         by the Borrower;

                  (xiii) with respect to any debt of a Borrower permitted under
         the related Loan, an original or copy of a subordination agreement,
         standstill agreement or other intercreditor, co-lender or similar
         agreement relating to such other debt, if any, including any mezzanine
         loan documents or preferred equity documents, and a copy of the Note
         relating to such other debt (if such other debt is also secured by the
         related Mortgage);

                  (xiv) with respect to any Cash Collateral Accounts and
         Lock-Box Accounts, an original or copy of any related account control
         agreement;

                  (xv) an original or copy of any related Loan Agreement (if
         separate from the related Mortgage), and an original or copy of any
         related Lock-Box Agreement or Cash Collateral Account Agreement (if
         separate from the related Mortgage and Loan Agreement);

                  (xvi) the originals of letters of credit, if any, relating to
         the Loans and amendments thereto which entitle the Trust to draw
         thereon; provided that in connection with the delivery of the Mortgage
         File to the Trust, such originals shall be delivered to the Master
         Servicer and copies thereof shall be delivered to the Trustee;

                  (xvii) any related environmental insurance policies and any
         environmental guarantees or indemnity agreements or copies thereof;

                  (xviii) originals or copies of the ground lease and ground
         lease estoppels, if any, and any originals or copies of amendments,
         modifications or extensions thereto, if any;

                  (xix) the original or copy of any property management
         agreement;

                  (xx) without duplication with clause (xiii) above, a copy of
         the mortgage note evidencing the related Junior Loan, if any;

                                      -51-

                  (xxi) copies of franchise agreements and franchisor comfort
         letters, if any, for hospitality properties;

                  (xxii) the checklist of the related Loan Documents that is
         included in the Mortgage File for the related Loan; and

                  (xxiii) any additional documents required to be added to the
         Mortgage File pursuant to this Agreement.

         Whenever the term "Mortgage File" is used to refer to documents
actually received by the Trustee, such term shall not be deemed to include such
documents and instruments required to be included therein unless they are
actually so received.

         "Mortgage Interest Accrual Period": With respect to any Loan, the
period during which interest accrues pursuant to the related Note.

         "Mortgage Loan Originator": Any institution that originated a Loan.

         "Mortgage Loan Purchase Agreement": Any of the CSFB Mortgage Loan
Purchase Agreement, the KeyBank Mortgage Loan Purchase Agreement or the PNC
Mortgage Loan Purchase Agreement.

         "Mortgage Loan Schedule": The list of Loans transferred on the Closing
Date to the Trustee as part of the Trust Fund, attached hereto as Exhibit B,
which list sets forth the following information with respect to each Loan:

         (i)      the loan number (as specified in Annex A to the Prospectus
                  Supplement);

         (ii)     the property name;

         (iii)    the street address (including city, state and zip code) of the
                  related Mortgaged Property;

         (iv)     the Mortgage Rate in effect at the Cut-off Date;

         (v)      the Net Mortgage Rate in effect at the Cut-off Date;

         (vi)     the original principal balance;

         (vii)    the Cut-off Date Principal Balance;

         (viii)   the (a) remaining term to stated maturity, (b) Maturity Date
                  and (c) with respect to each ARD Loan, the Anticipated
                  Repayment Date;

         (ix)     the original and remaining amortization terms;

         (x)      the amount of the Monthly Payment due on the first Due Date
                  following the Cut-off Date;

         (xi)     the number of units, pads, rooms or square footage with
                  respect to the Mortgaged Property;

                                      -52-

         (xii)    the Loan interest accrual method;

         (xiii)   the total of the Trustee Fee Rate, any applicable Primary
                  Servicing Fee Rate and the Master Servicing Fee Rate;

         (xiv)    the Due Date;

         (xv)     whether such loan is an ARD Loan;

         (xvi)    whether the Loan is subject to lockout/defeasance;

         (xvii)   whether the related Mortgaged Property was covered by
                  earthquake insurance at the time of origination, if the loan
                  documents require such insurance;

         (xviii)  whether such Loan has the benefit of an Environmental
                  Insurance Policy;

         (xix)    whether such Loan is secured by the related Borrower's
                  interest in ground leases;

         (xx)     which Loan Group includes such Loan; and

         (xxi)    whether such Loan is secured by a letter of credit.

         Such Mortgage Loan Schedule also shall set forth the aggregate of the
amounts described under clause (vii) above for all of the Loans. Such list may
be in the form of more than one list, collectively setting forth all of the
information required.

         "Mortgage Loan Seller": Any of (i) the CSFB Mortgage Loan Seller and
(ii) the PNC Mortgage Loan Seller.

         "Mortgage Pool": All of the Loans and any successor REO Loans with
respect thereto, collectively, as of any particular date of determination. The
Mortgage Pool shall not include any Junior Loan.

         "Mortgage Rate": With respect to: (i) any Loan or Junior Loan on or
prior to its Maturity Date, the annual rate at which interest is scheduled (in
the absence of a default and without giving effect to any Revised Rate) to
accrue on such Loan or Junior Loan, as the case may be, from time to time in
accordance with the related Note and applicable law; (ii) any Loan or Junior
Loan after its Maturity Date, the annualized rate described in clause (i) above
determined without regard to the passage of such Maturity Date; and (iii) any
REO Loan, the annualized rate described in clause (i) or (ii), as applicable,
above, determined as if the predecessor Loan or Junior Loan, as the case may be,
had remained outstanding. For the avoidance of doubt, for purposes of
calculating the Net Mortgage Rate and the Weighted Average Net Mortgage Rate,
the Mortgage Rate for any Loan whose interest rate is changed will be the
Mortgage Rate of such Loan without taking into account any change in the
interest rate by a bankruptcy court pursuant to a plan of reorganization or
pursuant to any of its equitable powers or any reduction in the interest rate
resulting from a work-out or modification by the Special Servicer or the Master
Servicer.

         "Mortgaged Property": The underlying real property (including any REO
Property) that secures a Loan or Loan Combination, in each case consisting of a
parcel or parcels of land improved by a commercial and/or multifamily building
or facility, together with any personal property (to the extent the

                                      -53-

same are owned by the Borrower and necessary in connection with the operation of
the related property), fixtures, leases and other property or rights pertaining
thereto.

         "Net Investment Earnings": With respect to the Collection Account, any
Lock-Box Account, any Cash Collateral Account, any Servicing Account or any REO
Account, for any period beginning on a Distribution Date and ending on the
following Master Servicer Remittance Date, the amount, if any, by which the
aggregate of all interest and other income realized during such period on funds
relating to the Trust Fund held in such account (and which is not required to be
paid to the related Borrower) exceeds the aggregate of all losses, if any,
incurred during such period in connection with the investment of such funds in
such account in accordance with Section 3.06.

         "Net Investment Loss": With respect to the Collection Account, any
Lock-Box Account, any Cash Collateral Account, any Servicing Account or any REO
Account for any period beginning on a Distribution Date and ending on the
following Master Servicer Remittance Date, the amount, if any, by which the
aggregate of all losses, if any, incurred during such period in connection with
the investment of funds relating to the Trust Fund held in such account (and
which investment is not directed by the related Borrower) in accordance with
Section 3.06 exceeds the aggregate of all interest and other income realized
during such period on such funds in such account; provided that, in the case of
any Investment Account and any particular investment of funds in such Investment
Account, Net Investment Loss shall not include any loss with respect to such
investment which is incurred solely as a result of the insolvency of the federal
or state chartered depositary institution or trust company at which such
Investment Account is maintained, so long as such depositary institution or
trust company (a) satisfied the qualifications set forth in the definition of
"Eligible Account" both at the time such investment was made and also as of a
date not more than 30 days prior to the date of such loss and (b) is not the
same Person as the Person that made the relevant investment.

         "Net Mortgage Pass-Through Rate":

         (A) With respect to any Loan (or any successor REO Loan with respect
thereto) that accrues interest on a 30/360 Basis, for any Distribution Date, an
annual rate equal to the Original Net Mortgage Rate for such Loan; and

         (B) With respect to any Loan (or any successor REO Loan with respect
thereto) that accrues interest on an Actual/360 Basis, for any Distribution
Date, an annual rate generally equal to twelve times a fraction, expressed as a
percentage:

         (1)   the numerator of which fraction is, subject to adjustment as
               described below in this definition, an amount of interest equal
               to the product of (a) the number of days in the related Interest
               Accrual Period, multiplied by (b) the Stated Principal Balance of
               such Loan (or such REO Loan) immediately preceding such
               Distribution Date, multiplied by (c) 1/360, multiplied by (d) the
               Original Net Mortgage Rate for such Loan; and

         (2)   the denominator of which is the Stated Principal Balance of such
               Loan (or such REO Loan) immediately preceding that Distribution
               Date.

         Notwithstanding the foregoing, if the subject Distribution Date occurs
during January, except during a leap year, or February of any year subsequent to
2004, then the amount of interest referred to in the fractional numerator
described in clause (B)(1) above will be decreased to reflect any Withheld
Amounts with respect to the subject Loan (or REO Loan) transferred from the
Distribution

                                      -54-

Account to the Interest Reserve Account in such calendar month. Furthermore, if
the subject Distribution Date occurs during March of any year subsequent to
2004, then the amount of interest referred to in the fractional numerator
described in clause (B)(1) above will be increased to reflect any Withheld
Amounts with respect to the subject Loan (or REO Loan) transferred from the
Interest Reserve Account to the Distribution Account for distribution on such
Distribution Date.

         "Net Mortgage Rate": With respect to any Loan, Junior Loan or REO Loan,
as of any date of determination, a per annum rate equal to the related Mortgage
Rate then in effect, minus the sum of the related Master Servicing Fee Rate (if
any), the related Primary Servicing Fee Rate (if any) and the Trustee Fee Rate.

         "Net Operating Income": With respect to any Mortgaged Property, for any
Borrower's fiscal year end, the total operating revenues derived from such
Mortgaged Property during such period, minus the total operating expenses
incurred in respect of such Mortgaged Property during such period, other than
(i) non-cash items such as depreciation, (ii) amortization, (iii) actual capital
expenditures and (iv) debt service on the related Loan or Loan Combination, as
applicable.

         "New Lease": Any lease of REO Property entered into at the direction of
the Special Servicer on behalf of the Trust, including any lease renewed,
modified or extended on behalf of the Trust, if the Trust Fund has the right to
renegotiate the terms of such lease.

         "Nonrecoverable Advance": Any Nonrecoverable P&I Advance or
Nonrecoverable Servicing Advance or any portion thereof.

         "Nonrecoverable P&I Advance": The portion of any P&I Advance (including
interest accrued thereon at the Reimbursement Rate) previously made or proposed
to be made in respect of a Loan or REO Loan which, in the judgment (exercised in
accordance with the Servicing Standard in the case of the judgment of the Master
Servicer or the Special Servicer) of the Master Servicer, the Special Servicer
or the Trustee, as applicable, will not be ultimately recoverable, together with
any accrued and unpaid interest thereon, from Late Collections or any other
recovery on or in respect of such Loan or REO Loan. In making any recoverability
determination as to a P&I Advance, the Master Servicer, the Special Servicer or
the Trustee, as applicable, shall be entitled to consider (among other things)
the obligations of the Borrower under the terms of the related Loan or Loan
Combination as it may have been modified, to consider (among other things) the
related Mortgaged Property in its "as is" or then current condition and
occupancy, as modified by such Person's assumptions regarding the possibility
and effects of future adverse change with respect to such Mortgaged Property, to
estimate and consider (among other things) future expenses and to estimate and
consider (among other things) the timing of recoveries. In addition, any such
Person may update or change its recoverability determination (but not reverse
any other such Person's determination that a P&I Advance is non-recoverable) at
any time and may obtain from the Special Servicer any reasonably required
analysis, Appraisals or market value estimates or other information in the
Special Servicer's possession for such purposes. Absent bad faith, any such
determination will be conclusive and binding on the Certificateholders, the
Master Servicer, the Special Servicer and the Trustee (but this statement shall
not be construed to entitle any such Person to reverse any other such Person's
determination that a P&I Advance is non-recoverable). The determination by the
Master Servicer, the Special Servicer or the Trustee, as applicable, that it has
made (or, in the case of a determination made by the Special Servicer, that the
Master Servicer has made) a Nonrecoverable P&I Advance or that any proposed P&I
Advance, if made, would constitute a Nonrecoverable P&I Advance, shall be
evidenced by an Officer's Certificate delivered (i) to the Trustee and the
Depositor, in the case of the Master Servicer, (ii) to the Master Servicer and
the Trustee in the case of the Special Servicer, (iii) to the Depositor and the
Master Servicer, in the case of the Trustee, and (iv) in each case, to the
Directing

                                      -55-

Certificateholder, any Requesting Subordinate Certificateholder (at the expense
of such requesting Holder) and, provided that the P&I Advance involves a
Serviced Loan Combination and the certifying party has actual knowledge of the
identity thereof, the related Junior Loan Holder(s) (or, in the case of a Junior
Loan that is part of a rated commercial mortgage securitization, to the related
master servicer) Such Officer's Certificate shall set forth such determination
of nonrecoverability and the considerations of the Master Servicer, the Special
Servicer, or the Trustee, as the case may be, forming the basis of such
determination (which shall include but shall not be limited to information, to
the extent available, such as related income and expense statements, rent rolls,
occupancy status, property inspections, and shall include an Appraisal (provided
that if an Appraisal has been obtained within the past 12 months, no new
Appraisal is required) of the related Mortgaged Property, the cost of which
Appraisal shall be advanced by the Master Servicer as a Servicing Advance or,
depending on the timing of payment, subject to Section 3.03(c), paid out of the
Collection Account). The Trustee shall be entitled to conclusively rely on the
Master Servicer's determination that a P&I Advance is nonrecoverable. The Master
Servicer and the Trustee shall be entitled to conclusively rely on the Special
Servicer's determination that a P&I Advance is nonrecoverable. Notwithstanding
the foregoing, if the Master Servicer and/or the Trustee is prevented from
making any P&I Advance with respect to any Loan (or any successor REO Loan)
contained in any Serviced Loan Combination based upon a provision contained in
the related Intercreditor Agreement (without regard to the foregoing provisions
of this definition), then such P&I Advance shall be deemed to be a
Nonrecoverable P&I Advance hereunder.

         "Nonrecoverable Servicing Advance": The portion of any Servicing
Advance (including interest accrued thereon at the Reimbursement Rate)
previously made or proposed to be made in respect of a Loan or REO Property
which, in the judgment (exercised in accordance with the Servicing Standard in
the case of the judgment of the Master Servicer or the Special Servicer) of the
Master Servicer, the Special Servicer or the Trustee, will not be ultimately
recoverable, together with any accrued and unpaid interest thereon, from Late
Collections or any other recovery on or in respect of such Loan or REO Property.
In making any recoverability determination as to a Servicing Advance, the Master
Servicer, the Special Servicer or the Trustee, as applicable, shall be entitled
to consider (among other things) the obligations of the Borrower under the terms
of the related Loan or Loan Combination as it may have been modified, to
consider (among other things) the related Mortgaged Property in its "as is" or
then current condition and occupancy, as modified by such Person's assumptions
regarding the possibility and effects of future adverse change with respect to
such Mortgaged Property, to estimate and consider (among other things) future
expenses and to estimate and consider (among other things) the timing of
recoveries. In addition, any such Person may update or change its recoverability
determination (but not reverse any other such Person's determination that a
Servicing Advance is non-recoverable) at any time and may obtain from the
Special Servicer any reasonably required analysis, Appraisals or market value
estimates or other information in the Special Servicer's possession for such
purposes. Absent bad faith, any such determination will be conclusive and
binding on the Certificateholders, the Master Servicer, the Special Servicer and
the Trustee (but this statement shall not be construed to entitle any such
Person to reverse any other such Person's determination that a Servicing Advance
is non-recoverable). The determination by the Master Servicer, the Special
Servicer or the Trustee that it has made (or, in the case of a determination
made by the Special Servicer, that the Master Servicer has made) a
Nonrecoverable Servicing Advance or that any proposed Servicing Advance, if
made, would constitute a Nonrecoverable Servicing Advance, shall be evidenced by
an Officer's Certificate delivered (i) to the Trustee and the Depositor, in the
case of the Master Servicer, (ii) to the Master Servicer and the Trustee in the
case of the Special Servicer, (iii) to the Depositor and the Master Servicer, in
the case of the Trustee, and (iv) and in each case, to the Directing
Certificateholder, any Requesting Subordinate Certificateholder (at the expense
of such requesting Holder) and, provided that the Servicing Advance involves a
Serviced Loan Combination and the certifying party has actual knowledge of the
identity thereof, the related Junior Loan Holder(s) (or, in the case of a Junior
Loan that is part of a rated commercial mortgage securitization, to

                                      -56-

the related master servicer). Such Officer's Certificate shall set forth such
determination of nonrecoverability and the considerations of the Master
Servicer, the Special Servicer or the Trustee, as the case may be, forming the
basis of such determination (which shall include but shall not be limited to
information, to the extent available, such as related income and expense
statements, rent rolls, occupancy status and property inspections, and shall
include an Appraisal (provided that if an Appraisal has been obtained within the
past 12 months, no new Appraisal is required) of the related Mortgaged Property,
the cost of which Appraisal shall be advanced by the Master Servicer as a
Servicing Advance or, depending on the timing of payment, subject to Section
3.03(c), paid out of the Collection Account). The Trustee will be entitled to
conclusively rely on the Master Servicer's determination that a Servicing
Advance is nonrecoverable. The Master Servicer and the Trustee shall be entitled
to conclusively rely on the Special Servicer's determination that a Servicing
Advance is a Nonrecoverable Servicing Advance. Notwithstanding the foregoing, if
the Master Servicer and/or the Trustee is prevented from making any Servicing
Advance with respect to a Serviced Loan Combination or any successor REO Loans
with respect thereto based upon a provision contained in the related
Intercreditor Agreement (without regard to the foregoing provisions of this
definition), then such Servicing Advance shall be deemed a Nonrecoverable
Advance.

         "Non-Registered Certificate": Any Certificate that has not been subject
to registration under the Securities Act. As of the Closing Date, the Class
A-SP, Class A-X, Class E, Class F, Class G, Class H, Class J, Class K, Class L,
Class M, Class N, Class O, Class P, Class R and Class V Certificates will
constitute Non-Registered Certificates.

         "Non-United States Tax Person": Any Person other than a United States
Tax Person.

         "Note": The original executed note (or, if applicable, multiple notes
collectively) evidencing the indebtedness of a Borrower under a Loan or Junior
Loan, as the case may be, together with any rider, addendum or amendment
thereto.

         "NRSRO": A nationally recognized statistical rating organization as the
term is used in federal securities laws.

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

         "One Park Avenue B Loan": The mortgage loan that is secured, on a
subordinate basis, by the same Mortgage on the One Park Avenue Property as the
One Park Avenue Loan, has a Cut-off Date Principal Balance of $20,000,000 and is
evidenced by a Note designated "Note B". The One Park Avenue B Loan is not a
"Loan" hereunder.

         "One Park Avenue B Loan Holder": The holder of the One Park Avenue B
Loan or any successor REO Loan with respect thereto.

         "One Park Avenue C Loan": The mortgage loan that is secured, on a
subordinate basis, by the same Mortgage on the One Park Avenue Property as the
One Park Avenue Loan, has a Cut-off Date Principal Balance of $36,000,000 and is
evidenced by a Note designated "Note C". The One Park Avenue C Loan is not a
"Loan" hereunder.

         "One Park Avenue C Loan Holder": The holder of the One Park Avenue C
Loan or any successor REO Loan with respect thereto.

                                      -57-

         "One Park Avenue Consultation Action": Any of the actions referred to
in subclauses (i) through (vi) of clause (x) of Section 20(b) of the One Park
Avenue Intercreditor Agreement with respect to the One Park Avenue Total Loan or
any One Park Avenue REO Property.

         "One Park Avenue Controlling Holder": As of any date of determination,
the then "Controlling Holder" under the One Park Avenue Intercreditor Agreement.

         "One Park Avenue Controlling Junior Loan Holder": The "Controlling
Junior Noteholder" under the One Park Avenue Intercreditor Agreement.

         "One Park Avenue Cure Event": A "Cure Event" under the One Park Avenue
Intercreditor Agreement.

         "One Park Avenue Cure Payment": A "Cure Payment" under the One Park
Avenue Intercreditor Agreement.

         "One Park Avenue D Loan": The mortgage loan that is secured, on a
subordinate basis, by the same Mortgage on the One Park Avenue Property as the
One Park Avenue Loan, has a Cut-off Date Principal Balance of $28,500,000 and is
evidenced by a Note designated "Note D". The One Park Avenue D Loan is not a
"Loan" hereunder.

         "One Park Avenue D Loan Holder": The holder of the One Park Avenue D
Loan or any successor REO Loan with respect thereto.

         "One Park Avenue Intercreditor Agreement": The Agreement Among
Noteholders dated as of July 1, 2004, by and between Column Financial, Inc., as
Initial Note A Holder, Metropolitan Life Insurance Company, as Initial Note B
Holder, Metropolitan Life Insurance Company, as Initial Note C Holder and
Teachers Insurance and Annuity Association of America, as Initial Note D Holder.

         "One Park Avenue Junior Loans": The One Park Avenue B Loan, the One
Park Avenue C Loan and the One Park Avenue D Loan, together.

         "One Park Avenue Junior Loan Holders": The One Park Avenue B Loan
Holder, the One Park Avenue C Loan Holder and the One Park Avenue D Loan Holder,
together.

         "One Park Avenue Loan": With respect to the One Park Avenue Total Loan,
the mortgage loan, with a Cut-off Date Principal Balance of $238,500,000, that
is included in the Trust Fund and secured by a Mortgage on the One Park Avenue
Property. The One Park Avenue Loan is a "Loan".

         "One Park Avenue Property": The Mortgaged Property identified on the
Mortgage Loan Schedule as "One Park Avenue".

         "One Park Avenue Specially Designated Servicing Actions": Any of the
actions referred to in subclauses (i) through (xii) of clause (y) of Section
20(b) of the One Park Avenue Intercreditor Agreement with respect to the One
Park Avenue Total Loan or any One Park Avenue REO Property.

         "One Park Avenue Total Loan": The aggregate indebtedness, with an
original principal amount of $238,500,000 that is secured by the related
Mortgage on the One Park Avenue Property. References herein to the One Park
Avenue Total Loan shall be construed to refer to the aggregate indebtedness
under the One Park Avenue Loan and the One Park Avenue Junior Loans.

                                      -58-

         "One Park Avenue Triggering Event of Default": A "Triggering Event of
Default" under the One Park Avenue Intercreditor Agreement.

         "Opinion of Counsel": A written opinion of counsel, who may be salaried
counsel for the Depositor, the Master Servicer or the Special Servicer,
acceptable in form and delivered to the Trustee, except that any opinion of
counsel relating to (a) the qualification of any Trust REMIC as a REMIC, (b)
compliance with the REMIC Provisions or (c) the resignation of the Depositor,
the Master Servicer or the Special Servicer pursuant to Section 6.04 must be an
opinion of counsel that is in fact Independent of the Depositor, the Master
Servicer or the Special Servicer, as applicable.

         "Optimal Interest Distribution Amount": As to any Distribution Date and
any Class of Regular Certificates, the sum of the Monthly Interest Distribution
Amount and the Unpaid Interest Shortfall Amount for such Class for such
Distribution Date. As to any Distribution Date and any Uncertificated Lower-Tier
Interest, the sum of the Monthly Interest Distribution Amount and the Unpaid
Interest Shortfall Amount for such Uncertificated Lower-Tier Interest for such
Distribution Date. As to any Distribution Date and any Component of the Class
A-X or Class A-SP Certificates, the sum of the Monthly Interest Distribution
Amount and the Unpaid Interest Shortfall Amount for such Component for such
Distribution Date.

         "Original Class Notional Amount": With respect to any Class of
Interest-Only Certificates, the initial aggregate notional balance thereof as of
the Closing Date, in each case as specified in the Preliminary Statement hereto.

         "Original Class Principal Balance": With respect to any Class of
Sequential Pay Certificates, the initial aggregate principal amount thereof as
of the Closing Date, in each case as specified in the Preliminary Statement
hereto.

         "Original Lower-Tier Principal Amount": With respect to any
Uncertificated Lower-Tier Interest, the principal amount thereof as of the
Closing Date, in each case as specified in the Preliminary Statement hereto.

         "Original Net Mortgage Rate": With respect to any Loan, the Net
Mortgage Rate in effect for such Loan as of the Closing Date (or, in the case of
any Loan substituted in replacement of another Loan pursuant to or as
contemplated by the related Mortgage Loan Purchase Agreement, as of the date of
substitution).

         "Original Value": The Appraised Value of a Mortgaged Property based
upon the Appraisal conducted in connection with the origination of the related
Loan.

         "Origination Required Insurance Amounts": As defined in Section
3.07(h).

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

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

         "P&I Advance": As to any Loan (or any successor REO Loan with respect
thereto), any advance made by the Master Servicer or the Trustee, as applicable,
pursuant to Section 4.03 or Section 7.05.

                                      -59-

         "P&I Advance Determination Date": With respect to any Distribution
Date, the second Business Day immediately prior thereto.

         "Pass-Through Rate": With respect to each Class of Certificates, the
respective per annum rate listed below:

           Class A-1:                  Class A-1 Pass-Through Rate
           Class A-2:                  Class A-2 Pass-Through Rate
           Class A-3:                  Class A-3 Pass-Through Rate
           Class A-4:                  Class A-4 Pass-Through Rate
           Class A-5:                  Class A-5 Pass-Through Rate
           Class A-1-A:                Class A-1-A Pass-Through Rate
           Class A-X:                  Class A-X Pass-Through Rate
           Class A-SP:                 Class A-SP Pass-Through Rate
           Class B:                    Class B Pass-Through Rate
           Class C:                    Class C Pass-Through Rate
           Class D:                    Class D Pass-Through Rate
           Class E:                    Class E Pass-Through Rate
           Class F:                    Class F Pass-Through Rate
           Class G:                    Class G Pass-Through Rate
           Class H:                    Class H Pass-Through Rate
           Class J:                    Class J Pass-Through Rate
           Class K:                    Class K Pass-Through Rate
           Class L:                    Class L Pass-Through Rate
           Class M:                    Class M Pass-Through Rate
           Class N:                    Class N Pass-Through Rate
           Class O:                    Class O Pass-Through Rate
           Class P:                    Class P Pass-Through Rate

         "Penalty Charges": With respect to any Loan, Junior Loan or REO Loan,
any amounts actually collected thereon from the Borrower that represent late
payment charges or Default Interest.

         "Percentage Interest": As to any Certificate, the percentage interest
evidenced thereby in distributions required to be made with respect to the
related Class. With respect to any Regular Certificate, the percentage interest
equal to the denomination of such Certificate, as set forth on the face thereof,
divided by the initial Class Principal Balance (or, in the case of a Class of
Interest-Only Certificates, the Class Notional Amount) of such Class of
Certificates as of the Closing Date. With respect to a Class V or Class R
Certificate, the percentage interest as set forth on the face thereof.

         "Performance Certification": As defined in Section 3.26.

         "Performing Party": As defined in Section 3.26.

         "Permitted Investments": Any one or more of the following obligations
or securities, regardless whether issued by the Depositor, the Master Servicer,
the Special Servicer, the Trustee or any of their respective Affiliates and
having the required ratings, if any, provided for in this definition:

         (i) direct obligations of, and obligations fully guaranteed as to
     timely payment of principal and interest by, the United States of America,
     FNMA, FHLMC or any agency or instrumentality of the United States of
     America, provided such obligations have a remaining term

                                      -60-

     to maturity of one year or less from the date of acquisition and which are
     backed by the full faith and credit of the United States of America;
     provided that any obligation of, or guarantee by, FNMA or FHLMC, other than
     an unsecured senior debt obligation of FNMA or FHLMC, shall be a Permitted
     Investment only if such investment would not result in the downgrading,
     withdrawal or qualification of then-current rating assigned by each Rating
     Agency to any Certificate as confirmed in writing;

         (ii) time deposits, unsecured certificates of deposit or bankers'
     acceptances that mature in one year or less after the date of issuance and
     are issued or held by any depository institution or trust company
     incorporated or organized under the laws of the United States of America or
     any State thereof and subject to supervision and examination by federal or
     state banking authorities, so long as the commercial paper or other
     short-term debt obligations of such depository institution or trust company
     are rated in the highest short-term debt rating category of each Rating
     Agency or such other ratings as will not result in the downgrading,
     withdrawal or qualification of then-current rating assigned by each Rating
     Agency to any Certificate, as confirmed in writing by such Rating Agency;

         (iii) repurchase agreements or obligations with respect to any security
     described in clause (i) above where such security has a remaining maturity
     of one year or less and where such repurchase obligation has been entered
     into with a depository institution or trust company (acting as principal)
     described in clause (ii) above;

         (iv) debt obligations maturing in one year or less from the date of
     acquisition bearing interest or sold at a discount issued by any
     corporation incorporated under the laws of the United States of America or
     any state thereof, which securities have (i) ratings in the highest
     long-term unsecured debt rating category of each Rating Agency or (ii) such
     other ratings (as confirmed by the applicable Rating Agency in writing) as
     will not result in a downgrade, qualification or withdrawal of then-current
     rating of the Certificates that are currently being rated by such Rating
     Agency; provided, however, that securities issued by any particular
     corporation will not be Permitted Investments to the extent that investment
     therein will cause the then outstanding principal amount of securities
     issued by such corporation and held in the accounts established hereunder
     to exceed 10% of the sum of the aggregate principal balance and the
     aggregate principal amount of all Permitted Investments in such accounts;

         (v) commercial paper (including both non-interest-bearing discount
     obligations and interest-bearing obligations) payable on demand or on a
     specified date maturing in one year or less after the date of issuance
     thereof and which is rated in the highest short-term unsecured debt rating
     category of each Rating Agency;

         (vi) units of investment funds that maintain a constant net asset value
     and money market funds having the highest rating from each Rating Agency
     for money market funds; and

         (vii) any other demand, money market or time deposit, obligation,
     security or investment, with respect to which each Rating Agency shall have
     confirmed in writing that such investment will not result in a downgrade,
     qualification or withdrawal of then-current rating of the Certificates that
     are currently being rated by such Rating Agency;

provided that such instrument or security qualifies as a "cashflow investment"
pursuant to Section 860G(a)(6) of the Code; interest on any variable rate
instrument shall be tied to a single interest rate index plus a single fixed
spread (if any) and move proportionally with that index.

                                      -61-

         "Permitted Mezzanine Loan Holder": With respect to any Mezzanine Loan,
the related Mortgage Loan Seller, any Institutional Lender/Owner or any other
Mezzanine Loan Holder with respect to which each Rating Agency has confirmed in
writing to the Special Servicer and the Trustee that the holding of such
Mezzanine Loan by such Person would not cause a qualification, downgrade or
withdrawal of any of such Rating Agency's then-current ratings on the
Certificates.

         "Permitted Transferee": Any Transferee of a Class R Certificate other
than a Disqualified Organization, a Non-United States Tax Person or a foreign
permanent establishment or fixed base (each within the meaning of the applicable
income tax treaty) of a United States Tax Person; provided, however, that if a
Transferee is classified as a partnership under the Code, such Transferee shall
only be a Permitted Transferee if all of its beneficial owners are United States
Tax Persons and the governing documents of the Transferee prohibit a transfer of
any interest in the Transferee to any Non-United States Tax Person.

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

         "Plan": Any of those retirement plans and other employee benefit plans,
including individual retirement accounts and annuities, Keogh plans and
collective investment funds and separate accounts in which such plans, accounts
or arrangements are invested, including insurance company general accounts, that
are subject to ERISA or the Code.

         "PNC": PNC Bank, National Association.

         "PNC Loans": Collectively, the Loans transferred to the Depositor
pursuant to the PNC Mortgage Loan Purchase Agreement and identified on Schedule
II thereto, together with any mortgage loans substituted in replacement thereof.

         "PNC Mortgage Loan Purchase Agreement": The agreement between the
Depositor and the PNC Mortgage Loan Seller, dated as of August 11, 2004,
relating to the transfer of the PNC Mortgage Loan Seller's right, title and
interest in and to the mortgage loans identified on Schedule II thereto.

         "PNC Mortgage Loan Seller": PNC Bank, National Association, a national
banking association and its successors in interest.

         "Prepayment Assumption": With respect to all Loans, the assumption that
all payments required to be made on such Loans according to their contractual
terms (including repayment in full on their respective Maturity Dates) are so
made; provided that, in the case of ARD Loans, it is further assumed that such
ARD Loans will be fully prepaid on their related Anticipated Repayment Dates.

         "Prepayment Date": With respect to any Principal Prepayment, the date
on which such Principal Prepayment is to be made.

         "Prepayment Interest Excess": With respect to any Distribution Date,
for each Loan that was subject to a Principal Prepayment in full or in part, or
as to which Insurance and Condemnation Proceeds were received by the Master
Servicer or the Special Servicer for application to such Loan, in each case
after the Due Date in the month of such Distribution Date and on or prior to the
related Determination Date, the amount of interest (net of related Master
Servicing Fees and any related Primary Servicing Fees payable therefrom) accrued
at the Mortgage Rate for such Loan on the amount of such

                                      -62-

Principal Prepayment or, insofar as these represent an early collection of
principal, such Insurance and Condemnation Proceeds after the end of the
Mortgage Interest Accrual Period relating to such Due Date and accruing in the
manner set forth in the Loan Documents relating to such Loan, to the extent such
interest is collected by or remitted to the Master Servicer or the Special
Servicer.

         "Prepayment Interest Shortfall": With respect to any Distribution Date,
for each Loan that was subject to a Principal Prepayment in full or in part, or
as to which Insurance and Condemnation Proceeds were received by the Master
Servicer or the Special Servicer for application to such Loan, in each case
after the Determination Date in the calendar month preceding such Distribution
Date but prior to the Due Date in the related Due Period, the amount of interest
(net of related Master Servicing Fees and any related Primary Servicing Fees
payable therefrom) that would have accrued at the Mortgage Rate for such Loan,
on the amount of such Principal Prepayment or, insofar as these represent an
early collection of principal, such Insurance and Condemnation Proceeds during
the period commencing on the date as of which such Principal Prepayment or
Insurance and Condemnation Proceeds were applied to the unpaid principal balance
of the subject Loan and ending on (and including) the day immediately preceding
such Due Date.

         "Primary Servicer": KRECM, Midland or any other subservicer
specifically identified as a "Primary Servicer" hereunder or in a Sub-Servicing
Agreement dated as of August 1, 2003 between the Master Servicer and such
subservicer, in its capacity as a primary servicer, or any successors thereto.
Notwithstanding any other provision herein to the contrary, Midland as the
initial Master Servicer shall be a "Primary Servicer" hereunder and no
Sub-Servicing Agreement shall be required with respect to such Primary Servicer.

         "Primary Servicing Agreement": Each of the Sub-Servicing Agreements
dated as of August 1, 2004, by and between the Master Servicer and a Primary
Servicer.

         "Primary Servicing Fee": With respect to each Loan, each One Park
Avenue Junior Loan and the Mizner Park Junior Loan (and any successor REO Loan
with respect to any of the foregoing), the fee payable to the related Primary
Servicer under the Primary Servicing Agreement or to the Master Servicer
pursuant to Section 3.11(a), based on the Primary Servicing Fee Rate and
computed on the same basis and in the same manner as interest is computed on the
related Loan. For the avoidance of doubt, the parties acknowledge that a Primary
Servicing Fee shall not accrue or be payable with respect to any CBA B Loan.

         "Primary Servicing Fee Rate": With respect to: (i) each Loan (and any
successor REO Loan with respect thereto), a rate per annum as set forth in the
Mortgage Loan Schedule attached hereto as Exhibit B under the column heading
"Administrative (Trustee+Servicing) Fee", net of the Trustee Fee Rate and the
Master Servicing Fee Rate; (ii) each One Park Avenue Junior Loan (and any
successor REO Loan with respect thereto), a rate per annum equal to three basis
points (0.03%); and (iii) the Mizner Park Junior Loan (and any successor REO
Loan with respect thereto), a rate per annum equal to four basis points (0.04%).

         "Principal Distribution Adjustment Amount": As to any Distribution
Date, the sum of (i) the amount of any Nonrecoverable Advance that was
reimbursed to the Master Servicer or the Trustee and that was deemed to have
been reimbursed out of principal collections that would otherwise constitute
part of the Principal Distribution Amount and (ii) any Workout-Delayed
Reimbursement Amount that was reimbursed to the Master Servicer or the Trustee
and that was deemed to have been reimbursed out of principal collections that
would otherwise constitute part of the Principal Distribution Amount, in each
case, with interest on such Advance, during the period since the preceding
Distribution Date.

                                      -63-

         "Principal Distribution Amount": As to any Distribution Date (other
than the final Distribution Date), an amount equal to the total, without
duplication, of the following: (i) all payments of principal, including
voluntary Principal Prepayments and the principal portion of any Cure Payments,
received by or on behalf of the Trust with respect to the Loans (but not in
respect of any Junior Loan) during the related Due Period, exclusive of any
portion of those payments that represents a late collection of principal for
which an Advance was previously made for a prior Distribution Date or that
represents the principal portion of a Monthly Payment due on or before the Due
Date for the related Loan in August 2004 or on a Due Date for the related Loan
subsequent to the end of the related Due Period, (ii) the principal portion of
all Monthly Payments received by or on behalf of the Trust with respect to the
Loans (but not in respect of any Junior Loan) prior to, but that are due during,
the related Due Period, (iii) all other collections, including Liquidation
Proceeds and Insurance and Condemnation Proceeds, that were received by or on
behalf of the Trust Fund with respect to any of the Loans (but not in respect of
any Junior Loan) or any related REO Properties during the related Due Period and
that were identified and applied by the Master Servicer as recoveries of
principal of the subject Loan (but not in respect of any Junior Loan) or, in the
case of an REO Property, of the related REO Loan (but not an REO Loan in respect
of a predecessor Junior Loan), in each case net of any portion of the particular
collection that represents a late collection of principal for which an Advance
of principal was previously made for a prior Distribution Date or that
represents the principal portion of a Monthly Payment due on or before the Due
Date for the related Loan in August 2004, and (iv) all Advances of principal
made with respect to the Mortgage Pool for that Distribution Date; provided that
if any Insurance and Condemnation Proceeds or Liquidation Proceeds were received
and/or a Final Recovery Determination was made with respect to any Loan or REO
Property during the related Due Period, then that portion, if any, of the
aggregate amount described in clause (i) through (iv) above that is specifically
attributable to such Loan or REO Property, shall be reduced to not less than
zero by any Special Servicing Fees, Liquidation Fees or interest on Advances
previously paid hereunder with respect to such Loan or REO Property from
collections on the Mortgage Pool other than Penalty Charges collected during the
Due Period. For the final Distribution Date, an amount equal to the total Stated
Principal Balance of the Mortgage Pool outstanding immediately prior to that
final Distribution Date.

         Notwithstanding the foregoing, (i) the Principal Distribution Amount
for any Distribution Date will be reduced by the Principal Distribution
Adjustment Amount for such Distribution Date; and (ii) the Principal
Distribution Amount will be increased by the amount of any recovery occurring
during the related Due Period of an amount that was previously advanced with
respect to a Loan, but only if and to the extent such Advance was previously
reimbursed from principal collections that would otherwise have constituted part
of the Principal Distribution Amount for a prior Distribution Date in a manner
that resulted in a Principal Distribution Adjustment Amount for such prior
Distribution Date.

         Any determination of the portion of the Principal Distribution Amount
that is attributable to Loan Group 1 or Loan Group 2 (as contemplated by Section
4.01) shall take account of Section 1.05.

         "Principal Prepayment": Any payment of principal made by the Borrower
on a Loan that is received in advance of its scheduled Due Date and which is not
accompanied by an amount of interest representing scheduled interest due on any
date or dates in any month or months subsequent to the month of prepayment,
other than any amount paid in connection with the release of the related
Mortgaged Property through defeasance.

         "Privileged Person": Each holder of a Certificate, each of the parties
to this Agreement, each of the Rating Agencies, each of the Underwriters, each
Junior Loan Holder, any Person identified to the Trustee as a Certificate Owner
or prospective purchaser of a Certificate upon receipt from such Certificate
Owner or prospective purchaser of an investor certification (which may be in
electronic form),

                                      -64-

the form of which is attached hereto as Exhibit I, and any other Person
designated by the Depositor. The Trustee shall (and the Master Servicer may)
provide all Privileged Persons with access to certain restricted information on
its Website (in the case of any Certificate Owner or prospective purchaser, upon
receipt of such investor certification) through the use of a restricted
mechanism on its Website.

         "Prospectus": The Prospectus dated May 14, 2004, as supplemented by the
Prospectus Supplement.

         "Prospectus Supplement": The Prospectus Supplement dated August 11,
2004, relating to the offering of the Public Certificates.

         "PTCE": A prohibited transaction class exemption, as issued by the
United States Department of Labor.

         "PTE": A prohibited transaction exemption, as issued by the United
States Department of Labor.

         "Purchase Price": With respect to any Loan to be purchased (a) by or on
behalf of a Responsible Party pursuant to or as contemplated by Section 7 of the
related Mortgage Loan Purchase Agreement, (b) by the Directing Certificateholder
pursuant to Section 3.18(b), the Special Servicer pursuant to Section 3.18(c),
or an assignee of either thereof, in any case, pending a determination of Fair
Value, (c) with respect to any Loan Combination, if the related Intercreditor
Agreement so provides for a purchase option, by any Junior Loan Holder or (d) by
the holders of more than 50% of the Percentage Interests in the Controlling
Class, the Special Servicer or the Master Servicer pursuant to Section 9.01, a
price equal to the sum of the following:

         (i) the outstanding principal balance of such Loan as of the date of
     purchase (and, if the Loan that is being purchased is part of a Loan
     Combination and a related Junior Loan Holder has previously made a Cure
     Payment, the outstanding principal balance as reduced by the principal
     portion of such Cure Payment);

         (ii) all accrued and unpaid interest on such Loan at the related
     Mortgage Rate in effect from time to time to but not including the Due Date
     in the Due Period of purchase (which includes unpaid Master Servicing Fees
     and Primary Servicing Fees) and all related Special Servicing Fees;

         (iii) all related unreimbursed Servicing Advances (and any related
     Servicing Advances reimbursed by the Trust Fund out of general collections
     on the Mortgage Pool) plus accrued and unpaid interest on related Advances
     at the Reimbursement Rate;

         (iv) if such Loan is being repurchased by or on behalf of a Responsible
     Party pursuant to or as contemplated by Section 7 of the related Mortgage
     Loan Purchase Agreement following the expiration of the applicable cure
     period (as it may be extended), the amount of the Liquidation Fee payable
     to the Special Servicer;

         (v) if such Loan is being purchased by a Junior Loan Holder pursuant to
     the related Intercreditor Agreement following 60 days from the related Loan
     becoming a Specially Serviced Loan, the amount of the Liquidation Fee
     payable to the Special Servicer; and

         (vi) if such Loan is being purchased by or on behalf of a Responsible
     Party pursuant to or as contemplated by Section 7 of the related Mortgage
     Loan Purchase Agreement, all

                                      -65-

     reasonable out-of-pocket expenses reasonably incurred (whether paid or then
     owing) by the Master Servicer, the Special Servicer, the Depositor and the
     Trustee in respect of the Breach or Defect giving rise to the repurchase
     obligation, including any expenses arising out of the enforcement of the
     repurchase obligation and, without duplication of any amounts described
     above in this definition, any realized losses and Trust Fund expenses
     incurred prior to such purchase date with respect to such Loan and/or (if
     applicable) its related Junior Loan.

         With respect to any Defaulted Loan to be purchased by the Directing
Certificateholder (or any assignee thereof) or the Special Servicer pursuant to
Section 3.18(b) or 3.18(c) following determination of Fair Value, the Purchase
Price will equal the Fair Value of such Defaulted Loan. With respect to any REO
Property to be sold pursuant to Section 3.18(e), the amount calculated in
accordance with the second preceding sentence of this definition in respect of
the related REO Loan(s).

         "Qualified Appraiser": In connection with the appraisal of any
Mortgaged Property or REO Property, an Independent MAI-designated or equivalent
appraiser with at least five years of experience in respect of the relevant
geographic location and property type.

         "Qualified Institutional Buyer" or "QIB": A "qualified institutional
buyer" within the meaning of Rule 144A under the Securities Act.

         "Qualified Insurer": (i) With respect to any Loan, Junior Loan, REO
Loan or REO Property, an insurance company or security or bonding company
qualified to write the related Insurance Policy in the relevant jurisdiction and
a minimum claims paying ability rating of at least "A3" by Moody's and "A-" by
Fitch (in each case, if then rated by Moody's or Fitch, as the case may be),
(ii) with respect to the fidelity bond and errors and omissions Insurance Policy
required to be maintained pursuant to Section 3.07(c), an insurance company that
has a claims paying ability rated no lower than two ratings below the rating
assigned to then highest rated outstanding Certificate, but in no event lower
than "A3" by Moody's and "A-" by Fitch (in each case, if then rated by Moody's
or Fitch, as the case may be) or, in the case of clauses (i) and (ii), such
other rating as each such Rating Agency shall have confirmed in writing will not
cause such Rating Agency to downgrade, qualify or withdraw any then-current
rating assigned to any of the Certificates that are then currently being rated
by such Rating Agency.

         "Qualified Substitute Mortgage Loan": A mortgage loan which must, on
the date of substitution: (i) have an outstanding principal balance, after
application of all scheduled payments of principal and interest due during or
prior to the month of substitution, not in excess of the Stated Principal
Balance of the deleted Loan as of the Due Date in the calendar month during
which the substitution occurs; (ii) have a Mortgage Rate not less than the
Mortgage Rate of the deleted Loan; (iii) have the same Due Date as the deleted
Loan; (iv) accrue interest on the same basis as the deleted Loan (for example,
on the basis of a 360-day year and the actual number of days elapsed); (v) have
a remaining term to stated maturity not greater than, and not more than two
years less than, the remaining term to stated maturity of the deleted Loan; (vi)
have an original Loan-to-Value Ratio not higher than that of the deleted Loan
and a current Loan-to-Value Ratio not higher than the then current Loan-to-Value
Ratio of the deleted Loan; (vii) materially comply as of the date of
substitution with all of the representations and warranties set forth in the
applicable Mortgage Loan Purchase Agreement; (viii) have an Environmental
Assessment that indicates no material adverse environmental conditions with
respect to the related Mortgaged Property and which will be delivered as a part
of the related Mortgage File; (ix) have an original Debt Service Coverage Ratio
of not less than the original Debt Service Coverage Ratio of the deleted Loan
and a current Debt Service Coverage Ratio of not less than the current Debt
Service Coverage Ratio of the deleted Loan; (x) be determined by an Opinion of
Counsel (at the applicable Responsible Party's expense) to be a "qualified
replacement mortgage" within the meaning of Section 860G(a)(4) of the

                                      -66-

Code; (xi) not have a maturity date after the date two years prior to the Rated
Final Distribution Date; (xii) not be substituted for a deleted Loan unless the
Trustee has received prior confirmation in writing by each Rating Agency that
such substitution will not result in the withdrawal, downgrade, or qualification
of the rating assigned by the Rating Agency to any Class of Certificates then
rated by the Rating Agency (the cost, if any, of obtaining such confirmation to
be paid by the applicable Responsible Party); (xiii) have been approved by the
Directing Certificateholder in its sole discretion; (xiv) prohibit defeasance
within two years after the Closing Date; and (xv) not be substituted for a
deleted Loan if it would result in the termination of the REMIC status of any
Trust REMIC established under this Agreement or the imposition of tax on any
such Trust REMIC other than a tax on income expressly permitted or contemplated
to be received by the terms of this Agreement, as determined by an Opinion of
Counsel. In the event that one or more mortgage loans are substituted for one or
more deleted Loans, then the amounts described in clause (i) shall be determined
on the basis of aggregate principal balances and the rates described in clause
(ii) above (provided that no Net Mortgage Rate shall be less than the
Pass-Through Rate of any Class of Sequential Pay Certificates then outstanding)
and the remaining term to stated maturity referred to in clause (v) above shall
be determined on a weighted average basis. When a Qualified Substitute Mortgage
Loan is substituted for a deleted Loan, the applicable Responsible Party shall
certify that such mortgage loan meets all of the requirements of the above
definition and shall send such certification to the Trustee.

         "Rated Final Distribution Date": As to each Class of Sequential Pay
Certificates, other than the Class P Certificates, the Distribution Date
occurring in July 2036.

         "Rating Agency": Each of Fitch and Moody's or their successors in
interest. If any of such rating agencies or any successor thereto ceases to
remain in existence, "Rating Agency" shall be deemed to refer to any other
NRSRO, or other comparable Person, designated by the Depositor to replace the
rating agency that has ceased to exist. Notice of such designation shall be
given to the Trustee and the Master Servicer, and the specific ratings of Fitch
and Moody's herein referenced shall be deemed to refer to the equivalent ratings
of the party so designated.

         "Record Date": With respect to any Distribution Date other than the
first Distribution Date, the last Business Day of the month immediately
preceding the month in which such Distribution Date occurs, and, with respect to
the first Distribution Date, the Closing Date.

         "Reference Rate": With respect to any Distribution Date from and
including the September 2004 Distribution Date to and including the August 2011
Distribution Date, the corresponding rate per annum set forth on Exhibit K
hereto.

         "Registered Certificate": Any Certificate that has been subject to
registration under the Securities Act. As of the Closing Date, the Class A-1,
Class A-2, Class A-3, Class A-4, Class A-5, Class A-1-A, Class B, Class C and
Class D Certificates constitute Registered Certificates.

         "Regular Certificate": Any Sequential Pay Certificate or Interest-Only
Certificate.

         "Regulation S": Regulation S under the Securities Act.

         "Regulation S Global Certificate": With respect to any Class of
Book-Entry Non-Registered Certificates offered and sold outside of the United
States in reliance on Regulation S, a single global Certificate, or multiple
global Certificates collectively, in definitive, fully registered form without
interest coupon, each of which Certificates bears a Regulation S Legend.

                                      -67-

         "Regulation S Legend": With respect to any Class of Book-Entry
Non-Registered Certificates offered and sold outside the United States in
reliance on Regulation S, a legend generally to the effect that such
Certificates may not be offered, sold, pledged or otherwise transferred in the
United States or to a United States Securities Person prior to the Release Date
except pursuant to an exemption from the registration requirements of the
Securities Act.

         "Reimbursement Rate": The rate per annum applicable to the accrual of
interest on Servicing Advances in accordance with Section 3.03(d) and P&I
Advances in accordance with Section 4.03(d), which rate per annum shall equal
the "Prime Rate" published in the "Money Rates" Section of The Wall Street
Journal (or, if such Section or publication is no longer available, such other
comparable publication as is determined by the Trustee in its sole discretion)
as may be in effect from time to time, or, if the "Prime Rate" no longer exists,
such other comparable rate (as determined by the Trustee in its reasonable
discretion) as may be in effect from time to time.

         "Release Date": With respect to any Class of Non-Registered
Certificates (other than the Class R and Class V Certificates), the date that is
40 days following the later of (i) the commencement of the offering of such
Non-Registered Certificates to Persons other than distributors in reliance upon
Regulation S under the Securities Act and (ii) the date of closing of such
offering.

         "Remaining Principal Distribution Amount": As to any Distribution Date
and any Class of Sequential Pay Certificates (exclusive of the Class A
Sequential Pay Certificates), the amount, if any, by which the Principal
Distribution Amount for such Distribution Date exceeds the aggregate amount
distributed in respect of principal on such Distribution Date to all Classes of
Sequential Pay Certificates (including the Class A Sequential Pay Certificates)
senior to the subject Class.

         "REMIC": A "real estate mortgage investment conduit" as defined in
Section 860D of the Code (or any successor thereto).

         "REMIC Provisions": Provisions of the federal income tax law relating
to real estate mortgage investment conduits, which appear at Sections 860A
through 860G of Subchapter M of Chapter 1 of Subtitle A of the Code, and related
provisions, and temporary and final regulations and, to the extent not
inconsistent with such temporary and final regulations, proposed regulations,
and published rulings, notices and announcements promulgated thereunder, as the
foregoing may be in effect from time to time.

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

         "REO Account": A segregated custodial account or accounts created and
maintained by the Special Servicer pursuant to Section 3.16 on behalf of the
Trustee in trust for the Certificateholders and any related Junior Loan
Holder(s), which shall be entitled "[name of Special Servicer], as Special
Servicer, in trust for Wells Fargo Bank, N.A., as Trustee, for Holders of Credit
Suisse First Boston Mortgage Securities Corp. Commercial Mortgage Pass-Through
Certificates, Series 2004-C3, and any related Junior Loan Holder(s), as their
interests may appear, REO Account". Any such account or accounts shall be an
Eligible Account.

         "REO Acquisition": With respect to any Loan, the acquisition by the
Trust Fund of REO Property related to such Loan.

         "REO Acquisition Date": The date of the Trust Fund's acquisition for
federal income tax purposes of any REO Property pursuant to Section 3.09.

                                      -68-

         "REO Disposition": The sale or other disposition of the REO Property
pursuant to Section 3.18(e).

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

         "REO Loan": Any Loan or Junior Loan deemed to be outstanding with
respect to each REO Property. Each REO Loan shall be deemed to be outstanding
for so long as the related REO Property remains part of the Trust Fund, and
shall be deemed to provide for Assumed Scheduled Payments on each Due Date
therefor and otherwise have the same terms and conditions as its predecessor
Loan or Junior Loan, as the case may be, including, without limitation, with
respect to the calculation of the Mortgage Rate in effect from time to time
(such terms and conditions to be applied without regard to the default on such
predecessor Loan or Junior Loan, as the case may be). Each REO Loan shall be
deemed to have an initial outstanding principal balance and, if applicable,
Stated Principal Balance equal to the outstanding principal balance and, if
applicable, Stated Principal Balance, respectively, of its predecessor Loan or
Junior Loan, as applicable, as of the related REO Acquisition Date. All amounts
due and owing in respect of the predecessor Loan or Junior Loan, as applicable,
as of the related REO Acquisition Date, including, without limitation, accrued
and unpaid interest, shall continue to be due and owing in respect of an REO
Loan. All amounts payable or reimbursable to the Master Servicer, any Special
Servicer or the Trustee, as applicable, in respect of the predecessor Loan or
Junior Loan as of the related REO Acquisition Date, including, without
limitation, any unpaid Special Servicing Fees and Master Servicing Fees and any
unreimbursed Advances, together with any interest accrued and payable to the
Master Servicer or the Trustee in respect of such Advances in accordance with
Section 3.03(d) or Section 4.03(d), shall continue to be payable or reimbursable
to the relevant party hereunder in respect of an REO Loan. In addition,
Workout-Delayed Reimbursement Amounts and Nonrecoverable Advances with respect
to an REO Loan (including interest accrued thereon), in each case, that were
paid from general collections on the Mortgage Pool and resulted in principal
distributed to the Certificateholders being reduced shall be deemed outstanding
until recovered. Collections in respect of each REO Loan (exclusive of amounts
to be applied to the payment of, or to be reimbursed to the Master Servicer or
the Special Servicer for the payment of, the costs of operating, managing and
maintaining the related REO Property) shall be treated: first, as a recovery of
accrued and unpaid Advances, Nonrecoverable Advances and Workout-Delayed
Reimbursement Amounts with respect to such REO Loan (in the case of
Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts, that were
paid from general collections of principal on the Mortgage Pool and resulted in
principal distributed to the Certificateholders being reduced), Primary
Servicing Fees and Master Servicing Fees and related interest due the Master
Servicer or the Trustee; second, as a recovery of any remaining accrued and
unpaid interest on such REO Loan at the related Net Mortgage Rate to but not
including the Due Date in the Due Period of receipt; third, as a recovery of
principal of such REO Loan to the extent of its entire unpaid principal balance;
and fourth, in accordance with the Servicing Standard of the Master Servicer, as
a recovery of any other amounts due and owing in respect of such REO Loan,
including, without limitation, prepayment consideration and Penalty Charges.

         "REO Property": A Mortgaged Property acquired on behalf and in the name
of the Trustee or its nominee for the benefit of the Certificateholders (or, in
the case of a Mortgaged Property securing a Serviced Loan Combination or any CBA
A/B Loan Pair, for the benefit of the Certificateholders and the related Junior
Loan Holder(s), as their interests may appear), through foreclosure, acceptance
of a deed-in-lieu of foreclosure or otherwise in accordance with applicable law
in connection with the default or imminent default of a Loan or a Loan
Combination.

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

                                      -69-

         "Request for Release": A release signed by a Servicing Officer of the
Master Servicer or the Special Servicer as applicable, in the form of Exhibit D
attached hereto.

         "Requesting Subordinate Certificateholder": The Holder of any of the
Class L, Class M, Class N, Class O or Class P Certificates, that delivers notice
to the Trustee, the Master Servicer and the Special Servicer indicating that
such Holder is a "Requesting Subordinate Certificateholder".

         "Responsible Officer": When used with respect to the initial Trustee,
any Vice President, Assistant Vice President or trust officer of the Trustee
having direct responsibility for the administration of this Agreement, and with
respect to any successor Trustee, any officer or assistant officer in the
corporate trust department of the Trustee or any other officer of the Trustee
customarily performing functions similar to those performed by any of the above
designated officers to whom a particular matter is referred by the Trustee
because of such officer's knowledge of and familiarity with the particular
subject.

         "Responsible Party": As to the specified Loans, the indicated party:
(a) in the case of the CSFB Loans, the CSFB Mortgage Loan Seller; (b) in the
case of the PNC Loans, the PNC Mortgage Loan Seller; and (c) in the case of the
Mizner Park Loan, KeyBank.

         "Restricted Master Servicer Reports": Collectively, to the extent not
filed with the Commission, the CMSA Comparative Financial Status Report, the
CMSA Servicer Watch List, the CMSA Operating Statement Analysis Report, the CMSA
Financial File, the Asset Status Report and CMSA NOI Adjustment Worksheet.

         "Revised Rate": With respect to the ARD Loans, the increased interest
rate after the Anticipated Repayment Date (in the absence of a default) for each
applicable ARD Loan, as calculated and as set forth in the related ARD Loan.

         "Rule 144A Global Certificate": With respect to any Class of Book-Entry
Non-Registered Certificates, a single global Certificate, or multiple global
Certificates collectively, registered in the name of the Depository or its
nominee, in definitive, fully registered form without interest coupons, each of
which Certificates bears a Qualified Institutional Buyer CUSIP number and does
not bear a Regulation S Legend.

         "Sarbanes Act": As defined in Section 3.26.

         "Sarbanes-Oxley Certification": As defined in Section 3.26.

         "Securities Act": The Securities Act of 1933, as amended.

         "Security Agreement": With respect to any Loan or Junior Loan, any
security agreement or equivalent instrument, whether contained in the related
Mortgage or executed separately, creating in favor of the holder of such
Mortgage a security interest in the personal property constituting security for
repayment of such Loan or Junior Loan, as the case may be.

         "Security Position Listing": A listing prepared by the Depository of
the holdings of Depository Participants with respect to the Certificates.

         "Senior Principal Distribution Cross-Over Date": The first Distribution
Date as of which the aggregate of the Class Principal Balances of the Class A-1,
Class A-2, Class A-3, Class A-4, Class A-5 and Class A-1-A Certificates
outstanding immediately prior thereto equals or exceeds the sum of (a) the

                                      -70-

aggregate Stated Principal Balance of the Mortgage Pool that will be outstanding
immediately following such Distribution Date, plus (b) the lesser of (i) the
Principal Distribution Amount for such Distribution Date and (ii) the portion of
the Available Distribution Amount for such Distribution Date that will remain
after all distributions of interest to be made on the Class A-X, Class A-SP,
Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class A-1-A
Certificates on such Distribution Date pursuant to Section 4.01(a) have been so
made.

         "Sequential Pay Certificates": Any of the Class A-1, Class A-2, Class
A-3, Class A-4, Class A-5, Class A-1-A, Class B, Class C, Class D, Class E,
Class F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class O
or Class P Certificates.

         "Serviced Loan Combinations": The One Park Avenue Total Loan, the
Mizner Park Total Loan and, with respect to each CBA A/B Loan Pair, upon a
"Material Default" under the related CBA A/B Intercreditor Agreement, such CBA
A/B Loan Pair, collectively.

         "Servicing Account": The account or accounts created and maintained
pursuant to Section 3.03.

         "Servicing Advances": All customary, reasonable and necessary
"out-of-pocket" costs and expenses, including attorneys' fees and expenses and
fees of real estate brokers, paid or to be paid, as the context requires, out of
its own funds, by the Master Servicer or the Special Servicer (or, if
applicable, the Trustee) in connection with the servicing of a Loan and/or (if
applicable) the related Junior Loan(s), after a default, delinquency or other
unanticipated event has occurred or is reasonably foreseeable, or in connection
with the administration of any REO Property, including (1) any such costs and
expenses associated with (a) compliance with the obligations of the Master
Servicer and/or Special Servicer set forth in Sections 2.03, 3.03(c) and 3.09,
(b) the preservation, insurance, restoration, protection and management of a
Mortgaged Property, including the cost of any "force placed" insurance policy
purchased by the Master Servicer or the Special Servicer to the extent such cost
is allocable to a particular Mortgaged Property that the Master Servicer or the
Special Servicer is required to cause to be insured pursuant to Section 3.07,
(c) obtaining any Insurance and Condemnation Proceeds or Liquidation Proceeds in
respect of any such Loan, Junior Loan or any REO Property, (d) any enforcement
or judicial proceedings with respect to any such Loan and/or (if applicable) the
related Junior Loan(s), including foreclosures and similar proceedings, (e) the
operation, leasing, management, maintenance and liquidation of any REO Property,
(f) obtaining any Appraisal required to be obtained hereunder, and (g) UCC
filings (to the extent that the costs thereof are not reimbursed by the related
Borrower), (2) the reasonable and direct out-of-pocket travel expenses incurred
by the Special Servicer in connection with performing inspections pursuant to
Section 3.19, and (3) any other expenditure which is expressly designated as a
Servicing Advance herein.

         "Servicing File": Any documents, certificates, opinions and reports
(other than documents required to be part of the related Mortgage File)
delivered by the related Borrower in connection with or relating to the
origination and servicing of any Loan or Junior Loan or which are reasonably
required for the ongoing administration of such Loan or Junior Loan, as the case
may be, including appraisals, surveys, engineering reports, environmental
reports, financial statements, leases, rent rolls and tenant estoppels, but
excluding any other documents and writings that have been prepared by the
related Mortgage Loan Seller or any of its Affiliates solely for internal credit
analysis or other internal uses or any attorney-client or internal
communication, together with copies of documents required to be part of the
related Mortgage File.

                                      -71-

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

         "Servicing Standard": As defined in Section 3.01(a).

         "Servicing Transfer Event": With respect to any Loan or Junior Loan, as
applicable, the occurrence of any of the following events:

         (i) a payment default shall have occurred on such Loan or Junior Loan,
     as the case may be, at its Maturity Date (except, if (a) the Borrower is
     making its Assumed Scheduled Payment, (b) the Borrower notifies the Master
     Servicer of its intent to refinance such Loan or Junior Loan, as the case
     may be, and is diligently pursuing such refinancing, (c) the Borrower
     delivers a firm commitment to refinance acceptable to the Directing
     Certificateholder within 60 days after the Maturity Date, and (d) such
     refinancing occurs within 90 days of such default, which 90-day period may
     be extended to 150 days at the Directing Certificateholder's discretion);
     or

         (ii) any Monthly Payment (other than a Balloon Payment) is 60 days or
     more delinquent; or

         (iii) the Master Servicer or, with the approval of the Directing
     Certificateholder, the Special Servicer determines that a payment default
     or a material non-monetary default has occurred or is imminent and is not
     likely to be cured within 60 days; provided, however, that a Servicing
     Transfer Event shall not exist pursuant to this clause (iii) in connection
     with a Balloon Payment on any Loan or any Loan Combination if the Master
     Servicer determines that the Master Servicer's granting (to the extent it
     is permitted under the final paragraph of Section 3.20(a)) of an extension
     of the applicable Maturity Date is in accordance with the Servicing
     Standard and the Master Servicer obtains the consent of the Directing
     Certificateholder to such determination in accordance with Section 3.20(a)
     and at such time no other Servicing Transfer Event exists; or

         (iv) a decree or order of a court or agency or supervisory authority
     having jurisdiction in the premises in an involuntary case under any
     present or future federal or state bankruptcy, insolvency or similar law or
     the appointment of a conservator or receiver or liquidator in any
     insolvency, readjustment of debt, marshaling of assets and liabilities or
     similar proceedings, or for the winding-up or liquidation of its affairs is
     entered against the related Borrower; provided that if such decree or order
     is discharged or stayed within 60 days of being entered, such Loan or
     Junior Loan, as the case may be, shall not be a Specially Serviced Loan
     (and no Special Servicing Fees, Workout Fees or Liquidation Fees will be
     payable with respect thereto); or

         (v) the related Borrower shall file for or consent to the appointment
     of a conservator or receiver or liquidator in any insolvency, readjustment
     of debt, marshaling of assets and liabilities or similar proceedings of or
     relating to such Borrower or of or relating to all or substantially all of
     its property; or

         (vi) the related Borrower shall admit in writing its inability to pay
     its debts generally as they become due, file a petition to take advantage
     of any applicable insolvency or

                                      -72-

     reorganization statute, make an assignment for the benefit of its
     creditors, or voluntarily suspend payment of its obligations; or

         (vii) the Master Servicer has received notice of the foreclosure or
     proposed foreclosure of any lien on the related Mortgaged Property; or

         (viii) with respect to any Loan that is a part of any Loan Combination
     where a related Junior Loan Holder has exercised its right to cure
     consecutive monetary defaults up to the amount of consecutive monetary
     defaults permitted pursuant to the related Intercreditor Agreement, the
     occurrence of a monetary default in the following month; or

         (ix) any other default has occurred which, in the reasonable judgment
     of the Master Servicer, or in the reasonable judgment of the Special
     Servicer (with the approval of the Directing Certificateholder), has
     materially and adversely affected the value of such Loan or Junior Loan, as
     the case may be, or otherwise materially and adversely affects the
     interests of the Certificateholders and, in either such case, has continued
     unremedied for 60 days (irrespective of any applicable grace period
     specified in the related Loan Documents), provided that the failure of the
     related Borrower to obtain all-risk casualty insurance that does not
     contain any carve-out for terrorist or similar act (other than such amounts
     as are specifically required by the related Loan Agreement) shall not apply
     with respect to this clause if the Special Servicer has determined in
     accordance with the Servicing Standard that either (a) such insurance is
     not available at commercially reasonable rates and that such hazards are
     not at the time commonly insured against for properties similar to the
     Mortgaged Property and located in or around the region in which such
     Mortgaged Property is located or (b) such insurance is not available at any
     rate.

         Notwithstanding the foregoing, if a default occurs under any Loan
Combination, which the related Junior Loan Holder has the option to cure
pursuant to the related Intercreditor Agreement, then a Servicing Transfer Event
will not be deemed to have occurred with respect to such Loan Combination and
such Loan Combination will not be considered a Specially Serviced Loan unless
and until the related Junior Loan Holder does not exercise its option to cure
prior to the expiration of the applicable cure period as described in such
related Intercreditor Agreement.

         "Significant Loan": At any time, (a) any Loan (i) whose principal
balance is $20,000,000 or more at such time or (ii) that is (x) a Loan, (y) part
of a group of Crossed Loans or (z) part of a group of Loans made to affiliated
Borrowers that, in each case, in the aggregate, represents 5% or more of the
aggregate outstanding principal balance of the Mortgage Pool at such time or (b)
any one of the ten largest Loans (which for the purposes of this definition
shall include groups of Crossed Loans and groups of Loans made to affiliated
Borrowers), by outstanding principal balance at such time.

         "Single-Purpose Entity" or "SPE": A person, other than an individual,
whose organizational documents provide (with such exceptions as may be approved
by the Master Servicer or the Special Servicer in their respective discretion,
in each case in accordance with the Servicing Standard) that it is formed solely
for the purpose of owning and pledging Defeasance Collateral relating to one or
more Defeasance Loans; shall not engage in any business unrelated to such
Defeasance Collateral; shall not have any assets other than those related to its
interest in the Defeasance Collateral and may not incur any indebtedness other
than as required to assume the defeased obligations under the related Note or
Notes that have been defeased; shall maintain its own books, records and
accounts, in each case which are separate and apart from the books, records and
accounts of any other Person; shall hold regular meetings, as appropriate, to
conduct its business, and shall observe all entity level formalities and
recordkeeping; shall conduct business in its own name and use separate
stationery, invoices and checks; may not

                                      -73-

guarantee or assume the debts or obligations of any other Person; shall not
commingle its assets or funds with those of any other Person; shall pay its
obligations and expenses and the salaries of its own employees from its own
funds and allocate and charge reasonably and fairly any common employees or
overhead shared with Affiliates; shall prepare separate tax returns and
financial statements or, if part of a consolidated group, shall be shown as a
separate member of such group; shall transact business with Affiliates on an
arm's-length basis pursuant to written agreements; shall hold itself out as
being a legal entity, separate and apart from any other Person; if such entity
is a limited partnership, shall have as its only general partners, general
partners which are Single-Purpose Entities which are corporations; if such
entity is a corporation, at all relevant times, has and will have at least one
Independent Director; the board of directors of such entity shall not take any
action requiring the unanimous affirmative vote of 100% of the members of the
board of directors unless all of the directors, including without limitation all
Independent Directors, shall have participated in such vote; shall not fail to
correct any known misunderstanding regarding the separate identity of such
entity; if such entity is a limited liability company, shall have at least one
member that is a Single-Purpose Entity which is a corporation, and such
corporation shall be the managing member of such limited liability company;
shall hold its assets in its own name; except for the pledge of such Defeasance
Collateral, shall not pledge its assets for the benefit of any other person or
entity; shall not make loans or advances to any person or entity; shall not
identify its partners, members or shareholders, or any affiliates of any of them
as a division or part of it; if such entity is a limited liability company, such
entity shall dissolve only upon the bankruptcy of the managing member, and such
entity's articles of organization, certificate of formation and/or operating
agreement, as applicable, shall contain such provision; if such entity is a
limited liability company or limited partnership, and such entity has one or
more managing members or general partners, as applicable, then such entity shall
continue (and not dissolve) for so long as a solvent managing member or general
partner, as applicable, exists and such entity's organizational documents shall
contain such provision. The SPE's organizational documents shall further
prohibit any dissolution and winding up and provide that any insolvency filing
for such entity requires the unanimous consent of all partners, directors
(including without limitation all Independent Directors) or members, as
applicable, and that such documents may not without Rating Agency confirmation
of Certificate ratings, in respect of any Significant Loan, be amended with
respect to the Single-Purpose Entity requirements so long as any Certificates
are outstanding.

         "Sole Certificateholder": Any Holder (or Holders provided they act in
unanimity) holding 100% of then outstanding Class A-X, Class A-SP, Class J,
Class K, Class L, Class M, Class N, Class O and Class P Certificates or an
assignment of the voting rights thereof; provided, however, that the Class
Principal Balances of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5,
Class A-1-A, Class B, Class C, Class D, Class E, Class F, Class G and Class H
Certificates have been reduced to zero.

         "Special Servicer": Clarion Partners, LLC and its successors in
interest and assigns, or any successor special servicer appointed as herein
provided.

         "Special Servicing Fee": With respect to each Specially Serviced Loan
and REO Loan, the fee payable to the Special Servicer pursuant to the first
paragraph of Section 3.11(b), computed on the basis of the Stated Principal
Balance of the related Loan and for the same period for which any related
interest payment on the related Specially Serviced Loan is computed, as more
particularly described in Section 3.11(b).

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

                                      -74-

         "Specially Designated Servicing Actions": Any of the One Park Avenue
Specially Designated Servicing Actions and Mizner Park Specially Designated
Servicing Actions, individually or collectively, as the case may be.

         "Specially Serviced Loan": As defined in Section 3.01(a).

         "Startup Day": The Closing Date.

         "State Tax Laws": The state and local tax laws of any state, the
applicability of which to the Trust Fund or the Trust REMICs shall have been
confirmed to the Trustee in writing either by the delivery to the Trustee of an
Opinion of Counsel to such effect (which Opinion of Counsel shall not be at the
expense of the Trustee), or by the delivery to the Trustee of a written
notification to such effect by the taxing authority of such state.

         "Stated Principal Balance": With respect to any Loan or Junior Loan
(other than an REO Loan), as of any date of determination, an amount equal to
(x) the Cut-off Date Principal Balance of such Loan or such Junior Loan, as the
case may be, or with respect to a Qualified Substitute Mortgage Loan being
substituted for another Loan pursuant to or as contemplated by Section 2.03(b)
hereof, the outstanding principal balance of such Qualified Substitute Mortgage
Loan after application of all scheduled payments of principal and interest due
during or prior to the month of substitution, whether or not received, minus (y)
the sum of:

         (i) the principal portion of each Monthly Payment due on such Loan or
     Junior Loan, as the case may be, after the Cut-off Date (or, with respect
     to a Qualified Substitute Mortgage Loan substituted for another Loan
     pursuant to or as contemplated by Section 2.03(b) hereof, the applicable
     Due Date during the month of substitution), to the extent received from the
     Borrower or advanced by the Master Servicer or Trustee, as applicable, and
     distributed to Certificateholders, or the related Junior Loan Holder, as
     may be applicable, on or before such date of determination;

         (ii) all Principal Prepayments received with respect to such Loan or
     Junior Loan, as the case may be, after the Cut-off Date (or, with respect
     to a Qualified Substitute Mortgage Loan substituted for another Loan
     pursuant to or as contemplated by Section 2.03(b) hereof, the applicable
     Due Date during the month of substitution), to the extent distributed to
     Certificateholders, or the related Junior Loan Holder, as may be
     applicable, on or before such date of determination;

         (iii) the principal portion of all Insurance and Condemnation Proceeds
     and Liquidation Proceeds received with respect to such Loan or Junior Loan,
     as the case may be, after the Cut-off Date (or, with respect to a Qualified
     Substitute Mortgage Loan substituted for another Loan pursuant to or as
     contemplated by Section 2.03(b) hereof, the applicable Due Date during the
     month of substitution), to the extent distributed to Certificateholders, or
     the related Junior Loan Holder, as may be applicable, on or before such
     date of determination;

         (iv) any reduction in the outstanding principal balance of such Loan or
     Junior Loan, as the case may be, resulting from a Deficient Valuation that
     occurred prior to the end of the Due Period for the most recent
     Distribution Date; and

                                      -75-

         (v) any reduction in the outstanding principal balance of such Loan or
     Junior Loan, as the case may be, due to a modification by the Special
     Servicer pursuant to this Agreement, which reduction occurred prior to the
     end of the Due Period for the most recent Distribution Date.

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

         (i) if such REO Loan relates to a predecessor Loan, the principal
     portion of any P&I Advance made with respect to such REO Loan on or after
     the related REO Acquisition Date, to the extent distributed to
     Certificateholders on or before such date of determination; and

         (ii) the principal portion of all Insurance and Condemnation Proceeds,
     Liquidation Proceeds and REO Revenues received with respect to such REO
     Loan, to the extent distributed to Certificateholders or the related Junior
     Loan Holder, as applicable, on or before such date of determination.

         Each Loan (and any successor REO Loan with respect thereto) shall be
deemed to be part of the Trust Fund and to have an outstanding Stated Principal
Balance until the Distribution Date on which the payments or other proceeds, if
any, received in connection with a Liquidation Event in respect thereof (or any
related REO Property) are to be distributed to Certificateholders; and,
following such Distribution Date, such Stated Principal Balance shall be zero.

         The Stated Principal Balance of any Loan (or any successor REO Loan
with respect thereto) as to which there has been a Final Recovery Determination
shall be, following the application of all amounts received in connection with
such Loan (or any related REO Property) in accordance with the terms hereof,
zero.

         For avoidance of doubt, any payment or other collection of principal on
or with respect to any Loan (or any successor REO Loan with respect thereto)
that constitutes part of the Principal Distribution Amount for any Distribution
Date, without regard to the second paragraph of the definition of "Principal
Distribution Amount" and, further, without regard to any Principal Distribution
Adjustment Amount for such Distribution Date, shall be deemed to be distributed
to Certificateholders on such Distribution Date for purposes of this definition.

         "Statement to Certificateholders": As defined in Section 4.02(a).

         "Static Prepayment Premium": A form of prepayment consideration payable
in connection with any voluntary or involuntary principal prepayment that is
calculated solely as a specified percentage of the amount prepaid, which
percentage may change over time.

         "Sub-Servicer": Any Person with which the Master Servicer or the
Special Servicer has entered into a Sub-Servicing Agreement, including the
Primary Servicer.

         "Sub-Servicing Agreement": The subservicing agreements between the
Master Servicer or the Special Servicer, as the case may be, and any
Sub-Servicer relating to servicing and administration of Loans by such
Sub-Servicer as provided in Section 3.22, including any Primary Servicing
Agreement.

         "Substitution Shortfall Amount": With respect to a substitution
pursuant to or as contemplated by Section 2.03(b) hereof, an amount equal to the
excess, if any, of the Purchase Price of the Loan being replaced calculated as
of the date of substitution over the initial Stated Principal Balance

                                      -76-

of the related Qualified Substitute Mortgage Loan. In the event that one or more
Qualified Substitute Mortgage Loans are substituted (at the same time) for one
or more deleted Loans, the Substitution Shortfall Amount shall be determined as
provided in the preceding sentence on the basis of the aggregate Purchase Prices
of the Loan or Loans being replaced and the aggregate initial Stated Principal
Balances of the related Qualified Substitute Mortgage Loan or Loans.

         "Successor Manager": As defined in Section 3.19(b).

         "Tax Returns": The federal income tax returns on Internal Revenue
Service Form 1066, U.S. Real Estate Mortgage Investment Conduit (REMIC) Income
Tax Return, including Schedule Q thereto, Quarterly Notice to Residual Interest
Holders of REMIC Taxable Income or Net Loss Allocation, or any successor forms,
to be filed on behalf of each of the Upper-Tier REMIC and the Lower-Tier REMIC
created hereunder due to its classification as a REMIC under the REMIC
Provisions, and Forms 1041 for the portions of the Trust Fund intended to be
treated as grantor trusts for U.S. federal income tax purposes, together with
any and all other information, reports or returns that may be required to be
furnished to the Certificateholders or filed with the Internal Revenue Service
or any other governmental taxing authority under any applicable provisions of
federal or State Tax Laws.

         "Termination Notice": As defined in Section 7.01(b).

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

         "Transfer Affidavit and Agreement": As defined in Section 5.02(d).

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

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

         "Treasury Rate": With respect to any Principal Prepayment made on a
Loan, the yield calculated by the linear interpolation of the yields reported in
Federal Reserve Statistical Release H.15 Selected Interest Rates (the "Release")
under the heading "U.S. government securities" and the subheading "Treasury
constant maturities" for the week ending immediately before the related
Prepayment Date, of U.S. Treasury constant maturities with maturity dates (one
longer and one shorter) most nearly approximating the Maturity Date of such Loan
(or, if such Loan is an ARD Loan, the related Anticipated Repayment Date). If
the Release is no longer published, the Master Servicer shall select a
comparable publication to determine the Treasury Rate in its reasonable
discretion.

         "Trust": The trust created hereby.

         "Trust Assets": The assets comprising the Trust Fund.

         "Trust Fund": The segregated pool of assets subject hereto,
constituting the Trust, consisting of: (i) the Loans subject to this Agreement
and all interest and principal received or receivable on or with respect to the
Loans (other than payments of principal and interest due and payable on the
Loans on or before the Cut-off Date (or, in the case of any Qualified Substitute
Mortgage Loan that is substituted for another Loan pursuant to or as
contemplated by Section 2.03(b), on or before the applicable Due Date therefor
occurring in the month of substitution) and Principal Prepayments paid on or
before the Cut-off Date (or, in the case of any Qualified Substitute Mortgage
Loan that is substituted

                                      -77-

for another Loan pursuant to or as contemplated by Section 2.03(b), on or before
the applicable Due Date therefor occurring in the month of substitution)),
together with all documents included in the related Mortgage Files; (ii) such
funds or assets as from time to time are deposited in the Collection Account,
the Distribution Account, the Excess Liquidation Proceeds Account, the Excess
Interest Distribution Account, the Interest Reserve Account and, if established,
the REO Accounts; (iii) any REO Property; (iv) the rights of the mortgagee under
all Insurance Policies with respect to the Loans; (v) the Uncertificated
Lower-Tier Interests; and (viii) the rights of the Depositor with respect to the
Loans under the Mortgage Loan Purchase Agreements.

         "Trust REMIC": The Upper-Tier REMIC or the Lower-Tier REMIC.

         "Trustee": Wells Fargo Bank, N.A., a national banking association, in
its capacity as trustee and its successors in interest, or any successor trustee
appointed as herein provided.

         "Trustee Exception Report": As defined in Section 2.02(e).

         "Trustee Fee": The fee to be paid to the Trustee as compensation for
the Trustee's activities under this Agreement.

         "Trustee Fee Rate": A rate equal to 0.0014% per annum computed on the
same basis and in the same manner as interest is computed on the related Loan or
REO Loan.

         "UCC": The Uniform Commercial Code, as enacted in each applicable
state.

         "UCC Financing Statement": A financing statement filed or to be filed
pursuant to the UCC, as in effect in the relevant jurisdiction.

         "UCC Financing Statement Amendment": A financing statement amendment
filed or to be filed pursuant to the UCC.

         "Uncertificated Accrued Interest Amount": With respect to each
Distribution Date and each Uncertificated Lower-Tier Interest, an amount equal
to interest for the related Interest Accrual Period at the Lower-Tier Remittance
Rate applicable to such Uncertificated Lower-Tier Interest for such Distribution
Date, accrued on the related Lower-Tier Principal Amount of such Uncertificated
Lower-Tier Interest immediately prior to such Distribution Date. The
Uncertificated Accrued Interest Amount for each Uncertificated Lower-Tier
Interest shall be calculated on a 30/360 Basis.

         "Uncertificated Lower-Tier Interests": The uncertificated "regular
interests", within the meaning of Section 860G(a)(1) of the Code, in the
Lower-Tier REMIC, which "regular interests" consist of the Class LA-1-1, Class
LA-1-2, Class LA-2-1, Class LA-2-2, Class LA-3-1, Class LA-3-2, Class LA-3-3,
Class LA-4, Class LA-5-1, Class LA-5-2, Class LA-5-3, Class LA-5-4, Class
LA1A-1, Class LA1A-2, Class LA1A-3, Class LA1A-4, Class LA1A-5, Class LA1A-6,
Class LA1A-7, Class LA1A-8, Class LB, Class LC-1, Class LC-2, Class LD-1, Class
LD-2, Class LE-1, Class LE-2, Class LF, Class LG, Class LH, Class LJ, Class LK,
Class LL, Class LM, Class LN, Class LO and Class LP Lower-Tier Interests.

         "Uncovered Prepayment Interest Shortfall": With respect to any Loan as
to which a Prepayment Interest Shortfall was incurred, the excess, if any, of
(i) such Prepayment Interest Shortfall, over (ii) the deposit made by the Master
Servicer to the Trustee in respect of such Prepayment Interest Shortfall
pursuant to Section 3.02(d).

                                      -78-

         "Uncovered Prepayment Interest Shortfall Amount": As to any
Distribution Date, the amount, if any, by which (i) the sum of the Uncovered
Prepayment Interest Shortfalls, if any, incurred with respect to the Loans
during the related Due Period, exceeds (ii) the aggregate amount of Prepayment
Interest Excesses, if any, received on the Loans during the related Due Period
that are applied to offset such Uncovered Prepayment Interest Shortfalls.

         "Underwriter Exemption": PTE 89-90, as amended by PTE 97-34, PTE
2000-58 and PTE 2002-41, and as may be subsequently amended following the
Closing Date.

         "Underwriters": Collectively, Credit Suisse First Boston LLC, PNC
Capital Markets, Inc. and Goldman, Sachs & Co.

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

         "Unpaid Interest Shortfall Amount": As to any Class of Regular
Certificates, any Component of the Class A-X or Class A-SP Certificates or any
Uncertificated Lower-Tier Interest, for the first Distribution Date, zero. With
respect to any Class of Regular Certificates, any Component of the Class A-X or
Class A-SP Certificates or any Uncertificated Lower-Tier Interest, for any
Distribution Date after the first Distribution Date, the amount, if any, by
which the sum of the Monthly Interest Distribution Amounts for such Class, such
Component or such Uncertificated Lower-Tier Interest for all prior Distribution
Dates exceeds the sum of the amounts distributed on such Class or deemed
distributed on such Component or such Uncertificated Lower-Tier Interest, as the
case may be, on all prior Distribution Dates in respect of accrued interest.

         "United States Securities Person": Any "U.S. person" as defined in Rule
902(k) of Regulation S.

         "United States Tax Person": A citizen or resident of the United States,
a corporation, partnership or other entity created or organized in, or under the
laws of, the United States or any political subdivision thereof, or an estate
whose income from sources without the United States is includible in gross
income for United States federal income tax purposes regardless of its
connection with the conduct of a trade or business within the United States, or
a trust if a court within the United States is able to exercise primary
supervision over the administration of the trust and one or more United States
Tax Persons have the authority to control all substantial decisions of the
trust, all within the meaning of Section 7701(a)(30) of the Code.

         "Unrestricted Master Servicer Reports": Collectively, the CMSA
Delinquent Loan Status Report, CMSA Historical Loan Modification and Corrected
Mortgage Loan Report, CMSA Historical Liquidation Report, CMSA REO Status
Report, and, if and to the extent filed with the Commission, such reports and
files that would, but for such filing, constitute Restricted Master Servicer
Reports.

         "Upper-Tier REMIC": One of the multiple separate REMICs comprising the
Trust Fund, the primary assets of which consist of the Uncertificated Lower-Tier
Interests.

         "Voting Rights": The portion of the voting rights of all of the
Certificates, which is allocated to any Certificate. At all times during the
term of this Agreement and for any date of

                                      -79-

determination, the Voting Rights shall be allocated among the various Classes of
Certificateholders as follows: (i) 1% in the case of the Class A-X and Class
A-SP Certificates (based on the respective Class Notional Amount of each such
Class relative to the aggregate Certificate Notional Amount of the three such
Classes) and (ii) in the case of any Class of Sequential Pay Certificates a
percentage equal to the product of 99% and a fraction, the numerator of which is
equal to the Class Principal Balance of such Class, in each case, determined as
of the Distribution Date immediately preceding such date of determination, and
the denominator of which is equal to the aggregate of the Class Principal
Balances of all the Classes of Sequential Pay Certificates, each determined as
of the Distribution Date immediately preceding such date of determination. None
of the Class V or Class R Certificates will be entitled to any Voting Rights.
For purposes of determining Voting Rights, the Class Principal Balance of any
Class shall be deemed to be reduced by allocation of the Collateral Support
Deficit to such Class, but not by Appraisal Reductions allocated to such Class.
Voting Rights allocated to a Class of Certificateholders shall be allocated
among such Certificateholders in proportion to the Percentage Interests
evidenced by their respective Certificates.

         "Website": The internet website maintained by the Trustee (initially
located at www.ctslink.com/cmbs) or the internet website of the Master Servicer.

         "Weighted Average Net Mortgage Pass-Through Rate": As to any
Distribution Date, the weighted average of the Net Mortgage Pass-Through Rates
of all the Loans and REO Loans in the Mortgage Pool, weighted based on their
respective Stated Principal Balances immediately prior to such Distribution
Date.

         "Withheld Amounts": As defined in Section 3.28(a).

         "Workout-Delayed Reimbursement Amount": With respect to any Loan, the
amount of any Advance made with respect to such Loan on or before the date such
Loan becomes a Corrected Loan, together with (to the extent accrued and unpaid)
interest on such Advances, to the extent that (i) such Advance is not reimbursed
to the Person who made such Advance on or before the date, if any, on which such
Loan becomes a Corrected Loan and (ii) the amount of such Advance becomes an
obligation of the Borrower to pay such amount under the terms of the Loan
Documents. The fact that any amount constitutes all or a portion of any
Workout-Delayed Reimbursement Amount shall not in any manner limit the right of
any Person hereunder to determine that such amount instead constitutes a
Nonrecoverable Advance.

         "Workout Fee": The fee paid to the Special Servicer with respect to
each Corrected Loan.

         "Workout Fee Rate": As defined in Section 3.11(b).

         "Yield Maintenance Charge": With respect to any Loan, the yield
maintenance charge set forth in the related Loan Documents, including but not
limited to a yield maintenance charge which is based on the amount of Defeasance
Collateral. If a Yield Maintenance Charge becomes due for any particular Loan,
the Master Servicer shall be required to follow the terms and provisions
contained in the applicable Loan Documents; provided, however, that if the
related Loan Documents do not specify which U.S. Treasury obligations are to be
used in determining the discount rate or the reinvestment yield to be applied in
such calculation, or if the related Loan Documents are ambiguous, the Master
Servicer shall be required to use those U.S. Treasury obligations that will
generate the lowest discount rate or reinvestment yield for the purposes
thereof. Accordingly, if either no U.S. Treasury obligation, or more than one
U.S. Treasury obligation, coincides with the term over which the Yield
Maintenance Charge is to be calculated

                                      -80-

(which, depending on the applicable Loan Documents, is based on the remaining
average life of the Loan or the actual term remaining through the Maturity Date
or, in the case of an ARD Loan, the Anticipated Repayment Date), the Master
Servicer shall use the U.S. Treasury obligations that mature closest to but not
exceeding the month in which the term over which the Yield Maintenance Charge is
to be calculated ends, and whose reinvestment yield is the lowest, with such
yield being based on the bid price for such issue as published in the Treasury
Bonds, Notes and Bills section of The Wall Street Journal on the date that is 14
days prior to the date that the Yield Maintenance Charge becomes due and payable
(or, if such bid price is not published on that date, the first preceding date
on which such bid price is so published) and converted to a monthly compounded
nominal yield. The monthly compounded nominal yield ("MEY") is derived from the
reinvestment yield or discount rate and shall be defined as MEY = (12 x
[{(1+BEY/2)^1/6}-1]) x 100 where BEY is defined as the U.S. Treasury
Reinvestment Yield in decimal, not percentage, form, and 1/6 is the exponential
power to which a portion of the equation is raised. For example, using a BEY of
5.50%, the MEY = (12 x [{(1 + 0.055/2)^0.16667}-1]) x 100, where 0.055 is the
decimal version of the percentage 5.50%, and 0.16667 is the decimal version of
the exponential power. (The MEY calculated in the above example is 5.438%.)

         "Yield Rate": With respect to any Loan, a rate equal to a per annum
rate calculated by the linear interpolation of the yields, as reported in the
most recent "Federal Reserve Statistical Release H.15 - Selected Interest Rates"
under the heading U.S. Government Securities/Treasury constant maturities
published prior to the date of the relevant prepayment of any Loan, of U.S.
Treasury constant maturities with maturity dates (one longer, one shorter) most
nearly approximating the Maturity Date (or, with respect to ARD Loans, the
Anticipated Repayment Date) of the Loan being prepaid or the monthly equivalent
of such rate. If Federal Reserve Statistical Release H.15 - Selected Interest
Rates is no longer published, the Master Servicer, on behalf of the Trustee,
will select a comparable publication to determine the Yield Rate.

         SECTION 1.02. Certain Calculations.

         Unless otherwise specified herein, for purposes of determining amounts
with respect to the Certificates and the rights and obligations of the parties
hereto, the following provisions shall apply:

               (i) All calculations of interest with respect to interest earned
     on Advances provided for herein shall be made on the basis of a 360-day
     year consisting of twelve 30-day months.

               (ii) Any payment on a Loan or a Junior Loan is deemed to be
     received on the date such payment is actually received by the Master
     Servicer (or Sub-Servicer if applicable) or the Special Servicer; provided,
     however, that for purposes of calculating distributions on the
     Certificates, (i) any voluntary Principal Prepayment made on a date other
     than the related Due Date and in connection with which the Master Servicer
     has collected interest thereon through the end of the related Mortgage
     Interest Accrual Period shall be deemed to have been made, and the Master
     Servicer shall apply such Principal Prepayment to reduce the outstanding
     principal balance of the related Loan as if such Principal Prepayment had
     been received, on the following Due Date and (ii) all other Principal
     Prepayments with respect to any Loan or Junior Loan are deemed to be
     received on the date they are applied to reduce the outstanding principal
     balance of such Loan or Junior Loan, as the case may be.

                                      -81-

         SECTION 1.03. General Interpretive Principles.

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

               (i) the terms defined in this Agreement include the plural as
     well as the singular, and the use of any gender herein shall be deemed to
     include the other gender;

               (ii) accounting terms not otherwise defined herein have the
     meanings assigned to them in accordance with GAAP as in effect from time to
     time;

               (iii) references herein to "Articles", "Sections", "Subsections",
     "Paragraphs" and other subdivisions without reference to a document are to
     designated Articles, Sections, Subsections, Paragraphs and other
     subdivisions of this Agreement;

               (iv) a reference to a Subsection without further reference to a
     Section is a reference to such Subsection as contained in the same Section
     in which the reference appears, and this rule shall also apply to
     Paragraphs and other subdivisions;

               (v) the words "herein", "hereof", "hereunder", "hereto", "hereby"
     and other words of similar import refer to this Agreement as a whole and
     not to any particular provision; and

               (vi) the terms "include" and "including" shall mean without
     limitation by reason of enumeration.

         SECTION 1.04. Certain Matters with Respect to the Serviced Loan
Combinations.

         (a) The parties hereto acknowledge that, pursuant to the Intercreditor
Agreements for the Serviced Loan Combinations, if neither the Loan included in a
Serviced Loan Combination nor an interest in any successor REO Property is part
of the Trust Fund, then such Loan or such REO Property, as applicable, shall not
thereafter be serviced and administered under this Agreement.

         (b) For the avoidance of doubt, the parties acknowledge that the rights
and duties of each of the Master Servicer and the Special Servicer under this
Agreement and the obligation of the Master Servicer or the Trustee to make
Advances (subject to Section 1.04(d)), insofar as such rights, duties and
obligations relate to a Serviced Loan Combination, shall terminate upon the
occurrence of a Liquidation Event with respect to a Loan included in such
Serviced Loan Combination or any successor REO Property; provided, however, that
this statement shall not limit (A) the duty of the Master Servicer or the
Special Servicer to deliver or make available the reports otherwise required of
it hereunder with respect to the period in which such event occurs or (B) the
rights of the Master Servicer or the Special Servicer that may otherwise accrue
or arise in connection with the performance of its duties hereunder with respect
to such Serviced Loan Combination prior to the date on which such event occurs.

         (c) In connection with any purchase or other Liquidation Event with
respect to the Loan included in any Serviced Loan Combination, the Trustee, the
Master Servicer and the Special Servicer shall each tender to the related
purchaser or other appropriate party in accordance with the related
Intercreditor Agreement(s), the original Note that relates to such Loan held by
the Trustee (unless such Note has been satisfied in connection with a payment in
full of such Loan) and copies of the documents contained in the Mortgage File.
All portions of the Mortgage File possessed by the Trustee and other documents
pertaining to such Loan possessed by the Trustee, and each document that

                                      -82-

constitutes a part of the related Mortgage File, shall be endorsed or assigned
by the Trustee to the relevant party contemplated by the prior sentence in the
manner, and pursuant to appropriate forms of assignment prepared by the Master
Servicer, substantially similar to the manner and forms pursuant to which
documents were previously assigned to the Trustee by the applicable Mortgage
Loan Seller, but in any event, without recourse, representation or warranty;
provided that such tender by the Trustee shall be conditioned upon its receipt
from the Master Servicer of a Request for Release in the form of Exhibit D
hereto. The Master Servicer shall, and is also hereby authorized and empowered
by the Trustee to, convey to or at the direction of the relevant acquiring party
contemplated above any deposits then held in an Escrow Account relating to the
related Loan. If the Mortgaged Property securing a Serviced Loan Combination has
become an REO Property, then the Special Servicer shall, and is also hereby
authorized and empowered by the Trustee to, convey to or at the direction of the
relevant acquiring party contemplated above, to the extent not needed to pay or
reimburse the Master Servicer, the Special Servicer or the Trustee in accordance
with this Agreement, deposits then held in the applicable REO Account insofar as
they relate to such REO Property.

         (d) None of the Master Servicer or the Trustee shall be required to
make P&I Advances as to any Junior Loan included in any Serviced Loan
Combination.

         SECTION 1.05. Certain Considerations Regarding Reimbursements of
                       Nonrecoverable Advances and Workout-Delayed Reimbursement
                       Amounts.

         (a) If any party hereto is reimbursed, in accordance with clause (vii)
of Section 3.05(a) and/or clause (v) of Section 3.05(b), out of general
collections on the Mortgage Pool on deposit in the Collection Account for any
Nonrecoverable Advance or any Workout-Delayed Reimbursement Amount (in each
case, together with interest accrued and payable thereon), then (for purposes of
calculating distributions on the Certificates) such reimbursement and payment of
interest shall be deemed to have been made:

               first, out of any amounts then on deposit in the Collection
     Account that represent payments or other collections of principal received
     by the Trust with respect to the Loans (and/or successor REO Loans) in the
     Loan Group that includes the Loan (or REO Loan) in respect of which such
     Nonrecoverable Advance was made or in respect of which such Workout-Delayed
     Reimbursement Amounts is outstanding that, but for their application to
     reimburse a Nonrecoverable Advance or a Workout-Delayed Reimbursement
     Amount, as applicable, and/or to pay interest thereon, would be included in
     the Available Distribution Amount for the related Distribution Date (until
     the aggregate of the amounts deemed to have been reimbursed or paid
     pursuant to this clause first on account of all Loans (and/or REO Loans) in
     such Loan Group is equal to the aggregate amount of all payments or other
     collections of principal received by the Trust with respect to the Loans
     (and/or successor REO Loans) in such Loan Group that, but for such
     application, would be included in the Available Distribution Amount for
     such Distribution Date);

               second, out of any amounts then on deposit in the Collection
     Account that represent payments or other collections of principal received
     by the Trust with respect to the Loans (and/or successor REO Loans) in the
     Loan Group that does not include the Loan (or REO Loan) in respect of which
     such Nonrecoverable Advance was made or in respect of which such
     Workout-Delayed Reimbursement Amounts is outstanding (such Loan Group, the
     "Other Loan Group") that, but for their application to reimburse a
     Nonrecoverable Advance or a Workout-Delayed Reimbursement Amount, as
     applicable, and/or to pay interest thereon, would be included in the
     Available Distribution Amount for the related Distribution Date (until (x)
     the sum of (i) the

                                      -83-

     aggregate of the amounts for all Loans and REO Loans in such Other Loan
     Group that are deemed to have been reimbursed or paid from payments or
     other collections of principal received by the Trust with respect to the
     Loans and/or REO Loans in such Other Loan Group pursuant to clause first
     above and (ii) the aggregate of the amounts deemed to have been reimbursed
     or paid from payments or other collections of principal received by the
     Trust with respect to the Loans and/or REO Loans in such Other Loan Group
     pursuant to this clause second on account of all Loans and/or REO Loans
     that are not included in such Other Loan Group is equal to (y) the
     aggregate amount of all payments or other collections of principal received
     by the Trust with respect to the Loans and/or REO Loans in such Other Loan
     Group that, but for the applications made pursuant to clause first above
     and this clause second, would be included in the Available Distribution
     Amount for such Distribution Date);

               third, solely in the case of the reimbursement of a
     Nonrecoverable Advance and/or the payment of interest thereon, out of any
     amounts then on deposit in the Collection Account that represent any other
     payments or other collections received by the Trust with respect to the
     Loans (and/or successor REO Loans) in the Loan Group that includes the Loan
     (or REO Loan) in respect of which such Nonrecoverable Advance was made
     that, but for their application to reimburse such Nonrecoverable Advance
     and/or to pay interest thereon, would be included in the Available
     Distribution Amount for the related Distribution Date (until the aggregate
     of the amounts deemed to have been reimbursed or paid pursuant to this
     clause third on account of all Loans (and/or REO Loans) in such Loan Group
     is equal to the aggregate amount of such other payments or other
     collections received by the Trust with respect to the Loans (and/or
     successor REO Loans) in such Loan Group that, but for such application,
     would be included in the Available Distribution Amount for such
     Distribution Date);

               fourth, solely in the case of the reimbursement of a
     Nonrecoverable Advance and/or the payment of interest thereon, out of any
     amounts then on deposit in the Collection Account that represent any other
     payments or other collections received by the Trust with respect to the
     Loans (and/or successor REO Loans) in the Other Loan Group that, but for
     their application to reimburse such Nonrecoverable Advance and/or to pay
     interest thereon, would be included in the Available Distribution Amount
     for the related Distribution Date (until (x) the sum of (i) the aggregate
     of the amounts for all Loans and REO Loans in such Other Loan Group that
     are deemed to have been reimbursed or paid from other payments or other
     collections received by the Trust with respect to the Loans and/or REO
     Loans in such Other Loan Group pursuant to clause third above and (ii) the
     aggregate of the amounts deemed to have been reimbursed or paid from such
     other payments or other collections of principal received by the Trust with
     respect to the Loans and/or REO Loans in such Other Loan Group pursuant to
     this clause fourth on account of all Loans and/or REO Loans that are not
     included in such Other Loan Group is equal to (y) the aggregate amount of
     all such other payments or other collections received by the Trust with
     respect to the Loans and/or REO Loans in such Other Loan Group that, but
     for the applications made pursuant to clause third above and this clause
     fourth, would be included in the Available Distribution Amount for such
     Distribution Date);

               fifth, out of any other amounts then on deposit in the Collection
     Account that may be available to reimburse the subject Nonrecoverable
     Advance or Workout-Delayed Reimbursement Amount, as applicable, and/or to
     pay interest thereon and that in any case (even if this Section 1.05 had
     not been given any effect) would not have been included in the Available
     Distribution Amount for such Distribution Date.

                                      -84-

         (b) If and to the extent that any one or more Nonrecoverable Advances
or Workout-Delayed Reimbursement Amounts, and/or interest thereon, are deemed to
have been reimbursed or paid from payments or other collections received by the
Trust with respect to the Loans (and/or successor REO Loans) in the Mortgage
Pool, in accordance with clause first, clause second, clause third and/or clause
fourth of Section 1.05(a), then all of the following clauses (i) through (vi)
shall apply:

               (i) the Available Distribution Amount (as otherwise calculated
     without regard to this Section 1.05) for such Distribution Date shall be
     reduced to the extent of the aggregate amount of all such reimbursements
     and payments;

               (ii) the portion of the Available Distribution Amount for such
     Distribution Date that is attributable to Loan Group 1 (as otherwise
     calculated without regard to this Section 1.05), as contemplated by Section
     4.01, shall be reduced to the extent of such reimbursements and payment
     that are deemed to have been made from payments or other collections
     received by the Trust with respect to the Loans (and/or successor REO
     Loans) in Loan Group 1 in accordance with clause first, clause second,
     clause third and/or clause fourth of Section 1.05(a);

               (iii) the portion of the Available Distribution Amount for such
     Distribution Date that is attributable to Loan Group 2 (as otherwise
     calculated without regard to this Section 1.05), as contemplated by Section
     4.01, shall be reduced to the extent of such reimbursements and payment
     that are deemed to have been made from payments or other collections
     received by the Trust with respect to the Loans (and/or successor REO
     Loans) in Loan Group 2 in accordance with clause first, clause second,
     clause third and/or clause fourth of Section 1.05(a);

               (iv) the Principal Distribution Amount (as otherwise calculated
     without regard to this Section 1.05) for such Distribution Date shall be
     reduced to the extent of the aggregate amount of all such reimbursements
     and payments that are deemed to have been made from payments or other
     collections of principal received by the Trust with respect to the Loans
     (and/or successor REO Loans) in the Mortgage Pool (whether from such
     payments or other collections of principal received in respect of Loan
     Group 1 and/or Loan Group 2) in accordance with clause first and/or clause
     second of Section 1.05(a);

               (v) the portion of the Principal Distribution Amount for such
     Distribution Date that is attributable to Loan Group 1 (as otherwise
     calculated without regard to this Section 1.05), as contemplated by Section
     4.01, shall be reduced to the extent of such reimbursements and payment
     that are deemed to have been made from payments or other collections of
     principal received by the Trust with respect to the Loans (and/or successor
     REO Loans) in Loan Group 1 in accordance with clause first and/or clause
     second of Section 1.05(a); and

               (vi) the portion of the Principal Distribution Amount for such
     Distribution Date that is attributable to Loan Group 2 (as otherwise
     calculated without regard to this Section 1.05), as contemplated by Section
     4.01, shall be reduced to the extent of such reimbursements and payment
     that are deemed to have been made from payments or other collections of
     principal received by the Trust with respect to the Loans (and/or successor
     REO Loans) in Loan Group 2 in accordance with clause first and/or clause
     second of Section 1.05(a).

         (c) If and to the extent that any Advance is determined to be a
Nonrecoverable Advance or a Workout-Delayed Reimbursement Amount, as applicable,
such Advance is reimbursed out of general collections on the Mortgage Pool as
contemplated by Section 1.05(a) above and the particular item for which such
Advance was originally made is subsequently collected out of payments or other

                                      -85-

collections in respect of the related Loan (such item, upon collection, a
"Recovered Amount"), then all of the following clauses (i) through (iii) shall
apply (without duplication of amounts already included therein):

               (i) the Principal Distribution Amount for the Distribution Date
     that corresponds to the Collection Period in which such Recovered Amount
     was received shall be increased by an amount equal to the lesser of (A)
     such Recovered Amount and (B) any previous reduction in the Principal
     Distribution Amount for a prior Distribution Date pursuant to Section
     1.05(b) resulting from the reimbursement of the relevant Advance and/or the
     payment of interest thereon;

               (ii) the portion of the Principal Distribution Amount that
     corresponds to the Collection Period in which such Recovered Amount was
     received that is attributable to the Loan Group that does not include the
     Loan or REO Loan in respect of which the Advance was originally made shall
     be increased by an amount equal to the lesser of (A) such Recovered Amount
     and (B) any previous reduction, if any, in the portion of the Principal
     Distribution Amount for a prior Distribution Date attributable to such Loan
     Group that was made pursuant to clause second of Section 1.05(b) resulting
     from the reimbursement of the subject Advance and/or the payment of
     interest thereon from payments or other collections of principal received
     on the Loans or REO Loans in such Loan Group; and

               (iii) the portion of the Principal Distribution Amount that
     corresponds to the Collection Period in which such Recovered Amount was
     received that is attributable to the Loan Group that includes the Loan or
     REO Loan in respect of which the Advance was originally made shall be
     increased by an amount equal to the lesser of (A) such Recovered Amount,
     net of any portion thereof by which the portion of the Principal
     Distribution Amount for the other Loan Group is deemed to have been
     increased pursuant to the immediately preceding clause (ii), and (B) any
     previous reduction, if any, in the portion of the Principal Distribution
     Amount for a prior Distribution Date attributable to such Loan Group that
     was made pursuant to clause first of Section 1.05(b) resulting from the
     reimbursement of the subject Advance and/or the payment of interest thereon
     from payments or other collections of principal received on the Loans or
     REO Loans in such Loan Group.

                                      -86-

                                   ARTICLE II

             CONVEYANCE OF LOANS; ORIGINAL ISSUANCE OF CERTIFICATES

         SECTION 2.01. Conveyance of Loans.

         (a) It is the intention of the parties hereto, that a common law trust
be established under the laws of the State of New York pursuant to this
Agreement and, further, that such trust be designated as "Credit Suisse First
Boston Mortgage Securities Corp. Trust, Series 2004-C3." Wells Fargo is hereby
appointed, and does hereby agree to act, as Trustee hereunder and, in such
capacity, to hold the Trust Fund in trust for the exclusive use and benefit of
all present and future Certificateholders and Junior Loan Holders (as their
interests may appear). It is not intended that this Agreement create a
partnership or a joint-stock association.

         The Depositor, concurrently with the execution and delivery hereof,
does hereby assign, sell, transfer, set over and otherwise convey to the
Trustee, without recourse, for the benefit of the Certificateholders all the
right, title and interest of the Depositor, including any security interest
therein for the benefit of the Depositor, in, to and under (i) the Loans
identified on the Mortgage Loan Schedule, (ii) the Mortgage Loan Purchase
Agreements to the extent they relate to the Loans, and (iii) all other assets
included or to be included in the Trust Fund. Such assignment includes all
interest and principal received or receivable on or with respect to the Loans
(other than payments of principal and interest due and payable on the Loans on
or before the Cut-off Date and Principal Prepayments paid on or before the
Cut-off Date). In connection with such transfer and assignment, the Depositor
shall remit to the Master Servicer for deposit into the Collection Account the
Interest Deposit Amount. The transfer of the Loans and the related rights and
property accomplished hereby is absolute and, notwithstanding Section 10.07, is
intended by the parties to constitute a sale.

         Under GAAP, the Depositor shall report and cause all of its records to
reflect: (i) its acquisition, on the Closing Date, of the CSFB Loans from the
CSFB Mortgage Loan Seller, pursuant to the CSFB Mortgage Loan Purchase
Agreement, as a purchase of such Loans from the CSFB Mortgage Loan Seller; (ii)
its acquisition, on the Closing Date, of the other Loans from the respective
other Mortgage Loan Sellers, pursuant to the respective other Mortgage Loan
Purchase Agreements, as a purchase of such other Loans from such other Mortgage
Loan Sellers; and (iii) its transfer of the Loans to the Trust, pursuant to this
Section 2.01(a), as a sale of such Loans to the Trust; provided that, in the
case of the transactions described in clauses (i) and (iii) of this sentence,
the Depositor shall do so only upon the sale of Certificates representing at
least 10% of the aggregate fair value of all the Certificates to parties that
are not Affiliates of the Depositor. The Depositor shall at all times following
the Closing Date cause all of its records and financial statements and any
relevant consolidated financial statements of any direct or indirect parent
clearly to reflect that the Loans have been transferred to the Trust and are no
longer available to satisfy claims of the Depositor's creditors.

         (b) In connection with the Depositor's assignment pursuant to
subsection (a) above, the Depositor shall direct, and hereby represents and
warrants that it has directed each Mortgage Loan Seller (or, in the case of the
Mizner Park Loan, as to which the CSFB Mortgage Loan Seller is the related
Mortgage Loan Seller and KeyBank is the related Responsible Party, KeyBank)
pursuant to the related Mortgage Loan Purchase Agreement to deliver to and
deposit with, or cause to be delivered to and deposited with the Trustee (with a
copy to the Master Servicer and the Special Servicer), on or before the Closing
Date, the Mortgage File (except item (xvi) of the definition of Mortgage File,
which shall be delivered to and deposited with the Master Servicer with a copy
to the Trustee) for each Loan so assigned.

                                      -87-

If a Mortgage Loan Seller (or, in the case of the Mizner Park Loan, as to which
the CSFB Mortgage Loan Seller is the related Mortgage Loan Seller and KeyBank is
the related Responsible Party, KeyBank) cannot deliver, or cause to be delivered
as to any Loan, the original Note, such Mortgage Loan Seller shall deliver a
copy or duplicate original of such Note, together with an affidavit and
customary indemnification substantially in the form attached as Exhibit E
hereto, certifying that the original thereof has been lost or destroyed.

         If the applicable Mortgage Loan Seller (or, in the case of the Mizner
Park Loan, as to which the CSFB Mortgage Loan Seller is the related Mortgage
Loan Seller and KeyBank is the related Responsible Party, KeyBank) cannot
deliver, or cause to be delivered, as to any Loan, any of the documents and/or
instruments referred to in clauses (ii) (relating to Mortgages), (iv) (relating
to Assignments of Leases), (viii) (relating to assumption agreements,
modifications, written assurance agreements and substitution agreements), (xi)
(relating to UCC Financing Statements and related documents)(other than
assignments of UCC Financing Statements to be recorded or filed in accordance
with the transfer contemplated by this Agreement) and (xii) (relating to powers
of attorney) of the definition of "Mortgage File," with evidence of recording or
filing thereon, solely because of a delay caused by the public recording or
filing office where such document or instrument has been delivered for
recordation or filing, the delivery requirements of the related Mortgage Loan
Purchase Agreement and this Section 2.01(b) shall be deemed to have been
satisfied and such non-delivered document or instrument shall be deemed to have
been included in the Mortgage File, provided that a duplicate original or true
copy of such document or instrument (certified by the applicable public
recording or filing office, the applicable title insurance company or such
Responsible Party to be a true and complete duplicate original or photocopy of
the original thereof submitted for recording or filing) is delivered to the
Trustee and the Master Servicer on or before the Closing Date, and either the
original of such non-delivered document or instrument, or a photocopy thereof
(certified by the appropriate public recording or filing office to be a true and
complete copy of the original thereof submitted for recording or filing), with
evidence of recording or filing thereon, is delivered to the Trustee within 120
days of the Closing Date, which period may be extended up to two times, in each
case for an additional period of 45 days provided that such Mortgage Loan
Seller, as certified in writing to the Trustee prior to each such 45-day
extension, is in good faith attempting to obtain from the appropriate county
recorder's office such original or photocopy.

         If the applicable Mortgage Loan Seller (or, in the case of the Mizner
Park Loan, as to which the CSFB Mortgage Loan Seller is the related Mortgage
Loan Seller and KeyBank is the related Responsible Party, KeyBank) cannot
deliver, or cause to be delivered, as to any Loan, any of the documents and/or
instruments referred to in clauses (ii) (relating to Mortgages), (iv) (relating
to Assigments of Leases), (viii) (relating to assumption agreements,
modifications, written assurance agreements and substitution agreements), (xi)
(relating to UCC Financing Statements and related documents) (other than
assignments of UCC Financing Statements to be recorded or filed in accordance
with the transfer contemplated by this Agreement) and (xii) (relating to powers
of attorney) of the definition of "Mortgage File," with evidence of recording or
filing thereon, for any other reason, including, without limitation, that such
non-delivered document or instrument has been lost, the delivery requirements of
the related Mortgage Loan Purchase Agreement and this Section 2.01(b) shall be
deemed to have been satisfied and such non-delivered document or instrument
shall be deemed to have been included in the Mortgage File if a photocopy or
duplicate original of such non-delivered document or instrument (with evidence
of recording or filing thereon and certified by the appropriate recording or
filing office to be a true and complete copy of the original thereof as filed or
recorded) is delivered to the Trustee or its designee on or before the Closing
Date.

                                      -88-

         Neither the Trustee nor the Master Servicer shall be liable for any
failure by any Mortgage Loan Seller (or, in the case of the Mizner Park Loan, as
to which the CSFB Mortgage Loan Seller is the related Mortgage Loan Seller and
KeyBank is the related Responsible Party, by KeyBank) or the Depositor to comply
with the delivery requirements of the related Mortgage Loan Purchase Agreement
and this Section 2.01(b). Notwithstanding the foregoing, if any Mortgage Loan
Seller (or, in the case of the Mizner Park Loan, as to which the CSFB Mortgage
Loan Seller is the related Mortgage Loan Seller and KeyBank is the related
Responsible Party, KeyBank) fails, as to any Loan, to deliver a UCC Financing
Statement assignment on or before the Closing Date as required above solely
because the related UCC Financing Statement has not been returned to such
Mortgage Loan Seller by the applicable filing or recording office, such Mortgage
Loan Seller (or, in the case of the Mizner Park Loan, as to which the CSFB
Mortgage Loan Seller is the related Mortgage Loan Seller and KeyBank is the
related Responsible Party, KeyBank) shall not be in breach of its obligations
with respect to such delivery, provided that the Mortgage Loan Seller promptly
forwards such UCC Financing Statement to the Trustee (with a copy to the Master
Servicer) upon its return from the applicable filing or recording office,
together with the related original UCC Financing Statement assignment in a form
appropriate for filing or recording.

         (c) Notwithstanding the foregoing, the Trustee (directly or through its
designee) shall, as to each Loan, use its best efforts to promptly (and in any
event no later than the later of (i) 120 days after the Closing Date (or, in the
case of a Qualified Substitute Mortgage Loan, the related date of substitution)
and (ii) 60 days from receipt of documents in form suitable for recording or
filing, as applicable, including, without limitation, all necessary recording
and filing information) cause to be submitted for recording or filing, as the
case may be, at the expense of the related Mortgage Loan Seller (or, in the case
of the Mizner Park Loan, as to which the CSFB Mortgage Loan Seller is the
related Mortgage Loan Seller and KeyBank is the related Responsible Party,
KeyBank), each assignment referred to in clauses (iii) and (v) of the definition
of "Mortgage File" and each UCC Financing Statement assignment to the Trustee
referred to in clause (xi) of the definition of "Mortgage File". Unless
otherwise indicated on any documents provided to the Trustee, the Trustee shall
file each such UCC Financing Statement assignment in the state of incorporation
or organization of the related Borrower; provided that the related Mortgage Loan
Seller (or, in the case of the Mizner Park Loan, as to which the CSFB Mortgage
Loan Seller is the related Mortgage Loan Seller and KeyBank is the related
Responsible Party, KeyBank) shall have filed, if necessary, an initial UCC
Financing Statement under the Revised Article 9 of the UCC in such jurisdiction.
Each such assignment shall reflect that it should be returned by the public
recording office to the Trustee following recording, and each such UCC Financing
Statement assignment shall reflect that the file copy thereof should be returned
to the Trustee following filing. If any such document or instrument is lost or
returned unrecorded or unfiled because of a defect therein, the Trustee shall
prepare or cause to be prepared a substitute therefor or cure such defect, as
the case may be, and thereafter the Trustee shall upon receipt thereof cause the
same to be duly recorded or filed, as appropriate. The Trustee shall seek
reimbursement from the applicable Mortgage Loan Seller (or, in the case of the
Mizner Park Loan, as to which the CSFB Mortgage Loan Seller is the related
Mortgage Loan Seller and KeyBank is the related Responsible Party, KeyBank) for
any costs and expenses incurred in performing its obligation under this Section
2.01(c). The Depositor hereby represents and warrants that, as to any Loan, the
related Responsible Party is required to pay for such costs and expenses, as and
to the extent provided under Section 13 of the related Mortgage Loan Purchase
Agreement.

         Notwithstanding the foregoing, any Mortgage Loan Seller (or, in the
case of the Mizner Park Loan, as to which the CSFB Mortgage Loan Seller is the
related Mortgage Loan Seller and KeyBank is the related Responsible Party,
KeyBank) may elect, at its sole cost and expense, to engage a third party
contractor to prepare or complete in proper form for filing and recording any
and all of the assignments described in the immediately preceding paragraph,
together with each UCC Financing Statement

                                      -89-

assignment to the Trustee referred to in clause (xi) of the definition of
"Mortgage File," with respect to the Loans conveyed by the related Mortgage Loan
Seller to the Depositor under the applicable Mortgage Loan Purchase Agreement,
to submit such assignments for filing and recording, as the case may be, in the
applicable public filing and recording offices and to deliver such assignments
to the Trustee or its designee (with a copy to the Master Servicer) as such
assignments (or certified copies thereof) are received from the applicable
filing and recording offices with evidence of such filing or recording indicated
thereon. It is hereby acknowledged that the PNC Mortgage Loan Seller has elected
to engage such a third party contractor for the preparation, filing and
recording and delivery of such assignments to the Trustee in respect of the PNC
Loans. The Trustee shall have no duties or obligations described in the
immediately preceding paragraph in respect of the PNC Loans.

         (d) All documents and records in the Depositor's or the applicable
Mortgage Loan Seller's (or, in the case of the Mizner Park Loan, as to which the
CSFB Mortgage Loan Seller is the related Mortgage Loan Seller and KeyBank is the
related Responsible Party, KeyBank's) possession relating to the Loans
constituting the related Servicing Files as of the Closing Date shall be
delivered by the Depositor (or the Depositor shall cause them to be delivered)
to the Master Servicer within ten (10) Business Days after the Closing Date and
shall be held by the Master Servicer on behalf of the Trustee in trust for the
benefit of the Certificateholders (and as holder of the Uncertificated
Lower-Tier Interests).

         (e) In connection with the Depositor's assignment pursuant to
subsection (a) above, the Depositor shall deliver, and hereby represents and
warrants that it has delivered, to the Trustee and the Master Servicer, on or
before the Closing Date, a fully executed original counterpart or copy of each
of the Mortgage Loan Purchase Agreements, as in full force and effect, without
amendment or modification, on the Closing Date.

         (f) The Depositor shall use its best efforts to require that, promptly
after the Closing Date, but in all events within three Business Days after the
Closing Date, each of the Mortgage Loan Sellers (or, in the case of the Mizner
Park Loan, as to which the CSFB Mortgage Loan Seller is the related Mortgage
Loan Seller and KeyBank is the related Responsible Party, KeyBank) shall cause
all funds on deposit in escrow accounts maintained with respect to the Loans in
the name of such Mortgage Loan Seller (or, in the case of the Mizner Park Loan,
as to which the CSFB Mortgage Loan Seller is the related Mortgage Loan Seller
and KeyBank is the related Responsible Party, KeyBank) or any other name, to be
transferred to the Master Servicer (or a Sub-Servicer at the direction of the
Master Servicer) for deposit into Servicing Accounts. The Master Servicer hereby
directs that any such funds relating to the Mizner Total Loan be transferred to
KRECM in its capacity as Primary Servicer with respect to the Mizner Park Total
Loan.

         (g) For purposes of this Section 2.01, and notwithstanding any contrary
provision hereof or of the definition of "Mortgage File", if there exists with
respect to any group of Crossed Loans only one original or certified copy of any
document or instrument described in the definition of "Mortgage File" which
pertains to all of the Crossed Loans in such group of Crossed Loans, the
inclusion of the original or certified copy of such document or instrument in
the Mortgage File for any of such Crossed Loans and the inclusion of a copy of
such original or certified copy in each of the Mortgage Files for the other
Crossed Loans in such group of Crossed Loans shall be deemed to constitute the
inclusion of such original or certified copy in the Mortgage Files for each such
Crossed Loan.

         (h) Notwithstanding anything to the contrary in this Agreement, each
Mortgage Loan Purchase Agreement provides that the related Mortgage Loan Seller
(or, in the case of the Mizner Park Loan, as to which the CSFB Mortgage Loan
Seller is the related Mortgage Loan Seller and KeyBank is the related
Responsible Party, KeyBank) shall deliver to the Master Servicer any original
letters of credit

                                      -90-

relating to the Loans being sold by such Mortgage Loan Seller, and the Master
Servicer shall hold such letters of credit on behalf of the Trustee.

         (i) Following consummation of the conveyance of the Loans by the
Depositor to the Trustee, the Depositor shall not take any action inconsistent
with the Trust Fund's ownership of the Loans, and if a third party, including a
potential purchaser of the Loans, should inquire, the Depositor shall promptly
indicate that the Loans have been sold and shall claim no ownership interest
therein.

         SECTION 2.02. Acceptance by Trustee.

         (a) The Trustee, by the execution and delivery of this Agreement,
acknowledges receipt by it, subject to the provisions of Sections 2.01 and
2.02(d), to any exceptions noted on the Trustee Exception Report, and to the
further review provided for in Section 2.02(b), of the Notes, fully executed
original counterparts of the Mortgage Loan Purchase Agreements and copies of all
letters of credit and of all other assets included in the Trust Fund, in good
faith and without notice of any adverse claim, and declares that it holds and
will hold such documents and any other documents delivered or caused to be
delivered by the Mortgage Loan Sellers constituting the Mortgage Files, and that
it holds and will hold such other assets included in the Trust Fund, in trust
for the exclusive use and benefit of all present and future Certificateholders.
All references to the "Mortgage File" herein when used in connection with the
duties or obligations of the Trustee to hold or certify as to such Mortgage
File, shall mean, in respect of clause (xvi) of the definition thereof, a copy
thereof. To the extent that the contents of the Mortgage File for any A Loan
relate to a corresponding Junior Loan, the Trustee will also hold such Mortgage
File in trust for the benefit of the related Junior Loan Holder. The Trustee or
any Custodian appointed by the Trustee pursuant to Section 8.11 shall have no
obligation to maintain, extend the term of, enforce or otherwise pursue any
rights under such letter of credit which obligation the Master Servicer hereby
undertakes. Any costs of the assignment or amendment of any letter of credit
required in order for the Trustee to draw on such letter of credit pursuant to
the terms of this Agreement shall be an expense of the related Mortgage Loan
Seller under the applicable Mortgage Loan Purchase Agreement and shall not be an
expense of the Trust, the Trustee or the Master Servicer.

         (b) Within 60 days of the Closing Date, the Trustee shall review and,
subject to Sections 2.01 and 2.02(d), certify in writing (in a certificate
substantially in the form of Exhibit J-1 hereto) to each of the Depositor, the
Master Servicer, the Special Servicer and the applicable Mortgage Loan Seller
(and, in the case of the Mizner Park Loan, KeyBank) that, as to each Loan listed
in the Mortgage Loan Schedule (other than any Loan paid in full and any Loan
specifically identified in any exception report annexed thereto as not being
covered by such certification), (i) all documents specified in clauses (i)
through (v), (ix) (without regard to the parenthetical clause), (xi), (xii),
(xvi) and (xviii) of the definition of "Mortgage File" are in its possession,
and (ii) all documents delivered or caused to be delivered by the applicable
Mortgage Loan Seller constituting the related Mortgage File have been received,
appear to have been executed (with the exception of UCC Financing Statements and
assignments thereof), appear to be what they purport to be, purport to be
recorded or filed (if recordation or filing is specified for such document in
the definition of "Mortgage File") and have not been torn, mutilated or
otherwise defaced, and that such documents appear to relate to the subject Loan.
Notwithstanding the foregoing, each Mortgage Loan Seller shall deliver copies or
originals of the documents referred to in clauses (ii), (ix) and (xviii) of the
definition of "Mortgage File" to the Trustee and the original letters of credit
referenced in clause (xvi) of the definition of "Mortgage File" to the Master
Servicer, each within 30 days after the Closing Date. If such documents are not
delivered within 30 days, the applicable Mortgage Loan Seller shall have an
additional 30 days to deliver such document or shall cure such failure in
accordance with Section 2.03.

                                      -91-

         (c) The Trustee shall review each of the Loan Documents received after
the Closing Date; and, on or about 90 days following the Closing Date, 180 days
following the Closing Date, the first anniversary of the Closing Date, 180 days
following the first anniversary of the Closing Date, 270 days following the
first anniversary of the Closing Date and on the second anniversary of the
Closing Date, the Trustee shall, subject to Sections 2.01 and 2.02(d), certify
in writing (in a certificate substantially in the form of Exhibit J-2 hereto) to
each of the Depositor, the Master Servicer, the Special Servicer and the
applicable Mortgage Loan Seller that, as to each Loan listed on the Mortgage
Loan Schedule (excluding any Loan as to which a Liquidation Event has occurred
and any other Loan specifically identified in any exception report annexed
thereto as not being covered by such certification), (i) all documents specified
in clauses (i) through (v), (ix) (without regard to the parenthetical clause),
(xi), (xii), (xvi) and (xviii) of the definition of "Mortgage File" are in its
possession, (ii) it has received either a recorded original of each of the
assignments specified in clause (iii) and clause (v) of the definition of
"Mortgage File", or, insofar as an unrecorded original thereof had been
delivered or caused to be delivered by the applicable Mortgage Loan Seller, a
copy of such recorded original certified by the applicable public recording
office or the applicable title insurance company to be true and complete, and
(iii) all such Loan Documents have been received, have been executed (with the
exception of UCC Financing Statements and assignments thereof), appear to be
what they purport to be, purport to be recorded or filed (if recordation or
filing is specified for such document in the definition of "Mortgage File") and
have not been torn, mutilated or otherwise defaced, and that such documents
relate to the subject Loan. The Trustee shall, upon request, provide the Master
Servicer with recording and filing information as to recorded Mortgages,
Assignments of Lease and UCC Financing Statements to the extent that the Trustee
receives them from the related recording and filing offices.

         (d) It is herein acknowledged that the Trustee is not under any duty or
obligation (i) to determine whether any of the documents specified in any of
clauses (vi), (vii), (viii), (x), (xii) and (xiii) through (xxi) of the
definition of "Mortgage File" exist or are required to be delivered by the
Depositor, a Mortgage Loan Seller or any other Person other than to the extent
identified on the related Mortgage Loan Schedule, (ii) to inspect, review or
examine any of the documents, instruments, certificates or other papers relating
to the Loans delivered to it to determine that the same are valid, legal,
effective, in recordable form, genuine, enforceable, sufficient or appropriate
for the represented purpose or that they are other than what they purport to be
on their face or (iii) to determine whether any omnibus assignment specified in
clause (v) or clause (vii) of the definition of "Mortgage File" is effective
under applicable law. The Trustee may assume for purposes of certification
pursuant to Section 2.02(b), that each Mortgage File should include one state
level UCC Financing Statement filing for each Loan.

         (e) If, in the process of reviewing the Mortgage Files or at any time
thereafter, the Trustee finds that (a) any document required to be included in
the Mortgage File is not in its possession within the time required under the
applicable Mortgage Loan Purchase Agreement or (b) such document has not been
properly executed or is otherwise defective on its face (each, a "Defect" in the
related Mortgage File), the Trustee shall promptly so notify the Depositor, the
Master Servicer, the Special Servicer and the applicable Mortgage Loan Seller
(and, solely with respect to any Serviced Loan Combination, the related Junior
Loan Holder(s), as applicable), by providing a written report (the "Trustee
Exception Report") setting forth for each affected Loan, with particularity, the
nature of such Defect. The Trustee shall not be required to verify the
conformity of any document with the Mortgage Loan Schedule, except that such
documents have been properly executed or received, have been recorded or filed
(if recordation is specified for such document in the definition of "Mortgage
File"), appear to be related to the Loans identified on the Mortgage Loan
Schedule, appear to be what they purport to be, or have not been torn, mutilated
or otherwise defaced.

                                      -92-

         (f) On each anniversary of the Closing Date until all exceptions have
been eliminated, the Trustee shall deliver an exception report as to any
remaining Defects or required Loan Documents that are not in its possession and
that it was required to review pursuant to Section 2.02(c).

         SECTION 2.03. Representations, Warranties and Covenants of the
                       Depositor; Repurchase and Substitution of Loans by the
                       Responsible Parties for Defects in Mortgage Files,
                       Breaches of Representations and Warranties and Other
                       Matters.

         (a) The Depositor hereby represents and warrants, as of the Closing
Date, that:

               (i) The Depositor is a corporation duly organized, validly
     existing and in good standing under the laws of the State of Delaware, and
     the Depositor has taken all necessary corporate action to authorize the
     execution, delivery and performance of this Agreement by it, and has the
     power and authority to execute, deliver and perform this Agreement and all
     the transactions contemplated hereby, including, but not limited to, the
     power and authority to sell, assign and transfer the Loans in accordance
     with this Agreement; the Depositor has duly authorized the execution,
     delivery and performance of this Agreement, and has duly executed and
     delivered this Agreement;

               (ii) Assuming the due authorization, execution and delivery of
     this Agreement by each other party hereto, this Agreement and all of the
     obligations of the Depositor hereunder are the legal, valid and binding
     obligations of the Depositor, enforceable against the Depositor in
     accordance with the terms of this Agreement, except as such enforcement may
     be limited by bankruptcy, insolvency, reorganization or other similar laws
     affecting the enforcement of creditors' rights generally, and by general
     principles of equity (regardless of whether such enforceability is
     considered in a proceeding in equity or at law);

               (iii) The execution and delivery of this Agreement and the
     performance of its obligations hereunder by the Depositor will not conflict
     with any provisions of any law or regulations to which the Depositor is
     subject, or conflict with, result in a breach of or constitute a default
     under any of the terms, conditions or provisions of the certificate of
     incorporation or the by-laws of the Depositor or any indenture, agreement
     or instrument to which the Depositor is a party or by which it is bound, or
     any order or decree applicable to the Depositor, or result in the creation
     or imposition of any lien on any of the Depositor's assets or property,
     which would materially and adversely affect the ability of the Depositor to
     carry out the transactions contemplated by this Agreement; the Depositor
     has obtained any consent, approval, authorization or order of any court or
     governmental agency or body required for the execution, delivery and
     performance by the Depositor of this Agreement;

               (iv) There is no action, suit or proceeding pending or, to the
     Depositor's knowledge, threatened against the Depositor in any court or by
     or before any other governmental agency or instrumentality which would
     materially and adversely affect the validity of the Loans or the ability of
     the Depositor to carry out the transactions contemplated by this Agreement;

               (v) The Depositor's transfer of the Loans to the Trustee as
     contemplated herein is not subject to any bulk transfer or similar law in
     effect in any applicable jurisdiction;

               (vi) The Depositor is not transferring the Loans to the Trustee
     with any intent to hinder, delay or defraud its present or future
     creditors;

                                      -93-

               (vii) The Depositor has been solvent at all relevant times prior
     to, and will not be rendered insolvent by, its transfer of the Loans to the
     Trustee, pursuant to Section 2.01(a);

               (viii) After giving effect to its transfer of the Loans to the
     Trustee, pursuant to Section 2.01(a), the value of the Depositor's assets,
     either taken at their present fair saleable value or at fair valuation,
     will exceed the amount of the Depositor's debts and obligations, including
     contingent and unliquidated debts and obligations of the Depositor, and the
     Depositor will not be left with unreasonably small assets or capital with
     which to engage in and conduct its business;

               (ix) The Depositor 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;

               (x) No proceedings looking toward merger, liquidation,
     dissolution or bankruptcy of the Depositor are pending or contemplated;

               (xi) Immediately prior to the transfer of the Loans to the
     Trustee for the benefit of the Certificateholders pursuant to this
     Agreement, the Depositor had such right, title and interest in and to each
     Loan as was transferred to it by the related Mortgage Loan Seller pursuant
     to the related Mortgage Loan Purchase Agreement;

               (xii) The Depositor has not transferred any of its right, title
     and interest in and to the Loans to any Person other than the Trustee;

               (xiii) The Depositor is transferring all of its right, title and
     interest in and to the Loans to the Trustee for the benefit of the
     Certificateholders free and clear of any and all liens, pledges, charges,
     security interests and other encumbrances created by or through the
     Depositor; and

               (xiv) Except for any actions that are the express responsibility
     of another party hereunder or under any Mortgage Loan Purchase Agreement,
     and further except for actions that the Depositor is expressly permitted to
     complete subsequent to the Closing Date, the Depositor has taken all
     actions required under applicable law to effectuate the transfer of all of
     its right, title and interest in and to the Loans to the Trustee.

         (b) If any Certificateholder, the Master Servicer, the Special Servicer
or the Trustee discovers or receives notice of a Defect or a breach of any
representation or warranty made, or required to be made, with respect to a Loan
by any Mortgage Loan Seller (or, in the case of the Mizner Park Loan, as to
which the CSFB Mortgage Loan Seller is the related Mortgage Loan Seller and
KeyBank is the related Responsible Party, by KeyBank) pursuant to the related
Mortgage Loan Purchase Agreement (a "Breach"), it shall give notice to the
Master Servicer, the Special Servicer and the Trustee. If the Master Servicer or
the Special Servicer determines that such Defect or Breach materially and
adversely affects the value of any Loan or REO Loan or the interests of the
Holders of any Class of Certificates (any such Defect or Breach, a "Material
Document Defect" or a "Material Breach", respectively), it shall give prompt
written notice of such Defect or Breach to the Depositor, the Trustee, the
Master Servicer, the Special Servicer and the applicable Responsible Party and
shall request that such Responsible Party, not later than the earlier of 90 days
from the receipt by the applicable Responsible Party of such notice or discovery
by such Responsible Party of such Defect or Breach (subject to the second
succeeding paragraph, the "Initial Resolution Period"), (i) cure such Defect or
Breach in all material respects, (ii) repurchase the affected Loan at the
applicable Purchase Price in conformity with the related Mortgage

                                      -94-

Loan Purchase Agreement or (iii) substitute a Qualified Substitute Mortgage Loan
for such affected Loan (provided that in no event shall such substitution occur
later than the second anniversary of the Closing Date) and pay to the Master
Servicer for deposit into the Collection Account any Substitution Shortfall
Amount in connection therewith in conformity with the related Mortgage Loan
Purchase Agreement; provided, however, that if (i) such Material Document Defect
or Material Breach is capable of being cured but not within the Initial
Resolution Period, (ii) such Material Document Defect or Material Breach is not
related to any Loan's not being a "qualified mortgage" within the meaning of the
REMIC Provisions and (iii) the applicable Responsible Party has commenced and is
diligently proceeding with the cure of such Material Document Defect or Material
Breach within the Initial Resolution Period, then the applicable Responsible
Party shall have an additional 90 days to cure such Material Document Defect or
Material Breach, provided that the applicable Responsible Party has delivered to
the Master Servicer, the Special Servicer, the Rating Agencies and the Trustee
an officer's certificate from an officer of the applicable Responsible Party
that describes the reasons that the cure was not effected within the Initial
Resolution Period and the actions that it proposes to take to effect the cure
and that states that it anticipates that the cure will be effected within the
additional 90-day period. Notwithstanding the foregoing, if there exists a
Breach of any representation or warranty with respect to a Loan on the part of a
Mortgage Loan Seller (or, in the case of the Mizner Park Loan, as to which the
CSFB Mortgage Loan Seller is the related Mortgage Loan Seller and KeyBank is the
related Responsible Party, on the part of KeyBank) set forth in, or made
pursuant to, Section 6(a) of the related Mortgage Loan Purchase Agreement
relating to whether or not the Loan Documents or any particular Loan Document
requires the related Borrower to bear the costs and expenses associated with any
particular action or matter under such Loan Document(s), then the applicable
Responsible Party shall cure such Breach within the Initial Resolution Period by
reimbursing the Trust Fund by wire transfer to the Collection Account the
reasonable amount of any such costs and expenses incurred by the Master
Servicer, the Special Servicer, the Trustee or the Trust Fund that are the basis
of such Breach and have not been reimbursed by the related Borrower, provided,
however, that in the event any such costs and expenses exceed $10,000, the
applicable Responsible Party shall have the option to either repurchase such
Loan at the applicable Purchase Price, replace such Loan and pay the applicable
Substitution Shortfall Amount or pay such costs. Except as provided in the
proviso to the immediately preceding sentence, the applicable Responsible Party
shall make such deposit and upon its making such deposit, the applicable
Responsible Party shall be deemed to have cured such Breach in all respects.
Provided such payment is made, the second preceding sentence describes the sole
remedy available to the Certificateholders and the Trustee on their behalf
regarding any such Breach, and the applicable Responsible Party shall not be
obligated to repurchase, substitute or otherwise cure such Breach under any
circumstances.

         Any of the following will cause a document in the Mortgage File to be
deemed to have a "Defect" (unless cured as contemplated by Section 2.02(b)) and
to be conclusively presumed to materially and adversely affect the interests of
the Holders of a Class of Certificates and the value of a Loan or any successor
REO Loan with respect thereto: (a) the absence from the Mortgage File of the
original signed Note, unless the Mortgage File contains a signed lost note
affidavit and indemnity; (b) the absence from the Mortgage File of the original
signed Mortgage, unless there is included in the Mortgage File a certified copy
of the Mortgage as recorded or as sent for recordation, together with a
certificate stating that the original signed Mortgage was sent for recordation,
or a copy of the Mortgage and the related recording information; (c) the absence
from the Mortgage File of the item called for by clause (ix) of the definition
of Mortgage File; (d) the absence from the Mortgage File of any intervening
assignment required to create an effective assignment to the Trustee on behalf
of the Trust, unless there is included in the Mortgage File a certified copy of
the intervening assignment as recorded or as sent for recordation, together with
a certificate stating that the original intervening assignment was sent for
recordation; (e) the absence from the Mortgage File of any required original
letter of credit (as required in the parenthetical exception in the first
paragraph of Section 2.01(b)), provided that such Defect may be cured by the

                                      -95-

provision of a substitute letter of credit or a cash reserve; or (f) the absence
from the Mortgage File of the original or a copy of any required ground lease.
Failure to include a document checklist in a Mortgage File shall in no event
constitute a Material Document Defect.

         Any Defect or Breach which causes any Loan not to be a "qualified
mortgage" (within the meaning of Section 860G(a)(3) of the Code) shall be deemed
to materially and adversely affect the interests of the Holders of a Class of
Certificates, and the Initial Resolution Period for the affected Loan shall be
90 days following the earlier of the related Responsible Party's receipt of
notice (pursuant to this Section 2.03(b)) with respect to, and its discovery of,
such Defect or Breach (which period shall not be subject to extension).

         If any Loan is to be repurchased by reason of a Material Breach or a
Material Document Defect with respect thereto, the Master Servicer shall
designate the Collection Account as the account into which funds in the amount
of the Purchase Price are to be deposited by wire transfer.

         If (x) a Loan is to be repurchased or substituted for as contemplated
above, (y) such Loan is a Crossed Loan and (z) the applicable Defect or Breach
does not otherwise constitute a Material Document Defect or a Material Breach,
as the case may be, as to any related Crossed Loan, then the applicable Defect
or Breach shall be deemed to constitute a Material Document Defect or a Material
Breach as to any related Crossed Loan for purposes of the above provisions, and
the applicable Responsible Party shall be required to repurchase or substitute
for the related Crossed Loan in accordance with the provisions above unless the
Crossed Loan Repurchase Criteria would be satisfied if the applicable
Responsible Party were to repurchase or substitute for only the affected Crossed
Loans as to which a Material Document Defect or Material Breach had occurred
without regard to this paragraph, and in the case of either such repurchase or
substitution, all of the other requirements set forth in this Section 2.03
applicable to a repurchase or substitution, as the case may be, would be
satisfied. In the event that the Crossed Loan Repurchase Criteria would be so
satisfied, the applicable Responsible Party may elect either to repurchase or
substitute for only the affected Crossed Loan as to which the Material Document
Defect or Material Breach exists or to repurchase or substitute for all the
Crossed Loans in the subject Crossed Group. The determination of the Special
Servicer as to whether the Crossed Loan Repurchase Criteria have been satisfied
shall be conclusive and binding in the absence of manifest error. The Special
Servicer will be entitled to cause to be delivered, or direct the applicable
Responsible Party to cause to be delivered, to the Master Servicer, an Appraisal
of any or all of the related Mortgaged Properties for purposes of determining
whether clause (ii) of the definition of Crossed Loan Repurchase Criteria has
been satisfied, in each case at the expense of the applicable Responsible Party
if the scope and cost of the Appraisal are approved by the applicable
Responsible Party (such approval not to be unreasonably withheld).

         With respect to any Crossed Loan conveyed hereunder, to the extent that
the applicable Responsible Party repurchases an affected Crossed Loan in the
manner prescribed above while the Trustee continues to hold any related Crossed
Loans, the related Responsible Party and the Depositor have agreed in the
Mortgage Loan Purchase Agreement to modify, upon such repurchase or
substitution, the related Loan Documents in a manner such that such affected
Crossed Loan repurchased or substituted by the related Responsible Party, on the
one hand, and any related Crossed Loans held by the Trustee, on the other, would
no longer be cross-defaulted or cross-collateralized with one another; provided
that the applicable Responsible Party shall have furnished the Trustee, at its
expense, with an Opinion of Counsel that such modification shall not cause an
Adverse REMIC Event; provided, further, that if such Opinion cannot be
furnished, the applicable Responsible Party and the Depositor have agreed in the
Mortgage Loan Purchase Agreement that such repurchase or substitution of only
the affected Crossed Loan, notwithstanding anything to the contrary herein,
shall not be permitted. Any reserve or other cash

                                      -96-

collateral or letters of credit securing the Crossed Loans shall be allocated
between such Loans in accordance with the Loan Documents. All other terms of
such Loans shall remain in full force and effect, without any modification
thereof.

         Notwithstanding the foregoing, if there is a Material Breach or
Material Document Defect with respect to one or more Mortgaged Properties (but
not all of the Mortgaged Properties) with respect to a Loan, the applicable
Responsible Party will not be obligated to repurchase or substitute for the Loan
if the affected Mortgaged Property may be released pursuant to the terms of any
partial release provisions in the related Loan Documents and the remaining
Mortgaged Property(ies) satisfy the requirements, if any, set forth in the Loan
Documents and (i) the applicable Responsible Party provides an Opinion of
Counsel to the effect that such partial release would not cause an Adverse REMIC
Event to occur, (ii) such Responsible Party pays (or causes to be paid) the
applicable release price required under the Loan Documents and, to the extent
not covered by such release price, any additional amounts necessary to cover all
reasonable out-of-pocket expenses reasonably incurred by the Master Servicer,
the Special Servicer, the Trustee or the Trust Fund and (iii) such cure by
release of such Mortgaged Property is effected within the time periods specified
for cures of Material Breaches or Material Defects in this Section 2.03(b).

         In connection with any repurchase of or substitution for a Loan
contemplated by this Section 2.03, the Trustee, the Master Servicer and the
Special Servicer shall each tender to or at the direction of the applicable
Responsible Party, upon delivery to each of the Trustee, the Master Servicer and
the Special Servicer of a trust receipt executed by such Responsible Party, all
portions of the Mortgage File, the Servicing File and other documents pertaining
to such Loan possessed by it, and each document that constitutes a part of the
related Mortgage File that was endorsed or assigned to the Trustee, shall be
endorsed or assigned, as the case may be, to such Responsible Party in the same
manner as provided in Section 7 of the related Mortgage Loan Purchase Agreement.
The Master Servicer (or, in the case of a Specially Serviced Loan, the Special
Servicer) shall notify the related Junior Loan Holder(s) of any repurchase
regarding any A Loan.

         In connection with a repurchase of a Loan or the substitution of a
Qualified Substitute Mortgage Loan for a Loan pursuant to the first paragraph of
this Section 2.03(b), Monthly Payments due with respect to each Qualified
Substitute Mortgage Loan (if any) after the Due Date in the month of
substitution, and Monthly Payments due with respect to each Loan being
repurchased or replaced after the related Cut-off Date and received by the
Master Servicer or the Special Servicer on behalf of the Trust on or prior to
the related date of repurchase or substitution, shall be part of the Trust Fund.
Monthly Payments due with respect to each Qualified Substitute Mortgage Loan (if
any) on or prior to the Due Date in the month of substitution, and Monthly
Payments due with respect to each Loan being repurchased or replaced and
received by the Master Servicer or the Special Servicer on behalf of the Trust
after the related date of repurchase or substitution, shall not be part of the
Trust Fund and are to be remitted by the Master Servicer to the applicable
Responsible Party promptly following receipt.

         Section 7 of each of the Mortgage Loan Purchase Agreements provides the
sole remedy available to the Certificateholders, or the Trustee on behalf of the
Certificateholders, respecting any Defect or Breach.

         If the applicable Responsible Party defaults on its obligations to
repurchase any Loan as contemplated by this Section 2.03(b), the Trustee shall
promptly notify the Certificateholders, the Rating Agencies, the Master Servicer
and the Special Servicer (and any related Junior Loan Holder) of such default.
The Trustee shall (and the Special Servicer may) enforce the obligations of each
Responsible Party under Section 7 of the related Mortgage Loan Purchase
Agreement. Such enforcement, including,

                                      -97-

without limitation, the legal prosecution of claims, shall be carried out in
such form, to such extent and at such time as if it were, in its individual
capacity, the owner of the affected Loan(s). The Trustee (or the Special
Servicer, if applicable) shall be reimbursed for the reasonable costs of such
enforcement: first, from a specific recovery of costs, expenses or attorneys'
fees against the defaulting Responsible Party; second, pursuant to Section
3.05(a) out of the related Purchase Price, to the extent that such expenses are
a specific component thereof; and third, if at the conclusion of such
enforcement action it is determined that the amounts described in clauses first
and second are insufficient, then pursuant to Section 3.05(a) out of general
collections on the Loans on deposit in the Collection Account.

         If the applicable Responsible Party incurs any expense in connection
with the curing of a Breach which also constitutes a default under the related
Loan, such Responsible Party shall have a right, and shall be subrogated to the
rights of the Trustee, as successor to the mortgagee, to recover the amount of
such expenses from the related Borrower; provided, however, that such
Responsible Party's rights pursuant to this paragraph shall be junior, subject
and subordinate to the rights of the Trust Fund to recover amounts owed by the
related Borrower under the terms of such Loan, including the rights to recover
unreimbursed Advances, accrued and unpaid interest on Advances at the
Reimbursement Rate and unpaid or unreimbursed expenses of the Trust Fund
allocable to such Loan; and provided, further, that in the event and to the
extent that such expenses of such Responsible Party in connection with any Loan
exceed five percent of the then outstanding principal balance of such Loan, then
such Responsible Party's rights to reimbursement pursuant to this paragraph with
respect to such Loan and such excess expenses shall not be exercised until the
payment in full of such Loan (as such Loan may be amended or modified pursuant
to the terms of this Agreement). Notwithstanding any other provision of this
Agreement to the contrary, the Master Servicer shall not have any obligation
pursuant to this Agreement to collect such reimbursable amounts on behalf of
such Responsible Party; provided, however, that the preceding clause shall not
operate to prevent the Master Servicer from using reasonable efforts, exercised
in the Master Servicer's sole discretion, to collect such amounts to the extent
consistent with the Servicing Standard; provided, further, that the Master
Servicer may condition its collection efforts on behalf of the Responsible Party
upon receiving assurances from such Responsible Party satisfactory to the Master
Servicer consistent with the Servicing Standard that the Master Servicer will be
paid or reimbursed, and the Master Servicer, the Special Servicer, the Trustee
and the Trust Fund will be held harmless, by such Responsible Party with respect
to all out-of-pocket costs, expenses and losses incurred in connection with or
arising out of such collection efforts by the Master Servicer. A Responsible
Party may pursue its rights to reimbursement of such expenses directly against
the Borrower, by suit or otherwise, provided that (i) the Master Servicer or,
with respect to a Specially Serviced Loan, the Special Servicer determines in
the exercise of its sole discretion consistent with the Servicing Standard that
such actions by such Responsible Party will not impair the Master Servicer's
and/or the Special Servicer's collection or recovery of principal, interest and
other sums due with respect to the subject Loan and/or Junior Loan, which would
otherwise be payable to the Master Servicer, the Special Servicer, the Trustee,
the Certificateholders and any related Junior Loan Holder pursuant to the terms
of this Agreement, (ii) such actions will not include an involuntary bankruptcy,
receivership or insolvency proceeding against the Borrower, (iii) such actions
will not include the foreclosure or enforcement of any lien or security interest
under the related Mortgage or other Loan Documents and (iv) such actions will
not result in the imposition of an additional lien against the Mortgaged
Property.

         SECTION 2.04. Issuance of Uncertificated Lower-Tier Interests;
                       Execution of Certificates.

         Subject to Sections 2.01 and 2.02, the Trustee hereby acknowledges the
assignment to it of the Loans and the delivery of the Mortgage Files and fully
executed original counterparts of the Mortgage Loan Purchase Agreements,
together with the assignment to it of all other assets included in the

                                      -98-

Trust Fund. Concurrently with such assignment and delivery, the Trustee (i)
hereby declares that it holds the Loans, exclusive of Excess Interest thereon,
on behalf of the Lower-Tier REMIC and the Holders of the Certificates, (ii)
acknowledges the issuance of the Uncertificated Lower-Tier Interests (together
with the residual interest in the Lower-Tier Interest, which will be evidenced
by the Class R Certificates), in exchange for the Loans, exclusive of Excess
Interest thereon, receipt of which is hereby acknowledged, and (iii) pursuant to
the written request of the Depositor executed by an officer of the Depositor,
acknowledges that (A) it has executed and caused the Certificate Registrar to
authenticate and to deliver to or upon the order of the Depositor, in exchange
for the Loans (exclusive of Excess Interest thereon) and the Uncertificated
Lower-Tier Interests, the Regular Certificates and the Class R Certificates and
(B) it has executed and caused the Certificate Registrar to authenticate and to
deliver to or upon the order of the Depositor, in exchange for the Excess
Interest, the Class V Certificates, and the Depositor hereby acknowledges the
receipt by it or its designees, of all such Certificates.

                                      -99-

                                  ARTICLE III

                 ADMINISTRATION AND SERVICING OF THE TRUST FUND

         SECTION 3.01. General Servicing Matters.

         (a) Each of the Master Servicer and the Special Servicer shall
diligently service and administer the Loans (and, if a Loan is part of a
Serviced Loan Combination, the related Junior Loan(s), if any) (and, in the case
of the Special Servicer, any related REO Properties) that it is obligated to
service and administer pursuant to this Agreement on behalf of the Trustee and
in the best interests of and for the benefit of the Certificateholders (and, in
the case of a Serviced Loan Combination, the related Junior Loan Holder(s), if
any, taken as a collective whole), as determined by the Master Servicer or the
Special Servicer, as the case may be, in its reasonable judgment, in accordance
with applicable law, the terms of the respective Loans (and, if a Loan is part
of a Serviced Loan Combination, the terms of the related Junior Loan(s), if
any), and any related intercreditor, co-lender and/or similar agreement(s) and,
to the extent consistent with the foregoing, further as follows (the "Servicing
Standard"):

               (i) (A) in the same manner in which, and with the same care,
     skill, prudence and diligence with which the Master Servicer or the Special
     Servicer, as the case may be, services and administers similar mortgage
     loans for other third-party portfolios or securitization trusts, giving due
     consideration to the customary and usual standards of practice of prudent
     institutional commercial and multifamily mortgage loan servicers servicing
     mortgage loans for third parties, and (B) with the same care, skill,
     prudence and diligence with which the Master Servicer or the Special
     Servicer, as the case may be, services and administers commercial and
     multifamily mortgage loans, if any, owned by the Master Servicer or the
     Special Servicer, as the case may be, whichever standard is higher;

               (ii) with a view to the timely recovery of principal and interest
     on a net present value basis on such Loans and any such Junior Loan or, if
     any such Loan or any such Junior Loan comes into and continues in default
     and if, in the good faith and reasonable judgment of the Special Servicer,
     no satisfactory arrangements can be made for the collection of the
     delinquent payments, the maximization of the recovery on such Loan to the
     Trust and Certificateholders (as a collective whole) (or in the case of a
     Serviced Loan Combination, the maximization of recovery on such Serviced
     Loan Combination, to the Trust and Certificateholders and the related
     Junior Loan Holder(s), all taken as a collective whole) on a present value
     basis; and

               (iii) without regard to:

                    (A) any relationship that the Master Servicer or the Special
               Servicer, as the case may be, or any Affiliate thereof may have
               with the related Borrower, any Mortgage Loan Seller or any other
               party to this Agreement,

                    (B) the ownership of any Certificate, mezzanine loan or
               subordinate debt, or of any Junior Loan or interest therein, by
               the Master Servicer or the Special Servicer, as the case may be,
               or by any Affiliate thereof,

                    (C) the Master Servicer's obligation to make Advances,

                                     -100-

                    (D) the Special Servicer's obligation to request that the
               Master Servicer make Servicing Advances,

                    (E) the right of the Master Servicer (or any Affiliate
               thereof) or the Special Servicer (or any Affiliate thereof), as
               the case may be, to receive reimbursement of costs, or the
               sufficiency of any compensation payable to it, or with respect to
               any particular transaction,

                    (F) the ownership, servicing or management for others of any
               other mortgage loans or mortgaged properties by the Master
               Servicer or the Special Servicer, as the case may be, or any
               Affiliate of the Master Servicer or the Special Servicer, as the
               case may be,

                    (G) any obligation of the Master Servicer or any of its
               Affiliates (in their capacity as a Mortgage Loan Seller) to cure
               a breach of a representation or warranty or repurchase the
               mortgage loan, or

                    (H) any debt that the Master Servicer or the Special
               Servicer or any Affiliate of the Master Servicer or the Special
               Servicer, as applicable, has extended to any Borrower.

         Without limiting the foregoing, subject to Section 3.21, (i) the Master
Servicer shall be obligated to service and administer all Loans and any related
Junior Loans which, in each case, do not constitute Specially Serviced Loans and
(ii) the Special Servicer shall be obligated to service and administer all Loans
and any related Junior Loans as to which a Servicing Transfer Event has occurred
and is continuing ("Specially Serviced Loans") and any REO Property acquired in
respect of any such Loan or Junior Loan. Notwithstanding the foregoing, the
Master Servicer shall continue to make all calculations, and prepare, and
deliver to the Trustee, all reports required to be prepared by the Master
Servicer hereunder with respect to the Loans and/or Junior Loans that constitute
Specially Serviced Loans as if no Servicing Transfer Event had occurred and with
respect to the REO Properties (and the related REO Loans) related to such Loans
and/or Junior Loans as if no REO Acquisition had occurred, and to render such
incidental services with respect to such Specially Serviced Loans and REO
Properties as are specifically provided for herein; provided, however, that the
Master Servicer shall not be liable for failure to comply with such duties
insofar as such failure results from a failure of the Special Servicer to
provide information to the Master Servicer that is sufficient for the Master
Servicer to comply with such duties or from a failure of the Special Servicer to
prepare and deliver to the Master Servicer reports required hereunder to be
delivered by the Special Servicer to the Master Servicer. Each Loan and Junior
Loan that becomes a Specially Serviced Loan shall continue as such until
satisfaction of the conditions specified in Section 3.21(a).

         (b) Subject only to the Servicing Standard and the terms of this
Agreement and of the respective Loans (and, in the case of a Serviced Loan
Combination, the terms of the related Junior Loan(s) and the related
Intercreditor Agreement), the Master Servicer and, with respect to the Specially
Serviced Loans, the Special Servicer each shall have full power and authority,
acting alone, to do or cause to be done any and all things in connection with
such servicing and administration which it may deem necessary or desirable.
Without limiting the generality of the foregoing, each of the Master Servicer
and the Special Servicer, in its own name, is hereby authorized and empowered by
the Trustee and obligated to execute and deliver, on behalf of the
Certificateholders, the Junior Loan Holders and the Trustee or any of them, with
respect to each Loan or Junior Loan it is obligated to service under this
Agreement, any and all financing statements, continuation statements and other
documents or instruments necessary to

                                     -101-

maintain the lien created by the related Mortgage or other security document in
the related Mortgage File on the related Mortgaged Property and related
collateral; subject to Section 3.20, any and all modifications, waivers,
amendments or consents to or with respect to any documents contained in the
related Mortgage File; and any and all instruments of satisfaction or
cancellation, or of partial or full release or discharge, and all other
comparable instruments. Subject to Section 3.10, the Trustee shall execute and
furnish to the Master Servicer and Special Servicer any limited powers of
attorney and other documents prepared by the Master Servicer or the Special
Servicer, as the case may be, necessary or appropriate to enable the Master
Servicer or the Special Servicer, as the case may be, to carry out its servicing
and administrative duties hereunder; provided, however, that the Trustee shall
not be held liable for any negligence with respect to, or misuse of, any such
power of attorney by the Master Servicer or the Special Servicer; provided,
further, notwithstanding anything contained herein to the contrary, neither the
Master Servicer nor the Special Servicer shall, without the Trustee's written
consent: (i) initiate any action, suit or proceeding solely under the Trustee's
name without indicating the Master Servicer's or Special Servicer's, as
applicable, representative capacity; or (ii) take any action with the intent to
cause, and that actually causes, the Trustee to be registered to do business in
any state.

         (c) The relationship of the Master Servicer and the Special Servicer to
the Trustee and, unless they are the same Person, one another under this
Agreement is intended by the parties to be that of an independent contractor and
not that of a joint venturer, partner or, except as specifically set forth
herein, agent.

         (d) Pursuant to the related Intercreditor Agreement, each Junior Loan
Holder has agreed that the Master Servicer and the Special Servicer are
authorized and obligated to service and administer the subject Junior Loan
pursuant to this Agreement. The Master Servicer shall be entitled, during any
period when any Junior Loan included in a Serviced Loan Combination does not
constitute a Specially Serviced Loan, to exercise the rights and powers granted
under the corresponding Intercreditor Agreement(s) to the holder of the
applicable Loan or to any servicer appointed thereby or acting on its behalf,
subject to the limitations of such Intercreditor Agreement and to the rights and
powers of the related Junior Loan Holder(s) under such Intercreditor Agreement.

         (e) In the event that a CBA A/B Material Default occurs with respect to
any CBA A/B Loan Pair, and for so long as such CBA A/B Material Default shall be
continuing, the Master Servicer and/or the Special Servicer, as applicable,
shall be obligated to service, subject to the terms and conditions of the
related CBA A/B Intercreditor Agreement, the related CBA B Loan, on behalf of
the related Junior Loan Holder, and all references herein to "Junior Loan" (and,
if the related A Loan is a Specially Serviced Loan, all references herein to
"Specially Serviced Loan"), other than provisions pertaining to the making of
Advances, shall include such CBA B Loan.

         SECTION 3.02. Collection of Loan Payments.

         (a) The Master Servicer and the Special Servicer shall make reasonable
efforts to collect all payments called for under the terms and provisions of the
Loans (and any Serviced Loan Combination(s)) it is obligated to service
hereunder, and shall follow such collection procedures as are consistent with
this Agreement (including, without limitation, the Servicing Standard).
Consistent with the foregoing, the Master Servicer or the Special Servicer may
in its discretion waive any Penalty Charge in connection with any delinquent
payment on a Loan (or a Serviced Loan Combination) it is obligated to service
hereunder.

         (b) All amounts collected on any Loan or Junior Loan in the form of
payments from Borrowers, Insurance and Condemnation Proceeds or Liquidation
Proceeds shall be applied to amounts

                                     -102-

due and owing under the related Note and Mortgage (including any modifications
to either of them) in accordance with the express provisions of such Note and
Mortgage (unless a payment default exists thereunder and the related Note and
Mortgage permit application in the order and priority determined by the lender)
and, in the absence of such express provisions (and, in the case of each related
Junior Loan included in any Serviced Loan Combination, subject to the terms of
the related Intercreditor Agreement), shall be applied (after payment to the
Master Servicer, the holder of the related Excess Servicing Strip, any related
Primary Servicer, the Special Servicer, and/or the Trustee for any related
Master Servicing Fees (net of the related Excess Servicing Strip), Excess
Servicing Strip, Primary Servicing Fees, Special Servicing Fees and Trustee
Fees, the application to any related outstanding P&I Advances and/or Servicing
Advances, application to recoveries of Nonrecoverable Advances or
Workout-Delayed Reimbursement Amounts (in each case, that were paid from
principal collections on the Loans and resulted in principal distributed to the
Certificateholders being reduced), and payment of interest on all such Advances
from such Loan): first, as a recovery of accrued and unpaid interest on such
Loan or Junior Loan, as the case may be, at the related Mortgage Rate (less
portions thereof payable to the Master Servicer, the holder of the related
Excess Servicing Strip, the Special Servicer, the Trustee, or, if applicable,
the related Primary Servicer) in effect from time to time to but not including
the Due Date in the Due Period of receipt; second, as a recovery of principal of
such Loan or Junior Loan, as the case may be; third, to the payment of Yield
Maintenance Charges and Static Prepayment Premiums; and fourth, any other
amounts due and owing under such Loan or Junior Loan, as the case may be (the
application to such other amounts to be made in the discretion of the Master
Servicer (exercised in accordance with the Servicing Standard)). Notwithstanding
the terms of any Loan or Junior Loan, the Master Servicer shall not be entitled
to the payment of any Penalty Charge in excess of outstanding interest on
Advances made with respect to such Loan or Junior Loan, until and except to the
extent that (i) all reserves required to be established with the Master Servicer
and then required to be funded pursuant to the terms of such Loan or Junior Loan
have been so funded, (ii) all payments of principal and interest then due on
such Loan or Junior Loan have been paid and (iii) all related operating
expenses, if applicable, have been paid to the related Lock-Box or reserved for
pursuant to the related Lock-Box Agreement. In no event shall any collections on
any ARD Loan be allocated to the payment of Excess Interest until all principal
and interest (other than Excess Interest) due, or to become due, under such ARD
Loan have been paid in full and any Advances related to such ARD Loan (together
with interest thereon) are reimbursed. Amounts collected on any REO Loan shall
be deemed to be applied in accordance with the definition thereof.

         (c) If the Master Servicer or the Special Servicer receives, or
receives notice from the related Borrower that it will be receiving, Excess
Interest in any Due Period, the Master Servicer or the Special Servicer, as
applicable, shall, to the extent Excess Interest is not otherwise reported on
the CMSA Loan Periodic Update File, promptly notify the Trustee in writing.

         (d) Subject to Section 3.20, the Master Servicer shall not accept a
Principal Prepayment of any Loan by the related Borrower on any date other than
a Due Date if accepting such payment would cause a Prepayment Interest
Shortfall, unless the Borrower is permitted to make such prepayment pursuant to
the terms of the related Loan Documents, the prepayment results from a payment
of insurance proceeds or condemnation proceeds or the prepayment must be
accepted under applicable law or court order. If the Master Servicer accepts a
Principal Prepayment of any Loan by the Borrower on any date other than a Due
Date which causes a Prepayment Interest Shortfall (unless such Principal
Prepayment is in respect of (i) a Specially Serviced Loan, (ii) a payment of
insurance proceeds or condemnation proceeds, (iii) a payment subsequent to a
default under the related Loan Documents (provided the Master Servicer
reasonably believes that acceptance of such payment is consistent with the
Servicing Standard and the Master Servicer has obtained the consent of the
Special Servicer), (iv) a payment pursuant to applicable law or court order, (v)
a payment the related Borrower is permitted to make under the terms of the
related Loan Documents or (vi) a payment accepted by the Master Servicer at

                                     -103-

the request of or with the consent of the Directing Certificateholder), the
Master Servicer shall remit to the Trustee on or before 1:00 p.m., New York City
time, on the related Master Servicer Remittance Date for deposit in the
Distribution Account, in an amount equal to any Prepayment Interest Shortfall
resulting from such Principal Prepayment. In addition, if an Uncovered
Prepayment Interest Shortfall occurs in respect of any Loan (other than the
Mizner Park Loan) during any Due Period, and if the Master Servicer in respect
of such Loan receives any Prepayment Interest Excesses during that same Due
Period in respect of other Loans (other than the Mizner Park Loan), then such
Prepayment Interest Excesses shall be applied to offset such Uncovered
Prepayment Interest Shortfall to the maximum extent possible and shall not be
available as additional servicing compensation.

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

         (a) The Master Servicer shall establish and maintain one or more
accounts (the "Servicing Accounts"), into which all Escrow Payments received by
it with respect to the Loans and/or Junior Loans shall be deposited and
retained, and shall administer such Servicing Accounts in accordance with the
related Loan Documents and the terms of any related Intercreditor Agreement;
provided that, in the case of each of the One Park Avenue Total Loan and the
Mizner Park Total Loan, if the related Servicing Account includes funds with
respect to any other Loan, then the Master Servicer shall maintain a separate
sub-account of such Servicing Account that relates solely to the One Park Avenue
Total Loan or the Mizner Park Total Loan, as the case may be. Each Servicing
Account shall be maintained in accordance, or not inconsistent, with the
requirements of the related Loan or Junior Loan and in accordance with the
Servicing Standard in an Eligible Account. Funds on deposit in the Servicing
Accounts may be invested in Permitted Investments in accordance with the
provisions of Section 3.06. Withdrawals of amounts so deposited from a Servicing
Account may be made only to: (i) effect payment of real estate taxes,
assessments, Insurance Policy premiums, ground rents (if applicable) and other
items for which funds have been escrowed in the Servicing Accounts; (ii)
reimburse the Master Servicer or the Trustee for any Servicing Advances and
interest thereon; (iii) refund to Borrowers any sums as may be determined to be
overages; (iv) pay interest to Borrowers on balances in the Servicing Account,
if required by applicable law or the terms of the related Loan Documents and as
described below or, if not so required, to the Master Servicer pursuant to
clause (vii) below; (v) withdraw amounts deposited in error; (vi) clear and
terminate the Servicing Accounts at the termination of this Agreement in
accordance with Section 9.01; (vii) pay the Master Servicer, as additional
servicing compensation in accordance with Section 3.11(a), interest and
investment income earned in respect of amounts relating to the Trust Fund held
in the Servicing Accounts maintained by the Master Servicer as provided in
Section 3.06(b) (but only to the extent of the Net Investment Earnings with
respect to the Servicing Accounts maintained by the Master Servicer for the
relevant period and to the extent not required by law or the terms of the
related Loan Documents to be paid to the Borrowers); and (viii) following a
default on the related Loan or Serviced Loan Combination, for application to
amounts due thereunder (to the extent permitted by the related Loan Documents
and applicable law).

         (b) The Special Servicer, in the case of REO Properties, and the Master
Servicer, in the case of Loans and Junior Loans that do not constitute REO
Loans, shall maintain accurate records with respect to each related REO Property
or Mortgaged Property, as applicable, reflecting the status of real estate
taxes, assessments and other similar items that are or may become a lien thereon
(including related penalty or interest charges) and the status of Insurance
Policy premiums and any ground rents payable in respect thereof and the status
of any letters of credit. The Special Servicer, in the case of REO Properties,
and the Master Servicer, in the case of Loans and Junior Loans that do not
constitute REO Loans, shall obtain all bills for the payment of such items
(including renewal premiums) and shall effect payment thereof from the related
REO Account or Servicing Account, as applicable, and, if such amounts

                                     -104-

are insufficient to pay such items in full, the Master Servicer shall make a
Servicing Advance prior to the applicable penalty or termination date, as
allowed under the terms of the related Loan Documents and, in any event,
consistent with the Servicing Standard. Notwithstanding anything to the contrary
in the preceding sentence, with respect to Loans and Junior Loans that do not
provide for escrows for the payment of taxes and assessments, the Master
Servicer shall make a Servicing Advance for the payment of such items upon the
earlier of (i) five Business Days after the Master Servicer has received
confirmation that such item has not been paid and (ii) the earlier of (A) 30
days after the date such payments first become due and (B) five Business Days
before the scheduled date of foreclosure of any lien arising from nonpayment of
such items. In no event shall the Master Servicer or the Special Servicer be
required to make any such Servicing Advance that would, if made, be a
Nonrecoverable Servicing Advance. To the extent that a Loan or Serviced Loan
Combination does not require a Borrower to escrow for the payment of real estate
taxes, assessments, Insurance Policy premiums, ground rents (if applicable) and
similar items, the Special Servicer, in the case of REO Properties, and the
Master Servicer, in the case of all Loans and Junior Loans that do not
constitute REO Loans shall use reasonable efforts consistent with the Servicing
Standard to require that payments in respect of such items be made by the
Borrower at the time they first become due.

         (c) In accordance with the Servicing Standard and for all Loans and
Junior Loans (other than with respect to any such Loan or Junior Loan after the
related principal balance thereof has been reduced to zero), the Master Servicer
shall make a Servicing Advance with respect to each related Mortgaged Property
(including any REO Property) of all such funds as are necessary for the purpose
of effecting the payment of (without duplication) (i) ground rents (if
applicable), (ii) premiums on Insurance Policies, (iii) operating, leasing,
managing and liquidation expenses for REO Properties, (iv) environmental
inspections, (v) real estate taxes, assessments and other similar items that are
or may become a lien thereon, (vi) the costs and expenses (including attorneys'
fees and expenses) of any enforcement or judicial proceedings, including
foreclosure and similar proceedings, and (vii) any other amount specifically
required to be paid as a Servicing Advance hereunder, if and to the extent
monies in the Servicing Accounts are insufficient to pay such item when due and
the related Borrower has failed to pay such item on a timely basis, provided
that the Master Servicer shall not be required to make any such Advance that
would, if made, constitute a Nonrecoverable Servicing Advance.

         With respect to each Loan and Junior Loan and each related REO
Property, the Special Servicer shall give the Master Servicer and the Trustee
(and, if the One Park Avenue Total Loan or the Mizner Park Total Loan is
involved, the related Junior Lender(s)) not less than five Business Days' notice
before the date on which the Master Servicer is required to make any Servicing
Advance with respect to such Loan or Junior Loan or any related REO Property;
provided, however, that only two Business Days' notice shall be required in
respect of Servicing Advances required to be made on an urgent or emergency
basis; provided, further, that the Special Servicer shall not be entitled to
make such a request (other than for Servicing Advances required to be made on an
urgent or emergency basis) to the Master Servicer more frequently than once per
calendar month (although such request may relate to more than one Servicing
Advance). The Master Servicer may pay the aggregate amount of such Servicing
Advances listed on a monthly request to the Special Servicer, in which case the
Special Servicer shall remit such Servicing Advances to the ultimate payees. In
addition, the Special Servicer shall provide the Master Servicer and the Trustee
with any information in its possession (including any information that the
Master Servicer or the Trustee, as applicable, may reasonably request) to enable
the Master Servicer or the Trustee, as applicable, to determine whether a
requested Servicing Advance would constitute a Nonrecoverable Servicing Advance.
Any request by the Special Servicer that the Master Servicer make a Servicing
Advance shall be deemed to be a determination by the Special Servicer that such
requested Servicing Advance is not a Nonrecoverable Servicing Advance, and the
Master Servicer shall be entitled to conclusively rely on such determination,
provided that such determination shall not be binding upon

                                     -105-

the Master Servicer. On the fourth Business Day before each Distribution Date,
the Special Servicer shall report to the Master Servicer the Special Servicer's
determination as to whether any Servicing Advance previously made by the Master
Servicer with respect to a Specially Serviced Loan or REO Property is a
Nonrecoverable Servicing Advance. The Master Servicer shall be entitled to
conclusively rely on such a determination, provided that such determination
shall not be binding upon the Master Servicer.

         Notwithstanding anything to the contrary set forth herein, the Master
Servicer shall (at the direction of the Special Servicer if a Specially Serviced
Loan or an REO Property is involved) pay directly out of the Collection Account
any servicing expense that, if paid by the Master Servicer or the Special
Servicer, would constitute a Nonrecoverable Servicing Advance; provided that
such payment shall be made only if the Master Servicer (or the Special Servicer,
if a Specially Serviced Loan is involved) has determined in accordance with the
Servicing Standard that making such payment is in the best interests of the
Certificateholders (as a collective whole) (and in the case of any Junior Loan,
the related Junior Loan Holder, as applicable, taken as a collective whole), as
evidenced by an Officer's Certificate delivered promptly to the Trustee, each
Rating Agency and the Directing Certificateholder, setting forth the basis for
such determination and accompanied by any information that the Master Servicer
or the Special Servicer may have obtained that supports such determination.

         All such Servicing Advances and interest thereon shall be reimbursable
in the first instance from related collections from the Borrowers and further as
provided in Section 3.05. No costs incurred by the Master Servicer or the
Special Servicer in effecting the payment of real estate taxes, assessments and,
if applicable, ground rents on or in respect of the Mortgaged Properties shall,
for purposes of calculating monthly distributions to Certificateholders, be
added to the unpaid principal balances of the related Loans, notwithstanding
that the terms of such Loans so permit. If the Master Servicer fails to make any
required Servicing Advance as and when due to the extent a Responsible Officer
of the Trustee has been notified of such failure in writing by the Master
Servicer, the Special Servicer or the Depositor or a Responsible Officer of the
Trustee otherwise has actual knowledge of such failure, then the Trustee shall
make such Servicing Advance pursuant to Section 7.05.

         (d) In connection with its recovery of any Servicing Advance out of the
Collection Account pursuant to Section 3.05(a) or from a Servicing Account
pursuant to Section 3.03(a), the Master Servicer or the Trustee, as the case may
be, shall be entitled to receive, out of any amounts then on deposit in the
Collection Account, interest at the Reimbursement Rate in effect from time to
time, accrued on the amount of such Servicing Advance from and including the
date made to, but not including, the date of reimbursement. Subject to Section
3.19(e), the Master Servicer shall reimburse itself or the Trustee, as the case
may be, for any outstanding Servicing Advance made by the Master Servicer or the
Trustee, as the case may be, as soon as practically possible after funds
available for such purpose are deposited in the applicable account maintained
hereunder.

         (e) To the extent an operations and maintenance plan is required to be
established and executed pursuant to the terms of a Loan or Junior Loan, the
Master Servicer or, if such Loan or Junior Loan constitutes a Specially Serviced
Loan, the Special Servicer, shall request from the Borrower written confirmation
thereof within a reasonable time after the later of the Closing Date and the
date as of which such plan is required to be established or completed. To the
extent any repairs, capital improvements, actions or remediations are required
to have been taken or completed pursuant to the terms of a Loan or Junior Loan,
the Master Servicer or, if such Loan or Junior Loan constitutes a Specially
Serviced Loan, the Special Servicer shall request from the Borrower written
confirmation of such actions and remediations within a reasonable time after the
later of the Closing Date and the date as of which such action or remediations
are required to be or to have been taken or completed. To the extent a Borrower
fails to promptly respond to any inquiry described in this Section 3.03(e), the
Master Servicer

                                     -106-

(with respect to Loans and Junior Loans that are not Specially Serviced Loans)
shall determine whether the related Borrower has failed to perform its
obligations under the respective Loan or Junior Loan and report any such failure
to the Special Servicer within a reasonable time after the date as of which such
operations and maintenance plan is required to be established or executed or the
date as of which such actions or remediations are required to be or to have been
taken or completed.

         SECTION 3.04. The Collection Account, Distribution Account and Excess
                       Interest Distribution Account.

         (a) The Master Servicer shall establish and maintain, or cause to be
established and maintained, the Collection Account, into which the Master
Servicer shall deposit or cause to be deposited on a daily basis (and in no
event later than the Business Day following receipt of available funds), except
as otherwise specifically provided herein, the following payments and
collections on the Loans and Junior Loans received after the Cut-off Date (other
than payments of principal and interest due and payable on or before the Cut-off
Date) and the following payments and collections (other than Principal
Prepayments) received on the Loans and Junior Loans by it on or prior to the
Cut-off Date but allocable to a period subsequent thereto:

               (i) all payments on account of principal, including Principal
     Prepayments, on the Loans and Junior Loans; and

               (ii) all payments on account of interest (net of any related
     Primary Servicing Fees and, in the case of a Loan, the related Master
     Servicing Fees) on the Loans and Junior Loans and any Penalty Charges
     collected thereon (net of any amount thereof utilized to offset interest on
     Advances); and

               (iii) all Yield Maintenance Charges and all Static Prepayment
     Premiums received with respect to the Loans and Junior Loans;

               (iv) all Insurance and Condemnation Proceeds and Liquidation
     Proceeds received in respect of any such Loan or Junior Loan (other than
     Liquidation Proceeds that are to be deposited in the Distribution Account
     pursuant to Section 9.01) together with any amounts representing recoveries
     of Workout-Delayed Reimbursement Amounts or Nonrecoverable Advances in
     respect of such Loans; and

               (v) any amounts required to be transferred from (A) any REO
     Account pursuant to Section 3.16(c) and (B) any Junior Loan Custodial
     Account pursuant to any applicable provision of this Agreement; and

               (vi) any amounts required to be deposited by the Master Servicer
     pursuant to Section 3.06 in connection with losses incurred with respect to
     Permitted Investments of funds held in the Collection Account; and

               (vii) any amounts required to be deposited by the Master Servicer
     or the Special Servicer pursuant to Section 3.07(b) in connection with
     losses on any such Loan, Junior Loan or any related REO Property resulting
     from a deductible clause in a blanket hazard policy or master single
     interest policy; and

                                     -107-

               (viii) any amounts paid by any Junior Loan Holder or mezzanine
     lender in respect of the related A Loan in connection with any cure or
     purchase option exercised pursuant to the terms of the related
     Intercreditor Agreement.

         Subject to the last paragraph of this Section 3.04(a), the foregoing
requirements for deposit by the Master Servicer in the Collection Account shall
be exclusive, it being understood and agreed that actual payments from Borrowers
in the nature of Escrow Payments, charges for beneficiary statements or demands,
assumption fees, modification fees, extension fees, amounts collected for
Borrower checks returned for insufficient funds or other amounts that the Master
Servicer or the Special Servicer is entitled to retain as additional servicing
compensation pursuant to Section 3.11 need not be deposited by the Master
Servicer in the Collection Account. If the Master Servicer shall deposit in the
Collection Account any amount not required to be deposited therein, it may at
any time withdraw such amount from the Collection Account.

         Within one Business Day of receipt of any of the foregoing amounts with
respect to any Specially Serviced Loan, the Special Servicer shall remit such
amounts to the Master Servicer for deposit into the Collection Account. Any
amounts received by the Special Servicer with respect to an REO Property (other
than Liquidation Proceeds payable pursuant to Section 9.01 in connection with
the termination of the Trust) shall be deposited into the applicable REO Account
and remitted to the Master Servicer for deposit into the Collection Account
pursuant to Section 3.16(c).

         (b) The Trustee shall establish and maintain the Distribution Account
in trust for the benefit of the Certificateholders. The Trustee shall make or be
deemed to have made deposits in and withdrawals from the Distribution Account in
accordance with the terms of this Agreement. The Master Servicer shall deliver
to the Trustee each month on or before 1:00 p.m., New York City time, on the
Master Servicer Remittance Date, for deposit in the Distribution Account, that
portion of the Available Distribution Amount (calculated without regard to
clauses (a)(iii), (a)(iv), (a)(vii), (c), (d) and (e) of the definition thereof)
for the related Distribution Date then on deposit in the Collection Account. On
each Distribution Date (prior to distributions on the Certificates being made on
such date), the Trustee shall deposit in the Distribution Account any amounts
required to be so deposited by the Trustee pursuant to Section 3.06 in
connection with losses incurred with respect to Permitted Investments of funds
held in the Distribution Account and, to the extent permitted by Section 3.06,
shall be permitted to withdraw any Net Investment Earnings from the Distribution
Account.

         Subject to Section 3.05, the Master Servicer shall, as and when
required hereunder, deliver to the Trustee for deposit in the Distribution
Account:

               (i) any P&I Advances required to be made by the Master Servicer
     in accordance with Section 4.03 (or, if the Trustee succeeds to the Master
     Servicer's obligations hereunder, Section 7.05);

               (ii) any Liquidation Proceeds paid by the Master Servicer in
     connection with the purchase of all of the Loans and any REO Properties in
     the Trust Fund pursuant to Section 9.01 (exclusive of that portion thereof
     required to be deposited in the Collection Account or the Excess Interest
     Distribution Account pursuant to Section 9.01);

               (iii) any payments required to be made by the Master Servicer
     pursuant to Section 3.02(d); and

                                     -108-

               (iv) any other amounts required to be so delivered by the Master
     Servicer for deposit in the Distribution Account pursuant to any provision
     of this Agreement.

         The Trustee shall, upon receipt, deposit in the Distribution Account
any and all amounts received by the Trustee that are required by the terms of
this Agreement to be deposited therein (including the withdrawal amount from the
Interest Reserve Account pursuant to Section 3.28(b) and such amount from the
Excess Liquidation Proceeds Account as required pursuant to Section 3.04(d)). To
the extent that the Master Servicer has not delivered to the Trustee for deposit
in the Distribution Account such amounts as are required to have been so
delivered on the Master Servicer Remittance Date, the Master Servicer shall pay
interest thereon to the Trustee at an interest rate equal to the Reimbursement
Rate then in effect for the period from and including the Master Servicer
Remittance Date to and excluding the date such amounts are received for deposit
by the Trustee.

         (c) The Trustee shall establish, prior to the Master Servicer
Remittance Date relating to any Due Period in which Excess Interest is received,
and maintain the Excess Interest Distribution Account in the name of the Trustee
for the benefit of the Holders of the Class V Certificates. The Excess Interest
Distribution Account shall be established and maintained as an Eligible Account
or, subject to Section 3.04(i), a subaccount of an Eligible Account. On or
before the Master Servicer Remittance Date, the Master Servicer shall remit to
the Trustee for deposit in the Excess Interest Distribution Account an amount
equal to the Excess Interest received by the Master Servicer during the related
Due Period on the Loans. On each Distribution Date, the Trustee shall withdraw
the Excess Interest from the Excess Interest Distribution Account for
distribution pursuant to Section 4.01(c). Following the distribution of Excess
Interest to Holders of the Class V Certificates on the first Distribution Date
after which no Loans or related REO Loans remain outstanding that pursuant to
their terms could pay Excess Interest, the Trustee shall terminate the Excess
Interest Distribution Account.

         (d) If any Excess Liquidation Proceeds are received, the Trustee shall
establish and maintain one or more accounts (collectively, the "Excess
Liquidation Proceeds Account") to be held in trust for the benefit of the
Certificateholders. Each account that constitutes the Excess Liquidation
Proceeds Account shall be an Eligible Account or, subject to Section 3.04(i), a
sub-account of an Eligible Account. Not later than 1:00 p.m. on the Master
Servicer Remittance Date, the Master Servicer shall withdraw from the Collection
Account and remit to the Trustee for deposit in the Excess Liquidation Proceeds
Account all Excess Liquidation Proceeds received by the Master Servicer during
the Due Period ending on the Determination Date immediately prior to the Master
Servicer Remittance Date on the Loans. If any Excess Liquidation Proceeds
received by the Master Servicer during any Due Period relate to any Junior Loan,
such amount shall be deposited in the applicable Junior Loan Custodial Account,
respectively. On the Master Servicer Remittance Date, the Trustee shall deposit
in the Excess Liquidation Proceeds Account any amounts required to be so
deposited by the Trustee pursuant to Section 3.06 in connection with losses
incurred with respect to Permitted Investments of funds held in the Excess
Liquidation Proceeds Account and, to the extent permitted by Section 3.06, shall
be permitted to withdraw any Net Investment Earnings from the Excess Liquidation
Proceeds Account.

         On the Business Day prior to each Distribution Date, the Trustee shall
withdraw from the Excess Liquidation Proceeds Account and deposit in the
Distribution Account, for distribution on such Distribution Date, an amount
equal to the lesser of (i) the entire amount, if any, then on deposit in the
Excess Liquidation Proceeds Account and (ii) the excess, if any, of the
aggregate amount distributable with respect to the Regular Certificates on such
Distribution Date pursuant to Section 4.01(a), over the Available Distribution
Amount for such Distribution Date (calculated without regard to such transfer
from the Excess Liquidation Proceeds Account to the Distribution Account);
provided that on the Business Day prior to the Final Distribution Date, the
Trustee shall withdraw from the Excess Liquidation

                                     -109-

Proceeds Account and deposit in the Distribution Account, for distribution on
such Distribution Date, any and all amounts then on deposit in the Excess
Liquidation Proceeds Account.

         (e) Funds on deposit in the Collection Account, a Junior Loan Custodial
Account, the Interest Reserve Account, the Excess Interest Distribution Account,
the Excess Liquidation Proceeds and the Distribution Account may be invested
only in Permitted Investments in accordance with the provisions of Section 3.06.
The Master Servicer shall give notice to the Trustee, the Special Servicer, the
Rating Agencies and the Depositor of any new location of the Collection Account
prior to any change thereof. As of the Closing Date (or the date such account is
established, if later), the Distribution Account, the Excess Liquidation
Proceeds Account and the Excess Interest Distribution Account shall be located
at the offices of the Trustee. The Trustee shall give notice to the Master
Servicer and the Depositor of any new location of the Distribution Account, the
Excess Liquidation Proceeds Account or the Excess Interest Distribution Account,
prior to any change thereof.

         (f) With respect to a CBA B Loan from and after the date, if any, on
which any CBA A/B Material Default occurs and is continuing with respect to the
subject CBA A/B Loan Pair (and, as a result, such CBA B Loan is being serviced
hereunder) or the Mortgaged Property securing the subject CBA A/B Loan Pair has
become REO Property, and with respect to each other Junior Loan from and after
the date hereof, the Master Servicer shall establish and maintain, or cause to
be established and maintained, a Junior Loan Custodial Account into which the
Master Servicer shall deposit or cause to be deposited (if not otherwise
required to be deposited in the Collection Account) on a daily basis (and in no
event later than the Business Day following the receipt of available funds) or
shall transfer from general collections on deposit in the Collection Account,
except as otherwise specifically provided herein (and provided that the subject
payment or collection was not and may not otherwise be withdrawn from the
Collection Account for any other purpose contemplated by Section 3.05(a) or any
other section of this Agreement), the following payments and collections on the
applicable Junior Loan received after the Cut-off Date (other than payments of
principal and interest due and payable on or before the Cut-off Date) and the
following payments and collections (other than Principal Prepayments) received
on the applicable Junior Loan by the Master Servicer on or prior to the Cut-off
Date but allocable to a period subsequent thereto:

               (i) all payments or transfers from a debt service reserve
     account, on account of principal, including principal prepayments, on such
     Junior Loan; and

               (ii) all payments on account of interest, including Excess
     Interest and Default Interest, on such Junior Loan; and

               (iii) all Insurance and Condemnation Proceeds received that are
     allocable to such Junior Loan; and

               (iv) all Liquidation Proceeds received that are allocable to such
     Junior Loan; and

               (v) any amounts required to be transferred from an REO Account
     pursuant to Section 3.16(c) that relate to such Junior Loan, as applicable;
     and

               (vi) all yield maintenance charges, prepayment premiums and late
     payment charges received in respect of such Junior Loan; and

                                     -110-

               (vii) any amounts required to be deposited by the Master Servicer
     or the Special Servicer pursuant to Section 3.07(b) in connection with
     losses on such Junior Loan resulting from a deductible clause in a blanket
     or master force placed hazard insurance policy relating thereto; and

               (viii) any amounts paid by the holder of any A Loan or any
     mezzanine lender in connection with any purchase option exercised pursuant
     to the terms of the related Intercreditor Agreement, that are distributable
     to the related Junior Loan Holder; and

               (ix) any amounts required to be deposited by the Master Servicer
     pursuant to Section 3.06 in connection with losses incurred with respect to
     Permitted Investments of funds held in such Junior Loan Custodial Account.

         The foregoing requirements for deposit by the Master Servicer in a
Junior Loan Custodial Account shall be exclusive, it being understood and agreed
that actual payments from a Borrower in the nature of Escrow Payments, charges
for beneficiary statements or demands, assumption fees, modification fees,
extension fees, amounts collected for Borrower checks returned for insufficient
funds or other amounts that the Master Servicer or the Special Servicer is
entitled to retain as additional servicing compensation pursuant to Section 3.11
need not be deposited by the Master Servicer in such Junior Loan Custodial
Account. If the Master Servicer for any reason deposits in any Junior Loan
Custodial Account any amount not required to be deposited therein, the Master
Servicer may at any time withdraw such amount from such Junior Loan Custodial
Account, notwithstanding any provision in this Agreement to the contrary.

         (g) With respect to any CBA B Loan from and after the date, if any, on
which any CBA A/B Material Default occurs and is continuing with respect to the
subject CBA A/B Loan Pair (and, as a result, such CBA B Loan is being serviced
hereunder) or the Mortgaged Property securing the subject CBA A/B Loan Pair has
become REO Property, and with respect to each other Junior Loan from and after
the date hereof, the Master Servicer shall, as and when required pursuant to the
related Intercreditor Agreement and Section 3.05(a), withdraw from the related
Junior Loan Custodial Account and pay to the applicable parties hereunder such
amounts as is permitted under the related Intercreditor Agreement and this
Agreement for purposes of the reimbursement of Advances, the payment of interest
on Advances, the payment of Servicing Fees, Special Servicing Fees, Workout Fees
and Liquidation Fees and the payment of any other servicing expenses and fees
relating to the subject Junior Loan or any related REO Property and, further, to
pay to the related Junior Loan Holder, as applicable, all amounts to which each
of them is entitled in respect of the subject Junior Loan, respectively, in
accordance with the related Intercreditor Agreement. The foregoing payments
shall be made in accordance with the priorities set forth in the related
Intercreditor Agreement. Payments to the Trust shall be made by transfer of the
applicable funds to the Collection Account, and payments to the related Junior
Loan Holder shall be made in accordance with the related Intercreditor
Agreement.

         (h) Notwithstanding the foregoing or any other provision to the
contrary in this Agreement, the Master Servicer may maintain the Collection
Account and the respective Junior Loan Custodial Accounts as multiple separate
sub-accounts of a single Eligible Account; provided that: (i) all deposits into
and withdrawals from such single Eligible Account shall be deemed to have been
made in the same manner as would be the case if the Collection Account and such
respective Junior Loan Custodial Accounts were maintained as multiple separate
accounts; (ii) all distributions on the Certificates will be calculated and made
in the same manner as would be the case if the Collection Account and such
respective Junior Loan Custodial Accounts were maintained as multiple separate
accounts; (iii) the Master Servicer shall make credits and debits to those
multiple sub-accounts in a manner consistent with

                                     -111-

the provisions of this Agreement governing deposits and withdrawals of funds to
and from the Collection Account and the Junior Loan Custodial Accounts,
respectively; (iv) the Master Servicer's maintaining the Collection Account and
such respective Junior Loan Custodial Accounts as multiple separate sub-accounts
of a single Eligible Account (as opposed to in the form of multiple separate
Eligible Accounts) shall not materially and adversely affect any of the
Certificateholders, any Junior Loan Holder; and (v) such single Eligible Account
shall be entitled substantially as follows: "Midland Loan Services, Inc. [or
name of successor Master Servicer], in trust for Wells Fargo Bank, N.A. [or name
of successor Trustee], as Trustee for the benefit of Holders of Credit Suisse
First Boston Mortgage Securities Corp., Commercial Mortgage Pass-Through
Certificates, Series 2004-C3, and various Junior Loan Holders, as their
interests may appear, Collection/Custodial Account".

         (i) Also notwithstanding the foregoing or any other provision to the
contrary in this Agreement, the Trustee may maintain the Distribution Account,
the Excess Interest Distribution Account, the Interest Reserve Account and the
Excess Liquidation Proceeds Account as four separate subaccounts of a single
Eligible Account; provided that: (i) all deposits into and withdrawals from such
single Eligible Account shall be made in the same manner as would be the case if
the Distribution Account, the Excess Interest Distribution Account, the Interest
Reserve Account and the Excess Liquidation Proceeds Account were maintained as
four separate accounts; (ii) all distributions on the Certificates will be
calculated and made in the same manner as would be the case if the Distribution
Account, the Excess Interest Distribution Account, the Interest Reserve Account
and the Excess Liquidation Proceeds Account were maintained as four separate
accounts; (iii) the Trustee shall make debits and credits to those four
subaccounts in a manner consistent with the provisions of this Agreement
governing transfers of funds between the Distribution Account, the Excess
Interest Distribution Account, the Interest Reserve Account and the Excess
Liquidation Proceeds Account, as the case may be; (iv) the Trustee's maintaining
the Distribution Account, the Excess Interest Distribution Account, the Interest
Reserve Account and the Excess Liquidation Proceeds Account as four separate
subaccounts of a single Eligible Account (as opposed to in the form of four
separate Eligible Accounts) shall not materially and adversely affect any of the
Certificateholders; and (v) such single Eligible Account shall be entitled
"[name of Trustee], as Trustee, in trust for the registered holders of Credit
Suisse First Boston Mortgage Securities Corp., Commercial Mortgage Pass-Through
Certificates, Series 2004-C3, Distribution Account, Excess Interest Distribution
Account, Interest Reserve Account and Excess Liquidation Proceeds Account".

         SECTION 3.05. Permitted Withdrawals from the Collection Account and the
                       Distribution Account.

         (a) The Master Servicer may, from time to time, make withdrawals from
the Collection Account for any of the following purposes (the order set forth
below not constituting an order of priority for such withdrawals):

               (i) to remit to the Trustee for deposit in the Distribution
     Account the amount required to be remitted pursuant to the first paragraph
     of Section 3.04(b) and the amount to be applied to make P&I Advances by the
     Master Servicer pursuant to Section 4.03(a);

               (ii) to remit Excess Interest to the Trustee for deposit in the
     Excess Interest Distribution Account pursuant to Section 3.04(c);

               (iii) to pay (x) to such Master Servicer or the holder of such
     Master Servicer's Excess Servicing Strip (subject to Section 3.11(a))
     unpaid Master Servicing Fees (net of any such amounts required to offset
     Prepayment Interest Shortfalls pursuant to Section 3.11(a)) and any Primary
     Servicing Fees to which it or such holder is entitled pursuant to Section
     3.11(a),

                                     -112-

     and (y) to any Primary Servicer entitled thereto the related Primary
     Servicing Fees, such Master Servicer's rights and any Primary Servicer's
     rights to payment pursuant to this clause (iii) with respect to any Loan,
     Serviced Junior Loan or REO Loan, as applicable, being limited to amounts
     received on or in respect of such Loan or such Serviced Junior Loan
     (whether in the form of payments, Liquidation Proceeds or Insurance and
     Condemnation Proceeds) or on or in respect of such REO Loan (whether in the
     form of REO Revenues, Liquidation Proceeds or Insurance and Condemnation
     Proceeds) that are allocable as a recovery of interest thereon;

               (iv) to pay the Special Servicer (or, if applicable, any
     predecessor thereto) earned and unpaid Special Servicing Fees, Workout Fees
     and Liquidation Fees to which it is entitled in respect of Loans and Junior
     Loans (and any related REO Loans);

               (v) to reimburse itself or the Trustee, as applicable, for
     unreimbursed P&I Advances (to the extent not previously reimbursed in the
     form of a Cure Payment from any Junior Loan Holder) made by such party with
     respect to Loans and any related REO Loans, the Master Servicer's or the
     Trustee's right to receive payment pursuant to this clause (v) being
     limited to amounts received which represent Late Collections of interest
     (net of the related Master Servicing Fees and Primary Servicing Fees) on
     and principal of the particular Loans and REO Loans with respect to which
     such P&I Advances were made; provided, however, that, subject to Section
     1.05, if such P&I Advance becomes a Workout-Delayed Reimbursement Amount,
     then such P&I Advance shall thereafter be reimbursed from the portion of
     general collections and recoveries on or in respect of the Loans and
     successor REO Loans with respect thereto on deposit in the Collection
     Account from time to time that represent collections or recoveries of
     principal, first, from such amounts that are allocated to the Loan Group to
     which such Loan belongs and, second, from such amounts that are allocated
     to the other Loan Group;

               (vi) to reimburse itself or the Trustee, as applicable, for
     unreimbursed Servicing Advances made by such party with respect to any
     Loans and/or Junior Loans and/or related REO Properties, the Master
     Servicer's or the Trustee's respective rights to receive payment pursuant
     to this clause (vi) with respect to any Loan, Junior Loan or REO Property
     being limited to, as applicable, related payments, Liquidation Proceeds,
     Insurance and Condemnation Proceeds and REO Revenues); provided, however,
     that, subject to Section 1.05, if such Servicing Advance becomes a
     Workout-Delayed Reimbursement Amount, then such Servicing Advance shall
     thereafter be reimbursed from the portion of general collections and
     recoveries on or in respect of the Loans and Junior Loans (and successor
     REO Loans with respect thereto) on deposit in the Collection Account from
     time to time that represent collections or recoveries of principal, first,
     from such amounts that are allocated to the Loan Group to which such Loan
     belongs and, second, from such amounts that are allocated to the other Loan
     Group;

               (vii) to reimburse itself or the Trustee, as applicable, for
     Nonrecoverable Advances incurred by the Master Servicer or the Trustee in
     respect of the Loans and Junior Loans (as well as any related REO Loans)
     and to pay to itself or the Trustee, as applicable, interest accrued and
     payable on such reimbursed Nonrecoverable Advances, which reimbursement and
     payment shall be made, subject to Section 1.05, out of general collections
     on the Loans and any related REO Properties, first, from such amounts that
     are allocated to the Loan Group to which such Loan belongs and, second,
     from such amounts that are allocated to the other Loan Group;

               (viii) at such time as it reimburses itself or the Trustee, as
     applicable, for (a) any unreimbursed P&I Advance pursuant to clause (v)
     above, to pay itself or the Trustee, as applicable, any interest accrued
     and payable thereon in accordance with Section 4.03(d), (b) any

                                     -113-

     unreimbursed Servicing Advances pursuant to clause (vi) above or pursuant
     to Section 3.03(a)(ii), to pay itself or the Trustee, as the case may be,
     any interest accrued and payable thereon in accordance with Section
     3.03(d), or (c) any Nonrecoverable Advances pursuant to clause (vii) above,
     to pay itself or the Trustee, as the case may be, any interest accrued and
     payable thereon;

               (ix) to reimburse itself, the Special Servicer, the Depositor or
     the Trustee, as the case may be, for any unreimbursed expenses reasonably
     incurred by such Person in respect of any Breach or Defect relating to a
     Loan or Junior Loan required to be serviced by the Master Servicer and
     giving rise to a repurchase obligation of any Responsible Party under
     Section 7 of the related Mortgage Loan Purchase Agreement, including,
     without limitation, any expenses arising out of the enforcement of the
     repurchase obligation, each such Person's right to reimbursement pursuant
     to this clause (ix) with respect to any Loan being limited to that portion
     of the Purchase Price paid for such Loan that represents such expense in
     accordance with clause (vi) of the definition of Purchase Price;

               (x) subject to Section 2.03(b), to reimburse itself, the Trustee
     or the Special Servicer, as the case may be, out of general collections on
     the Loans and any related REO Properties for any unreimbursed expense
     reasonably incurred by such Person relating to a Loan required to be
     serviced by the Master Servicer in connection with the enforcement of any
     Responsible Party's obligations under Section 7 of the related Mortgage
     Loan Purchase Agreement, but only to the extent that such expenses are not
     reimbursable pursuant to clause (ix) above or otherwise;

               (xi) to pay itself, as additional servicing compensation all
     amounts specified in the fourth and fifth paragraphs of Section 3.11(a);
     and to pay the Special Servicer, as additional servicing compensation all
     amounts specified in the second and last paragraphs of Section 3.11(b);

               (xii) if and to the extent allocable to any Junior Loans (or REO
     Loans with respect thereto), to pay itself, the Special Servicer, the
     Depositor or any of their respective directors, officers, employees and
     agents and various other related Persons, as the case may be, any amounts
     payable to any such Person pursuant to Sections 6.03(a) or 6.03(b);

               (xiii) to pay for the cost of any Opinion of Counsel contemplated
     by Sections 10.01(a) or 10.01(c) in connection with an amendment to this
     Agreement requested by the Trustee or the Master Servicer, which amendment
     is in furtherance of the rights and interests of Certificateholders; and,
     if and to the extent allocable to any related Junior Loans (or REO Loans
     with respect thereto), to pay for (x) the cost of obtaining the REO
     Extension contemplated by Section 3.16(a) and (y) the fees of the Trustee
     or the Master Servicer for confirming the Special Servicer's determination
     of Fair Value of a Defaulted Loan;

               (xiv) to pay out of general collections on the Loans and any
     related REO Properties any and all federal, state and local taxes imposed
     on any Trust REMIC created hereunder or any of its assets or transactions,
     together with all incidental costs and expenses, to the extent that none of
     the Master Servicer, the Special Servicer or the Trustee is liable
     therefor;

               (xv) to reimburse the Master Servicer and the Special Servicer
     out of general collections on the Loans and any related REO Properties for
     expenses incurred by and reimbursable to them by the Trust Fund (which
     expenses are not otherwise reimbursable pursuant to any other clause of
     this Section 3.05(a) or pursuant to Section 3.05(b));

                                     -114-

               (xvi) to pay the Master Servicer the Special Servicer, the
     Directing Certificateholder, any Junior Loan Holder or any Responsible
     Party, as the case may be, with respect to each Loan and Junior Loan, if
     any, previously purchased or replaced by such Person pursuant to this
     Agreement or the related Intercreditor Agreement (in each case, if the
     Master Servicer was the Master Servicer), all amounts received thereon
     subsequent to the date of purchase or replacement, including, in the case
     of a Responsible Party, all amounts received thereon to which such
     Responsible Party is entitled under Section 2.03(b);

               (xvii) to reimburse the Special Servicer for the cost of any
     environmental testing performed at the Special Servicer's direction
     pursuant to the last sentence of Section 3.09(c) with respect to any
     Mortgaged Property or REO Property relating to any Loan or Junior Loan;

               (xviii) to transfer the Excess Liquidation Proceeds on deposit in
     the Collection Account to the Trustee for deposit in the Excess Liquidation
     Proceeds Account in accordance with Section 3.04(d);

               (xix) to transfer to the related Junior Loan Custodial Account
     all amounts payable to the related CBA B Loan Holder in respect of any CBA
     B Loan being serviced hereunder or in respect of any related REO Loan,
     pursuant to the related CBA Intercreditor Agreement; and to transfer to the
     related Junior Loan Custodial Account for each other Serviced Loan
     Combination, all amounts payable to the related Junior Loan Holder in
     respect of the related Junior Loan pursuant to the Intercreditor Agreement
     for such Serviced Loan Combination;

               (xx) to make any payments, in addition to normal remittances,
     owing by the Trust Fund to any Junior Loan Holder under the related
     Intercreditor Agreement;

               (xxi) to recoup any amounts deposited in the Collection Account
     in error; and

               (xxii) to clear and terminate the Collection Account at the
     termination of this Agreement pursuant to Section 9.01;

     provided, however, that, in the case of each of the One Park Avenue Total
     Loan and the Mizner Park Total Loan:

                    (A) all Special Servicing Fees, Workout Fees and Liquidation
               Fees, in respect of such Serviced Loan Combination, and all
               Advances, interest on Advances and other items that constitute
               "Costs" under the related Intercreditor Agreement, that are in
               any event, payable to the Master Servicer, the Special Servicer,
               the Trustee or any other third party pursuant to Section 4 or
               Section 5, as applicable, of the related Intercreditor Agreement
               (in the case of the One Park Avenue Total Loan) or pursuant to
               Section 3.2.2 or Section 3.2.3, as applicable, of the related
               Intercreditor Agreement (in the case of the Mizner Park Total
               Loan), shall be paid out of any and all payments and other
               collections on or with respect to such Serviced Loan Combination
               or any related REO Property distributable pursuant to Section 4
               or Section 5, as applicable, of the related Intercreditor
               Agreement (in the case of the One Park Avenue Total Loan) or
               pursuant to Section 3.2.2 or Section 3.2.3, as applicable, of the
               related Intercreditor Agreement (in the case of the Mizner Park
               Total Loan), in the

                                     -115-

               amounts and priority set forth in Section 4 or Section 5, as
               applicable, of the related Intercreditor Agreement (in the case
               of the One Park Avenue Total Loan) or pursuant to Section 3.2.2
               or Section 3.2.3, as applicable, of the related Intercreditor
               Agreement (in the case of the Mizner Park Total Loan); and

                    (B) no Primary Servicing Fees, Workout Fees and Liquidation
               Fees earned, and no Advances, interest on Advances and other
               items that constitute "Costs" (other than Special Servicing Fees
               and related Nonrecoverable Servicing Advances made hereunder and
               interest thereon) under the Intercreditor Agreement for such
               Serviced Loan Combination that are attributable to the Junior
               Loan(s) included therein or any successor REO Loans with respect
               thereto shall in any event be paid out of payments and other
               collections on the Loans or any successor REO Loans included in
               such Serviced Loan Combination, and no Special Servicing Fees
               earned on the Junior Loan(s) included in any Serviced Loan
               Combination or any successor REO Loans with respect thereto shall
               in any event be paid out of payments or other collections on the
               Loans (exclusive of the Loan in such Serviced Loan Combination)
               and/or any successor REO Loans with respect thereto; and

                    (C) no fees, costs or expenses allocable to the Loans, any
               successor REO Loans with respect thereto, or any particular such
               Loan or REO Loan (exclusive of a Loan in such Serviced Loan
               Combination or any successor REO Loan with respect thereto) shall
               be paid out of payments and other collections on, or amounts
               otherwise payable to the holders of, the Junior Loan(s) included
               in such Serviced Loan Combination or any successor REO Loan(s)
               with respect thereto; and

     provided further, however, that in the case of each CBA A/B Loan Pair:

                    (A) to the maximum extent permitted by the related CBA
               Intercreditor Agreement, Special Servicing Fees, Workout Fees,
               Liquidation Fees, Advances, interest on Advances and all other
               servicing costs and expenses relating to such CBA A/B Loan Pair
               or any related REO Property shall be paid or reimbursed, as
               applicable, out of amounts otherwise payable to the holder of the
               related CBA B Loan or any successor REO Loan with respect
               thereto; and

                    (B) no fees, costs or expenses, including servicing
               compensation, allocable to the related CBA B Loan or any
               successor REO Loan with respect thereto (other than related
               Nonrecoverable Servicing Advances made hereunder and interest
               thereon) shall be paid or reimbursed, as applicable, out of any
               payments or other collections on the Loans and/or any successor
               REO Loans with respect thereto (exclusive of the related CBA A
               Loan or any successor REO Loan with respect thereto); and

                    (C) no fees, costs or expenses allocable to the Loans, any
               successor REO Loans with respect thereto or any particular such
               Loan or REO Loan (exclusive of the related CBA A Loan or any
               successor REO Loan with respect thereto) shall be paid out of
               payments and other collections on, or amounts otherwise payable
               to the holder of, the related CBA B Loan or any successor REO
               Loan with respect thereto; and

                                     -116-

     provided further, however, that in the case of any Junior Loan (to the
     extent consistent with either of the two preceding provisos):

                    (A) the Master Servicer shall be entitled to make transfers
               from time to time, from the related Junior Loan Custodial Account
               to the Collection Account, of amounts necessary for the payments
               and/or reimbursements of amounts described above in this Section
               3.05(a), including the foregoing two provisos, but only insofar
               as the payment or reimbursement described therein arises from or
               is related solely to the related Serviced Loan Combination or the
               subject CBA A/B Loan Pair, as applicable, or is allocable to the
               related Serviced Loan Combination or the subject CBA A/B Loan
               Pair, as applicable, pursuant to this Agreement and, in either
               case, is allocable to the related Junior Loan(s) pursuant to the
               related Intercreditor Agreement(s), and the Master Servicer shall
               also be entitled to make transfers from time to time, from the
               related Junior Loan Custodial Account to the Collection Account,
               of amounts transferred to such related Junior Loan Custodial
               Account in error, and amounts necessary for the clearing and
               termination of the related Junior Loan Custodial Account pursuant
               to Section 9.01;

                    (B) the Master Servicer shall, as and when required under
               the related Intercreditor Agreement (it being acknowledged that
               no such Intercreditor Agreement requires the Master Servicer to
               remit to the Junior Loan Holder earlier than one Business Day
               following receipt thereof) remit to the related Junior Loan
               Holder any amounts on deposit in the related Junior Loan
               Custodial Account (net of amounts permitted or required to be
               transferred therefrom as described in clause (A) above), to the
               extent that such Junior Loan Holder is entitled thereto under the
               related Intercreditor Agreement (including, if applicable, by way
               of the operation of any provision of the related Intercreditor
               Agreement(s) that entitles the holder of such Junior Loan to
               reimbursement of cure payments made by it).

         Expenses incurred with respect to each Serviced Loan Combination shall
be allocated in accordance with the corresponding Intercreditor Agreement.

         If the Master Servicer is entitled to make any payment or reimbursement
described above and such payment or reimbursement relates to a Junior Loan, then
the Master Servicer shall, if funds on deposit in such Junior Loan Custodial
Account are insufficient therefor, request the related Junior Loan Holder to
make such payment or reimbursement to the extent such Junior Loan Holder is
obligated to make such payment or reimbursement pursuant to the related
Intercreditor Agreement. If such Junior Loan Holder fails to make such payment
or reimbursement that it is obligated to make within three Business Days
following such request, then (subject to the provisos to the first paragraph of
this Section 3.05(a)) the Master Servicer shall be entitled to make such payment
or reimbursement from the Collection Account. The Master Servicer shall use
reasonable efforts to recover any such payment or reimbursement paid out of
general collections on the Mortgage Pool from such Junior Loan Holder, and if
such payment or reimbursement is subsequently recovered from such Junior Loan
Holder, to the extent that any amounts were previously taken by the Master
Servicer from general collections on the Mortgage Pool on deposit in the
Collection Account, the amount recovered shall be deposited into the Collection
Account and shall not be deposited into the related Junior Loan Custodial
Account.

                                     -117-

         Subject to the provisions of Section 3.03(c), the Master Servicer shall
pay to the Special Servicer from the Collection Account on the Master Servicer
Remittance Date amounts permitted to be paid to the Special Servicer therefrom
based upon an Officer's Certificate received from the Special Servicer on the
first Business Day following the immediately preceding Determination Date
describing the item and amount to which the Special Servicer is entitled. The
Master Servicer may conclusively rely on any such certificate and shall have no
duty to re-calculate the amounts stated therein. The Special Servicer shall keep
and maintain separate accounting for each Specially Serviced Loan and REO
Property, on a loan-by-loan and property-by-property basis, for the purpose of
justifying any request thereby for withdrawal from the Collection Account.

         The Master Servicer shall keep and maintain separate accounting
records, on a loan-by-loan and property-by-property basis when appropriate, for
the purpose of justifying any withdrawal from the Collection Account and Junior
Loan Custodial Account.

         (b) The Trustee, may, from time to time, make or be deemed to make
withdrawals from the Distribution Account for any of the following purposes:

               (i) to make distributions to Certificateholders on each
     Distribution Date pursuant to Section 4.01 or Section9.01, as applicable;

               (ii) to pay the Trustee accrued but unpaid Trustee Fees;

               (iii) to pay (A) to the Trustee or any of its Affiliates,
     directors, officers, employees and agents, as the case may be, any amounts
     payable or reimbursable to any such Person hereunder, including pursuant to
     Section 3.26, 3.30(o), 6.03(a), 6.03(b), 8.05(a) or 8.05(b), and (B) to the
     Person entitled thereto any amounts that would have been paid out of
     general collections on deposit in the Collection Account pursuant to any of
     clauses (ix), (x), (xii), (xiii), (xiv) and (xv) of Section 3.05(a) if
     those general collections had been sufficient;

               (iv) to pay for the cost of the Opinion of Counsel contemplated
     by Section 10.01(c) in connection with any amendment to this Agreement
     requested by the Trustee;

               (v) to reimburse and pay to itself and, pro rata based on
     entitlement, the Master Servicer, in that order, for outstanding and
     unreimbursed Nonrecoverable Advances and accrued and unpaid interest
     thereon (consistent with Section 1.05(a));

               (vi) on each Distribution Date, to reimburse and pay to itself
     and the Master Servicer, in the order provided in Section 1.05(c), any
     outstanding and unreimbursed Workout-Delayed Reimbursement Amounts incurred
     thereby (with accrued and unpaid interest thereon), in each case only to
     the extent that such Person is entitled to such reimbursement pursuant to
     Section 1.05;

               (vii) to clear and terminate the Distribution Account at the
     termination of this Agreement pursuant to Section 9.01;

               (viii) to transfer amounts required to be transferred to the
     Interest Reserve Account pursuant to Section 3.28(a); and

               (ix) to recoup any amounts deposited in the Distribution Account
     in error.

                                     -118-

         (c) Notwithstanding anything herein to the contrary, with respect to
any Loan, (i) if amounts on deposit in the Collection Account and the
Distribution Accounts are not sufficient to pay the full amount of the Master
Servicing Fees listed in Section 3.05(a)(ii) and the Trustee Fee listed in
Section 3.05(b)(ii), then the Trustee Fee shall be paid in full prior to the
payment of any Master Servicing Fees payable under Section 3.05(a)(ii) and (ii)
if amounts on deposit in the Collection Account are not sufficient to reimburse
the full amount of Advances listed in Sections 3.05(a)(v), (vi) and (vii), then
reimbursements shall be paid first to the Trustee, and then to the Master
Servicer. Notwithstanding the foregoing, any unpaid Master Servicing Fee,
Trustee Fee or Advance that remains outstanding shall be reimbursable to the
Master Servicer or the Trustee, as applicable, with interest accrued thereon at
the Reimbursement Rate as provided in Section 3.05.

         SECTION 3.06. Investment of Funds in the Collection Account,
                       Junior Loan Custodial Accounts, Servicing Accounts, Cash
                       Collateral Accounts, Lock-Box Accounts, REO Accounts,
                       Distribution Account, Interest Reserve Account and Excess
                       Liquidation Proceeds Account.

         (a) (i) The Master Servicer may direct any depository institution
maintaining for the Master Servicer the Collection Account, a Junior Loan
Custodial Account, any Servicing Account, any Cash Collateral Account and any
Lock-Box Account (any of the foregoing accounts listed in this clause (i) for
purposes of this Section 3.06, a "Master Servicer Account"), (ii) the Special
Servicer may direct any depository institution maintaining an REO Account and
(iii) the Trustee may direct (pursuant to a standing order or otherwise) any
depository institution maintaining the Distribution Account, the Interest
Reserve Account or the Excess Liquidation Proceeds Account (any of the foregoing
accounts listed in this clause (iii) for purposes of this Section 3.06, a
"Trustee Account"; and any of the Master Servicer Accounts, REO Accounts and
Trustee Accounts for purposes of this Section 3.06, an "Investment Account"), to
invest (or if such depository institution is the Master Servicer, the Special
Servicer or the Trustee, as applicable, it may itself invest) the funds held
therein solely in one or more Permitted Investments bearing interest or sold at
a discount, and maturing, unless payable on demand, (A) no later than the
Business Day immediately preceding the next succeeding date on which such funds
are required to be withdrawn from such account pursuant to this Agreement, if a
Person other than the depository institution maintaining such account is the
obligor thereon, and (B) no later than the date on which such funds are required
to be withdrawn from such account pursuant to this Agreement, if the depository
institution maintaining such account is the obligor thereon. All such Permitted
Investments shall be held to maturity, unless payable on demand. Any investment
of funds in an Investment Account shall be made in the name of the Trustee (in
its capacity as such).

         The Master Servicer (in the case of the Master Servicer Account) or the
Special Servicer (in the case of an REO Account), on behalf of the Trustee, or
the Trustee in its capacity as such (in the case of any Trustee Account) shall
maintain continuous possession of any Permitted Investment of amounts in such
accounts that is either (i) a "certificated security", as such term is defined
in the UCC or (ii) other property in which a secured party may perfect its
security interest by possession under the UCC or any other applicable law.
Possession of any such Permitted Investment by the Master Servicer (in the case
of a Permitted Investment of funds on deposit in the Master Servicer Account) or
the Special Servicer (in the case of a Permitted Investment of funds on deposit
in an REO Account) shall constitute possession by the Trustee, as secured party,
for purposes of Section 9-313 of the UCC and any other applicable law. In the
event amounts on deposit in an Investment Account are at any time invested in a
Permitted Investment payable on demand, the Master Servicer (in the case of the
Master Servicer Account), the Special Servicer (in the case of an REO Account)
or the Trustee (in the case of any Trustee Account) shall:

                                     -119-

               (i) consistent with any notice required to be given thereunder,
     demand that payment thereon be made on the last day such Permitted
     Investment may otherwise mature hereunder in an amount equal to the lesser
     of (a) all amounts then payable thereunder and (b) the amount required to
     be withdrawn on such date; and

               (ii) demand payment of all amounts due thereunder promptly upon
     determination by the Master Servicer, the Special Servicer or the Trustee,
     as the case may be, that such Permitted Investment would not constitute a
     Permitted Investment in respect of funds thereafter on deposit in the
     subject Investment Account.

         (b) Interest and investment income realized on funds and deposited in
each of the Master Servicer Accounts to the extent of the Net Investment
Earnings, if any, with respect to such account for each period from any
Distribution Date to the immediately succeeding Master Servicer Remittance Date
shall be for the sole and exclusive benefit of the Master Servicer to the extent
not required to be paid to the related Borrower and shall be subject to its
withdrawal, or withdrawal at its direction, in accordance with Section 3.03,
3.04 or 3.05, as the case may be. Interest and investment income realized on
funds deposited in an REO Account, to the extent of the Net Investment Earnings,
if any, with respect to such account for each period from any Distribution Date
to the immediately succeeding Master Servicer Remittance Date, shall be for the
sole and exclusive benefit of the related Special Servicer, but shall be subject
to withdrawal in accordance with Section 3.16(c). Interest and investment income
realized on funds and deposited in each of the Trustee Accounts, to the extent
of the Net Investment Earnings, if any, with respect to such account for each
period from any Distribution Date to the immediately succeeding Master Servicer
Remittance Date, shall be for the sole and exclusive benefit of the Trustee and
shall be subject to its withdrawal in accordance with Section 3.05(a), 3.04(d)
or 3.28(b), as the case may be. If any loss shall be incurred in respect of any
Permitted Investment directed to be made by the Master Servicer, the Special
Servicer or the Trustee, as applicable, in connection with funds on deposit in
any of the Master Servicer Accounts (in the case of the Master Servicer), any of
the REO Accounts (in the case of the Special Servicer) or any of the Trustee
Accounts (in the case of the Trustee) maintained by the Master Servicer, the
Special Servicer or the Trustee, then the Master Servicer, the Special Servicer
or the Trustee, as applicable, shall deposit therein, no later than the next
succeeding Master Servicer Remittance Date (or, in the case of the Trustee and
the Trustee Accounts (exclusive of the Excess Liquidation Proceeds Distribution
Account), no later than the next succeeding Distribution Date), without right of
reimbursement, the amount of the Net Investment Loss, if any, with respect to
such account for the period from and including the immediately preceding
Distribution Date (or, in the case of the Trustee and the Trustee Accounts
(exclusive of the Excess Liquidation Proceeds Distribution Account), from and
including the first Business Day following the immediately preceding
Distribution Date) to and including the Master Servicer Remittance Date (or, in
the case of the Trustee and the Trustee Accounts (exclusive of the Excess
Liquidation Proceeds Distribution Account), to and including the subject
Distribution Date).

         (c) Except as otherwise expressly provided in this Agreement, if any
default occurs in the making of a payment due under any Permitted Investment, or
if a default occurs in any other performance required under any Permitted
Investment, the Trustee may and, subject to Section 8.02, upon the request of
Holders of Certificates entitled to a majority of the Voting Rights allocated to
any Class shall, take such action as may be appropriate to enforce such payment
or performance, including the institution and prosecution of appropriate
proceedings.

         (d) Notwithstanding the investment of funds held in the Collection
Account or the Distribution Account pursuant to this Section 3.06, for purposes
of calculating the Available Distribution Amount, the amounts so invested shall
be deemed to remain on deposit in such account.

                                     -120-

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

         (a) The Master Servicer shall use its reasonable efforts, consistent
with the Servicing Standard, to cause the Borrower to maintain the insurance
coverage required by the terms of the related Note and Mortgage, or if the
Borrower does not so maintain such insurance coverage, shall itself maintain for
each Loan and Serviced Loan Combination any Insurance Policy coverage as is
required under the related Mortgage (to the extent the Trustee as mortgagee has
an insurable interest in the related Mortgaged Property and to the extent such
Insurance Policy coverage is available at commercially reasonable rates, as
determined by the Master Servicer in accordance with the Servicing Standard);
provided, however, that, subject to Section 3.07(f), if any Mortgage permits the
holder thereof to dictate to the Borrower the Insurance Policy coverage to be
maintained on such Mortgaged Property, the Master Servicer or the Special
Servicer, as the case may be, shall impose such insurance requirements as are
consistent with the Servicing Standard. As to each Loan and Serviced Loan
Combination, the Master Servicer shall use its reasonable efforts to cause the
related Borrower to maintain, and if the related Borrower does not so maintain,
the Master Servicer shall maintain, all-risk casualty insurance which does not
contain any carve-out for terrorist or similar act to the extent not prohibited
by the terms of the related Loan Documents; provided, however, that the Master
Servicer will not be obligated to require any Borrower to obtain or maintain
insurance in excess of the amounts of coverage and deductibles required by the
related Loan Documents or by the related Mortgage Loan Seller immediately prior
to the Closing Date, unless the Master Servicer determines, in accordance with
the Servicing Standard, that the insurance required immediately prior to the
Closing Date (if less than what is required by the related Loan Documents) would
not be commercially reasonable for property of the same type, size and/or
location as the related Mortgaged Property. Notwithstanding the foregoing, the
Master Servicer shall not be required to call a default under a Loan or Serviced
Loan Combination if the related Borrower fails to maintain such insurance, and
the Master Servicer shall not be required to maintain such insurance, if, in
each case, (A) the Special Servicer consents, after receiving the Master
Servicer's recommendation (including a summary of the Master Servicer's efforts
and research with respect to such insurance, along with other information the
Special Servicer may reasonably request), and with the approval of the Directing
Certificateholder Directing Certificateholder's approval (which approval(s)
shall be obtained by the Special Servicer), to the Master Servicer's
determination based upon information reasonably available to the Master Servicer
after due inquiry in accordance with the Servicing Standard that either (a) such
insurance is not available at commercially reasonable rates and that such
hazards are not at the time commonly insured against for properties similar to
the Mortgaged Property and located in or around the region in which such
Mortgaged Property is located or (b) such insurance is not available at any rate
and (B) if a Serviced Loan Combination is involved and the related Junior Lender
is entitled to consult, or grant or withhold approval, with respect to such
proposed course of action under the related Intercreditor Agreement and/or
Section 3.32 or Section 3.33, the Master Servicer has engaged in such
consultation or obtained the approval or deemed approval of such Junior Lender
in accordance with the related Intercreditor Agreement and/or Section 3.32 or
Section 3.33, as and to the extent applicable. Subject to Section 3.17(a), the
Special Servicer shall maintain for each REO Property acquired in respect of a
Loan or Serviced Loan Combination no less Insurance Policy coverage than was
previously required of the Borrower under the related Loan Documents or, at the
Special Servicer's election (provided that (A) if neither the One Park Avenue
Total Loan nor the Mizner Park Total Loan is involved, the Special Servicer has
obtained the consent or deemed consent of the Directing Certificateholder, (B)
if the One Park Avenue Total Loan is involved, the Special Servicer has engaged
in the consultation or obtained the consent or deemed consent of the One Park
Avenue Controlling Holder with respect to such proposed course of action under
the related Intercreditor Agreement and/or Section 3.32 and (C) if the Mizner
Park Total Loan is involved, both (x) the Special Servicer has obtained the

                                     -121-

consent or deemed consent of the Directing Certificateholder and (y) the Special
Servicer has engaged in the consultation or obtained the consent or deemed
consent of the Mizner Park Consent Holder with respect to such proposed course
of action under the related Intercreditor Agreement and/or Section 3.33),
coverage satisfying insurance requirements consistent with the Servicing
Standard, provided that such coverage is available at commercially reasonable
rates.

         All such Insurance Policies shall (i) contain a "standard" mortgagee
clause, with loss payable to the Master Servicer (or Primary Servicer, if
applicable) on behalf of the Trustee (in the case of insurance maintained in
respect of Loans and Serviced Loan Combinations) or the Special Servicer on
behalf of the Trustee (in the case of insurance maintained in respect of REO
Properties), (ii) include coverage in an amount not less than the lesser of the
full replacement cost of the improvements which are a part of the Mortgaged
Property or the outstanding principal balance owing on the related Loan or
Serviced Loan Combination, as applicable, but in any case in such an amount so
as to avoid the application of any co-insurance clause, (iii) include a
replacement cost endorsement providing no deduction for depreciation (unless
such endorsement is not permitted under the related Loan Documents) and (iv) be
issued by either (x) a Qualified Insurer or (y) for any Insurance Policy being
maintained by the related Borrower, an insurance carrier meeting the
requirements of the related Mortgage, (provided that such insurance carrier is
authorized under applicable law to issue such Insurance Policies). Any amounts
collected by the Master Servicer or the Special Servicer under any such
Insurance Policies (other than amounts to be applied to the restoration or
repair of the related Mortgaged Property or REO Property or amounts to be
released to the related Borrower, in each case in accordance with the Servicing
Standard and the provisions of the related Loan) shall be deposited in the
Collection Account, subject to withdrawal pursuant to Section 3.05(a).

         Any costs incurred by the Master Servicer in maintaining any such
Insurance Policies in respect of Loans and Serviced Loan Combinations if the
Borrower defaults on its obligation to maintain such Insurance Policies shall be
advanced by the Master Servicer as a Servicing Advance. The amounts so advanced
shall not, for purposes of calculating monthly distributions to
Certificateholders, be added to the unpaid principal balance of the related
Loan, notwithstanding that the terms of such Loan so permit. Any cost incurred
by the Special Servicer in maintaining any such Insurance Policies with respect
to REO Properties shall be an expense of the Trust Fund payable out of the REO
Account pursuant to Section 3.16(c) or, if the amount on deposit therein is
insufficient therefor, advanced by the Master Servicer as a Servicing Advance.

         If the Master Servicer or the Special Servicer obtains and maintains a
blanket Insurance Policy with a Qualified Insurer insuring against fire and
hazard losses on all of the Loans and Junior Loans or related REO Properties, as
the case may be, required to be serviced and administered by the Master Servicer
or the Special Servicer hereunder, and such Insurance Policy provides protection
equivalent to the individual policies otherwise required, then the Master
Servicer or the Special Servicer, as the case may be, shall conclusively be
deemed to have satisfied its obligation to cause fire and hazard insurance to be
maintained on the related Mortgaged Properties or REO Properties. Such blanket
Insurance Policy may contain a deductible clause, in which case if there shall
not have been maintained on the related Mortgaged Property or REO Property a
fire and hazard Insurance Policy complying with the requirements of Section
3.07(a), and there shall have been one or more losses which would have been
covered by such Insurance Policy, the Master Servicer or the Special Servicer
shall promptly deposit into the Collection Account from the Master Servicer's or
the Special Servicer's own funds the portion of such loss or losses that would
have been covered under the individual policy (giving effect to any deductible
limitation or, in the absence of such deductible limitation, the deductible
limitation that is consistent with the Servicing Standard) but is not covered
under the blanket Insurance Policy because of such deductible clause. The Master
Servicer agrees to prepare and present, on behalf of itself, the Trustee and
Certificateholders and, in case of a Serviced Loan Combination, the related
Junior Loan Holder(s) claims

                                     -122-

under any such blanket Insurance Policy in a timely fashion in accordance with
the terms of such policy. The Special Servicer, to the extent consistent with
the Servicing Standard, may maintain earthquake insurance on REO Properties,
provided coverage is available at commercially reasonable rates.

         (b) If the Master Servicer or the Special Servicer causes any Mortgaged
Property to be covered by a master single interest Insurance Policy with a
Qualified Insurer naming the Master Servicer or the Special Servicer, as the
case may be, as the loss payee, then to the extent such Insurance Policy
provides protection equivalent to the individual policies otherwise required,
the Master Servicer or the Special Servicer shall conclusively be deemed to have
satisfied its obligation to cause such insurance to be maintained on the related
Mortgaged Properties. If the Master Servicer or the Special Servicer, as
applicable, causes any Mortgaged Property or REO Property to be covered by such
master single interest Insurance Policy, the incremental costs of such insurance
applicable to such Mortgaged Property or REO Property (i.e., other than any
minimum or standby premium payable for such policy whether or not any Mortgaged
Property or REO Property is covered thereby) shall be paid by the Master
Servicer as a Servicing Advance. Such master single interest Insurance Policy
may contain a deductible clause, in which case the Master Servicer or the
Special Servicer, as the case may be, shall, if (A) there shall not have been
maintained on the related Mortgaged Property or REO Property a policy otherwise
complying with the provisions of Section 3.07(a) and (B) there shall have been
one or more losses which would have been covered by such policy had it been
maintained, deposit into the Collection Account from the Master Servicer's or
the Special Servicer's own funds the amount not otherwise payable under the
master single interest Insurance Policy because of such deductible clause, to
the extent that any such deductible exceeds the deductible limitation that
pertained to the related Loan or Serviced Loan Combination, or, in the absence
of any such deductible limitation, the deductible limitation which is consistent
with the Servicing Standard.

         (c) Each of the Master Servicer and the Special Servicer shall
maintain, at their own expense, a blanket fidelity bond (a "Fidelity Bond") and
an errors and omissions insurance policy with a Qualified Insurer, with coverage
on all of its officers or employees acting in any capacity requiring such
persons to handle funds, money, documents or paper relating to the Loans and/or
Junior Loans ("Master Servicer Employees", in the case of the Master Servicer,
and "Special Servicer Employees", in the case of the Special Servicer). Any such
Fidelity Bond and errors and omissions insurance shall protect and insure the
Master Servicer or the Special Servicer, as applicable, against losses,
including forgery, theft, embezzlement, fraud, errors and omissions, failure to
maintain any insurance policies required pursuant to this Agreement and
negligent acts of the Master Servicer's Master Servicer Employees or the Special
Servicer's Special Servicer Employees, as applicable. The errors and omissions
policy of the Master Servicer or the Special Servicer, as applicable, shall also
protect and insure the Master Servicer or the Special Servicer, as applicable,
against losses in connection with the release or satisfaction of a Loan or
Serviced Loan Combination without having obtained payment in full of the
indebtedness secured thereby. No provision of this Section requiring such
Fidelity Bond and errors and omissions insurance shall diminish or relieve the
Master Servicer or the Special Servicer from its duties and obligations as set
forth in this Agreement.

         The minimum coverage under any such Fidelity Bond and errors and
omissions insurance policy shall be at least equal to the greater of (i) the
amount necessary for the Master Servicer or the Special Servicer, as applicable,
to qualify as a FNMA or FHLMC servicer or in an amount that would meet the
requirements of prudent institutional commercial mortgage loan servicers for
similar transactions, and (ii) $1,000,000. Notwithstanding the foregoing, so
long as the long-term debt or the deposit obligations or claims-paying ability
of the Master Servicer or the Special Servicer (or its immediate or remote
parent) is rated at least "A1" by Moody's and "A" by Fitch, the Master Servicer
or the Special Servicer, respectively, shall be allowed to provide
self-insurance with respect to a Fidelity

                                     -123-

Bond and such errors and omissions policy. Coverage of the Master Servicer or
the Special Servicer under a policy or bond obtained by an Affiliate of the
Master Servicer or the Special Servicer and providing the coverage required by
this Section 3.07(c) shall satisfy the requirements of this Section 3.07(c).

         Each of the Master Servicer and the Special Servicer shall promptly
report in writing to the Trustee any material changes that may occur in its
respective Fidelity Bonds, if any, and/or its respective errors and omissions
Insurance Policies, as the case may be, and will furnish to the Trustee copies
of all binders and policies or certificates evidencing that such bonds, if any,
and insurance policies are in full force and effect.

         (d) With respect to the Loans or Serviced Loan Combinations that (i)
require earthquake insurance, or (ii) (A) at the date of origination were
secured by Mortgaged Properties on which the related Borrower maintained
earthquake insurance and (B) have provisions which enable the Master Servicer to
continue to require the related Borrower to maintain earthquake insurance, the
Master Servicer shall require the related Borrower to maintain such insurance in
the amount, in the case of clause (i), required by the related Loan or Serviced
Loan Combination and in the amount, in the case of clause (ii), maintained at
origination, in each case, to the extent such amounts are available at
commercially reasonable rates. (e) The Master Servicer and the Special Servicer,
as applicable, shall review and be familiar with the terms and conditions
relating to enforcing claims and shall monitor the dates by which any claim or
action is required to be taken under each insurance policy relating to a Loan or
Serviced Loan Combination to realize the full value of such policy for the
benefit of Certificateholders (and, if a Serviced Loan Combination is involved,
the related Junior Loan Holder(s)).

         (f) If, as of the Closing Date, a Mortgaged Property (other than an REO
Property) securing a Loan or Serviced Loan Combination shall be in a federally
designated special flood hazard area (if flood insurance has been made
available), or if the Master Servicer becomes aware, in performing its duties
under this Agreement, that such a Mortgaged Property becomes located in such
area by virtue of remapping conducted by the Federal Emergency Management
Agency, then the Master Servicer will use its reasonable efforts to cause the
related Borrower (in accordance with applicable law and the terms of the related
Loan Documents) to maintain, and, if the related Borrower shall default in any
such obligation to so maintain, the Master Servicer shall itself maintain, to
the extent available at commercially reasonable rates (as determined by the
Master Servicer in accordance with the Servicing Standard) and the Trustee as
mortgagee has an insurable interest in the subject Mortgaged Property, flood
insurance in respect thereof, but only to the extent the related Loan or
Serviced Loan Combination permits the mortgagee to require such coverage and the
maintenance of such coverage is consistent with the Servicing Standard. Such
flood insurance shall be in an amount equal to the least of (i) the unpaid
principal balance of the related Loan or Serviced Loan Combination, (ii) the
maximum amount of insurance which is available under the Flood Disaster
Protection Act of 1973, as amended, and (iii) the amount required by the related
Loan Documents. If the cost of any insurance described above is not borne by the
Borrower, the Master Servicer shall promptly make a Servicing Advance for such
costs, subject to Section 3.03(c).

         (g) During all such times as any REO Property acquired in respect of a
Loan or Serviced Loan Combination is located in a federally designated special
flood hazard area, the Special Servicer shall cause to be maintained, to the
extent available at commercially reasonable rates (as determined by the Special
Servicer in accordance with the Servicing Standard), a flood insurance policy
meeting the requirements of the current guidelines of the Federal Insurance
Administration in an amount equal to the least of (i) the unpaid principal
balance of the related Loan or Serviced Loan Combination,

                                     -124-

(ii) the maximum amount of insurance which is available under the Flood Disaster
Protection Act of 1973, as amended, and (iii) the amount required by the related
Loan Documents. The cost of any such flood insurance with respect to an REO
Property shall be an expense of the Trust Fund payable out of the related REO
Account pursuant to Section 3.16(c) or, if the amount on deposit therein is
insufficient therefor, paid by the Master Servicer as a Servicing Advance.

         (h) The Master Servicer shall, to the extent permitted by the related
Loan Documents, require that each policy of business income insurance maintained
by a Borrower under any Loan have a minimum term of at least 12 months.

         (i) Within 45 days after the Closing Date, the Master Servicer shall
notify each Environmental Insurer under any Environmental Insurance Policy
relating to a Loan or Serviced Combination Loan disclosed to the Master Servicer
in its review of the Mortgage Loan Schedule and the Servicing Files that (A)
both the Master Servicer and the Special Servicer shall be sent notices under
such Environmental Insurance Policy and (B) the Trustee, on behalf of the Trust,
shall be the loss payee under such Environmental Insurance Policy. The Master
Servicer and the Special Servicer shall abide by the terms and conditions
precedent to payment of claims under such Environmental Insurance Policy and
shall take all such action as may be required to comply with the terms and
provisions of such policy in order to maintain, in full force and effect, such
policy.

         (j) In the event that the Master Servicer has actual knowledge of any
event (an "Insured Environmental Event") giving rise to a claim under any
Environmental Insurance Policy in respect of any Loan or Serviced Combination
Loan covered thereby, the Master Servicer shall, in accordance with the terms of
such Environmental Insurance Policy and the Servicing Standards, timely make a
claim thereunder with the appropriate insurer and shall take such other actions
in accordance with the Servicing Standards which are necessary under such
Environmental Insurance Policy in order to realize the full value thereof for
the benefit of the Certificateholders (and, if such Insured Environmental Event
relates to any Serviced Loan Combination, for the benefit of any related Junior
Loan Holder(s)). Any legal fees, premiums or other out-of-pocket costs incurred
in accordance with the Servicing Standards under an Environmental Insurance
Policy shall be paid by the Master Servicer and shall be reimbursable to it as a
Servicing Advance.

         In the event that the Master Servicer receives notice of any
termination of any Environmental Insurance Policy that relates to one or more of
the Loans or Serviced Loan Combinations, the Master Servicer shall, within three
Business Days after receipt of such notice, notify the Special Servicer, the
Directing Certificateholder, the Rating Agencies and the Trustee of such
termination in writing. Upon receipt of such notice, the Master Servicer or the
Special Servicer shall address such termination in accordance with Section
3.07(a) in the same manner as it would the termination of any other Insurance
Policy required under the related Loan Documents.

         SECTION 3.08. Enforcement of Due-On-Sale and Due-On-Encumbrance
                       Clauses; Assumption Agreements; Defeasance Provisions;
                       Other Provisions.

         (a) As to each Loan or Serviced Loan Combination which contains a
provision in the nature of a "due-on-sale" clause, which by its terms:

               (i) provides that such Loan or Serviced Loan Combination shall
     (or may at the mortgagee's option) become due and payable upon the sale or
     other transfer of an interest in the related Mortgaged Property or the
     related Borrower, or

                                     -125-

               (ii) provides that such Loan or Serviced Loan Combination may not
     be assumed without the consent of the mortgagee in connection with any such
     sale or other transfer,

the Master Servicer shall (for any Loan that is not a Specially Serviced Loan)
provide notice to the Special Servicer of any request for a waiver thereof, and
the Master Servicer or the Special Servicer, as the case may be, shall enforce
such due-on-sale clause, unless the Master Servicer or the Special Servicer, as
applicable, determines, in accordance with the Servicing Standard, and with the
consent of the Directing Certificateholder and subject to Section 3.08(d) and
either Section 3.21(e) or Section 3.32, as applicable, that (1) not declaring an
Event of Default (as defined in the related Mortgage) or (2) granting such
consent would be likely to result in a greater recovery (or an equal recovery,
provided the other conditions for an assumption or waiver of a due-on-sale
clause, if any, are met), on a present value basis (discounting at the related
Mortgage Rate), than would enforcement of such clause or the failure to grant
such consent. If the Master Servicer or the Special Servicer, as applicable,
determines that (1) not declaring an Event of Default (as defined in the related
Mortgage) or (2) granting such consent would be likely to result in a greater
recovery (or an equal recovery, provided the other conditions for an assumption
or waiver of a due-on-sale clause, if any, are met), the Master Servicer or the
Special Servicer, as the case may be, shall take or enter into an assumption
agreement from or with the proposed transferee as obligor thereon, provided that
(x) the credit status of the prospective transferee is in compliance with the
Servicing Standard and the terms of the related Mortgage and (y) with respect to
any Loan which is a Significant Loan, the Master Servicer or the Special
Servicer, as the case may be, shall have received written confirmation from each
of the Rating Agencies that such assumption would not, in and of itself, cause a
downgrade, qualification or withdrawal of any of the then-current ratings
assigned to the Certificates. The Master Servicer or the Special Servicer, as
the case may be, shall require the related Borrower to pay the costs of such
confirmation, otherwise, such costs shall be a Trust Fund expense.

         (b) Neither the Master Servicer nor the Special Servicer shall (x)
consent to the foreclosure of any Mezzanine Loan other than by a Permitted
Mezzanine Loan Holder or (y) consent to the transfer of any Mezzanine Loan
except to a Permitted Mezzanine Loan Holder, except, in each case, as otherwise
provided in Section 3.08(a). Neither the consent of the Master Servicer nor the
consent of the Special Servicer shall be required for the foreclosure by a
Permitted Mezzanine Loan Holder if an event of default has been declared under
the related Loan or Serviced Loan Combination (and each Rating Agency has been
notified of such event of default), if such consent is not required in the
related mezzanine intercreditor agreement, and the related mezzanine lender
complies with the applicable conditions set forth in the related intercreditor
agreement.

         (c) As to each Loan or Serviced Loan Combination which contains a
provision in the nature of a "due-on-encumbrance" clause, which by its terms:

               (i) provides that such Loan or Serviced Loan Combination shall
     (or, at the mortgagee's option, may) become due and payable upon the
     creation of any additional lien or other encumbrance on the related
     Mortgaged Property, or

               (ii) requires the consent of the mortgagee to the creation of any
     such additional lien or other encumbrance on the related Mortgaged
     Property,

the Master Servicer shall provide notice to the Special Servicer of any request
for a waiver thereof, and the Master Servicer or the Special Servicer, as the
case may be, shall enforce such due-on-encumbrance clause and in connection
therewith shall (i) accelerate payments thereon or (ii) withhold its consent to
such lien or encumbrance unless the Master Servicer or the Special Servicer, as
the case may be, (x) determines, in accordance with the Servicing Standard, and
with the consent of the Directing

                                     -126-

Certificateholder and subject to Section 3.08(d), that (1) not accelerating
payments on such Loan or (2) granting such consent would result in a greater
recovery (or an equal recovery, provided the other conditions for a waiver of a
due-on-encumbrance clause, if any, are met) on a present value basis
(discounting at the related Mortgage Rate) than would enforcement of such clause
or the failure to grant such consent and (y) with respect to any Loan that is
(1) a Significant Loan or (2) together with the proposed subordinate debt would
have a combined debt service coverage ratio of less than 1.20x or a combined
loan-to-value ratio of 85% or greater, has received written confirmation from
each of the Rating Agencies to the effect that (1) not accelerating such
payments or (2) granting such consent would not, in and of itself, cause a
downgrade, qualification or withdrawal of any of the then-current ratings
assigned to the Certificates. To the extent permitted by the Loan Documents, the
Master Servicer or the Special Servicer, as the case may be, will require the
Borrower to pay the costs associated with such Rating Agency confirmation,
otherwise it is considered a Trust Fund expense.

         (d) Notwithstanding subsections (a) and (c) above, in no event shall
the Master Servicer waive any rights under a "due-on-sale" or
"due-on-encumbrance" clause with respect to any Loan or Serviced Loan
Combination unless (i) the Master Servicer shall have notified the Special
Servicer of such waiver, (ii) the Master Servicer shall have submitted the
Master Servicer's written recommendation and analysis to the Special Servicer,
(iii) the Master Servicer shall have submitted to the Special Servicer the
documents within the possession of the Master Servicer that are reasonably
requested by the Special Servicer, (iv) the Special Servicer shall have approved
such waiver (which approval shall, except in the case of the One Park Avenue
Total Loan, be deemed granted if not denied within 15 Business Days of its
receipt of the Master Servicer's recommendation and any additional documents and
information that the Special Servicer may reasonably request), and, in this
regard, (x) if neither the One Park Avenue Total Loan nor the Mizner Park Total
Loan is involved, the Special Servicer shall notify the Directing
Certificateholder of the request for the waiver and of its own approval and
submitted to the Directing Certificateholder each of the documents submitted to
the Special Servicer by the Master Servicer and the Directing Certificateholder
shall have informed the Special Servicer that it has approved (such approval
subject to the last paragraph of Section 3.21(e)), such waiver; provided,
however, that the Special Servicer shall advise the Directing Certificateholder
of its approval (if any) of such waiver promptly (but in no case to exceed 10
Business Days) following its receipt of such notice, recommendations, analysis,
and reasonably requested documents from the Master Servicer; and, provided,
further, that, if the Directing Certificateholder does not reject such
recommendation within five Business Days of its receipt of the Special
Servicer's recommendation and any additional documents and information that the
Directing Certificateholder may reasonably request, then the waiver shall be
deemed approved, (y) if the One Park Avenue Total Loan is involved, the Special
Servicer shall promptly (in any event, within not more than 10 Business Days of
its receipt of the Master Servicer's recommendation and any additional documents
and information that the Special Servicer may reasonably request) forward such
analysis and recommendation to the One Park Avenue Controlling Holder, which
shall be entitled to approve or disapprove such recommendation (subject to the
penultimate paragraph of Section 3.32(b)), and (z) if the Mizner Park Total Loan
is involved, (1) the Special Servicer shall notify the Directing
Certificateholder of the request for the waiver and of its own approval and
submit to the Directing Certificateholder each of the documents submitted to the
Special Servicer by the Master Servicer and the Directing Certificateholder
shall have informed the Special Servicer that it has approved (such approval
subject to the last paragraph of Section 3.21(e)), such waiver; provided,
however, that the Special Servicer shall advise the Directing Certificateholder
of its approval (if any) of such waiver promptly (but in no case to exceed 10
Business Days) following its receipt of such notice, recommendations, analysis,
and reasonably requested documents from the Master Servicer; and, provided,
further, that, if the Directing Certificateholder does not reject such
recommendation within five Business Days of its receipt of the Special
Servicer's recommendation and any additional documents and information that the
Directing Certificateholder may reasonably request, then the waiver shall be
deemed approved, (2) the

                                     -127-

Special Servicer shall promptly (in any event, within not more than 10 Business
Days of its receipt of the Master Servicer's recommendation and any additional
documents and information that the Special Servicer may reasonably request)
forward such analysis and recommendation to the Mizner Park Consent Holder,
which shall be entitled to approve or disapprove such recommendation (subject to
the penultimate paragraph of Section 3.33(b)), and (3) the Special Servicer
shall not approve the proposed action (and shall object to the Master Servicer's
recommendation if the approval or deemed approval of either the Directing
Certificateholder or the Mizner Park Consent Holder is not obtained as described
in the preceding clauses (1) and (2). The Master Servicer, with respect to any
Loan that is not a Specially Serviced Loan, shall then process such
documentation.

         (e) Nothing in this Section 3.08 shall constitute a waiver of the
Trustee's right, as the mortgagee of record, to receive notice of any assumption
of a Loan, any sale or other transfer of the related Mortgaged Property or the
creation of any additional lien or other encumbrance with respect to such
Mortgaged Property.

         (f) Except as otherwise permitted by Section 3.20, neither the Master
Servicer nor the Special Servicer shall agree to modify, waive or amend any term
of any Loan or Serviced Loan Combination in connection with the taking of, or
the failure to take, any action pursuant to this Section 3.08.

         (g) Notwithstanding any other provisions of this Section 3.08, the
Master Servicer may grant a Borrower's request for consent to subject the
related Mortgaged Property to an easement, right-of-way or similar agreement for
utilities, access, parking, public improvements or another purpose and may
consent to subordination of the related Loan to such easement, right-of-way or
similar agreement, provided that the Master Servicer shall have determined (i)
in accordance with the Servicing Standard that such easement, right-of-way or
similar agreement will not materially interfere with the then-current use of the
related Mortgaged Property or the security intended to be provided by such
Mortgage and will not materially and adversely affect the value of such
Mortgaged Property and (ii) that no Trust REMIC will fail to qualify as a REMIC
as a result thereof and that no tax on "prohibited transactions" or
"contributions" after the Closing Date would be imposed on any Trust REMIC as a
result thereof, provided, further, that the Master Servicer shall cause the
Borrower to pay the costs (including attorneys' fees and expenses) associated
with the determination described in clause (ii).

         (h) With respect to any Loan or Junior Loan that permits release of
Mortgaged Properties through defeasance (each, a "Defeasance Loan"), to the
extent permitted under the related Loan Documents:

               (i) The Master Servicer shall effect such defeasance only through
     the purchase of non-callable U.S. Treasury securities or other non-callable
     government securities satisfying the REMIC Provisions and which are
     acceptable to the Rating Agencies as defeasance collateral ("Defeasance
     Collateral"), which purchase shall be made in accordance with the terms of
     such Defeasance Loan (except that the Master Servicer is authorized to
     accept Defeasance Collateral meeting the foregoing requirements in spite of
     more restrictive requirements of the related Loan Documents); provided,
     however, that the Master Servicer shall not accept the amounts paid by the
     related Borrower to effect defeasance until such Defeasance Collateral has
     been identified, and provided, further, that no defeasance shall be
     accepted within two years after the Closing Date.

               (ii) If such Loan or Junior Loan permits the assumption of the
     obligations of the related Borrower by a successor Borrower, the Master
     Servicer shall cause the Borrower or

                                     -128-

     such successor Borrower to pay all expenses incurred in connection with the
     establishment of a successor Borrower that shall be a Single-Purpose Entity
     and to cause an assumption by such successor Borrower of the defeased
     obligations under the related Note. At Borrower's expense, the Master
     Servicer shall be permitted to establish a single Single-Purpose Entity to
     assume the defeased obligations under all of the Loan(s) and/or Junior
     Loan(s) that will be defeased.

               (iii) The Master Servicer shall cause to be delivered an Opinion
     of Counsel, at such Borrower's expense, to the effect that the assignment
     of the Defeasance Collateral to the Trustee is valid and enforceable
     (subject to certain customary limitations) and that the Trustee has a first
     priority security interest in the Defeasance Collateral.

               (iv) The Master Servicer shall obtain, at the related Borrower's
     expense, a certificate from an Independent certified public accountant
     certifying that the Defeasance Collateral is sufficient to make all
     scheduled payments under the related Note.

               (v) Prior to permitting release of any Mortgaged Property through
     defeasance, if such defeasance or partial defeasance or such Mortgaged
     Property relates to any Loan that represents one of the 10 largest Loans of
     all Loans at such time, the Master Servicer shall obtain, at the expense of
     the related Borrower, written confirmation from each Rating Agency that
     such defeasance would not, in and of itself, result in a downgrade,
     qualification or withdrawal of any of the then-current ratings assigned to
     the Certificates.

               (vi) Subject to the related Loan Documents, neither the Master
     Servicer nor the Special Servicer shall permit the release of any Mortgaged
     Property through defeasance unless the related Borrower establishes to the
     satisfaction of the Master Servicer or the Special Servicer, as the case
     may be, that the lien on such Mortgaged Property will be released to
     facilitate the disposition thereof or to facilitate any other customary
     commercial transaction.

               (vii) Prior to permitting release of any Mortgaged Property
     through defeasance, if the related Loan so requires and provides for the
     related Borrower to pay the cost thereof, the Master Servicer shall require
     such Borrower to deliver or cause to be delivered an Opinion of Counsel to
     the effect that such release will not cause any Trust REMIC to fail to
     qualify as a REMIC at any time that any Certificates are outstanding or
     cause a tax to be imposed on the Trust Fund or any Trust REMIC.

               (viii) Neither the Master Servicer nor the Special Servicer shall
     permit a partial defeasance with respect to any Loan or Junior Loan unless
     the value of the Defeasance Collateral is at least the amount required
     pursuant to the related Loan Documents with respect to such partial
     defeasance.

To the extent not prohibited under the related Loan Documents, any costs to the
Master Servicer of obtaining legal advice to make the determinations required to
be made by it pursuant to this Section 3.08(h), or obtaining the Rating Agency
confirmations required by this Section 3.08(h), shall be borne by the related
Borrower as a condition to the Master Servicer's obligation to effect the
defeasance of the related Loan or Junior Loan or advanced as a Servicing Advance
by the Master Servicer, and otherwise shall be a Trust Fund expense. The Master
Servicer shall deliver all documents relating to the defeasance of any Loan to
the Trustee for inclusion in the related Mortgage File.

         (i) With respect to any Loan or Serviced Loan Combination that permits
the related Borrower to incur subordinate indebtedness secured by the related
Mortgaged Property, the Master

                                     -129-

Servicer shall receive any such request from Borrower, and shall forward its
analysis and recommendation to the Special Servicer. The Special Servicer shall
approve any such recommendation (which approval shall be deemed granted if not
denied within 15 Business Days of its receipt of the Master Servicer's
recommendation and any additional documents and information that the Special
Servicer may reasonably request) and promptly (in any event, within not more
than 10 Business Days of its receipt of the Master Servicer's recommendation and
any additional documents and information that the Special Servicer may
reasonably request) forward such analysis and recommendation to Directing
Certificateholder, who shall approve or reject such recommendation (such
approval subject to the last paragraph of Section 3.21(e)). The Directing
Certificateholder shall be deemed to have approved such recommendation if not
denied within 5 Business Days of its receipt of the Special Servicer's
recommendation and any additional documents and information that the Directing
Certificateholder may reasonably request. The Master Servicer, with respect to
any Loan that is not a Specially Serviced Loan, shall then process such
documentation.

         (j) With respect to any Loan or Junior Loan, subject to the related
Loan Documents, neither the Master Servicer nor the Special Servicer shall
permit the related Borrower to substitute any real property, any rights with
respect to real property, or any other real property interest whatsoever for the
Mortgaged Property securing such Loan as of the Closing Date without receipt of
(i) an Opinion of Counsel, at the expense of the Borrower, to the effect that
the substitution will not cause the related Loan or Junior Loan, as applicable,
to fail to qualify as a "qualified mortgage" as defined under Section 860G(a)(3)
of the Code while such Loan is owned by the Lower-Tier REMIC or while such
Junior Loan is owned by a REMIC and (ii) if such Loan is one of the ten largest
Loans by Stated Principal Balance of all Loans at such time or such Loan
individually or together with all other Loans, if any, that are in the same
Crossed Group as such Loan, is one of the ten largest Loans by Stated Principal
Balance of all Loans at such time, confirmation from Moody's and Fitch that such
substitution of any real property, any rights with respect to real property, or
any other real property interest whatsoever for the Mortgaged Property securing
such Loan will not cause a withdrawal, downgrade or qualification of the
then-current ratings of the Certificates.

         SECTION 3.09. Realization Upon Defaulted Loans.

         (a) The Special Servicer shall, subject to subsections (b) through (d)
of this Section 3.09, exercise reasonable efforts, consistent with the Servicing
Standard, to foreclose upon or otherwise comparably convert (which may include
an REO Acquisition) the ownership of any property securing such Loans and/or
Junior Loans as come into and continue in default as to which no satisfactory
arrangements can be made for collection of delinquent payments, and which are
not released from the Trust Fund pursuant to any other provision hereof. In any
case in which a Mortgaged Property shall have suffered damage such that the
complete restoration of such property is not fully reimbursable by the hazard
insurance policies or flood insurance policies required to be maintained
pursuant to Section 3.07, the Master Servicer shall not be required to make a
Servicing Advance and expend funds toward the restoration of such property
unless the Special Servicer has determined in its reasonable judgment in
accordance with the Servicing Standard that such restoration will increase the
net proceeds of liquidation of such Mortgaged Property to Certificateholders
(and, in the case of any Serviced Loan Combination, any related Junior Loan
Holder(s)), taken as a collective whole, after reimbursement to the Master
Servicer for such Servicing Advance and interest thereon and the Master Servicer
has determined that such Servicing Advance together with accrued and unpaid
interest thereon will be recoverable by the Master Servicer out of the proceeds
of liquidation of such Mortgaged Property, as contemplated in Section 3.05(a).
The Master Servicer shall, subject to Section 3.03(c), make Servicing Advances
to cover all costs and expenses incurred by the Special Servicer in any such
proceedings, provided that, in each case, such cost or expense would not, if
incurred, constitute a Nonrecoverable Servicing Advance. The

                                     -130-

Master Servicer may pay out of the Collection Account as an expense of the Trust
Fund costs or expenses that would otherwise be determined to be a Nonrecoverable
Servicing Advance as and to the extent provided in the next to last paragraph of
Section 3.03(c).

         Nothing contained in this Section 3.09 shall be construed to require
the Special Servicer, on behalf of the Trust Fund, to make a bid on any
Mortgaged Property at a foreclosure sale or similar proceeding that is in excess
of the fair market value of such property, as determined by the Special Servicer
in its reasonable judgment taking into account, as applicable, among other
factors, the period and amount of any delinquency on the affected Loan or
Serviced Loan Combination, the occupancy level and physical condition of the
related Mortgaged Property, the state of the local economy, the obligation to
dispose of any REO Property within the time period specified in Section 3.16(a)
and the results of any Appraisal obtained pursuant to the following sentence,
all such bids to be made in a manner consistent with the Servicing Standard. If
and when the Special Servicer deems it necessary and prudent for purposes of
establishing the fair market value of any Mortgaged Property securing a
Specially Serviced Loan, whether for purposes of bidding at foreclosure or
otherwise, the Special Servicer is authorized to have an Appraisal performed
with respect to such property, the cost of which Appraisal shall be paid by the
Master Servicer as a Servicing Advance.

         (b) The Special Servicer shall not acquire any personal property
pursuant to this Section 3.09 unless either:

               (i) such personal property is incident to real property (within
     the meaning of Section 856(e)(1) of the Code) so acquired by the Special
     Servicer; or

               (ii) the Special Servicer shall have obtained an Opinion of
     Counsel (the cost of which shall be a Servicing Advance) to the effect that
     the holding of such personal property by the Trust Fund will not cause the
     imposition of a tax on any Trust REMIC under the REMIC Provisions or cause
     any Trust REMIC to fail to qualify as a REMIC at any time that any
     Uncertificated Lower-Tier Interest or Certificate is outstanding.

         (c) Notwithstanding the foregoing provisions of this Section 3.09, the
Special Servicer shall not, on behalf of the Trustee, obtain title to a
Mortgaged Property in lieu of foreclosure or otherwise, or take any other action
with respect to any Mortgaged Property, if, as a result of any such action, the
Trustee, on behalf of the Certificateholders and, with respect to any Serviced
Loan Combination, the related Junior Loan Holder(s), would be considered to hold
title to, to be a "mortgagee-in-possession" of, or to be an "owner" or
"operator" of such Mortgaged Property within the meaning of CERCLA or any
comparable law, unless (as evidenced by an Officer's Certificate to such effect
delivered to the Trustee) the Special Servicer has previously determined in
accordance with the Servicing Standard, based on an Environmental Assessment of
such Mortgaged Property performed within the preceding 12 months by an
Independent Person who regularly conducts Environmental Assessments and/or the
existence of an Environmental Insurance Policy covering such Mortgaged Property,
that:

               (i) the Mortgaged Property is in compliance with applicable
     environmental laws and regulations or, if not, that taking such actions as
     are necessary to bring the Mortgaged Property in compliance therewith is
     reasonably likely to produce a greater recovery on a present value basis
     than not taking such actions; and

               (ii) there are no circumstances or conditions present at the
     Mortgaged Property relating to the use, management or disposal of Hazardous
     Materials for which investigation, testing, monitoring, containment,
     clean-up or remediation could be required under

                                     -131-

     any applicable environmental laws and regulations or, if such circumstances
     or conditions are present for which any such action could be required, that
     taking such actions with respect to such Mortgaged Property is reasonably
     likely to produce a greater recovery on a present value basis than not
     taking such actions.

         The cost of any such Environmental Assessment and the cost of any
remedial, corrective or other further action contemplated by clause (i) and/or
clause (ii) of the preceding sentence shall be paid by the Master Servicer as a
Servicing Advance. If any such Environmental Assessment so warrants, the Special
Servicer shall, at the expense of the Trust Fund (or, if a Serviced Loan
Combination is involved, at the expense of the Trust Fund and the related Junior
Loan Holder(s), allocable between them as provided in the related Intercreditor
Agreement), perform such additional environmental testing as it deems necessary
and prudent to determine whether the conditions described in clauses (i) and
(ii) of the second preceding sentence have been satisfied.

         (d) If (i) the environmental testing contemplated by subsection (c)
above establishes that either of the conditions set forth in clauses (i) and
(ii) of the first sentence thereof has not been satisfied with respect to any
Mortgaged Property securing a Specially Serviced Loan and (ii) there has been no
breach of any of the representations and warranties set forth in or required to
be made pursuant to Section 6 of the related Mortgage Loan Purchase Agreement
for which the related Mortgage Loan Seller or other Responsible Party could be
required to repurchase such Defaulted Loan pursuant to Section 7 of the related
Mortgage Loan Purchase Agreement, then the Special Servicer shall take such
action as it deems to be in the best economic interest of the Trust Fund (and in
the case of any Serviced Loan Combination, of the related Junior Loan
Holder(s)), taken as a collective whole, and consistent with the Servicing
Standard (other than proceeding to acquire title to the Mortgaged Property) and
is hereby authorized at such time as it deems appropriate to release such
Mortgaged Property from the lien of the related Mortgage.

         (e) The Special Servicer shall provide written reports and a copy of
any Environmental Assessments to the Trustee, the Master Servicer, the Directing
Certificateholder, any Requesting Subordinate Certificateholder (at the expense
of such requesting Holder) and, with respect to any Serviced Loan Combination,
if such Environmental Assessment relates to such Serviced Loan Combination, to
each related Junior Loan Holder monthly regarding any actions taken by the
Special Servicer with respect to any Mortgaged Property securing a Specially
Serviced Loan as to which the environmental testing contemplated in subsection
(c) above has revealed that either of the conditions set forth in clauses (i)
and (ii) of the first sentence thereof has not been satisfied, in each case
until the earlier to occur of satisfaction of both such conditions, repurchase
or replacement of the related Loan by the related Responsible Party pursuant to
Section 7 of the applicable Mortgage Loan Purchase Agreement or release of the
lien of the related Mortgage on such Mortgaged Property. The Trustee shall, upon
request, forward all such reports to the Certificateholders (at the expense of
the requesting party) and each Rating Agency.

         (f) The Master Servicer shall report to the Internal Revenue Service
and the related Borrower, in the manner required by applicable law, the
information required to be reported regarding any Mortgaged Property that is
abandoned or foreclosed, the receipt of mortgage interest received in a trade or
business and the forgiveness of indebtedness with respect to any Mortgaged
Property required by Sections 6050J, 6050H and 6050P, respectively, of the Code.
Annually in each January, the Special Servicer shall provide the Master Servicer
with all information or reports necessary to enable the Master Servicer to
fulfill its obligations under this Section 3.09(f) (and shall from time to time
provide additional information or reports promptly upon the Master Servicer's
request therefor). The Master Servicer shall deliver a copy of any such report
to the Trustee and the Special Servicer.

                                     -132-

         (g) The Special Servicer shall have the right to determine, in
accordance with the Servicing Standard, the advisability of the maintenance of
an action to obtain a deficiency judgment if the state in which the Mortgaged
Property is located and the terms of the subject Loan permit such an action.

         (h) The Special Servicer shall maintain accurate records, prepared by
one of its Servicing Officers, of each Final Recovery Determination in respect
of a Loan or REO Property and the basis thereof. Each Final Recovery
Determination shall be evidenced by an Officer's Certificate delivered to the
Trustee, the Master Servicer and if related to a Serviced Loan Combination, to
each related Junior Loan Holder, as applicable, no later than the next
succeeding P&I Advance Determination Date.

         SECTION 3.10. Trustee to Cooperate; Release of Mortgage Files.

         (a) Upon the payment in full of any Loan, the purchase of an A Loan by
a related Junior Loan Holder pursuant to the related Intercreditor Agreement,
the purchase of any Loan by the holder of a related mezzanine loan in connection
with a default pursuant to any related mezzanine loan intercreditor agreement or
the receipt by the Master Servicer or the Special Servicer, as the case may be,
of a notification that payment in full shall be escrowed in a manner customary
for such purposes, the Master Servicer or the Special Servicer will promptly
notify the Trustee and request delivery of the related Mortgage File and, in the
case of the payment of in full of any Junior Loan or the purchase thereof by the
holder of a related mezzanine loan, the Master Servicer or the Special Servicer,
as the case may be, shall promptly so notify each related Junior Loan Holder and
request delivery to it of the related Note. Any such notice and request shall be
in the form of a Request for Release (and shall include two copies) signed by a
Servicing Officer (or in a mutually agreeable electronic format that will, in
lieu of a signature on its face, originate from a Servicing Officer) and shall
include a statement to the effect that all amounts received or to be received in
connection with such payment which are required to be deposited in the
Collection Account pursuant to Section 3.04(a) or remitted to the Master
Servicer to enable such deposit, have been or will be so deposited. Within six
Business Days (or within such shorter period as release can reasonably be
accomplished if the Master Servicer notifies the Trustee of an exigency) of
receipt of such notice and request, the Trustee (or, to the extent provided in
Section 3.01(b), the Master Servicer or the Special Servicer, as applicable)
shall execute such instruments of satisfaction, deeds of reconveyance and other
documents as shall have been furnished to it by the Master Servicer, and the
Trustee shall release and deliver the related Mortgage File to the Master
Servicer or the Special Servicer, as the case may be. No expenses incurred in
connection with any instrument of satisfaction or deed of reconveyance shall be
chargeable to any account maintained hereunder.

         (b) From time to time as is appropriate for servicing or foreclosure of
any Loan or Junior Loan, the Master Servicer or the Special Servicer shall
deliver to the Trustee two copies of a Request for Release signed by a Servicing
Officer (or in a mutually agreeable electronic format that will, in lieu of a
signature on its face, originate from a Servicing Officer). Upon receipt of the
foregoing, the Trustee shall deliver the Mortgage File or any document therein
to the Master Servicer or the Special Servicer (or a designee), as the case may
be. Upon return of the Mortgage File to the Trustee, the Trustee shall execute
an acknowledgment of receipt.

         (c) The Special Servicer shall be responsible for the preparation of
any court pleadings, requests for trustee's sale or, except as otherwise
contemplated by Section 3.20, other documents necessary to the release of
collateral securing a Specially Serviced Loan or Junior Loan related to a
Specially Serviced Loan, or to foreclosure or trustee's sale in respect of a
Mortgaged Property or to any legal action brought to obtain judgment against any
Borrower on the Note or Mortgage or to obtain a deficiency judgment, or to
enforce any other remedies or rights provided by the Note or Mortgage or

                                     -133-

otherwise available at law or in equity and shall forward such documents and
pleadings to the Trustee and, if applicable, the related Junior Loan Holder(s)
for execution. Within seven Business Days (or within such shorter period as
delivery can reasonably be accomplished if the Special Servicer notifies the
Trustee of an exigency) of receipt thereof, the Trustee shall execute and
deliver to the Special Servicer any such documents or pleadings. When submitted
for signature, such documents or pleadings shall be accompanied by a certificate
of a Servicing Officer requesting that such pleadings or documents be executed
by the Trustee or any related Junior Loan Holder and certifying as to the reason
such documents or pleadings are required, that the proposed action is in the
best interest of the Certificateholders (and, in the case of any Serviced Loan
Combination, the related Junior Loan Holder(s)), in each case, taken as a
collective whole, and that the execution and delivery thereof by the Trustee or
any related Junior Loan Holder, as the case may be, will not invalidate or
otherwise affect the lien of the Mortgage, except for the termination of such a
lien upon completion of the foreclosure or trustee's sale.

         SECTION 3.11. Servicing Compensation.

         (a) As compensation for its activities hereunder, the Master Servicer
shall be entitled to receive the Master Servicing Fee (subject to the third,
fourth and last paragraphs of this Section 3.11(a)) with respect to each Loan
and each Junior Loan (including, if applicable, the Specially Serviced Loans,
Defeasance Loans and Additional Collateral Loans) and any successor REO Loans
with respect thereto at the Master Servicing Fee Rate. The Master Servicing Fee
with respect to any Loan or REO Loan shall cease to accrue if a Liquidation
Event occurs in respect thereof. The Master Servicing Fee shall be payable
monthly, on a loan-by-loan basis, from payments of interest on the related Loan
and REO Revenues allocable as interest on the related REO Loan. In no event will
the Master Servicer or the Primary Servicer be entitled to retain a servicing
fee from the amount of any P&I Advance, regardless of whether the related
Borrower is obligated to reimburse Master Servicing Fees or Primary Servicing
Fees.

         The Master Servicer, on behalf of itself, the holder of the Excess
Servicing Strip and the Assignable Primary Servicing Fee and any Primary
Servicer, shall be entitled to recover unpaid Master Servicing Fees and Primary
Servicing Fees in respect of any Loan, Junior Loan or REO Loan (including any
Specially Serviced Loan, Defeasance Loan or Additional Collateral Loan) required
to be serviced by it out of that portion of related payments, Insurance and
Condemnation Proceeds, Liquidation Proceeds and REO Revenues (in the case of an
REO Loan) allocable as recoveries of interest, to the extent permitted by
Section 3.05(a). Subject to the third, eighth and last paragraphs of this
Section 3.11(a), the right to receive the Master Servicing Fee (and, except to
the extent set forth in the Primary Servicing Agreement with respect to a
Primary Servicer and except as set forth in this Section 3.11(a), the related
Primary Servicing Fee) may not be transferred in whole or in part except in
connection with the transfer of all of the Master Servicer's responsibilities
and obligations under this Agreement. The parties hereto acknowledge that the
annual fees of each Rating Agency allocable to the Loan will be paid by the
Master Servicer on an ongoing basis.

         Notwithstanding anything herein to the contrary, Midland (and its
successors and assigns) may at its option assign or pledge to any third party or
retain for itself the Excess Servicing Strip and the Assignable Primary
Servicing Fee; provided, however, that in the event of any resignation or
termination of Midland, all or any portion of the Excess Servicing Strip and/or
the Assignable Primary Servicing Fee may be reduced by the Trustee to the extent
reasonably necessary (in the sole discretion of the Trustee) for the Trustee to
obtain a qualified successor Master Servicer and Primary Servicer with respect
to the Loans being primarily serviced by Midland (which successor may include
the Trustee) that meets the requirements of Section 6.4 and that requires market
rate servicing compensation that accrues at a per annum rate in excess of 0.005%
(0.50 basis points). The Master Servicer shall pay the Excess Servicing Strip
and the Assignable Primary Servicing Fee to the holder of the Excess Servicing
Strip and the

                                     -134-

Assignable Primary Servicing Fee (i.e., Midland or any such third party) at such
time and to the extent the Master Servicer is entitled to receive payment of its
Master Servicing Fees hereunder, notwithstanding any resignation or termination
of Midland hereunder (subject to reduction pursuant to the preceding sentence).

         Additional servicing compensation ("Additional Servicing Compensation")
in the form of (i) 50% of all assumption application fees and assumption fees
paid by the Borrowers on all Loans and Serviced Loan Combinations that are not
Specially Serviced Loans (but only when and to the extent that all amounts then
due and payable with respect to such Loans have been paid), (ii) all Penalty
Charges actually collected on each Loan (other than Specially Serviced Loans)
but only when and to the extent that (A) all amounts then due and payable with
respect to such Loan (including outstanding interest on all Advances accrued
with respect to such Loan) have been paid, (B) the Trust Fund has been
reimbursed with respect to any Advances made with respect to such Loan, together
with interest thereon if such interest was paid to the Master Servicer, from a
source of funds other than Penalty Charges collected on such Loan, and (C) the
Trust Fund has been reimbursed for any Additional Trust Fund Expenses incurred
since the Closing Date with respect to such Loan and previously paid from a
source other than Penalty Charges on such Loan, (iii) charges for beneficiary
statements or demands and amounts collected for checks returned for insufficient
funds, (iv) all commercially reasonable fees actually collected on or with
respect to any Loan or Serviced Loan Combination for modifications, extensions,
earnouts and other actions for which the Master Servicer is responsible pursuant
to Section 3.20 (but only when and to the extent that all amounts then due and
payable after giving effect to any modification with respect to the related Loan
or Serviced Loan Combination, as applicable, have been paid), (v) reasonable and
customary consent fees and fees in connection with defeasance, if any, of any
such Loan or Serviced Loan Combination and (vi) other customary charges, in each
case only to the extent actually paid by the related Borrower, shall be retained
by the Master Servicer and shall not be required to be deposited in the
Collection Account or any Junior Loan Custodial Account, as applicable,
maintained by the Master Servicer pursuant to Section 3.04(a). Notwithstanding
anything to the contrary in clause (ii) of the first sentence of this paragraph
or in the last paragraph of Section 3.11(b), (x) the Master Servicer shall be
entitled to that portion, if any, of a Penalty Charge collected on a Specially
Serviced Loan that accrued prior to the related Servicing Transfer Event and (y)
if the Special Servicer has partially waived any Penalty Charge part of which
accrued prior to the related Servicing Transfer Event, any collections in
respect of such Penalty Charge shall be shared pro rata by the Master Servicer
and the Special Servicer based on the respective portions of such Penalty Charge
to which they would otherwise have been entitled. With respect to Loans which
are not Specially Serviced Loans, any fees payable by the related Borrower with
respect to the servicing activities set forth in Sections 3.08(a), 3.08(c),
3.08(i), 3.20(c) and 3.29(d), shall be considered Additional Servicing
Compensation, and such fees that are in the nature of an application fee shall
be payable entirely to the Master Servicer and any fee payable by the Borrower
upon the completion of the servicing activities set forth in such section shall
be shared equally by the Master Servicer and the Special Servicer. Compensation
payable with respect to servicing activities set forth under Sections 3.08(h)
and 3.20(b) shall be paid entirely to the Master Servicer.

         The Master Servicer also shall be entitled to additional servicing
compensation in the form of: (i) interest or other income earned on deposits
relating to the Trust Fund in the Collection Account or any Junior Loan
Custodial Account maintained by the Master Servicer in accordance with Section
3.06(b) (but only to the extent of the Net Investment Earnings, if any, with
respect to each such account); (ii) interest earned on deposits in any Cash
Collateral Account, any Lockbox Account and the Servicing Accounts maintained by
the Master Servicer that is not required by applicable law or the related Loan
Documents to be paid to the Borrower; and (iii) collections representing
Prepayment Interest Excess for any Distribution Date on the Loans (except to the
extent necessary to offset Prepayment Interest Shortfalls on such Loans for such
Distribution Date).

                                     -135-

         The Master Servicer shall not be entitled to any Master Servicing Fees
or any other compensation from the Trust Fund hereunder with respect to any CBA
B Loan.

         The Master Servicer shall be entitled to the above-described Additional
Servicing Compensation (without sharing such Additional Servicing Compensation
with the Special Servicer or any other Person) with respect to the Junior Loans
(as though such loans were Loans) to the extent not expressly prohibited under
the related Intercreditor Agreements; provided that, in no such case, shall the
payment of any such compensation with respect to a Junior Loan reduce amounts
otherwise payable to the Certificateholders.

         The initial Master Servicer in its individual capacity (and its
successors and assigns) shall also be entitled to receive all Primary Servicing
Fees on each Loan and Junior Loan (including any Specially Serviced Loan,
Additional Collateral Loan and Defeasance Loan) that is not serviced by a
Primary Servicer, and on any successor REO Loan with respect to the foregoing,
computed on the basis of the related Stated Principal Balance and for the same
period and in the same manner respecting which any related interest payment due
(or deemed to be due) on the related Loan, Junior Loan or REO Loan is computed.
The right of the initial Master Servicer (and its successors and assigns) to
receive such Primary Servicing Fees in accordance with the provisions hereof
shall not be terminated under any circumstance, including transfer of the
servicing or subservicing of the Loans to another entity or the termination of
the initial Master Servicer in its capacity as Master Servicer, except to the
extent that any portion of such Primary Servicing Fee is needed (as determined
by the Trustee in its discretion) to compensate any replacement primary servicer
for assuming the duties of the initial Master Servicer as Primary Servicer under
this Agreement. The initial Master Servicer in its individual capacity (and its
successors and assigns) shall be permitted to assign such Primary Servicing Fees
to any party without restriction, subject to the exception in the immediately
preceding sentence. Notwithstanding the foregoing, each Primary Servicer which
is not the initial Master Servicer shall be entitled to all Primary Servicing
Fees on all Loans and Junior Loans primary serviced by it under the applicable
Primary Servicing Agreement, whether or not any of such Loans shall become
Specially Serviced Loans.

         Except as specifically provided herein, the Master Servicer shall be
required to pay out of its own funds all expenses incurred by it in connection
with its servicing activities hereunder (including, without limitation, payment
of any amounts due for premiums for any blanket Insurance Policy insuring
against hazard losses pursuant to Section 3.07), if and to the extent such
expenses are not payable directly out of the Collection Account or any Junior
Loan Custodial Account maintained by the Master Servicer, and the Master
Servicer shall not be entitled to reimbursement therefor except as expressly
provided in this Agreement.

         In the event that Midland is terminated or resigns as Master Servicer,
it (and its successors and assigns) will be entitled to retain the Excess
Servicing Strip and the Assignable Primary Servicing Fee, except to the extent
that any portion of such Excess Servicing Strip or the Assignable Primary
Servicing Fee is needed (as determined by the Trustee in its discretion) to
compensate any replacement Master Servicer for assuming the duties of Midland
under this Agreement.

         (b) As compensation for its activities hereunder, the Special Servicer
shall be entitled to receive the Special Servicing Fee with respect to each
Specially Serviced Loan and REO Loan. As to each such Specially Serviced Loan
and REO Loan, the Special Servicing Fee shall accrue at the Special Servicing
Fee Rate (in accordance with the same terms of the related Note as are
applicable to the accrual of interest at the Mortgage Rate) and shall be
computed on the basis of the Stated Principal Balance of such Specially Serviced
Loan and for the same period respecting which any related interest payment due
on such Specially Serviced Loan or deemed to be due on such REO Loan is
computed. The Special

                                     -136-

Servicing Fee with respect to any Specially Serviced Loan or REO Loan cease to
accrue if a Liquidation Event occurs in respect thereof. The Special Servicing
Fee shall be payable monthly, on a loan-by-loan basis, to the extent permitted
by Section 3.05(a). The right of the Special Servicer to receive the related
Special Servicing Fee may not be transferred in whole or in part except in
connection with the transfer of all of the Special Servicer's responsibilities
and obligations under this Agreement.

         Additional servicing compensation in the form of (i) all assumption
application and assumption fees on all Specially Serviced Loans, (ii) one-half
of all assumption application fees and assumption fees on any Loans other than
Specially Serviced Loans and (iii) all commercially reasonable extension fees
and all fees received on or with respect to loan modifications for which the
Special Servicer is responsible pursuant to Section 3.20(a), but only to the
extent actually collected from the related Borrower and only when and to the
extent that all amounts then due and payable after giving effect to any
modification with respect to the related Loan or Serviced Loan Combination
(including those payable to the Master Servicer pursuant to Section 3.11(a))
have been paid, shall be promptly paid to the Special Servicer by the Master
Servicer and shall not be required to be deposited in the Collection Account or
any Junior Loan Custodial Account pursuant to Section 3.04(a).

         The Special Servicer shall also be entitled to servicing compensation
in the form of a Workout Fee with respect to each Corrected Loan at the Workout
Fee Rate. The "Workout Fee Rate" means 1.0% applied to each collection of
interest (other than Default Interest) and principal (including scheduled
payments, prepayments, Balloon Payments, payments at maturity and payments
received with respect to a partial condemnation of a Mortgaged Property securing
a Specially Serviced Loan) received on such Loan for so long as it remains a
Corrected Loan. The Workout Fee with respect to any Corrected Loan will cease to
be payable if the subject Loan or Junior Loan again becomes a Specially Serviced
Loan; provided that a new Workout Fee will become payable if and when the
subject Loan or Junior Loan again becomes a Corrected Loan. If the Special
Servicer is terminated (other than for cause), it shall retain the right to
receive any and all Workout Fees otherwise payable to it with respect to any
Loan and/or Junior Loan

               (i) that became a Corrected Loan during the period that it acted
     as Special Servicer and that was a Corrected Loan at the time of such
     termination; or

               (ii) that becomes a Corrected Loan subsequent to the time of such
     termination if the Special Servicer resolved the circumstances and/or
     conditions (including by way of a modification of the subject mortgage
     loan) which caused the subject mortgage loan to become a Specially Serviced
     Loan but the subject mortgage loan had not, when the Special Servicer was
     terminated, become a Corrected Loan because the related Borrower had not
     then made three consecutive monthly debt service payments (but the related
     Borrower then makes those three monthly debt service payments, and the
     subject mortgage loan subsequently becomes a Corrected Loan as a result of
     the Borrower making those three monthly debt service payments);

in each case until the Workout Fee for any such loan ceases to be payable in
accordance with the terms hereof (and the successor Special Servicer shall not
be entitled to any portion of such Workout Fees).

         A Liquidation Fee will be payable to the Special Servicer with respect
to each Specially Serviced Loan or REO Loan as to which the Special Servicer
receives any Liquidation Proceeds subject to the exceptions set forth in the
definition of Liquidation Fee. As to each Specially Serviced Loan or REO Loan,
the Liquidation Fee will be payable (subject to the provisos to the first
paragraph of Section 3.05(a)) out of, and will be calculated by application of a
"Liquidation Fee Rate" of 1.0% of net Liquidation Proceeds received with respect
to such Specially Serviced Loan or REO Loan.

                                     -137-

Notwithstanding the foregoing, no Liquidation Fee shall be payable under this
Agreement in connection with any of the exceptions set forth in the definition
of "Liquidation Fee".

         Notwithstanding anything to the contrary described above, no
Liquidation Fee will be payable under the circumstances provided in the proviso
to the definition of Liquidation Fee. If, however, Liquidation Proceeds are
received with respect to any Corrected Loan and the Special Servicer is properly
entitled to a Workout Fee, such Workout Fee will be payable based on and out of
the portion of such Liquidation Proceeds that constitute principal and/or
interest (other than Default Interest) on such Corrected Loan; provided,
however, that in no event will the Special Servicer receive both a Liquidation
Fee and a Workout Fee out of the same Liquidation Proceeds.

         The Special Servicer will also be entitled to additional fees in the
form of Penalty Charges on each Specially Serviced Loan (other than, if
applicable, a Junior Loan) (but only to the extent actually collected from the
related Borrower and when and to the extent that all amounts then due and
payable with respect to such Specially Serviced Loan (including outstanding
interest on all Advances accrued with respect to such Specially Serviced Loan)
have been paid. The Special Servicer shall be required to pay out of its own
funds all expenses incurred by it in connection with its servicing activities
hereunder (including, without limitation, payment of any amounts, other than
management fees in respect of REO Properties, due and owing to any of its
Sub-Servicers and the premiums for any blanket Insurance Policy obtained by it
insuring against hazard losses pursuant to Section 3.07), if and to the extent
such expenses are not payable directly out of the Collection Account, a Junior
Loan Custodial Account or the REO Account, and the Special Servicer shall not be
entitled to reimbursement therefor except as expressly provided in this
Agreement.

         SECTION 3.12. Reports to the Trustee; Collection Account Statements.

         (a) The Master Servicer shall deliver to the Trustee and the Special
Servicer, no later than 1:00 p.m. New York City time on the second Business Day
prior to each Distribution Date beginning in September 2004, the CMSA Loan
Periodic Update File with respect to its respective Loans and Serviced Loan
Combinations and any successor REO Loans with respect thereto for the related
Distribution Date, including the anticipated P&I Advances and Servicing Advances
for the related Distribution Date and any accrued but unpaid interest on
Advances. The Master Servicer shall, subject to Section 3.12(h),
contemporaneously provide a copy of such report as it relates to any Junior Loan
of a Serviced Loan Combination to the related Junior Loan Holder. The Master
Servicer's responsibilities under this Section 3.12(a) with respect to Specially
Serviced Loans and REO Loans shall be subject to the satisfaction of the Special
Servicer's obligations under Section 3.21. For the purposes of the production by
the Master Servicer or the Special Servicer of any report, the Master Servicer
or the Special Servicer, as the case may be, may conclusively rely (without
independent verification), absent manifest error, on information provided to it
by the Depositor, by the Trustee, by the related Mortgage Loan Seller, by the
related Borrower or (x) in the case of such a report produced by the Master
Servicer, by the Special Servicer (if other than the Master Servicer or an
Affiliate thereof) and (y) in the case of such a report produced by the Special
Servicer, by the Master Servicer (if other than the Special Servicer or an
Affiliate thereof).

         Notwithstanding the foregoing, because the Master Servicer will not
receive the Servicing Files until the Closing Date and will not have sufficient
time to review and analyze such Servicing Files before the initial Distribution
Date, the parties agree that the CMSA Loan Periodic Update File required to be
delivered by the Master Servicer in September 2004 (insofar as it relates to
CSFB Loans) will be based solely upon information generated from actual
collections received by the Master Servicer and from information the Depositor
delivers or causes to be delivered to the Master Servicer

                                     -138-

(including but not limited to information prepared by third-party servicers of
the subject Loans with respect to the period prior to the Closing Date).

         (b) For so long as the Master Servicer makes deposits into and
withdrawals from the Collection Account, the Master Servicer shall, upon
request, forward to the Trustee a statement setting forth the status of the
Collection Account (and shall deliver to each Junior Loan Holder a statement
setting forth the status of the related Junior Loan Custodial Account) as of the
close of business on the last Business Day of the related Due Period showing the
aggregate amount of deposits into and withdrawals from such account of each
category of deposit specified in Section 3.04 and each category of withdrawal
specified in Section 3.05 for the related Due Period.

         (c) No later than 1:00 p.m. New York City time on the Master Servicer
Remittance Date beginning in November 2004, the Master Servicer shall deliver or
cause to be delivered to the Trustee the following reports for the Loans and
Serviced Loan Combinations (and, if applicable, the REO Properties), providing
the required information as of the related Determination Date: (i) a CMSA
Comparative Financial Status Report, (ii) a CMSA Delinquent Loan Status Report;
(iii) a CMSA Historical Loan Modification and Corrected Mortgage Loan Report;
(iv) a CMSA Historical Liquidation Report; (v) a CMSA REO Status Report; (vi) a
CMSA Servicer Watch List; (vii) a CMSA Property File; (viii) a CMSA Financial
File; and (ix) a CMSA Loan Level Reserve/LOC Report. Such reports shall be in
CMSA format (as in effect from time to time) and shall be in an electronic
format reasonably acceptable to both the Trustee and the Master Servicer. The
Master Servicer shall contemporaneously provide a copy of such reports as they
relate to any loan component in a Serviced Loan Combination to the related
Junior Loan Holder.

         For the purposes of the production by the Master Servicer or the
Special Servicer of any reports, documents or information required under this
Section 3.12 or under any other provision of this Agreement, the Master Servicer
or the Special Servicer, as the case may be, may (absent bad faith or manifest
error) conclusively rely on (without investigation, inquiry, independent
verification or any duty or obligation to recompute, verify or recalculate any
of the amounts and other information contained in) any reports, documents or
information provided to it by the Depositor, by the Trustee, by the related
Mortgage Loan Seller, by the related Borrower or (x) in the case of any such
reports, documents or information produced by the Master Servicer, by the
Special Servicer (if other than the Master Servicer or an Affiliate thereof) and
(y) in the case of any such reports, documents and information produced by the
Special Servicer, by the Master Servicer (if other than the Special Servicer or
an Affiliate thereof). The Trustee shall be entitled to conclusively rely on and
shall not be responsible for the accuracy of any information provided to it by
the Master Servicer or the Special Servicer pursuant to this Agreement, but
shall (in the absence of bad faith) be entitled to conclusively rely on such
information without any investigation, independent verification or inquiry or
any duty or obligation to recompute, verify or recalculate any of the amounts
and other information stated therein.

         The reporting obligations of the Master Servicer in connection with a
Serviced Loan Combination shall be construed to require the Master Servicer to
only provide information regarding such Serviced Loan Combination, but whenever
the Master Servicer remits funds to the related Junior Loan Holder(s), it shall
thereupon deliver to such holder a remittance report identifying the amounts in
such remittance. The Master Servicer shall contemporaneously with any related
delivery to the Trustee or the Special Servicer, as applicable, provide any such
reports which contain information related to the Mortgaged Property securing any
Serviced Loan Combination, or financial information regarding any related
Borrower to the related Junior Loan Holder(s), as applicable, unless an earlier
delivery is expressly required hereunder.

                                     -139-

         Within 30 days following the Closing Date, the Master Servicer shall
deliver to the Trustee the CMSA Loan Setup File for the Loans; provided that the
Depositor shall, within 20 days following the Closing Date deliver to the Master
Servicer the information to be included therein with respect to CSFB Loans.

         By 4:00 p.m. New York City time on the fourth Business Day prior to the
Master Servicer Remittance Date, beginning in September 2004, the Special
Servicer shall prepare and deliver or cause to be delivered to the Master
Servicer the CMSA Special Servicer Loan File that contains the information
called for in, or that will enable the Master Servicer to provide, the CMSA
files and reports required to be delivered by the Master Servicer to the
Trustee, in each case with respect to any applicable Specially Serviced Loans
and REO Properties.

         (d) The Master Servicer shall deliver or cause to be delivered to the
Trustee the following materials (and shall contemporaneously provide a copy of
such materials and related reports as they relate to a Junior Loan, as
applicable, of a Serviced Loan Combination, to the related Junior Loan Holder),
in each case to the extent that such materials or the information on which they
are based are required to be delivered pursuant to the Loan Documents for the
Loans and any related REO Properties and have been received by the Master
Servicer:

               (i) At least annually by May 31, commencing May 31, 2005, or as
     soon thereafter as reasonably practicable based upon when, and the format
     in which, the Master Servicer receives the subject information, with
     respect to each Loan and each related REO Loan (to the extent prepared by
     and timely received from the Special Servicer in the case of any Specially
     Serviced Loan or REO Loan), a CMSA Operating Statement Analysis Report and
     CMSA NOI Adjustment Worksheet for the related Mortgaged Property or REO
     Property as of the end of the preceding fiscal year, together with copies
     of the operating statements and rent rolls (but only to the extent the
     related Borrower delivers such information to the Master Servicer and, with
     respect to operating statements and rent rolls for Specially Serviced Loans
     and REO Properties, to the extent timely delivered by the Special Servicer
     to the Master Servicer), for the related Mortgaged Property or REO Property
     as of the end of the preceding fiscal year.

               (ii) The Master Servicer shall use its reasonable efforts (but
     shall not be required to institute litigation) to obtain quarterly and
     annual operating statements and rent rolls with respect to each of such
     Loans, other than Specially Serviced Loans or REO Loans, which efforts
     shall include sending a letter to the related Borrower each quarter
     (followed up with telephone calls) requesting such quarterly and/or annual
     operating statements and rent rolls by no later than 60 days after the
     subject calendar quarter, or 90 days after the subject calendar year, to
     the extent such action is consistent with applicable law, the terms of such
     Loans and the Servicing Standard. Subject to the provisions of Section
     3.12(h) below, the Master Servicer shall (to the extent not otherwise
     delivered pursuant to clause (i) above) deliver copies of all of the
     foregoing items so collected to the Special Servicer, the Directing
     Certificateholder and any Requesting Subordinate Certificateholder (at the
     expense of such requesting Holder), and upon request, the Trustee and the
     Depositor, (x) in the case of quarterly operating statements and rent
     rolls, within the later of (A) 60 days after such quarter and (B) 45 days
     following receipt of such operating statements and rent rolls, and (y) in
     the case of annual operating statements and rent rolls, not later than the
     later of (A) May 31 of each calendar year and (B) 45 days following receipt
     of such operating statements and rent rolls.

               (iii) The Master Servicer shall maintain a CMSA Operating
     Statement Analysis Report for each Mortgaged Property securing each Loan
     (other than any such

                                     -140-

     Mortgaged Property which is an REO Property or constitutes security for a
     Specially Serviced Loan) that shall be updated by the Master Servicer and
     delivered to the Trustee and any related Junior Loan Holder within 30 days
     after receipt by the Master Servicer of updated operating statements for
     such Mortgaged Property beginning in November 2004, provided that the
     Master Servicer shall not be required to update the CMSA Operating
     Statement Analysis Reports more often than quarterly or such other longer
     period as operating statements are required to be delivered to the lender
     by the Borrower pursuant to the Loan Documents.

         The Special Servicer will be required pursuant to Section 3.12(f) to
deliver in a reasonable electronic format to the Master Servicer the information
required pursuant to this Section 3.12(d) with respect to Specially Serviced
Loans and REO Loans on or before April 30 of each year, commencing on April 30,
2005, and within 10 days after its receipt of any operating statement for any
related Mortgaged Property or REO Property.

         (e) The Special Servicer shall report to the Master Servicer any events
affecting, or which may affect, the most recent CMSA Servicer Watch List for the
Loans and Serviced Loan Combinations promptly upon the Special Servicer having
knowledge of such event. In addition, in connection with their servicing of the
respective Loans, the Master Servicer and the Special Servicer shall provide to
each other and to the Trustee (and solely with respect to any Serviced Loan
Combination, if any Junior Loan of such Serviced Loan Combination is listed on
the CMSA Servicer Watch List, the related Junior Loan Holder) written notice of
any event that comes to their knowledge with respect to a Junior Loan or REO
Property that the Master Servicer or the Special Servicer, respectively,
determines, in accordance with Servicing Standard, would have a material adverse
effect on such loan or REO Property, which notice shall include an explanation
as to the reason for such material adverse effect.

         (f) The Special Servicer shall deliver or cause to be delivered to the
Master Servicer and, upon the request of the Trustee, the Depositor, any Junior
Loan Holder or any Rating Agency, to any such requesting party, the following
materials, in each case to the extent that such materials or the information on
which they are based are required to be delivered by the Borrower pursuant to
the Loan Documents for the Loans and Serviced Loan Combinations have been
received by the Special Servicer:

               (i) Annually, on or before April 30 of each year, commencing
     April 30, 2005, or as soon thereafter as reasonably practicable based upon
     when, and the format in which, the Master Servicer receives the subject
     information, with respect to each Specially Serviced Loan and REO Loan, a
     CMSA Operating Statement Analysis Report and CMSA NOI Adjustment Worksheet,
     both in written form and in electronic format reasonably acceptable to the
     Master Servicer, the Special Servicer and the Trustee for the related
     Mortgaged Property or REO Property as of the end of the preceding calendar
     year (but only to the extent that the Special Servicer has received such
     information from the Master Servicer at the time of the servicing transfer
     pursuant to Section 3.21 necessary to prepare the related CMSA Operating
     Statement Analysis Report and CMSA NOI Adjustment Worksheet on a
     prospective basis), together with copies of the operating statements and
     rent rolls for the related Mortgaged Property or REO Property as of the end
     of the preceding calendar year.

               (ii) The Special Servicer shall use its reasonable efforts (but
     shall not be required to institute litigation) to obtain quarterly and
     annual operating statements and rent rolls with respect to each Mortgaged
     Property constituting security for a Specially Serviced Loan and each REO
     Property, which efforts shall include sending a letter to the related
     Borrower or other appropriate party each quarter (followed up with
     telephone calls) requesting such quarterly and/or annual operating
     statements and rent rolls by no later than 60 days after the subject
     calendar

                                     -141-

     quarter, or 90 days after the subject calendar year. The Special Servicer
     shall (to the extent not otherwise delivered pursuant to clause (i) above)
     deliver copies of all of the foregoing items so collected to the Master
     Servicer, the holders of any related Junior Loan(s), the Directing
     Certificateholder and any Requesting Subordinate Certificateholder (at the
     expense of such requesting Holder), and upon request, the Trustee and the
     Depositor, (x) in the case of quarterly operating statements and rent
     rolls, within the later of (A) 60 days after such quarter and (B) 45 days
     following receipt of such operating statements and rent rolls, and (y) in
     the case of annual operating statements and rent rolls, not later than the
     later of (A) April 30 of each calendar year and (B) 45 days following
     receipt of such operating statements and rent rolls.

               (iii) The Special Servicer shall maintain a CMSA Operating
     Statement Analysis Report, both in written form and in electronic format
     reasonably acceptable to the Master Servicer, the Special Servicer and the
     Trustee, for each Mortgaged Property which constitutes security for a
     Specially Serviced Loan or is a REO Property that shall be updated by the
     Special Servicer and delivered to the Master Servicer, the Trustee and the
     holders of any related Junior Loan(s) within 10 days after receipt by the
     Special Servicer of updated operating statements for each such Mortgaged
     Property, provided that the Special Servicer shall not be required to
     update any CMSA Operating Statement Analysis Report more often than
     quarterly.

         (g) The Master Servicer and the Special Servicer hereby agrees to
deliver to each Rating Agency any information such Rating Agency may reasonably
request with respect to the Loans and Serviced Loan Combinations. The Trustee
shall be entitled to rely conclusively on and shall not be responsible for the
content or accuracy of any information provided to it by the Master Servicer or
the Special Servicer pursuant to this Agreement.

         (h) If the Master Servicer or the Special Servicer is required to
deliver any statement, report or information under any provision of this
Agreement (including Section 3.15 and Section 3.26(h)), then, notwithstanding
anything to the contrary herein, the Master Servicer or the Special Servicer, as
the case may be, may satisfy such obligation by (x) physically delivering a
paper copy of such statement, report or information, (y) delivering such
statement, report or information in a commonly used electronic format or (z)
making such statement, report or information available on the Master Servicer's
Website, unless this Agreement expressly specifies a particular method of
delivery; provided that all reports required to be delivered to the Trustee
shall be delivered in accordance with clause (x) or (y).

         (i) During any fiscal year of the Trust until the Trustee provides
written notice that it has filed a Form 15 with respect to the Trust as to that
fiscal year in accordance with Section 3.26(d), (x) the Master Servicer shall
monitor for the occurrence of any events specified under Section 3.26(b) and (to
the extent it has actual knowledge of, or should (in performing its obligations
in accordance with the Servicing Standard) have actual knowledge of, any such
event) shall promptly, but not later than one Business Day after obtaining
knowledge of such event, so notify the Trustee and the Depositor, and, not later
than two Business Days after obtaining knowledge of such event, set forth such
information in an additional report (which report shall be in a format
reasonably acceptable to the Trustee and the Master Servicer) and deliver such
report to the Trustee, and (y) the Special Servicer, solely with respect to
Specially Serviced Loans or REO Loans that relate to REO Properties and any
material impairment to such Loans, and only to the extent the Special Servicer
has actual knowledge of, or should (in performing its obligations in accordance
with the Servicing Standard) have actual knowledge of, any events specified
under Section 3.26(b), shall promptly, but not later than one Business Day after
obtaining knowledge of any such event, so notify the Trustee and the Depositor,
set forth such information in an additional report (which report shall be in a
format reasonably acceptable to the Trustee and the Special Servicer) and
deliver such report to the Trustee.

                                     -142-

         SECTION 3.13. Annual Statement as to Compliance.

         The Master Servicer and the Special Servicer shall each deliver to the
Trustee and to the Rating Agencies, the Depositor, the Directing
Certificateholder, any Requesting Subordinate Certificateholder (at the expense
of such requesting Holder) and any Junior Loan Holder (at such Junior Loan
Holder's expense) on or before May 1 of each year, beginning May 1, 2005, an
officer's certificate of the Master Servicer or the Special Servicer stating
that, among other things, to the best of such officer's knowledge, the Master
Servicer or the Special Servicer has fulfilled its obligations under this
Agreement in all material respects throughout the preceding year (or such
shorter period) or, if there has been a material default, specifying each
material default known to such officer, the nature and status of such default
and the action proposed to be taken with respect thereto, and whether it has
received any notice regarding qualification, or challenging the status, of any
Trust REMIC as a REMIC from the IRS or any other governmental agency or body;
provided that the Master Servicer and Special Servicer shall be required to
deliver its Annual Performance Certification by March 20 in 2005 or any given
year thereafter if it has received confirmation from the Trustee or the
Depositor by January 31 of that year that a report on Form 10-K is required to
be filed in respect of the Trust for the preceding calendar year. The Trustee
shall deliver such Officer's Certificate, upon request, to any
Certificateholder. If the same entity acts as the Master Servicer and the
Special Servicer, the foregoing may be delivered as a single certificate.

         SECTION 3.14. Reports by Independent Public Accountants.

         On or before May 1 of each year, beginning with May 1, 2005, each of
the Master Servicer and the Special Servicer (the "reporting person"), at the
reporting person's expense, shall cause a firm of nationally recognized
Independent public accountants (who may also render other services to the
reporting person) which is a member of the American Institute of Certified
Public Accountants ("AICPA") to furnish a statement (an "Accountant's
Statement") to the Trustee, the Depositor and the Rating Agencies, the Directing
Certificateholder, any Requesting Subordinate Certificateholder (at the expense
of such requesting Holder) and any Junior Loan Holder (at such Junior Loan
Holder's expense) to the effect that such firm has examined certain documents
and records relating to the servicing of similar mortgage loans under similar
agreements and that, on the basis of such examination conducted substantially in
compliance with generally accepted auditing standards and the Uniform Single
Attestation Program for Mortgage Bankers or the Audit Program for Mortgages
serviced for FHLMC, such servicing has been conducted in compliance with similar
agreements except for such significant exceptions or errors in records that, in
the opinion of such firm, generally accepted auditing standards and the Uniform
Single Attestation Program for Mortgage Bankers or the Audit Program for
Mortgages serviced for FHLMC require it to report, in which case such exceptions
and errors shall be so reported; provided that the Master Servicer and Special
Servicer shall be required to cause the delivery of its Annual Accountants'
Report by March 20 in 2005 or any given year thereafter if it has received
written confirmation from the Trustee or the Depositor by January 31 of that
year that a report on Form 10-K is required to be filed in respect of the Trust
for the preceding calendar year.

         Each reporting person shall obtain from the related accountants, or
shall prepare, an electronic version of each Accountant's Statement and provide
such electronic version to the Trustee for filing in accordance with the
procedures set forth in Section 3.26 hereof. In rendering such statement, such
firm may rely, as to matters relating to direct servicing of mortgage loans by
Sub-Servicers, upon comparable statements for examinations conducted
substantially in compliance with the Uniform Single Attestation Program for
Mortgage Bankers (rendered within one year of such statement) of independent
public accountants with respect to the related Sub-Servicer.

                                     -143-

         SECTION 3.15. Access to Certain Information.

         The Master Servicer and the Special Servicer shall provide reasonable
access during its normal business hours at each of its principal servicing
offices to any Certificateholder or Certificate Owner that is, or is affiliated
with, a federally insured financial institution, to the Trustee, to the
Depositor, to each Rating Agency, to each Junior Loan Holder, to the Special
Servicer, and to the OTS, the FDIC, the Federal Reserve Board and the
supervisory agents and examiners of such boards and such corporations, and any
other federal or state banking or insurance regulatory authority that may
exercise authority over any Certificateholder, to any documentation regarding
the Loans and the Trust Fund within its control (but with respect to a Junior
Loan Holder, relating to the corresponding Loan Combination only) which may be
required by this Agreement or by applicable law.

         Such access shall be afforded without charge (except that the Master
Servicer and Special Servicer may charge a reasonable fee for copies and
out-of-pocket costs to parties other than the Rating Agencies) but only upon
reasonable prior written request and during normal business hours at the offices
of the Master Servicer or the Special Servicer, as the case may be, designated
by it.

         Nothing in this Section 3.15 shall detract from the obligation of the
Master Servicer and the Special Servicer to observe any applicable law or
agreement prohibiting disclosure of information with respect to the Borrowers,
and the failure of the Master Servicer or the Special Servicer to provide access
as provided in this Section 3.15 as a result of such obligation shall not
constitute a breach of this Section 3.15. Nothing herein shall be deemed to
require the Master Servicer or the Special Servicer to confirm, represent or
warrant the accuracy of any other Person's information or report, included in
any communication from the Master Servicer or the Special Servicer or from any
other Person. No Master Servicer or Special Servicer may be held liable for the
dissemination of information in accordance with this Agreement. Neither the
Master Servicer nor the Special Servicer shall have any liability to the
Depositor, the Trustee, any Certificateholder, any Certificate Owner, any Junior
Loan Holder, the Initial Purchaser, any Underwriter, any Rating Agency or any
other Person to whom the Master Servicer or the Special Servicer, as applicable,
delivers information pursuant to and in accordance with this Section 3.15 or any
other provision of this Agreement for federal, state or other applicable
securities law violations relating to the disclosure of such information. The
Master Servicer and the Special Servicer may each disclaim responsibility for
any information distributed by the Trustee or any other party to this Agreement
for which the Master Servicer or the Special Servicer, as applicable, is not the
original source. The Master Servicer and Special Servicer may deny any of the
foregoing Persons access to confidential information or any intellectual
property which the Master Servicer or the Special Servicer is restricted by
license or contract from disclosing. Notwithstanding the foregoing, the Master
Servicer and the Special Servicer shall maintain separate from such confidential
information and intellectual property, all documentation regarding the Loans
that is not confidential.

         SECTION 3.16. Title to REO Property; REO Account.

         (a) If title to any REO Property is acquired, the deed or certificate
of sale shall be issued to the Trustee (or its nominee) on behalf of the
Certificateholders (and for the benefit of the related Junior Loan Holder(s) if
such REO Property is related to any CBA A/B Loan Pair or any Serviced Loan
Combination). The Special Servicer, on behalf of the Trust Fund, shall sell any
such REO Property in accordance with Section 3.18(d) and, in any event, prior to
the close of the third calendar year beginning after the year in which the Trust
Fund acquires ownership of such REO Property for purposes of Section 860G(a)(8)
of the Code, unless the Special Servicer either (i) is granted an extension of
time (an "REO Extension") by the Internal Revenue Service to sell such REO
Property (a copy of which shall be delivered to the Trustee) or (ii) obtains for
the Trustee and the Master Servicer an Opinion of Counsel (the

                                     -144-

cost of which shall be paid as a Servicing Advance), addressed to the Trustee
and the Master Servicer, to the effect that the holding by the Trust Fund of
such REO Property after such period will not result in the imposition of taxes
on "prohibited transactions" of the Trust Fund or any Trust REMIC as defined in
Section 860F of the Code or cause any Trust REMIC to fail to qualify as a REMIC
for federal or applicable state tax purposes at any time that any Uncertificated
Lower-Tier Interests or Certificates are outstanding. If the Special Servicer is
granted the REO Extension or obtains the Opinion of Counsel contemplated by
clause (ii) above, the Special Servicer shall sell such REO Property within such
period as is permitted by such REO Extension or such Opinion of Counsel. Any
expense incurred by the Special Servicer in connection with its being granted
the REO Extension or its obtaining the Opinion of Counsel contemplated by clause
(ii) above shall be an expense of the Trust Fund payable out of the Collection
Account pursuant to Section 3.05(a).

         (b) The Special Servicer shall segregate and hold all funds collected
and received in connection with any REO Property separate and apart from its own
funds and general assets. If an REO Acquisition shall occur in respect of any
REO Property, the Special Servicer shall establish and maintain an REO Account,
held on behalf of the Trustee in trust for the benefit of the Certificateholders
(and for the benefit of the related Junior Loan Holder(s) if such REO Property
is related to any CBA A/B Loan Pair or Serviced Loan Combination), for the
retention of revenues and other proceeds derived from each REO Property. Each
REO Account shall be an Eligible Account. The Special Servicer shall deposit, or
cause to be deposited, in its REO Account, within one Business Day after
receipt, all REO Revenues, Insurance and Condemnation Proceeds and Liquidation
Proceeds received in respect of an REO Property. Funds in an REO Account may be
invested only in Permitted Investments in accordance with Section 3.06. The
Special Servicer shall give notice to the Trustee and the Master Servicer(s) of
the location of its REO Account when first established and of the new location
of its REO Account prior to any change thereof.

         (c) The Special Servicer shall withdraw from its REO Account funds
necessary for the proper operation, management, leasing, maintenance and
disposition of any REO Property, but only to the extent of amounts on deposit in
such REO Account relating to such REO Property. On each Determination Date, the
Special Servicer shall withdraw from its REO Account and remit to the Master
Servicer for deposit into the Collection Account the aggregate of all amounts
received in respect of each REO Property during the most recently ended Due
Period, net of any withdrawals made out of such amounts pursuant to the
preceding sentence; provided, however, that the Special Servicer may retain in
its REO Account, in accordance with the Servicing Standard, such portion of such
balance as may be necessary to maintain a reasonable reserve for repairs,
replacements, leasing, management and tenant improvements and other related
expenses for each REO Property. In addition, on each Determination Date, the
Special Servicer shall provide the Master Servicer with a written accounting of
amounts deposited in the Collection Account on such date.

         (d) The Special Servicer shall keep and maintain separate records, on a
property-by-property basis, for the purpose of accounting for all deposits to,
and withdrawals from, the REO Account pursuant to Section 3.16(b) or (c).

         SECTION 3.17. Management of REO Property.

         (a) If title to any REO Property is acquired, the Special Servicer
shall manage, conserve, protect, operate and lease such REO Property for the
benefit of the Certificateholders (and for the benefit of the related Junior
Loan Holder(s) if such REO Property is related to any CBA A/B Loan Pair or any
Serviced Loan Combination) solely for the purpose of its timely disposition and
sale in a manner that does not cause such REO Property to fail to qualify as
"foreclosure property" within the

                                     -145-

meaning of Section 860G(a)(8) of the Code or result in the receipt by the Trust
Fund of any "income from non-permitted assets" within the meaning of Section
860F(a)(2)(B) of the Code. Subject to the foregoing, however, the Special
Servicer shall have full power and authority to do any and all things in
connection therewith as are in the best interests of and for the benefit of the
Certificateholders (and for the benefit of the related Junior Loan Holder(s) if
such REO Property is related to any CBA A/B Loan Pair or any Serviced Loan
Combination) (as determined by the Special Servicer in its good faith and
reasonable judgment) and, consistent therewith, shall withdraw from the REO
Account, to the extent of amounts on deposit therein with respect to such REO
Property, funds necessary for the proper operation, management, leasing,
maintenance and disposition of such REO Property, including, without limitation:

               (i) all Insurance Policy premiums due and payable in respect of
     such REO Property;

               (ii) all real estate taxes and assessments in respect of such REO
     Property that may result in the imposition of a lien thereon;

               (iii) any ground rents in respect of such REO Property, if
     applicable; and

               (iv) all costs and expenses necessary to maintain and lease such
     REO Property.

         To the extent that amounts on deposit in the related REO Account in
respect of any REO Property are insufficient for the purposes set forth in
clauses (i) through (iv) above with respect to such REO Property, subject to
Section 3.03(c), the Master Servicer shall advance from its own funds, as a
Servicing Advance, such amount as is necessary for such purposes unless (as
evidenced by an Officer's Certificate delivered to the Trustee and the
Depositor) such advances would, if made, constitute Nonrecoverable Servicing
Advances.

         (b) Without limiting the generality of the foregoing, the Special
Servicer shall not:

               (i) permit the Trust Fund to enter into, renew or extend any New
     Lease with respect to any REO Property, if the New Lease by its terms will
     give rise to any income that does not constitute Rents from Real Property;

               (ii) permit any amount to be received or accrued under any New
     Lease other than amounts that will constitute Rents from Real Property;

               (iii) authorize or permit any construction on any REO Property,
     other than the repair or maintenance thereof or the completion of a
     building or other improvement thereon, and then only if more than 10% of
     the construction of such building or other improvement was completed before
     default on the related Loan became imminent, all within the meaning of
     Section 856(e)(4)(B) of the Code; or

               (iv) Directly Operate, or allow any other Person, other than an
     Independent Contractor, to Directly Operate, any REO Property on any date
     more than 90 days after its Acquisition Date;

unless, in any such case, the Special Servicer has obtained an Opinion of
Counsel (the cost of which shall be paid by the Master Servicer as a Servicing
Advance unless non-recoverable) to the effect that such action will not cause
such REO Property to fail to qualify as "foreclosure property" within the
meaning of Section 860G(a)(8) of the Code at any time that it is held by the
Trust Fund, in which case the Special

                                     -146-

Servicer may take such actions as are specified in such Opinion of Counsel.
Except as limited above in this Section 3.17 and by Section 3.17(c), the Special
Servicer shall be permitted to cause the Trust Fund to earn "net income from
foreclosure property", subject to the Servicing Standard.

         (c) The Special Servicer shall contract with any Independent Contractor
for the operation and management of any REO Property within 90 days of the
Acquisition Date thereof, provided that:

               (i) the terms and conditions of any such contract may not be
     inconsistent herewith and shall reflect an agreement reached at arm's
     length;

               (ii) the fees of such Independent Contractor (which shall be an
     expense of the Trust Fund and, in the case of an REO Property related to a
     Serviced Loan Combination, of the related Junior Loan Holder(s)) shall be
     reasonable and customary in light of the nature and locality of such REO
     Property;

               (iii) any such contract shall require, or shall be administered
     to require, that the Independent Contractor (A) pay all costs and expenses
     incurred in connection with the operation and management of such REO
     Property, including, without limitation, those listed in subsection (a)
     hereof, and (B) remit all related revenues collected (net of its fees and
     such costs and expenses) to the Special Servicer upon receipt;

               (iv) none of the provisions of this Section 3.17(c) relating to
     any such contract or to actions taken through any such Independent
     Contractor shall be deemed to relieve the Special Servicer of any of its
     duties and obligations hereunder with respect to the operation and
     management of any such REO Property; and

               (v) the Special Servicer shall be obligated with respect thereto
     to the same extent as if it alone were performing all duties and
     obligations in connection with the operation and management of such REO
     Property.

         The Special Servicer shall be entitled to enter into any agreement with
any Independent Contractor performing services for it related to its duties and
obligations hereunder for indemnification of the Special Servicer by such
Independent Contractor, and nothing in this Agreement shall be deemed to limit
or modify such indemnification.

         (d) When and as necessary, the Special Servicer shall send to the
Trustee and the Master Servicer a statement prepared by the Special Servicer
setting forth the amount of net income or net loss, as determined for federal
income tax purposes, resulting from the operation and management of a trade or
business on, the furnishing or rendering of a non-customary service to the
tenants of, or the receipt of any other amount not constituting Rents from Real
Property in respect of, any REO Property in accordance with Sections 3.17(a) and
3.17(b).

         SECTION 3.18. Sale of Defaulted Loans and REO Properties.

         (a) None of the Master Servicer, the Special Servicer and/or the
Trustee may sell or purchase, or permit the sale or purchase of, a Loan or REO
Property except on the terms and subject to the conditions set forth in this
Section 3.18 or as otherwise expressly provided in or contemplated by Section
2.03(b) and Section 9.01 or in any related Intercreditor Agreement or mezzanine
loan intercreditor agreement.

                                     -147-

         (b) If any Loan becomes a Defaulted Loan, then the Special Servicer
shall promptly so notify in writing the Trustee, the Master Servicer and the
Directing Certificateholder, and with respect to any related Junior Loan of a
Serviced Loan Combination, any related Junior Loan Holder(s). The Directing
Certificateholder may, at its option, purchase any Defaulted Loan out of the
Trust Fund at a cash price equal to the applicable purchase price. The Directing
Certificateholder may, after receipt of the notice described in the first
sentence of this Section 3.18(b), assign its option under the preceding sentence
to any Person (including, without limitation, in connection with an A Loan, any
related Junior Loan Holder), provided that the Directing Certificateholder, in
connection therewith, shall deliver to the Trustee and the Special Servicer a
copy of the related written assignment executed by the Directing
Certificateholder, provided, further, that with respect to any A Loan, the
option holder's rights under this Section 3.18(b) are subject to the rights of
the holder of the related Junior Loan to purchase such A Loan pursuant to the
related Intercreditor Agreement (as contemplated by Section 3.32 or Section
3.33) and, in some cases, to the rights of a mezzanine lender to purchase such A
Loan pursuant to the related mezzanine loan intercreditor agreement. The option
with respect to an A Loan shall terminate upon the purchase of such A Loan by
the holder of the related Junior Loan pursuant to the related Intercreditor
Agreement (as contemplated by Section 3.32 or Section 3.33) or by a mezzanine
lender pursuant to the related mezzanine loan intercreditor agreement. The
Purchase Price for any Defaulted Loan purchased under this Section 3.18(b) shall
be deposited into the Collection Account, and the Trustee, upon receipt of an
Officer's Certificate from the Master Servicer to the effect that such deposit
has been made, shall release or cause to be released to the Certificateholder(s)
effecting such purchase (or to its or their designee) the related Mortgage File,
and shall execute and deliver such instruments of transfer or assignment, in
each case without recourse, as shall be provided to it and are reasonably
necessary to vest in such Certificateholder(s) ownership of such Loan. In
connection with any such purchase, the Special Servicer shall deliver the
related Servicing File to the Certificateholder(s) effecting such purchase (or
to its or their designee).

         If not exercised sooner, such purchase option with respect to any
Defaulted Loan will automatically terminate upon (i) the related Borrower's (or,
if the One Park Avenue Loan or the Mizner Park Loan is involved, the Borrower's
or a related Junior Loan Holder's) cure of all defaults on the Defaulted Loan,
(ii) the acquisition on behalf of the Trust, among others, of title to the
related Mortgaged Property by foreclosure or deed in lieu of foreclosure or
(iii) the modification, waiver or pay-off (full or discounted) of the Defaulted
Loan in connection with a workout.

         The purchase price for any Defaulted Loan purchased under this Section
3.18(b) or any Defaulted Loan purchased by the Special Servicer under Section
3.18(c) shall, (i) pending determination of the Fair Value thereof pursuant to
the succeeding sentence, be the Purchase Price calculated in accordance with the
definition of Purchase Price, and (ii) following determination of the Fair Value
pursuant to the succeeding sentence, be the Fair Value. The Special Servicer
shall promptly obtain an Appraisal (unless it has an Appraisal that is less than
12 months old and has no actual knowledge of, or notice of, any event which in
the Special Servicer's judgment would materially affect the validity of such
Appraisal), and shall, within 60 days following the date on which a Loan becomes
a Defaulted Loan, determine the "Fair Value" thereof in accordance with the
Servicing Standard. In determining the Fair Value of any Defaulted Loan the
Special Servicer shall take into account, among other factors, the period and
amount of the delinquency on such Loan, the occupancy level and physical
condition of the related Mortgaged Property, the state of the local economy in
the area where the Mortgaged Property is located, the expected recovery of such
Loan if the Special Servicer were to pursue workout or foreclosure strategies
instead of the purchase option being exercised. In addition, the Special
Servicer shall refer to all relevant information contained in the Servicing
File, including the most recent Appraisal obtained or conducted with respect to
the related Mortgaged Property and available objective third-party information
obtained from generally available sources, as well as information obtained from
vendors providing real

                                     -148-

estate services to the Special Servicer, concerning the market for distressed
real estate loans and the real estate market for the subject property type in
the area where the related Mortgaged Property is located based on the Appraisal.
The Special Servicer must give prompt written notice of its Fair Value
determination to the Trustee, the Master Servicer and the Directing
Certificateholder, as applicable.

         The Special Servicer shall be required to change from time to time
thereafter, its determination of the Fair Value of a Defaulted Loan based upon
changed circumstances, new information or otherwise, in accordance with the
Servicing Standard. If the most recent Fair Value calculation was made more than
90 days prior to the exercise date of a purchase option (under this Section
3.18(b) or Section 3.18(c), then the Special Servicer shall confirm or revise
the Fair Value determination, which Fair Value may be higher or lower. In the
event that the Special Servicer or a Directing Certificateholder or assignee
thereof that is an affiliate of the Special Servicer proposes to purchase a
Defaulted Loan, the Master Servicer shall determine whether the Special
Servicer's determination of Fair Value for a Defaulted Loan constitutes a fair
price in its reasonable judgment. In connection with making such determination,
the Master Servicer shall be entitled to receive from the Special Servicer all
information in the Special Servicer's possession relevant to making such
determination and shall be further entitled to a fee of $1,000 in connection
with each such Fair Value determination. All reasonable costs and expenses of
the Special Servicer and Master Servicer in connection with the determination of
the Fair Value of a Defaulted Loan will be reimbursable as Servicing Advances.

         Unless and until the purchase option granted hereunder with respect to
a Defaulted Loan is exercised, the Special Servicer will be required to pursue
such other resolution strategies available hereunder, including workout and
foreclosure, consistent with the Servicing Standard, but the Special Servicer
will not be permitted to sell such Defaulted Loan other than pursuant to the
exercise of such purchase option.

         (c) If the Directing Certificateholder or an assignee thereof has not
purchased any Defaulted Loan provided in Section 3.18(b) within 20 days of such
Holders' having received notice of the calculation of Fair Value pursuant to
Section 3.18(b), then the Trustee shall within five days of the end of such
20-day period send notice to the Special Servicer that such Loan was not
purchased by such Directing Certificateholder, and the Special Servicer may, at
its option, within 20 days after receipt of such notice, purchase (or designate
an Affiliate thereof to purchase) such Loan out of the Trust Fund at a cash
price equal to the applicable purchase price contemplated under Section 3.18(b).
The purchase price for any such Loan purchased under Section 3.18 shall be
deposited into the Collection Account, and the Trustee, upon receipt of an
Officer's Certificate from the Master Servicer to the effect that such deposit
has been made, shall release or cause to be released to the Special Servicer (or
the designated Affiliate thereof), as applicable, the related Mortgage File, and
shall execute and deliver such instruments of transfer or assignment, in each
case without recourse, as shall be provided to it and are reasonably necessary
to vest in the Special Servicer (or the designated Affiliate thereof), as
applicable, the ownership of such Loan. Upon the expiration of the right of the
Special Servicer to purchase such Defaulted Loan, the Directing
Certificateholder shall have such option, exclusively. In the case of each
Serviced Loan Combination, nothing in this Section 3.18(c) shall be deemed to
limit the ability of any Junior Loan Holder to purchase the related Defaulted
Loan in accordance with the related Intercreditor Agreement (in the case of the
One Park Avenue Loan or the Mizner Park Loan, as contemplated by Section 3.32 or
Section 3.33, as the case may be).

         (d) The Special Servicer shall use reasonable efforts to solicit bids
for each REO Property in such manner as will be reasonably likely to realize a
fair price within the time period provided for by Section 3.16(a). Such
solicitation shall be made in a commercially reasonable manner. The Special
Servicer shall accept the highest cash bid received from any Person for such REO
Property in an

                                     -149-

amount at least equal to the Purchase Price therefor; provided, however, that in
the absence of any such bid, the Special Servicer shall accept the highest cash
bid received from any Person that is determined by the Special Servicer to be a
fair price for such REO Property. If the Special Servicer reasonably believes
that it will be unable to realize a fair price for any REO Property within the
time constraints imposed by Section 3.16(a), then the Special Servicer shall
dispose of such REO Property upon such terms and conditions as the Special
Servicer shall deem necessary and desirable to maximize the recovery thereon
under the circumstances and, in connection therewith, shall accept the highest
outstanding cash bid, regardless of from whom received. If the Special Servicer
determines with respect to any REO Property that the offers being made with
respect thereto are not in the best interests of the Certificateholders (or the
related Junior Loan Holder(s), as applicable, if such REO Property is related to
any CBA A/B Loan Pair or a Serviced Loan Combination), in each case, taken as a
collective whole, and that the end of the period referred to in Section 3.16(a)
with respect to such REO Property is approaching, the Special Servicer shall
seek an extension of such period in the manner described in Section 3.16(a);
provided, however, that the Special Servicer shall use its best efforts,
consistent with the Servicing Standard, to sell any REO Property prior to three
years prior to the Rated Final Distribution Date.

         The Special Servicer shall give the Trustee, the Master Servicer and,
with respect to any Serviced Loan Combination, each related Junior Loan Holder,
not less than three Business Days' prior written notice of its intention to sell
any REO Property. No Interested Person shall be obligated to submit a bid to
purchase any REO Property, and notwithstanding anything to the contrary herein,
neither the Trustee, in its individual capacity, nor any of its Affiliates may
bid for or purchase any REO Property pursuant hereto.

         (e) Whether any cash bid constitutes a fair price for any REO Property
for purposes of Section 3.18(d), shall be determined by the Special Servicer, if
the highest bidder is a Person other than the Special Servicer or an Affiliate
thereof, or by the Master Servicer if the highest bidder is the Special Servicer
or an Affiliate thereof. In determining whether any bid received from the
Special Servicer or an Affiliate thereof represents a fair price for any REO
Property, the Special Servicer and the Master Servicer shall obtain and may
conclusively rely on the opinion of an Appraiser (the fees and costs of which
shall be covered by a Servicing Advance by the Master Servicer) retained by (i)
the Master Servicer, if the highest bidder is the Special Servicer or an
Affiliate thereof or (ii) the Special Servicer, in any other case. In
determining whether any bid constitutes a fair price for any REO Property, such
Appraiser shall be instructed to take into account, as applicable, among other
factors, the period and amount of any delinquency on the affected REO Loan, the
occupancy level and physical condition of the REO Property, the state of the
local economy and the obligation to dispose of any REO Property within the time
period specified in Section 3.16(a). The Purchase Price for any REO Property
shall in all cases be deemed a fair price.

         Subject to subsections (a) through (d) above, the Special Servicer
shall act on behalf of the Trustee and, in the case of any Serviced Loan
Combination, the related Junior Loan Holder(s), as applicable, in negotiating
and taking any other action necessary or appropriate in connection with the sale
of any REO Property, and the collection of all amounts payable in connection
therewith. Any sale of any REO Property shall be final and without recourse to
the Trustee or the Trust Fund, and if such sale is consummated in accordance
with the terms of this Agreement, neither the Special Servicer nor the Master
Servicer shall have any liability to any Certificateholder and, with respect to
any Serviced Loan Combination, to any Junior Loan Holder, with respect to the
purchase price therefor accepted by the Special Servicer or the Master Servicer.

                                     -150-

         SECTION 3.19. Additional Obligations of the Master Servicer and the
                       Special Servicer; Inspections; Appraisals.

         (a) The Master Servicer (or, with respect to each Specially Serviced
Loan and REO Property and each Loan described in Section 3.19(b) below, the
Special Servicer at the expense of the Trust Fund) shall physically inspect or
cause to be physically inspected (which inspection may be conducted by an
independent third party contractor), at its own expense, each Mortgaged Property
with respect to each Loan it services at such times and in such manner as are
consistent with the Servicing Standard, but in any event shall inspect each
Mortgaged Property (A) with a Stated Principal Balance equal to or greater than
$2,500,000 at least once every 12 months and (B) with a Stated Principal Balance
of less than $2,500,000 at least once every 24 months, in each case commencing
in September 2004 (or at such lesser frequency as each Rating Agency shall have
confirmed in writing to the Master Servicer, will not result a downgrade,
qualification or withdrawal of then-current ratings assigned to any Class of the
Certificates) and (C) if the Loan becomes a Specially Serviced Loan, as soon as
practicable and thereafter at least once every 12 months for so long as such
condition exists. The Master Servicer or the Special Servicer, as applicable,
shall send or make available on its website each inspection report (i) to
Moody's and Fitch within 20 days of completion, in the case of inspection
reports for Significant Loans, (ii) to the Directing Certificateholder and any
Requesting Subordinate Certificateholder (at the expense of such requesting
Holder), (iii) to the Trustee upon request and (iv) solely as it relates to any
related Junior Loan of a Serviced Loan Combination, to the related Junior Loan
Holder.

         (b) With respect to each Loan that allows the mortgagee to terminate,
or cause the related Borrower to terminate, the related Manager upon the
occurrence of certain events specified in such Loan, the Master Servicer, with
respect to non-Specially Serviced Loans, and the Special Servicer, with respect
to Specially Serviced Loans, may enforce the Trustee's rights with respect to
the Manager under the related Loan and Management Agreement, provided that, if
such right accrues under the related Loan or Management Agreement only because
of the occurrence of the related Anticipated Repayment Date, if any, the Master
Servicer or the Special Servicer may in its sole discretion, in accordance with
the Servicing Standard, waive such right with respect to such date. If the
Master Servicer or the Special Servicer is entitled to terminate the Manager,
the Master Servicer or the Special Servicer shall promptly give notice to the
Directing Certificateholder and, with respect to Significant Loans, to each
Rating Agency and, with respect to any Serviced Loan Combination, to the related
Junior Loan Holder(s). In accordance with the Servicing Standard, the Master
Servicer or the Special Servicer, as applicable, shall cause the Borrower to
terminate the Manager, and to recommend a Successor Manager (meeting the
requirements set forth below under the definition of "Successor Manager") only
if all of the following conditions are satisfied: (i) the Master Servicer or the
Special Servicer, as applicable, determines in its reasonable discretion that
such termination is not likely to result in successful litigation against the
Trust Fund by such Manager or the related Borrower, or create a defense to the
enforcement of remedies under such Loan; (ii) if neither the One Park Avenue
Total Loan nor the Mizner Park Total Loan is involved, the Directing
Certificateholder has consented thereto (which consent shall be deemed granted
if not denied within 10 Business Days following receipt of the Master Servicer's
or Special Servicer's recommendation and any information reasonably requested by
the Directing Certificateholder) and shall be subject to the last paragraph of
Section 3.21(e)); (iii) if the One Park Avenue Total Loan is involved, the One
Park Avenue Controlling Holder has consented thereto (which consent shall be
subject to Section 3.32), as and to the extent such consent is required as a
condition to such proposed course of action under Section 3.32 and/or the
related Intercreditor Agreement; (iv) if the Mizner Park Total Loan is involved,
both (A) the Directing Certificateholder has consented thereto (which consent
shall be deemed granted if not denied within 10 Business Days following receipt
of the Master Servicer's or Special Servicer's recommendation and any
information reasonably requested by the Directing Certificateholder) and shall
be subject to the last paragraph of Section 3.21(e)) and (B) the Mizner Park
Consent Holder has consented

                                     -151-

thereto (which consent shall be subject to Section 3.33); and (v) in the case of
any Specially Serviced Loan that is a Significant Loan, the Special Servicer has
received a written confirmation from each of the Rating Agencies, that the
appointment of such Successor Manager would not cause such Rating Agency to
withdraw, downgrade or qualify any of the then-current ratings on the
Certificates.

         If a Manager is otherwise terminated or resigns under the related
Management Agreement and the related Borrower does not appoint a Successor
Manager, the Master Servicer or the Special Servicer, as applicable, shall use
its best efforts to retain a Successor Manager (or the recommended Successor
Manager, if any) on terms substantially similar to the Management Agreement or,
failing that, on terms as favorable to the Trust Fund as can reasonably be
obtained. For the purposes of this paragraph, a "Successor Manager" shall be a
professional management corporation or business entity reasonably acceptable to
the Master Servicer or the Special Servicer which (i) manages, and is
experienced in managing, other comparable commercial and/or multifamily
properties, (ii) in the case of Significant Loans, will not result in a
downgrade, qualification or withdrawal of then-current ratings assigned to the
Certificates by each Rating Agency, as confirmed by such Rating Agency in
writing (if required pursuant to the first sentence of this paragraph), and
(iii) otherwise satisfies any criteria set forth in the Mortgage and related
documents.

         (c) The Special Servicer shall be required to obtain any Appraisal (the
cost of which shall be paid by the Master Servicer as a Servicing Advance or, in
the event such Servicing Advance would be a Nonrecoverable Advance, an expense
of the Trust Fund) required in connection with an Appraisal Reduction Event or
perform an internal valuation within 60 days after the occurrence of such
Appraisal Reduction Event (provided that in no event shall the period to receive
such Appraisal exceed 120 days from the occurrence of the event that, with the
passage of time, would become such Appraisal Reduction Event) with respect to
any Loan and Junior Loan. Upon receipt, the Special Servicer shall send a copy
of such Appraisal or internal valuation to the Certificate Owners of the
Controlling Class, any Requesting Subordinate Certificateholder (at the expense
of such requesting Holder) and, with respect to any Serviced Loan Combination,
each related Junior Loan Holder; provided, however, that as to each such
Appraisal or internal valuation, if beneficial ownership of the Controlling
Class resides in more than one Certificate Owner, the Special Servicer shall be
responsible only for the expense of providing the first such copy thereof and
shall be entitled to reimbursement from the Controlling Class for the expense of
any additional copies so provided. If neither a required Appraisal is received,
nor an internal valuation completed, by such date, the Appraisal Reduction
Amount for the subject Loan or Serviced Loan Combination shall be conclusively
established to be 25% of the Stated Principal Balance of such Loan or Serviced
Loan Combination as of the date of the related Appraisal Reduction Event;
provided that the obligation of the Special Servicer to obtain such Appraisal or
complete such internal valuation shall continue until such Appraisal is obtained
or such internal valuation is completed. On the first Determination Date
occurring on or after the delivery of such Appraisal or the completion of such
internal valuation, and on each Determination Date thereafter, the Special
Servicer shall calculate and report (using the CMSA's appraisal reduction
template, if any) to the Master Servicer and the Trustee and, with respect to
any Serviced Loan Combination, each related Junior Loan Holder the Appraisal
Reduction Amount taking into account such Appraisal or internal valuation. The
Master Servicer shall verify the accuracy of the mathematical computation of the
Appraisal Reduction Amount by the Special Servicer and that the amounts used
therein are consistent with the Master Servicer's records. Subject to the
immediately preceding sentence, the Master Servicer may conclusively rely on any
report by the Special Servicer of an Appraisal Reduction Amount.

         (d) With respect to each Loan or Junior Loan as to which an Appraisal
Reduction Event has occurred (unless such loan has become a Corrected Loan and
has remained current for twelve consecutive Monthly Payments for such purposes,
taking into account any amendment or modification of

                                     -152-

such Loan) and with respect to which no other Appraisal Reduction Event or
Servicing Transfer Event has occurred and is continuing, the Special Servicer
shall, within 30 days of each annual anniversary of such Appraisal Reduction
Event, order an Appraisal (which may be an update of a prior Appraisal), or with
respect to any Loan with an outstanding principal balance less than $2,000,000,
perform an internal valuation or obtain an Appraisal (which may be an update of
a prior Appraisal), the cost of which shall be paid by the Master Servicer as a
Servicing Advance. Upon receipt, the Special Servicer shall send a copy of such
Appraisal to the Certificate Owners of the Controlling Class, any Requesting
Subordinate Certificateholder (at the expense of such requesting Holder) and,
with respect to any Serviced Loan Combination, each related Junior Loan Holder;
provided, however, that as to each such Appraisal, if beneficial ownership of
the Controlling Class resides in more than one Certificate Owner, the Special
Servicer shall be responsible only for the expense of providing the first such
copy thereof and shall be entitled to reimbursement from the Trust Fund for the
expense of any additional copies so provided. Such Appraisal or internal
valuation or percentage calculation of the Appraisal Reduction described in the
preceding paragraph, as the case may be, shall be used to determine the amount
of the Appraisal Reduction Amount with respect to the subject Loan or Serviced
Loan Combination for each Determination Date until the next Appraisal is
required pursuant to this Section 3.19(d), and such redetermined Appraisal
Reduction Amount shall replace the prior Appraisal Reduction Amount with respect
to the subject Loan or Serviced Loan Combination. Notwithstanding the foregoing,
the Special Servicer will not be required to obtain an Appraisal or perform an
internal valuation, as the case may be, with respect to a Loan or Serviced Loan
Combination which is the subject of an Appraisal Reduction Event if the Special
Servicer has obtained an Appraisal with respect to the related Mortgaged
Property within the 12-month period immediately prior to the occurrence of such
Appraisal Reduction Event, unless the Special Servicer, in the exercise of its
reasonable judgment, has reason to believe there has been a material adverse
change in the value of the related Mortgaged Property. Instead, the Special
Servicer may use such prior Appraisal in calculating any Appraisal Reduction
Amount with respect to such Loan or Serviced Loan Combination.

         With respect to any Loan or Junior Loan as to which an Appraisal
Reduction Event has occurred and which has become a Corrected Loan and has
remained current for twelve consecutive Monthly Payments, taking into account
any amendment or modification of such Loan, and with respect to which no other
Appraisal Reduction Event or Servicing Transfer Event has occurred and is
continuing, the Special Servicer may within 30 days after the date of such
twelfth Monthly Payment, order an Appraisal (which may be an update of a prior
Appraisal), or with respect to any Loan with an outstanding principal balance
less than $2,000,000, perform an internal valuation or obtain an Appraisal
(which may be an update of a prior Appraisal), the cost of which shall be paid
by the Master Servicer as a Servicing Advance. Based upon such Appraisal or
internal valuation, the Special Servicer shall redetermine and report to the
Trustee, the Master Servicer and, with respect to any Serviced Loan Combination,
each related Junior Loan Holder the amount of the Appraisal Reduction with
respect to the subject Loan or Serviced Loan Combination and such redetermined
Appraisal Reduction shall replace the prior Appraisal Reduction with respect to
the subject Loan or Serviced Loan Combination.

         (e) Upon the determination that a previously made Advance in respect of
any Loan or Serviced Loan Combination is a Nonrecoverable Advance, to the extent
that the reimbursement thereof (together with interest accrued and payable
thereon) would exceed the full amount of the principal portion of general
collections deposited in the Collection Account, the Master Servicer or the
Trustee, in its sole discretion, as applicable, instead of obtaining
reimbursement for the remaining amount of such Nonrecoverable Advance (together
with interest accrued thereon) pursuant to Section 3.05(a)(vii) or Section
3.05(b)(v) immediately, may elect to obtain such reimbursement over a period of
time (not to exceed 12 months) for such portion of the Nonrecoverable Advance.
If the Master Servicer (or the Trustee) makes such an election in its sole
discretion to defer reimbursement with respect to all or a

                                     -153-

portion of a Nonrecoverable Advance (together with interest thereon), then such
Nonrecoverable Advance (together with interest thereon) or portion thereof shall
continue to be fully reimbursable (together with interest accrued thereon) in
the subsequent Due Period (subject, again, to the same option, exercisable in
its sole discretion, to defer; it being acknowledged that, in such a Due Period,
such Nonrecoverable Advance shall again be payable first from principal
collections as described above prior to payment from other collections). In
connection with a potential election by the Master Servicer (or the Trustee) to
refrain from the reimbursement of a particular Nonrecoverable Advance (together
with interest accrued thereon) or portion thereof during the Due Period for any
Distribution Date, the Master Servicer (or the Trustee) shall further be
authorized to wait for principal collections to be received before making its
determination of whether to refrain from the reimbursement of a particular
Nonrecoverable Advance (together with interest accrued thereon) or portion
thereof) until the end of such Due Period. Notwithstanding the foregoing,
however, if at any time the Master Servicer (or the Trustee) determines that the
reimbursement of a Nonrecoverable Advance during a Collection Period will exceed
the full amount of the principal portion of general collections received on the
Loans during such Collection Period, then the Master Servicer (or the Trustee)
shall give the Rating Agencies at least 15 days notice prior to any
reimbursement to it of Nonrecoverable Advances from amounts in the Collection
Account allocable to interest on the Loans unless (1) the Master Servicer (or
the Trustee) determines in its sole discretion that waiting 15 days after such a
notice could jeopardize the Master Servicer's (or the Trustee's) ability to
recover such Nonrecoverable Advance, (2) changed circumstances or new or
different information becomes known to the Master Servicer (or the Trustee) that
could affect or cause a determination of whether any Advance is a Nonrecoverable
Advance, whether to defer reimbursement of a Nonrecoverable Advance or the
determination in clause (1) above, or (3) the Master Servicer or the Trustee, as
the case may be, has not timely received from the Trustee or the Master
Servicer, respectively, information requested by the Master Servicer or the
Trustee to consider in determining whether to defer reimbursement of a
Nonrecoverable Advance; provided, however, that, if clause (1), (2) or (3)
apply, the Master Servicer (or, if applicable, the Trustee) shall give Rating
Agencies notice of an anticipated reimbursement to it of Nonrecoverable Advances
from amounts in the Collection Account allocable to interest on the Loans as
soon as reasonably practicable in such circumstances. No liability shall be
imposed on the Master Servicer or the Trustee for its compliance with the
preceding sentence. None of the foregoing provisions shall be construed to limit
any liability that may otherwise be imposed on such Person for any failure by
such Person to comply with the conditions to making such an election under this
subsection or to comply with the terms of this subsection and the other
provisions of this Agreement that apply once such an election, if any, has been
made. Any election by the Master Servicer (or the Trustee) to refrain from
reimbursing itself for any Nonrecoverable Advance (together with interest
thereon) or portion thereof with respect to any collection period shall not be
construed to impose on the Master Servicer (or the Trustee) any obligation to
make such an election (or any entitlement in favor of any Certificateholder or
any other Person to such an election) with respect to any subsequent Due Periods
or to constitute a waiver or limitation on the right of the Master Servicer (or
the Trustee) to otherwise be reimbursed for such Nonrecoverable Advance
(together with interest thereon). Any such election by the Master Servicer or
the Trustee shall not be construed to impose any duty on the other such party to
make such an election (or any entitlement in favor of any Certificateholder or
any other Person to such an election). Any such election by any such party to
refrain from reimbursing itself or obtaining reimbursement for any
Nonrecoverable Advance or portion thereof with respect to any one or more Due
Periods shall not limit the accrual of interest on such Nonrecoverable Advance
for the period prior to the actual reimbursement of such Nonrecoverable Advance.
None of the Master Servicer, the Trustee or the other parties to this Agreement
shall have any liability to one another or to any of the Certificateholders or
any of the Junior Loan Holders for any such election that such party makes or
does not make as contemplated by this subsection or for any losses, damages or
other adverse economic or other effects that may arise from making or not making
such an election.

                                     -154-

         SECTION 3.20. Modifications, Waivers, Amendments and Consents.

         (a) Subject to the provisions of this Section 3.20, the Master Servicer
and the Special Servicer may, on behalf of the Trustee, agree to any
modification, waiver or amendment of any term of any Loan without the consent of
the Trustee or any Certificateholder.

         (b) For any Loan or Serviced Loan Combination, other than a Specially
Serviced Loan, and subject to the rights of the Special Servicer, the Directing
Certificateholder, the One Park Avenue Controlling Holder and the Mizner Park
Consent Holder set forth below, the Master Servicer shall be responsible,
subject to the other requirements of this Agreement (and, if applicable, any
related Intercreditor Agreement or mezzanine loan intercreditor agreement) with
respect thereto, for any request by a Borrower for the consent of the mortgagee
or a modification, waiver or amendment of any term thereof; provided that such
consent or modification, waiver or amendment would not (except as set forth in
Section 3.02 or as set forth in Sections 3.20(e) and 3.20(g)) affect the amount
or timing of any of the payment terms of such Loan or Serviced Loan Combination,
result in the release of the related Borrower from any material term thereunder,
waive any rights thereunder with respect to any guarantor thereof or relate to
the release or substitution of any material collateral for such Loan; provided
that this Section 3.20(b) shall not apply to any waiver contemplated by Sections
3.07 or 3.08. To the extent consistent with the foregoing, the Master Servicer
shall have the right to grant approvals or waivers or otherwise take actions
with respect to, as applicable, the following (the following items not to be
considered exclusive):

               (i) approving routine leasing activity with respect to leases for
     less than the lesser of (A) 30,000 square feet and (b) 20% of the related
     Mortgaged Property;

               (ii) approving annual budgets for the related Mortgaged Property,
     provided that no such budget (1) relates to a fiscal year in which an
     Anticipated Repayment Date occurs, (2) provides for the payment of
     operating expenses in an amount equal to more than 110% of the amounts
     budgeted therefor for the prior year or (3) provides for the payment of any
     material expenses to any affiliate of the Borrower (other than the payment
     of a management fee to any property manager if such management fee is no
     more than the management fee in effect on the Cut-off Date);

               (iii) waiving any provision of a Loan not requiring the receipt
     of a rating confirmation if such Loan is not a Significant Loan and the
     related provision of such Loan does not relate to a "due-on-sale" or
     "due-on-encumbrance" clause or defeasance (which shall be subject to the
     terms of Section 3.08 hereof);

               (iv) subject to other restrictions herein regarding Principal
     Prepayments, waiving any provision of a Loan requiring a specified number
     of days notice prior to a Principal Prepayment;

               (v) releases of non-material parcels of a Mortgaged Property
     (provided that any such releases (1) are related to a pending or threatened
     condemnation action or (2) are releases as to which the related Loan
     Documents expressly require the mortgagee thereunder to make such releases
     upon the satisfaction of certain conditions which shall be made as required
     by the Loan Documents);

                                     -155-

               (vi) grants of easements or rights of way that do not materially
     affect the use or value of a Mortgaged Property or the related Borrower's
     ability to make any payment with respect to the related Loan; and

               (vii) consistent with Section 3.02(a), waive any Penalty Charges
     in connection with any delinquent payment on a Loan.

provided, however, that if in the reasonable judgment of the Master Servicer any
request by a Borrower for consent of the Mortgagee or any modification, waiver
or amendment is not included within the scope of this subsection (b), the
Special Servicer shall approve or otherwise be responsible for, as the case may
be, such request in accordance with subsection (c) below.

         (c) With respect to any request by a Borrower (to the extent such
request is not included within the scope of Section 3.20(b)) for the consent of
the mortgagee under, or for any modification, waiver or amendment of any term of
any Loan or Serviced Loan Combination that is not a Specially Serviced Loan, or
if such consent, request, modification, waiver or amendment relates to a Loan
that is on the most recent CMSA Servicer Watch List, has a Debt Service Coverage
Ratio (based on the most recently received financial statements and calculated
on a trailing twelve month basis) less than the greater of 1.1x and 20% less
than the Debt Service Coverage Ratio as of the Cut-off Date or with respect to
which an event of default has occurred in the preceding 12 months, the Master
Servicer shall receive any such request from Borrower, and shall forward its
analysis and recommendation to the Special Servicer. In connection with such
proposed consent or such proposed modification, waiver or amendment, (i) the
Master Servicer shall not grant such consent or enter into such modification,
waiver or amendment unless the Special Servicer has approved such recommendation
(which approval, except in the case of any matter involving the One Park Avenue
Total Loan, shall be deemed granted if not denied within 15 Business Days of its
receipt of the Master Servicer's recommendation and any additional documents and
information that the Special Servicer may reasonably request), (ii) if neither
the One Park Avenue Total Loan nor the Mizner Park Total Loan is involved, the
Special Servicer shall promptly (in any event, within not more than 10 Business
Days of its receipt of the Master Servicer's recommendation and any additional
documents and information that the Special Servicer may reasonably request)
forward such analysis and recommendation to the Directing Certificateholder,
which shall be entitled to approve or disapprove such recommendation (subject to
the last paragraph of Section 3.21(e)), (iii) if the One Park Avenue Total Loan
is involved, the Special Servicer shall promptly (in any event, within not more
than 10 Business Days of its receipt of the Master Servicer's recommendation and
any additional documents and information that the Special Servicer may
reasonably request) forward such analysis and recommendation to the One Park
Avenue Controlling Holder, which shall be entitled to approve or disapprove such
recommendation (subject to the penultimate paragraph of Section 3.32(b)), and
(iv) if the Mizner Park Total Loan is involved, (x) the Special Servicer shall
promptly (in any event, within not more than 10 Business Days of its receipt of
the Master Servicer's recommendation and any additional documents and
information that the Special Servicer may reasonably request) forward such
analysis and recommendation to the Directing Certificateholder, which shall be
entitled to approve or disapprove such recommendation (subject to the last
paragraph of Section 3.21(e)), (y) the Special Servicer shall promptly (in any
event, within not more than 10 Business Days of its receipt of the Master
Servicer's recommendation and any additional documents and information that the
Special Servicer may reasonably request) forward such analysis and
recommendation to the Mizner Park Consent Holder, which shall be entitled to
approve or disapprove such recommendation (subject to the penultimate paragraph
of Section 3.33(b)) and (z) the Special Servicer shall not approve the proposed
action (and shall object to the Master Servicer's recommendation if the approval
or deemed approval of either the Directing Certificateholder or the Mizner Park
Consent Holder is not obtained as described in the preceding clauses (x) and
(y). If a recommendation if delivered to the Directing Certificateholder as
aforesaid, the Directing

                                     -156-

Certificateholder shall be deemed to have approved such recommendation if it
does not deny it within five Business Days of its receipt of the Special
Servicer's recommendation and any additional documents and information that the
Directing Certificateholder may reasonably request. If the Special Servicer
grants its consent or approval, or deemed to have granted its consent or
approval, to any such recommendation, then the Master Servicer shall process the
required documentation.

         With respect to any Specially Serviced Loan, the Special Servicer shall
be responsible for, and shall (i) if neither the One Park Avenue Total Loan nor
the Mizner Park Total Loan is involved, when required under Section 3.21(e),
obtain the consent of the Directing Certificateholder (such consent to be
subject to the last paragraph of Section 3.21(e), (ii) if the One Park Avenue
Total Loan is involved, when required under Section 3.32(b), obtain the consent
of the One Park Avenue Controlling Holder (such consent to be subject to the
penultimate paragraph of Section 3.32(b)) and (iii) if the Mizner Park Total
Loan is involved, (x) the Special Servicer shall obtain the consent of the
Directing Certificateholder (such consent to be subject to the last paragraph of
Section 3.21(e)), (y) the Special Servicer shall obtain the consent of the
Mizner Park Consent Holder (such consent to be subject to the penultimate
paragraph of Section 3.33(b)) and (z) the Special Servicer shall not take the
proposed action if the approval or deemed approval of either the Directing
Certificateholder or the Mizner Park Consent Holder is not obtained as described
in the preceding clauses (x) and (y).

         (d) All modifications, waivers or amendments of any Loan shall be (i)
in writing (except for waivers of Penalty Charges) and (ii) effected in
accordance with the Servicing Standard.

         (e) Neither the Master Servicer nor the Special Servicer, on behalf of
the Trustee, shall agree or consent to (or consent to a Primary Servicer
performing), any modification, waiver or amendment of any term of any Loan or
Junior Loan that is not a Specially Serviced Loan if such modification, waiver
or amendment would:

               (i) affect the amount or timing of any related payment of
     principal, interest or other amount (including Yield Maintenance Charges,
     but excluding Penalty Charges and/or other amounts payable as additional
     servicing compensation) payable thereunder;

               (ii) affect the obligation of the related Borrower to pay a Yield
     Maintenance Charge or Static Prepayment Premium or permit a Principal
     Prepayment during any period in which the related Note prohibits Principal
     Prepayments;

               (iii) except as expressly contemplated by the related Loan
     Documents or pursuant to Section 3.09(d), result in a release of the lien
     of the Mortgage on any material portion of the related Mortgaged Property
     without a corresponding Principal Prepayment in an amount not less than the
     fair market value (as determined by an appraisal by an Appraiser delivered
     at the expense of the related Borrower and upon which the Master Servicer
     and the Special Servicer, as applicable, may conclusively rely) of the
     property to be released; or

               (iv) in the judgment of the Master Servicer or the Special
     Servicer, as applicable, otherwise materially impair the security for such
     Loan or Junior Loan, as the case may be, or reduce the likelihood of timely
     payment of amounts due thereon.

The Special Servicer may agree to any such modification, waiver or amendment
only if: (i) in the Special Servicer's reasonable judgment, such modification,
waiver or amendment is reasonably likely to produce a greater recovery (or equal
recovery) to Certificateholders (and, in the case of any Junior Loan, the
related Junior Loan Holder(s)), taken as a collective whole, on a net present
value basis; and (ii) unless

                                     -157-

the Loan or Junior Loan is in default or default is reasonably foreseeable, the
Special Servicer has determined (and may rely upon an Opinion of Counsel in
making such determination) that the modification, waiver or amendment will not
be a "significant modification" of such Loan or Junior Loan within the meaning
of Treasury regulations section 1.860G-2(b).

         Notwithstanding the foregoing, the Master Servicer may agree to extend
the Maturity Date of a non-Specially Serviced Loan for up to one year (subject
to a maximum of two such extensions) if the Master Servicer has determined that
such extension is in accordance with the Servicing Standard and the Master
Servicer obtains the consent of the Directing Certificateholder to such
determination; provided, however, that the Master Servicer shall not extend the
Maturity Date of a Loan beyond a date that is the earlier of (i) three years
prior to the Rated Final Distribution Date and (ii) if the subject Loan is
secured by a ground lease, 10 years prior to the expiration of the term of such
ground lease (after giving effect to all extension options that have been
exercised at that time or may thereafter be exercised by the lender either
pursuant to the applicable Loan Documents or if the lender shall have succeeded
to the rights of the Borrower under the ground lease through foreclosure or
otherwise).

         (f) Notwithstanding Section 3.20(e), but subject to Sections 3.20(h),
3.20(i), 3.21 and 3.32, the Special Servicer may (i) reduce the amounts owing
under any Specially Serviced Loan by forgiving principal, accrued interest
and/or any Yield Maintenance Charge or Static Prepayment Premium, (ii) reduce
the amount of the Monthly Payment on any Specially Serviced Loan, including by
way of a reduction in the related Mortgage Rate, (iii) forbear in the
enforcement of any right granted under any Note or Mortgage relating to a
Specially Serviced Loan, (iv) extend the maturity of any Specially Serviced
Loan, (v) waive Excess Interest if such waiver conforms to the Servicing
Standard, (vi) permit the release or substitution of collateral for a Specially
Serviced Loan and/or (vii) accept a Principal Prepayment during any Lockout
Period; provided that the related Borrower is in default with respect to the
Specially Serviced Loan or, in the judgment of the Special Servicer, such
default is reasonably foreseeable.

         (g) Neither the Master Servicer nor the Special Servicer shall consent
to, make or permit (i) any modification with respect to any Loan or Junior Loan
that would change the Mortgage Rate, reduce or increase the principal balance
(except for reductions resulting from actual payments of principal) or change
the final Maturity Date of such Loan or Junior Loan, as the case may be, unless
both (A) the related Borrower is in default with respect to the Loan or Junior
Loan, as the case may be, or, in the judgment of the Special Servicer, such
default is reasonably foreseeable and (B) in the sole good faith judgment of the
Special Servicer and in accordance with the Servicing Standard, such
modification would increase the recovery on the subject Loan or Serviced Loan
Combination, as applicable, to Certificateholders (and, in the case of any
Serviced Loan Combination, the related Junior Loan Holder(s)), taken as a
collective whole, on a present value basis (the relevant discounting of amounts
that will be distributable to Certificateholders and/or any related Junior Loan
Holder(s) to be performed at the related Mortgage Rate) or (ii) any
modification, waiver or amendment of any term of any Loan or Junior Loan that
would either (A) unless there shall exist a default with respect to such Loan or
Junior Loan (or unless the Special Servicer determines that a default is
reasonably foreseeable), constitute a "significant modification" under Treasury
regulations section 1.860G-2(b) or (B) cause any Trust REMIC to fail to qualify
as a REMIC under the Code or result in the imposition of any tax on "prohibited
transactions" or "contributions" after the Startup Day under the REMIC
Provisions.

         The determination of the Special Servicer contemplated by clause (i)(B)
of the first paragraph of this Section 3.20(g) shall be evidenced by an
Officer's Certificate to such effect delivered to the Trustee and the Master
Servicer and describing in reasonable detail the basis for the Special
Servicer's determination and the considerations of the Special Servicer forming
the basis of such determination

                                     -158-

(which shall include but shall not be limited to information, to the extent
available, such as related income and expense statements, rent rolls, occupancy
status and property inspections, and shall include an Appraisal of the related
Mortgaged Property, the cost of which Appraisal shall be advanced by the Master
Servicer as a Servicing Advance).

         (h) In no event shall the Special Servicer: (i) extend the Maturity
Date of a Loan beyond a date that is three years prior to the Rated Final
Distribution Date; (ii) extend the Maturity Date of any Loan at an interest rate
less than the lower of (A) the interest rate in effect prior to such extension
or (B) then prevailing interest rate for comparable loans, as determined by the
Special Servicer by reference to available indices for commercial mortgage
lending; (iii) if the subject Loan is secured by a ground lease, extend the
Maturity Date of such Loan beyond a date which is 10 years prior to the
expiration of the term of such ground lease (after giving effect to all
extension options that have been exercised at that time or may thereafter be
exercised by the lender either pursuant to the applicable Loan Documents or if
the lender shall have succeeded to the rights of the Borrower under the ground
lease through foreclosure or otherwise); or (iv) defer interest due on any Loan
in excess of 5% of the Stated Principal Balance of such Loan; provided that with
respect to clause (iii) above, the Special Servicer gives due consideration to
the term of such ground lease prior to any extension beyond a date 20 years
prior to the expiration of the term of such ground lease (after giving effect to
all extension options that have been exercised at that time or may thereafter be
exercised by the lender either pursuant to the applicable Loan Documents or if
the lender shall have succeeded to the rights of the Borrower under the ground
lease through foreclosure or otherwise). In addition, the Special Servicer shall
not consent to the Master Servicer taking any of the actions referred to in
clauses (i)-(iv) of the prior sentence.

         (i) Neither the Master Servicer nor the Special Servicer may permit or
modify a Loan to permit a voluntary Principal Prepayment of a Loan (other than a
Specially Serviced Loan) on any day other than its Due Date, unless (i) the
Master Servicer or the Special Servicer also collects interest thereon through
the Due Date following the date of such Principal Prepayment, (ii) otherwise
permitted under the related Loan Documents, (iii) such Principal Prepayment
would not result in a Prepayment Interest Shortfall, (iv) such Principal
Prepayment is accepted by the Master Servicer or the Special Servicer at the
request of or with the consent of the Directing Certificateholder, or if
accepted by the Master Servicer, with the consent of the Special Servicer
(subject to Section 3.20(c)) or (v) it is consistent with the Servicing Standard
to do so.

         (j) The Master Servicer and the Special Servicer may, as a condition to
granting any request by a Borrower for consent, modification, waiver or
indulgence or any other matter or thing, the granting of which is within its
discretion pursuant to the terms of the instruments evidencing or securing the
subject Loan and is permitted by the terms of this Agreement, require that such
Borrower pay to it (i) as additional servicing compensation, a reasonable or
customary fee for the additional services performed in connection with such
request (provided that such fee does not constitute a "significant modification"
of such Loan under Treasury regulations section 1.860G-2(b)), and (ii) any
related costs and expenses incurred by it. In no event shall the Special
Servicer be entitled to payment for such fees or expenses unless such payment is
collected from the related Borrower.

         (k) The Special Servicer shall, except with respect to waivers of
Penalty Charges, notify the Master Servicer, any related Sub-Servicers, the
Trustee and, with respect to any Serviced Loan Combination, the related Junior
Loan Holder(s), as applicable, in writing, of any modification, waiver or
amendment of any term of any Loan or Junior Loan (including fees charged the
Borrower) and the date thereof, and shall deliver to the Trustee (with a copy to
the Master Servicer) for deposit in the related Mortgage File and, with respect
to any Junior Loan, to the related Junior Loan Holder, as applicable, an
original counterpart of the agreement relating to such modification, waiver or
amendment, promptly (and

                                     -159-

in any event within 10 Business Days) following the execution thereof. The
Master Servicer or the Special Servicer, as applicable, shall notify the Rating
Agencies of any modification, waiver or amendment of any term of any Significant
Loan. Copies of each agreement whereby any such modification, waiver or
amendment of any term of any Loan or Junior Loan is effected shall be made
available for review upon prior request during normal business hours at the
offices of the Master Servicer or the Special Servicer, as applicable, pursuant
to Section 3.26 hereof.

         (l) With respect to any Loan which permits the related Borrower, with
the consent or grant of a waiver by the mortgagee, to amend or modify the
related Borrower's organizational documents, the Special Servicer may, in
accordance with the Servicing Standard, consent to such action, or grant a
waiver with respect thereto, provided, however, with respect to any such
amendment or modification that the Master Servicer or the Special Servicer shall
deem material, the Special Servicer may grant such consent only if it (i)
determines that such consent or grant of waiver is likely to result in an equal
or greater recovery on a present value basis (discounted at the related Mortgage
Rate) than the withholding of such consent or grant of waiver, and (ii) with
respect to Significant Loans, first obtains (A) written confirmation from each
Rating Agency that such consent or grant of waiver would not, in and of itself,
result in a downgrade, qualification or withdrawal of any of the then-current
ratings assigned to the Certificates, (B) if neither the One Park Avenue Total
Loan nor the Mizner Park Total Loan is involved, the consent of the Directing
Certificateholder (such consent to be subject to the last paragraph of Section
3.21(e)), (C) if the One Park Avenue Total Loan is involved, the consent of the
One Park Avenue Controlling Holder (such consent to be subject to the
penultimate paragraph of Section 3.32(b)) and (D) if the Mizner Park Total Loan
is involved, both (x) the consent of the Directing Certificateholder and (y) the
consent of the Mizner Park Consent Holder (such consent to be subject to the
penultimate paragraph of Section 3.33(b)).

         Notwithstanding the foregoing, with respect to any request by a
Borrower under any Loan which is not a Specially Serviced Loan that has been
established as a "bankruptcy-remote entity", for the Master Servicer's consent
to (x) the amendment by such Borrower of its organizational documents that would
violate any covenant of such Borrower relating to its status as a separate or
bankruptcy-remote entity or (y) any other action that would violate any covenant
of such Borrower relating to its status as a separate or bankruptcy-remote
entity, the Master Servicer shall receive such request from the Borrower and
shall forward its analysis and recommendation to the Special Servicer. The
Special Servicer shall approve or deny any such recommendation in accordance
with, and subject to the conditions set forth in, the prior paragraph, such
approval (except in the case of the One Park Avenue Total Loan) to be deemed
granted if not denied within 10 Business Days of its receipt of the Master
Servicer's recommendation and any additional documents and information that the
Special Servicer may reasonably request.

         (m) Any modification, waiver or amendment of any term of the Loan
Documents with respect to a Serviced Loan Combination (i) shall be performed
subject to the terms and conditions of, and (ii) shall not alter, and shall be
structured so as to preserve, the priority and preference among of the
applicable A Loan over the related Junior Loan(s) set forth in, the related
Intercreditor Agreement(s).

         (n) If there are any conflicts between this Section 3.20 and a CBA
Intercreditor Agreement, then such CBA Intercreditor Agreement shall control.

         SECTION 3.21. Transfer of Servicing Between Master Servicer and Special
                       Servicer; Record Keeping; Asset Status Report.

         (a) Upon determining that a Servicing Transfer Event has occurred with
respect to any Loan or Junior Loan, the Master Servicer shall immediately give
notice thereof to the Special

                                     -160-

Servicer, the Trustee, each Rating Agency, the Directing Certificateholder and
any Requesting Subordinate Certificateholder (at the expense of such requesting
Holder) (and, solely as it relates to any related Junior Loan of a Serviced Loan
Combination, any related Junior Loan Holder), shall deliver copies of the
related Mortgage File and Servicing File to the Special Servicer and shall use
its reasonable efforts to provide the Special Servicer with all information,
documents and records (including records stored electronically on computer
tapes, magnetic discs and the like) relating to the subject Loan or Junior Loan,
as applicable, that are in the possession of the Master Servicer or available to
the Master Servicer without undue burden or expense, and reasonably requested by
the Special Servicer to enable it to assume its functions hereunder with respect
thereto. The Master Servicer shall use its reasonable efforts to comply with the
preceding sentence within five Business Days of the occurrence of each related
Servicing Transfer Event and in any event shall continue to act as Master
Servicer and administrator of the subject Loan or Junior Loan, as applicable,
until the Special Servicer has commenced the servicing of such Loan. The Trustee
shall deliver to the Underwriters, the Initial Purchasers and each Holder of a
Certificate of the Controlling Class, a copy of the notice of such Servicing
Transfer Event provided by the Master Servicer to the Special Servicer pursuant
to this Section.

         Upon determining that a Specially Serviced Loan (other than an REO
Loan) has become a Corrected Loan (provided no additional Servicing Transfer
Event is foreseeable in the reasonable judgment of the Special Servicer) and
that no other Servicing Transfer Event is continuing with respect thereto, the
Special Servicer shall immediately give notice thereof and shall return the
related Mortgage File and Servicing File to the Master Servicer and, upon giving
such notice and returning such Mortgage File and Servicing File to the Master
Servicer, the Special Servicer's obligation to service such Corrected Loan shall
terminate and the obligations of the Master Servicer to service and administer
such Loan shall re-commence. With respect to any CBA A/B Loan Pair or any
Serviced Loan Combination, in determining whether such loan has become a
Corrected Loan, the related Junior Loan(s) must also be determined to be
Corrected Loans for the Special Servicer's obligation to terminate for such
loans.

         (b) In servicing any Specially Serviced Loan, the Special Servicer
shall provide to the Trustee originals of documents included within the
definition of "Mortgage File" for inclusion in the related Mortgage File (with a
copy of each such original to the Master Servicer and, with respect to any
Serviced Loan Combination, to each related Junior Loan Holder, as applicable),
and provide the Master Servicer and, with respect to any Loan Combination, to
each related Junior Loan Holder with copies of any additional related Loan
information including correspondence with the related Borrower.

         (c) No later than the fourth Business Day prior to each Determination
Date, by 4:00 p.m. New York City time, the Special Servicer shall deliver to the
Master Servicer a statement, both written and in computer readable format
reasonably acceptable to the Master Servicer and the Special Servicer (upon
which the Master Servicer may conclusively rely) describing, on a loan-by-loan
and property-by-property basis, (1) the amount of all payments, Insurance and
Condemnation Proceeds and Liquidation Proceeds received with respect to each
such Specially Serviced Loan during the related Due Period, and the amount of
all REO Revenues, Insurance and Condemnation Proceeds and Liquidation Proceeds
received with respect to each REO Property during the related Due Period, (2)
the amount, purpose and date of all Servicing Advances made by the Master
Servicer with respect to each such Specially Serviced Loan and REO Property
during the related Due Period, (3) the CMSA Special Servicer Loan File and (4)
such additional information or data relating to such Specially Serviced Loans
and REO Properties as the Master Servicer reasonably requests to enable it to
perform its responsibilities under this Agreement which is in the Special
Servicer's possession or is reasonably obtainable by the Special Servicer.

                                     -161-

         (d) Notwithstanding the provisions of the preceding clause (c), with
respect to each of the Specially Serviced Loans and REO Properties, the Master
Servicer shall maintain ongoing payment records and shall provide the Special
Servicer with any information in its possession required by the Special Servicer
to perform its duties under this Agreement.

         (e) No later than 30 days after receipt by the Special Servicer of the
information reasonably required by the Special Servicer after a Servicing
Transfer Event for a Loan (exclusive, however, of the One Park Avenue Total Loan
or the Loan or any Junior Loan included in the One Park Avenue Total Loan ), the
Special Servicer shall deliver to each Rating Agency, the Master Servicer and
the Directing Certificateholder a report (the "Asset Status Report") with
respect to such Loan or Junior Loan and the related Mortgaged Property. Any
Asset Status Report with respect to any CBA A/B Loan Pair will also be delivered
to the related Junior Loan Holder. Such Asset Status Report shall set forth the
following information to the extent reasonably determinable:

               (i) summary of the status of such Specially Serviced Loan;

               (ii) a discussion of the legal and environmental considerations
     reasonably known to the Special Servicer, consistent with the Servicing
     Standard, that are applicable to the exercise of remedies as aforesaid and
     to the enforcement of any related guaranties or other collateral for the
     related Loan or Serviced Loan Combination and whether outside legal counsel
     has been retained;

               (iii) the most current rent roll and income or operating
     statement available for the related Mortgaged Property;

               (iv) the Appraised Value of the Mortgaged Property together with
     the assumptions used in the calculation thereof;

               (v) a recommendation by the Special Servicer as to how such
     Specially Serviced Loan might be returned to performing status, returned to
     the Master Servicer for regular servicing or otherwise realized upon;

               (vi) a summary of any proposed actions and an analysis of whether
     or not taking such action is reasonably likely to produce a greater
     recovery on a present value basis than not taking such action, setting
     forth the basis on which the Special Servicer made such determination;

               (vii) a status report on any foreclosure actions or other
     proceedings undertaken with respect to such mortgaged real property, any
     proposed workouts with respect thereto and the status of any negotiations
     with respect to such workouts, and an assessment of the likelihood of
     additional events of default thereon; and

               (viii) such other information as the Special Servicer deems
     relevant in light of the Servicing Standard.

         With respect to any Loan (other than the Loan included in any Serviced
Loan Combination) that becomes a Specially Serviced Loan, if within 10 Business
Days of receiving an Asset Status Report, the Directing Certificateholder does
not disapprove such Asset Status Report in writing, the Special Servicer shall
implement the recommended action as outlined in such Asset Status Report;
provided, however, that the Special Servicer may not take any action that is
contrary to applicable law or

                                     -162-

the terms of the applicable Loan Documents. If the Directing Certificateholder
disapproves such Asset Status Report, the Special Servicer shall revise such
Asset Status Report and deliver to the Directing Certificateholder, the Rating
Agencies and the Master Servicer a new Asset Status Report as soon as
practicable, but in no event later than 30 days after such disapproval.

         The Special Servicer shall revise such Asset Status Report as described
above in this Section 3.21(e) until the earlier of (a) the failure of the
Directing Certificateholder to disapprove such revised Asset Status Report in
writing within 10 Business Days of receiving such revised Asset Status Report;
(b) a determination by the Special Servicer as set forth below or (c) the
passage of 60 days from the date of preparation of the first Asset Status
Report. The Special Servicer shall deliver such finalized Asset Status Report to
the Directing Certificateholder, the Rating Agencies, the Master Servicer and
any Requesting Subordinate Certificateholder (at the expense of such requesting
Holder). The Special Servicer may, from time to time, modify any Asset Status
Report it has previously delivered and implement such report, provided such
report shall have been prepared, reviewed and not rejected pursuant to the terms
of this Section. Notwithstanding the foregoing, the Special Servicer (i) may,
following the occurrence of an extraordinary event with respect to the related
Mortgaged Property, take any action set forth in such Asset Status Report before
the expiration of a 10 Business Day period if the Special Servicer has
reasonably determined that failure to take such action would materially and
adversely affect the interests of the Certificateholders and it has made a
reasonable effort to contact the Directing Certificateholder and (ii) in any
case, shall determine whether any affirmative disapproval by the Directing
Certificateholder described in this paragraph is not in the best interest of all
the Certificateholders pursuant to the Servicing Standard.

         The Special Servicer shall have the authority to meet with the Borrower
for any Specially Serviced Loan and, subject to Section 3.32 and Section 3.33
and the next paragraph, take such actions consistent with the Servicing Standard
and any related Asset Status Report. Subject to Section 3.32 and the next
paragraph, the Special Servicer shall not take any action inconsistent with the
related Asset Status Report, unless such action would be required in order to
act in accordance with the Servicing Standard.

         In addition to the foregoing, the Special Servicer is required to
obtain the consent of the Directing Certificateholder (subject to the last
paragraph of Section 3.21(e)) and any express provisions of this Agreement
deeming such consent to be given if there is no objection or response within a
specified time period) prior to the taking by the Special Servicer of the
following actions (other than in respect of the One Park Avenue Total Loan or
the Loan or any Junior Loan included in the One Park Avenue Total Loan): (i) any
proposed or actual foreclosure upon or comparable conversion of, which may
include acquisitions of an REO Property, the ownership of the property or
properties securing any Specially Serviced Loans in the Trust Fund as come into
and continue in default; (ii) any modification, amendment or waiver of a
monetary term (including any change in the timing of payments but excluding the
waiver of Default Interest and late payment charges) or any material
non-monetary term (excluding any waiver of a due-on-sale or due-on-encumbrance
clause, which is covered by clause (ix) below) of a Loan; (iii) any acceptance
of a discounted payoff with respect to a Specially Serviced Loan in the Trust
Fund; (iv) any proposed or actual sale of an REO Property out of the Trust Fund
for less than the outstanding principal balance of, and accrued interest (other
than Default Interest and Excess Interest) on, the related Loan, except in
connection with a termination of the Trust Fund; (v) any determination to bring
an REO Property held by the Trust Fund into compliance with applicable
environmental laws or to otherwise address hazardous material located at such
REO Property; (vi) any release of material collateral for a Loan other than upon
satisfaction of that Loan and other than in the case of the Mizner Park Loan,
the portion of the improvements located on the Mizner Park Property that is used
for multifamily residential purposes; (vii) any acceptance of substitute or
additional collateral for a Specially Serviced Loan in the

                                     -163-

Trust Fund, other than in accordance with the specific terms of that Loan;
(viii) any releases of earn-out reserves or related letters of credit with
respect to a Mortgaged Property securing a Loan, other than in accordance with
the specific terms of, or upon satisfaction of, that Loan; and (ix) any waiver
of a due-on-sale or due-on-encumbrance clause in a Loan. If any of the previous
listed items is set forth as proposed action in any Asset Status Report, the
Special Servicer is required to follow the approval procedures set forth above
in this paragraph.

         Notwithstanding anything to the contrary contained in this Agreement,
no direction of the Directing Certificateholder or failure to consent to any
action requiring its or their consent under this Agreement shall (i) require or
cause the Special Servicer to violate the terms of a Specially Serviced Loan,
applicable law or any provision of this Agreement, including the Special
Servicer's obligation to act in accordance with the Servicing Standard and to
maintain the REMIC status of each Trust REMIC, or (ii) result in the imposition
of a "prohibited transaction" or "prohibited contribution" tax under the REMIC
Provisions, or (iii) expose the Master Servicer, the Special Servicer, the
Depositor, any of the Mortgage Loan Sellers, the Trust Fund, the Trustee, any
Junior Loan Holder or their Affiliates, officers, directors, employees or agents
to any claim, suit or liability, or (iv) materially expand the scope of the
Special Servicer's or the Master Servicer's responsibilities under this
Agreement; and the Special Servicer (1) shall not follow any such direction if
given by the Directing Certificateholder, (2) shall not initiate any such
actions having any of the effects in clauses (i)-(iv) of this paragraph and (3)
shall not refrain from taking any action if the failure to take such action
would violate the Servicing Standard.

         (f) Upon receiving notice of the filing of a case under any federal or
state bankruptcy, insolvency or similar law or the commencing of any insolvency,
readjustment of debt, marshaling of assets and liabilities or similar
proceedings with respect to a Loan or Serviced Loan Combination or the related
Borrower, the Master Servicer shall promptly give notice thereof, and shall
deliver a copy of the related Servicing File to the Special Servicer and shall
use its reasonable efforts to provide the Special Servicer with all information
in its possession relating to such Loan or Serviced Loan Combination and
reasonably requested by the Special Servicer to enable it to negotiate with the
related Borrower and prepare for any such proceedings. The Master Servicer shall
use its reasonable efforts to comply with the preceding sentence within five
Business Days of the occurrence of each such event, and upon receiving such
documents and information, the Special Servicer shall use its reasonable efforts
to cause the related Borrower to cure any default and/or remedy any such event,
work out or modify the subject Loan or Serviced Loan Combination consistent with
the terms of this Agreement, and/or prepare for such proceedings.
Notwithstanding the foregoing, the occurrence of any of the above-referenced
events shall not in and of itself be considered a Servicing Transfer Event.

         SECTION 3.22. Sub-Servicing Agreements.

         (a) The Master Servicer may enter into Sub-Servicing Agreements to
provide for the performance by third parties of any or all of its respective
obligations under this Agreement; provided that the Sub-Servicing Agreement: (i)
is consistent with this Agreement in all material respects and requires the
Sub-Servicer to comply with all of the applicable conditions of this Agreement;
(ii) provides that if the Master Servicer shall for any reason no longer act in
such capacity hereunder (including by reason of an Event of Default), the
Trustee or its designee or any other successor to the Master Servicer may
thereupon assume all of the rights and, except to the extent they arose prior to
the date of assumption, obligations of the Master Servicer under such agreement
or, alternatively, may terminate such Sub-Servicing Agreement without cause and
without payment of any penalty or termination fee (provided, however, that a
Primary Servicing Agreement may not be terminated except for cause pursuant to
such Primary Servicing Agreement); (iii) provides that the Trustee for the
benefit of the Certificateholders shall be a third-party beneficiary under such
Sub-Servicing Agreement, but that (except to the extent the

                                     -164-

Trustee or its designee assumes the obligations of the Master Servicer
thereunder as contemplated by the immediately preceding clause (ii), and except
with respect to the obligations of any successor Master Servicer thereto under
the Primary Servicing Agreements) none of the Trust Fund, the Trustee, any
successor Master Servicer, any Special Servicer or any Certificateholder shall
have any duties under such Sub-Servicing Agreement or any liabilities arising
therefrom; (iv) except with respect to the Primary Servicing Agreements, permits
any purchaser of a Loan or the Trustee pursuant to this Agreement to terminate
such Sub-Servicing Agreement with respect to such purchased Loan at its option
and without penalty; (v) does not permit the Sub-Servicer any direct rights of
indemnification that may be satisfied out of assets of the Trust Fund except to
the extent of its rights of indemnification, if any, as an agent of the Master
Servicer; (vi) does not permit the Sub-Servicer to foreclose on the related
Mortgaged Property or consent to the modification of any Loan without the prior
consent of the Master Servicer or the Special Servicer, as applicable; (vii)
provides that the Sub-Servicer shall act in accordance with the Servicing
Standard; and (viii) provides that in the event of an act or failure to act by
the Sub-Servicer that causes the Master Servicer to be in default of its
obligations under this Agreement, the Sub-Servicer shall be in default of its
obligations under such Sub-Servicing Agreement. Any successor Master Servicer,
upon becoming successor Master Servicer, shall have the right to be assigned and
shall have the right to assume any Sub-Servicing Agreements from the predecessor
Master Servicer. Upon a termination of the Master Servicer pursuant to this
Agreement, the successor to the Master Servicer (other than the Trustee or its
designee) shall automatically succeed to the rights and obligations of the prior
Master Servicer, under each related Primary Servicing Agreement, subject to the
termination rights set forth therein, it being understood that any such
succession by the Trustee or its designee shall not be automatic but shall be in
the discretion of the Trustee or such designee.

         In addition, each Sub-Servicing Agreement entered into by the Master
Servicer may provide that the obligations of the Sub-Servicer thereunder shall
terminate with respect to any Loan serviced thereunder at the time such Loan
becomes a Specially Serviced Loan. The Master Servicer shall deliver to the
Trustee copies of all Sub-Servicing Agreements, and any amendments thereto and
modifications thereof, entered into by it promptly upon its execution and
delivery of such documents. For purposes of this Agreement, the Master Servicer
shall be deemed to have received any payment when a Sub-Servicer retained by it
receives such payment. The Master Servicer shall notify the Special Servicer,
the Trustee and the Depositor in writing promptly of the appointment by it of
any Sub-Servicer. The Special Servicer shall notify the Master Servicer, the
Trustee and the Depositor in writing promptly of the appointment by it of any
Sub-Servicer.

         It is hereby acknowledged and agreed by all parties hereto that KRECM
shall be a Primary Servicer pursuant to a Primary Servicing Agreement with the
Master Servicer, which agreement shall comply with the provisions of this
Section 3.22(a) (including clause (iv) of the first paragraph of this Section
3.22(a). Subject to Section 3.22(e), pursuant to the Primary Servicing Agreement
between the Master Servicer and KRECM, KRECM shall perform most or all of the
duties of the Master Servicer with respect to the Mizner Park Total Loan set
forth in such Primary Servicing Agreement and shall be entitled to receive a
Primary Servicing Fee at the applicable Primary Servicing Fee Rate and such
other additional servicing compensation as provided in such Primary Servicing
Agreement, in accordance with the terms of such Primary Servicing Agreement.
Notwithstanding anything herein to the contrary, but subject to Section 3.22(e),
the Master Servicer may delegate to KRECM under such Primary Servicing Agreement
(i) its duties and obligations under Sections 3.03 and 4.03 to make Advances
with respect to the Mizner Park Total Loan directly to the Trustee or to any
other Person requiring payment of an Advance; provided that the Master Servicer
shall remain obligated for any Advance with respect to the Mizner Park Total
Loan that KRECM fails to make and (ii) its obligations to make remittances and
deliver reports and other information with respect to the Mizner Park Total Loan
in accordance with the Mizner Park Intercreditor

                                     -165-

Agreement on the days and covering the periods that the Master Servicer is
required to remit or deliver under the terms of this Agreement and the Mizner
Park Intercreditor Agreement.

         (b) Each Sub-Servicer shall be authorized to transact business in the
state or states in which the related Mortgaged Properties it is to service are
situated, if and to the extent required by applicable law.

         (c) As part of its servicing activities hereunder, the Master Servicer,
for the benefit of the Trustee, the Certificateholders and, with respect to any
Serviced Loan Combination, each related Junior Loan Holder, as applicable, shall
(at no expense to the Trustee, the Certificateholders, Junior Loan Holders or
the Trust Fund) monitor the performance and enforce the obligations of each
Sub-Servicer under the related Sub-Servicing Agreement entered into by the
Master Servicer. Such enforcement, including, without limitation, the legal
prosecution of claims, termination of Sub-Servicing Agreements in accordance
with their respective terms and the pursuit of other appropriate remedies, shall
be in such form and carried out to such an extent and at such time as the Master
Servicer would require were it the owner of the subject Loans and/or Serviced
Loan Combinations. The Master Servicer shall have the right to remove a
Sub-Servicer retained by it in accordance with the terms of the related
Sub-Servicing Agreement upon the events of default and other termination events
specified in the related Sub-Servicing Agreement.

         (d) If the Trustee or its designee becomes successor to the Master
Servicer and elects or is required to assume the rights and obligations of the
Master Servicer under any Sub-Servicing Agreement, the Master Servicer, at its
expense, shall deliver to the assuming party all documents and records relating
to such Sub-Servicing Agreement and the Loans and/or Serviced Loan Combinations
then being serviced thereunder and an accounting of amounts collected and held
on behalf of it thereunder, and otherwise use reasonable efforts to effect the
orderly and efficient transfer of the Sub-Servicing Agreement to the assuming
party.

         (e) Notwithstanding the provisions of any Sub-Servicing Agreement, the
Master Servicer shall remain obligated and liable to the Trustee, the
Certificateholders and, with respect to any Serviced Loan Combination, each
related Junior Loan Holder, as applicable, for the performance of its
obligations and duties under this Agreement in accordance with the provisions
hereof to the same extent and under the same terms and conditions as if it alone
were servicing and administering the Loans and/or Serviced Loan Combinations for
which it is responsible, and the Master Servicer shall pay the fees of any
Sub-Servicer thereunder from its own funds or, with respect to the related
Primary Servicers, shall permit each to retain the Primary Servicing Fees and
any additional servicing compensation payable pursuant to the related
Sub-Servicing Agreement from amounts collected by such Primary Servicer. Such
additional servicing compensation shall not exceed the Additional Servicing
Compensation payable to the Master Servicer under this Agreement, shall be paid
out of such Additional Servicing Compensation and shall not be paid from any
amount otherwise payable to the Special Servicer hereunder. In no event shall
the Trust Fund bear any termination fee required to be paid to any Sub-Servicer
as a result of such Sub-Servicer's termination under any Sub-Servicing
Agreement.

         SECTION 3.23. Representations, Warranties and Covenants of the Master
                       Servicer.

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

                                     -166-

               (i) The Master Servicer is a corporation, duly organized, validly
     existing and in good standing under the laws of Delaware, and the Master
     Servicer is in compliance with the laws of each State in which any
     Mortgaged Property is located to the extent necessary to perform its
     obligations under this Agreement, except where the failure to so qualify or
     comply would not have a material adverse effect on the ability of the
     Master Servicer to perform its obligations hereunder;

               (ii) The execution and delivery of this Agreement by the Master
     Servicer, and the performance and compliance with the terms of this
     Agreement by the Master Servicer, do not (A) violate the Master Servicer's
     certificate of incorporation and by-laws 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 material agreement or other
     material instrument to which it is a party or by which it is bound, or (C)
     result in the violation of any law, rule, regulation, order, judgment or
     decree binding on the Master Servicer which, in the case of either (B) or
     (C) is likely to materially and adversely affect the Master Servicer's
     ability to perform hereunder;

               (iii) This Agreement, assuming due authorization, execution and
     delivery by the other parties hereto, constitutes a valid, legal and
     binding obligation of the Master Servicer, enforceable against the Master
     Servicer in accordance with the terms hereof, except as such enforcement
     may be limited by (A) applicable bankruptcy, insolvency, reorganization,
     liquidation, receivership, moratorium and other laws relating to or
     affecting creditors' rights generally, and (B) general principles of
     equity, regardless of whether such enforcement is considered in a
     proceeding in equity or at law;

               (iv) The Master Servicer is not in violation with respect to any
     law, any order or decree of any court, or any order, regulation or demand
     of any federal, state, municipal or governmental agency, which violations
     are reasonably likely to have consequences that would materially and
     adversely affect the financial condition or operations of the Master
     Servicer or its properties taken as a whole or are reasonably likely to
     have consequences that would materially and adversely affect its ability to
     perform its duties and obligations hereunder;

               (v) No litigation is pending or, to the best of the Master
     Servicer's knowledge, threatened against the Master Servicer which would
     prohibit the Master Servicer from entering into this Agreement or, in the
     Master Servicer's good faith and reasonable judgment, is likely to
     materially and adversely affect the ability of the Master Servicer to
     perform its obligations under this Agreement;

               (vi) No consent, approval, authorization or order of any court or
     governmental agency or body is required for the execution, delivery and
     performance by the Master Servicer, or compliance by the Master Servicer
     with, this Agreement or the consummation of the Master Servicer's
     transactions contemplated by this Agreement, except for any consent,
     approval, authorization or order which has been obtained or cannot be
     obtained prior to the actual performance by the Master Servicer of its
     obligations under this Agreement, or which, if not obtained would not have
     a materially adverse effect on the ability of the Master Servicer to
     perform its obligations hereunder;

               (vii) The Master Servicer has full corporate power and authority
     to enter into and perform in accordance with this Agreement, has duly
     authorized the execution, delivery and performance of this Agreement, and
     has duly executed and delivered this Agreement;

                                     -167-

               (viii) The Master Servicer has examined each Sub-Servicing
     Agreement to which it is a party, and shall examine each Sub-Servicing
     Agreement to which it intends to become a party, and in each such case, the
     terms of such Sub-Servicing Agreements are not, or, in the case of any
     Sub-Servicing Agreement to be entered into by the Master Servicer at a
     future date, will not be, materially inconsistent with the terms of this
     Agreement; and

               (ix) Each officer and employee of the Master Servicer that has
     responsibilities concerning the servicing and administration of Loans
     and/or Junior Loans is covered by errors and omissions insurance and the
     fidelity bond in the amounts and with the coverage required by Section
     3.07(c).

         (b) The representations and warranties set forth in paragraph (a) above
shall survive the execution and delivery of the Agreement.

         SECTION 3.24. Representations, Warranties and Covenants of the Special
                       Servicer.

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

               (i) The Special Servicer is a limited liability company duly
     organized, validly existing and in good standing under the laws of the
     State of New York, and the Special Servicer is in compliance with the laws
     of each State in which any Mortgaged Property is located to the extent
     necessary to perform its obligations under this Agreement;

               (ii) The execution and delivery of this Agreement by the Special
     Servicer, and the performance and compliance with the terms of this
     Agreement by the Special Servicer, will not violate the Special Servicer's
     charter and by-laws or constitute a default (or an event which, with notice
     or lapse of time, or both, would constitute a default) under, or result in
     the breach of, any material agreement or other instrument to which it is a
     party or which is applicable to it or any of its assets, or result in the
     violation of any law, rule, regulation, order, judgment or decree to which
     the Special Servicer or its property is subject;

               (iii) The Special Servicer has the full power and authority to
     enter into and consummate all transactions contemplated by this Agreement,
     has duly authorized the execution, delivery and performance of this
     Agreement, and has duly executed and delivered this Agreement;

               (iv) This Agreement, assuming due authorization, execution and
     delivery by each of the other parties hereto, constitutes a valid, legal
     and binding obligation of the Special Servicer, enforceable against the
     Special Servicer in accordance with the terms hereof, subject to (A)
     applicable bankruptcy, insolvency, reorganization, moratorium and other
     laws affecting the enforcement of creditors' rights generally and (B)
     general principles of equity, regardless of whether such enforcement is
     considered in a proceeding in equity or at law;

               (v) The Special Servicer is not in violation of, and its
     execution and delivery of this Agreement and its performance and compliance
     with the terms of this Agreement will not constitute a violation of, any
     law, any order or decree of any court or arbiter, or any order, regulation
     or demand of any federal, state or local governmental or regulatory
     authority, which violation, in the Special Servicer's good faith and
     reasonable judgment, is likely to affect

                                     -168-

     materially and adversely either the ability of the Special Servicer to
     perform its obligations under this Agreement or the financial condition of
     the Special Servicer;

               (vi) No litigation is pending or, to the best of the Special
     Servicer's knowledge, threatened against the Special Servicer which would
     prohibit the Special Servicer from entering into this Agreement or, in the
     Special Servicer's good faith and reasonable judgment, is likely to
     materially and adversely affect either the ability of the Special Servicer
     to perform its obligations under this Agreement or the financial condition
     of the Special Servicer;

               (vii) Each officer, director or employee of the Special Servicer
     that has or, following the occurrence of a Servicing Transfer Event, would
     have responsibilities concerning the servicing and administration of Loans
     and/or Junior Loans is covered by errors and omissions insurance and
     fidelity bond in the amounts and with the coverage required by Section
     3.07(c). Neither the Special Servicer nor any of its officers, directors or
     employees that is or, following the occurrence of a Servicing Transfer
     Event, would be involved in the servicing or administration of Loans has
     been refused such coverage or insurance;

               (viii) No consent, approval, authorization or order of any court
     or governmental agency or body is required for the execution, delivery and
     performance by the Special Servicer, or compliance by the Special Servicer
     with, this Agreement or the consummation of the transactions contemplated
     by this Agreement, except for any consent, approval, authorization or order
     which has been obtained or cannot be obtained prior to the actual
     performance by the Special Servicer of its obligations under this
     Agreement, or which, if not obtained would not have a materially adverse
     effect on the ability of the Special Servicer to perform its obligations
     hereunder;

               (ix) The Special Servicing Fee payable to the Special Servicer
     represents reasonable servicing compensation for its services hereunder;
     and

               (x) The Special Servicer has examined each Sub-Servicing
     Agreement to which it is a party, and shall examine each Sub-Servicing
     Agreement to which it intends to become a party, and in each such case, the
     terms of such Sub-Servicing Agreements are not, or, in the case of any
     Sub-Servicing Agreement to be entered into by the Special Servicer at a
     future date, will not, be materially inconsistent with the terms of this
     Agreement.

         (b) The representations and warranties set forth in paragraph (a) above
shall survive the execution and delivery of the Agreement.

         SECTION 3.25. Limitation on Liability of the Directing
                       Certificateholder.

         By its acceptance of a Certificate, each Certificateholder confirms its
understanding that the Directing Certificateholder may take actions that favor
the interests of one or more Classes of the Certificates over other Classes of
the Certificates and that the Directing Certificateholder may have special
relationships and interests that conflict with those of Holders of some Classes
of the Certificates and, that the Directing Certificateholder shall have no
liability to any Certificateholder other than a Controlling Class
Certificateholder for any action taken or not taken and shall have no liability
to a Controlling Class Certificateholder absent willful misfeasance, bad faith,
negligence or negligent disregard of obligations or duties on the part of the
Directing Certificateholder, it being acknowledged that actions that favor the
interests of one or more Classes of the Certificates over other Classes of the
Certificates shall be deemed to not constitute willful misfeasance, bad faith,
negligence or negligent

                                     -169-

disregard of obligations or duties on the part of the Directing
Certificateholder) and each Certificateholder agrees to take no action against
the Directing Certificateholder as a result of such a special relationship or
conflict. Nothing in this section shall relieve the Special Servicer of any
liability it may have under this Agreement.

         SECTION 3.26. Reports to the Securities and Exchange Commission;
                       Available Information.

         (a) With respect to the Trust's fiscal year 2004 (and, if as of the
beginning of any other fiscal year for the Trust, the Registered Certificates
are held (directly or, in the case of Registered Certificates held in book-entry
form, through the Depository) by at least 300 Holders and/or Depository
Participants having accounts with the Depository), the Trustee shall:

               (i) during such fiscal year, in accordance with and within the
     time periods specified in the Exchange Act, the rules and regulations
     promulgated thereunder and applicable releases and "no-action letters"
     issued by the Commission, prepare for filing, execute and properly file
     with the Commission, with respect to the Trust, (A) a Current Report on
     Form 8-K with a copy of the Statement to Certificateholders with respect to
     each Distribution Date and (B) a Current Report on Form 8-K regarding and
     disclosing any of the events specified in Section 3.26(b) (to the extent a
     Responsible Officer of the Trustee has been provided with written notice of
     such event by another party to this Agreement);

               (ii) during such fiscal year, (A) monitor for and promptly notify
     the Depositor in writing of the occurrence or existence of any of the
     matters identified in Section 10.10 and/or Section 3.26(b) (in each case to
     the extent that a Responsible Officer of the Trustee has actual knowledge
     thereof), (B) cooperate with the Depositor in obtaining all necessary
     information in order to prepare a Current Report on Form 8-K reporting any
     such matter in accordance with the Exchange Act, the rules and regulations
     promulgated thereunder and applicable "no-action letters" issued by the
     Commission, and (C) consult with the Depositor with regard to any of the
     events identified in subclause (A) of this clause (ii) and any related
     filing of a Current Report on Form 8-K under Section 3.26(a)(i)(B) above
     with respect thereto (and the Trustee shall be entitled to rely on a
     written direction of the Depositor with regard to any such filing);

               (iii) at the reasonable request of, and in accordance with the
     reasonable directions of, the Certifying Person (as defined in Section
     3.26(c)), prepare for filing, execute and promptly file with the Commission
     an amendment to any Current Report on Form 8-K previously filed with the
     Commission with respect to the Trust; and

               (iv) prepare, execute and properly file with the Commission on or
     before the due date specified by the Commission, with respect to the Trust,
     an Annual Report on Form 10-K which complies in all material respects with
     the requirements of the Exchange Act, the rules and regulations promulgated
     thereunder and applicable "no-action letters" issued by the Commission,
     which shall include as exhibits the Annual Performance Certification and
     Annual Accountant's Report delivered pursuant to Section 3.13 and Section
     3.14, respectively, with respect to the Master Servicer and Special
     Servicer for such fiscal year, and which shall further include such
     certification(s) as may be required under the Sarbanes-Oxley Act of 2002
     (the "Sarbanes Act") and any rules promulgated by, or interpretive guidance
     from, the Commission (such certification(s), individually and collectively,
     insofar as they are required to be part of any

                                     -170-

     particular Annual Report on Form 10-K, a "Sarbanes-Oxley Certification")
     (which Sarbanes-Oxley Certifications shall be signed by the party or
     parties contemplated by this Section 3.26);

provided that (x) the Trustee shall not have any responsibility to file any
items (other than those generated by it) that have not been received in a format
suitable for electronic filing via the EDGAR system (or in "ASCII", "Microsoft
Word", "Microsoft Excel" or another format reasonably acceptable to the Trustee)
and shall not have any responsibility to convert any such items to such format
(other than those items generated by it and those items delivered to it in a
format readily convertible to a format suitable for electronic filing via the
EDGAR system) and (y) the Depositor shall be responsible for preparing,
executing and filing (via the EDGAR system within 15 days following the Closing
Date) a Current Report on Form 8-K reporting the establishment of the Trust and
whereby this Agreement is filed as an exhibit. Each of the other parties to this
Agreement shall deliver to the Trustee or the Master Servicer, as applicable, in
a format suitable for electronic filing via the EDGAR system (or in "ASCII",
"Microsoft Word", "Microsoft Excel" or another format reasonably acceptable to
the Trustee) any and all items contemplated to be filed with the Commission
pursuant to this Section 3.26(a), to the extent it is otherwise required to
deliver such items to the Trustee or the Master Servicer, as applicable.

         (b) At all times during the Trust's fiscal year 2004 (and, if as of the
beginning of any other fiscal year for the Trust, the Registered Certificates
are held (directly or, in the case of Registered Certificates held in book-entry
form, through the Depository) by at least 300 Holders and/or Depository
Participants having accounts with the Depository, at all times during such other
fiscal year), the Trustee shall monitor for and promptly notify the Depositor of
the occurrence or existence of any of the following matters of which a
Responsible Officer of the Trustee has actual knowledge:

               (i) any failure of the Trustee to make any monthly distributions
     to the Holders of any Class of Certificates, which failure is not otherwise
     reflected in the Certificateholder Reports filed with the Commission or has
     not otherwise been reported to the Depositor pursuant to any other Section
     of this Agreement;

               (ii) any acquisition or disposition by the Trust of a Loan or an
     REO Property, which acquisition or disposition has not otherwise been
     reflected in the Certificateholder Reports filed with the Commission or has
     not otherwise been reported to the Depositor pursuant to any other Section
     of this Agreement;

               (iii) any other acquisition or disposition by the Trust of a
     significant amount of assets (other than Permitted Investments, Loans and
     REO Properties), other than in the normal course of business;

               (iv) any change in the fiscal year of the Trust;

               (v) any material legal proceedings, other than ordinary routine
     litigation incidental to the business of the Trust, to which the Trust (or
     any party to this Agreement on behalf of the Trust) is a party or of which
     any property included in the Trust Fund is subject, or any threat by a
     governmental authority to bring any such legal proceedings;

               (vi) any event of bankruptcy, insolvency, readjustment of debt,
     marshalling of assets and liabilities, or similar proceedings in respect of
     or pertaining to the Trust or any party to this Agreement, or any actions
     by or on behalf of the Trust or any party to this Agreement indicating its
     bankruptcy, insolvency or inability to pay its obligations;

                                     -171-

               (vii) any adverse change in the rating or ratings assigned to any
     Class of Certificates not otherwise reflected in the Certificateholder
     Reports filed with the Commission;

               (viii) any amendment to this Agreement pursuant to Section 10.01;
     and

               (ix) any other material events reportable under Form 8-K;

provided that (x) the actual knowledge of a Responsible Officer of the Trustee
of any material legal proceedings of which property included in the Trust Fund
is subject or of any material legal proceedings threatened by a governmental
authority is limited to circumstances where it would be reasonable for the
Trustee to identify such property as an asset of, or as securing an asset of,
the Trust or such threatened proceedings as concerning the Trust and (y) no
Responsible Officer of the Trustee shall be deemed to have actual knowledge of
the matters described in clauses (vi), (vii) and (ix) of this Section 3.26(b)
unless such Responsible Officer was notified in writing.

         (c) The Form 10-K shall include the Sarbanes-Oxley Certification
required to be included therewith pursuant to the Sarbanes Act, and the rules
and regulations of the Commission promulgated thereunder (including any
interpretations thereof by the Commission's staff) and a copy of such
Sarbanes-Oxley Certification shall be provided to the Rating Agencies. An
officer of the Depositor shall sign the Sarbanes-Oxley Certification. The
Depositor hereby grants to the Trustee a limited power of attorney to execute
and file such annual report on Form 10-K on behalf of the Depositor, which power
of attorney shall continue until the earlier of (i) receipt by the Trustee from
the Depositor of written notice terminating such power of attorney or (ii) the
termination of the Trust. The Master Servicer, the Special Servicer (who shall
certify to the Master Servicer) and the Trustee (each, a "Performing Party")
shall provide to the Person who signs the Sarbanes-Oxley Certification or, in
the case of the Master Servicer, who relies on the Special Servicer's
Performance Certification (in each case, the "Certifying Person") a
certification (each, a "Performance Certification"), in the form set forth on
Exhibit L hereto (with respect to the Master Servicer and the Trustee) or in the
form set forth on Exhibit A to Exhibit L hereto (with respect to the Special
Servicer), as applicable, on which the Certifying Person, the Master Servicer
(with respect to the Performance Certification executed by the Special
Servicer), the Depositor (if the Certifying Person is an individual), and the
Depositor's partner, representative, Affiliate, member, manager, director,
officer, employee or agent (collectively with the Certifying Person,
"Certification Parties") can rely. The Trustee's certification with respect to
items 1 through 3 of Exhibit L hereto shall relate to distribution information,
and the Master Servicer's certification with respect to items 4 and 5 of Exhibit
L hereto shall relate to servicing information with respect to the Loans
serviced by it hereunder. Notwithstanding the foregoing, nothing in this
paragraph shall require any Performing Party to (i) certify or verify the
accurateness or completeness of any information provided to such Performing
Party by third parties, (ii) to certify information other than to such
Performing Party's knowledge and in accordance with such Performing Party's
responsibilities hereunder or under any other applicable servicing agreement or
(iii) with respect to completeness of information and reports, to certify
anything other than that all fields of information called for in written reports
prepared by such Performing Party have been completed except as they have been
left blank on their face. In the event any Performing Party is terminated or
resigns pursuant to the terms of this Agreement, such Performing Party shall
provide a Performance Certification to the Master Servicer (if the terminated or
resigning Performing Party is the Special Servicer) or the Depositor pursuant to
this Section 3.26(c) with respect to the period of time such Performing Party
was subject to this Agreement.

         (d) If as of the beginning of any fiscal year for the Trust (other than
fiscal year 2004), the Public Certificates are held (directly or, in the case of
Public Certificates held in book-entry form, through the Depository) by less
than 300 Holders and/or Depository Participants having accounts

                                     -172-

with the Depository, the Trustee shall, in accordance with the Exchange Act and
the rules and regulations promulgated thereunder, timely file a Form 15 with
respect to the Trust notifying the Commission of the suspension of the reporting
requirements under the Exchange Act.

         (e) Nothing contained in this Section 3.26 shall be construed to
require any party to this Agreement (other than the Depositor), or any of such
party's officers, to execute any Form 10-K or any Sarbanes-Oxley Certification.
The failure of any party to this Agreement, or any of such party's officers, to
execute any Form 10-K or any Sarbanes-Oxley Certification shall not be regarded
as a breach by such party of any of its obligations under this Agreement. The
Depositor, each Performing Party and the Trustee hereby agree to negotiate in
good faith with respect to compliance with any further applicable guidance from
the Commission or its staff relating to the execution of any Form 10-K and any
Sarbanes-Oxley Certification in connection with this Agreement. In the event
such parties agree on such matters, this Agreement shall be amended to reflect
such agreement pursuant to Section 10.01.

         (f) Each Performing Party shall indemnify and hold harmless each
Certification Party from and against any losses, damages, penalties, fines,
forfeitures, reasonable and necessary legal fees and related costs, judgments
and other costs and expenses incurred by such Certification Party arising out of
(i) an actual breach by the applicable Performing Party of its obligations under
this Section 3.26, (ii) negligence, bad faith or willful misconduct on the part
of such Performing Party in the performance of such obligations or (iii) any
inaccuracy made in the Performance Certification resulting from such Performing
Party's negligence, bad faith or willful misconduct. A Performing Party shall
have no obligation to indemnify any Certification Party for an inaccuracy in the
Performance Certification of any other Performing Party. If the indemnification
provided for in this Section 3.26 is unavailable or insufficient to hold
harmless a Certification Party (on grounds of public policy or otherwise), then
each Performing Party shall contribute to the amount paid or payable by such
Certification Party as a result of the losses, claims, damages or liabilities of
such Certification Party in such proportion as is appropriate to reflect the
relative fault of such Certification Party on the one hand and each Performing
Party on the other. The obligations of the Performing Parties in this subsection
(f) to contribute are several in the proportions described in the preceding
sentence and not joint.

         Promptly after receipt by an indemnified party of notice of the
commencement of any action, such indemnified party shall, if a claim in respect
thereof is to be made against the indemnifying party hereunder, notify in
writing the indemnifying party of the commencement thereof; but the omission to
so notify the indemnifying party shall not relieve it from any liability which
it may have to any indemnified party under this Agreement except to the extent
that such omission to notify materially prejudices the indemnifying party. In
case any such action is brought against any indemnified party, after the
indemnifying party has been notified of the commencement of such action, such
indemnifying party shall be entitled to participate therein (at its own expense)
and, to the extent that it may wish, shall be entitled to assume the defense
thereof (jointly with any other indemnifying party similarly notified) with
counsel reasonably satisfactory to such indemnified party (who shall not, except
with the consent of the indemnified party, be counsel to the indemnifying
party), and after notice from the indemnifying party to such indemnified party
of its election to so assume the defense thereof, the indemnifying party shall
not be liable to such indemnified party for any expenses subsequently incurred
in connection with the defense thereof other than reasonable costs of
investigation. In any such proceeding, any indemnified party shall have the
right to retain its own counsel, but the fees and expenses of such counsel shall
be at the expense of such indemnified party unless (i) the indemnifying party
and the indemnified party shall have agreed to the retention of such counsel,
(ii) the named parties to any such proceeding (including any impleaded parties)
include both the indemnifying party and the indemnified party and representation
of both parties by the same counsel would be inappropriate due to actual or
potential differing interests between them or (iii) the indemnifying party fails
within a reasonable period of time to designate counsel that is reasonably

                                     -173-

satisfactory to the indemnified party. In no event shall the indemnifying
parties be liable for fees and expenses of more than one counsel (in addition to
any local counsel) in any one jurisdiction separate from their own counsel for
all indemnified parties in connection with any one action or separate but
similar or related actions in the same jurisdiction arising out of the same
general allegations or circumstances. An indemnifying party shall not be liable
for any settlement of any proceeding effected without its written consent.
However, if settled with such consent, the indemnifying party shall indemnify
the indemnified party from and against any loss or liability by reason of such
settlement to the extent that the indemnifying party is otherwise required to do
so under this Agreement. If an indemnifying party assumes the defense of any
proceeding, it shall be entitled to settle such proceeding with the consent of
the indemnified party (which consent shall not be unreasonably withheld) or, if
such settlement (i) provides for an unconditional release of the indemnified
party in connection with all matters relating to the proceeding that have been
asserted against the indemnified party in such proceeding by the other parties
to such settlement and (ii) does not require an admission of fault by the
indemnified party, without the consent of the indemnified party.

         Unless the other parties hereto receive written notice from the Trustee
to the contrary, the Trustee hereby certifies that it intends to file any Annual
Report on Form 10-K with respect to the Trust for any particular fiscal year on
the last Business Day that is not more than 90 days following the end of such
fiscal year. Unless an alternative time period is provided for in this
Agreement, the respective parties hereto shall deliver to the Trustee, at least
10 Business Days prior to the date on which the Trustee intends to file any
Annual Report on Form 10-K as contemplated by Section 3.26, any items required
to be delivered by such party that are to be an Exhibit to such Annual Report on
Form 10-K. The Trustee hereby notifies the Master Servicer and the Special
Servicer that an Annual Report on Form 10-K shall be required to be filed with
respect to the Trust for 2004.

         (g) The Master Servicer may, in accordance with such reasonable rules
and procedures as it may adopt, also make available through its Website or
otherwise, any additional information relating to the Loans, the related
Mortgaged Properties or the related Borrowers, for review by the Depositor, the
Rating Agencies and any other Persons to whom the Master Servicer believes such
disclosure is appropriate, in each case except to the extent doing so is
prohibited by applicable law or by the related Loan.

         (h) Each of the Master Servicer and the Special Servicer shall make the
following items available at its offices during normal business hours, or shall
send such items to any requesting party at the expense of such requesting party
(other than the Rating Agencies, the Depositor and the Underwriters, and except
as otherwise provided in the last sentence of this paragraph) for review by the
Depositor, the Trustee, the Rating Agencies, any Certificateholder, any Person
identified to the Master Servicer or the Special Servicer, as applicable, by a
Certificateholder as a prospective transferee of a Certificate and any other
Persons to whom the Master Servicer or the Special Servicer, as applicable,
believes such disclosure to be appropriate: (i) all financial statements,
occupancy information, rent rolls, maintenance schedules, if applicable, retail
sales information, average daily room rates and similar information received by
the Master Servicer or the Special Servicer, as applicable, from each Borrower,
(ii) the inspection reports prepared by or on behalf of the Master Servicer or
the Special Servicer, as applicable, in connection with the property inspections
pursuant to Section 3.19, (iii) any and all modifications, waivers and
amendments of the terms of a Loan entered into by the Master Servicer or the
Special Servicer, as applicable, and (iv) any and all officer's certificates and
other evidence delivered to the Trustee and the Depositor to support the Master
Servicer's determination that any Advance was, or if made would be, a
Nonrecoverable Advance. Copies of any and all of the foregoing items shall be
available from the Master Servicer or the Special Servicer, as the case may be,
or the Trustee, upon request. Copies of all such information shall be delivered
by the Master Servicer or the Special Servicer,

                                     -174-

as the case may be, upon request, not more frequently than quarterly to the
Certificate Owners of the Controlling Class (as identified by the related
Depository Participant and for so long as such Class remains outstanding) at the
address specified by such Certificate Owners; provided, however, that if
beneficial ownership of the Controlling Class resides in more than one
Certificate Owner, the Master Servicer or the Special Servicer, as the case may
be, shall be responsible only for the expense of providing the first such copy
of such information and shall be entitled to reimbursement from the requesting
Holder of Controlling Class Certificates for the expense of any additional
copies so provided.

         (i) Notwithstanding the obligations of the Master Servicer set forth in
the preceding provisions of this Section 3.26, the Master Servicer may withhold
any information not yet included in a Form 8-K filed with the Commission or
otherwise made publicly available with respect to which the Trustee or the
Master Servicer has determined that such withholding is appropriate.

         (j) Notwithstanding any provisions in this Agreement to the contrary,
but subject to the last sentence of this subsection, the Trustee shall not be
required to review the content of any Exchange Act Report for compliance with
applicable securities laws or regulations, completeness, accuracy or otherwise,
and the Trustee shall have no liability with respect to any Exchange Act Report
filed with the Commission or delivered to Certificateholders. None of the Master
Servicer, the Special Servicer and the Trustee shall be responsible for the
accuracy or completeness of any information supplied by a Borrower or a third
party for inclusion in any Form 8-K, and each of the Master Servicer, the
Special Servicer and the Trustee and their respective Affiliates, shareholders,
partners, members, managers, agents, directors, officers and employees shall be
indemnified and held harmless by the Trust Fund against any loss, liability or
expense incurred in connection with any legal action relating to any statement
or omission or alleged statement or omission therein. None of the Trustee, the
Special Servicer and the Master Servicer shall have any responsibility or
liability with respect to any Exchange Act Report filed by the Depositor, and
each of the Master Servicer, the Special Servicer and the Trustee and their
respective Affiliates, shareholders, partners, members, managers, agents,
directors, officers and employees shall be indemnified and held harmless by the
Trust Fund against any loss, liability or expense incurred in connection with
any legal action relating to any statement or omission or alleged statement or
omission therein. Notwithstanding the foregoing, however, this Section 3.26(j)
is subject to (and no Performing Party will be entitled to indemnification for
any payments made by it pursuant to) Section 3.26(f), and each Performing Party
shall be responsible for any Performance Certification delivered by it.

         (k) Notwithstanding anything to the contrary herein, as a condition to
the Master Servicer or the Special Servicer making any report or information
under this Agreement available upon request to any Person other than the parties
hereto, the Master Servicer or the Special Servicer may (i) indicate the source
of such information and may affix thereto any disclaimer it deems appropriate in
its discretion and (ii) require that the recipient of such information
acknowledge that the Master Servicer or the Special Servicer may
contemporaneously provide such information to the Depositor, the Trustee, the
Initial Purchaser, any Underwriter, any Rating Agency and/or Certificateholders
or Certificate Owners. Each of the Master Servicer and the Special Servicer
shall condition such disclosure upon the recipient entering into a reasonable
and customary confidentiality agreement that is reasonably acceptable to such
servicer regarding such disclosure and that may provide indemnification to the
Master Servicer or the Special Servicer. Without limiting the foregoing, in
connection with providing access to or copies of any information or reports in
accordance with this Agreement to Certificateholders, Certificate Owners,
prospective purchasers of Certificates or interests therein or investment
advisors of any of the foregoing, the Master Servicer may require a confirmation
executed by the requesting Person substantially in the form contemplated by
Section 8.12(c). In addition, any transmittal of information by the Master
Servicer or the Special Servicer to any Person other than the Trustee, the
Rating Agencies or the Depositor may be

                                     -175-

accompanied by a letter from the Master Servicer or the Special Servicer
containing the following provision:

         By receiving the information set forth herein, you hereby acknowledge
         and agree that the United States securities laws restrict any person
         who possesses material, non-public information regarding the Trust
         which issued Credit Suisse First Boston Mortgage Securities Corp.,
         Commercial Mortgage Pass-Through Certificates, Series 2004-C3 from
         purchasing or selling such Certificates in circumstances where the
         other party to the transaction is not also in possession of such
         information. You also acknowledge and agree that such information is
         being provided to you for the purposes of, and such information may be
         used only in connection with, evaluation by you or another
         Certificateholder, Certificate Owner or prospective purchaser of such
         Certificates or beneficial interest therein.

         The Master Servicer and the Special Servicer may, at its discretion,
make available by hard copy, electronic media, internet website and bulletin
board service certain information and may make available by hard copy,
electronic media, internet website or bulletin board service any reports or
information required by this Agreement that the Master Servicer or the Special
Servicer is required to provide to the Trustee, any of the Rating Agencies, the
Depositor and anyone the Depositor reasonably designates.

         SECTION 3.27. Lock-Box Accounts and Servicing Accounts.

         (a) The Master Servicer shall administer each Lock-Box Account, Cash
Collateral Account and Servicing Account in accordance with the related Mortgage
or Loan Agreement, Cash Collateral Account Agreement or Lock-Box Agreement, if
any. Each Lock-Box Account, Cash Collateral Account and Servicing Account shall
be an Eligible Account, except to the extent provided in the related Loan
Documents.

         (b) For any Loan that provides that a Lock-Box Account will be
established upon the occurrence of certain events specified in the related Loan
Documents, the Master Servicer shall establish or cause to be established on
behalf of the Trust such Lock-Box Account upon the occurrence of such events
unless the Master Servicer determines, in accordance with the Servicing
Standard, that such Lock-Box Account should not be established. Notwithstanding
the foregoing, the Master Servicer shall establish or cause to be established a
Lock-Box Account for each ARD Loan no later than its Anticipated Repayment Date.

         (c) With respect to each Loan requiring the establishment of a Lock-Box
Account, the Master Servicer, upon receipt of the annual financial statements of
each Borrower, shall compare the gross revenue for the related Mortgaged
Property, as set forth in such financial statements, with the history of the
related Borrower's deposits (on an annual basis) into such Lock-Box Account and
shall report any discrepancies over 10% to the Special Servicer.

         (d) Within 60 days after a Servicing Account has been established on
behalf of a Borrower pursuant to the terms of the related Loan Documents, the
Master Servicer (in accordance with the Uniform Commercial Code) shall notify
the financial institution maintaining such account of the Trustee's security
interest in the funds in such account in those jurisdictions where required in
order to perfect or maintain perfection of the related security interest.

                                     -176-

         SECTION 3.28. Interest Reserve Account.

         (a) The Trustee shall establish, on or before the Closing Date, and
maintain the Interest Reserve Account on behalf of the Lower-Tier REMIC. The
Trustee shall give notice to the Master Servicer, the Special Servicer and the
Depositor of the location of the Interest Reserve Account and, prior to any
change thereof, any new location of the Interest Reserve Account. On each
Distribution Date during February and on each Distribution Date during a January
which occurs in a year which is not a leap year, the Trustee shall withdraw from
the Distribution Account and deposit into the Interest Reserve Account in
respect of each Loan and REO Loan accruing interest on an Actual/360 Basis, an
amount withheld from the related Monthly Payment or P&I Advance equal to one
day's interest on the Stated Principal Balance of such Loan as of the
Distribution Date occurring in the month preceding the month in which the
Distribution Date occurs at the related Original Net Mortgage Rate, to the
extent a full Monthly Payment or P&I Advance is made in respect thereof (all
amounts so deposited in any January, except in the case of a leap year, and in
any February, "Withheld Amounts").

         (b) On each Distribution Date occurring in March (prior to any
distributions on the Certificates on such date), the Trustee shall withdraw from
the Interest Reserve Account an amount equal to the Withheld Amounts from the
preceding January and February Distribution Dates, if any, and deposit such
amount (excluding any net investment income thereon) into the Distribution
Account. On each Distribution Date (prior to any distributions on the
Certificates on such date), the Trustee shall deposit any Net Investment Loss
into the Interest Reserve Account and, to the extent permitted by Section 3.06,
shall be permitted to withdraw any Net Investment Earnings from the Interest
Reserve Account.

         SECTION 3.29. Limitations on and Authorizations of the Master Servicer
                       and the Special Servicer with Respect to Certain Loans.

         (a) Prior to taking any action with respect to a Loan secured by any
Mortgaged Properties located in a "one-action" state, the Special Servicer shall
consult with legal counsel, the fees and expenses of which shall be a Servicing
Advance.

         (b) With respect to any Loan which permits the related Borrower, with
the consent or grant of a waiver by the mortgagee, to incur additional
indebtedness (other than as provided in Section 3.08(b)) or to amend or modify
the related Borrower's organizational documents, the Special Servicer may
consent (subject, without limitation, to Section 3.20(k) hereof) to either such
action, or grant a waiver with respect thereto, only if the Special Servicer
determines that such consent or grant of waiver is likely to result in a greater
recovery (or equal recovery) on a present value basis (discounted at the related
Mortgage Rate) than the withholding of such consent or grant of waiver, and with
respect to Significant Loans, the Special Servicer first obtains written
confirmation from each Rating Agency that such consent or grant of waiver would
not, in and of itself, result in a downgrade, qualification or withdrawal of any
of the then-current ratings assigned to the Certificates and further obtains the
consent of the Directing Certificateholder (subject to the last paragraph of
Section 3.21(e)). The Master Servicer shall not be entitled or required to
consent to, or grant a waiver with respect to, either action, except in
accordance with Section 3.08(b) hereof.

         (c) With respect to any ARD Loan, so long as no event of default beyond
applicable notice and grace periods has occurred and is continuing, the Master
Servicer and the Special Servicer shall not take any enforcement action with
respect to the payment of Excess Interest or principal in excess of the
principal component of the constant Monthly Payment, other than requests for
collection, until the date on which principal and all accrued interest (other
than Excess Interest) has been paid in full (the failure of the Borrower to pay
Excess Interest shall not be considered an event of default for purposes of

                                     -177-

this paragraph). Nothing in this paragraph shall limit the obligation of the
Master Servicer and the Special Servicer to establish a Lock-Box Account
pursuant to Section 3.28.

         (d) Neither the Master Servicer nor the Special Servicer shall consent
(to the extent it is entitled to withhold such consent under the terms of the
Loan) to a change of franchise affiliation with respect to any hotel property
that in whole or in part constitutes the Mortgaged Property securing a Loan
unless it obtains (in the case of a Significant Loan) written confirmation from
each Rating Agency that such change of franchise affiliation would not, in and
of itself, result in a downgrade, qualification or withdrawal of then-current
ratings on any Class of Certificates and further obtains (in all cases) the
consent of the Directing Certificateholder (such consent subject to the last
paragraph of Section 3.21(e)). The Master Servicer shall receive any such
request from any Borrower under a Loan that is not a Specially Serviced Loan,
and shall forward its analysis and recommendation to the Special Servicer. The
Special Servicer shall approve any such recommendation (which approval shall be
deemed granted if not denied within 15 Business Days of its receipt of the
Master Servicer's recommendation and any additional documents and information
that the Special Servicer may reasonably request) and promptly (in any event,
within not more than 10 Business Days of its receipt of the Master Servicer's
recommendation and any additional documents and information that the Special
Servicer may reasonably request) forward such analysis and recommendation to the
Directing Certificateholder, who shall approve or reject such recommendation
(such approval subject to the last paragraph of Section 3.21(e)). The Directing
Certificateholder shall be deemed to have approved such recommendation if not
denied within five Business Days of its receipt of the Special Servicer's
recommendation and any additional documents and information that the Directing
Certificateholder may reasonably request. The Master Servicer shall then process
such documentation. Neither the Master Servicer nor the Special Servicer shall
be required to obtain such written consent from Fitch if then-current principal
balance of such Loan is less than 2% of then-current aggregate principal balance
of the Mortgage Pool.

         (e) The Master Servicer (or, in the case of CSFB Loans only, the
Depositor) shall, as to each Loan which is secured by the interest of the
related Borrower under a ground lease, at its own expense, promptly (and in any
event within 45 days of the Closing Date) notify the related ground lessor of
the transfer of such Loan to the Trust pursuant to this Agreement and inform
such ground lessor that any notices of default under the related ground lease
should thereafter be forwarded to the related Master Servicer.

         (f) The Master Servicer shall not grant any discretionary consent to a
transfer of any Junior Loan pursuant to the related Intercreditor Agreement or
to any additional cure beyond those specifically provided for in the related
Intercreditor Agreement unless it obtains the consent of the Directing
Certificateholder (which consent with respect to the transfer of such Junior
Loan shall not be unreasonably withheld, conditioned or delayed) (such consent
subject to the last paragraph of Section 3.21(e)). The Master Servicer shall
receive any such request for a discretionary consent from any Junior Loan
Holder, and shall forward its analysis and recommendation to the Special
Servicer. The Special Servicer shall approve any such recommendation (which
approval shall be deemed granted if not denied within 15 Business Days of its
receipt of the Master Servicer's recommendation and any additional documents and
information that the Special Servicer may reasonably request) and promptly (in
any event, within not more than 10 Business Days of its receipt of the Master
Servicer's recommendation and any additional documents and information that the
Special Servicer may reasonably request) forward such analysis and
recommendation to the Directing Certificateholder, who (subject to the last
paragraph of Section 3.21(e)) shall approve or reject such recommendation. The
Directing Certificateholder shall be deemed to have approved such recommendation
if not denied within five Business Days of its receipt of the Special Servicer's
recommendation and any additional documents and information that the Directing
Certificateholder may reasonably request. The Master Servicer shall then process
such documentation.

                                     -178-

Notwithstanding the foregoing, the Master Servicer shall not grant any
discretionary consent to a transfer of any Junior Loan pursuant to the related
Intercreditor Agreement unless it receives the rating agency confirmation
required pursuant to such Intercreditor Agreement.

         SECTION 3.30. REMIC Administration.

         (a) The Trustee shall make or cause to be made elections to treat each
of the Trust REMICs as a REMIC (except for any portion constituting amounts
allocable to any Junior Loan) under the Code and if necessary, under State Tax
Laws. Each such election will be made on Form 1066 or other appropriate federal
tax or information return or any appropriate state return for the taxable year
ending on the last day of the calendar year in which the Certificates are
issued, which in each case shall be signed by the Trustee. The Trustee shall
designate the "regular interests" and the "residual interests", within the
meaning of the REMIC Provisions, in each Trust REMIC as set forth in the
Preliminary Statement hereto. To the extent the affairs of the Trust Fund are
within their control, none of the Master Servicer, the Special Servicer and the
Trustee shall permit the creation of any "interests" (within the meaning of
Section 860G of the Code) in any Trust REMIC other than those interests
outstanding on the Closing Date.

         (b) The Closing Date is hereby designated as the "startup day", within
the meaning of Section 860G(a)(9) of the Code, of each Trust REMIC.

         (c) The Holder of the largest Percentage Interest of the Class R
Certificates is hereby designated, and by the acceptance of its Class R
Certificate agrees to act, as Tax Matters Person for each Trust REMIC. Any
Holder of a Class R Certificate must at all times hold at least a 1.0%
Percentage Interest therein. The Trustee is hereby designated as the agent of
the Tax Matters Person of each Trust REMIC and shall perform all the functions
thereof, and the Holders of the Class R Certificates, by their acceptance of
such Certificates, agree to such designation.

         (d) The Trustee shall prepare or cause to be prepared all of the Tax
Returns that it reasonably determines are required with respect to each Trust
REMIC and, as specified in Section 4.06, the grantor trusts created hereunder
and shall sign and file or cause to be filed such Tax Returns in a timely
manner. The expenses of preparing such returns shall be borne by the Trustee
without any right of reimbursement therefor.

         (e) The Trustee shall provide (i) upon request by any Transferor of a
Class R Certificate, such information to such Transferor and the IRS as is (x)
reasonably necessary for the application of any tax relating to the transfer of
a Class R Certificate to any Person who is not a Disqualified Organization or
(y) otherwise required to be provided by Treasury regulations section 1.860E-2
(and in the time and manner required to be provided to such person under such
Regulations), (ii) to the Certificateholders such information or reports as are
required by the Code, the REMIC Provisions or State Tax Laws including reports
relating to interest, original issue discount and market discount or premium
(using the Prepayment Assumption) and (iii) pursuant to Section 3.30(l), to the
Internal Revenue Service the name, title, address and telephone number of the
person who will serve as the representative of each of the Trust REMICs.

         (f) The Trustee shall take such actions and shall cause the Trust Fund
to take such actions as are reasonably within the Trustee's control and the
scope of its duties more specifically set forth herein as shall be necessary to
maintain the status of each Trust REMIC as a REMIC under the REMIC Provisions
(and each of the Master Servicer and the Special Servicer shall assist the
Trustee, to the extent reasonably requested by the Trustee to do so). None of
the Master Servicer, the Special

                                     -179-

Servicer and the Trustee shall knowingly or intentionally take any action, cause
any Trust REMIC to take any action or fail to take (or fail to cause to be
taken) any action reasonably within its control and the scope of duties more
specifically set forth herein, that, under the REMIC Provisions, if taken or not
taken, as the case may be, could, in such Person's reasonable judgment, (i)
cause any Trust REMIC to fail to qualify as a REMIC or (ii) result in the
imposition of a tax under the REMIC Provisions upon any Trust REMIC (including
but not limited to the tax on prohibited transactions as defined in Section
860F(a)(2) of the Code and the tax on contributions to a REMIC set forth in
Section 860G(d) of the Code) (either such event, an "Adverse REMIC Event")
unless such party receives an Opinion of Counsel (at the expense of the party
seeking to take such action or, if such party fails to pay such expense, and
such party determines that taking such action is in the best interest of the
Trust Fund and the Certificateholders, at the expense of the Trust Fund, but in
no event at the expense of such party) to the effect that the contemplated
action will not, with respect to any Trust REMIC, cause such Trust REMIC to fail
to qualify as a REMIC or, unless such party (which is acceptable to the Trustee)
determines that the monetary expense to such Trust REMIC is not material and in
its sole discretion agrees to indemnify (to the extent reasonably acceptable to
the Trustee) the Trust Fund against such tax, result in the imposition of such a
tax. Wherever in this Agreement a contemplated action may not be taken because
the timing of such action might result in the imposition of a tax on the Trust
Fund, or may be taken only pursuant to an Opinion of Counsel that such action
would impose a tax on the Trust Fund, such action may nonetheless be taken so
long as (x) the indemnity given in the preceding sentence with respect to any
taxes that might be imposed on the Trust Fund has been given and (y) all other
preconditions to the taking of such action have been satisfied. The Trustee
shall not take any action (whether or not authorized hereunder) as to which the
Master Servicer has advised it in writing that it has received an Opinion of
Counsel to the effect that an Adverse REMIC Event could occur with respect to
such action. In addition, prior to taking any action with respect to the Trust
Fund or the assets thereof, or causing the Trust Fund to take any action, which
is not expressly permitted under the terms of this Agreement, each of the
parties hereto will consult with the Trustee or its designee, in writing, with
respect to whether such action could cause an Adverse REMIC Event to occur with
respect to any Trust REMIC, and such party shall not take any such action, or
cause the Trust Fund to take any such action, as to which the Trustee has
advised it in writing that an Adverse REMIC Event could occur. The Trustee may
consult with counsel to make such written advice, and the cost of same shall be
borne by the party seeking to take the action not expressly permitted by this
Agreement. At all times as may be required by the Code, the Trustee will to the
extent within its control and the scope of its duties as specifically set forth
herein, maintain substantially all of the assets of the Trust Fund as "qualified
mortgages" as defined in Section 860G(a)(3) of the Code and "permitted
investments" as defined in Section 860G(a)(5) of the Code.

         (g) In the event that any tax is imposed on "prohibited transactions"
of any Trust REMIC as defined in Section 860F(a)(2) of the Code, on "net income
from foreclosure property" of any Trust REMIC as defined in Section 860G(c) of
the Code, or any other tax is imposed by the Code or any applicable provisions
of state or local tax laws, such tax shall be charged (i) to the Master
Servicer, if such tax arises out of or results from a breach, which breach
constitutes negligence or willful misconduct of the Master Servicer, by the
Master Servicer of any of its obligations under this Agreement and such breach
is not caused by the breach of another party, (ii) to the Trustee, if such tax
arises out of or results from a breach by the Trustee of any of its obligations
under this Agreement and such breach is not caused by the breach of another
party, (iii) to the Special Servicer, if such tax arises out of or results from
a breach by the Special Servicer of any of its obligations under this Agreement
and such breach is not caused by the breach of another party and (iv) otherwise,
against amounts on deposit in the Collection Account.

                                     -180-

         (h) The Trustee shall, for federal income tax purposes, maintain books
and records with respect to each of the Trust REMICs on a calendar year and on
an accrual basis or as otherwise may be required by the REMIC Provisions.

         (i) Following the Startup Day, none of the Master Servicer, the Special
Servicer and the Trustee shall accept any contributions of assets to any Trust
REMIC unless the Master Servicer, the Special Servicer and the Trustee shall
have received an Opinion of Counsel (at the expense of the party seeking to make
such contribution) to the effect that the inclusion of such assets in such Trust
REMIC will not cause such Trust REMIC to fail to qualify as a REMIC at any time
that any Certificates are outstanding or subject any Trust REMIC to any tax
under the REMIC Provisions or other applicable provisions of federal, state and
local law or ordinances.

         (j) None of the Master Servicer, the Special Servicer and the Trustee
shall enter into any arrangement by which any Trust REMIC created hereunder will
receive a fee or other compensation for services nor, to the extent reasonably
within their control, permit any Trust REMIC to receive any income from assets
other than "qualified mortgages" as defined in Section 860G(a)(3) of the Code or
"permitted investments" as defined in Section 860G(a)(5) of the Code.

         (k) For the purposes of Treasury regulations section
1.860G-1(a)(4)(iii), the "latest possible maturity date" of the Uncertificated
Lower-Tier Interests and the Regular Certificates is the Rated Final
Distribution Date.

         (l) Within 30 days after the Closing Date, the Trustee shall obtain a
taxpayer identification number for each Trust REMIC on Form SS-4 and shall
prepare and file with the Internal Revenue Service Form 8811, "Information
Return for Real Estate Mortgage Investment Conduits (REMIC) and Issuers of
Collateralized Debt Obligations" (or applicable successor form) for each REMIC
created hereunder.

         (m) None of the Trustee, the Master Servicer and the Special Servicer
shall sell or dispose of or substitute for any of the Loans (except in
connection with (i) the default, imminent default or foreclosure of a Loan,
including but not limited to, the acquisition or sale of a Mortgaged Property
acquired by deed in lieu of foreclosure, (ii) the bankruptcy of the Trust Fund,
(iii) the termination of the Trust Fund created hereunder pursuant to Article X
of this Agreement or (iv) a purchase of Loans pursuant to or as contemplated by
Article II, Section 3.18, Section 3.32 or Section 3.33 of this Agreement or
pursuant to any Intercreditor Agreement or mezzanine intercreditor agreement)
nor acquire any assets for any Trust REMIC, nor sell or dispose of any
investments in any account maintained by it hereunder for gain, nor accept any
contributions to any Trust REMIC after the Closing Date, unless it has received
an Opinion of Counsel (which opinion shall be the expense of the party seeking
to take such action) that such sale or disposition will not affect adversely the
status of any Trust REMIC as a REMIC or cause any Trust REMIC to be subject to a
tax on "prohibited transactions" or "contributions" pursuant to the REMIC
Provisions.

         (n) The Depositor shall provide or cause to be provided to the Trustee,
within 10 days after the Closing Date, and thereafter on an ongoing basis, all
information or data requested by the Trustee that the Trustee reasonably
determines to be relevant for tax purposes as to the valuations and Issue Prices
of the Certificates, including without limitation, the price, yield, original
issue discount, issue premium and projected cash flow of the Certificates. In
addition, each of the Master Servicer, the Special Servicer and the Depositor
shall provide on a timely basis to the Trustee or its designee such information
with respect to the Trust Fund as is in its possession and reasonably requested
by the Trustee to enable it

                                     -181-

to perform its obligations under this Section. The Trustee shall be entitled to
rely conclusively upon all such information so provided to it without
recalculation or other investigation.

         (o) The Trustee shall pay out of its own funds, without any right of
reimbursement, any and all ordinary expenses of the Trust Fund incurred in the
performance of its duties under this Section but shall be reimbursed, except as
otherwise expressly provided for herein, by the Trust Fund for any of its
extraordinary expenses, including any taxes or tax-related payments including
any expenses involved in any tax examination, audit or proceeding.

         SECTION 3.31. Master Servicer and Special Servicer May Own
                       Certificates.

         (a) The Master Servicer and any agent of the Master Servicer in its
individual or any other capacity may become the owner or pledgee of Certificates
with the same rights it would have if it were not the Master Servicer or such
agent, except with respect to Voting Rights, as set forth in the definition of
"Certificateholder".

         (b) The Special Servicer and any agent of the Special Servicer in its
individual or any other capacity may become the owner or pledgee of Certificates
with the same rights it would have if it were not the Special Servicer or such
agent, except with respect to Voting Rights, as set forth in the definition of
"Certificateholder".

         SECTION 3.32. Certain Matters Related to the One Park Avenue Total
                       Loan.

         (a) General. The Master Servicer (or, if the One Park Avenue Loan is a
Specially Serviced Loan, then the Special Servicer) shall service and administer
the One Park Avenue Total Loan in a manner consistent with the One Park Avenue
Intercreditor Agreement and, unless another party is expressly responsible
hereunder, shall (subject to the Servicing Standard) satisfy all of the
obligations required to be performed by the "Note A Holder" or contemplated to
be performed by a "Servicer" under Sections 3, 6, 17 and 19 of the One Park
Avenue Intercreditor Agreement. If and for so long as Section 11 of the One Park
Avenue Intercreditor Agreement is in effect, the Master Servicer (or, if the One
Park Avenue Loan is a Specially Serviced Loan, then the Special Servicer) shall
satisfy all of the obligations required to be performed by the "Note A Holder"
or contemplated to be performed by a "Servicer" under such Section 11.

         (b) Consultation and Approval Rights of One Park Avenue Controlling
Holder; Certain Procedures; Certain Limitations. Notwithstanding anything to the
contrary contained herein (but subject to the penultimate paragraph of this
Section 3.32(b)), the Master Servicer (or, if the One Park Avenue Loan is a
Specially Serviced Loan, then the Special Servicer) shall: (1) consult with the
One Park Avenue Controlling Holder at any time (whether or not an "event of
default" (as defined in the One Park Avenue Intercreditor Agreement) has
occurred) with respect to proposals to take any significant action with respect
to the One Park Avenue Total Loan or the related Mortgaged Property and to
consider alternative actions recommended by the One Park Avenue Controlling
Holder in connection with (i) any adoption or implementation of a business plan
submitted by the related Borrower with respect to the related Mortgaged
Property, (ii) the execution or renewal of any lease (if a lender approval is
provided for in the applicable Loan Documents), (iii) the release of any escrow
held in conjunction with the One Park Avenue Total Loan to the related Borrower
not expressly required by the related Loan Documents or under applicable law,
(iv) material alterations on the related Mortgaged Property, if approval by the
lender is required by the related Loan Documents, (v) material change in any
ancillary Loan Documents, or (vi) the waiver of any notice provisions related to
prepayment; and (2) prior to taking any of the One Park Avenue Specially
Designated Servicing Actions, notify in writing the One Park Avenue Controlling

                                     -182-

Holder of any proposal to take any of such actions (and to provide the One Park
Avenue Controlling Holder with such information reasonably requested by the One
Park Avenue Controlling Holder as may be necessary in the reasonable judgment of
the One Park Avenue Controlling Holder in order to make a judgment) and receive
the written approval of the One Park Avenue Controlling Holder (which approval
may be withheld in its sole good faith discretion) with respect thereto;
provided, however, that (i) if the One Park Avenue Controlling Holder fails to
notify the Master Servicer or the Special Servicer, as applicable, of its
approval or disapproval of any such proposed action within 10 Business Days
after delivery to the One Park Avenue Controlling Holder by the Master Servicer
or the Special Servicer, as applicable, of written notice of such a proposed
action and such information as reasonably requested by the One Park Avenue
Controlling Holder, such action by the Master Servicer or the Special Servicer
shall be deemed to have been approved by the One Park Avenue Controlling Holder;
(ii) any amounts funded by the Master Servicer or the Trustee or the One Park
Avenue Junior Loan Holder as a result of (i) the making of any protective
Advances or (ii) interest accruals or accretions and any compounding thereof
(including default interest) with respect to the related Notes shall not at any
time be deemed to contravene this subsection; and (iii) the obligations of the
Master Servicer or the Special Servicer, as the case may be, set forth above
shall be subject to the penultimate paragraph of this Section 3.32(b)).

         With respect to any proposed action requiring consultation with or
approval of the One Park Avenue Controlling Holder pursuant to the first
paragraph of this Section 3.32(b) and Section 20(b) of the One Park Avenue
Intercreditor Agreement, the Master Servicer or the Special Servicer, as the
case may be, shall prepare a summary of such proposed action and an analysis of
whether or not such action is reasonably likely to produce a greater recovery on
a present value basis than not taking such action, setting forth the basis on
which the Master Servicer or the Special Servicer, as the case may be, made such
determination, and shall provide to the Directing Certificateholder, the One
Park Avenue B Loan Holder, the One Park Avenue C Loan Holder and the One Park
Avenue D Loan Holder copies of such summary by hard copy or electronic means on
a timely basis. If any such proposed action is disapproved by the One Park
Avenue Controlling Holder, the Master Servicer or the Special Servicer shall
propose an alternate action (based on any counter-proposals received from the
One Park Avenue Controlling Holder, to the extent such counter-proposal is
consistent with the immediately succeeding paragraph of Section 3.32(b) and
Section 20(d) of the One Park Avenue Intercreditor Agreement or, if no such
counter-proposal is received, then based on any alternate course of action that
the Master Servicer or the Special Servicer may deem appropriate) until the
approval of the One Park Avenue Controlling Holder is obtained; provided that if
the Master Servicer or the Special Servicer, as the case may be, and the One
Park Avenue Controlling Holder do not agree on a proposed course of action by
the earlier of (x) 60 days after the date on which the Master Servicer or the
Special Servicer, as the case may be, first proposed a course of action or (y)
five Business Days prior to the date (if any) on which the lender's approval
right under the Loan Documents shall expire or the lender shall be deemed to
have given approval, then the Master Servicer or the Special Servicer, as the
case may be, shall take such action as it deems appropriate in accordance with
the Servicing Standard.

         Notwithstanding anything herein to the contrary, no advice, direction
or objection from or by the One Park Avenue Controlling Holder, as contemplated
by the foregoing provisions of Section 3.32(b), may (and the Master Servicer or
the Special Servicer, as the case may be, shall ignore and act without regard to
any such advice, direction or objection that the Master Servicer or the Special
Servicer, as the case may be, has determined, in its reasonable, good faith
judgment, will) require or cause the Master Servicer or the Special Servicer, as
the case may be, the Trustee to take any action or refrain from taking any
action which would violate any law of any applicable jurisdiction, be
inconsistent with the Servicing Standard or violate the REMIC Provisions or
violate any other provisions of this Agreement, the Loan Documents, or any
provisions of the One Park Avenue Intercreditor Agreement.

                                     -183-

         With respect to the matters contemplated by the foregoing provisions of
this Section 3.32(b) and the corresponding provisions of the One Park Avenue
Intercreditor Agreement, the Directing Certificateholder is hereby designated,
on behalf of the Trust Fund, as holder of the One Park Avenue Loan to exercise
the rights of the holder of such Loan or any successor REO Loan with respect
thereto.

         (c) Limitations on Liability of Controlling Holder. The parties
acknowledge that no One Park Avenue Controlling Holder or designee thereof shall
owe any fiduciary duty to the Trustee, the Master Servicer, the Special Servicer
or any Certificateholder and that no One Park Avenue Controlling Holder or
designee thereof will have any liability to the Trustee, the Master Servicer,
the Special Servicer, any Certificateholders or any other holder of an interest
in the One Park Avenue Total Loan for any action taken, or for refraining from
the taking of any action pursuant to the One Park Avenue Intercreditor Agreement
or this Agreement, or the giving of any consent or for errors in judgment;
provided, however, that the foregoing shall not be construed so as to limit any
liability that may be imposed on the One Park Avenue Controlling Holder in
accordance with the One Park Avenue Intercreditor Agreement. By its acceptance
of a Certificate, each Certificateholder will be deemed to have confirmed its
understanding that (i) a One Park Avenue Controlling Holder may take or refrain
from taking actions that favor the interests of the One Park Avenue Controlling
Holder or its Affiliates over the other holders of interests in the One Park
Avenue Total Loan, (ii) a One Park Avenue Controlling Holder may take or refrain
from taking actions (or cause its designee to take or refrain from taking
actions) that favor its interest or the interests of its affiliates over the
other holders of interests in the One Park Avenue Total Loan, (iii) that a One
Park Avenue Controlling Holder or its designee may have special relationships
and interests that conflict with the interests of the other holders of interests
in the One Park Avenue Total Loan and will be deemed to have agreed to take no
action against a One Park Avenue Controlling Holder, any designee thereof or any
of their officers, directors, employees, principals or agents as a result of
such special relationships or conflicts, (iv) that no One Park Avenue
Controlling Holder shall be liable by reason of its having acted or refrained
from acting solely in its interest or in the interest of its affiliates and (v)
that no designee of the One Park Avenue Controlling Holder shall be liable by
reason of its having acted or refrained from acting solely in the interests of
the related One Park Avenue Controlling Holder or its affiliates.

         (d) Defaulted Loan Purchase Option in Favor of Junior Lenders. If a One
Park Avenue Triggering Event of Default has occurred and is continuing, then,
upon written notice from the Master Servicer (a "One Park Avenue Repurchase
Option Notice") of such occurrence (which notice the Master Servicer shall give
promptly to the One Park Avenue Junior Loan Holders), each One Park Avenue
Junior Loan Holder shall have the right, in the manner set forth below and in
the One Park Avenue Intercreditor Agreement and prior to any other party, by
written notice to the Master Servicer and the Special Servicer (a "One Park
Avenue Junior Loan Holder Repurchase Notice"), at any time after the occurrence
of the One Park Avenue Triggering Event of Default and prior to the earliest to
occur of (i) the cure of the One Park Avenue Triggering Event of Default, (ii)
the consummation of a foreclosure sale, sale by power of sale or delivery of a
deed in lieu of foreclosure with respect to the related Mortgaged Property and
(iii) the modification of the related Loan Documents in a manner that causes the
One Park Avenue Total Loan no longer to be in default (such earliest date, the
"One Park Avenue Purchase Option Cut-off Date"), to purchase the One Park Avenue
Loan and (as provided in the One Park Avenue Intercreditor Agreement) the One
Park Avenue C Loan (if the One Park Avenue D Loan Holder is the exercising One
Park Avenue Junior Loan Holder), the One Park Avenue B Loan (if the One Park
Avenue C Loan Holder is the exercising One Park Avenue Junior Loan Holder), all
at the applicable "Defaulted Mortgage Loan Purchase Price" (as defined in the
One Park Avenue Intercreditor Agreement).

         Upon the delivery of the One Park Avenue Junior Loan Holder Repurchase
Notice to the Master Servicer, the Special Servicer, the Trustee and, if
applicable, the other One Park Avenue Junior

                                     -184-

Loan Holder, the Trustee shall sell (and the applicable One Park Avenue Junior
Loan Holder shall purchase) the One Park Avenue Loan and, if applicable, the
other One Park Avenue Junior Loan, free and clear of any sub-interests therein
or any other liens, claims or encumbrances for the applicable "Defaulted
Mortgage Loan Purchase Price" (as defined in the One Park Avenue Intercreditor
Agreement), on a date (the "One Park Avenue Repurchase Date") not less than five
Business Days nor more than 90 Business Days after the date of the One Park
Avenue Junior Loan Holder Repurchase Notice, and which date shall in all events
be prior to the One Park Avenue Purchase Option Cut-off Date, as shall be
established by the Master Servicer and reasonably acceptable to the purchasing
One Park Avenue Junior Loan Holder. The applicable "Defaulted Mortgage Loan
Purchase Price" (as defined in the One Park Avenue Intercreditor Agreement)
shall be calculated by the Master Servicer three Business Days prior to the One
Park Avenue Repurchase Date (and such calculation shall be accompanied by
reasonably detailed back-up documentation explaining how such price was
determined) and shall, absent manifest error, be binding upon the
Certificateholders and the One Park Avenue Junior Loan Holders.

         The right of a One Park Avenue Junior Loan Holder to purchase the One
Park Avenue Loan and, if applicable, one or more One Park Avenue Junior Loans
shall automatically terminate upon the consummation of a foreclosure sale, sale
by power of sale or delivery of a deed in lieu of foreclosure with respect to
the related Mortgaged Property. For the avoidance of doubt, none of the One Park
Avenue Junior Loan Holders shall have any option to purchase the One Park Avenue
Loan under Section 3.18 (without a direct assignment of such right to such One
Park Avenue Junior Loan Holder from the Directing Certificateholder). If more
than one One Park Avenue Junior Loan Holder provides a One Park Avenue Junior
Loan Holder Repurchase Notice to the Master Servicer and the Special Servicer,
then the One Park Avenue Junior Loan Holder of the Junior Loan with the lowest
priority in right of payment (as set forth in the One Park Avenue Intercreditor
Agreement) shall have the right to consummate the purchase contemplated by this
Section and each One Park Avenue Junior Loan Holder Repurchase Notice delivered
by each other One Park Avenue Junior Loan Holder shall be deemed revoked and of
no further force and effect.

         (e) Additional Reimbursements in Connection with Purchases. If any One
Park Avenue Junior Loan Holder purchases the One Park Avenue Loan pursuant to
Section 3.32(d), or if any Person purchases the One Park Avenue Loan as a
Defaulted Loan pursuant to Section 3.18, then the Person effecting the purchase
must also pay and/or reimburse to the Master Servicer, the Special Servicer, the
Trustee and the Depositor the respective amounts then currently due and owing to
them hereunder with respect to the One Park Avenue Junior Loans and that,
pursuant to the One Park Avenue Intercreditor Agreement, would otherwise have
been payable out of future collections on the One Park Avenue Junior Loans.
Notwithstanding anything herein to the contrary, any such purchase shall be
subject to such reimbursements.

         (f) Acknowledgement of Intercreditor Agreement. The parties hereto
acknowledge the purchase options of the respective One Park Avenue Junior Loan
Holders (and/or their respective designees and/or representatives) in respect of
the One Park Avenue Loan pursuant to One Park Avenue Intercreditor Agreement.
Upon its receipt of any notice from a One Park Avenue Junior Loan Holder or its
designee expressing an intent to exercise any such purchase option, each party
hereto shall promptly forward a copy of such notice to the Directing
Certificateholder.

         (g) Release of Files Upon Purchase. In connection with any purchase of
the One Park Avenue Loan, together with any One Park Avenue Junior Loan,
pursuant to or as contemplated by Section 3.32(d) or Section 3.32(f), then the
Master Servicer or the Special Servicer shall (i) if it receives the related
Purchase Price or "Defaulted Mortgage Loan Purchase Price" (as defined in the
One Park Avenue Intercreditor Agreement) and/or any other amounts payable in
connection with the purchase,

                                     -185-

deposit same, or remit same to the Master Servicer for deposit, as applicable,
into the Collection Account and/or the related Junior Loan Custodial Account, as
applicable, and so notify the Trustee; and (ii) deliver the related Servicing
File to the Person effecting the purchase or its designee. In addition, upon its
receipt of a Request for Release from the Master Servicer, the Trustee shall:
(i) deliver the Mortgage File to the Person effecting the purchase or its
designee; and (ii) execute and deliver such endorsements, assignments and
instruments of transfer as shall be provided to it and are reasonably necessary
to vest ownership of the One Park Avenue Loan in the appropriate transferee,
without recourse, representations or warranties.

         (h) Cure Option. In the event any monetary default beyond applicable
notice and grace periods or non-monetary default beyond applicable notice and
grace periods (of which the Master Servicer or the Special Servicer has
knowledge) shall exist with respect to the One Park Avenue Total Loan, then,
upon notice from the Master Servicer or the Special Servicer, as the case may be
(a "One Park Avenue Cure Option Notice") of the occurrence of such default
beyond applicable notice and grace periods (which notice the Master Servicer or
the Special Servicer, as the case may be, shall promptly give to the One Park
Avenue Controlling Junior Loan Holder upon receipt of knowledge thereof), the
One Park Avenue Controlling Junior Loan Holder shall have the right, exercisable
by the One Park Avenue Controlling Junior Loan Holder giving written notice of
its intent to cure a default within five Business Days of receipt of the One
Park Avenue Cure Option Notice, to cure such default; provided, in the event
that the One Park Avenue Controlling Junior Loan Holder has elected to cure any
default, the default must be cured by the One Park Avenue Controlling Junior
Loan Holder within, in the case of a monetary default, five Business Days of
receipt of such One Park Avenue Cure Option Notice and, in the case of a
non-monetary default, 30 days of receipt of such One Park Avenue Cure Option
Notice.

         If the One Park Avenue Controlling Junior Loan Holder elects to cure a
default that can be cured by the payment of money (each such payment, a "One
Park Avenue Cure Payment"), the One Park Avenue Controlling Junior Loan Holder
shall make such One Park Avenue Cure Payment as directed by the Master Servicer
or the Special Servicer, as the case may be, and each such One Park Avenue Cure
Payment shall include all costs, expenses, losses, liabilities, obligations,
damages, penalties, and disbursements imposed on, incurred by or asserted
against the Trustee, the Master Servicer or the Special Servicer (including,
without limitation, all unreimbursed Advances (without regard to whether such
Advance would be a Nonrecoverable Advance) and any interest charged thereon and
any unpaid Master Servicing Fees (and Primary Servicing Fees) and Special
Servicing Fees with respect to the One Park Avenue Total Loan) during the period
of time from the expiration of the grace period under the One Park Avenue Total
Loan until such One Park Avenue Cure Payment is made or such other cure is
otherwise effected.

         So long as a default exists that is being cured by the One Park Avenue
Controlling Junior Loan Holder pursuant to this paragraph of this Section
3.32(h) and Section 10(c) of the One Park Avenue Intercreditor Agreement and the
cure period has not expired and the One Park Avenue Controlling Junior Loan
Holder is permitted to cure under the terms of such provisions, such default
shall not constitute a default or an event of default (i) for purposes of
Sections 4 or 5 of the One Park Avenue Intercreditor Agreement; (ii) for
purposes of accelerating the One Park Avenue Total Loan, modifying, amending or
waiving any provisions of the related Loan Documents or commencing proceedings
for foreclosure or the taking of title by deed-in-lieu of foreclosure or other
similar legal proceedings with respect to the related Mortgaged Property; or
(iii) for purposes of treating the One Park Avenue Total Loan as a Specially
Serviced Loan; provided that such limitations shall not prevent the Master
Servicer or the Special Servicer from sending notices of the default to the
related Borrower or any related guarantor or making demands on the related
Borrower or any related guarantor or from collecting default interest or late
payment charges from the related Borrower.

                                     -186-

         Notwithstanding anything to the contrary contained in this subsection,
(A) the One Park Avenue Controlling Junior Loan Holder's right to cure a
monetary default or non-monetary default shall be limited to six One Park Avenue
Cure Events over the life of the One Park Avenue Total Loan, (B) no single One
Park Avenue Cure Event may exceed three consecutive months and (C) no One Park
Avenue Cure Event may begin in a month immediately following the end of the
preceding One Park Avenue Cure Event. Additional One Park Avenue Cure Events
shall only be permitted with the consent of the Special Servicer, which shall
not grant such a consent unless it has received a confirmation from each Rating
Agency to the effect that such consent shall not result in a qualification,
downgrade or withdrawal of the then-current rating (if any) assigned by such
Rating Agency to any Class of Certificates. Notwithstanding the foregoing, the
making of a One Park Avenue Cure Payment by any Person entitled to do so shall
not act as a waiver of any amounts due under the related Loan Documents by the
related Borrower.

         The right of the One Park Avenue Controlling Junior Loan Holder to
reimbursement of any One Park Avenue Cure Payment shall be subordinate in all
respects to the rights of the holder of the One Park Avenue Loan to
distributions with respect to the One Park Avenue Total Loan and to all amounts
distributable to such holder pursuant to the One Park Avenue Intercreditor
Agreement to the extent set forth in Sections 4 and 5 of the One Park Avenue
Intercreditor Agreement or as otherwise explicitly set forth in the One Park
Avenue Intercreditor Agreement.

         (i) Deeming Provision. Any decisions made by the Master Servicer or the
Special Servicer, as the case may be, with respect to the One Park Avenue Total
Loan pursuant to and in accordance with the Servicing Standard and the other
provisions of this Agreement shall automatically be deemed to be reasonably
exercised for purposes of this Section 3.32 and this Agreement.

         (j) Information. The Master Servicer and the Special Servicer each
shall provide to each One Park Avenue Junior Loan Holder or its designee, with
respect to its One Park Avenue Junior Loan, as applicable, or any related REO
Property, subject to the same conditions and restrictions on the distribution of
information as apply with respect to the Loans, the same reports, documents and
other information that the Master Servicer or the Special Servicer, as the case
may be, provides to the Trustee with respect to the One Park Avenue Loan or any
related REO Property, and on a concurrent basis (unless an earlier delivery is
otherwise expressly provided for herein). The Trustee, the Master Servicer and
the Special Servicer each shall provide to each One Park Avenue Junior Loan
Holder or its designee, with respect to its One Park Avenue Junior Loan or any
related REO Property, the same reports, documents and other information that the
Trustee, the Master Servicer or the Special Servicer, as the case may be,
provides to the Directing Certificateholder with respect to the One Park Avenue
Loan or any related REO Property, and on a concurrent basis. In addition, the
Trustee, the Master Servicer or the Special Servicer, as applicable, shall, upon
receipt of a written request, provide to each One Park Avenue Junior Loan Holder
or its designee (at such holder's cost) all other reports, documents and
information that such holder or its designee may reasonably request with respect
to its One Park Avenue Junior Loan or any related REO Property; provided,
however, that in no event shall a One Park Avenue Junior Loan Holder be provided
with any Fair Value calculation in respect of the One Park Avenue Loan.
Notwithstanding the foregoing, none of the Trustee, the Master Servicer or the
Special Servicer shall be required to deliver to any One Park Avenue Junior Loan
Holder or its designee any particular report, document or other information
pursuant to this Section 3.32(j) if and to the extent that (but only if and to
the extent that) such particular report, document or other information is
otherwise delivered to such One Park Avenue Junior Loan Holder within the same
time period contemplated by this Section 3.32(j) pursuant to any other section
of this Agreement. In addition, the Master Servicer shall provide to the One
Park Avenue Junior Loan Holders, subject to the same conditions and restrictions
on the distribution of information as apply with respect to the Loans, (a) a
summary of the current status of principal and interest payment on the One Park
Avenue Total Loan, (b) copies of the related Borrower's current financial
statements, to the

                                     -187-

extent then in the possession of the Master Servicer, (c) current information,
if any, as to the value of the related Mortgaged property, to the extent in the
Master Servicer's possession, (d) agreements that govern the administration of
the One Park Avenue Total Loan by the Master Servicer, (e) copies of any default
or acceleration notices sent to the related Borrower with respect to the One
Park Avenue Total Loan and all material correspondence related thereto, (f) to
the extent not otherwise provided above, copies of each other report provided to
the Certificateholder in accordance with the express provisions of this
Agreement (but only to the extent such other reports related to the One Park
Avenue Total Loan or the related Borrower) and (g) other information with
respect to the related Borrower or the One Park Avenue Total Loan, reasonably
request by any such One Park Avenue Junior Loan Holder, to the extent in the
Master Servicer's possession and within 10 days of the Master Servicer's receipt
of such Holder's request, in each case at the sole cost and expense of the
requesting One Park Avenue Junior Loan Holder (with respect to all out-of-pocket
and the reasonable and administrative and photocopying costs of the Master
Servicer); provided, however, that the Master Servicer shall send any notices
referred to in clause (e) above to the One Park Avenue Junior Loan Holder
simultaneously with the sending of any such notices to the related Borrower
without the need for any request by any One Park Avenue Junior Loan Holder. The
Master Servicer shall afford the access and provide the information to which the
One Park Avenue Junior Loan Holders are entitled under Sections 11(b), 11(c) and
11(d) of the One Park Avenue Intercreditor Agreement.

         (k) Assignability. Each of the rights of the respective One Park Avenue
Junior Loan Holders under or contemplated by this Section 3.32 shall be
assignable to, and/or exercisable by, a designee thereof; provided that the
Master Servicer, the Special Servicer and the Trustee are provided with written
notice by the assignor of such assignment (upon which such party may
conclusively rely) and the contact details of the assignee.

         (l) Special Servicing. (1) The One Park Avenue Controlling Holder shall
be entitled to terminate the rights and obligations of the Special Servicer
under this Agreement, with or without cause, solely in respect of the One Park
Avenue Total Loan and/or any related REO Property upon 10 Business Days prior
written notice to the Master Servicer, the Special Servicer and the Trustee,
which shall, if the termination of the Special Servicer is for cause, set forth
the Event of Default that gave rise to such termination, provided, however, that
(i) such successor shall meet the requirements set forth in Section 7.02, (ii)
as evidenced in writing by each of the Rating Agencies (at the cost of such One
Park Avenue Controlling Holder), such proposed replacement of the Special
Servicer shall not, in and of itself, result in a downgrading, withdrawal or
qualification of the then-current ratings provided by the Rating Agencies with
respect to any Class of then outstanding Certificates that is rated, and (iii)
the Trustee shall have received (A) an Acknowledgment of Proposed Special
Servicer substantially in the form attached hereto as Exhibit O, executed by the
Person designated to be the successor to the Special Servicer in its capacity as
special servicer for the One Park Avenue Total Loan and/or any related REO
Property, and (B) an Opinion of Counsel (which shall not be an expense of the
Trustee or the Trust) substantially to the effect that (1) such removal of the
Special Servicer and/or the appointment of the Person designated to serve as
successor thereto is in compliance with this Section 3.32(l), (2) such
designated Person is duly organized, validly existing and in good standing under
the laws of the jurisdiction of its organization, (3) the applicable
Acknowledgment of Proposed Special Servicer has been duly authorized, executed
and delivered by such designated Person and (4) upon the execution and delivery
of the applicable Acknowledgment of Proposed Special Servicer, such designated
Person shall be bound by the terms of this Agreement and, subject to customary
bankruptcy and insolvency exceptions and customary equity exceptions, this
Agreement shall be enforceable against such designated Person in accordance with
its terms. Any Person terminated in its capacity as the Special Servicer
pursuant to this Section 3.32(l) shall be deemed to have been so terminated
simultaneously with the designated successor's becoming the Special Servicer
hereunder; provided that (i) the terminated Special Servicer shall be entitled
to receive,

                                     -188-

in connection with its termination, payment out of the Collection Account and,
if and to the extent applicable, the related Junior Loan Custodial Accounts of
all of its accrued and unpaid Special Servicing Fees in respect of the One Park
Avenue Total Loan and/or any related REO Property, and reimbursement from the
successor to such terminated Special Servicer of all outstanding Servicing
Advances made by such terminated Special Servicer in respect of the One Park
Avenue Total Loan and/or any related REO Property and all unpaid interest on
Advances accrued on such outstanding Servicing Advances (in which case the
successor to such terminated Special Servicer shall be deemed to have made such
Servicing Advances at the same time that such terminated Special Servicer had
actually made them), (ii) such terminated Special Servicer shall thereafter be
entitled to any Workout Fees in respect of the One Park Avenue Total Loan, as
and to the extent expressly permitted by Section 3.11(b), and (iii) such
terminated Special Servicer shall continue to be entitled to the benefits of
Section 6.03, notwithstanding any such termination; and provided, further, that
such terminated Special Servicer shall continue to be obligated to pay (and
entitled to receive) all other amounts accrued to (or owing by) it under this
Agreement on or prior to the effective date of such termination. Such terminated
Special Servicer shall cooperate with the Trustee and the replacement to such
terminated Special Servicer in effecting the transfer of such terminated Special
Servicer's responsibilities and rights hereunder to its successor, including the
transfer within two Business Days of its termination becoming effective pursuant
to this Section 3.32(l), to the replacement to such terminated Special Servicer
for administration by it of all cash amounts that at the time are or should have
been credited by such terminated Special Servicer to the REO Account or to any
Servicing Account or should have been delivered to the Master Servicer or that
are thereafter received by or on behalf of such terminated Special Servicer, in
any event with respect to the One Park Avenue Total Loan or any related REO
Property. No penalty or fee shall be payable to the Special Servicer with
respect to any termination pursuant to this Section 3.32(l). Any expenses of the
Trust as a result of any termination pursuant to this Section 3.32(l) shall be
paid by the Persons who effected such termination.

         Following a termination and replacement of the Special Servicer with
respect to the One Park Avenue Total Loan and/or any related REO Property as
contemplated by this Section 3.32(l), the Special Servicer hereunder shall
collectively consist of: (i) such replacement of the Special Servicer as the
party hereunder responsible for performing the duties of special servicer with
respect to the One Park Avenue Total Loan and/or any related REO Property; and
(ii) the existing Special Servicer (or any successor thereto) as the party
hereunder responsible for performing the duties of special servicer with respect
to the rest of the Loans, Junior Loans and/or REO Properties for which the
Special Servicer is expressly responsible hereunder, and their duties and
obligations set forth hereunder shall be construed accordingly; provided that
(i) when used in the context of granting the Special Servicer the right to
purchase Defaulted Loans pursuant to Section 3.18, the term "Special Servicer"
shall mean the replacement for the Special Servicer appointed pursuant to this
Section 3.32(l) if such Defaulted Loan is the One Park Avenue Loan, and shall
mean the existing Special Servicer (or any successor thereto), in all other
cases; and (ii) when used in the context of granting the Special Servicer (or
any successor thereto) the right to purchase all of the Loans and any REO
Properties remaining in the Trust Fund pursuant to Section 9.01, the term
"Special Servicer" shall mean the existing Special Servicer (or any successor
thereto) only and not the replacement for the Special Servicer appointed
pursuant to this Section 3.32(l).

         With respect to the matters contemplated by this Section 3.32(l),
Section 20(f) of the One Park Avenue Intercreditor Agreement, the Directing
Certificateholder is hereby designated, on behalf of the Trust Fund, as holder
of the One Park Avenue Loan, to exercise the rights of the holder of the One
Park Avenue Loan or any successor REO Loan with respect thereto and to
constitute the One Park Avenue Controlling Holder.

         (m) Collateral Posted by One Park Avenue Junior Lender. The Trustee and
the Master Servicer on its behalf are hereby authorized and directed to accept
and to hold any "control

                                     -189-

retention collateral" (as defined in the One Park Avenue Intercreditor
Agreement) that may be delivered by a One Park Avenue Junior Lender, on behalf
of the Trust Fund for the benefit of the Certificateholders (and on behalf of
One Park Avenue Junior Lender whose One Park Avenue Junior Loan is senior to
that of the One Park Avenue Junior Lender that delivered such collateral) and to
execute and deliver such documents or instruments as may be necessary or
advisable to accept, receive, maintain or otherwise obtain the benefits of such
collateral. Such holding and retention shall be in a custodial capacity only. To
the extent that any such collateral or the proceeds thereof is in the form of
cash, then such cash shall be held in a separate Eligible Account and the Master
Servicer shall have the rights and duties set forth in Section 3.06 with respect
to such account as if it were a Servicing Account. Any such collateral shall be
held as an "outside reserve fund" within the meaning of Treasury regulation
section 1.860G-2(h)) and the rights of the Trust therein in its capacity as the
holder of the One Park Avenue Loan shall constitute an asset of the Trust Fund
but not as asset of any REMIC Pool or of any Grantor Trust. The Master Servicer
is hereby authorized and directed to release and/or return any such collateral
to the extent that the Person that delivered such collateral is entitled to a
release and/or return of such collateral under the terms of Section 21 of the
One Park Avenue Intercreditor Agreement. The Master Servicer shall exercise,
subject to and in accordance with the Servicing Standard, all of the rights that
the Trust, the Trustee and/or the Master Servicer may have under Section 21 of
the One Park Avenue Intercreditor Agreement, whether on behalf of the Trust as
the holder of the One Park Avenue Loan and/or on behalf of a One Park Avenue
Junior Lender whose One Park Avenue Junior Loan is senior to that of the One
Park Avenue Junior Lender that delivered such collateral, to draw upon, use or
otherwise obtain the benefits of such collateral, whether to make reimbursements
for realized losses and/or to pay or reimburse costs, losses and/or shortfalls
on or related to the One Park Avenue Total Loan.

         (n) Conflicts. If there are any conflicts between this Section 3.32 and
any of the Loan Documents relating to the One Park Avenue Total Loan or between
this Section 3.32 and the One Park Avenue Intercreditor Agreement, then such
Loan Documents or One Park Avenue Intercreditor Agreement shall control. The
parties hereto recognize and acknowledge the respective rights of the One Park
Avenue Junior Loan Holders under the One Park Avenue Intercreditor Agreement.

         SECTION 3.33. Certain Matters Related to the Mizner Park Total Loan.

         (a) General. The Master Servicer (or, if the Mizner Park Loan is a
Specially Serviced Loan, then the Special Servicer) shall service and administer
the Mizner Park Total Loan in a manner consistent with the Mizner Park
Intercreditor Agreement.

         (b) Consultation and Approval Rights of Mizner Park Consent Holder;
Certain Procedures; Certain Limitations. Notwithstanding anything to the
contrary contained herein (but subject to the penultimate paragraph of this
Section 3.33(b)), the Master Servicer (or, if the Mizner Park Loan is a
Specially Serviced Loan, then the Special Servicer) shall consult with the
Mizner Park Consent Holder at any time (whether or not a default has occurred
under the Mizner Park Total Loan) with respect to (i) any adoption or
implementation of a budget or business plan submitted by the related Borrower
with respect to the Mizner Park Mortgaged Property, (ii) the execution or
renewal of any material tenant lease (if the lender's approval is required under
the applicable Loan Documents), (iii) the release of any reserves to the related
Borrower not expressly required by the related Loan Documents or under
applicable law, (iv) material alterations on the Mizner Park Mortgaged Property
(if the lender's approval is required under the applicable Loan Documents), (v)
any material change in any ancillary Loan Documents, or (vi) the waiver of any
notice provisions related to prepayment. For ten Business Days following its
receipt of notice of the Master Servicer's or the Special Servicer's, as
applicable, intent to take any such action, the Mizner Park Consent Holder shall
have the right to contact and consult with the Master Servicer or the Special
Servicer, as applicable, regarding such action; provided that the Master
Servicer or the Special

                                     -190-

Servicer, as applicable, shall have no obligation to follow any advice of, or
take any direction from, the Mizner Park Consent Holder.

         Notwithstanding anything to the contrary contained herein (but subject
to the penultimate paragraph of this Section 3.33(b)), prior to taking any of
the Mizner Park Specially Designated Servicing Actions, the Master Servicer (or,
if the Mizner Park Loan is a Specially Serviced Loan, then the Special Servicer)
shall deliver or cause to be delivered to the Mizner Park Consent Holder of the
Master Servicer's or the Special Servicer's, as applicable, intent to take or
consent to taking any of such actions (which notice may be a copy of any notice
that the Special Servicer delivers to the Directing Certificateholder under
another provision of this Agreement in connection with obtaining the approval of
the Directing Certificateholder with respect to such action) and obtain the
prior written approval of the Mizner Park Consent Holder (which the parties
acknowledge maybe withheld in its reasonable good faith discretion) with respect
thereto; provided, however, that (i) if the Mizner Park Consent Holder fails to
notify the Master Servicer or the Special Servicer, as applicable, of its
disapproval of any such proposed action within 10 Business Days after the Mizner
Park Consent Holder's receipt of such notice and the information and summary
described in clause (ii) of the following paragraph, such Mizner Park Specially
Designated Servicing Action shall be deemed to have been approved by the Mizner
Park Consent Holder; (ii) if any proposed Mizner Park Specially Designated
Servicing Action is disapproved by the Mizner Park Consent Holder, the Master
Servicer or the Special Servicer, as applicable, may propose an alternate action
(which may be based on any counter-proposal received from the Mizner Park
Consent Holder, to the extent that such counter-proposal is consistent with the
penultimate paragraph of this Section 3.33(b)) until the approval of the Mizner
Park Consent Holder is obtained; (iii) if the Master Servicer or the Special
Servicer, as applicable, and the Mizner Park Consent Holder do not agree on a
proposed course of action within 60 days after the date on which the Master
Servicer or the Special Servicer, as applicable, first proposed a Mizner Park
Specially Designated Servicing Action, then after giving due consideration
(subject to the penultimate paragraph of this Section 3.33(b)) to the
alternatives and counter-proposals, if any, provided by the Mizner Park Consent
Holder, the Master Servicer or the Special Servicer, as applicable, shall take
such action as it deems appropriate in accordance with the Servicing Standard
and (iv) notwithstanding the foregoing, if the Master Servicer or the Special
Servicer, as applicable, reasonably determines that immediate action is
necessary to protect the interest of the Trust as the holder of the Mizner Park
Loan and the Mizner Park Junior Lender (as a collective whole), the Master
Servicer, or the Special Servicer, as applicable, may take (or consent to the
other's taking), a Mizner Park Specially Designated Servicing Action without
waiting to receive any contact from the Mizner Park Consent Holder.

         In connection with (i) the servicing actions described above, the
Master Servicer or the Special Servicer, as the case may be, shall promptly
provide or cause to be provided to the Mizner Park Consent Holder all
information in its possession with respect to any proposed Mizner Park Specially
Designated Servicing Action, including its reasons for determining to take or
permit a proposed Mizner Park Specially Designated Servicing Action, in each
case as the Mizner Park Consent Holder may reasonably request and (ii) any
proposed Mizner Park Specially Designated Servicing Action requiring approval of
the Mizner Park Consent Holder, the Master Servicer or the Special Servicer, as
the case may be, shall prepare a summary of such proposed action and its
analysis and recommendation with respect thereto and shall promptly deliver such
summary to the Mizner Park Consent Holder by hard copy or electronic means.

         Notwithstanding anything herein to the contrary, no advice, direction
or objection from or by the Mizner Park Consent Holder, as contemplated by the
foregoing provisions of this Section 3.33(b), may (and the Master Servicer or
the Special Servicer, as the case may be, shall ignore and act without regard to
any such advice, direction or objection that the Master Servicer or the Special
Servicer, as the

                                     -191-

case may be, has determined, in its reasonable judgment, will) require or cause
the Trust, the Master Servicer or the Special Servicer to take any action or
refrain from taking any action that would (i) violate any law of any applicable
jurisdiction, (ii) violate any provisions of the Loan Documents for the Mizner
Park Total Loan, (iii) be inconsistent with the Servicing Standard, (iv) results
in an Adverse REMIC Event or an Adverse Grantor Trust Event or result in any
other adverse tax consequences to the Trust Fund, (v) expose the Depositor, any
Seller, the Trustee, the Master Servicer, the Special Servicer or any other
party to this Agreement or any of their respective Affiliates, directors,
officers, shareholders, partners, members, managers, employees or agents to any
claim, suit or liability, (vi) materially expand the scope of the Master
Servicer's or the Special Servicer's responsibilities under this Agreement or
(viii) violate any other provision of this Agreement or the Mizner Park
Intercreditor Agreement.

         The parties acknowledge that neither the Master Servicer nor the
Special Servicer shall be required to perform any duties otherwise imposed on
them under this Section 3.33(b) at any time when no Person constitutes a Mizner
Park Consent Holder.

         (c) Limitations on Liability of Consent Holder. The parties acknowledge
that no Mizner Park Consent Holder or designee thereof shall owe any fiduciary
duty to the Trustee, the Master Servicer, the Special Servicer or any
Certificateholder and that no Mizner Park Consent Holder or designee thereof
will have any liability to the Trustee, the Master Servicer, the Special
Servicer, any Certificateholders or any other holder of an interest in the
Mizner Park Total Loan for any action taken, or for refraining from the taking
of any action pursuant to the Mizner Park Intercreditor Agreement or this
Agreement, or the giving of any consent or for errors in judgment; provided,
however, that the foregoing shall not be construed so as to limit any liability
that may be imposed on the Mizner Park Consent Holder in accordance with the
Mizner Park Intercreditor Agreement. By its acceptance of a Certificate, each
Certificateholder will be deemed to have confirmed its understanding that (i) a
Mizner Park Consent Holder may take or refrain from taking actions that favor
the interests of the Mizner Park Consent Holder or its Affiliates over the other
holders of interests in the Mizner Park Total Loan, (ii) a Mizner Park Consent
Holder or its designee may have special relationships and interests that
conflict with the interests of the other holders of interests in the Mizner Park
Total Loan and that such Certificateholder will be deemed to have agreed to take
no action against a Mizner Park Consent Holder, any designee thereof or any of
their members, managers, partners, shareholders, officers, directors, employees,
principals or agents as a result of such special relationships or conflicts,
(iii) no Mizner Park Consent Holder shall be liable by reason of its having
acted or refrained from acting solely in its interest or in the interest of its
Affiliates (or any of their members, managers, partners, shareholders, officers,
directors, employees, principals or agents) and (iv) no designee of the Mizner
Park Consent Holder shall be liable by reason of its having acted or refrained
from acting solely in the interests of the related Mizner Park Consent Holder or
its Affiliates.

         (d) Defaulted Loan Purchase Option in Favor of Junior Lender. The
parties acknowledge that by written notice to the Master Servicer and the
Special Servicer delivered during any period (a "Mizner Park Defaulted Mortgage
Loan Purchase Period") that (i) the Mizner Park Junior Lender may cure defaults
under the Mizner Park Loan as contemplated by Section 3.33(i) or (ii) the Mizner
Park Loan constitutes a Specially Serviced Loan (provided that the Mizner Park
Loan is then in default or default with respect thereto is reasonably
foreseeable), the Mizner Park Junior Lender may elect (but shall not be
required) to purchase the Mizner Park Loan. The Special Servicer (if the Mizner
Park Total Loan constitutes a Specially Serviced Loan) or the Master Servicer
(if the Mizner Park Total Loan does not constitute a Specially Serviced Loan) on
behalf of the Trustee shall sell the Mizner Park Loan (free and clear of any
participations, liens, claim, encumbrances and adverse interests therein) at a
price equal to the Purchase Price on a date to be established by the Master
Servicer or the Special Servicer, as applicable, which date shall not be less
than five Business Days nor more than ten Business Days after the

                                     -192-

date on which the Master Servicer or the Special Servicer, as applicable,
receives a copy of the Mizner Park Junior Lender's written notice described
above. The amount of the Purchase Price for the Mizner Park Loan shall be
calculated by the Master Servicer or the Special Servicer, as applicable, three
Business Days prior to the date established for the consummation of the sale as
described above (and such calculation shall be accompanied by reasonably
detailed back-up documentation explaining how such price was determined) and
shall, absent manifest error, be binding upon the Certificateholders and the
Mizner Park Junior Lender and any designees thereof. Notwithstanding the
foregoing, the right of the Mizner Park Junior Lender or its designee to elect
to purchase the Mizner Park Loan as contemplated by this Section 3.33(d) will
automatically terminate upon the earlier of (x) the expiration of the Mizner
Park Defaulted Mortgage Loan Purchase Period and (y) a foreclosure sale, power
of sale or delivery of deed-in-lieu of foreclosure with respect to the Mizner
Park Property. The parties acknowledge that the purchase option contemplated by
this Section 3.33(d) is in addition to the purchase option contemplated by
Section 3.33(e).

         (e) Modification Purchase Option In Favor of Junior Lender. Prior to
entering into any modification of the Mizner Park Total Loan that would
materially affect the monetary terms of the Mizner Park Total Loan, the Master
Servicer (if the Mizner Park Total Loan does not constitute a Specially Serviced
Loan) or the Special Servicer (if the Mizner Park Total Loan constitutes a
Specially Serviced Loan) shall provide the Mizner Park Junior Lender with notice
thereof and with all information that the Master Servicer or the Special
Servicer, as applicable, considers material, but in any case including a draft
of the agreement, if any, that sets forth such proposed modification (which
proposed modification shall be subject to the terms of Section 3.1.3 of the
Mizner Park Intercreditor Agreement, if applicable). The parties acknowledge
that the Mizner Park Junior Lender shall have the right (but not an obligation)
to purchase the Mizner Park Loan at a price equal to the Purchase Price therefor
by delivering notice to the Trustee, the Master Servicer and the Special
Servicer within five Business Days of receipt of the materials described in the
preceding sentence, that it intends to exercise such purchase option (and the
parties also acknowledge that such purchase option shall terminate at the end of
such five Business Day period or upon receipt by the Master Servicer or the
Special Servicer, as the case may be, of notice that the Mizner Park Loan will
be otherwise sold pursuant to this Agreement). The parties further acknowledge
that the Mizner Park Junior Lender must deliver the Purchase Price for the
Mizner Park Loan to the Master Servicer within three Business Days after the end
of the five Business Day period referred to in the prior sentence.

         (f) Additional Reimbursements in Connection with Purchases. If the
Mizner Park Junior Loan Holder purchases the Mizner Park Loan pursuant to
Section 3.33(d) or Section 3.33(e), then the Person effecting the purchase must
reimburse or pay to the Master Servicer, the Special Servicer, the Trustee, the
Depositor and any other party to this Agreement the respective amounts then due
and owing to them hereunder in respect of or allocable to the Mizner Park Junior
Loan, if any. Notwithstanding anything herein to the contrary, any such purchase
shall be subject to such reimbursements.

         (g) Additional Notice. Upon its receipt of any notice from a Mizner
Park Junior Loan Holder or its designee expressing an intent to exercise any
purchase option contemplated by Section 3.33(d) and Section 3.33(e) of this
Agreement and/or otherwise set forth in the Mizner Park Intercreditor Agreement,
the Master Servicer or the Special Servicer, as applicable, shall promptly
forward a copy of such notice to the Directing Certificateholder.

         (h) Release of Files Upon Purchase. In connection with any purchase of
the Mizner Park Loan pursuant to or as contemplated by Section 3.33(d) or
Section 3.33(e), the Master Servicer or the Special Servicer shall (i) if it
receives the related Purchase Price and/or any other amounts payable in
connection with the purchase, deposit such funds, or remit such funds to the
Master Servicer for deposit,

                                     -193-

as applicable, into the Collection Account, and so notify the Master Servicer
(unless it is the Person making the deposit) and the Trustee; and (ii) deliver
the related Servicing File to the Person effecting the purchase or its designee.
In addition, upon its receipt of a Request for Release from the Master Servicer,
the Trustee shall: (i) deliver the Mortgage File to the Person effecting the
purchase or its designee; and (ii) execute and deliver such endorsements,
assignments and instruments of transfer or assignment, in each case without
recourse, representation or warranty, as shall be provided to it and are
reasonably necessary to vest ownership of the Mizner Park Loan in the
appropriate transferee.

         (i) Cure Option. The parties acknowledge that if the Borrower under the
Mizner Park Total Loan fails to make any payment of principal, interest or other
sums with respect to the Mizner Park Loan or the Mizner Park Junior Loan by the
end of the applicable grace period provided under the related Loan Documents
(any such failure to pay, a "Mizner Park Monetary Default"), then the Mizner
Park Junior lender shall have the right, but not the obligation to cure such
Mizner Park Monetary Default (any such cure, a "Mizner Park Monetary Cure")
within five Business Days after the Mizner Park Junior Lender's receipt of
written notice of such Mizner Park Monetary Default; provided, however, that (x)
the Mizner Park Junior Lender reimburses the Master Servicer, the Special
Servicer and the Trustee for the amount of any Advance, with Advance Interest
thereon in accordance with the other provisions of this Agreement, made by any
such Person on account of the Mizner Park Monetary Default which is the subject
of any Mizner Park Monetary Cure and (y) the occurrence of such Mizner Park
Monetary Cure shall not be deemed to constitute a cure by the related Borrower
with respect to the Mizner Park Loan or the Mizner Park Junior Loan (which shall
be deemed to continue until cured by the related Borrower). If the Mizner Park
Junior Lender elects to make a Mizner Park Monetary Cure, at the time such cure
is effect, it must pay or reimburse the parties to this Agreement for all costs,
expenses, losses, liabilities, obligations, damages, penalties and disbursements
imposed on, incurred by or asserted against such parties (including any Advance
Interest (as defined in the Mizner Park Intercreditor Agreement)) during the
period of time from the expiration of such applicable grace period until such
Monetary Cure is made.

         The parties acknowledge that if the Borrower under the Mizner Park
Total Loan is in default with respect to the Mizner Park Total Loan, but such
default is not a Mizner Park Monetary Default (any such default, a "Mizner Park
Non-Monetary Default"), the Mizner Park Junior Lender shall have the right, but
not the obligation, to cure such Mizner Park Non-Monetary Default (any such
cure, a "Mizner Park Non-Monetary Cure" and, together with any Mizner Park
Monetary Cure, a "Mizner Park Cure"), within 30 days after the Mizner Park
Junior Lender's receipt of written notice of the Mizner Park Non-Monetary
Default; provided, however, that (x) if the Mizner Park Junior Lender effects
the Mizner Park Non-Monetary Cure, then it shall reimburse the Master Servicer,
the Special Servicer and the Trustee for the amount of any Servicing Advance,
with Advance Interest thereon in accordance with the other provisions of this
Agreement, made by any such Person on account of such Mizner Park Non-Monetary
Default which is the subject of any Mizner Park Non-Monetary Cure, and (y) the
occurrence of such Mizner Park Non-Monetary Cure shall not be deemed to
constitute a cure by the related Borrower of the event of default with respect
to the Mizner Park Loan or the Mizner Park Junior Loan (which shall be deemed to
continue until cured by the related Borrower). If the Mizner Park Junior Lender
elects to make a Mizner Park Non-Monetary Cure, at the time such cure is
effected, it shall pay or reimburse the parties to this Agreement for all
out-of-pocket costs, expenses, losses, liabilities, obligations, damages,
penalties, and disbursements imposed on, incurred by or asserted against such
parties (including any Advance Interest (as defined in the Mizner Park
Intercreditor Agreement)) during the period of time from the expiration of such
applicable grace period until such Mizner Park Non-Monetary Cure is made.

         The parties acknowledge that, notwithstanding anything to the contrary
contained in this Agreement or the Mizner Park Intercreditor Agreement, the
Mizner Park Junior Lender's right to effect a Mizner Park Cure:

                                     -194-

               (i) shall be limited to six (6) Mizner Park Cure Events over the
     life of the Loans and no more than three (3) consecutive Mizner Park Cure
     Events; provided, that additional Mizner Park Cure Events shall be
     permitted with the consent of the Special Servicer with the consent of the
     Directing Certificateholder; and

               (ii) may only be exercised prior to the date that is one (1) year
     after the maturity date of the Mizner Park Total Loan.

         For purposes of this Section 3.33(i), "Mizner Park Cure Event" means
the Mizner Park Consent Holder's exercise of cure rights for one (1) month.

         The parties further acknowledge the subordination provisions of Section
3.7.4 of the Mizner Park Intercreditor Agreement.

         (j) Assignability. Each of the rights of the respective Mizner Park
Junior Loan Holders under or contemplated by this Section 3.33 shall be
assignable to, and/or exercisable by, a designee thereof; provided that the
Master Servicer, the Special Servicer and the Trustee are provided with written
notice by the assignor of such assignment (upon which such party may
conclusively rely) and the contact details of the assignee.

         (k) Special Servicing. The parties acknowledge that, if any Event of
Default on the part of the Special Servicer occurs that affects the Mizner Park
Junior Lender, and the Special Servicer is not otherwise terminated in
accordance with this Agreement, then the Mizner Park Consent Holder may require
the Trustee to terminate the duties and obligations of the Special Servicer with
respect to the Mizner Park Total Loan and/or any related REO Property only (but
as to no other Loan or REO Property) upon written notice to the Master Servicer,
the Special Servicer and the Trustee, which notice shall set forth the Event of
Default that gave rise to such termination, and, in such event, the Directing
Certificateholder shall appoint (or, in the event of the failure of the
Directing Certificateholder to so appoint, the Trustee shall appoint), within 30
days of the Mizner Park Consent Holder's request, a replacement special servicer
solely with respect to the Mizner Park Total Loan; provided, however, that such
replacement special servicer shall be reasonably acceptable to the Mizner Park
Consent Holder; and provided further, that (i) such successor shall meet the
requirements set forth in Section 7.02, (ii) as evidenced in writing by each of
the Rating Agencies (at the cost of such Mizner Park Consent Holder), such
proposed replacement of the Special Servicer shall not, in and of itself, result
in a downgrading, withdrawal or qualification of the then-current ratings
provided by the Rating Agencies with respect to any Class of then outstanding
Certificates that is rated, and (iii) the Trustee shall have received (A) an
Acknowledgment of Proposed Special Servicer substantially in the form attached
hereto as Exhibit O, executed by the Person designated to be the successor to
the Special Servicer in its capacity as special servicer for the Mizner Park
Total Loan and/or any related REO Property, and (B) an Opinion of Counsel (which
shall not be an expense of the Trustee or the Trust) substantially to the effect
that (1) such removal of the Special Servicer and/or the appointment of the
Person designated to serve as successor thereto is in compliance with this
Section 3.33(k) and the Mizner Park Intercreditor Agreement, (2) such designated
Person is duly organized, validly existing and in good standing under the laws
of the jurisdiction of its organization, (3) the applicable Acknowledgment of
Proposed Special Servicer has been duly authorized, executed and delivered by
such designated Person and (4) upon the execution and delivery of the applicable
Acknowledgment of Proposed Special Servicer, such designated Person shall be
bound by the terms of this Agreement and, subject to customary bankruptcy and
insolvency exceptions and customary equity exceptions, this Agreement shall be
enforceable against such designated Person in accordance with its terms. Any
Person terminated in its capacity as the Special Servicer pursuant to this
Section 3.33(k) shall be deemed to have been so terminated simultaneously with
the designated successor's becoming the

                                     -195-

Special Servicer hereunder; provided that (i) the terminated Special Servicer
shall be entitled to receive, in connection with its termination, payment out of
the Collection Account and, if and to the extent applicable, the related Junior
Loan Custodial Accounts of all of its accrued and unpaid Special Servicing Fees
in respect of the Mizner Park Total Loan and/or any related REO Property, and
reimbursement from Master Servicer or the successor to such terminated Special
Servicer of all outstanding Servicing Advances made by the Master Servicer or
such terminated Special Servicer in respect of the Mizner Park Total Loan and/or
any related REO Property and all unpaid interest on Advances accrued on such
outstanding Servicing Advances (in which case the Master Servicer or the
successor to such terminated Special Servicer shall be deemed to have made such
Servicing Advances at the same time that such terminated Special Servicer had
actually made them), (ii) such terminated Special Servicer shall thereafter be
entitled to any Workout Fees in respect of the Mizner Park Total Loan, as and to
the extent expressly permitted by Section 3.11(b), and (iii) such terminated
Special Servicer shall continue to be entitled to the benefits of Section 6.03,
notwithstanding any such termination; and provided, further, that such
terminated Special Servicer shall continue to be obligated to pay (and entitled
to receive) all other amounts accrued to (or owing by) it under this Agreement
on or prior to the effective date of such termination. Such terminated Special
Servicer shall cooperate with the Trustee and the successor to such terminated
Special Servicer in effecting the transfer of such terminated Special Servicer's
responsibilities and rights hereunder to its successor, including the transfer
within two Business Days of its termination becoming effective pursuant to this
Section 3.33(k), to the replacement to such terminated Special Servicer for
administration by it of all cash amounts that at the time are or should have
been credited by such terminated Special Servicer to the REO Account or to any
Servicing Account or should have been delivered to the Master Servicer or that
are thereafter received by or on behalf of such terminated Special Servicer, in
any event with respect to the Mizner Park Total Loan or any related REO
Property. No penalty or fee shall be payable to the Special Servicer with
respect to any termination pursuant to this Section 3.33(k). Any expenses of the
Trust as a result of any termination pursuant to this Section 3.33(k) shall be
paid by the Persons who effected such termination. If any replacement special
servicer appointed at the request of the Mizner Park Consent Holder shall at any
time resign or be terminated, then the Directing Certificateholder (or the
Trustee, if the Directing Certificateholder fails to do so) shall be required to
promptly appoint a substitute replacement special servicer, which special
servicer shall be reasonably acceptable to the Mizner Park Consent Holder and
which appointment shall not result in a downgrading, withdrawal or qualification
of the then-current ratings provided by the Rating Agencies with respect to any
Class of then outstanding Certificates that is rated (as evidenced in writing by
each Rating Agency, if required by such Rating Agencies).

         Following a termination and replacement of the Special Servicer with
respect to the Mizner Park Total Loan and/or any related REO Property as
contemplated by this Section 3.33(k), the Special Servicer hereunder shall
collectively consist of: (i) such replacement of the Special Servicer as the
party hereunder responsible for performing the duties of special servicer with
respect to the Mizner Park Total Loan and/or any related REO Property; (ii) the
Person then appointed and acting as the party hereunder responsible for
performing the duties of special servicer with respect to the One Park Avenue
Total Loan and/or any related REO Property and (iii) the existing Special
Servicer (or any successor thereto) as the party hereunder responsible for
performing the duties of special servicer with respect to the rest of the Loans,
Junior Loans and/or REO Properties for which the Special Servicer is expressly
responsible hereunder, and the respective duties and obligations of those
parties set forth hereunder shall be construed accordingly; provided that when
used in the context of granting the Special Servicer (or any successor thereto)
the right to purchase all of the Loans and any REO Properties remaining in the
Trust Fund pursuant to Section 9.01, the term "Special Servicer" shall mean the
existing Special Servicer (or any successor thereto) that is responsible for
performing the duties of special servicer with respect to the Loans, Junior
Loans and/or REO Properties generally under this Agreement (excluding, if
applicable, the Mizner Park Total Loan and/or any

                                     -196-

related REO Property and One Park Avenue Total Loan and/or any related REO
Property) only and not the replacement for the Special Servicer appointed
pursuant to this Section 3.33(k).

         (l) Conflicts. If there are any conflicts between this Section 3.33 and
any of the Loan Documents relating to the Mizner Park Total Loan or between this
Section 3.33 and the Mizner Park Intercreditor Agreement, then such Loan
Documents or Mizner Park Intercreditor Agreement shall control. The parties
hereto recognize and acknowledge the rights of the Mizner Park Junior Loan
Holder under the Mizner Park Intercreditor Agreement.

                                     -197-

                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS

         SECTION 4.01. Distributions.

         (a) On each Distribution Date, the Trustee shall apply amounts on
deposit in the Distribution Account for the following purposes and in the
following order of priority, in each case to the extent of the remaining portion
of the Available Distribution Amount for such Distribution Date:

               (i) concurrently, (i) from that portion of the Available
     Distribution Amount attributable to Loan Group No. 1, to the Class A-1,
     Class A-2, Class A-3, Class A-4 and Class A-5 Certificates, pro rata, up to
     the Optimal Interest Distribution Amounts for each such Class for such
     Distribution Date, (ii) from that portion of the Available Distribution
     Amount attributable to Loan Group No. 2, to the Class A-1-A Certificates,
     up to the Optimal Interest Distribution Amount for such Class for such
     Distribution Date and (iii) from the entire Available Distribution Amount,
     to the Class A-X and Class A-SP, pro rata, up to the Optimal Interest
     Distribution Amounts for each such Class for such Distribution Date;
     provided, however, that if the portion of the Available Distribution Amount
     and/or the portion of the Available Distribution Amount attributable to
     Loan Group 2 is insufficient to pay in full the Optimal Interest
     Distribution Amount in respect of any Class of Class A Certificates on such
     Distribution Date, then the entire Available Distribution Amount shall be
     applied to make distributions of interest to the Holders of the respective
     Classes of the Class A Certificates, up to an amount equal to, and pro rata
     as among such Classes of Class A Certificates in accordance with, the
     Optimal Interest Distribution Amount in respect of each such Class of Class
     A Certificates for such Distribution Date;

               (ii) to make distributions of principal to the Holders of the
     Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class A-1-A
     Certificates, in reduction of the Class Principal Balances thereof, up to,
     in the aggregate, the Principal Distribution Amount for such Distribution
     Date, in the following order of priority:

               First, to the Class A-1-A Certificates, equal to the portion of
     the Principal Distribution Amount that is attributable to Loan Group No. 2,
     until the Certificate Balance thereof has been reduced to zero;

               Second, to the Class A-1 Certificates, until the Certificate
     Balance thereof has been reduced to zero (net of any portion thereof
     distributed on such Distribution Date to the Holders of the Class A-1-A
     Certificates pursuant to subclause first of this clause (ii));

               Third, to the Class A-2 Certificates, until the Certificate
     Balance thereof has been reduced to zero (net of any portion thereof
     distributed on such Distribution Date to the Holders of the Class A-1-A and
     Class A-1 Certificates pursuant to a prior subclause of this clause (ii));

               Fourth, to the Class A-3 Certificates, until the Certificate
     Balance thereof has been reduced to zero (net of any portion thereof
     distributed on such Distribution Date to the Holders of the Class A-1-A,
     Class A-1 and Class A-2 Certificates pursuant to a prior subclause of this
     clause (ii));

                                     -198-

               Fifth, to the Class A-4 Certificates, until the Certificate
     Balance thereof has been reduced to zero (net of any portion thereof
     distributed on such Distribution Date to the Holders of the Class A-1-A,
     Class A-1, Class A-2 and Class A-3 Certificates pursuant to a prior
     subclause of this clause (ii)); and

               Sixth, to the Class A-5 Certificates, until the Certificate
     Balance thereof has been reduced to zero (net of any portion thereof
     distributed on such Distribution Date to the Holders of the Class A-1-A,
     Class A-1, Class A-2, Class A-3 and Class A-4 Certificates pursuant to a
     prior subclause of this clause (ii)); and

               Seventh, to the Class A-1-A Certificates, until the Certificate
     Balance thereof has been reduced to zero (net of any distribution of
     principal made with respect to the Class A-1-A Certificates on such
     Distribution Date pursuant to subclause first of this clause (ii), up to an
     amount equal to the entire Principal Distribution Amount for such
     Distribution Date (net of any portion thereof distributed on such
     Distribution Date to the Holders of the Class A-1-A, Class A-1, Class A-2,
     Class A-3, Class A-4 and Class A-5 Certificates pursuant to a prior
     subclause of this clause (ii));

     provided, however, that, notwithstanding the immediately preceding
     subclauses First through Seventh, on each Distribution Date coinciding with
     or following the Senior Principal Distribution Cross-Over Date, and in any
     event on the Final Distribution Date, the Trustee shall make distributions
     of principal to the Holders of the Class A-1, Class A-2, Class A-3, Class
     A-4, Class A-5 and Class A-1-A Certificates, on a pro rata basis, in
     accordance with the respective Certificate Balances of those Classes
     outstanding immediately prior to such Distribution Date, until the
     Certificate Balance of each such Class has been reduced to zero, in an
     aggregate amount equal to the entire Principal Distribution Amount for such
     Distribution Date;

               (iii) to reimburse the Holders of the Class A-1, Class A-2, Class
     A-3, Class A-4, Class A-5 and Class A-1-A Certificates, pro rata (based on
     the aggregate unreimbursed amounts of Collateral Support Deficit previously
     allocated to each such Class), until all amounts of such amounts of
     Collateral Support Deficit previously allocated to such Classes, but not
     previously reimbursed, have been reimbursed in full;

               (iv) to make distributions of interest to the Holders of the
     Class B Certificates, up to the Optimal Interest Distribution Amount for
     such Class for such Distribution Date;

               (v) to make distributions of principal to the Holders of the
     Class B Certificates, in reduction of the Class Principal Balance thereof,
     up to the Remaining Principal Distribution Amount for such Class for such
     Distribution Date, until such Class Principal Balance has been reduced to
     zero;

               (vi) to reimburse the Holders of the Class B Certificates, until
     all amounts of Collateral Support Deficit previously allocated to the Class
     B Certificates, but not previously reimbursed, have been reimbursed in
     full;

               (vii) to make distributions of interest to the Holders of the
     Class C Certificates, up to the Optimal Interest Distribution Amount for
     such Class for such Distribution Date;

                                     -199-

               (viii) to make distributions of principal to the Holders of the
     Class C Certificates, in reduction of the Class Principal Balance thereof,
     up to the Remaining Principal Distribution Amount for such Class for such
     Distribution Date, until such Class Principal Balance has been reduced to
     zero;

               (ix) to reimburse the Holders of the Class C Certificates, until
     all amounts of Collateral Support Deficit previously allocated to the Class
     C Certificates, but not previously reimbursed, have been reimbursed in
     full;

               (x) to make distributions of interest to the Holders of the Class
     D Certificates, up to the Optimal Interest Distribution Amount for such
     Class for such Distribution Date;

               (xi) to make distributions of principal to the Holders of the
     Class D Certificates, in reduction of the Class Principal Balance thereof,
     up to the Remaining Principal Distribution Amount for such Class for such
     Distribution Date, until such Class Principal Balance has been reduced to
     zero;

               (xii) to reimburse the Holders of the Class D Certificates, until
     all amounts of Collateral Support Deficit previously allocated to the Class
     D Certificates, but not previously reimbursed, have been reimbursed in
     full;

               (xiii) to make distributions of interest to the Holders of the
     Class E Certificates, up to the Optimal Interest Distribution Amount for
     such Class for such Distribution Date;

               (xiv) to make distributions of principal to the Holders of the
     Class E Certificates, in reduction of the Class Principal Balance thereof,
     up to the Remaining Principal Distribution Amount for such Class for such
     Distribution Date, until such Class Principal Balance has been reduced to
     zero;

               (xv) to reimburse the Holders of the Class E Certificates, until
     all amounts of Collateral Support Deficit previously allocated to the Class
     E Certificates, but not previously reimbursed, have been reimbursed in
     full;

               (xvi) to make distributions of interest to the Holders of the
     Class F Certificates, up to the Optimal Interest Distribution Amount for
     such Class for such Distribution Date;

               (xvii) to make distributions of principal to the Holders of the
     Class F Certificates, in reduction of the Class Principal Balance thereof,
     up to the Remaining Principal Distribution Amount for such Class for such
     Distribution Date, until such Class Principal Balance has been reduced to
     zero;

               (xviii) to reimburse the Holders of the Class F Certificates,
     until all amounts of Collateral Support Deficit previously allocated to the
     Class F Certificates, but not previously reimbursed, have been reimbursed
     in full;

               (xix) to make distributions of interest to the Holders of the
     Class G Certificates, up to the Optimal Interest Distribution Amount for
     such Class for such Distribution Date;

                                     -200-

               (xx) to make distributions of principal to the Holders of the
     Class G Certificates, in reduction of the Class Principal Balance thereof,
     up to the Remaining Principal Distribution Amount for such Class for such
     Distribution Date, until such Class Principal Balance has been reduced to
     zero;

               (xxi) to reimburse the Holders of the Class G Certificates, until
     all amounts of Collateral Support Deficit previously allocated to the Class
     G Certificates, but not previously reimbursed, have been reimbursed in
     full;

               (xxii) to make distributions of interest to the Holders of the
     Class H Certificates, up to the Optimal Interest Distribution Amount for
     such Class for such Distribution Date;

               (xxiii) to make distributions of principal to the Holders of the
     Class H Certificates, in reduction of the Class Principal Balance thereof,
     up to the Remaining Principal Distribution Amount for such Class for such
     Distribution Date, until such Class Principal Balance has been reduced to
     zero;

               (xxiv) to reimburse the Holders of the Class H Certificates,
     until all amounts of Collateral Support Deficit previously allocated to the
     Class H Certificates, but not previously reimbursed, have been reimbursed
     in full;

               (xxv) to make distributions of interest to the Holders of the
     Class J Certificates, up to the Optimal Interest Distribution Amount for
     such Class for such Distribution Date;

               (xxvi) to make distributions of principal to the Holders of the
     Class J Certificates, in reduction of the Class Principal Balance thereof,
     up to the Remaining Principal Distribution Amount for such Class for such
     Distribution Date, until such Class Principal Balance has been reduced to
     zero;

               (xxvii) to reimburse the Holders of the Class J Certificates,
     until all amounts of Collateral Support Deficit previously allocated to the
     Class J Certificates, but not previously reimbursed, have been reimbursed
     in full;

               (xxviii) to make distributions of interest to the Holders of the
     Class K Certificates, up to the Optimal Interest Distribution Amount for
     such Class for such Distribution Date;

               (xxix) to make distributions of principal to the Holders of the
     Class K Certificates, in reduction of the Class Principal Balance thereof,
     up to the Remaining Principal Distribution Amount for such Class for such
     Distribution Date, until such Class Principal Balance has been reduced to
     zero;

               (xxx) to reimburse the Holders of the Class K Certificates, until
     all amounts of Collateral Support Deficit previously allocated to the Class
     K Certificates, but not previously reimbursed, have been reimbursed in
     full;

               (xxxi) to make distributions of interest to the Holders of the
     Class L Certificates, up to the Optimal Interest Distribution Amount for
     such Class for such Distribution Date;

                                     -201-

               (xxxii) to make distributions of principal to the Holders of the
     Class L Certificates, in reduction of the Class Principal Balance thereof,
     up to the Remaining Principal Distribution Amount for such Class for such
     Distribution Date, until such Class Principal Balance has been reduced to
     zero;

               (xxxiii) to reimburse the Holders of the Class L Certificates,
     until all amounts of Collateral Support Deficit previously allocated to the
     Class L Certificates, but not previously reimbursed, have been reimbursed
     in full;

               (xxxiv) to make distributions of interest to the Holders of the
     Class M Certificates, up to the Optimal Interest Distribution Amount for
     such Class for such Distribution Date;

               (xxxv) to make distributions of principal to the Holders of the
     Class M Certificates, in reduction of the Class Principal Balance thereof,
     up to the Remaining Principal Distribution Amount for such Class for such
     Distribution Date, until such Class Principal Balance has been reduced to
     zero;

               (xxxvi) to reimburse the Holders of the Class M Certificates,
     until all amounts of Collateral Support Deficit previously allocated to the
     Class M Certificates, but not previously reimbursed, have been reimbursed
     in full;

               (xxxvii) to make distributions of interest to the Holders of the
     Class N Certificates, up to the Optimal Interest Distribution Amount for
     such Class for such Distribution Date;

               (xxxviii) to make distributions of principal to the Holders of
     the Class N Certificates, in reduction of the Class Principal Balance
     thereof, up to the Remaining Principal Distribution Amount for such Class
     for such Distribution Date, until such Class Principal Balance has been
     reduced to zero;

               (xxxix) to reimburse the Holders of the Class N Certificates,
     until all amounts of Collateral Support Deficit previously allocated to the
     Class N Certificates, but not previously reimbursed, have been reimbursed
     in full;

               (xl) to make distributions of interest to the Holders of the
     Class O Certificates, up to the Optimal Interest Distribution Amount for
     such Class for such Distribution Date;

               (xli) to make distributions of principal to the Holders of the
     Class O Certificates, in reduction of the Class Principal Balance thereof,
     up to the Remaining Principal Distribution Amount for such Class for such
     Distribution Date, until such Class Principal Balance has been reduced to
     zero;

               (xlii) to reimburse the Holders of the Class O Certificates,
     until all amounts of Collateral Support Deficit previously allocated to the
     Class O Certificates, but not previously reimbursed, have been reimbursed
     in full;

               (xliii) to make distributions of interest to the Holders of the
     Class P Certificates, up to the Optimal Interest Distribution Amount for
     such Class for such Distribution Date;

                                     -202-

               (xliv) to make distributions of principal to the Holders of the
     Class P Certificates, in reduction of the Class Principal Balance thereof,
     up to the Remaining Principal Distribution Amount for such Class for such
     Distribution Date, until such Class Principal Balance has been reduced to
     zero;

               (xlv) to reimburse the Holders of the Class P Certificates, until
     all amounts of Collateral Support Deficit previously allocated to the Class
     P Certificates, but not previously reimbursed, have been reimbursed in
     full; and

               (xlvi) to make distributions to the Holders of the Class R
     Certificates of any portion of the Available Distribution Amount for such
     Distribution Date, remaining after all other distributions pursuant to this
     Section 4.01(a) and Section 4.01(e).

         Any distributions of interest made with respect to the Class A-SP
Certificates or the Class A-X Certificates on any Distribution Date pursuant to
clause (i) of the prior paragraph of this Section 4.01(a) shall be deemed
allocated among the respective Components of such Class of Certificates on a pro
rata basis in accordance with the respective Optimal Interest Distribution
Amounts of such Components for such Distribution Date.

         All distributions made in respect of each Class of Sequential Pay
Certificates on each Distribution Date pursuant to the foregoing provisions of
this Section 4.01(a) shall be deemed to have first been distributed from the
Lower-Tier REMIC to the Upper-Tier REMIC with respect to the Corresponding
Uncertificated Lower-Tier Interest(s) for such Class of Sequential Pay
Certificates; and all distributions made with respect to the Class A-X or Class
A-SP Certificates on each Distribution Date pursuant to the foregoing provisions
of this Section 4.01(a) and allocable to any particular Component of such Class
of Interest-Only Certificates, shall be deemed to have first been distributed
from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the
corresponding Uncertificated Lower-Tier Interest for such Component. In each
case, if such distribution on any such Class of Certificates was a distribution
of accrued interest, of principal or in reimbursement of any Collateral Support
Deficit previously allocated to such Class of Certificates, then the
corresponding distribution deemed to be made on an Uncertificated Lower-Tier
Interest pursuant to the preceding sentence (and, if applicable, the following
paragraph of this Section 4.01(a)) shall be deemed to also be, respectively, a
distribution of accrued interest, of principal or in reimbursement of any
Collateral Support Deficit previously allocated to the Upper-Tier REMIC in
respect of such Uncertificated Lower-Tier Interest.

         If a Class of Sequential Pay Certificates has two or more Corresponding
Uncertificated Lower-Tier Interests, then:

               (i) deemed distributions of accrued interest made on such
     Corresponding Uncertificated Lower-Tier Interests on any Distribution Date
     shall be allocated between or among them, as applicable, on a pro rata
     basis in accordance with the respective Optimal Interest Distribution
     Amounts in respect of such Corresponding Uncertificated Lower-Tier
     Interests for such Distribution Date;

               (ii) deemed distributions of principal made on such Corresponding
     Uncertificated Lower-Tier Interests on any Distribution Date shall be
     allocated to them in numeric order (i.e., from lowest number to highest
     number) of the respective ending numbers of the respective alphanumeric
     designations for such Corresponding Uncertificated Lower-Tier Interests, in
     each case up to an amount equal to the Lower-Tier Principal Amount of the
     subject Corresponding Uncertificated Lower-Tier Interest outstanding
     immediately prior to such

                                     -203-

     Distribution Date (such that no deemed distributions of principal will be
     made on any such Corresponding Uncertificated Lower-Tier Interest until the
     Lower-Tier Principal Amount of each other such Corresponding Uncertificated
     Lower-Tier Interest, if any, with an alphanumeric designation that ends in
     a lower number, has been paid in full); and

               (iii) deemed distributions made on such Corresponding
     Uncertificated Lower-Tier Interests on any Distribution Date in
     reimbursement of Collateral Support Deficits previously allocated to the
     Upper-Tier REMIC with respect thereto shall be allocated between or among
     them, as applicable, on a pro rata basis in accordance with the respective
     aggregate unreimbursed amounts of Collateral Support Deficits previously
     allocated to the Upper-Tier REMIC with respect to such Corresponding
     Uncertificated Lower-Tier Interests.

         (b) On each Distribution Date, the Trustee shall withdraw any amounts
on deposit in the Distribution Account that represent Yield Maintenance Charges
actually collected on Loans and/or REO Loans in the Mortgage Pool during the
related Due Period and shall distribute each such Yield Maintenance Charge as
follows:

               (i) a portion of such Yield Maintenance Charge shall be
     distributed to the Holders of the Class A-1, Class A-2, Class A-3, Class
     A-4, Class A-5, Class A-1-A, Class B, Class C, Class D, Class E, Class F,
     Class G and Class H Certificates, respectively, in an amount that shall, as
     to each such Class, equal the product of (A) a fraction whose numerator is
     the amount distributed as principal with respect to such Class on such
     Distribution Date, and whose denominator is the Principal Distribution
     Amount for such Distribution Date, (B) the Base Interest Fraction for the
     related Principal Prepayment or other related early collection of principal
     and such Class of Certificates and (C) the entire amount of such Yield
     Maintenance Charge (net of any Liquidation Fee payable therefrom); and

               (ii) either (A) if such Distribution Date is one of the first 37
     Distribution Dates, and if the Class A-SP Certificates are still
     outstanding immediately prior to such Distribution Date, then the remaining
     portion of such Yield Maintenance Charge (net of any Liquidation Fee
     payable therefrom) shall be paid to the Holders of the Class A-SP
     Certificates in an amount equal to 5.00% of such remaining portion and to
     the Holders of the Class A-X Certificates in an amount equal to 95.00% of
     such remaining portion, or (B) if such Distribution Date is after the
     September 2007 Distribution Date, or if the Class A-SP Certificates are not
     still outstanding immediately prior to such Distribution Date, then the
     entire remaining portion of such Yield Maintenance Charge (net of any
     Liquidation Fee payable therefrom) shall be paid to the Holders of the
     Class A-X Certificates.

         On each Distribution Date, the Trustee shall withdraw any amounts on
deposit in the Distribution Account that represent Static Prepayment Premiums
actually collected on Loans and/or REO Loans in the Mortgage Pool during the
related Due Period and shall distribute each such Static Prepayment Premium as
follows:

               (i) a portion of such Static Prepayment Premium shall be
     distributed to the Holders of the Class A-1, Class A-2, Class A-3, Class
     A-4, Class A-5, Class A-1-A, Class B, Class C, Class D, Class E, Class F,
     Class G and Class H Certificates, in an amount that shall, as to each such
     Class, equal the product of (A) a fraction whose numerator is the amount
     distributed as principal with respect to such Class on such Distribution
     Date, and whose denominator is the Principal Distribution Amount for such
     Distribution Date, (B) the Base Interest Fraction for the related Principal
     Prepayment or other related early collection of principal and such Class of

                                     -204-

     Certificates and (C) the entire amount of such Static Prepayment Premium
     (exclusive of any Liquidation Fee payable therefrom); and

               (ii) the entire remaining portion of such Static Prepayment
     Premium (exclusive of any Liquidation Fee payable therefrom) shall be
     distributed to the Class A-X Certificates.

         Any distributions of additional interest, in the form of Static
Prepayment Premiums and Yield Maintenance Charges, made with respect to the
Class A-X or Class A-SP Certificates on any Distribution Date pursuant to this
Section 4.01(b) shall be allocated among the respective Components of such Class
of Certificates on a pro rata basis in accordance with the relative amounts by
which their respective Component Notional Amounts declined as a result of deemed
distributions of principal on the Uncertificated Lower-Tier Interests on such
Distribution Date pursuant to Section 4.01(a) (or, if there were no such
declines, then on a pro rata basis in accordance with the relative sizes of
their respective Component Notional Amounts).

         All distributions of Static Prepayment Premiums and/or Yield
Maintenance Charges made on any Distribution Date in respect of a Class of
Sequential Pay Certificates with a single Corresponding Uncertificated
Lower-Tier Interest shall be deemed to have first been distributed from the
Lower-Tier REMIC to the Upper-Tier REMIC with respect to such Corresponding
Uncertificated Lower-Tier Interest; all distributions of Static Prepayment
Premiums and/or Yield Maintenance Charges made on any Distribution Date in
respect of a Class of Sequential Pay Certificates with two or more Corresponding
Uncertificated Lower-Tier Interests shall be deemed to have first been
distributed from the Lower-Tier REMIC to the Upper-Tier REMIC with respect to
such Corresponding Uncertificated Lower-Tier Interests, on a pro rata basis in
accordance with the respective amounts of deemed distributions of principal made
with respect to such Corresponding Uncertificated Lower-Tier Interests on such
Distribution Date pursuant to Section 4.01(a); and all distributions of Static
Prepayment Premiums and/or Yield Maintenance Charges made on any Distribution
Date in respect of the Class A-X or Class A-SP Certificates and allocable to any
particular Component of such Class of Certificates, shall be deemed to have
first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC with
respect to such Component's Corresponding Uncertificated Lower-Tier Interest.

         (c) On any applicable Distribution Date, any Excess Interest collected
during the related Due Period shall be distributed from the Excess Interest
Distribution Account to the Holders of the Class V Certificates.

         (d) All distributions made with respect to each Class on each
Distribution Date shall be allocated pro rata among the outstanding Certificates
in such Class based on their respective Percentage Interests. Except as
otherwise specifically provided in Sections 4.01(e), 4.01(f) and 9.01, all such
distributions with respect to each Class on each Distribution Date shall be made
to the Certificateholders of record of the respective Class at the close of
business on the related Record Date and shall be made by wire transfer of
immediately available funds to the account of any such Certificateholder at a
bank or other entity having appropriate facilities therefor, if such
Certificateholder shall have provided the Trustee with written wiring
instructions on or prior to the related Record Date (which wiring instructions
may be in the form of a standing order applicable to all subsequent Distribution
Dates) or otherwise by check mailed to the address of such Certificateholder as
it appears in the Certificate Register. The final distribution on each
Certificate (determined without regard to any possible future reimbursement of
Collateral Support Deficit previously allocated to such Certificate) shall be
made in like manner, but only upon presentation and surrender of such
Certificate at the offices of the Trustee or such other location specified in
the notice to Certificateholders of such final distribution.

                                     -205-

         Each distribution with respect to a Book-Entry Certificate shall be
paid to the Depository, as Holder thereof, and the Depository shall be
responsible for crediting the amount of such distribution to the accounts of its
Depository Participants in accordance with its normal procedures. Each
Depository Participant shall be responsible for disbursing such distribution to
the Certificate Owners that it represents and to each indirect participating
brokerage firm (a "brokerage firm" or "indirect participating firm") for which
it acts as agent. Each brokerage firm shall be responsible for disbursing funds
to the Certificate Owners that it represents. None of the Trustee, the
Depositor, the Master Servicer, the Special Servicer, the Underwriters or the
Initial Purchasers shall have any responsibility therefor except as otherwise
provided by this Agreement or applicable law.

         (e) Except as otherwise provided in Section 9.01, whenever the Trustee
expects that the final distribution with respect to any Class of Certificates
(determined without regard to any possible future reimbursement of any amount of
Collateral Support Deficit previously allocated to such Class of Certificates)
will be made on the next Distribution Date, the Trustee shall, 30 days prior to
the final Distribution Date for such Class, post a notice on the Website to the
effect that no interest shall accrue on such Certificates from and after the end
of the Interest Accrual Period for such Distribution Date.

         Any funds not distributed to any Holder or Holders of Certificates of
any Class on such Distribution Date because of the failure of such Holder or
Holders to tender their Certificates shall, on such date, be set aside and held
uninvested in trust and credited to the account or accounts of the appropriate
non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to this Section 4.01(e) shall not have been surrendered for
cancellation within six months after the time specified in such notice, the
Trustee shall mail a second notice to the remaining non-tendering
Certificateholders to surrender their Certificates for cancellation in order to
receive the final distribution with respect thereto. If within one year after
the second notice all such Definitive Certificates shall not have been
surrendered for cancellation, the Trustee, directly or through an agent, shall
take such steps to contact the remaining non-tendering Definitive
Certificateholders concerning the surrender of their Certificates as it shall
deem appropriate. The costs and expenses of holding such funds in trust and of
contacting such Certificateholders following the first anniversary of the
delivery of such second notice to the non-tendering Certificateholders shall be
paid out of such funds. No interest shall accrue or be payable to any
Certificateholder on any amount held in trust hereunder by the Trustee as a
result of such Certificateholder's failure to surrender its Certificate(s) for
final payment thereof in accordance with this Section 4.01(e).

         (f) Distributions in reimbursement of Collateral Support Deficit
previously allocated to the Sequential Pay Certificates shall be made in the
amounts and manner specified in Section 4.01(a) to the Holders of the respective
Class otherwise entitled to distributions of interest and principal on such
Class on the relevant Distribution Date; provided, however, that all
distributions in reimbursement of Collateral Support Deficit previously
allocated to a Class of Sequential Pay Certificates which has since been retired
shall be to the prior Holders that surrendered the Certificates of such Class
upon retirement thereof and shall be made by check mailed to the address of each
such prior Holder last shown in the Certificate Register. Notice of any such
distribution to a prior Holder shall be made in accordance with Section 10.05 at
such last address. The amount of the distribution to each such prior Holder
shall be based upon the aggregate Percentage Interest evidenced by the
Certificates surrendered thereby. If the check mailed to any such prior Holder
is returned uncashed, then the amount thereof shall be set aside and held
uninvested in trust for the benefit of such prior Holder, and the Trustee shall
attempt to contact such prior Holder in the manner contemplated by Section
4.01(e) as if such Holder had failed to surrender its Certificates.

                                     -206-

         SECTION 4.02. Statements to Certificateholders; Reports by
                       Trustee; Other Information Available to the Holders and
                       Others.

         (a) On each Distribution Date, based solely upon the information
regarding the Loans delivered to the Trustee by the Master Servicer, the Trustee
shall prepare and make available, and, upon request, forward, to any Privileged
Person, Bloomberg, L.P., the Trepp Group, Charter Research Corporation and Intex
Solutions, a statement substantially in the form of and containing the
information set forth in, Exhibit M hereto (the "Statement to
Certificateholders"), detailing the distributions on such Distribution Date and
the performance, both in the aggregate and individually to the extent available,
of the Loans and the Mortgaged Properties; provided that the Trustee need not
deliver to any Privileged Person any Statement to Certificateholders that has
been made available to such Person via the Trustee's Website as provided below;
and provided, further, that the Trustee has no affirmative obligation to
discover the identities of Certificate Owners and need only react to Persons
claiming to be Certificate Owners in accordance with Section 5.06; and provided,
further, that during any period that reports are required to be filed with the
Commission with respect to the Trust pursuant to Section 15(d) of the Exchange
Act, each recipient of the Statement to Certificateholders shall be deemed to
have agreed to keep confidential the information therein until such Statement to
Certificateholders is filed with the Commission.

         On each Distribution Date, the Trustee shall provide or make available
electronically (or, upon request, by first class mail) to each Privileged Person
each file and report comprising the CMSA Investor Reporting Package and any
other report at the direction of the Depositor, to the extent received by the
Trustee since the prior Distribution Date (or, in the case of the initial
Distribution Date, since the Closing Date); provided that during any period that
reports are required to be filed with the Commission with respect to the Trust
pursuant to Section 15(d) of the Exchange Act, each recipient of such files and
reports shall be deemed to have agreed to keep confidential the information in
any such file or report until such particular file or report is filed with the
Commission.

         The Trustee shall have no obligation to provide the information or
reports described in this Section 4.02(a) until it has received the requisite
information or reports from the Master Servicer provided for herein, and the
Trustee shall not be in default hereunder due to a delay in providing the
Certificateholder Reports caused by the Master Servicer's or Special Servicer's
failure to timely deliver any information or reports hereunder. None of the
Master Servicer, the Special Servicer or the Trustee shall be responsible for
the accuracy or completeness of any information supplied to it by a Borrower,
each other or a third party, and accepted by it in good faith, that is included
in any reports, statements, materials or information prepared or provided by the
Master Servicer, the Special Servicer or the Trustee, as applicable. None of the
Trustee, the Master Servicer or the Special Servicer shall have any obligation
to verify the accuracy or completeness of any information provided by a
Borrower, a third party or each other.

         The Trustee shall make available each month, to the general public, the
related Statement to Certificateholders via its Website. In addition, the
Trustee shall make available each month, via its Website on a restricted basis
solely to Privileged Persons, (i) the Unrestricted Master Servicer Reports, (ii)
the CMSA Bond Level File, CMSA Loan Periodic Update File, CMSA Loan Setup File
and the CMSA Collateral Summary File, (iii) any other report at the direction of
the Depositor and (iv) as a convenience to the general public (and not in
furtherance of the distribution thereof under the securities laws), the
Prospectus and this Agreement. Upon notification by the Depositor that the
Initial Purchaser has sold the Non-Registered Certificates to unaffiliated third
parties, the Trustee shall remove the restriction provided for in the preceding
sentence and shall make such reports and documents available to the general
public. The Trustee shall also make available each month, on a restricted basis
to any

                                     -207-

Privileged Person via its internet website, (i) the Restricted Master Servicer
Reports, and (ii) any other report at the direction of the Depositor. During any
period that reports are required to be filed with the Commission with respect to
the Trust pursuant to Section 15(d) of the Exchange Act, each recipient of such
files and reports shall be deemed to have agreed to keep confidential any such
information that has not been filed with the Commission.

         The Trustee makes no representations or warranties as to the accuracy
or completeness of any report, document or other information made available on
its internet website and assumes no responsibility therefor. In addition, the
Trustee may disclaim responsibility for any information distributed by the
Trustee for which it is not the original source.

         In connection with providing access to the Trustee's internet website,
the Trustee may require registration and the acceptance of a disclaimer. The
Trustee shall not be liable for the dissemination of information in accordance
herewith. Questions regarding the Trustee's internet website can be directed to
the Trustee's CMBS customer service desk at (301) 815-6600 or such other number
as the Trustee may hereinafter specify.

         The Trustee shall be entitled to rely on but shall not be responsible
for the content or accuracy of any information provided by third parties for
purposes of preparing the Statement to Certificateholders and may affix thereto
any disclaimer it deems appropriate in its reasonable discretion (without
suggesting liability on the part of any other party hereto).

         Within a reasonable period of time after the end of each calendar year,
upon request, the Trustee shall make available, and, upon written request, send
to each Person who at any time during the calendar year was a Certificateholder
of record, a report summarizing on an annual basis (if appropriate) the items
set forth on page 2 to Exhibit M hereto and such other information as may be
required to enable such Certificateholder to prepare its federal income tax
returns. Such information shall include the amount of original issue discount
accrued on each Class of Certificates held by Persons other than Holders
exempted from the reporting requirements and information regarding the expenses
of the Trust. Such requirement shall be deemed to be satisfied to the extent
such information is provided pursuant to applicable requirements of the Code
from time to time in force.

         (b) No less often than on a monthly basis, the Master Servicer and
Special Servicer shall, without charge, make a knowledgeable Servicing Officer
available to answer questions from the Directing Certificateholder regarding the
performance and servicing of the Loans and/or REO Properties for which the
Master Servicer or the Special Servicer, as the case may be, is responsible. The
Master Servicer and Special Servicer shall condition such disclosure upon the
Directing Certificateholder entering into a reasonable and customary
confidentiality agreement reasonably acceptable to such servicer regarding such
disclosure to it.

         Neither the Master Servicer nor the Special Servicer shall be required
to confirm, represent or warrant the accuracy or completeness of any other
Person's information or report included in any communication from the Master
Servicer or the Special Servicer under this Agreement.

         (c) Neither the Master Servicer nor the Special Servicer shall be
required to conduct research or obtain information that is not available to the
Master Servicer or the Special Servicer, as the case may be, in the ordinary
course of its servicing activities hereunder. In addition, neither the Master
Servicer nor the Special Servicer shall be required to (i) answer commercially
unreasonable questions, (ii) answer questions relating to matters that extend
beyond the scope of its duties as the Master Servicer or the Special Servicer,
as applicable, (iii) answer questions that would, in the Master Servicer's or

                                     -208-

Special Servicer's sole discretion, require the Master Servicer or the Special
Servicer, as the case may be, to devote an unreasonable amount of time or
resources to answer, (iv) disclose information that would violate the terms of
any of the Loan Documents or applicable law or initiate contact with Borrowers
or third parties except in connection with the ordinary course of its servicing
duties hereunder or (v) express opinions or make recommendations under this
Section 4.02(c) (it being understood that the Master Servicer and Special
Servicer may limit its responses to factual matters). Provision of information
pursuant to this Section 4.02(c) by the Master Servicer or the Special Servicer
shall be subject to Sections 3.26(i) and 3.26(k).

         SECTION 4.03. P&I Advances.

         (a) On or before 2:30 p.m. New York City time on the Master Servicer
Remittance Date, the Master Servicer shall (i) remit to the Trustee for deposit
into the Distribution Account from its own funds an amount equal to the
aggregate amount of P&I Advances, if any, to be made in respect of the related
Distribution Date, (ii) apply amounts held in the Collection Account that are
not required to be part of the Available Distribution Amount for such
Distribution Date or (iii) make P&I Advances in the form of any combination of
(i) and (ii) aggregating the total amount of P&I Advances to be made by the
Master Servicer. Any amounts held in the Collection Account not required to be a
part of the Available Distribution Amount for such Distribution Date and so used
to make P&I Advances shall be appropriately reflected in the Master Servicer's
records and replaced by the Master Servicer by deposit in the Collection Account
on or before the next succeeding P&I Advance Determination Date (to the extent
not previously replaced through the deposit of Late Collections of the
delinquent principal and/or interest in respect of which such P&I Advances were
made). To the extent that the Master Servicer fails to make a P&I Advance
required to be made by the Master Servicer hereunder on the Distribution Date
(other than a P&I Advance that the Master Servicer or the Trustee determines is
a Nonrecoverable Advance), the Trustee shall make such P&I Advance unless the
Trustee determines that any such P&I Advance, if made, would be a Nonrecoverable
Advance. To the extent the Trustee is required hereunder to make P&I Advances on
the Mortgage Pool, it shall deposit the amount thereof in the Distribution
Account on or before 11:00 a.m. New York City time on the related Distribution
Date.

         (b) Subject to Sections 4.03(c) and (e) below, the aggregate amount of
P&I Advances to be made by the Master Servicer with respect to any Distribution
Date shall equal the aggregate of: (i) with respect to the Loans as to which the
Master Servicer is the Master Servicer, all Monthly Payments (in each case, net
of related Primary Servicing Fees, Master Servicing Fees and Workout Fees, if
any), other than Balloon Payments, that were due on such Loans during any
related Due Period and delinquent as of the close of business on the
Determination Date preceding the related Master Servicer Remittance Date; and
(ii) with respect to each Loan as to which the Master Servicer is the Master
Servicer and as to which the related Balloon Payment was due during or prior to
the related Due Period and was delinquent as of the end of the related Due
Period, and also with respect to each successor REO Loan with respect to a Loan
as to which the Master Servicer was the Master Servicer, any uncollected portion
of the Assumed Scheduled Payment (in each case, net of related Primary Servicing
Fees, Master Servicing Fees and Workout Fees, if any) deemed due thereon during
the related Due Period. All P&I Advances for any Loans that have been modified
shall be calculated on the basis of their terms as modified. Subject to
subsection (c) and (e) below, the obligation of the Master Servicer to make such
P&I Advances is mandatory and, with respect to any Loan or REO Loan, shall
continue until the Distribution Date on which the proceeds, if any, received in
connection with a Liquidation Event with respect thereto are to be distributed.
None of the Master Servicer or the Trustee shall be required or permitted to
make P&I Advances as to any Junior Loan.

                                     -209-

         (c) Notwithstanding anything herein to the contrary, neither the Master
Servicer nor the Trustee shall be required to make a P&I Advance, if the Master
Servicer or the Trustee determines, in accordance with the definition thereof,
that any such P&I Advance would be a Nonrecoverable Advance. The Trustee may
conclusively rely on any determination of nonrecoverability by the Master
Servicer. The Special Servicer shall not be required to make P&I Advances under
this Agreement. On each Determination Date, the Special Servicer shall report to
the Master Servicer the Special Servicer's determination as to whether any P&I
Advance made with respect to any previous Distribution Date or required to be
made with respect to such Distribution Date with respect to any Specially
Serviced Loan or REO Loan is a Nonrecoverable P&I Advance. The Master Servicer
shall be entitled to conclusively rely on (but shall not be bound by) such
determination.

         (d) In connection with the recovery of any P&I Advance out of the
Collection Account pursuant to Section 3.05(a), or out of the Distribution
Account pursuant to Section 3.05(b), the Master Servicer or other party (which
may include the Trustee) that made such P&I Advance shall be entitled to
receive, out of any amounts then on deposit in the Collection Account or
Distribution Account (subject to any limitations pursuant to Section 1.05 and/or
Section 3.05), interest at the Reimbursement Rate in effect from time to time,
accrued on the amount of such P&I Advance from the date made to but not
including the date of reimbursement; provided that such interest shall not
accrue on any P&I Advance made in respect of a delinquent Monthly Payment until
after the expiration of any applicable grace period relating thereto. Subject to
Section 3.19(e), the Master Servicer shall reimburse itself or the Trustee, as
the case may be, for any outstanding P&I Advance made in respect of any Loan (or
in respect of any successor REO Loan with respect thereto), as soon as
practicably possible after funds available for such purpose are deposited in the
Collection Account. In no event shall interest accrue in accordance with this
Section 4.03(d) on any P&I Advance as to which the corresponding Late Collection
was received by or on behalf of the Trust as of the related Master Servicer
Remittance Date. In addition, the Master Servicer shall not be entitled to
Advance Interest on any particular P&I Advance made thereby to the extent a
payment is received but is being held by or on behalf of the Master Servicer in
suspense.

         (e) Notwithstanding the foregoing, (i) neither the Master Servicer nor
the Trustee shall be required or permitted to make a P&I Advance for any Junior
Loan or an advance for Penalty Charges, Yield Maintenance Charges, Balloon
Payments or Excess Interest, (ii) the amount required to be advanced in respect
of the interest portion of delinquent Monthly Payments and Assumed Scheduled
Payments on any Loan or REO Loan in the Mortgage Pool that has been subject to
an Appraisal Reduction will equal, with respect to any Distribution Date, the
amount of interest that would be required to be advanced by the Master Servicer
without giving effect to the Appraisal Reduction Amount, multiplied by a
fraction, the numerator of which is equal to the Stated Principal Balance of
such Loan or REO Loan, as the case may be, net of the Appraisal Reduction Amount
(or, in the case of an A Loan or any successor REO Loan with respect thereto,
the portion of the Appraisal Reduction Amount in respect of the subject Loan
Combination allocable to such A Loan or REO Loan, as the case may be), and the
denominator of which is equal to the Stated Principal Balance of such Loan or
REO Loan, as the case may be, for such Distribution Date, and (iii) if the
monthly payment on any Loan has been reduced or the final maturity extended, in
connection with a bankruptcy or similar proceeding involving the related
Borrower or a modification, waiver or amendment granted or agreed to by the
Special Servicer pursuant to Section 3.20, and the monthly payment due and owing
during the extension period is less than the amount of the Monthly Payments
prior to such modification, then the Master Servicer shall, as to such Loan,
advance only the amount of the Monthly Payment due and owing after taking into
account such reduction (net of related Primary Servicing Fees, Master Servicing
Fees and Workout Fees), in the event of subsequent delinquencies thereon.

                                     -210-

         SECTION 4.04. Allocation of Collateral Support Deficit.

         (a) On each Distribution Date, immediately following the distributions
to be made on such date pursuant to Section 4.01, the Trustee shall calculate
the amount, if any, by which (i) the aggregate Stated Principal Balance (for
purposes of this calculation only, not giving effect to any reductions of the
Stated Principal Balance for payments and other collections of principal on the
Mortgage Pool that were used to reimburse any Nonrecoverable Advances and
Workout-Delayed Reimbursement Amounts pursuant to Section 3.05(a) and/or Section
3.05(b), other than payments and other collections of principal used to
reimburse Nonrecoverable Advances or Workout-Delayed Reimbursement Amounts with
respect to Loans and REO Loans as to which a Final Recovery Determination has
been made) of the Mortgage Pool expected to be outstanding immediately following
such Distribution Date is less than (ii) then aggregate Certificate Principal
Balance of the Sequential Pay Certificates after giving effect to distributions
of principal on such Distribution Date (any such deficit, the "Collateral
Support Deficit"). Any allocation of Collateral Support Deficit to a Class of
Sequential Pay Certificates shall be made by reducing the Class Principal
Balance thereof by the amount so allocated. Any Collateral Support Deficit
allocated to a Class of Sequential Pay Certificates shall be allocated among the
respective Certificates of such Class in proportion to the Percentage Interests
evidenced thereby. The allocation of Collateral Support Deficit shall constitute
an allocation of losses and other shortfalls experienced by the Trust Fund.
Reimbursement of previously allocated Collateral Support Deficit will not
constitute distributions of principal for any purpose and will not result in an
additional reduction in the Class Principal Balance of the Class of Sequential
Pay Certificates in respect of which any such reimbursement is made.

         (b) On each Distribution Date, the Class Principal Balances of the
Sequential Pay Certificates will be reduced without distribution to the extent
of the portion of any Collateral Support Deficit, if any, allocable to such
Certificates with respect to such Distribution Date. Such reductions shall be
allocated among the respective Classes of Sequential Pay Certificates as
follows: first, to the Class P Certificates, second, to the Class O
Certificates, third, to the Class N Certificates; fourth, to the Class M
Certificates; fifth, to the Class L Certificates; sixth, to the Class K
Certificates; seventh, to the Class J Certificates; eighth, to the Class H
Certificates; ninth, to the Class G Certificates; tenth, to the Class F
Certificates; eleventh, to the Class E Certificates; twelfth, to the Class D
Certificates; thirteenth, to the Class C Certificates; and fourteenth, to the
Class B Certificates, in each case, until the remaining Class Principal Balance
of each such Class of Certificates has been reduced to zero. Following the
reduction of the Class Principal Balances of all such Classes to zero, any
remaining Collateral Support Deficit shall be allocated among the Class A-1,
Class A-2, Class A-3, Class A-4, Class A-5 and Class A-1-A Certificates, pro
rata (based upon the Class Principal Balance of each such Class), until the
remaining Class Principal Balances of such Classes have been reduced to zero.
Any Collateral Support Deficit allocated to a Class of Certificates will be
allocated among respective Certificates of such Class in proportion to the
Percentage Interests evidenced thereby.

         (c) If, on any Distribution Date, any portion of a Collateral Support
Deficit is allocated to any particular Class of Sequential Pay Certificates,
then such portion of such Collateral Support Deficit shall, on such Distribution
Date, also be deemed allocated to such Class' Corresponding Uncertificated
Lower-Tier Interest(s), in reduction of the related Lower-Tier Principal
Amount(s). If a Class of Sequential Pay Certificates has two or more
Corresponding Uncertificated Lower-Tier Interests, then any portion of a
Collateral Support Deficit allocable to such Corresponding Uncertificated
Lower-Tier Interests, as contemplated by the preceding sentence, shall be so
allocated in the same sequential order that deemed distributions of principal
are to be made on such Corresponding Uncertificated Lower-Tier Interests in
accordance with Section 4.01(a), in each case until the Lower-Tier Principal
Amount of the subject Corresponding Uncertificated Lower-Tier Interest is
reduced to zero.

                                     -211-

         SECTION 4.05. Allocations of Uncovered Prepayment Interest Shortfall
                       Amounts.

         (a) The portion of any Uncovered Prepayment Interest Shortfall Amount
for any Distribution Date that is allocable to any particular Class of Regular
Certificates shall equal the product of:

               (i) the total amount of such Uncovered Prepayment Interest
     Shortfall Amount, multiplied by

               (ii) a fraction, the numerator of which is the Accrued
     Certificate Interest Amount with respect to the subject Class of Regular
     Certificates for such Distribution Date, and the denominator of which is
     the aggregate Accrued Certificate Interest Amount with respect to all of
     the Classes of Regular Certificates for such Distribution Date.

         Any portion of an Uncovered Prepayment Interest Shortfall Amount for
any Distribution Date that is allocable to the Class A-SP Certificates or the
Class A-X Certificates shall, in turn, be deemed allocated to the respective
Components of such Class of Certificates on a pro rata basis in accordance with
the respective Accrued Component Interest Amounts of such Components for such
Distribution Date.

         (b) Any portion of an Uncovered Prepayment Interest Shortfall Amount
for any Distribution Date that is allocable to any Class of Sequential Pay
Certificates with a single Corresponding Uncertificated Lower-Tier Interest
shall be deemed to have first been allocated to such Corresponding
Uncertificated Lower-Tier Interest; any portion of an Uncovered Prepayment
Interest Shortfall Amount for any Distribution Date that is allocable to any
Class of Sequential Pay Certificates with two or more Corresponding
Uncertificated Lower-Tier Interests shall be deemed to have first been allocated
to such Corresponding Uncertificated Lower-Tier Interests, on a pro rata basis
in accordance with their respective Uncertificated Accrued Interest Amounts for
such Distribution Date; and any portion of an Uncovered Prepayment Interest
Shortfall Amount for any Distribution Date that is allocable to any Component of
the Class A-SP or Class A-X Certificates shall be deemed to have first been
allocated to the Corresponding Uncertificated Lower-Tier Interest for such
Component.

         SECTION 4.06. Grantor Trust Reporting.

         The parties intend that the portion of the Trust Fund consisting of
Excess Interest and the Excess Interest Distribution Account shall constitute,
and that the affairs of such portion of the Trust Fund shall be conducted so as
to qualify such portion as, a "grantor trust" under subpart E, Part I of
subchapter J of the Code, and the provisions hereof shall be interpreted
consistently with this intention. In furtherance of such intention, the Trustee
shall furnish or cause to be furnished to Class V Certificateholders information
returns with respect to income relating to their share of Excess Interest, and
such other information as may be required pursuant to the Code, and shall file
or cause to be filed with the Internal Revenue Service, such information
returns, schedules and other information, together with Form 1041 or such other
form as may be applicable, at the time or times and in the manner required by
the Code.

                                     -212-

                                   ARTICLE V

                                THE CERTIFICATES

         SECTION 5.01. The Certificates.

         (a) The Certificates shall consist of 24 Classes with the following
respective alphabetic or alphanumeric Class designations: "A-X", "A-SP", "A-1",
"A-2", "A-3", "A-4", "A-5", "A-1-A", "B", "C", "D", "E", "F", "G", "H", "J",
"K", "L", "M", "N", "O", "P", "R" and "V", respectively. Any reference in any
other section or subsection of this Agreement to any Certificate or Certificates
preceded by a Class designation shall be to a Certificate or Certificates of the
Class so designated in this Section 5.01(a).

         (b) The Certificates will be substantially in the respective forms
attached hereto as Exhibits A-1 through A-5; provided, however, that any of the
Certificates may be issued with appropriate insertions, omissions, substitutions
and variations, and may have imprinted or otherwise reproduced thereon such
legend or legends, not inconsistent with the provisions of this Agreement, as
may be required to comply with any law or with rules or regulations pursuant
thereto, or with the rules of any securities market in which the Certificates
are admitted to trading, or to conform to general usage. The Certificates will
be issuable in registered form only; provided, however, that in accordance with
Section 5.03 beneficial ownership interests in the Regular Certificates
initially shall (and, at the option of the Depositor, following the Closing
Date, all or a portion of any other Class of Certificates may) be held and
transferred through the book-entry facilities of the Depository. The Regular
Certificates will be issuable only in denominations corresponding to initial
Certificate Principal Balances (or, in the case of the Interest-Only
Certificates, initial Certificate Notional Amounts) as of the Closing Date of
not less than $10,000 (or, in the case of the Interest-Only Certificates,
$100,000) and any whole dollar denomination in excess thereof. The Class R and
Class V Certificates will be issuable only in denominations representing
Percentage Interests in the related Class of not less than 10.0%.

         (c) The Certificates shall be executed by manual or facsimile signature
on behalf of the Trustee in its capacity as trustee hereunder by an authorized
signatory. Certificates bearing the manual or facsimile signatures of
individuals who were at any time the authorized signatory of the Trustee shall
be entitled to all benefits under this Agreement, subject to the following
sentence, notwithstanding that such individuals or any of them have ceased to
hold such offices prior to the authentication and delivery of such Certificates
or did not hold such offices at the date of such Certificates. No Certificate
shall be entitled to any benefit under this Agreement, or be valid for any
purpose, however, unless there appears on such Certificate a certificate of
authentication substantially in the form provided for herein executed by the
Certificate Registrar by manual signature, and such certificate of
authentication upon any Certificate shall be conclusive evidence, and the only
evidence, that such Certificate has been duly authenticated and delivered
hereunder. All Certificates shall be dated the date of their authentication.

         SECTION 5.02. Registration of Transfer and Exchange of Certificates.

         (a) At all times during the term of this Agreement, there shall be
maintained at the office of the Certificate Registrar a Certificate Register in
which, subject to such reasonable regulations as the Certificate Registrar
(located as of the Closing Date at Wells Fargo Center, Sixth Street and
Marquette Avenue, Minneapolis, Minnesota 55479-0113) may prescribe, the
Certificate Registrar shall provide for the registration of Certificates and of
transfers and exchanges of Certificates as herein provided. The

                                     -213-

Trustee is hereby initially appointed (and hereby agrees to act in accordance
with the terms hereof) as Certificate Registrar for the purpose of registering
Certificates and transfers and exchanges of Certificates as herein provided. The
Trustee may appoint, by a written instrument delivered to the other parties
hereto, any other bank or trust company to act as Certificate Registrar under
such conditions as the Trustee may prescribe; provided that the Trustee shall
not be relieved of any of its duties or responsibilities hereunder as
Certificate Registrar by reason of such appointment. If the Trustee resigns or
is removed in accordance with the terms hereof, the successor trustee shall
immediately succeed to its predecessor's duties as Certificate Registrar. The
Depositor, the Master Servicer and the Special Servicer shall each have the
right to inspect the Certificate Register or to obtain a copy thereof at all
reasonable times, and to rely conclusively upon a certificate of the Certificate
Registrar as to the information set forth in the Certificate Register.

         If three or more Certificateholders make a written request to the
Trustee, and such request states that such Certificateholders desire to
communicate with other Certificateholders with respect to their rights under
this Agreement or under the Certificates and is accompanied by a copy of the
communication that such requesting Certificateholders propose to transmit, then
the Trustee shall, within 30 days after the receipt of such request, afford (or
cause any other Certificate Registrar to afford) the requesting
Certificateholders access during normal business hours to, or deliver to the
requesting Certificateholders a copy of, the most recent list of
Certificateholders held by the Certificate Registrar (which list shall be
current as of a date no earlier than 30 days prior to the Trustee's receipt of
such request). Every Certificateholder, by receiving such access, acknowledges
that neither the Certificate Registrar nor the Trustee will be held accountable
in any way by reason of the disclosure of any information as to the names and
addresses of any Certificateholder regardless of the source from which such
information was derived.

         (b) No transfer, sale, pledge or other disposition of any
Non-Registered Certificate or interest therein shall be made unless that
transfer, sale, pledge or other disposition is exempt from the registration
and/or qualification requirements of the Securities Act and any applicable state
securities laws, or is otherwise made in accordance with the Securities Act and
such state securities laws.

         If a transfer of any Non-Registered Certificate is to be made without
registration under the Securities Act (other than in connection with the initial
issuance of the Certificates or a transfer of such Non-Registered Certificate by
the Depositor or an Affiliate of the Depositor or, in the case of a Global
Certificate, any transfer of such Certificate to a successor Depository or, in
the case of a Definitive Certificate issued with respect to a Global
Certificate, any transfer of such Certificate to the applicable Certificate
Owner in accordance with Section 5.03(c)), then the Certificate Registrar shall
refuse to register such transfer unless it receives (and, upon receipt, may
conclusively rely upon) either: (i) a certificate from the Certificateholder
desiring to effect such transfer substantially in the form attached hereto as
Exhibit F-1A; or (ii) a certificate from the Certificateholder desiring to
effect such transfer substantially in the form attached hereto as Exhibit F-1B
and a certificate from such Certificateholder's prospective Transferee
substantially in the form attached hereto either as Exhibit F-2A or as Exhibit
F-2B; or (iii) an Opinion of Counsel satisfactory to the Trustee to the effect
that such transfer may be made without registration under the Securities Act
(which Opinion of Counsel shall not be an expense of the Trust or of the
Depositor, the Master Servicer, the Special Servicer, the Trustee or the
Certificate Registrar in their respective capacities as such), together with the
written certification(s) as to the facts surrounding such transfer from the
Certificateholder desiring to effect such transfer and/or such
Certificateholder's prospective Transferee on which such Opinion of Counsel is
based.

         Each Global Certificate shall be deposited with the Trustee as
custodian for the Depository and registered in the name of Cede & Co. as nominee
of the Depository.

                                     -214-

         If a transfer of an interest in any Rule 144A Global Certificate is to
be made without registration under the Securities Act (other than in connection
with the initial issuance of the Certificates or a transfer of an interest in
such Rule 144A Global Certificate by the Depositor or an Affiliate of the
Depositor), then (except as provided in the next succeeding paragraph or in the
penultimate paragraph of this Section 5.02(b)) the Certificate Owner desiring to
effect such transfer shall require from its prospective Transferee: (i) a
certificate substantially in the form attached as Exhibit F-2C hereto; or (ii)
an Opinion of Counsel to the effect that the prospective Transferee is a
Qualified Institutional Buyer and such transfer may be made without registration
under the Securities Act. Except as provided in the next succeeding paragraph or
in the penultimate paragraph of this Section 5.02(b), any interest in a Rule
144A Global Certificate shall not be transferred to any Person other than a
Qualified Institutional Buyer that takes delivery in the form of an interest in
such Rule 144A Global Certificate. If any Transferee of an interest in a Rule
144A Global Certificate does not, in connection with the subject transfer,
deliver to the Transferor the Opinion of Counsel or the certification described
in the second preceding sentence, then such Transferee shall be deemed to have
represented and warranted that all the certifications set forth in Exhibit F-2C
hereto are, with respect to the subject transfer, true and correct.

         Notwithstanding the preceding paragraph, any interest in any Rule 144A
Global Certificate may be transferred (without delivery of any certificate or
Opinion of Counsel described in clauses (i) and (ii) of the first sentence of
the preceding paragraph) to any Person who takes delivery in the form of a
beneficial interest in the Regulation S Global Certificate for the same Class as
such Rule 144A Global Certificate upon delivery to the Certificate Registrar and
the Trustee of (i) a certificate from the Certificate Owner desiring to effect
such transfer substantially in the form attached hereto as Exhibit F-1D and a
certificate from such Certificate Owner's prospective Transferee substantially
in the form attached hereto as Exhibit F-2D and (ii) such written orders and
instructions as are required under the applicable procedures of the Depository,
Clearstream and/or Euroclear to direct the Trustee to debit the account of a
Depository Participant by a denomination of interests in such Rule 144A Global
Certificate, and credit the account of a Depository Participant by a
denomination of interests in such Regulation S Global Certificate, that is equal
to the denomination of beneficial interests in the subject Class of Book-Entry
Certificates, as applicable, to be transferred. Upon delivery to the Trustee of
such certifications and such orders and instructions, the Trustee, subject to
and in accordance with the applicable procedures of the Depository, shall reduce
the denomination of the Rule 144A Global Certificate with respect to the subject
Class of Book-Entry Certificates, as applicable, and increase the denomination
of the Regulation S Global Certificate for such Class, by the denomination of
the beneficial interest in such Class specified in such orders and instructions.

         Except as provided in the next succeeding paragraph or in the
penultimate paragraph of this Section 5.02(b), beneficial interests in any
Regulation S Global Certificate shall not be transferred to any Person other
than a non-United States Securities Person that takes delivery in the form of a
beneficial interest in such Regulation S Global Certificate, and the Certificate
Owner desiring to effect such transfer shall be required to obtain from such
prospective Transferee a certification substantially in the form attached hereto
as Exhibit F-2D. On or prior to the Release Date, beneficial interests in any
Regulation S Global Certificate may be held only through Euroclear or
Clearstream.

         Notwithstanding the preceding paragraph, any interest in any Regulation
S Global Certificate may be transferred (without delivery of any certificate
described in the first sentence of the preceding paragraph) to any Person who
takes delivery in the form of a beneficial interest in the Rule 144A Global
Certificate for the same Class as such Regulation S Global Certificate upon
delivery to the Certificate Registrar and the Trustee of (i) a certificate from
the Certificate Owner desiring to effect such transfer substantially in the form
attached hereto as Exhibit F-1C and a certificate from such Certificate Owner's
prospective Transferee substantially in the form attached hereto as Exhibit F-2C
and (ii) such

                                     -215-

written orders and instructions as are required under the applicable procedures
of the Depository, Clearstream and/or Euroclear to direct the Trustee to debit
the account of a Depository Participant by a denomination of interests in such
Regulation S Global Certificate, and credit the account of a Depository
Participant by a denomination of interests in such Rule 144A Global Certificate,
that is equal to the denomination of beneficial interests in the subject Class
of Book-Entry Certificates, as applicable, to be transferred. Upon delivery to
the Trustee of such certifications and such orders and instructions, the
Trustee, subject to and in accordance with the applicable procedures of the
Depository, shall reduce the denomination of the Regulation S Global Certificate
with respect to the subject Class of Book-Entry Certificates, as applicable, and
increase the denomination of the Rule 144A Global Certificate for such Class, by
the denomination of the beneficial interest in such Class specified in such
orders and instructions.

         Notwithstanding the foregoing, any interest in a Global Certificate may
be transferred by any Certificate Owner holding such interest to any
Institutional Accredited Investor (other than a Qualified Institutional Buyer)
that takes delivery in the form of a Definitive Certificate of the same Class as
such Global Certificate upon delivery to the Certificate Registrar and the
Trustee of (i) such certifications and/or opinions as are contemplated by the
second paragraph of this Section 5.02(b) and (ii) such written orders and
instructions as are required under the applicable procedures of the Depository,
Clearstream and/or Euroclear to direct the Trustee to debit the account of a
Depository Participant by the denomination of the transferred interests in such
Global Certificate. Upon delivery to the Certificate Registrar of the
certifications and/or opinions contemplated by the second paragraph of this
Section 5.02(b), the Trustee, subject to and in accordance with the applicable
procedures of the Depository, shall reduce the denomination of the subject
Global Certificate, and cause a Definitive Certificate of the same Class as such
Global Certificate, and in a denomination equal to the reduction in the
denomination of such Global Certificate, to be executed, authenticated and
delivered in accordance with this Agreement to the applicable Transferee.

         None of the Depositor, the Trustee or the Certificate Registrar is
obligated to register or qualify any Class of Non-Registered Certificates under
the Securities Act or any other securities law or to take any action not
otherwise required under this Agreement to permit the transfer of any
Non-Registered Certificate or interest therein without registration or
qualification. Any Certificateholder or Certificate Owner desiring to effect a
transfer, sale, pledge or other disposition of any Non-Registered Certificate or
interest therein shall, and does hereby agree to, indemnify the Depositor, the
Initial Purchaser, the Master Servicer, the Special Servicer and the Certificate
Registrar against any liability that may result if such transfer, sale, pledge
or other disposition is not exempt from the registration and/or qualification
requirements of the Securities Act and any applicable state securities laws or
is not made in accordance with such federal and state laws.

         (c) No transfer of any Certificate or interest therein shall be made to
a Plan or to any Person who is directly or indirectly purchasing such
Certificate or interest therein on behalf of, as named fiduciary of, as trustee
of, or with assets of a Plan, if the purchase and holding of such Certificate or
interest therein by the prospective Transferee would result in a violation of
Sections 406 or 407 of ERISA or Section 4975 of the Code or would result in the
imposition of an excise tax under Section 4975 of the Code.

         Except in connection with the initial issuance of the Certificates or
any transfer of a Non-Registered Certificate by the Depositor or an Affiliate of
the Depositor or, in the case of a Global Certificate, any transfer of such
Certificate to a successor Depository or, in the case of a Definitive
Certificate issued with respect to a Global Certificate, any transfer of such
Certificate to the applicable Certificate Owner in accordance with Section
5.03(c), the Certificate Registrar shall refuse to register the

                                     -216-

transfer of a Non-Registered Certificate unless it has received from the
prospective Transferee one of the following: (i) a certification to the effect
that such prospective Transferee is not a Plan and is not directly or indirectly
purchasing such Certificate or interest therein on behalf of, as named fiduciary
of, as trustee of, or with assets of a Plan; or (ii) a certification to the
effect that the purchase and continued holding of such Certificate by such
prospective Transferee is exempt from the prohibited transaction provisions of
Section 406 and 407 of ERISA and Section 4975 of the Code by reason of Sections
I and III of Prohibited Transaction Class Exemption 95-60; or (iii) in the case
of a Non-Registered Certificate (other than a Class R or Class V Certificate)
that is rated investment grade by at least one of the Rating Agencies and is
being acquired by or on behalf of a Plan in reliance on PTE 89-90, a
certification to the effect that such Plan (X) is an accredited investor as
defined in Rule 501(a)(1) of Regulation D of the Securities Act, (Y) is not
sponsored (within the meaning of Section 3(16)(B) of ERISA) by the Trustee, any
Exemption-Favored Party, the Depositor, any Mortgage Loan Seller, the Master
Servicer, the Special Servicer, the Primary Servicer, any Sub-Servicer or any
Borrower with respect to Loans constituting more than 5% of the aggregate
unamortized principal of all the Loans determined as of the Closing Date, or by
any Affiliate of such Person, and (Z) agrees that it will obtain from each of
its Transferees a written representation that such Transferee, if a Plan,
satisfies the requirements of the immediately preceding clauses (iii)(X) and
(iii)(Y), together with a written agreement that such Transferee will obtain
from each of its Transferees that are Plans a similar written representation
regarding satisfaction of the requirements of the immediately preceding clauses
(iii)(X) and (iii)(Y); or (iv) a certification of facts and an Opinion of
Counsel (which Opinion of Counsel shall not be an expense of the Trustee, the
Certificate Registrar or the Trust) which otherwise establish to the reasonable
satisfaction of the Trustee that such transfer will not result in a violation of
Sections 406 or 407 of ERISA or Section 4975 of the Code or result in the
imposition of an excise tax under Section 4975 of the Code. It is hereby
acknowledged that the form of certification attached hereto as Exhibit G-1 is
acceptable for purposes of the preceding sentence.

         Except in connection with the initial issuance of the Certificates or
any transfer of an interest in a Book-Entry Non-Registered Certificate by the
Depositor or an Affiliate of the Depositor, the Certificate Owner desiring to
effect a transfer of an interest in a Book-Entry Non-Registered Certificate
shall obtain from its prospective Transferee one of the following: (i) a
certification to the effect that such prospective Transferee is not a Plan and
is not directly or indirectly purchasing such interest in such Certificate on
behalf of, as named fiduciary of, as trustee of, or with assets of a Plan; or
(ii) a certification to the effect that the purchase and continued holding of an
interest in such Certificate by such prospective Transferee is exempt from the
prohibited transaction provisions of Sections 406 and 407 of ERISA and Section
4975 of the Code by reason of Sections I and III of Prohibited Transaction Class
Exemption 95-60; or (iii) if such Certificate is not a Class R or Class V
Certificate, if such Certificate is rated investment grade by at least one of
the Rating Agencies and if the interest in such Certificate is being acquired by
or on behalf of a Plan in reliance on PTE 89-90, a certification to the effect
that such Plan (X) is an accredited investor as defined in Rule 501(a)(1) of
Regulation D of the Securities Act, (Y) is not sponsored (within the meaning of
Section 3(16)(B) of ERISA) by the Trustee, the Depositor, any Mortgage Loan
Seller, any Master Servicer, the Special Servicer, the Primary Servicer, any
Sub-Servicer or any Borrower with respect to Loans constituting more than 5% of
the aggregate unamortized principal of all the Loans determined as of the
Closing Date, or by any Affiliate of such Person, and (Z) agrees that it will
obtain from each of its Transferees a written representation that such
Transferee, if a Plan, satisfies the requirements of the immediately preceding
clauses (iii)(X) and (iii)(Y), together with a written agreement that such
Transferee will obtain from each of its Transferees that are Plans a similar
written representation regarding satisfaction of the requirements of the
immediately preceding clauses (iii)(X) and (iii)(Y); or (iv) a certification of
facts and an Opinion of Counsel to the effect that such transfer will not result
in a violation of Sections 406 or 407 of ERISA or Section 4975 of the Code or
result in the imposition of an excise tax under Section 4975 of the Code. It is
hereby acknowledged that the form of certification attached hereto as Exhibit
G-2 is acceptable for purposes of the preceding sentence.

                                     -217-

         Each Transferee of any Registered Certificate or interest therein or of
an interest in any Book-Entry Non-Registered Certificate shall be deemed to have
represented and warranted that either: (i) such Transferee is not a Plan and is
not directly or indirectly purchasing such Certificate or interest therein on
behalf of, as named fiduciary of, as trustee of, or with assets of a Plan; or
(ii) the purchase and continued holding of such Certificate or interest therein
by such Transferee is exempt from the prohibited transaction provisions of
Section 406 and 407 of ERISA and Section 4975 of the Code.

         (d) (i) Each Person who has or acquires any Ownership Interest in a
Class R Certificate shall be deemed by the acceptance or acquisition of such
Ownership Interest to have agreed to be bound by the following provisions and to
have irrevocably authorized the Trustee under clause (d)(ii) below to deliver
payments to a Person other than such Person and, further, to negotiate the terms
of any mandatory disposition and to execute all instruments of Transfer and do
all other things necessary in connection with any such disposition. The rights
of each Person acquiring any Ownership Interest in a Class R Certificate are
expressly subject to the following provisions:

                    (A) Each Person holding or acquiring any Ownership Interest
               in a Class R Certificate shall be a Permitted Transferee and
               shall promptly notify the Trustee of any change or impending
               change in its status as a Permitted Transferee.

                    (B) In connection with any proposed Transfer of any
               Ownership Interest in a Class R Certificate, the Certificate
               Registrar shall require delivery to it, and shall not register
               the Transfer of any Class R Certificate until its receipt, of an
               affidavit and agreement substantially in the form attached hereto
               as Exhibit H-1 (a "Transfer Affidavit and Agreement"), from the
               proposed Transferee, representing and warranting, among other
               things, that such Transferee is a Permitted Transferee, that it
               is not acquiring its Ownership Interest in the Class R
               Certificate that is the subject of the proposed Transfer as a
               nominee, trustee or agent for any Person that is not a Permitted
               Transferee, that for so long as it retains its Ownership Interest
               in a Class R Certificate it will endeavor to remain a Permitted
               Transferee, and that it has reviewed the provisions of this
               Section 5.02(d) and agrees to be bound by them.

                    (C) Notwithstanding the delivery of a Transfer Affidavit and
               Agreement by a proposed Transferee under clause (B) above, if a
               Responsible Officer of either the Trustee or the Certificate
               Registrar has actual knowledge that the proposed Transferee is
               not a Permitted Transferee, no Transfer of an Ownership Interest
               in a Class R Certificate to such proposed Transferee shall be
               effected.

                    (D) Each Person holding or acquiring any Ownership Interest
               in a Class R Certificate (other than the Depositor in connection
               with the initial issuance of the Certificates and the Depositor's
               sale of the Class R Certificates to the Initial Purchaser) shall
               agree (1) to require a Transfer Affidavit and Agreement in the
               form attached hereto as Exhibit H-1 from any prospective
               Transferee to whom such Person attempts to transfer its Ownership
               Interest in such Class R Certificate and (2) not to transfer its
               Ownership Interest in such Class R Certificate unless it provides
               to the Certificate Registrar and the Trustee a certificate
               substantially in the form attached hereto as Exhibit H-2 stating
               that,

                                     -218-

               among other things, it has no actual knowledge that such
               prospective Transferee is not a Permitted Transferee.

                    (E) Each Person holding or acquiring an Ownership Interest
               in a Class R Certificate, by purchasing such Ownership Interest,
               agrees to give the Trustee written notice that it is a
               "pass-through interest holder" within the meaning of temporary
               Treasury regulations section 1.67-3T(a)(2)(i)(A) immediately upon
               acquiring an Ownership Interest in a Class R Certificate if it
               is, or is holding an Ownership Interest in a Class R Certificate
               on behalf of, a "pass-through interest holder".

               (ii) (A) If any purported Transferee shall become a Holder of a
          Class R Certificate in violation of the provisions of this Section
          5.02(d), then the last preceding Holder of such Class R Certificate
          that was in compliance with the provisions of this Section 5.02(d)
          shall be restored, to the extent permitted by law, to all rights as
          Holder thereof retroactive to the date of registration of such
          Transfer of such Class R Certificate. None of the Depositor, the
          Trustee or the Certificate Registrar shall be under any liability to
          any Person for any registration of Transfer of a Class R Certificate
          that is in fact not permitted by this Section 5.02(d) or for making
          any payments due on such Certificate to the Holder thereof or for
          taking any other action with respect to such Holder under the
          provisions of this Agreement.

               (B) If any purported Transferee shall become a Holder of a Class
          R Certificate in violation of the restrictions in this Section
          5.02(d), then, to the extent that retroactive restoration of the
          rights of the preceding Holder of such Class R Certificate as
          described in the preceding paragraph of this clause (d)(ii) shall be
          invalid, illegal or unenforceable, the Trustee shall have the right,
          but not the obligation, to cause the transfer of such Class R
          Certificate to a Permitted Transferee selected by the Trustee on such
          terms as the Trustee may choose, and the Trustee shall not be liable
          to any Person having an Ownership Interest in such Class R Certificate
          or any other Person as a result of its exercise of such discretion.
          Such purported Transferee shall promptly endorse and deliver such
          Class R Certificate in accordance with the instructions of the
          Trustee. Such Permitted Transferee may be the Trustee itself or any
          Affiliate of the Trustee.

               (iii) The Trustee shall make available to the IRS and to those
     Persons specified by the REMIC Provisions all information furnished to it
     by the other parties hereto necessary to compute any tax imposed (A) as a
     result of the Transfer of an Ownership Interest in a Class R Certificate to
     any Person who is a Disqualified Organization, including the information
     described in Treasury regulations sections 1.860D-1(b)(5) and
     1.860E-2(a)(5) with respect to the "excess inclusions" for the sole class
     of residual interests in each Trust REMIC and (B) as a result of any
     regulated investment company, real estate investment trust, common trust
     fund, partnership, trust, estate or organization described in Section 1381
     of the Code that holds an Ownership Interest in a Class R Certificate
     having as among its record holders at any time any Person which is a
     Disqualified Organization, and each of the other parties hereto shall
     furnish to the Trustee all information in its possession necessary for the
     Trustee to discharge such obligation. The Person holding such Ownership
     Interest shall be responsible for the reasonable compensation of the
     Trustee for providing such information.

                                     -219-

               (iv) The provisions of this Section 5.02(d) set forth prior to
     this clause (iv) may be modified, added to or eliminated; provided that
     there shall have been delivered to the Trustee the following:

                    (A) written confirmation from each Rating Agency to the
               effect that the modification of, addition to or elimination of
               such provisions will not result in the downgrading, withdrawal or
               qualification of the then-current rating assigned by such Rating
               Agency to any Certificate; and

                    (B) an Opinion of Counsel, in form and substance
               satisfactory to the Trustee, obtained at the expense of the party
               seeking such modification of, addition to or elimination of such
               provisions (but in no event at the expense of the Trustee or the
               Trust), to the effect that doing so will not (1) cause any Trust
               REMIC to cease to qualify as a REMIC or be subject to an
               entity-level tax caused by the Transfer of any Class R
               Certificate to a Person which is not a Permitted Transferee or
               (2) cause a Person other than the prospective Transferee to be
               subject to a REMIC-related tax caused by the Transfer of a Class
               R Certificate to a Person that is not a Permitted Transferee.

         (e) If a Person is acquiring any Non-Registered Certificate as a
fiduciary or agent for one or more accounts, such Person shall be required to
deliver to the Certificate Registrar a certification to the effect that, and
such other evidence as may be reasonably required by the Trustee to confirm
that, it has (i) sole investment discretion with respect to each such account
and (ii) full power to make the applicable foregoing acknowledgments,
representations, warranties, certifications and/or agreements with respect to
each such account as set forth in subsections (b), (c) and/or (d), as
appropriate, of this Section 5.02.

         (f) Subject to the preceding provisions of this Section 5.02, upon
surrender for registration of transfer of any Certificate at the offices of the
Certificate Registrar maintained for such purpose, the Trustee shall execute and
the Certificate Registrar shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Certificates of authorized
denominations of the same Class evidencing a like aggregate Percentage Interest.

         (g) At the option of any Holder, its Certificates may be exchanged for
other Certificates of authorized denominations of the same Class evidencing a
like aggregate Percentage Interest, upon surrender of the Certificates to be
exchanged at the offices of the Certificate Registrar maintained for such
purpose. Whenever any Certificates are so surrendered for exchange, the Trustee
shall execute and the Certificate Registrar shall authenticate and deliver the
Certificates which the Certificateholder making the exchange is entitled to
receive.

         (h) Every Certificate presented or surrendered for transfer or exchange
shall (if so required by the Certificate Registrar) be duly endorsed by, or be
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder thereof or his attorney duly
authorized in writing.

         (i) No service charge shall be imposed for any transfer or exchange of
Certificates, but the Trustee or the Certificate Registrar may require payment
of a sum sufficient to cover any tax, expense or other governmental charge that
may be imposed in connection with any transfer or exchange of Certificates.

                                     -220-

         (j) All Certificates surrendered for transfer and exchange shall be
physically canceled by the Certificate Registrar, and the Certificate Registrar
shall dispose of such canceled Certificates in accordance with its standard
procedures.

         (k) The Certificate Registrar or the Trustee shall provide to each of
the other parties hereto, upon reasonable written request, an updated copy of
the Certificate Register.

         SECTION 5.03. Book-Entry Certificates.

         (a) The Regular Certificates shall, in the case of each Class thereof,
initially be issued (and, at the option of the Depositor, subsequent to the
Closing Date, all or any portion of any other Class of Certificates may be
issued) as one or more Certificates registered in the name of the Depository or
its nominee and, except as provided in Section 5.02(b) or Section 5.03(c),
transfer of such Certificates may not be registered by the Certificate Registrar
unless such transfer is to a successor Depository that agrees to hold such
Certificates for the respective Certificate Owners with Ownership Interests
therein. Such Certificate Owners shall hold and, subject to Section 5.02,
transfer their respective Ownership Interests in and to such Certificates
through the book-entry facilities of the Depository; and, except as provided in
Section 5.02(b) or Section 5.03(c) below, such Certificate Owners shall not be
entitled to fully registered, physical Certificates ("Definitive Certificates")
in respect of such Ownership Interests. All transfers by Certificate Owners of
their respective Ownership Interests in the Book-Entry Certificates shall be
made in accordance with the procedures established by the Depository Participant
or indirect participating brokerage firm representing each such Certificate
Owner. Each Depository Participant shall only transfer the Ownership Interests
in the Book-Entry Certificates of Certificate Owners it represents or of
indirect participating brokerage firms for which it acts as agent in accordance
with the Depository's normal procedures. Neither the Trustee nor the Certificate
Registrar shall have any responsibility to monitor or restrict the transfer of
any ownership interest in a Book-Entry Certificate transferable through the
book-entry facilities of the Depository.

         (b) Except as expressly provided to the contrary herein, the Depositor,
the Master Servicer, the Special Servicer, the Trustee and the Certificate
Registrar may for all purposes, including the making of payments due on the
Book-Entry Certificates, deal with the Depository as the authorized
representative of the Certificate Owners with respect to such Certificates for
the purposes of exercising the rights of Certificateholders hereunder. Except as
expressly provided to the contrary herein, the rights of Certificate Owners with
respect to the Book-Entry Certificates shall be limited to those established by
law and agreements between such Certificate Owners and the Depository
Participants and indirect participating brokerage firms representing such
Certificate Owners. Multiple requests and directions from, and votes of, the
Depository as Holder of the Book-Entry Certificates with respect to any
particular matter shall not be deemed inconsistent if they are made with respect
to different Certificate Owners. The Trustee may establish a reasonable record
date in connection with solicitations of consents from or voting by
Certificateholders and shall give notice to the Depository of such record date.

         (c) If (i)(A) the Depositor advises the Trustee and the Certificate
Registrar in writing that the Depository is no longer willing or able to
discharge properly its responsibilities with respect to any Class of Book-Entry
Certificates, and (B) the Depositor is unable to locate a qualified successor,
or (ii) the Depositor at its option advises the Trustee and the Certificate
Registrar in writing that it elects to terminate the book-entry system through
the Depository with respect to all or any portion of any Class of Book-Entry
Certificates, the Certificate Registrar shall notify all affected Certificate
Owners, through the Depository, of the occurrence of any such event and of the
availability of Definitive Certificates to such Certificate Owners requesting
the same. Upon surrender to the Certificate Registrar of any Class of Book-Entry
Certificates (or any portion of any Class thereof) by the Depository,
accompanied by

                                     -221-

registration instructions from the Depository for registration of transfer, the
Trustee shall execute, and the Certificate Registrar shall authenticate and
deliver, the Definitive Certificates in respect of such Class (or portion
thereof) to the Certificate Owners identified in such instructions. None of the
Depositor, the Master Servicer, the Special Servicer, the Trustee or the
Certificate Registrar shall be liable for any delay in delivery of such
instructions and may conclusively rely on, and shall be protected in relying on,
such instructions. Upon the issuance of Definitive Certificates for purposes of
evidencing ownership of any Book-Entry Certificates, the registered holders of
such Definitive Certificates shall be recognized as Certificateholders hereunder
and, accordingly, shall be entitled directly to receive payments on, to exercise
Voting Rights with respect to, and to transfer and exchange such Definitive
Certificates.

         SECTION 5.04. Mutilated, Destroyed, Lost or Stolen Certificates.

         If (i) any mutilated Certificate is surrendered to the Certificate
Registrar, or the Certificate Registrar receives evidence to its satisfaction of
the destruction, loss or theft of any Certificate, and (ii) there is delivered
to the Trustee and the Certificate Registrar such security or indemnity as may
be reasonably required by them to save each of them harmless, then, in the
absence of actual notice to the Trustee or the Certificate Registrar that such
Certificate has been acquired by a bona fide purchaser, the Trustee shall
execute and the Certificate Registrar shall authenticate and deliver, in
exchange for or in lieu of any such mutilated, destroyed, lost or stolen
Certificate, a new Certificate of the same Class and like Percentage Interest.
Upon the issuance of any new Certificate under this Section, the Trustee and the
Certificate Registrar may require the payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in relation thereto and any
other expenses (including the fees and expenses of the Trustee and the
Certificate Registrar) connected therewith. Any replacement Certificate issued
pursuant to this Section shall constitute complete and indefeasible evidence of
ownership in the Trust Fund, as if originally issued, whether or not the lost,
stolen or destroyed Certificate shall be found at any time.

         SECTION 5.05. Persons Deemed Owners.

         Prior to due presentment for registration of transfer, the Depositor,
the Master Servicer, the Special Servicer, the Trustee, the Certificate
Registrar and any agent of any of them may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of
receiving distributions pursuant to Section 4.01 and for all other purposes
whatsoever, and none of the Depositor, the Master Servicer, the Special
Servicer, the Trustee, the Certificate Registrar or any agent of any of them
shall be affected by notice to the contrary.

         SECTION 5.06. Certification by Certificateholders and Certificate
                       Owners.

         (a) Each Certificate Owner is hereby deemed by virtue of its
acquisition of an Ownership Interest in the Book-Entry Certificates to agree to
comply with the transfer requirements of Section 5.02.

         (b) To the extent that it is necessary, pursuant to the terms of this
Agreement, to determine whether any Person is a Certificateholder or a
Certificate Owner, the Trustee shall make such determination based on a
certificate of such Person, which certificate shall be in such form as shall be
reasonably acceptable to the Trustee and shall specify the Class and Certificate
Principal Balance or Certificate Notional Amount, as the case may be, of the
Book-Entry Certificate beneficially owned; provided, however, that the Trustee
shall not knowingly recognize such Person as a Certificate Owner if such Person,
to the knowledge of a Responsible Officer of the Trustee, acquired its Ownership
Interest in a Book-Entry Certificate in violation of Section 5.02, or if such
Person's certification that it is a

                                     -222-

Certificate Owner is in direct conflict with information obtained by the Trustee
from the Depository, Depository Participants and/or indirect participating
brokerage firms for which Depository Participants act as agents, with respect to
the identity of a Certificate Owner (although the Trustee has no obligation to
obtain any such information). The Trustee shall exercise its reasonable
discretion in making any determination under this Section 5.06(b) and shall
afford any Person providing information with respect to its beneficial ownership
of any Book-Entry Certificate an opportunity to resolve any discrepancies
between the information provided and any other information available to the
Trustee.

         (c) From time to time, upon the request of and at no expense to the
Trustee, the Certificate Registrar shall deliver to the Trustee the list of
Certificateholders and their addresses as currently reflected in the Certificate
Register.

                                     -223-

                                   ARTICLE VI

           THE DEPOSITOR, THE MASTER SERVICER AND THE SPECIAL SERVICER

         SECTION 6.01. Liability of the Depositor, the Master Servicer and the
                       Special Servicer.

         The Depositor, the Master Servicer and the Special Servicer shall be
liable in accordance herewith only to the extent of the respective obligations
specifically imposed upon and undertaken by the Depositor, the Master Servicer
and the Special Servicer herein.

         SECTION 6.02. Merger, Consolidation or Conversion of the
                       Depositor, the Master Servicer or the Special Servicer.

         (a) Subject to subsection (b) below, the Depositor, the Master Servicer
and the Special Servicer each will keep in full effect its existence, rights and
franchises under the laws of the jurisdiction of its incorporation or
organization, and each will obtain and preserve its qualification to do business
as a foreign corporation or limited partnership in each jurisdiction in which
such qualification is or shall be necessary to protect the validity and
enforceability of the Loans and to perform its respective duties under this
Agreement.

         (b) The Depositor, the Master Servicer and the Special Servicer each
may be merged or consolidated with or into any Person (other than the Trustee),
or transfer all or substantially all of its assets to any Person (other than the
Trustee), in which case any Person resulting from any merger or consolidation to
which the Depositor, the Master Servicer or the Special Servicer shall be a
party, or any Person succeeding to the business of the Depositor, the Master
Servicer or the Special Servicer, shall be the successor of the Depositor, the
Master Servicer and the Special Servicer, as the case may be, hereunder, without
the execution or filing of any paper (other than an assumption agreement wherein
the successor shall agree to perform the obligations of and serve as the
Depositor, the Master Servicer or the Special Servicer, as the case may be, in
accordance with the terms of this Agreement) or any further act on the part of
any of the parties hereto, anything herein to the contrary notwithstanding;
provided, however, that such merger, consolidation or succession will not or has
not resulted in a withdrawal, downgrading or qualification of then-current
ratings of the Classes of Certificates that have been so rated (as evidenced by
a letter to such effect from each Rating Agency).

         SECTION 6.03. Limitation on Liability of the Trustee, the
                       Depositor, the Master Servicer, the Special Servicer and
                       Others.

         (a) None of the Depositor, the Trustee, the Master Servicer, the
Special Servicer nor any of the Affiliates, directors, partners, members,
managers, shareholders, officers, employees or agents of any of them shall be
under any liability to the Trust Fund, the Underwriters, the parties hereto, the
Certificateholders, the holder of any Junior Loan or any other Person for any
action taken or for refraining from the taking of any action in good faith
pursuant to this Agreement, or for errors in judgment; provided, however, that
this provision shall not protect any of the Depositor, the Trustee, the Master
Servicer or the Special Servicer against any breach of warranties or
representations made by such party herein or any liability which would otherwise
be imposed by reason of willful misfeasance, bad faith or negligence in the
performance of its duties or by reason of negligent disregard of obligations and
its duties hereunder. The Depositor, the Master Servicer, the Special Servicer,
the Trustee and any director, officer, employee or agent of the Depositor, the
Trustee, the Master Servicer or the Special Servicer may

                                     -224-

rely in good faith on any document of any kind which, prima facie, is properly
executed and submitted by any Person respecting any matters arising hereunder.

         The Depositor, the Master Servicer, the Special Servicer, the Trustee
and any Affiliate, director, shareholder, member, partner, manager, officer,
employee or agent of any of the foregoing shall be indemnified and held harmless
by the Trust Fund against any loss, liability or expense incurred in connection
with or relating to this Agreement, the Loans, any Junior Loan or the
Certificates, other than any loss, liability or expense: (i) specifically
required to be borne by such party pursuant to the terms hereof; (ii) incurred
in connection with any breach of a representation or warranty made by it herein;
(iii) incurred by reason of bad faith, willful misconduct or negligence in the
performance of its obligations or duties hereunder, or by reason of negligent
disregard of such obligations or duties or (iv) in the case of the Depositor and
any of its directors, officers, employees and agents, incurred in connection
with any violation by any of them of any state or federal securities law.

         (b) None of the Depositor, the Trustee, the Master Servicer or the
Special Servicer shall be under any obligation to appear in, prosecute or defend
any legal or administrative action, proceeding, hearing or examination that is
not incidental to its respective duties under this Agreement and which in its
opinion may involve it in any expense or liability which it is not reasonably
assured of reimbursement thereof by the Trust; provided, however, that the
Depositor, the Master Servicer, the Special Servicer or the Trustee may in its
discretion undertake any such action, proceeding, hearing or examination that it
may deem necessary or desirable in respect to this Agreement and the rights and
duties of the parties hereto and the interests of the Certificateholders
hereunder. In such event, the legal expenses and costs of such action,
proceeding, hearing or examination and any liability resulting therefrom shall
be expenses, costs and liabilities of the Trust Fund, and the Depositor, the
Master Servicer, the Special Servicer and the Trustee shall be entitled to be
reimbursed therefor out of amounts on deposit in the Collection Account as
provided by Section 3.05(a) or on deposit in the Distribution Account as
provided by Section 3.05(b)(iii).

         (c) Each of the Master Servicer and the Special Servicer agrees to
indemnify the Depositor, the Trust Fund and the Trustee and hold it harmless,
from and against any and all claims, losses, penalties, fines, forfeitures,
reasonable legal fees and related out-of-pocket costs, judgments, and any other
out-of-pocket costs, liabilities, fees and expenses that any of them may sustain
arising from or as a result of any willful misfeasance, bad faith or negligence
of the Master Servicer or the Special Servicer, as the case may be, in the
performance of its obligations and duties under this Agreement or by reason of
negligent disregard by the Master Servicer or the Special Servicer, as the case
may be, of its duties and obligations hereunder or by reason of breach of any
representations or warranties made by it herein. The Master Servicer and the
Special Servicer may consult with counsel, and any written advice or Opinion of
Counsel shall be full and complete authorization and protection with respect to
any action taken or suffered or omitted by it hereunder in good faith in
accordance with the Servicing Standard and in accordance with such advice or
Opinion of Counsel relating to (i) tax matters, (ii) any amendment of this
Agreement under Article X, (iii) the defeasance of any Defeasance Loan or (iv)
any matter involving legal proceeding with a Borrower.

         The Trustee shall immediately notify the Master Servicer or the Special
Servicer, as applicable, if a claim is made by a third party with respect to
this Agreement or the Loans entitling the Trust Fund or the Trustee to
indemnification hereunder, whereupon the Master Servicer or Special Servicer, as
the case may be, shall assume the defense of such claim and pay all expenses in
connection therewith, including counsel fees, and promptly pay, discharge and
satisfy any judgment or decree which may be entered against it or them in
respect of such claim. Any failure to so notify the Master Servicer or Special
Servicer, as the case may be, shall not affect any rights that the Trustee or
the Trust Fund may

                                     -225-

have to indemnification under this Agreement or otherwise, unless the Master
Servicer's or Special Servicer's, as the case may be, defense of such claim is
materially prejudiced thereby. The indemnification provided herein shall survive
the termination of this Agreement and the termination or resignation of the
Master Servicer and the Special Servicer.

         The Depositor agrees to indemnify the Master Servicer, the Special
Servicer and the Trustee and any Affiliate, director, officer, employee or agent
thereof, and hold them harmless, from and against any and all claims, losses,
penalties, fines, forfeitures, reasonable legal fees and related out-of-pocket
costs, judgments, and any other out-of-pocket costs, liabilities, fees and
expenses that any of them may sustain arising from or as a result of any breach
of representations and warranties or failure in the performance of the
Depositor's obligations and duties under this Agreement. The Master Servicer,
the Special Servicer and the Trustee shall immediately notify the Depositor if a
claim is made by a third party with respect to this Agreement or the Loans
entitling it to indemnification hereunder, whereupon the Depositor shall assume
the defense of such claim and pay all expenses in connection therewith,
including counsel fees, and promptly pay, discharge and satisfy any judgment or
decree which may be entered against it or them in respect of such claim. Any
failure to so notify the Depositor shall not affect any rights any of the
foregoing Persons may have to indemnification under this Agreement or otherwise,
unless the Depositor's defense of such claim is materially prejudiced thereby.
The indemnification provided herein shall survive the termination of this
Agreement.

         The Trustee agrees to indemnify the Master Servicer, the Special
Servicer and the Depositor and any Affiliate, director, officer, employee or
agent thereof, and hold them harmless, from and against any and all claims,
losses, penalties, fines, forfeitures, reasonable legal fees and related
out-of-pocket costs, judgments, and any other out-of-pocket costs, liabilities,
fees and expenses that any of them may sustain arising from or as a result of
any breach of representations and warranties made by it herein or as a result of
any willful misfeasance, bad faith or negligence of the Trustee in the
performance of its obligations and duties under this Agreement or the negligent
disregard by the Trustee of its duties and obligations hereunder. The Depositor,
Master Servicer or the Special Servicer shall immediately notify the Trustee if
a claim is made by a third party with respect to this Agreement or the Loans
entitling it to indemnification hereunder, whereupon the Trustee shall assume
the defense of such claim and pay all expenses in connection therewith,
including counsel fees, and promptly pay, discharge and satisfy any judgment or
decree which may be entered against it or them in respect of such claim. Any
failure to so notify the Trustee shall not affect any rights any of the
foregoing Persons may have to indemnification under this Agreement or otherwise,
unless the Trustee's defense of such claim is materially prejudiced thereby. The
indemnification provided herein shall survive the termination of this Agreement.

         SECTION 6.04. Master Servicer and Special Servicer Not to Resign.

         Subject to the provisions of Section 6.02, none of the Master Servicer
and the Special Servicer shall resign from their respective obligations and
duties hereby imposed on each of them except upon (a) a determination that such
party's duties hereunder are no longer permissible under applicable law or (b)
in the case of the Master Servicer or Special Servicer, upon the appointment of,
and the acceptance of such appointment by, a successor Master Servicer or
Special Servicer, as applicable and receipt by the Trustee of written
confirmation from each applicable Rating Agency that such resignation and
appointment will not cause such Rating Agency to downgrade, withdraw or qualify
any of the then-current ratings assigned by such Rating Agency to any Class of
Certificates. Any such determination permitting the resignation of the Master
Servicer or the Special Servicer pursuant to above clause (a) above shall be
evidenced by an Opinion of Counsel (the cost of which, together with any other
expenses of such resignation, shall be at the expense of the resigning party) to
such effect delivered to the Trustee. No such resignation by the Master Servicer
or the Special Servicer shall become effective until the

                                     -226-

Trustee or a successor Master Servicer shall have assumed the Master Servicer's
or Special Servicer's, as applicable, responsibilities and obligations in
accordance with Section 7.02.

         SECTION 6.05. Rights of the Depositor in Respect of the Master Servicer
                       and the Special Servicer.

         The Depositor may, but is not obligated to, enforce the obligations of
the Master Servicer and the Special Servicer hereunder and may, but is not
obligated to, perform, or cause a designee to perform, any defaulted obligation
of the Master Servicer and the Special Servicer hereunder or exercise the rights
of the Master Servicer or Special Servicer, as applicable, hereunder; provided,
however, that the Master Servicer and the Special Servicer shall not be relieved
of any of their respective obligations hereunder by virtue of such performance
by the Depositor or its designee. The Depositor shall not have any
responsibility or liability for any action or failure to act by the Master
Servicer or the Special Servicer and is not obligated to supervise the
performance of the Master Servicer or the Special Servicer under this Agreement
or otherwise.

                                     -227-

                                  ARTICLE VII

                                    DEFAULT

         SECTION 7.01. Events of Default; Master Servicer and Special Servicer
                       Termination.

         (a) "Event of Default", wherever used herein, means any one of the
following events:

               (i) any failure by the Master Servicer to (A) deposit into the
     Collection Account, a Junior Loan Custodial Account, a Servicing Account, a
     Cash Collateral Account or a Lock-Box Account any amount required to be so
     deposited by it pursuant to this Agreement, which failure is not cured
     within two Business Days after such deposit was required to be made, or (B)
     deposit into, or remit to the Trustee for deposit into, the Excess Interest
     Distribution Account, the Excess Liquidation Proceeds Account, the Interest
     Reserve Account or the Distribution Account, as applicable, any amount
     (including a P&I Advance or a payment to cover a Prepayment Interest
     Shortfall) required to be so deposited or remitted by it on the Master
     Servicer Remittance Date, which failure is not cured by 11:00 a.m. New York
     City time on the related Distribution Date (and the Master Servicer shall
     pay to the Trustee, for the account of the Trustee, interest on such late
     remittance at the Reimbursement Rate from and including the subject Master
     Servicer Remittance Date to but excluding the subject Distribution Date),
     or (C) make any Servicing Advance required to be made by it pursuant to
     this Agreement, which failure remains uncured for 15 days (or such shorter
     time as is necessary to avoid the lapse of any required Insurance Policy or
     the foreclosure of any tax lien on the related Mortgaged Property); or

               (ii) any failure by the Special Servicer to deposit into, or to
     remit to the Master Servicer for deposit into, the Collection Account, a
     Junior Loan Custodial Account, a Servicing Account or an REO Account, or to
     deposit into, or to remit to the Trustee for deposit into, the Distribution
     Account any amount required to be so deposited or remitted by the Special
     Servicer pursuant to the terms of this Agreement, which failure is not
     cured within two Business Days after such deposit or remittance was
     required to be made, provided, however, that if the Special Servicer fails
     to make any deposit or remittance so required to be made by the Special
     Servicer, and the Master Servicer is required to make an Advance for such
     amount, the Special Servicer shall pay to the Master Servicer for deposit
     into the Collection Account, interest on such late deposit or remittance at
     the Prime Rate from and including the date such payment was due until the
     date such payment was actually made; or

               (iii) any failure on the part of the Master Servicer or the
     Special Servicer to duly observe or perform in any material respect any
     other of the covenants or agreements on the part of the Master Servicer or
     the Special Servicer, as the case may be, contained in this Agreement which
     continues unremedied for a period of 30 days (15 days in the case of a
     failure to pay the premium for any Insurance Policy required to be
     maintained hereunder) after the date on which written notice of such
     failure, requiring the same to be remedied, shall have been given to the
     Master Servicer or the Special Servicer, as the case may be, by any other
     party hereto and, with respect to any Serviced Loan Combination, by any
     related Junior Loan Holder, or to the Master Servicer or the Special
     Servicer, as the case may be, the Depositor and the Trustee by the Holders
     of Certificates of any Class evidencing, as to such Class, Percentage
     Interests aggregating not less than 25%; provided, however, that, with
     respect to any such failure which is

                                     -228-

     not curable within such 30-day period or 15-day period, as applicable, the
     Master Servicer or the Special Servicer, as the case may be, shall have an
     additional cure period of 30 days to effect such cure so long as the Master
     Servicer or the Special Servicer, as the case may be, has commenced to cure
     such failure within such initial 30-day period or 15-day period, as
     applicable, and has diligently pursued, and is continuing to pursue, a full
     cure; or

               (iv) any breach on the part of the Master Servicer or the Special
     Servicer of any representation or warranty contained in Section 3.23 or
     Section 3.24, as applicable, which materially and adversely affects the
     interests of any Class of Certificateholders and which continues unremedied
     for a period of 30 days after the date on which notice of such breach,
     requiring the same to be remedied, shall have been given to the Master
     Servicer or the Special Servicer, as the case may be, by any other party
     hereto and, with respect to any Loan Combination, by any related Junior
     Loan Holder, or to the Master Servicer or the Special Servicer, the
     Depositor and the Trustee by the Holders of Certificates of any Class
     evidencing, as to such Class, Percentage Interests aggregating not less
     than 25%; provided, however, that with respect to any such breach which is
     not curable within such 30-day period, the Master Servicer or the Special
     Servicer, as the case may be, shall have an additional cure period of 30
     days to effect such cure so long as the Master Servicer or the Special
     Servicer, as the case may be, has commenced to cure such breach within the
     initial 30-day period and has diligently pursued, and is continuing to
     pursue, a full cure; or

               (v) a decree or order of a court or agency or supervisory
     authority having jurisdiction in the premises in an involuntary case under
     any present or future federal or state bankruptcy, insolvency or similar
     law for the appointment of a conservator, receiver, liquidator, trustee or
     similar official in any bankruptcy, insolvency, readjustment of debt,
     marshaling of assets and liabilities or similar proceedings, or for the
     winding-up or liquidation of its affairs, shall have been entered against
     the Master Servicer or the Special Servicer and such decree or order shall
     have remained in force undischarged or unstayed for a period of 60 days;
     provided, however, that, with respect to any such decree or order that
     cannot be discharged, dismissed or stayed within such 60-day period, the
     Master Servicer or the Special Servicer, as the case may be, shall have an
     additional period of 30 days to effect such discharge, dismissal or stay so
     long as it has commenced proceedings to have such decree or order
     dismissed, discharged or stayed within the initial 60-day period and has
     diligently pursued, and is continuing to pursue, such discharge, dismissal
     or stay;

               (vi) the Master Servicer or the Special Servicer shall consent to
     the appointment of a conservator, receiver, liquidator, trustee or similar
     official in any bankruptcy, insolvency, readjustment of debt, marshaling of
     assets and liabilities or similar proceedings of or relating to the Master
     Servicer or the Special Servicer or relating to all or substantially all of
     its property; or

               (vii) the Master Servicer or the Special Servicer shall admit in
     writing its inability to pay its debts generally as they become due, file a
     petition to take advantage of any applicable bankruptcy, insolvency or
     reorganization statute, make an assignment for the benefit of its
     creditors, voluntarily suspend payment of its obligations or take any
     corporate action in furtherance of the foregoing; or

               (viii) the Trustee shall have received written notice from Fitch
     that the continuation of the Master Servicer or the Special Servicer in
     that capacity would result, or has

                                     -229-

     resulted, in a downgrade or withdrawal of any rating then assigned by Fitch
     to any Class of Certificates; or

               (ix) Moody's has (A) qualified, downgraded or withdrawn its
     rating or ratings of one or more Classes of Certificates, or (B) placed one
     or more Classes of Certificates on "watch status" in contemplation of
     possible rating downgrade or withdrawal (and such "watch status" placement
     shall not have been withdrawn by Moody's within 60 days of such placement),
     and, in case of either of clause (A) or (B), citing servicing concerns with
     the Master Servicer or the Special Servicer as the sole or a material
     factor in such rating action.

         When a single entity acts in two or more of the capacities of the
Master Servicer and the Special Servicer, an Event of Default (other than an
event described in clauses (viii) and (ix) above) in one capacity shall
constitute an Event of Default in both such capacities.

         If any Event of Default shall have occurred with respect to the Master
Servicer or the Special Servicer and a Responsible Officer has actual knowledge
of such Event of Default, the Trustee shall provide notice of such Event of
Default to each affected Junior Loan Holder.

         (b) If any Event of Default with respect to the Master Servicer or the
Special Servicer (in either case, for purposes of this Section 7.01(b), the
"Defaulting Party") shall occur and be continuing, then, and in each and every
such case, so long as such Event of Default shall not have been remedied, the
Trustee may, and at the written direction of the Holders of Certificates
entitled to at least 25% of the Voting Rights, shall, terminate, by notice in
writing to the Defaulting Party (a "Termination Notice"), with a copy of such
notice to the Depositor, the Certificate Registrar and, with respect to any Loan
Combination, each related Junior Loan Holder, as applicable, all of the rights
and obligations of the Defaulting Party under this Agreement and in and to the
Loans and the Junior Loans and the proceeds thereof; provided, however, that the
Defaulting Party shall be entitled to the payment of any and all compensation,
indemnities and reimbursements accrued by or owing to it on or prior to the date
of such termination, as well as such similar amounts due to it thereafter, if
any, including (subject to reduction in accordance with Section 3.11(a)) with
respect to the Excess Servicing Strip and Assignable Primary Servicing Fees, as
provided for under this Agreement for services rendered and expenses incurred.

         From and after the receipt by the Defaulting Party of such written
notice, all authority and power of the Defaulting Party under this Agreement,
whether with respect to the Certificates (other than as a Holder of any
Certificate) or the Loans, the Junior Loans or otherwise, shall pass to and be
vested in the Trustee pursuant to and under this Section, and, without
limitation, the Trustee is hereby authorized and empowered to execute and
deliver, on behalf of and at the expense of the Defaulting Party, as
attorney-in-fact or otherwise, any and all documents and other instruments, and
to do or accomplish all other acts or things necessary or appropriate to effect
the purposes of such notice of termination, whether to complete the transfer and
endorsement or assignment of the Loans, the Junior Loans and related documents,
or otherwise.

         The Master Servicer and the Special Servicer each agrees that if it is
terminated pursuant to this Section 7.01(b), it shall promptly (and in any event
no later than 20 Business Days after its receipt of the notice of termination)
provide the Trustee with all documents and records requested by it to enable the
Trustee to assume the Master Servicer's or Special Servicer's, as the case may
be, functions hereunder, and shall reasonably cooperate with the Trustee in
effecting the termination of the Master Servicer's or Special Servicer's, as the
case may be, responsibilities and rights hereunder, including, without
limitation, the transfer within five Business Days to the Trustee for
administration by it of all cash amounts which shall at the time be or should
have been credited by the Master Servicer to the

                                     -230-

Collection Account or any Junior Loan Custodial Account, Servicing Account, Cash
Collateral Account or Lock-Box Account or by the Special Servicer to the
applicable REO Account, as the case may be, or thereafter be received with
respect to any Loan, any Junior Loan or any REO Property (provided, however,
that the Master Servicer or the Special Servicer, as the case may be, shall, if
terminated pursuant to this Section 7.01(b), continue to be entitled to receive
all amounts accrued or owing to it under this Agreement on or prior to the date
of such termination, whether in respect of Advances (in the case of a terminated
Master Servicer) or otherwise, as well as amounts due to it thereafter, if any,
and it and its directors, partners, members, managers, shareholders, officers,
employees and agents shall continue to be entitled to the benefits of Section
6.03 notwithstanding any such termination).

         (c) (1) The Holder or Holders of more than 50% of the aggregate
Certificate Balance of the Controlling Class shall be entitled to terminate the
rights and obligations of the Special Servicer under this Agreement, with or
without cause, upon 10 Business Days notice to the Master Servicer, the Special
Servicer and the Trustee, and to appoint a successor Special Servicer (provided
that (A) any such replacement of the Special Servicer by the Holder or Holders
of more than 50% of the aggregate Certificate Balance of the Controlling Class
pursuant to this clause (1) shall not apply with respect to the One Park Avenue
Total Loan (and any successor REO Loans with respect thereto) and the Special
Servicer otherwise terminated hereunder shall continue to servicer in the
capacity of Special Servicer solely with respect to the One Park Avenue Total
Loan (unless and until the One Park Avenue Controlling Holder exercises its
right to appoint a replacement Special Servicer solely with respect to the One
Park Avenue Total Loan as contemplated by Section 3.32 and clause (2) below) or
the Person (if any) previously appointed and then serving as the Special
Servicer solely with respect to the One Park Avenue Total Loan by the One Park
Avenue Controlling Holder shall continue in such capacity, as applicable, and
(B) if the Mizner Park Junior Loan Holder has, pursuant to Section 3.33
previously terminated and replaced the Special Servicer solely in respect of the
Mizner Park Total Loan and the replacement Special Servicer otherwise appointed
by the Holder or Holders of more than 50% of the aggregate Certificate Balance
of the Controlling Class pursuant to this clause (1) is the same Person as the
Person that was previously terminated as the Special Servicer for cause solely
with respect to the Mizner Park Total Loan by the Mizner Park Junior Loan
Holder, any such replacement of the Special Servicer by the Holder or Holders of
more than 50% of the aggregate Certificate Balance of the Controlling Class
pursuant to this clause (1) shall not apply with respect to the Mizner Park
Total Loan (and any successor REO Loans with respect thereto) and the Person
previously appointed as the Special Servicer solely with respect to the Mizner
Park Total Loan by the Mizner Park Junior Loan Holder shall continue in such
capacity), (2) the One Park Avenue Controlling Holder shall be entitled to
terminate the rights and obligations of the Special Servicer under this
Agreement, with or without cause, solely in respect of the One Park Avenue Total
Loan and/or any related REO Property as contemplated by Section 3.32 and (3)
with respect to the Mizner Park Total Loan, the Mizner Park Junior Loan Holder
shall be entitled to terminate the rights and obligations of the Special
Servicer under this Agreement, solely upon an Event of Default of such Special
Servicer and solely if the Directing Certificateholder has not already
terminated the Special Servicer subsequent to and based on such Event of
Default, solely in respect of the Mizner Park Total Loan and/or any related REO
Property as contemplated by Section 3.33, in each case upon 10 Business Days
prior written notice to the Master Servicer, the Special Servicer and the
Trustee, which shall, if the termination of the Special Servicer is for cause,
set forth the Event of Default which gave rise to such termination, and to
appoint a successor Special Servicer, in each case, solely with respect to the
Loan Combination for which the Special Servicer was terminated; provided,
however, that (i) such successor shall meet the requirements set forth in
Section 7.02, (ii) as evidenced in writing by each of the Rating Agencies (such
writing to be obtained by and at the expense of such Holders), the proposed
replacement of the Special Servicer shall not, in and of itself, result in a
downgrading, withdrawal or qualification of the then-current ratings provided by
the Rating Agencies with respect to any Class of then outstanding Certificates,
and (iii) the Trustee shall have received (A) an Acknowledgment of Proposed

                                     -231-

Special Servicer in the form attached hereto as Exhibit O, executed by the
Person designated to be the successor to such terminated Special Servicer, and
(B) an Opinion of Counsel (which shall not be an expense of the Trustee or the
Trust) substantially to the effect that (1) the removal of such terminated
Special Servicer and/or the appointment of the Person designated to serve as
successor thereto is in compliance with this Section 7.01(c), (2) such
designated Person is duly organized, validly existing and in good standing under
the laws of the jurisdiction of its organization, (3) the Acknowledgment of
Proposed Special Servicer, the form of which is attached hereto as Exhibit O,
has been duly authorized, executed and delivered by such designated Person and
(4) upon the execution and delivery of the Acknowledgment of Proposed Special
Servicer, such designated Person shall be bound by the terms of this Agreement
and, subject to customary bankruptcy and insolvency exceptions and customary
equity exceptions, this Agreement shall be enforceable against such designated
Person in accordance with its terms. Any Special Servicer terminated pursuant to
this Section 7.01(c) shall be deemed to have been so terminated simultaneously
with the designated successor's becoming the Special Servicer hereunder. Such
terminated Special Servicer shall take all reasonable actions necessary to
promptly transfer its rights and obligations hereunder to its successor.

         No penalty or fee shall be payable to the Special Servicer with respect
to any termination pursuant to this Section 7.01(c). Any expenses of the trust
as a result of any termination pursuant to this Section 7.01(c) shall be paid by
the Persons who effected such termination, if the termination was without cause,
and otherwise by the terminated Special Servicer.

         If the Controlling Class Certificates are held in book-entry form, then
the related Certificate Owners with beneficial interests in Controlling Class
Certificates representing more than 50% of the Class Principal Balance of the
Controlling Class, may exercise the same rights set forth above in this Section
7.01(c) to which they would otherwise be entitled if they were
Certificateholders.

         (d) The Master Servicer and Special Servicer shall, from time to time,
take all such actions as are required by them in order to maintain their
respective status as an approved servicer and special servicer, as applicable,
and as pertains to this transaction, with each of the Rating Agencies.

         SECTION 7.02. Trustee to Act; Appointment of Successor.

         On and after the time the Master Servicer or the Special Servicer, as
the case may be, either resigns pursuant to clause (a) of the first sentence of
Section 6.04(a) or receives a notice of termination for cause pursuant to
Section 7.01(b), and provided that no acceptable successor has been appointed in
accordance with the requirements of this Agreement, the Trustee shall be and
become the successor to the Master Servicer or the Special Servicer, as the case
may be, in all respects in its capacity as Master Servicer or Special Servicer,
as applicable, under this Agreement and the transactions set forth or provided
for herein and shall be subject to all the responsibilities, duties, liabilities
and limitations on liability relating thereto and that arise thereafter placed
on or for the benefit of the Master Servicer or the Special Servicer by the
terms and provisions hereof; provided, however, that any failure to perform such
duties or responsibilities caused by the terminated party's failure under
Section 7.01 to provide information or moneys required hereunder shall not be
considered a default by such successor hereunder.

         The appointment of a successor Master Servicer shall not affect any
liability of the predecessor Master Servicer which may have arisen prior to its
termination as Master Servicer, and the appointment of a successor Special
Servicer shall not affect any liability of the predecessor Special Servicer
which may have arisen prior to its termination as Special Servicer. The Trustee
in its capacity as successor to the Master Servicer or the Special Servicer
shall not be liable for any of the representations and warranties of the Master
Servicer or the Special Servicer, as the case may be, herein or in any related

                                     -232-

document or agreement, for any acts or omissions of the predecessor Master
Servicer or Special Servicer, as the case may be, or for any losses incurred by
the predecessor Master Servicer or Special Servicer, as the case may be,
pursuant to Section 3.06 hereunder, nor shall the Trustee be required to
purchase any Loan hereunder.

         As compensation therefor, the Trustee as a successor Master Servicer
shall be entitled to all Master Servicing Fees and other compensation relating
to the applicable Loans, Junior Loans and REO Loans to which the predecessor
Master Servicer would have been entitled to if the Master Servicer had continued
to act hereunder (subject to Section 3.11(a) with respect to the Assignable
Primary Servicing Fee and the Excess Servicing Strip), including but not limited
to any income or other benefit from any Permitted Investment of funds in a
Master Servicer Account maintained thereby pursuant to Section 3.06), and as
successor to the Special Servicer shall be entitled to the Special Servicing
Fees to which the predecessor Special Servicer would have been entitled if the
Special Servicer had continued to act hereunder. If the Trustee succeeds to the
capacity of the Master Servicer or the Special Servicer hereunder, the Trustee
shall be afforded the same standard of care and liability hereunder as the
Master Servicer or the Special Servicer, as the case may be, notwithstanding
anything in Section 8.01 to the contrary, but only with respect to actions taken
by it in its role as a successor Master Servicer or successor Special Servicer,
as the case may be, and not with respect to its role as Trustee hereunder.

         Notwithstanding the above, the Trustee may, if it shall be unwilling to
act as successor to the Master Servicer or the Special Servicer, as the case may
be, or shall, if it is unable to so act or if the Trustee is not approved as a
servicer or special servicer, as applicable, by each Rating Agency, or if the
Holders of Certificates entitled to at least 51% of the Voting Rights so request
in writing to the Trustee, promptly appoint, or petition a court of competent
jurisdiction to appoint, any established mortgage loan servicing institution
which meets the criteria set forth herein, as the successor hereunder to the
departing Master Servicer or Special Servicer, as applicable, in the assumption
of all or any part of the responsibilities, duties or liabilities of the Master
Servicer or the Special Servicer, as the case may be, hereunder. No appointment
of a successor to the Master Servicer or the Special Servicer under this Section
7.02 shall be effective until (i) each of the Rating Agencies shall have
confirmed in writing that its then-current rating (if any) of each Class of
Certificates will not be qualified (as applicable), downgraded or withdrawn by
reason thereof and (ii) the assumption in writing by the successor to the Master
Servicer or the Special Servicer, as the case may be, of all the
responsibilities, duties and liabilities as Master Servicer or Special Servicer,
as the case may be, hereunder that arise thereafter. Pending the appointment of
a successor to the Master Servicer or the Special Servicer hereunder, unless the
Trustee shall be prohibited by law from so acting, the Trustee shall act in such
capacity as hereinabove provided.

         In connection with such appointment and assumption of a successor to
the Master Servicer or the Special Servicer as described herein, subject to
Section 3.11(a), the Trustee may make such arrangements for the compensation of
such successor out of payments on Loans as it and such successor shall agree;
provided, however, that no such compensation with respect to a successor Master
Servicer or successor Special Servicer, as the case may be, shall be in excess
of that permitted the terminated Master Servicer or Special Servicer, as the
case may be, hereunder, or include the Assignable Primary Servicing Fee;
provided, further, that if no successor can be obtained for such compensation,
then, subject to approval by the Rating Agencies, additional amounts shall be
paid to such successor and such amounts in excess of that permitted the
terminated Master Servicer or Special Servicer, as the case may be, shall be
treated as Additional Trust Fund Expenses. The Trustee, the Master Servicer, the
Special Servicer and such successor shall take such action, consistent with this
Agreement, as shall be necessary to effectuate any such succession. Any
reasonable costs and expenses associated with the transfer of the servicing
function (other than with respect to a termination without cause) under this
Agreement shall be borne by the predecessor Master Servicer or Special Servicer.

                                     -233-

         SECTION 7.03. Notification to Certificateholders.

         (a) Upon any resignation of the Master Servicer or the Special Servicer
pursuant to Section 6.04, any termination of the Master Servicer or the Special
Servicer pursuant to Section 7.01 or any appointment of a successor to the
Master Servicer or the Special Servicer pursuant to Section 7.02, the Trustee
shall give prompt written notice thereof to Certificateholders at their
respective addresses appearing in the Certificate Register and, to the extent
that a Responsible Officer of the Trustee has actual knowledge of the identities
thereof, to each affected Junior Loan Holder.

         (b) Not later than the later of (i) 60 days after the occurrence of any
event which constitutes or, with notice or lapse of time or both, would
constitute an Event of Default and (ii) five days after the Trustee would be
deemed to have notice of the occurrence of such an event in accordance with
Section 8.02(vii) a Responsible Officer of the Trustee shall transmit by mail to
the Depositor, all Certificateholders and, to the extent that a Responsible
Officer of the Trustee has actual knowledge of the identities thereof, each
affected Junior Loan Holder, notice of such occurrence, unless such default
shall have been cured.

         SECTION 7.04. Waiver of Events of Default.

         The Holders of Certificates representing at least 662/3% of the Voting
Rights allocated to each Class of Certificates affected by any Event of Default
hereunder may waive such Event of Default within 20 days of the receipt of
notice from the Trustee of the occurrence of such Event of Default; provided,
however, that an Event of Default under clause (i) or (ii) of Section 7.01(a)
may only be waived by 100% of the Certificateholders of the affected Classes and
the Trustee. Upon any such waiver of an Event of Default and reimbursement by
the party requesting such waiver to the Trustee of all costs and expenses
incurred by it in connection with such Event of Default and prior to its waiver,
such Event of Default shall cease to exist and shall be deemed to have been
remedied for every purpose hereunder. No such waiver shall extend to any
subsequent or other Event of Default or impair any right consequent thereon
except to the extent expressly so waived. Notwithstanding any other provisions
of this Agreement, for purposes of waiving any Event of Default pursuant to this
Section 7.04, Certificates registered in the name of the Depositor or any
Affiliate of the Depositor shall be entitled to the same Voting Rights with
respect to the matters described above as they would if any other Person held
such Certificates.

         SECTION 7.05. Trustee Advances.

         If the Master Servicer fails to fulfill its obligations hereunder to
make any Advances, the Trustee shall perform such obligations (x) within one
Business Day of such failure (a failure only occurring after the Master
Servicer's cure period under Section 7.01(a)(i)(C) has expired) by the Master
Servicer with respect to Servicing Advances to the extent a Responsible Officer
of the Trustee has been notified in writing or a Responsible Officer of the
Trustee otherwise has actual knowledge of such failure with respect to such
Servicing Advances and (y) by 1:00 p.m., New York City time, on the related
Distribution Date with respect to P&I Advances. With respect to any such Advance
made by the Trustee, the Trustee shall succeed to all of the Master Servicer's
rights with respect to Advances hereunder, including, without limitation, the
Master Servicer's rights of reimbursement and interest on each Advance at the
Reimbursement Rate, and rights to determine that a proposed Advance is a
Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance, as the case may
be; provided, however, that if Advances made by both the Trustee and the Master
Servicer shall at any time be outstanding, or any interest on any Advance shall
be accrued and unpaid, all amounts available to repay such Advances and the
interest thereon hereunder shall be applied entirely to the Advances outstanding
to the Trustee, until such

                                     -234-

Advances shall have been repaid in full, together with all interest accrued
thereon, prior to reimbursement of the Master Servicer for such Advances. The
Trustee shall be entitled to conclusively rely on any notice given with respect
to a Nonrecoverable Advance hereunder.

                                     -235-

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

         SECTION 8.01. Duties of Trustee.

         (a) The Trustee, prior to the occurrence of an Event of Default and
after the curing or waiving of all Events of Default which may have occurred,
undertakes to perform such duties and only such duties as are specifically set
forth in this Agreement. If an Event of Default occurs and is continuing, then
(subject to Section 8.02(vii) below) the Trustee shall exercise such of the
rights and powers vested in it by this Agreement, and use the same degree of
care and skill in their exercise as a prudent man would exercise or use under
the circumstances in the conduct of his own affairs. Any permissive right of the
Trustee contained in this Agreement shall not be construed as a duty.

         (b) The Trustee, upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments furnished
to the Trustee which are specifically required to be furnished pursuant to any
provision of this Agreement (other than the Mortgage Files, the review of which
is specifically governed by the terms of Article II), shall examine them to
determine whether they conform to the requirements of this Agreement. If any
such instrument is found not to conform to the requirements of this Agreement in
a material manner, the Trustee shall make a request to the responsible party to
have the instrument corrected. The Trustee shall not be responsible for the
accuracy or content of any resolution, certificate, statement, opinion, report,
document, order or other instrument furnished by the Depositor, the Master
Servicer or the Special Servicer, and accepted by the Trustee in good faith,
pursuant to this Agreement.

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

               (i) Prior to the occurrence of an Event of Default, and after the
     curing of all such Events of Default which may have occurred, the duties
     and obligations of the Trustee shall be determined solely by the express
     provisions of this Agreement, the Trustee shall not be liable except for
     the performance of such duties and obligations as are specifically set
     forth in this Agreement, no implied covenants or obligations shall be read
     into this Agreement against the Trustee and, in the absence of bad faith on
     the part of the Trustee, the Trustee may conclusively rely, as to the truth
     of the statements and the correctness of the opinions expressed therein,
     upon any certificates or opinions furnished to the Trustee and conforming
     to the requirements of this Agreement;

               (ii) The Trustee shall not be liable for an error of judgment
     made in good faith by a Responsible Officer or Responsible Officers of the
     Trustee, unless it shall be proved that the Trustee was negligent in
     ascertaining the pertinent facts;

               (iii) The Trustee shall not be liable with respect to any action
     taken, suffered or omitted to be taken by it in good faith in accordance
     with the direction of Holders of Certificates entitled to at least 25% of
     the Voting Rights relating to the time, method and place of conducting any
     proceeding for any remedy available to the Trustee, or exercising any trust
     or power conferred upon the Trustee, under this Agreement (unless a higher
     percentage of Voting Rights is required for such action); and

                                     -236-

               (iv) Subject to the other provisions of this Agreement and
     without limiting the generality of this Section 8.01, the Trustee shall
     have no duty except in the capacity as a successor Master Servicer or
     successor Special Servicer (A) to see to any recording, filing or
     depositing of this Agreement or any agreement referred to herein or any
     financing statement or continuation statement evidencing a security
     interest, or to see to the maintenance of any such recording or filing or
     depositing or to any re-recording, refiling or redepositing of any thereof,
     (B) to see to any insurance, and (C) to confirm or verify the contents of
     any reports or certificates of the Master Servicer or the Special Servicer
     delivered to the Trustee pursuant to this Agreement reasonably believed by
     the Trustee to be genuine and to have been signed or presented by the
     proper party or parties.

         SECTION 8.02. Certain Matters Affecting the Trustee.

         Except as otherwise provided in Section 8.01:

         (i) The Trustee may rely upon and shall be protected in acting or
refraining from acting upon any resolution, Officer's Certificate, certificate
of auditors or any other certificate, statement, instrument, opinion, report,
notice, request, consent, order, Appraisal, bond or other paper or document
reasonably believed by it to be genuine and to have been signed or presented by
the proper party or parties;

         (ii) The Trustee may consult with counsel and the written advice of
such counsel or any Opinion of Counsel shall be full and complete authorization
and protection in respect of any action taken or suffered or omitted by it
hereunder in good faith and in accordance therewith;

         (iii) The Trustee shall be under no obligation to exercise any of the
trusts or powers vested in it by this Agreement or to make any investigation of
matters arising hereunder or to institute, conduct or defend any litigation
hereunder or in relation hereto at the request, order or direction of any of the
Certificateholders, pursuant to the provisions of this Agreement, unless, in the
Trustee's reasonable opinion, such Certificateholders shall have offered to the
Trustee reasonable security or indemnity against the costs, expenses and
liabilities which may be incurred therein or thereby; the Trustee shall not be
required to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder, or in the exercise
of any of its rights or powers, if it shall have reasonable grounds for
believing that repayment of such funds or adequate indemnity against such risk
or liability is not reasonably assured to it; nothing contained herein shall,
however, relieve the Trustee of the obligation, upon the occurrence of an Event
of Default which has not been cured, to exercise such of the rights and powers
vested in it by this Agreement, and to use the same degree of care and skill in
their exercise as a prudent man would exercise or use under the circumstances in
the conduct of his own affairs;

         (iv) The Trustee shall not be liable for any action reasonably taken,
suffered or omitted by it in good faith and believed by it to be authorized or
within the discretion or rights or powers conferred upon it by this Agreement;

         (v) Prior to the occurrence of an Event of Default hereunder and after
the curing of all Events of Default which may have occurred, the Trustee shall
not be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, order, approval, bond or other paper or document, unless
requested in writing to do so by Holders of Certificates entitled to at least
50% of the Voting Rights; provided, however, that if the payment within a
reasonable time to the Trustee of the costs, expenses or liabilities likely to
be incurred by it in the making of such investigation is, in the opinion of the
Trustee, not reasonably assured to the

                                     -237-

Trustee by the security afforded to it by the terms of this Agreement, the
Trustee may require reasonable indemnity against such expense or liability as a
condition to taking any such action. The reasonable expense of every such
reasonable examination shall be paid by the Master Servicer or, if paid by the
Trustee, shall be repaid by the Master Servicer upon demand;

         (vi) The Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through agents or
attorneys; provided, however, that the appointment of such agents or attorneys
shall not relieve the Trustee of its duties or obligations hereunder;

         (vii) For all purposes under this Agreement, the Trustee shall not be
required to take any action with respect to, or be deemed to have notice or
knowledge of any default or Event of Default unless a Responsible Officer of the
Trustee has actual knowledge thereof or shall have received written notice
thereof. In the absence of receipt of such notice and such actual knowledge
otherwise obtained, the Trustee may conclusively assume that there is no default
or Event of Default;

         (viii) The Trustee shall not be responsible for any act or omission of
the Master Servicer, the Special Servicer or the Directing Certificateholder
(unless the Trustee is acting as the Master Servicer, the Special Servicer or
the Directing Certificateholder, as the case may be) or of the Depositor; and

         (ix) The Trustee shall not be required to give any bond or surety in
respect of the execution of the Trust Fund created hereby or the power granted
hereunder.

         SECTION 8.03. Trustee Not Liable for Validity or Sufficiency of
                       Certificates or Loans.

         The recitals contained herein and in the Certificates, other than the
acknowledgments and expressed intentions of the Trustee in Sections 2.01, 2.02,
2.04 and 10.07 and the representations and warranties of the Trustee in Section
8.13, shall be taken as the statements of the Depositor, the Master Servicer or
the Special Servicer, as the case may be, and the Trustee assumes no
responsibility for their correctness. The Trustee does not make any
representations as to the validity or sufficiency of this Agreement or of any
Certificate or of any Loan or related document. The Trustee shall not be
accountable for the use or application by the Depositor of any of the
Certificates issued to it or of the proceeds of such Certificates, or for the
use or application of any funds paid to the Depositor in respect of the
assignment of the Loans to the Trust Fund, or any funds deposited in or
withdrawn from the Collection Account or any other account by or on behalf of
the Depositor, the Master Servicer or the Special Servicer. The Trustee shall
not be responsible for the accuracy or content of any resolution, certificate,
statement, opinion, report, document, order or other instrument furnished by the
Depositor, the Master Servicer or the Special Servicer, and accepted by the
Trustee, in good faith, pursuant to this Agreement.

         SECTION 8.04. Trustee May Own Certificates.

         The Trustee in its individual capacity and not as Trustee, may become
the owner or pledgee of Certificates, and may deal with the Depositor, the
Master Servicer, the Special Servicer, the Initial Purchaser and the
Underwriters in banking transactions, with the same rights it would have if it
were not Trustee.

                                     -238-

         SECTION 8.05. Fees and Expenses of Trustee; Reimbursements and Other
                       Payments to Trustee.

         (a) As compensation for the performance of its duties, the Trustee
shall be paid the Trustee Fee, equal to one month's interest at the Trustee Fee
Rate on the Stated Principal Balance of each Loan and REO Loan in the Mortgage
Pool, which shall cover recurring and otherwise reasonably anticipated expenses
of the Trustee. With respect to each Loan and REO Loan in the Mortgage Pool, the
Trustee Fee shall accrue from time to time on the same interest accrual basis
(i.e., either an Actual/360 Basis or a 30/360 Basis, as applicable) as is
applicable to such Loan or REO Loan, as the case may be. The Trustee Fee (which
shall not be limited to any provision of law in regard to the compensation of a
trustee of an express trust) shall constitute the Trustee's sole form of
compensation for all services rendered by it in the execution of the trusts
hereby created and in the exercise and performance of any of the powers and
duties of the Trustee hereunder.

         (b) The Trustee shall be paid or reimbursed by the Trust Fund upon its
request for all reasonable expenses and disbursements incurred by the Trustee
pursuant to and in accordance with any of the provisions of this Agreement
(including the reasonable compensation and the expenses and disbursements of its
counsel and of all persons not regularly in its employ) to the extent such
payments are "unanticipated expenses incurred by the REMIC" within the meaning
of Treasury regulations section 1.860G-1(b)(iii) except any such expense,
disbursement or advance as may arise from its negligence, bad faith or willful
misconduct; provided, however, that, subject to Section 8.02(iii), the Trustee
shall not refuse to perform any of its duties hereunder solely as a result of
the failure to be paid the Trustee Fee or the Trustee's expenses.
Notwithstanding the foregoing, this Section 8.05(b) shall not apply to the
reimbursement of Advances or the payment of interest thereof, it being
acknowledged that such reimbursement and/or payment is otherwise expressly
provided for herein.

         SECTION 8.06. Eligibility Requirements for Trustee.

         The Trustee hereunder shall at all times be, and will be required to
resign if it fails to be, (i) a corporation, national bank, trust company or
national banking association, organized and doing business under the laws of any
state or the United States of America or the District of Columbia, authorized
under such laws to exercise corporate trust powers and to accept the trust
conferred under this Agreement, having a combined capital and surplus of at
least $50,000,000 and subject to supervision or examination by federal or state
authority and shall not be an Affiliate of the Depositor, the Master Servicer or
the Special Servicer (except during any period when the Trustee is acting as, or
has become successor to, the Master Servicer or the Special Servicer, as the
case may be, pursuant to Section 7.02), (ii) an institution insured by the
Federal Deposit Insurance Corporation and (iii) an institution whose long-term
senior unsecured debt is rated "AA-" or higher by Fitch and "Aa3" or higher by
Moody's and a short-term rating of at least "F-1" by Fitch (or such entity as
would not, as evidenced in writing by such Rating Agency, result in the
qualification (as applicable), downgrading or withdrawal of any of the
then-current ratings then assigned thereby to the Certificates).

         If such corporation, national bank, trust company or national banking
association publishes reports of condition at least annually, pursuant to law or
to the requirements of the aforesaid supervising or examining authority, then
for the purposes of this Section the combined capital and surplus of such
corporation, national bank, trust company or national banking association shall
be deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. In the event the place of business from which
the Trustee administers the Trust REMICs is in a state or local jurisdiction
that imposes a tax on the Trust Fund on the net income of a REMIC (other than a
tax corresponding to a tax imposed under the REMIC Provisions), the Trustee
shall elect either to (i) resign

                                     -239-

immediately in the manner and with the effect specified in Section 8.07, (ii)
pay such tax at no expense to the Trust Fund or (iii) administer the Trust
REMICs from a state and local jurisdiction that does not impose such a tax.

         SECTION 8.07. Resignation and Removal of the Trustee.

         (a) The Trustee may at any time resign and be discharged from the
trusts hereby created by giving written notice thereof to the Depositor, the
Master Servicer, the Special Servicer and all Certificateholders. Upon receiving
such notice of resignation, the Depositor shall promptly appoint a successor
trustee acceptable to the Master Servicer, in its reasonable discretion, and the
Rating Agencies (as evidenced in writing by such Rating Agency that such
appointment would not result in the qualification (as applicable), downgrading
or withdrawal of any of the then-current ratings then assigned thereby to the
Certificates) by written instrument, in duplicate, which instrument shall be
delivered to the resigning Trustee and to the successor trustee. A copy of such
instrument shall be delivered to the Master Servicer, the Special Servicer, the
Certificateholders and the Junior Loan Holders by the Depositor. If no successor
trustee shall have been so appointed and have accepted appointment within 30
days after the giving of such notice of resignation, the resigning Trustee may
petition any court of competent jurisdiction for the appointment of a successor
trustee. The resigning Trustee shall be responsible for the payment of all
reasonable expenses incurred in connection with such resignation and discharge
and the appointment of a successor trustee

         (b) If at any time the Trustee shall cease to be eligible in accordance
with the provisions of Section 8.06 or if the Depositor has received notice from
the Rating Agencies that failure to remove the Trustee will result in a
downgrade or withdrawal of the then-current rating assigned to any Class of
Certificates, and shall fail to resign after written request therefor by the
Depositor or the Master Servicer, or if at any time the Trustee shall become
incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver
of the Trustee or of its property shall be appointed, or any public officer
shall take charge or control of the Trustee or of its property or affairs for
the purpose of rehabilitation, conservation or liquidation, then the Depositor
may remove the Trustee and appoint a successor trustee acceptable to the Master
Servicer and the Rating Agencies (as evidenced in writing by such Rating Agency
that such removal and appointment would not result in the qualification (as
applicable), downgrading or withdrawal of any of the then-current ratings then
assigned thereby to the Certificates), by written instrument, in duplicate,
which instrument shall be delivered to the Trustee so removed and to the
successor trustee. A copy of such instrument shall be delivered to the Master
Servicer, the Special Servicer, the Certificateholders and the Junior Loan
Holders by the Depositor.

         (c) The Holders of Certificates entitled to at least 51% of the Voting
Rights may at any time remove the Trustee and appoint a successor trustee by
written instrument or instruments, in triplicate, signed by such Holders or
their attorneys-in-fact duly authorized, one complete set of which instruments
shall be delivered to the Master Servicer, one complete set to the Trustee so
removed and one complete set to the successor so appointed. A copy of such
instrument shall be delivered to the Depositor, the Special Servicer and the
Certificateholders by the Master Servicer. The Trustee shall be reimbursed for
all costs and expenses incurred by it in connection with such removal within 30
days of demand therefor from amounts on deposit in the Distribution Account
(provided the Trustee is removed without cause).

         Any resignation or removal of the Trustee and appointment of a
successor Trustee pursuant to any of the provisions of this Section 8.07 shall
not become effective until acceptance of appointment by the successor Trustee as
provided in Section 8.08.

                                     -240-

         Within 30 days following any succession of the Trustee under this
Agreement, the predecessor Trustee shall be paid all accrued and unpaid
compensation and reimbursement as provided for under this Agreement for services
rendered and expenses incurred. No Trustee shall be liable for any action or
omission of any successor Trustee.

         SECTION 8.08. Successor Trustee.

         (a) Any successor Trustee appointed as provided in Section 8.07 shall
execute, acknowledge and deliver to the Depositor, the Master Servicer, the
Special Servicer and to its predecessor Trustee, an instrument accepting such
appointment hereunder, and thereupon the resignation or removal of the
predecessor Trustee, shall become effective and such successor Trustee, without
any further act, deed or conveyance, shall become fully vested with all the
rights, powers, duties and obligations of its predecessor hereunder, with the
like effect as if originally named as Trustee herein. The predecessor Trustee
shall deliver to the successor trustee all Mortgage Files and related documents
and statements held by it hereunder, and the Depositor, the Master Servicer, the
Special Servicer and the predecessor Trustee shall execute and deliver such
instruments and do such other things as may reasonably be required to more fully
and certainly vest and confirm in the successor Trustee all such rights, powers,
duties and obligations, and to enable the successor Trustee to perform its
obligations hereunder.

         (b) No successor Trustee shall accept appointment as provided in this
Section 8.08 unless at the time of such acceptance such successor trustee or
shall be eligible under the provisions of Section 8.06.

         (c) Upon acceptance of appointment by a successor Trustee as provided
in this Section 8.08, the Master Servicer shall mail notice of the succession of
such Trustee hereunder to the Depositor, the Special Servicer and the
Certificateholders. The Master Servicer shall also mail a copy of such notice to
each holder of a Junior Loan. If the Master Servicer shall fail to so mail such
notice or a copy thereof, as applicable, within 10 days (or, in the case of a
mailing to a Junior Loan Holder, 20 days) after acceptance of appointment by the
successor Trustee, such successor Trustee shall cause such notice to be mailed
at the expense of the Master Servicer.

         SECTION 8.09. Merger or Consolidation of Trustee.

         Any Person into which the Trustee may be merged or converted or with
which it may be consolidated or any Person resulting from any merger, conversion
or consolidation to which the Trustee shall be a party, or any Person succeeding
to all or substantially all of the corporate trust business of the Trustee,
shall be the successor of the Trustee, hereunder (provided that, in the case of
the Trustee, such successor Person shall be eligible under the provisions of
Section 8.06, without the execution or filing of any paper or any further act on
the part of any of the parties hereto), anything herein to the contrary
notwithstanding.

         SECTION 8.10. Appointment of Co-Trustee or Separate Trustee.

         (a) Notwithstanding any other provisions hereof, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part
of the Trust Fund or property securing the same may at the time be located, the
Master Servicer and the Trustee acting jointly shall have the power and shall
execute and deliver all instruments to appoint one or more Persons approved by
the Trustee to act as co-trustee or co-trustees, jointly with the Trustee, or
separate trustee or separate trustees, of all or any part of the Trust Fund, and
to vest in such Person or Persons, in such capacity, such title to the Trust
Fund, or any part thereof, and, subject to the other provisions of this Section
8.10, such powers,

                                     -241-

duties, obligations, rights and trusts as Master Servicer and the Trustee may
consider necessary or desirable. If the Master Servicer shall not have joined in
such appointment within 15 days after the receipt by it of a request to do so,
or in case an Event of Default shall have occurred and be continuing, the
Trustee alone shall have the power to make such appointment. No co-trustee or
separate trustee hereunder shall be required to meet the terms of eligibility as
a successor trustee under Section 8.06 hereunder and no notice to Holders of
Certificates of the appointment of co-trustee(s) or separate trustee(s) shall be
required under Section 8.08 hereof.

         (b) In the case of any appointment of a co-trustee or separate trustee
pursuant to this Section 8.10, all rights, powers, duties and obligations
conferred or imposed upon the Trustee shall be conferred or imposed upon and
exercised or performed by the Trustee and such separate trustee or co-trustee
jointly, except to the extent that under any law of any jurisdiction in which
any particular act or acts are to be performed (whether as Trustee hereunder or
as successor to the Master Servicer or the Special Servicer hereunder), the
Trustee shall be incompetent or unqualified to perform such act or acts, in
which event such rights, powers, duties and obligations (including the holding
of title to the Trust Fund or any portion thereof in any such jurisdiction)
shall be exercised and performed by such separate trustee or co-trustee at the
direction of the Trustee.

         (c) Any notice, request or other writing given to the Trustee shall be
deemed to have been given to each of the then-separate trustees and co-trustees,
as effectively as if given to each of them. Every instrument appointing any
separate trustee or co-trustee shall refer to this Agreement and the conditions
of this Article VIII. Each separate trustee and co-trustee, upon its acceptance
of the trusts conferred, shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided therein, subject to all the provisions of this Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording protection to, the Trustee. Every
such instrument shall be filed with the Trustee.

         (d) Any separate trustee or co-trustee may, at any time, constitute the
Trustee, its agent or attorney-in-fact, with full power and authority, to the
extent not prohibited by law, to do any lawful act under or in respect of this
Agreement on its behalf and in its name. If any separate trustee or co-trustee
shall die, become incapable of acting, resign or be removed, all of its estates,
properties, rights, remedies and trusts shall vest in and be exercised by the
Trustee, to the extent permitted by law, without the appointment of a new or
successor trustee.

         (e) The appointment of a co-trustee or separate trustee under this
Section 8.10 shall not relieve the Trustee of its duties and responsibilities
hereunder.

         SECTION 8.11. Appointment of Custodians.

         The Trustee may appoint at the Trustee's own expense one or more
Custodians to hold all or a portion of the Mortgage Files as agent for the
Trustee; provided that the Trustee shall inform the Master Servicer of such
appointment. Each Custodian shall be a depositary institution supervised and
regulated by a federal or state banking authority, shall have combined capital
and surplus of at least $10,000,000, shall be qualified to do business in the
jurisdiction in which it holds any Mortgage File, shall not be the Depositor,
any Mortgage Loan Seller or any Affiliate of the Depositor or any Mortgage Loan
Seller, and shall have in place a fidelity bond and errors and omissions policy,
each in such form and amount as is customarily required of custodians acting on
behalf of FHLMC or FNMA. Each Custodian shall be subject to the same
obligations, standard of care, protection and indemnities as would be imposed
on, or would protect, the Trustee hereunder in connection with the retention of
Mortgage Files

                                     -242-

directly by the Trustee. The appointment of one or more Custodians shall not
relieve the Trustee from any of its obligations hereunder, and the Trustee shall
remain responsible for all acts and omissions of any Custodian.

         SECTION 8.12. Access to Certain Information.

         (a) On or prior to the date of the first sale of any Non-Registered
Certificate to an Independent third party, the Depositor shall provide to the
Trustee a copy of any private placement memorandum or other disclosure document
used by the Depositor or its Affiliate in connection with the offer and sale of
the Class of Certificates to which such Non-Registered Certificate relates. In
addition, if any such private placement memorandum or disclosure document is
revised, amended or supplemented at any time following the delivery thereof to
the Trustee, the Depositor promptly shall inform the Trustee of such event and
shall deliver to the Trustee a copy of the private placement memorandum or
disclosure document, as revised, amended or supplemented.

         The Trustee shall maintain at its offices primarily responsible for
administering the Trust Fund and shall, upon reasonable advance written notice,
make available during normal business hours for review by any Certificateholder,
Certificate Owner or prospective purchaser of a Certificate or any interest
therein, the Depositor, the Master Servicer, the Special Servicer, the Directing
Certificateholder, any Rating Agency, the Underwriters, with respect to any Loan
Combination, the related Junior Loan Holder(s), as applicable, or any other
Person to whom the Trustee believes such disclosure is appropriate, originals or
copies of the following items to the extent such documents have been delivered
to the Trustee: (i) in the case of a Holder or prospective transferee of a
Non-Registered Certificate, any private placement memorandum or other disclosure
document relating to the Class of Certificates to which such Non-Registered
Certificate belongs, in the form most recently provided to the Trustee and (ii)
in all cases, (A) this Agreement and any amendments hereto entered into pursuant
to Section 10.01, (B) all statements required to be delivered, or otherwise
required to be made available, to Certificateholders of the relevant Class
pursuant to Section 4.02 since the Closing Date, (C) all Officer's Certificates
delivered to the Trustee since the Closing Date pursuant to Section 3.13, (D)
all accountants' reports delivered to the Trustee since the Closing Date
pursuant to Section 3.14, (E) any and all notices, reports and Environmental
Assessments delivered to the Trustee with respect to any Mortgaged Property
securing a Loan as to which the environmental testing contemplated by Section
3.09(c) revealed that either of the conditions set forth in clauses (i) and (ii)
of the first sentence thereof was not satisfied (but only for so long as such
Mortgaged Property or the related Loan are part of the Trust Fund), (F) any and
all modifications, waivers and amendments of the terms of a Loan or Junior Loan
entered into by the Master Servicer or the Special Servicer and delivered to the
Trustee pursuant to Section 3.20 (but only for so long as the affected Loan is
part of the Trust Fund), (G) any and all Officer's Certificates delivered to the
Trustee to support the Master Servicer's determination that any P&I Advance or
Servicing Advance was or, if made, would be a Nonrecoverable P&I Advance or
Nonrecoverable Servicing Advance, as the case may be, (H) any and all of the
Loan Documents contained in the Mortgage File, (I) any and all Appraisals
obtained pursuant to this Agreement and delivered to the Trustee, (J)
information provided to the Trustee regarding the occurrence of Servicing
Transfer Events as to the Loans, (K) any and all Sub-Servicing Agreements
provided to the Trustee and any amendments thereto and modifications thereof,
(L) any and all property inspection reports conducted by or on behalf of the
Master Servicer or the Special Servicer in respect of any Mortgaged Property or
REO Property, to the extent delivered to the Trustee, and (M) any and all
operating statements, rent rolls and/or maintenance schedules collected or
obtained by the Master Servicer or the Special Servicer in respect of any
Mortgaged Property or REO Property, to the extent delivered to the Trustee.

                                     -243-

         Copies of any and all of the foregoing items will be available from the
Trustee upon written request; provided, however, that the Trustee shall be
permitted to require payment of a sum sufficient to cover the reasonable costs
and expenses of providing such copies, except in the case of copies provided to
the Rating Agencies, which shall be free of charge. In addition, without
limiting the generality of the foregoing, any Requesting Subordinate
Certificateholder may upon written request from the Trustee obtain a copy of any
report delivered to the Rating Agencies under this Agreement.

         (b) Notwithstanding anything to the contrary herein, in addition to the
reports and information made available and distributed pursuant to the terms of
this Agreement (including the information set forth in Section 8.12(a)), each of
the Master Servicer and the Trustee shall, in accordance with such reasonable
rules and procedures as it may adopt (which may include the requirement that an
agreement that provides that such information shall be kept confidential and
used solely for purposes of evaluating the investment characteristics of the
Certificates be executed) also make the reports available to Certificateholders
pursuant to Section 4.02, and, with respect to any Loan Combination, the related
Junior Loan Holder(s), as applicable, as well as certain additional information
received by the Master Servicer or the Trustee, as the case may be, to any
Certificateholder, the Underwriters, the Initial Purchasers, any Certificate
Owner, any Junior Loan Holder or any prospective investor identified as such by
a Certificateholder, a Certificate Owner, the Underwriters, the Initial
Purchaser or, with respect to any Loan Combination, a related Junior Loan
Holder, that requests such reports or information; provided that the Master
Servicer or the Trustee, as the case may be, shall be permitted to require
payment of a sum sufficient to cover the reasonable costs and expenses of
providing copies of such reports or information; and provided, further, that no
Junior Loan Holder or prospective investor in a Junior Loan shall be entitled to
any such report or information except to the extent that it relates to the
subject Serviced Loan Combination.

         (c) With respect to any information furnished by the Trustee or the
Master Servicer pursuant to this Agreement, the Trustee or the Master Servicer,
as the case may be, shall be entitled to indicate the source of such information
and the Trustee or the Master Servicer, as applicable, may affix thereto any
disclaimer it deems appropriate in its discretion. The Trustee or the Master
Servicer, as applicable, shall notify Certificateholders, Certificate Owners
and, with respect to any Loan Combination, the related Junior Loan Holder(s), as
applicable, of the availability of any such information in any manner as it, in
its sole discretion, may determine. In connection with providing access to or
copies of the items described in this Section 8.12, the Trustee or the Master
Servicer, as the case may be, may require: (i) in the case of Certificateholders
and Certificate Owners and the Directing Certificateholder, a confirmation
executed by the requesting Person substantially in the form of Exhibit I
attached hereto or otherwise in form and substance reasonably acceptable to the
Master Servicer or the Trustee, as applicable, generally to the effect that such
Person is a registered or beneficial holder of Certificates or an investment
advisor representing such Person and is requesting the information solely for
use in evaluating such Person's investment in the Certificates and will
otherwise keep such information confidential; and (ii) in the case of a
prospective purchaser or an investment advisor representing such Person,
confirmation executed by the requesting Person substantially in the form of
Exhibit I attached hereto or otherwise in form and substance reasonably
acceptable to the Trustee or the Master Servicer, as the case may be, generally
to the effect that such Person is a prospective purchaser of a Certificate or an
interest therein or an investment advisor representing such Person, and is
requesting the information solely for use in evaluating a possible investment in
Certificates and will otherwise keep such information confidential. None of the
Master Servicer or the Trustee shall be liable for the dissemination of
information in accordance with this Agreement.

                                     -244-

         SECTION 8.13. Representations, Warranties and Covenants of the Trustee.

         (a) The Trustee hereby represents and warrants to the Depositor, the
Master Servicer and the Special Servicer and for the benefit of the
Certificateholders and the Junior Loan Holders, as of the Closing Date, that:

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

               (ii) The execution and delivery of this Agreement by the Trustee,
     and the performance and compliance with the terms of this Agreement by the
     Trustee, will not violate the Trustee's organizational documents or
     constitute a default (or an event which, with notice or lapse of time, or
     both, would constitute a default) under, or result in the breach of, any
     material agreement or other instrument to which it is a party or which is
     applicable to it or any of its assets;

               (iii) The Trustee has the full power and authority to enter into
     and consummate all transactions contemplated by this Agreement, has duly
     authorized the execution, delivery and performance of this Agreement, and
     has duly executed and delivered this Agreement;

               (iv) This Agreement, assuming due authorization, execution and
     delivery by each of the other parties hereto, constitutes a valid, legal
     and binding obligation of the Trustee, enforceable against the Trustee in
     accordance with the terms hereof, subject to (a) applicable bankruptcy,
     insolvency, reorganization, moratorium and other laws affecting the
     enforcement of creditors' rights generally and the rights of creditors of
     banks specifically and (b) general principles of equity, regardless of
     whether such enforcement is considered in a proceeding in equity or at law;

               (v) The Trustee is not in violation of, and its execution and
     delivery of this Agreement and its performance and compliance with the
     terms of this Agreement will not constitute a violation of, any law, any
     order or decree of any court or arbiter, or any order, regulation or demand
     of any federal, state or local governmental or regulatory authority, which
     violation, in the Trustee's good faith and reasonable judgment, is likely
     to affect materially and adversely the ability of the Trustee to perform
     its obligations under this Agreement;

               (vi) No litigation is pending or, to the best of the Trustee's
     knowledge, threatened against the Trustee which would prohibit the Trustee
     from entering into this Agreement or, in the Trustee's good faith and
     reasonable judgment, is likely to materially and adversely affect the
     ability of the Trustee to perform its obligations under this Agreement; and

               (vii) No consent, approval, authorization or order of any court
     or governmental agency or body is required for the execution, delivery and
     performance by the Trustee, or compliance by the Trustee with, this
     Agreement or the consummation of the transactions contemplated by this
     Agreement, except for any consent, approval, authorization or order which
     has not been obtained or cannot be obtained prior to the actual performance
     by the Trustee of its obligations under this Agreement, and which, if not
     obtained would not have a materially adverse effect on the ability of the
     Trustee to perform its obligations hereunder.

                                     -245-

                                   ARTICLE IX

                                   TERMINATION

               SECTION 9.01. Termination Upon Repurchase or Liquidation of All
                             Loans.

         (a) Subject to Section 9.02, the Trust Fund and the respective
obligations and responsibilities under this Agreement of the Depositor, the
Master Servicer, the Special Servicer and the Trustee (other than the
obligations of the Trustee to provide for and make payments to
Certificateholders as hereafter set forth) shall terminate upon payment (or
provision for payment) to the Certificateholders of all amounts held by or on
behalf of the Trustee and required hereunder to be so paid on the Distribution
Date following the earliest to occur of (i) the purchase (in the manner provided
for in Section 9.01(b)) by the Holders of a majority of the Percentage Interests
of the Controlling Class, the Master Servicer or the Special Servicer of all the
Loans and each REO Property remaining in the Trust Fund at a price equal to (A)
the sum of (1) the aggregate Purchase Price of all the Loans (exclusive of REO
Loans) included in the Trust Fund and (2) the Appraised Value of each REO
Property, if any, included in the Trust Fund (such Appraisals in this subclause
(2) to be conducted by an Appraiser selected and mutually agreed upon by the
Master Servicer, the Special Servicer and the Trustee), minus (B) if the
purchaser is the Master Servicer or the Special Servicer, the aggregate amount
of unreimbursed Advances made by such Person, together with any unpaid Advance
Interest in respect of such unreimbursed Advances and any unpaid servicing
compensation payable to such Person (which items shall be deemed to have been
paid or reimbursed to the Master Servicer or the Special Servicer, as the case
may be, in connection with such purchase), (ii) the exchange by the Sole
Certificateholder pursuant to the terms of subsection (c), (iii) the Rated Final
Distribution Date and (iv) the final payment or other liquidation (or any
advance with respect thereto) of the last Loan or REO Property remaining in the
Trust Fund; provided, however, that in no event shall the trust created hereby
continue beyond the earlier of (i) the Rated Final Distribution Date and (ii)
expiration of 21 years from the death of the last survivor of the descendants of
Joseph P. Kennedy, the late ambassador of the United States to the Court of St.
James's, living on the date hereof.

         (b) The Holders of a majority of the Percentage Interests of the
Controlling Class, the Special Servicer and the Master Servicer, in that order
of preference at its (or their) option, may each elect to purchase all of the
Loans and each REO Property remaining in the Trust Fund as contemplated by
clause (i) of Section 9.01(a), by giving written notice to the Trustee and the
other parties hereto no later than 60 days prior to the anticipated date of
purchase; provided, however, that the aggregate Stated Principal Balance of the
Mortgage Pool is less than 1.0% of the aggregate Cut-off Date Principal Balance
of the Loans set forth in the Preliminary Statement; and provided, further, that
within 30 days after written notice of such election is so given, no Person with
a higher right of priority to make such an election does so.

         If all of the Loans and each REO Property remaining in the Trust Fund
are to be purchased in accordance with the preceding paragraph, the party or
parties effecting such purchase shall remit to the Trustee for deposit in the
Distribution Account not later than the Master Servicer Remittance Date relating
to the Distribution Date on which the final distribution on the Certificates is
to occur, an amount in immediately available funds equal to the above-described
purchase price (exclusive of (i) any portion thereof payable to any Person other
than the Certificateholders pursuant to Section 3.05(a), which portion shall be
deposited in the Collection Account and (ii) any respective portion thereof
representing accrued and unpaid Excess Interest, which shall be deposited in the
Excess Interest Distribution Account). In addition, the Master Servicer shall
remit to the Trustee for deposit in the Distribution Account all amounts
required to be transferred thereto on the Master Servicer Remittance Date from
their Collection

                                     -246-

Account pursuant to the first paragraph of Section 3.04(b), together with any
other amounts on deposit in their Collection Account that would otherwise be
held for future distribution. Upon confirmation that such final deposits have
been made, the Trustee shall release or cause to be released to the party or
parties effecting the purchase of all of the Loans and each REO Property
remaining in the Trust Fund, the Mortgage Files for the remaining Loans
purchased thereby, and the Trustee shall execute all assignments, endorsements
and other instruments furnished to it by the party or parties effecting the
purchase of all of the Loans and each REO Property remaining in the Trust Fund,
as applicable, as shall be necessary to effectuate transfer of the Loans and REO
Properties remaining in the Trust Fund and its rights under the related Mortgage
Loan Purchase Agreement(s).

         (c) Following the date on which the aggregate of the Class Principal
Balances of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class
A-1-A, Class B, Class C, Class D, Class E, Class F, Class G and Class H
Certificates is reduced to zero, the Sole Certificateholder shall have the right
to exchange all of its Certificates (other than the Class V and Class R
Certificates) for all of the Loans and each REO Property remaining in the Trust
Fund as contemplated by clause (ii) of Section 9.01(a) by giving written notice
to all the parties hereto no later than 60 days prior to the anticipated date of
exchange. In the event that the Sole Certificateholder elects to exchange all of
its Certificates (other than the Class V and Class R Certificates) for all of
the Loans and each REO Property remaining in the Trust in accordance with the
preceding sentence, such Sole Certificateholder, not later than the Master
Servicer Remittance Date related to the Distribution Date on which the final
distribution on the Certificates is to occur, shall deposit in the Collection
Account an aggregate amount in immediately available funds equal to all amounts
due and owing to the Depositor, the Master Servicer, the Special Servicer and
the Trustee hereunder through the date of the liquidation of the Trust Fund that
may be withdrawn from the Collection Account, or an escrow account acceptable to
the respective parties hereto, pursuant to Section 3.05(a) or that may be
withdrawn from the Distribution Account pursuant to Section 3.05(b), but only to
the extent that such amounts are not already on deposit in the Collection
Account. In addition, the Master Servicer shall remit to the Trustee for deposit
into the Distribution Account all amounts required to be transferred to the
Distribution Account on the Master Servicer Remittance Date from their
Collection Account pursuant to Section 3.04(b). Upon confirmation that such
final deposits have been made and following the surrender of all its
Certificates (other than the Class V and Class R Certificates) on the Final
Distribution Date, the Trustee shall, upon receipt of a Request for Release from
the Master Servicer, release or cause to be released to the Sole
Certificateholder or any designee thereof, the Mortgage Files for the remaining
Loans and shall execute all assignments, endorsements and other instruments
furnished to it by the Sole Certificateholder as shall be necessary to
effectuate transfer of the Loans and REO Properties remaining in the Trust Fund,
and the Trust Fund shall be liquidated in accordance with Section 9.02. For
federal income tax purposes, the Sole Certificateholder shall be deemed to have
purchased the assets of the Lower-Tier REMIC for an amount equal to the
remaining aggregate Certificate Principal Balance of its Certificates (other
than the Class V and Class R Certificates), plus accrued, unpaid interest with
respect thereto, and the Trustee shall credit such amount against amounts
distributable in respect of such Certificates. The remaining Loans and REO
Properties are deemed distributed to the Sole Certificateholder in liquidation
of the Trust Fund pursuant to Section 9.02.

         For purposes of this Section 9.01, the Directing Certificateholder,
with the consent of the Holders of the Controlling Class, shall act on behalf of
the Holders of the Controlling Class in purchasing the assets of the Trust Fund
and terminating the Trust.

         In connection with any exchange of Certificates for Loans and/or REO
Properties contemplated by this Section 9.01(c) and a corresponding termination
of the Trust Fund, the Holders of the Class V and Class R Certificates shall
likewise surrender their Certificates.

                                     -247-

         (d) Notice of any termination pursuant to this Section 9.01 shall be
given promptly by the Trustee by letter to the Certificateholders, the Junior
Loan Holders and each Rating Agency and, if not previously notified pursuant to
this Section 9.01, to the other parties hereto mailed (a) in the event such
notice is given in connection with the purchase of all of the Loans and each REO
Property remaining in the Trust Fund, not earlier than the 15th day and not
later than the 25th day of the month next preceding the month of the final
distribution on the Certificates, or (b) otherwise during the month of such
final distribution on or before the P&I Advance Determination Date in such
month, in each case specifying (i) the Distribution Date upon which the Trust
Fund will terminate and final payment of the Certificates will be made, (ii) the
amount of any such final payment and (iii) that the Record Date otherwise
applicable to such Distribution Date is not applicable, payments being made only
upon presentation and surrender of the Certificates at the offices of the
Trustee or such other location therein designated.

         (e) Upon presentation and surrender of the Certificates by the
Certificateholders on the final Distribution Date, the Trustee shall distribute
to each Certificateholder so presenting and surrendering its Certificates such
Certificateholder's Percentage Interest of that portion of the amounts then on
deposit in the Distribution Account and/or the Excess Interest Distribution
Account that are allocable to payments on the Class of Certificates so presented
and surrendered. Amounts distributed from the Distribution Account as of the
final Distribution Date shall be allocated for the purposes, in the amounts and
in accordance with the priority set forth in Sections 4.01(a) and 4.01(b).
Anything in this Section 9.01 to the contrary notwithstanding, the Holders of
the Class V Certificates shall receive that portion, if any, of the proceeds of
a sale of the assets of the Trust Fund allocable to accrued and unpaid Excess
Interest. Any funds not distributed on such Distribution Date shall be set aside
and held uninvested in trust for the benefit of Certificateholders not
presenting and surrendering their Certificates in the aforesaid manner and shall
be disposed of in accordance with this Section 9.01 and Section 4.01(e).

         SECTION 9.02. Additional Termination Requirements.

         (a) If any one or more of the Persons specified in Section 9.01
purchases all of the Loans and each REO Property remaining in the Trust Fund or
the Sole Certificateholder causes the distribution of all the property of the
Trust Fund as provided in Section 9.01, the Trust Fund shall be terminated in
accordance with the following additional requirements, which meet the definition
of a "qualified liquidation" of each Trust REMIC, within the meaning of Section
860F(a)(4) of the Code:

               (i) the Trustee shall specify the first day in the 90-day
     liquidation period in a statement attached to each of the Trust REMIC's
     final Tax Returns pursuant to Treasury regulations section 1.860F-1;

               (ii) within such 90-day liquidation period and at or prior to the
     time of the making of the final payment on the Certificates, the Trustee
     shall either (A) sell all of the assets of the Lower-Tier REMIC, which
     shall be liquidated to Person(s) purchasing all of the Loans and each REO
     Property remaining in the Trust Fund pursuant to Section 9.01 for cash or
     (B) distribute all such assets to the Sole Certificateholder on the
     designated exchange date in exchange for its Certificates; and

               (iii) immediately following the making of the final payment on
     the Uncertificated Lower-Tier Interests and the Regular Certificates, the
     Trustee shall distribute or credit, or cause to be distributed or credited,
     all cash on hand in the Trust Fund (other than cash retained to meet
     claims) to the Holders of the Class R Certificates any amounts remaining in
     the Trust REMICs, and each Trust REMIC shall terminate at that time.

                                     -248-

         (b) By their acceptance of Certificates, the Holders thereof hereby
agree to authorize the Tax Administrator to specify the 90-day liquidation
period for each Trust REMIC, which authorization shall be binding upon all
successor Certificateholders.

                                     -249-

                                   ARTICLE X

                            MISCELLANEOUS PROVISIONS

         SECTION 10.01. Amendment.

         (a) This Agreement may be amended from time to time by the mutual
agreement of the parties hereto, without the consent of any of the
Certificateholders or any of the Junior Loan Holders:

               (i) to cure any ambiguity;

               (ii) to correct, modify or supplement any provision herein which
     may be inconsistent with any other provision herein or to correct any
     error;

               (iii) to make any other provisions with respect to matters or
     questions arising hereunder which shall not be inconsistent with the then
     existing provisions hereof;

               (iv) as evidenced by an Opinion of Counsel delivered to the
     Trustee, the Master Servicer and the Special Servicer, to relax or
     eliminate (A) any requirement hereunder imposed by the REMIC Provisions (if
     the REMIC Provisions are amended or clarified such that any such
     requirement may be relaxed or eliminated) or (B) any transfer restriction
     imposed on the Certificates pursuant to Section 5.02(b) or Section 5.02(c)
     (if applicable law is amended or clarified such that any such restriction
     may be relaxed or eliminated);

               (v) as evidenced by an Opinion of Counsel delivered to the
     Trustee, either (X) to comply with any requirements imposed by the Code or
     any successor or amendatory statute or any temporary or final regulation,
     revenue ruling, revenue procedure or other written official announcement or
     interpretation relating to federal income tax laws or any such proposed
     action which, if made effective, would apply retroactively to any Trust
     REMIC or any other portion of the Trust Fund at least from the effective
     date of such amendment, or (Y) to avoid the occurrence of a prohibited
     transaction or to reduce the incidence of any tax that would arise from any
     actions taken with respect to the operation of any Trust REMIC or any
     portion of the Trust Fund that constitutes a Grantor Trust, (vi) subject to
     Section 5.02(d)(iv), to modify, add to or eliminate any of the provisions
     of Section 5.02(d)(i), (ii) or (iii);

               (vi) to avoid the downgrading, withdrawal or qualification of
     then-current rating assigned by a Rating Agency to any Class of
     Certificates; or

               (vii) to allow any Mortgage Loan Seller and its Affiliates to
     obtain accounting "sale" treatment for the Loans sold by such Mortgage Loan
     Seller to the Depositor under FAS 140;

provided that no such amendment may significantly change the activities of the
Trust in a manner that would adversely affect the Trust's status as a
"qualifying special purpose entity" for purposes of FAS 140; and provided,
further, that any such amendment for the specific purposes described in clause
(iii), (iv), (vii) or (viii) above shall not adversely affect in any material
respect the interests of any Certificateholder, any Junior Loan Holder or any
third-party beneficiary to this Agreement or any provision hereof, as evidenced
by the Trustee's receipt of an Opinion of Counsel to that effect or,
alternatively, in the case of any particular Certificateholder, Junior Loan
Holder or third-party beneficiary, an acknowledgment to that effect from such
Person or, alternatively, in the case of a Class of Certificates

                                     -250-

rated by either or both of the Rating Agencies, written confirmation from each
applicable Rating Agency to the effect that such amendment shall not result in
the downgrading, withdrawal or qualification of the then-current rating assigned
by such Rating Agency to such Class of Certificates; and provided, further, that
with respect to any such amendment for the specific purposes described in clause
(iii) above, the Trustee shall receive written confirmation from each applicable
Rating Agency to the effect that such amendment shall not result in a downgrade,
withdrawal or qualification of the then-current rating assigned by such Rating
Agency to any Class of Certificates.

         (b) This Agreement may also be amended from time to time by the mutual
agreement of the parties hereto, with the consent of the Holders of Certificates
entitled to not less than 51% of the Voting Rights allocated to all of the
Classes that are materially affected by the amendment, for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions
of this Agreement or of modifying in any manner the rights of the Holders of
Certificates; provided, however, that no such amendment shall (i) reduce in any
manner the amount of, or delay the timing of, payments received or advanced on
Loans and/or REO Properties which are required to be distributed on any
Certificate, without the consent of the Holder of such Certificate, (ii)
adversely affect in any material respect the interests of the Holders of any
Class of Certificates or the interests of any Junior Loan Holder in a manner
other than as described in clause (i) above, without the consent of the Holders
of all Certificates of such Class or the consent of any such Junior Loan Holder,
as applicable, (iii) modify the provisions of this Section 10.01 or the
definition of "Servicing Standard", without the consent of the Holders of all
Certificates then outstanding and the consent of all the holders of Junior
Loans, (iv) significantly change the activities of the Trust, without the
consent of the Holders of Certificates entitled to not less than 662/3% of all
the Voting Rights (not taking into account Certificates held by the Depositor or
any of its Affiliates or agents), or (v) adversely affect in any material
respect the interests of any third-party beneficiary to this Agreement or any
provision herein, without the consent of such third-party beneficiary.
Notwithstanding any other provision of this Agreement (except as contemplated by
clause (iv) of the prior sentence), for purposes of the giving or withholding of
consents pursuant to this Section 10.01, Certificates registered in the name of
the Depositor or any Affiliate of the Depositor shall be entitled to the same
Voting Rights with respect to the matters described above as they would if
registered in the name of any other Person.

         (c) Notwithstanding any contrary provision of this Agreement, the
Trustee, the Master Servicer and the Special Servicer shall not consent to any
amendment to this Agreement unless each of them shall first have received from
the party requesting the amendment an Opinion of Counsel to the effect that
neither such amendment nor the exercise of any power granted to any party hereto
in accordance with such amendment will result in an Adverse REMIC Event with
respect to any Trust REMIC or adversely affecting the remaining portion of the
Trust Fund as one or more Grantor Trusts or result in a tax on any such Grantor
Trust.

         (d) Promptly after the execution and delivery of any amendment by all
parties thereto, the Trustee shall send a copy thereof to each
Certificateholder, Junior Loan Holder and Rating Agency.

         (e) It shall not be necessary for the consent of Certificateholders
under this Section 10.01 to approve the particular form of any proposed
amendment, but it shall be sufficient if such consent shall approve the
substance thereof. The manner of obtaining such consents and of evidencing the
authorization, execution and delivery thereof by Certificateholders shall be
subject to such reasonable regulations as the Trustee may prescribe.

                                     -251-

         (f) The Trustee may but shall not be obligated to enter into any
amendment pursuant to this Section 10.01 that affects its rights, duties and
immunities under this Agreement or otherwise.

         (g) The cost of any Opinion of Counsel to be delivered pursuant to
Section 10.01(a) or (c) shall be borne by the Person seeking the related
amendment, except that if the Trustee requests any amendment of this Agreement
that it reasonably believes protects or is in furtherance of the rights and
interests of Certificateholders, the cost of any Opinion of Counsel required in
connection therewith pursuant to Section 10.01(a) or (c) shall be payable out of
the Distribution Account.

         (h) Notwithstanding anything to the contrary contained in this Section
10.01, the parties hereto agree that this Agreement may not be amended in any
manner that is reasonably likely to have a material adverse effect on the Junior
Loan Holders without first obtaining the written consent of those parties. The
Master Servicer may obtain and rely upon an Opinion of Counsel to the effect
that such action will not adversely affect in any material respect the interests
of the Junior Loan Holders.

         SECTION 10.02. Recordation of Agreement; Counterparts.

         (a) To the extent permitted by applicable law, this Agreement is
subject to recordation in all appropriate public offices for real property
records in all the counties or other comparable jurisdictions in which any or
all of the properties subject to the Mortgages are situated, and in any other
appropriate public recording office or elsewhere, such recordation to be
effected by the Master Servicer at the expense of the Depositor on direction by
the Trustee, but only upon direction accompanied by an Opinion of Counsel (the
cost of which shall be paid by the Depositor or, to the extent that such
recordation is for the benefit of a Junior Loan Holder, by such Junior Loan
Holder) to the effect that such recordation materially and beneficially affects
the interests of the Certificateholders and/or one or more Junior Loan Holders.

         (b) For the purpose of facilitating the recordation of this Agreement
as herein provided and for other purposes, this Agreement may be executed
simultaneously in any number of counterparts, each of which counterparts shall
be deemed to be an original, and such counterparts shall constitute but one and
the same instrument.

         SECTION 10.03. Limitation on Rights of Certificateholders.

         (a) The death or incapacity of a Certificateholder shall not operate to
terminate this Agreement or the Trust Fund, nor entitle such Certificateholder's
legal representatives or heirs to claim an accounting or to take any action or
proceeding in any court for a partition or winding up of the Trust Fund, nor
otherwise affect the rights, obligations and liabilities of the parties hereto
or any of them.

         (b) Except as expressly provided herein, no Certificateholder shall
have any right to vote or in any manner otherwise control the operation and
management of the Trust Fund, or the obligations of the parties hereto, nor
shall anything herein set forth, or contained in the terms of the Certificates,
be construed so as to constitute the Certificateholders from time to time as
partners or members of an association; nor shall any Certificateholder be under
any liability to any third party by reason of any action taken by the parties to
this Agreement pursuant to any provision hereof.

         (c) No Certificateholder shall have any right by virtue of any
provision of this Agreement to institute any suit, action or proceeding in
equity or at law upon or under or with respect to this Agreement or any Loan,
unless with respect to any suit, action or proceeding upon or under or with
respect to this Agreement, such Holder previously shall have given to the
Trustee a written notice of

                                     -252-

default hereunder, and of the continuance thereof, as hereinbefore provided, and
unless also (except in the case of a default by the Trustee) the Holders of
Certificates of any Class evidencing not less than 25% of the related Percentage
Interests in such Class shall have made written request upon the Trustee to
institute such action, suit or proceeding in its own name as Trustee hereunder
and shall have offered to the Trustee such reasonable indemnity as it may
require against the costs, expenses and liabilities to be incurred therein or
thereby, and the Trustee, for 60 days after its receipt of such notice, request
and offer of indemnity, shall have neglected or refused to institute any such
action, suit or proceeding. The Trustee shall be under no obligation to exercise
any of the trusts or powers vested in it hereunder or to institute, conduct or
defend any litigation hereunder or in relation hereto at the request, order or
direction of any of the Holders of Certificates unless such Holders have offered
to the Trustee reasonable security against the costs, expenses and liabilities
which may be incurred therein or hereby.

         It is understood and intended, and expressly covenanted by each
Certificateholder with every other Certificateholder and the Trustee, that no
one or more Holders of Certificates shall have any right in any manner
whatsoever by virtue of any provision of this Agreement to affect, disturb or
prejudice the rights of the Holders of any other of such Certificates, or to
obtain or seek to obtain priority over or preference to any other such Holder,
which priority or preference is not otherwise provided for herein, or to enforce
any right under this Agreement, except in the manner herein provided and for the
equal, ratable and common benefit of all Certificateholders. For the protection
and enforcement of the provisions of this Section 10.03(c), each and every
Certificateholder and the Trustee shall be entitled to such relief as can be
given either at law or in equity.

         SECTION 10.04. Governing Law.

         This Agreement and the Certificates shall be construed in accordance
with the internal laws of the State of New York applicable to agreements made
and to be performed in said State, and the obligations, rights and remedies of
the parties hereunder shall be determined in accordance with such laws. The
parties hereto intend that the provisions of Section 5-1401 of the New York
General Obligations Law shall apply to this Agreement.

         SECTION 10.05. Notices.

         Any communications provided for or permitted hereunder shall be in
writing and, unless otherwise expressly provided herein, shall be deemed to have
been duly given if personally delivered at or mailed by registered mail, postage
prepaid (except for notices to the Trustee which shall be deemed to have been
duly given only when received), to: (i) in the case of the Depositor, Credit
Suisse First Boston Mortgage Securities Corp., Eleven Madison Avenue, New York,
New York 10010, Attention: Edmund Taylor, with a copy to Tessa Peters, Esq.,
Compliance Department, telecopy number: (212) 325-8282; (ii) in the case of the
Underwriters and the Initial Purchasers, (A) Credit Suisse First Boston LLC,
Eleven Madison Avenue, New York, New York 10010, Attention: Edmund Taylor, with
a copy to Tessa Peters, Esq., Compliance Department, telecopy number: (212)
325-8282 and (B) if sent to PNC Capital Markets, Inc., shall be mailed,
delivered or telecopied to it at One PNC Plaza, 249 Fifth Avenue, Pittsburgh,
Pennsylvania 15222, Attention: Craig Grenci, telecopy No.: (412) 762-9124, with
a copy to Leonard Ferleger, telecopy number: (412) 705-2148; (iii) in the case
of the Master Servicer, Midland Loan Services, Inc., 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: President, telecopy number: (913) 253-9001; (iv) in the case of the
Special Servicer, Clarion Partners, LLC, 230 Park Avenue, 12th Floor, New York,
NY 10169, Attention: Bruce Morrison, telecopy number (212) 883-2817; (v) in the
case of the Trustee and Certificate Registrar, to the Corporate Trust Office,
telecopy number: (410) 715-2380; (vi) in the case of the Rating Agencies, (A)
Moody's Investors Service

                                     -253-

Inc., 99 Church Street, New York, New York 10007, Attention: Commercial MBS
Monitoring Department, telecopy number: (212) 553-0300 and (B) Fitch, Inc., One
State Street Plaza, New York, New York 10004, Attention: Commercial Mortgage
Surveillance; (vii) in the case of any Mortgage Loan Seller, the address and
telecopy number for notices to such Mortgage Loan Seller under the related
Mortgage Loan Purchase Agreement; and (viii) in the case of the initial
Directing Certificateholder, Clarion Capital, LLC, 230 Park Avenue, 12th Floor,
New York, NY 10169, Attention: Stephen Baines, telecopy number 212-883-2851; or
as to each such Person such other address as may hereafter be furnished by such
Person to the parties hereto in writing. Any communication required or permitted
to be delivered to a Certificateholder shall be deemed to have been duly given
when mailed first class, postage prepaid, to the address of such Holder as shown
in the Certificate Register. Any notice so mailed within the time prescribed in
this Agreement shall be conclusively presumed to have been duly given, whether
or not the Certificateholder receives such notice.

         SECTION 10.06. Severability of Provisions.

         If any one or more of the covenants, agreements, provisions or terms of
this Agreement shall be for any reason whatsoever held invalid, then such
covenants, agreements, provisions or terms shall be deemed severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or enforceability of the other provisions of this
Agreement or of the Certificates or the rights of the Holders thereof.

         SECTION 10.07. Grant of a Security Interest.

         The Depositor and the Trustee intend that the conveyance of the
Depositor's right, title and interest in and to the Loans pursuant to this
Agreement shall constitute a sale and not a pledge of security for a loan. If
such conveyance is deemed to be a pledge of security for a loan, however, the
Depositor and the Trustee intend that the rights and obligations of the parties
to such loan shall be established pursuant to the terms of this Agreement. The
Depositor also intends and agrees that, in such event, (i) the Depositor shall
be deemed to have granted to the Trustee (in such capacity) a first priority
security interest in the Depositor's entire right, title and interest in and to
the assets comprising the Trust Fund, including without limitation, the Loans,
all principal and interest received or receivable with respect to the Loans
(other than principal and interest payments due and payable prior to the Cut-off
Date and Principal Prepayments received prior to the Cut-off Date), all amounts
with respect to the Loans held from time to time in the Collection Account, the
Distribution Account and, if established, the REO Accounts, and all reinvestment
earnings on such amounts, and all of the Depositor's right, title and interest
in and to the proceeds of any title, hazard or other Insurance Policies related
to such Loans and (ii) this Agreement shall constitute a security agreement
under applicable law. This Section 10.07 shall constitute notice to the Trustee
pursuant to any of the requirements of the applicable UCC.

         SECTION 10.08. Successors and Assigns; Beneficiaries.

         The provisions of this Agreement shall be binding upon and inure to the
benefit of the respective successors and assigns of the parties hereto, and all
such provisions shall inure to the benefit of the Certificateholders. Each
Junior Loan Holder and each Responsible Party is an intended third-party
beneficiary in respect of the respective rights afforded it hereunder. No other
person, including, without limitation, any Borrower, shall be entitled to any
benefit or equitable right, remedy or claim under this Agreement.

                                     -254-

         SECTION 10.09. Article and Section Headings.

         The article and Section headings herein are for convenience of
reference only, and shall not limit or otherwise affect the meaning hereof.

         SECTION 10.10. Notices to Rating Agencies.

         (a) The Trustee shall use reasonable efforts promptly to provide notice
to each Rating Agency with respect to each of the following of which a
Responsible Officer of the Trustee has actual knowledge:

               (i) any material change or amendment to this Agreement;

               (ii) the occurrence of any Event of Default that has not been
     cured;

               (iii) the resignation or termination of the Master Servicer or
     the Special Servicer;

               (iv) any change in the location of the Distribution Account, the
     Excess Interest Distribution Account, the Excess Liquidation Proceeds
     Account or the Interest Reserve Account;

               (v) the repurchase of Loans by or on behalf of any Mortgage Loan
     Seller pursuant to Section 7 of the related Mortgage Loan Purchase
     Agreement; and

               (vi) the final payment to any Class of Certificateholders.

         (b) The Master Servicer shall use reasonable efforts promptly to
provide notice to each Rating Agency with respect to each of the following of
which it has actual knowledge:

               (i) the resignation or removal of the Trustee; and

               (ii) any change in the location of the Collection Account.

         (c) Each of the Master Servicer and the Special Servicer shall promptly
furnish to each Rating Agency copies of the following (to the extent not already
delivered pursuant to the terms of this Agreement):

               (i) each of its annual statements as to compliance described in
     Section 3.13;

               (ii) all reports and other items for Loans delivered by the
     Master Servicer and Special Servicer, as the case may be, pursuant to
     Section 3.12 (to the extent requested by such Rating Agency);

               (iii) each of its annual independent public accountants'
     servicing reports described in Section 3.14;

               (iv) each waiver and consent provided by the Master Servicer or
     the Special Servicer, as the case may be, pursuant to Section 3.08 for
     Loans representing 2% or more of the pool balance;

                                     -255-

               (v) any officers' certificates delivered by the Master Servicer
     or the Special Servicer, as the case may be, to the Trustee (to the extent
     requested by such Rating Agency);

               (vi) all rent rolls and sales reports (to the extent provided by
     the Borrowers to the Master Servicer or the Special Servicer, as the case
     may be, and requested by such Rating Agency);

               (vii) any proposed no downgrade request by the Master Servicer or
     the Special Servicer, as the case may be;

               (viii) any extension or modification of the Maturity Date of any
     Loan by the Master Servicer or the Special Servicer, as the case may be;

               (ix) any modification, waiver or amendment of any material term
     of any Loan that exceeds $5,000,000 by the Master Servicer or the Special
     Servicer, as the case may be; and

               (x) any other document in its possession that shall be reasonably
     requested by any Rating Agency.

         (d) The Trustee shall promptly after each Distribution Date make
available to each Rating Agency a copy of the related Statement to
Certificateholders.

                                     -256-

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

                                             CREDIT SUISSE FIRST BOSTON MORTGAGE
                                             SECURITIES CORP.
                                             Depositor

                                             By:
                                                --------------------------------
                                             Name:
                                             Title:

                                             MIDLAND LOAN SERVICES, INC.
                                             Master Servicer

                                             By:
                                                --------------------------------
                                             Name:
                                             Title:

                                             CLARION PARTNERS, LLC
                                             Special Servicer

                                             By:
                                                --------------------------------
                                             Name:
                                             Title:

                                             WELLS FARGO BANK, N.A.
                                             Trustee

                                             By:
                                                --------------------------------
                                             Name:
                                             Title:

STATE OF NEW YORK                               )
                                                ) ss.:
COUNTY OF NEW YORK                              )

         On the _____ day of August 2004, before me, a notary public in and for
said State, personally appeared ______________________________________, known to
me to be a __________________________ of Credit Suisse First Boston Mortgage
Securities Corp., one of the entities that executed the within instrument, and
also known to me to be the person who executed it on behalf of such entity, and
acknowledged to me that such entity executed the within instrument.

         IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.

                                             -----------------------------------
                                             Notary Public

STATE OF                               )
         ------------------------------
                                       ) ss.:
COUNTY OF                              )
          -----------------------------

         On the _____ day of August 2004, before me, a notary public in and for
said State, personally appeared _________________________________, known to me
to be a _________________________ of MIDLAND LOAN SERVICES, INC., one of the
entities that executed the within instrument, and also known to me to be the
person who executed it on behalf of said entity, and acknowledged to me that
such entity executed the within instrument.

         IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.

                                             -----------------------------------
                                             Notary Public

STATE OF                                )
         -------------------------------
                                        ) ss.:
COUNTY OF                               )
          ------------------------------

         On the _____ day of August 2004, before me, a notary public in and for
said State, personally appeared _________________________________, known to me
to be a _________________________ of Clarion Partners, LLC, one of the entities
that executed the within instrument, and also known to me to be the person who
executed it on behalf of said entity, and acknowledged to me that such entity
executed the within instrument.

         IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.

                                             -----------------------------------
                                             Notary Public

STATE OF                                )
         -------------------------------
                                        ) ss.:
COUNTY OF                               )
          ------------------------------

         On the _____ day of August 2004, before me, a notary public in and for
said State, personally appeared _________________________________, known to me
to be a _________________________ of WELLS FARGO BANK, N.A., one of the entities
that executed the within instrument, and also known to me to be the person who
executed it on behalf of said entity, and acknowledged to me that such entity
executed the within instrument.

         IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.

                                             -----------------------------------
                                             Notary Public

                                   EXHIBIT A-1

         FORM OF CLASS A-1, CLASS A-2, CLASS A-3, CLASS A-4, CLASS A-5,
             CLASS A-1-A, CLASS B, CLASS C AND CLASS D CERTIFICATES

             CLASS [A-1] [A-2] [A-3] [A-4] [A-5] [A-1-A] [B] [C] [D]
                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2004-C3

This is one of a series of commercial mortgage pass-through certificates
(collectively, the "Certificates"), issued in multiple classes (each, a
"Class"), which series of Certificates evidences the entire beneficial ownership
interest in a trust fund (the "Trust Fund") consisting primarily of a pool of
multifamily and commercial mortgage loans (the "Mortgage Loans"), such pool
being formed and sold by

              CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.

Pass-Through Rate: [____% per annum]               Class Principal Balance of the Class [A-1] [A-2]
[Variable]                                         [A-3] [A-4] [A-5] [A-1-A] [B] [C] [D] Certificates
                                                   as of the Closing Date:
                                                   $_________________

Closing Date:  August 25, 2004                     Initial Certificate Principal Balance of
                                                   this Certificate as of the Closing Date:
First Distribution Date:  September 17, 2004       $_________________

Master Servicer:                                   Aggregate Stated Principal Balance of the Mortgage Loans
Midland Loan Services, Inc.                        as of the Closing Date ("Initial Pool Balance"): $1,639,437,484

Special Servicer:                                  Trustee:
Clarion Partners, LLC                              Wells Fargo Bank, N.A.

Certificate No. [A-1] [A-2] [A-3] [A-4] [A-5]      CUSIP No.:  _____________
[A-1-A] [B] [C] [D]-___                            Common Code:  _____________
                                                   ISIN No.:  _____________

                                     A-1-1

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE TRUSTEE OR ANY
AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A) ANY
RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT THAT IS SUBJECT TO
THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR
(B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR SUCH
INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH
ASSETS OF ANY SUCH RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR
ARRANGEMENT, EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CREDIT
SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP., WELLS FARGO BANK, N.A., MIDLAND
LOAN SERVICES, INC., CLARION PARTNERS, LLC OR ANY OF THEIR RESPECTIVE
AFFILIATES. NEITHER THIS CERTIFICATE NOR ANY OF THE UNDERLYING MORTGAGE LOANS IS
GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER
PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.

[FOR CLASS B, CLASS C AND CLASS D CERTIFICATES: THIS CERTIFICATE IS SUBORDINATE
TO ONE OR MORE CLASSES OF CERTIFICATES OF THE SAME SERIES AS AND TO THE EXTENT
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.]

THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ABOVE.

     This certifies that [CEDE & CO.] is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the principal
amount of this Certificate (its "Certificate Principal Balance") as of the
Closing Date by the aggregate principal amount of all the Class [A-1] [A-2]
[A-3] [A-4] [A-5] [A-1-A] [B] [C] [D] Certificates (their "Class Principal
Balance") as of the Closing Date) in that certain beneficial ownership interest
in the Trust Fund evidenced by all

                                     A-1-2

the Class [A-1] [A-2] [A-3] [A-4] [A-5] [A-1-A] [B] [C] [D] Certificates. The
Trust Fund was created and the Certificates were issued pursuant to a Pooling
and Servicing Agreement, dated as of August 1, 2004 (the "Agreement"), among
Credit Suisse First Boston Mortgage Securities Corp., as depositor (the
"Depositor", which term includes any successor entity under the Agreement),
Midland Loan Services, Inc., as master servicer (in such capacity, the "Master
Servicer", which term includes any successor entity or entities under the
Agreement), Clarion Partners, LLC, as special servicer (in such capacity, the
"Special Servicer", which term includes any successor entity or entities under
the Agreement) and Wells Fargo Bank, N.A., as trustee (the "Trustee", which term
includes any successor entity under the Agreement), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, capitalized terms used herein have the respective meanings assigned
thereto in the Agreement. This Certificate is issued under and is subject to the
terms, provisions and conditions of the Agreement, to which Agreement the Holder
of this Certificate by virtue of its acceptance hereof assents and by which such
Holder is bound.

     Pursuant to the terms of the Agreement, beginning on the First Distribution
Date specified above, distributions will be made on that date (the "Distribution
Date") each month that is the fourth Business Day following the Determination
Date in such month, to the Person in whose name this Certificate is registered
at the close of business on the last Business Day of the month immediately
preceding the month of such distribution (the "Record Date"), in an amount equal
to the product of the Percentage Interest evidenced by this Certificate and the
amount required to be distributed to all the Holders of the Class [A-1] [A-2]
[A-3] [A-4] [A-5] [A-1-A] [B] [C] [D] Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on this Certificate will be made by the Trustee by wire transfer of
immediately available funds to the account of the Person entitled thereto at a
bank or other entity having appropriate facilities therefor, if such
Certificateholder shall have provided the Trustee with wiring instructions no
later than the related Record Date (which wiring instructions may be in the form
of a standing order applicable to all subsequent distributions), or otherwise by
check mailed to the address of such Certificateholder as it appears in the
Certificate Register. Notwithstanding the foregoing, the final distribution on
this Certificate (determined without regard to any possible future reimbursement
of any Collateral Support Deficit previously allocated to this Certificate) will
be made in like manner, but only upon presentation and surrender of this
Certificate at the offices of the Certificate Registrar or such other location
specified in the notice to the Holder hereof of such final distribution.

     The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Distribution Account, the Collection Account
and, if established, the REO Account (or from any other account established
under the Agreement) may be made from time to time for purposes other than, and,
in certain cases, prior to, distributions to Certificateholders, such purposes
including the reimbursement of advances made, or certain expenses incurred, with
respect to the Mortgage Loans and the payment of interest on such advances and
expenses.

     Any distribution to the Holder of this Certificate in reduction of the
Certificate Principal Balance hereof is binding on such Holder and all future
Holders of this Certificate and any Certificate issued upon the transfer hereof
or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

                                     A-1-3

     This Certificate is issuable in fully registered form only without coupons.
As provided in the Agreement and subject to certain limitations therein set
forth, this Certificate is exchangeable for new Certificates of the same Class
in authorized denominations evidencing the same aggregate Percentage Interest,
as requested by the Holder surrendering the same.

     No transfer of this Certificate or any interest herein shall be made (A) to
any retirement plan or other employee benefit plan or arrangement, including
individual retirement accounts and annuities, Keogh plans and collective
investment funds and separate accounts in which such plans, accounts or
arrangements are invested, including insurance company general accounts, that is
subject to ERISA or Section 4975 of the Code (each, a "Plan"), or (B) to any
Person who is directly or indirectly purchasing this Certificate or any interest
herein on behalf of, as named fiduciary of, as trustee of, or with assets of a
Plan, if the purchase and holding of this Certificate or such interest herein by
the prospective Transferee would result in a violation of Section 406 or 407 of
ERISA or Section 4975 of the Code or would result in the imposition of an excise
tax under Section 4975 of the Code.

     As provided in the Agreement and subject to certain limitations therein set
forth, the transfer of this Certificate is registrable in the Certificate
Register upon surrender of this Certificate for registration of transfer at the
offices of the Certificate Registrar, duly endorsed by, or accompanied by a
written instrument of transfer in the form satisfactory to the Certificate
Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Certificates of the same Class in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

     No service charge will be imposed for any registration of transfer or
exchange of this Certificate, but the Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of this
Certificate.

     Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC, and accordingly, this
Certificate shall constitute a Book-Entry Certificate.

     The Depositor, the Master Servicer, the Special Servicer, the Trustee, the
Certificate Registrar and any agent of any of them may treat the Person in whose
name this Certificate is registered as the owner hereof for all purposes, and
none of the Depositor, the Master Servicer, the Special Servicer, the Trustee,
the Certificate Registrar or any such agent shall be affected by notice to the
contrary.

     Subject to certain terms and conditions set forth in the Agreement, the
Trust Fund and the obligations created by the Agreement shall terminate upon
distribution (or provision for distribution) to the Certificateholders of all
amounts held by or on behalf of the Trustee and required to be distributed to
them pursuant to the Agreement following the earliest to occur of (i) the final
payment or other liquidation (or any advance with respect thereto) of the last
Mortgage Loan or REO Property remaining in the

                                     A-1-4

Trust Fund, (ii) the purchase by one or more of the Persons identified in
Section 9.01 of the Agreement at a price determined as provided in Section 9.01
of the Agreement, of all the Mortgage Loans and each REO Property remaining in
the Trust Fund, (iii) the exchange by the Sole Certificateholder of its
Certificates for all the Mortgage Loans and each REO Property remaining in the
Trust Fund and (iv) the Distribution Date in July 2036. Section 9.01 of the
Agreement permits, but does not require, certain specified Persons to purchase
from the Trust Fund all the Mortgage Loans and each REO Property remaining
therein. The exercise of such right to purchase may effect early retirement of
the Certificates; however, such right to purchase is subject to the aggregate
Stated Principal Balance of the Mortgage Pool at the time of purchase being less
than 1.0% of the Initial Pool Balance.

     The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to not less than 51% of the
Voting Rights allocated to all of the Classes materially affected by the
amendment (subject to certain third-party beneficiary consent rights). Any such
consent by the Holder of this Certificate shall be conclusive and binding on
such Holder and upon all future Holders of this Certificate and of any
Certificate issued upon the transfer hereof or in exchange herefor or in lieu
hereof whether or not notation of such consent is made upon this Certificate.
The Agreement also permits the amendment thereof, in certain limited
circumstances, including any amendment necessary to maintain the status of any
Trust REMIC as a REMIC, without the consent of the Holders of any of the
Certificates.

     Unless the certificate of authentication hereon has been executed by the
Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

     The registered Holder hereof, by its acceptance hereof, agrees that it will
look solely to the Trust Fund (to the extent of its rights therein) for
distributions hereunder.

     This Certificate shall be construed in accordance with the laws of the
State of New York applicable to agreements negotiated, made and to be performed
entirely in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

                                     A-1-5

     IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.

                                     WELLS FARGO BANK, N.A.
                                     as Trustee

                                     By:
                                        ----------------------------------------
                                        Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

     This is one of the Class [A-1] [A-2] [A-3] [A-4] [A-5] [A-1-A] [B] [C] [D]
Certificates referred to in the within-mentioned Agreement.

Dated:

                                     WELLS FARGO BANK, N.A.
                                     as Certificate Registrar

                                     By:
                                        ----------------------------------------
                                        Authorized Representative

                                     A-1-6

                                   ASSIGNMENT

     FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto _______________________________________________________________

________________________________________________________________________________

                   (please print or typewrite name and address
                     including postal zip code of assignee)

the beneficial ownership interest in the Trust Fund evidenced by the within
Mortgage Pass-Through Certificate and hereby authorize(s) the registration of
transfer of such interest to assignee on the Certificate Register of the Trust
Fund.

     I (we) further direct the Certificate Registrar to issue a new Mortgage
Pass-Through Certificate of a like Percentage Interest and Class to the above
named assignee and deliver such Mortgage Pass-Through Certificate to the
following address: _____________________________________________________________

________________________________________________________________________________

Dated:

                                          --------------------------------------
                                          Signature by or on behalf of Assignor

                                          --------------------------------------
                                          Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

     The Assignee should include the following for purposes of distribution:

     Distributions shall, if permitted, be made by wire transfer or otherwise,
in immediately available funds, to _____________________________________________
for the account of ____________________________________________________________.

     Distributions made by check (such check to be made payable to
___________________________) and all applicable statements and notices should be
mailed to _____________________________________________________________________.

     This information is provided by __________________________________________,
the Assignee named above, or __________________________________________________,
as its agent.

                                     A-1-7

                                   EXHIBIT A-2

                  FORM OF CLASS A-X AND CLASS A-SP CERTIFICATES

        CLASS [A-X] [A-SP] COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2004-C3

This is one of a series of commercial mortgage pass-through certificates
(collectively, the "Certificates"), issued in multiple classes (each, a
"Class"), which series of Certificates evidences the entire beneficial ownership
interest in a trust fund (the "Trust Fund") consisting primarily of a pool of
multifamily and commercial mortgage loans (the "Mortgage Loans"), such pool
being formed and sold by:

              CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.

Pass-Through Rate:  [Variable]                                  Class Notional Amount of the Class [A-X] [A-SP]
                                                                Certificates as of the Closing Date:
                                                                $________________

Closing Date:  August 25, 2004                                  Initial Certificate Notional Amount of this Certificate as
                                                                of the Closing Date:
First Distribution Date:  September 17, 2004                    $________________

Master Servicer:                                                Aggregate Stated Principal Balance of the Mortgage Loans
Midland Loan Services, Inc.                                     as of the Closing Date ("Initial Pool Balance"):
                                                                $1,639,437,484

Special Servicer:                                               Trustee:
Clarion Partners, LLC                                           Wells Fargo Bank, N.A.

Certificate No. [A-X] [A-SP]-___                                CUSIP No.:  _____________
                                                                Common Code:  _____________
                                                                ISIN No.:  _____________

                                     A-2-1

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE TRUSTEE OR ANY
AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE.
ANY RESALE, PLEDGE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE OR ANY
INTEREST HEREIN WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A
TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND WHICH
IS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND
SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A) ANY
RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT THAT IS SUBJECT TO
THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR
(B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR SUCH
INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH
ASSETS OF ANY SUCH RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR
ARRANGEMENT, EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CREDIT
SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP., WELLS FARGO BANK, N.A., MIDLAND
LOAN SERVICES, INC., CLARION PARTNERS, LLC OR ANY OF THEIR RESPECTIVE
AFFILIATES. NEITHER THIS CERTIFICATE NOR ANY OF THE UNDERLYING MORTGAGE LOANS IS
GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER
PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.

THE OUTSTANDING CERTIFICATE NOTIONAL AMOUNT HEREOF AT ANY TIME MAY BE LESS THAN
THE AMOUNT SHOWN ABOVE. THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE PRINCIPAL
BALANCE AND WILL NOT ENTITLE THE HOLDER HEREOF TO DISTRIBUTIONS OF PRINCIPAL.

                                     A-2-2

[PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE LATER OF (A) THE COMMENCEMENT OF
THE OFFERING TO PERSONS OTHER THAN DISTRIBUTORS IN RELIANCE ON REGULATION S
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND (B) THE DATE OF CLOSING OF THE
OFFERING, THIS CERTIFICATE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]

     This certifies that [___________] is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the notional amount
of this Certificate (its "Certificate Notional Amount") as of the Closing Date
by the aggregate notional amount of all the Class [A-X] [A-SP] Certificates
(their "Class Notional Amount") as of the Closing Date) in that certain
beneficial ownership interest in the Trust Fund evidenced by all the Class [A-X]
[A-SP] Certificates. The Trust Fund was created and the Certificates were issued
pursuant to a Pooling and Servicing Agreement, dated as of August 1, 2004 (the
"Agreement"), among Credit Suisse First Boston Mortgage Securities Corp., as
depositor (the "Depositor", which term includes any successor entity under the
Agreement), Midland Loan Services, Inc. as master servicer (in such capacity,
the "Master Servicer", which term includes any successor entity or entities
under the Agreement), Clarion Partners, LLC as special servicer (in such
capacity, the "Special Servicer", which term includes any successor entity or
entities under the Agreement), and Wells Fargo Bank, N.A., as trustee (the
"Trustee", which term includes any successor entity under the Agreement), a
summary of certain of the pertinent provisions of which is set forth hereafter.
To the extent not defined herein, capitalized terms used herein have the
respective meanings assigned thereto in the Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Agreement, to which Agreement the Holder of this Certificate by virtue of its
acceptance hereof assents and by which such Holder is bound.

     Pursuant to the terms of the Agreement, beginning on the First Distribution
Date specified above, distributions will be made on that date (the "Distribution
Date") each month that is the fourth Business Day following the Determination
Date in such month, to the Person in whose name this Certificate is registered
at the close of business on the last Business Day of the month immediately
preceding the month of such distribution (the "Record Date"), in an amount equal
to the product of the Percentage Interest evidenced by this Certificate and the
amount required to be distributed to all the Holders of the Class [A-X] [A-SP]
Certificates on the applicable Distribution Date pursuant to the Agreement. All
distributions made under the Agreement on this Certificate will be made by the
Trustee by wire transfer of immediately available funds to the account of the
Person entitled thereto at a bank or other entity having appropriate facilities
therefor, if such Certificateholder shall have provided the Trustee with wiring
instructions no later than the related Record Date (which wiring instructions
may be in the form of a standing order applicable to all subsequent
distributions), or otherwise by check mailed to the address of such
Certificateholder as it appears in the Certificate Register. Notwithstanding the
foregoing, the final distribution on this Certificate will be made in like
manner, but only upon presentation and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the
notice to the Holder hereof of such final distribution.

     The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Distribution Account, the Collection Account
and, if established, the REO Account (or from any other account established
under the Agreement) may be made from time to time for purposes other than, and,
in certain cases, prior to, distributions to

                                     A-2-3

Certificateholders, such purposes including the reimbursement of advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such advances and expenses.

     This Certificate is issuable in fully registered form only without coupons.
As provided in the Agreement and subject to certain limitations therein set
forth, this Certificate is exchangeable for new Certificates of the same Class
in authorized denominations evidencing the same aggregate Percentage Interest,
as requested by the Holder surrendering the same.

     No transfer, sale, pledge or other disposition of this Certificate or any
interest herein shall be made unless that transfer, sale, pledge or other
disposition is exempt from the registration and/or qualification requirements of
the Securities Act and any applicable state securities laws, or is otherwise
made in accordance with the Securities Act and such state securities laws. If a
transfer of this Certificate is to be made without registration under the
Securities Act, then (except under limited circumstances specified in the
Agreement) the Certificate Registrar shall refuse to register such transfer
unless it receives (and, upon receipt, may conclusively rely upon) either: (i) a
certificate from the Certificateholder desiring to effect such transfer
substantially in the form attached as Exhibit F-1A to the Agreement; or (ii) a
certificate from the Certificateholder desiring to effect such transfer
substantially in the form attached as Exhibit F-1B to the Agreement and a
certificate from such Certificateholder's prospective Transferee substantially
in the form attached either as Exhibit F-2A or as Exhibit F-2B to the Agreement;
or (iii) an Opinion of Counsel satisfactory to the Trustee to the effect that
such transfer may be made without registration under the Securities Act (which
Opinion of Counsel shall not be an expense of the Trust or of the Depositor, any
Master Servicer, any Special Servicer, the Trustee or the Certificate Registrar
in their respective capacities as such), together with the written
certification(s) as to the facts surrounding such transfer from the
Certificateholder desiring to effect such transfer and/or such
Certificateholder's prospective Transferee on which such Opinion of Counsel is
based.

     If this Certificate constitutes a Rule 144A Global Certificate and a
transfer of any interest in this Certificate is to be made without registration
under the Securities Act, then (except under limited circumstances specified in
the Agreement) the Certificate Owner desiring to effect such transfer shall be
required to obtain either (i) a certificate from such Certificate Owner's
prospective Transferee substantially in the form attached as Exhibit F-2C to the
Agreement, or (ii) an Opinion of Counsel to the effect that such prospective
Transferee is a Qualified Institutional Buyer and such transfer may be made
without registration under the Securities Act. Except as discussed below, if
this Certificate constitutes a Rule 144A Global Certificate, then interests
herein shall not be transferred to any Person other than a Qualified
Institutional Buyer that takes delivery in the form of an interest in this Rule
144A Global Certificate.

     Notwithstanding the preceding paragraph, if this Certificate constitutes a
Rule 144A Global Certificate, then interests herein may be transferred (without
delivery of any certificate or Opinion of Counsel described in the preceding
paragraph) to any Person who takes delivery in the form of a beneficial interest
in a Regulation S Global Certificate of the same Class as this Rule 144A Global
Certificate upon delivery to the Certificate Registrar and the Trustee of (x) a
certificate from the Certificate Owner desiring to effect such transfer
substantially in the form attached as Exhibit F-1D to the Agreement and a
certificate from such Certificate Owner's prospective Transferee substantially
in the form attached as Exhibit F-2D to the Agreement and (y) such written
orders and instructions as are required under the applicable procedures of DTC,
Clearstream and/or Euroclear to direct the Trustee to debit the account of a
Depository Participant by a denomination of interests in this Rule 144A Global

                                     A-2-4

Certificate, and credit the account of a Depository Participant by a
denomination of interests in such Regulation S Global Certificate, that is equal
to the denomination of beneficial interests in such Class to be transferred.
Upon delivery to the Trustee of such certifications and such orders and
instructions, the Trustee, subject to and in accordance with the applicable
procedures of DTC, shall reduce the denomination of this Rule 144A Global
Certificate, and increase the denomination of the related Regulation S Global
Certificate, by the denomination of the beneficial interest in the subject Class
specified in such orders and instructions.

     Except as discussed below, if this Certificate constitutes a Regulation S
Global Certificate, then beneficial interests in this Certificate shall not be
transferred to any Person other than a non-United States Securities Person that
takes delivery in the form of an interest in this Certificate, and the
Certificate Owner desiring to effect such transfer shall be required to obtain
from such Certificate Owner's prospective Transferee a certification
substantially in the form attached as Exhibit F-2D to the Agreement. On or prior
to the Release Date, beneficial interests in any Regulation S Global Certificate
may be held only through Euroclear or Clearstream. After the Release Date,
beneficial interests in any Regulation S Global Certificate may be held through
Euroclear, Clearstream or any other direct account holder at DTC.

     Notwithstanding the preceding paragraph, if this Certificate constitutes a
Regulation S Global Certificate, then interests in this Certificate may be
transferred (without delivery of any certificate described in the preceding
paragraph) to any Person who takes delivery in the form of a beneficial interest
in a Rule 144A Global Certificate for the same Class as this Regulation S Global
Certificate upon delivery to the Certificate Registrar and the Trustee of (i) a
certificate from the Certificate Owner desiring to effect such transfer
substantially in the form attached as Exhibit F-1C to the Agreement and a
certificate from such Certificate Owner's prospective Transferee substantially
in the form attached as Exhibit F-2C to the Agreement and (ii) such written
orders and instructions as are required under the applicable procedures of the
Depository, Clearstream and/or Euroclear to direct the Trustee to debit the
account of a Depository Participant by a denomination of interests in this
Regulation S Global Certificate, and credit the account of a Depository
Participant by a denomination of interests in the related Rule 144A Global
Certificate, that is equal to the denomination of beneficial interests to be
transferred. Upon delivery to the Trustee of such certifications and such orders
and instructions, the Trustee, subject to and in accordance with the applicable
procedures of the Depository, shall reduce the denomination of this Regulation S
Global Certificate, and increase the denomination of the related Rule 144A
Global Certificate, by the denomination of the beneficial interest in the
subject Class specified in such orders and instructions.

     Notwithstanding the foregoing, any interest in a Global Certificate may be
transferred by any Certificate Owner holding such interest to any Institutional
Accredited Investor (other than a Qualified Institutional Buyer) that takes
delivery in the form of a Definitive Certificate of the same Class as such
Global Certificate upon delivery to the Certificate Registrar and the Trustee of
(i) such certifications and/or opinions as are contemplated above with respect
to transfers of this Certificate in definitive form and (ii) such written orders
and instructions as are required under the applicable procedures of DTC,
Clearstream and/or Euroclear to direct the Trustee to debit the account of a
Depository Participant by a denomination of interests in such Global
Certificate. Upon delivery to the Certificate Registrar of the certifications
and/or opinions contemplated above with respect to transfers of this Certificate
in definitive form, the Trustee, subject to and in accordance with the
applicable procedures of the Depository, shall reduce the denomination of the
subject Global Certificate, and cause a Definitive Certificate of the same Class
as such Global Certificate, and in a denomination equal to the

                                     A-2-5

reduction in the denomination of such Global Certificate, to be executed,
authenticated and delivered in accordance with this Agreement to the applicable
Transferee.

     The Global Certificates shall be deposited with the Trustee as custodian
for DTC and registered in the name of Cede & Co. as nominee of DTC.

     None of the Depositor, the Trustee or the Certificate Registrar is
obligated to register or qualify the Class [A-X] [A-SP] Certificates under the
Securities Act or any other securities law or to take any action not otherwise
required under the Agreement to permit the transfer of this Certificate or any
interest herein without registration or qualification. Any Certificateholder or
Certificate Owner desiring to effect a transfer of this Certificate or any
interest herein shall, and does hereby agree to, indemnify the Initial
Purchaser, the Depositor, the Trustee, the Master Servicer, the Special Servicer
and the Certificate Registrar against any liability that may result if the
transfer is not so exempt or is not made in accordance with such federal and
state laws or the provisions described in the preceding paragraphs.

     No transfer of this Certificate or any interest herein shall be made (A) to
any retirement plan or other employee benefit plan or arrangement, including
individual retirement accounts and annuities, Keogh plans and collective
investment funds and separate accounts in which such plans, accounts or
arrangements are invested, including insurance company general accounts, that is
subject to ERISA or Section 4975 of the Code (each, a "Plan"), or (B) to any
Person who is directly or indirectly purchasing this Certificate or any interest
herein on behalf of, as named fiduciary of, as trustee of, or with assets of a
Plan, if the purchase and holding of this Certificate or such interest herein by
the prospective Transferee would result in a violation of Section 406 or 407 of
ERISA or Section 4975 of the Code or would result in the imposition of an excise
tax under Section 4975 of the Code. Except in limited circumstances, the
Certificate Registrar shall refuse to register the transfer of this Certificate
(and, if applicable, any Certificate Owner shall refuse to transfer an interest
in this Certificate), unless it has received from the prospective Transferee
either (i) a certification to the effect that such prospective Transferee is not
a Plan and is not directly or indirectly purchasing this Certificate on behalf
of, as named fiduciary of, as trustee of, or with assets of a Plan; or (ii) a
certification to the effect that the purchase and holding of this Certificate by
such prospective Transferee is exempt from the prohibited transaction provisions
of Sections 406 and 407 of ERISA and Section 4975 of the Code by reason of
Sections I and III of Prohibited Transaction Class Exemption 95-60; or (iii) if
this Certificate is rated investment grade by at least one of the Rating
Agencies and is being acquired by, on behalf of or with assets of a Plan in
reliance upon Prohibited Transaction Exemption 89-90, a certification to the
effect that such Plan (X) is an accredited investor as defined in Rule 501(a)(1)
of Regulation D of the Securities Act, (Y) is not sponsored (within the meaning
of Section 3(16)(B) of ERISA) by the Trustee, the Depositor, any Mortgage Loan
Seller, any Exemption-Favored Party, any Master Servicer, any Special Servicer,
any Primary Servicer, any Sub-Servicer or any Borrower with respect to Mortgage
Loans constituting more than 5% of the aggregate unamortized principal of all
the Mortgage Loans determined as of the Closing Date, or by an Affiliate of any
such Person, and (Z) agrees that it will obtain from each of its Transferees a
written representation that such Transferee, if a Plan, satisfies the
requirements of the immediately preceding clauses (iii)(X) and (iii)(Y),
together with a written agreement that such Transferee will obtain from each of
its Transferees that are Plans a similar written representation regarding
satisfaction of the requirements of the immediately preceding clauses (iii)(X)
and (iii)(Y); or (iv) a certification of facts and an Opinion of Counsel which
otherwise establish to the reasonable satisfaction of the Trustee (or, if
applicable, the Certificate Owner effecting the transfer) that

                                     A-2-6

such transfer will not result in a violation of Section 406 or 407 of ERISA or
Section 4975 of the Code or result in the imposition of an excise tax under
Section 4975 of the Code.

     If a Person is acquiring this Certificate as a fiduciary or agent for one
or more accounts, such Person shall be required to deliver to the Certificate
Registrar a certification to the effect that, and such other evidence as may be
reasonably required by the Trustee to confirm that, it has (i) sole investment
discretion with respect to each such account and (ii) full power to make the
acknowledgments, representations, warranties, certifications and/or agreements
with respect to each such account as described above in this Certificate.

     As provided in the Agreement and subject to certain limitations therein set
forth, the transfer of this Certificate is registrable in the Certificate
Register upon surrender of this Certificate for registration of transfer at the
offices of the Certificate Registrar, duly endorsed by, or accompanied by a
written instrument of transfer in the form satisfactory to the Certificate
Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Certificates of the same Class in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

     No service charge will be imposed for any registration of transfer or
exchange of this Certificate, but the Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of this
Certificate. [Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC, and accordingly, this
Certificate shall constitute a Book-Entry Certificate.]

     The Depositor, the Master Servicer, the Special Servicer, the Trustee, the
Certificate Registrar and any agent of any of them may treat the Person in whose
name this Certificate is registered as the owner hereof for all purposes, and
none of the Depositor, the Master Servicer, the Special Servicer, the Trustee,
the Certificate Registrar or any such agent shall be affected by notice to the
contrary.

     Subject to certain terms and conditions set forth in the Agreement, the
Trust Fund and the obligations created by the Agreement shall terminate upon
distribution (or provision for distribution) to the Certificateholders of all
amounts held by or on behalf of the Trustee and required to be distributed to
them pursuant to the Agreement following the earliest to occur of (i) the final
payment or other liquidation (or any advance with respect thereto) of the last
Mortgage Loan or REO Property remaining in the Trust Fund, (ii) the purchase by
one or more of the Persons identified in Section 9.01 of the Agreement at a
price determined as provided in Section 9.01 of the Agreement, of all the
Mortgage Loans and each REO Property remaining in the Trust Fund, (iii) the
exchange by the Sole Certificateholder of its Certificates for all the Mortgage
Loans and each REO Property remaining in the Trust Fund and (iv) the
Distribution Date in July 2036. Section 9.01 of the Agreement permits, but does
not require, certain specified Persons to purchase from the Trust Fund all the
Mortgage Loans and each REO Property remaining therein. The exercise of such
right to purchase may effect early retirement of the Certificates; however, such
right to purchase is subject to the aggregate Stated Principal Balance of the
Mortgage Pool at the time of purchase being less than 1.0% of the Initial Pool
Balance.

                                     A-2-7

     The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to not less than 51% of the
Voting Rights allocated to all of the Classes materially affected by the
amendment (subject to certain third-party beneficiary consent rights). Any such
consent by the Holder of this Certificate shall be conclusive and binding on
such Holder and upon all future Holders of this Certificate and of any
Certificate issued upon the transfer hereof or in exchange herefor or in lieu
hereof whether or not notation of such consent is made upon this Certificate.
The Agreement also permits the amendment thereof, in certain limited
circumstances, including any amendment necessary to maintain the status of any
Trust REMIC as a REMIC, without the consent of the Holders of any of the
Certificates.

     Unless the certificate of authentication hereon has been executed by the
Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

     The registered Holder hereof, by its acceptance hereof, agrees that it will
look solely to the Trust Fund (to the extent of its rights therein) for
distributions hereunder.

     This Certificate shall be construed in accordance with the laws of the
State of New York applicable to agreements negotiated, made and to be performed
entirely in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

                                     A-2-8

                                   EXHIBIT A-3

     FORM OF CLASS E, CLASS F, CLASS G, CLASS H, CLASS J, CLASS K, CLASS L,
               CLASS M, CLASS N, CLASS O AND CLASS P CERTIFICATES

   CLASS [E] [F] [G] [H] [J] [K] [L] [M] [N] [O] [P] COMMERCIAL MORTGAGE PASS-
                              THROUGH CERTIFICATE,
                                 SERIES 2004-C3

This is one of a series of commercial mortgage pass-through certificates
(collectively, the "Certificates"), issued in multiple classes (each, a
"Class"), which series of Certificates evidences the entire beneficial ownership
interest in a trust fund (the "Trust Fund") consisting primarily of a pool of
multifamily and commercial mortgage loans (the "Mortgage Loans"), such pool
being formed and sold by

              CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.

Pass-Through Rate: Variable                                      Class Principal Balance of the Class [E][F]
                                                                 [G] [H] [J] [K] [L] [M] [N] [O] [P] Certificates as
                                                                 of the Closing Date:
                                                                 $_________________

Closing Date:  August 25, 2004                                   Initial Certificate Principal Balance of this Certificate
                                                                 as of the Closing Date: $________________

First Distribution Date:  September 17, 2004

Master Servicer:                                                 Aggregate Stated Principal Balance of the Mortgage Loans as
Midland Loan Services, Inc.                                      of the Closing Date: ("Initial Pool Balance"):
                                                                 $1,639,437,484

Special Servicer:                                                Trustee:
Clarion Partners, LLC                                            Wells Fargo Bank, N.A.

Certificate No.  [E] [F] [G] [H] [J] [K] [L] [M] [N] [O]         CUSIP No.:  _____________
[P]-___                                                          Common Code:  _____________
                                                                 ISIN No.:  _____________

                                     A-3-1

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE TRUSTEE OR ANY
AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE.
ANY RESALE, PLEDGE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE OR ANY
INTEREST HEREIN WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A
TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND WHICH
IS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND
SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A) ANY
RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT THAT IS SUBJECT TO
THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR
(B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR SUCH
INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH
ASSETS OF ANY SUCH RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR
ARRANGEMENT, EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CREDIT
SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP., WELLS FARGO BANK, N.A., MIDLAND
LOAN SERVICES, INC., CLARION PARTNERS, LLC OR ANY OF THEIR RESPECTIVE
AFFILIATES. NEITHER THIS CERTIFICATE NOR ANY OF THE UNDERLYING MORTGAGE LOANS IS
GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER
PERSON.

THIS CERTIFICATE IS SUBORDINATE TO ONE OR MORE CLASSES OF CERTIFICATES OF THE
SAME SERIES AS AND TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.

                                     A-3-2

THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ABOVE.

[PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE LATER OF (A) THE COMMENCEMENT OF
THE OFFERING TO PERSONS OTHER THAN DISTRIBUTORS IN RELIANCE ON REGULATION S
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND (B) THE DATE OF CLOSING OF THE
OFFERING, THIS CERTIFICATE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]

     This certifies that [CEDE & CO.] is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the principal
amount of this Certificate (its "Certificate Principal Balance") as of the
Closing Date by the aggregate principal amount of all the Class [E] [F] [G] [H]
[J] [K] [L] [M] [N] [O] [P] Certificates (their "Class Principal Balance") as of
the Closing Date) in that certain beneficial ownership interest in the Trust
Fund evidenced by all the Class [E] [F] [G] [H] [J] [K] [L] [M] [N] [O] [P]
Certificates. The Trust Fund was created and the Certificates were issued
pursuant to a Pooling and Servicing Agreement, dated as of August 1, 2004 (the
"Agreement"), among Credit Suisse First Boston Mortgage Securities Corp., as
depositor (the "Depositor", which term includes any successor entity under the
Agreement), Midland Loan Services, Inc., as master servicer (in such capacity,
the "Master Servicer", which term includes any successor entity or entities
under the Agreement), Clarion Partners, LLC, as special servicer (in such
capacity, the "Special Servicer", which term includes any successor entity or
entities under the Agreement), and Wells Fargo Bank, N.A., as trustee (the
"Trustee", which term includes any successor entity under the Agreement), a
summary of certain of the pertinent provisions of which is set forth hereafter.
To the extent not defined herein, capitalized terms used herein have the
respective meanings assigned thereto in the Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Agreement, to which Agreement the Holder of this Certificate by virtue of its
acceptance hereof assents and by which such Holder is bound.

     Pursuant to the terms of the Agreement, beginning on the First Distribution
Date specified above, distributions will be made on that date (the "Distribution
Date") each month that is the fourth Business Day following the Determination
Date in such month, to the Person in whose name this Certificate is registered
at the close of business on the last Business Day of the month immediately
preceding the month of such distribution (the "Record Date"), in an amount equal
to the product of the Percentage Interest evidenced by this Certificate and the
amount required to be distributed to all the Holders of the Class [E] [F] [G]
[H] [J] [K] [L] [M] [N] [O] [P] Certificates on the applicable Distribution Date
pursuant to the Agreement. All distributions made under the Agreement on this
Certificate will be made by the Trustee by wire transfer of immediately
available funds to the account of the Person entitled thereto at a bank or other
entity having appropriate facilities therefor, if such Certificateholder shall
have provided the Trustee with wiring instructions no later than the related
Record Date (which wiring instructions may be in the form of a standing order
applicable to all subsequent distributions), or otherwise by check mailed to the
address of such Certificateholder as it appears in the Certificate Register.
Notwithstanding the foregoing, the final distribution on this Certificate
(determined without regard to any possible future reimbursement of any
Collateral Support Deficit previously allocated to this Certificate) will be
made in like manner, but only upon presentation and surrender of this
Certificate at the offices of the Certificate Registrar or such other location
specified in the notice to the Holder hereof of such final distribution.

                                     A-3-3

     The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Distribution Account, the Collection Account
and, if established, the REO Account (or from any other account established
under the Agreement) may be made from time to time for purposes other than, and,
in certain cases, prior to, distributions to Certificateholders, such purposes
including the reimbursement of advances made, or certain expenses incurred, with
respect to the Mortgage Loans and the payment of interest on such advances and
expenses.

     Any distribution to the Holder of this Certificate in reduction of the
Certificate Principal Balance hereof is binding on such Holder and all future
Holders of this Certificate and any Certificate issued upon the transfer hereof
or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

     This Certificate is issuable in fully registered form only without coupons.
As provided in the Agreement and subject to certain limitations therein set
forth, this Certificate is exchangeable for new Certificates of the same Class
in authorized denominations evidencing the same aggregate Percentage Interest,
as requested by the Holder surrendering the same.

     No transfer, sale, pledge or other disposition of this Certificate or any
interest herein shall be made unless that transfer, sale, pledge or other
disposition is exempt from the registration and/or qualification requirements of
the Securities Act and any applicable state securities laws, or is otherwise
made in accordance with the Securities Act and such state securities laws. If a
transfer of this Certificate is to be made without registration under the
Securities Act, then (except under limited circumstances specified in the
Agreement) the Certificate Registrar shall refuse to register such transfer
unless it receives (and, upon receipt, may conclusively rely upon) either: (i) a
certificate from the Certificateholder desiring to effect such transfer
substantially in the form attached as Exhibit F-1A to the Agreement; or (ii) a
certificate from the Certificateholder desiring to effect such transfer
substantially in the form attached as Exhibit F-1B to the Agreement and a
certificate from such Certificateholder's prospective Transferee substantially
in the form attached either as Exhibit F-2A or as Exhibit F-2B to the Agreement;
or (iii) an Opinion of Counsel satisfactory to the Trustee to the effect that
such transfer may be made without registration under the Securities Act (which
Opinion of Counsel shall not be an expense of the Trust or of the Depositor, any
Master Servicer, any Special Servicer, the Trustee or the Certificate Registrar
in their respective capacities as such), together with the written
certification(s) as to the facts surrounding such transfer from the
Certificateholder desiring to effect such transfer and/or such
Certificateholder's prospective Transferee on which such Opinion of Counsel is
based.

     If this Certificate constitutes a Rule 144A Global Certificate and a
transfer of any interest in this Certificate is to be made without registration
under the Securities Act, then (except under limited circumstances specified in
the Agreement) the Certificate Owner desiring to effect such transfer shall be
required to obtain either (i) a certificate from such Certificate Owner's
prospective Transferee substantially in the form attached as Exhibit F-2C to the
Agreement, or (ii) an Opinion of Counsel to the effect that such prospective
Transferee is a Qualified Institutional Buyer and such transfer may be made
without registration under the Securities Act. Except as discussed below, if
this Certificate constitutes a Rule 144A Global Certificate, then interests
herein shall not be transferred to any Person other than a Qualified
Institutional Buyer that takes delivery in the form of an interest in this Rule
144A Global Certificate.

                                     A-3-4

     Notwithstanding the preceding paragraph, if this Certificate constitutes a
Rule 144A Global Certificate, then interests herein may be transferred (without
delivery of any certificate or Opinion of Counsel described in the preceding
paragraph) to any Person who takes delivery in the form of a beneficial interest
in a Regulation S Global Certificate of the same Class as this Rule 144A Global
Certificate upon delivery to the Certificate Registrar and the Trustee of (x) a
certificate from the Certificate Owner desiring to effect such transfer
substantially in the form attached as Exhibit F-1D to the Agreement and a
certificate from such Certificate Owner's prospective Transferee substantially
in the form attached as Exhibit F-2D to the Agreement and (y) such written
orders and instructions as are required under the applicable procedures of DTC,
Clearstream and/or Euroclear to direct the Trustee to debit the account of a
Depository Participant by a denomination of interests in this Rule 144A Global
Certificate, and credit the account of a Depository Participant by a
denomination of interests in such Regulation S Global Certificate, that is equal
to the denomination of beneficial interests in such Class to be transferred.
Upon delivery to the Trustee of such certifications and such orders and
instructions, the Trustee, subject to and in accordance with the applicable
procedures of DTC, shall reduce the denomination of this Rule 144A Global
Certificate, and increase the denomination of the related Regulation S Global
Certificate, by the denomination of the beneficial interest in the subject Class
specified in such orders and instructions.

     Except as discussed below, if this Certificate constitutes a Regulation S
Global Certificate, then beneficial interests in this Certificate shall not be
transferred to any Person other than a non-United States Securities Person that
takes delivery in the form of an interest in this Certificate, and the
Certificate Owner desiring to effect such transfer shall be required to obtain
from such Certificate Owner's prospective Transferee a certification
substantially in the form attached as Exhibit F-2D to the Agreement. On or prior
to the Release Date, beneficial interests in any Regulation S Global Certificate
may be held only through Euroclear or Clearstream. After the Release Date,
beneficial interests in any Regulation S Global Certificate may be held through
Euroclear, Clearstream or any other direct account holder at DTC.

     Notwithstanding the preceding paragraph, if this Certificate constitutes a
Regulation S Global Certificate, then interests in this Certificate may be
transferred (without delivery of any certificate described in the preceding
paragraph) to any Person who takes delivery in the form of a beneficial interest
in a Rule 144A Global Certificate for the same Class as this Regulation S Global
Certificate upon delivery to the Certificate Registrar and the Trustee of (i) a
certificate from the Certificate Owner desiring to effect such transfer
substantially in the form attached as Exhibit F-1C to the Agreement and a
certificate from such Certificate Owner's prospective Transferee substantially
in the form attached as Exhibit F-2C to the Agreement and (ii) such written
orders and instructions as are required under the applicable procedures of the
Depository, Clearstream and/or Euroclear to direct the Trustee to debit the
account of a Depository Participant by a denomination of interests in this
Regulation S Global Certificate, and credit the account of a Depository
Participant by a denomination of interests in the related Rule 144A Global
Certificate, that is equal to the denomination of beneficial interests to be
transferred. Upon delivery to the Trustee of such certifications and such orders
and instructions, the Trustee, subject to and in accordance with the applicable
procedures of the Depository, shall reduce the denomination of this Regulation S
Global Certificate, and increase the denomination of the related Rule 144A
Global Certificate, by the denomination of the beneficial interest in the
subject Class specified in such orders and instructions.

     Notwithstanding the foregoing, any interest in a Global Certificate may be
transferred by any Certificate Owner holding such interest to any Institutional
Accredited Investor (other than a

                                     A-3-5

Qualified Institutional Buyer) that takes delivery in the form of a Definitive
Certificate of the same Class as such Global Certificate upon delivery to the
Certificate Registrar and the Trustee of (i) such certifications and/or opinions
as are contemplated above with respect to transfers of this Certificate in
definitive form and (ii) such written orders and instructions as are required
under the applicable procedures of DTC, Clearstream and/or Euroclear to direct
the Trustee to debit the account of a Depository Participant by a denomination
of interests in such Global Certificate. Upon delivery to the Certificate
Registrar of the certifications and/or opinions contemplated above with respect
to transfers of this Certificate in definitive form, the Trustee, subject to and
in accordance with the applicable procedures of the Depository, shall reduce the
denomination of the subject Global Certificate, and cause a Definitive
Certificate of the same Class as such Global Certificate, and in a denomination
equal to the reduction in the denomination of such Global Certificate, to be
executed, authenticated and delivered in accordance with this Agreement to the
applicable Transferee.

     The Global Certificates shall be deposited with the Trustee as custodian
for DTC and registered in the name of Cede & Co. as nominee of DTC.

     None of the Depositor, the Trustee or the Certificate Registrar is
obligated to register or qualify the Class [E] [F] [G] [H] [J] [K] [L] [M] [N]
[O] [P] Certificates under the Securities Act or any other securities law or to
take any action not otherwise required under the Agreement to permit the
transfer of this Certificate or any interest herein without registration or
qualification. Any Certificateholder or Certificate Owner desiring to effect a
transfer of this Certificate or any interest herein shall, and does hereby agree
to, indemnify the Depositor, the Initial Purchaser, the Trustee, the Master
Servicer, the Special Servicer and the Certificate Registrar against any
liability that may result if the transfer is not so exempt or is not made in
accordance with such federal and state laws or the provisions described in the
preceding paragraphs.

     No transfer of this Certificate or any interest herein shall be made (A) to
any retirement plan or other employee benefit plan or arrangement, including
individual retirement accounts and annuities, Keogh plans and collective
investment funds and separate accounts in which such plans, accounts or
arrangements are invested, including insurance company general accounts, that is
subject to ERISA or Section 4975 of the Code (each, a "Plan"), or (B) to any
Person who is directly or indirectly purchasing this Certificate or any interest
herein on behalf of, as named fiduciary of, as trustee of, or with assets of a
Plan, if the purchase and holding of this Certificate or such interest herein by
the prospective Transferee would result in a violation of Section 406 or 407 of
ERISA or Section 4975 of the Code or would result in the imposition of an excise
tax under Section 4975 of the Code. Except in limited circumstances, the
Certificate Registrar shall refuse to register the transfer of this Certificate
(and, if applicable, any Certificate Owner shall refuse to transfer an interest
in this Certificate), unless it has received from the prospective Transferee
either (i) a certification to the effect that such prospective Transferee is not
a Plan and is not directly or indirectly purchasing this Certificate on behalf
of, as named fiduciary of, as trustee of, or with assets of a Plan; or (ii) a
certification to the effect that the purchase and holding of this Certificate by
such prospective Transferee is exempt from the prohibited transaction provisions
of Section 406 and 407 of ERISA and Section 4975 of the Code by reason of
Sections I and III of Prohibited Transaction Class Exemption 95-60; or (iii) if
this Certificate is rated investment grade by at least one of the Rating
Agencies and is being acquired by, on behalf of or with assets of a Plan in
reliance upon Prohibited Transaction Exemption 89-90, a certification to the
effect that such Plan (X) is an accredited investor as defined in Rule 501(a)(1)
of Regulation D of the Securities Act, (Y) is not sponsored (within the meaning
of Section 3(16)(B) of ERISA) by the Trustee, the Depositor, any Mortgage Loan
Seller, any Exemption-Favored Party, any Master Servicer, any

                                     A-3-6

Special Servicer, any Primary Servicer, any Sub-Servicer, or any Borrower with
respect to Mortgage Loans constituting more than 5% of the aggregate unamortized
principal of all the Mortgage Loans determined as of the Closing Date, or by an
Affiliate of any such Person, and (Z) agrees that it will obtain from each of
its Transferees a written representation that such Transferee, if a Plan,
satisfies the requirements of the immediately preceding clauses (iii)(X) and
(iii)(Y), together with a written agreement that such Transferee will obtain
from each of its Transferees that are Plans a similar written representation
regarding satisfaction of the requirements of the immediately preceding clauses
(iii)(X) and (iii)(Y); or (iv) a certification of facts and an Opinion of
Counsel which otherwise establish to the reasonable satisfaction of the Trustee
(or, if applicable, the Certificate Owner effecting the transfer) that such
transfer will not result in a violation of Section 406 or 407 of ERISA or
Section 4975 of the Code or result in the imposition of an excise tax under
Section 4975 of the Code.

     If a Person is acquiring this Certificate as a fiduciary or agent for one
or more accounts, such Person shall be required to deliver to the Certificate
Registrar a certification to the effect that, and such other evidence as may be
reasonably required by the Trustee to confirm that, it has (i) sole investment
discretion with respect to each such account and (ii) full power to make the
acknowledgments, representations, warranties, certifications and/or agreements
with respect to each such account described above in this Certificate.

     As provided in the Agreement and subject to certain limitations therein set
forth, the transfer of this Certificate is registrable in the Certificate
Register upon surrender of this Certificate for registration of transfer at the
offices of the Certificate Registrar, duly endorsed by, or accompanied by a
written instrument of transfer in the form satisfactory to the Certificate
Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Certificates of the same Class in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

     No service charge will be imposed for any registration of transfer or
exchange of this Certificate, but the Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of this
Certificate.

     Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC, and accordingly, this
Certificate shall constitute a Book-Entry Certificate.

     The Depositor, the Master Servicer, the Special Servicer, the Trustee, the
Certificate Registrar and any agent of any of them may treat the Person in whose
name this Certificate is registered as the owner hereof for all purposes, and
none of the Depositor, the Master Servicer, the Special Servicer, the Trustee,
the Certificate Registrar or any such agent shall be affected by notice to the
contrary.

     Subject to certain terms and conditions set forth in the Agreement, the
Trust Fund and the obligations created by the Agreement shall terminate upon
distribution (or provision for distribution) to the Certificateholders of all
amounts held by or on behalf of the Trustee and required to be distributed to
them pursuant to the Agreement following the earliest to occur of (i) the final
payment or other liquidation (or any advance with respect thereto) of the last
Mortgage Loan or REO Property remaining

                                     A-3-7

in the Trust Fund, (ii) the purchase by one or more of the Persons identified in
Section 9.01 of the Agreement at a price determined as provided in Section 9.01
of the Agreement, of all the Mortgage Loans and each REO Property remaining in
the Trust Fund, (iii) the exchange by the Sole Certificateholder of its
Certificates for all the Mortgage Loans and each REO Property remaining in the
Trust Fund and (iv) the Distribution Date in July 2036. Section 9.01 of the
Agreement permits, but does not require, certain specified Persons to purchase
from the Trust Fund all the Mortgage Loans and each REO Property remaining
therein. The exercise of such right to purchase may effect early retirement of
the Certificates; however, such right to purchase is subject to the aggregate
Stated Principal Balance of the Mortgage Pool at the time of purchase being less
than 1.0% of the Initial Pool Balance.

     The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer, the Trustee and the rights
of the Certificateholders under the Agreement at any time by the Depositor, the
Master Servicer, the Special Servicer and the Trustee with the consent of the
Holders of Certificates entitled to not less than 51% of the Voting Rights
allocated to all of the Classes materially affected by the amendment (subject to
certain third-party beneficiary consent rights). Any such consent by the Holder
of this Certificate shall be conclusive and binding on such Holder and upon all
future Holders of this Certificate and of any Certificate issued upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon this Certificate. The Agreement also permits the
amendment thereof, in certain limited circumstances, including any amendment
necessary to maintain the status of any Trust REMIC as a REMIC, without the
consent of the Holders of any of the Certificates.

     Unless the certificate of authentication hereon has been executed by the
Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

     The registered Holder hereof, by its acceptance hereof, agrees that it will
look solely to the Trust Fund (to the extent of its rights therein) for
distributions hereunder.

     This Certificate shall be construed in accordance with the laws of the
State of New York applicable to agreements negotiated, made and to be performed
entirely in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

                                     A-3-8

     IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.

                                          WELLS FARGO BANK, N.A.
                                          as Trustee

                                          By:
                                             -----------------------------------
                                             Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

     This is one of the Class [E] [F] [G] [H] [J] [K] [L] [M] [N] [O] [P]
Certificates referred to in the within-mentioned Agreement.

Dated:

                                          WELLS FARGO BANK, N.A.
                                          as Certificate Registrar

                                          By:
                                             -----------------------------------
                                             Authorized Representative

                                     A-3-9

                                   ASSIGNMENT

     FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto _______________________________________________________________

________________________________________________________________________________

                   (please print or typewrite name and address
                     including postal zip code of assignee)

the beneficial ownership interest in the Trust Fund evidenced by the within
Mortgage Pass-Through Certificate and hereby authorize(s) the registration of
transfer of such interest to assignee on the Certificate Register of the Trust
Fund.

     I (we) further direct the Certificate Registrar to issue a new Mortgage
Pass-Through Certificate of a like Percentage Interest and Class to the above
named assignee and deliver such Mortgage Pass-Through Certificate to the
following address: _____________________________________________________________

________________________________________________________________________________

Dated:

                                       -----------------------------------------
                                       Signature by or on behalf of Assignor

                                       -----------------------------------------
                                       Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

     The Assignee should include the following for purposes of distribution:

     Distributions shall, if permitted, be made by wire transfer or otherwise,
in immediately available funds, to _____________________________________________
for the account of ____________________________________________________________.

     Distributions made by check (such check to be made payable to
___________________________) and all applicable statements and notices should be
mailed to _____________________________________________________________________.

     This information is provided by __________________________________________,
the Assignee named above, or __________________________________________________,
as its agent.

                                     A-3-10

                                   EXHIBIT A-4

                           FORM OF CLASS V CERTIFICATE

              CLASS V COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2004-C3

This is one of a series of commercial mortgage pass-through certificates
(collectively, the "Certificates"), issued in multiple classes (each, a
"Class"), which series of Certificates evidences the entire beneficial ownership
interest in a trust fund (the "Trust Fund") consisting primarily of a pool of
multifamily and commercial mortgage loans (the "Mortgage Loans"), such pool
being formed and sold by

              CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.

Closing Date:  August 25, 2004                                  Percentage Interest evidenced by this Certificate in the
                                                                related Class:  _____%
First Distribution Date:  September 17, 2004

Master Servicer:                                                Aggregate Stated Principal Balance of the Mortgage Loans
Midland Loan Services, Inc.                                     as of the Closing Date ("Initial Pool Balance"):
                                                                $1,639,437,484

Special Servicer:                                               Trustee:
Clarion Partners, LLC                                           Wells Fargo Bank, N.A.

Certificate No. V-___                                           CUSIP No.:  ______________________

                                     A-4-1

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE.
ANY RESALE, PLEDGE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE OR ANY
INTEREST HEREIN WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A
TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND WHICH
IS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND
SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A) ANY
RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT THAT IS SUBJECT TO
THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR
(B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR SUCH
INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH
ASSETS OF ANY SUCH RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR
ARRANGEMENT, EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CREDIT
SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP., WELLS FARGO BANK, N.A., MIDLAND
LOAN SERVICES, INC., CLARION PARTNERS, LLC OR ANY OF THEIR RESPECTIVE
AFFILIATES. NEITHER THIS CERTIFICATE NOR ANY OF THE UNDERLYING MORTGAGE LOANS IS
GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER
PERSON.

THIS CERTIFICATE IS ENTITLED ONLY TO CERTAIN ADDITIONAL INTEREST (IF ANY)
RECEIVED IN RESPECT OF THE ARD LOANS IN THE TRUST FUND, SUBJECT TO THE POOLING
AND SERVICING AGREEMENT REFERRED TO HEREIN.

     This certifies that __________________ is the registered owner of the
Percentage Interest evidenced by this Certificate (as specified above) in that
certain beneficial ownership interest in the Trust Fund evidenced by all the
Class V Certificates. The Trust Fund was created and the Certificates were
issued pursuant to a Pooling and Servicing Agreement, dated as of August 1, 2004
(the "Agreement"), among Credit Suisse First Boston Mortgage Securities Corp. as
depositor (the "Depositor", which term includes any successor entity under the
Agreement), Midland Loan Services, Inc., as master servicer (in such capacity,
the "Master Servicer", which term includes any successor entity or entities
under the Agreement), Clarion Partners, LLC as special servicer (in such
capacity, the "Special Servicer", which term includes any successor entity or
entities under the Agreement), and Wells Fargo Bank, N.A., as trustee (the
"Trustee", which term includes any successor entity under the Agreement), a
summary of certain of the pertinent provisions of which is set forth hereafter.
To the extent not defined herein, capitalized terms used herein have the
respective meanings assigned thereto in the Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Agreement, to which Agreement the Holder of this Certificate by virtue of its
acceptance hereof assents and by which such Holder is bound.

                                     A-4-2

     Pursuant to the terms of the Agreement, beginning on the First Distribution
Date specified above, distributions will be made on that date (the "Distribution
Date") each month that is the fourth Business Day following the Determination
Date in such month, to the Person in whose name this Certificate is registered
at the close of business on the last Business Day of the month immediately
preceding the month of such distribution (the "Record Date"), in an amount equal
to the product of the Percentage Interest evidenced by this Certificate and the
amount required to be distributed to all the Holders of the Class V Certificates
on the applicable Distribution Date pursuant to the Agreement. All distributions
made under the Agreement on this Certificate will be made by the Trustee by wire
transfer of immediately available funds to the account of the Person entitled
thereto at a bank or other entity having appropriate facilities therefor, if
such Certificateholder shall have provided the Trustee with wiring instructions
no later than the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate will be made in like manner, but only upon
presentation and surrender of this Certificate at the offices of the Certificate
Registrar or such other location specified in the notice to the Holder hereof of
such final distribution.

     The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Distribution Account, the Collection Account
and, if established, the REO Account (or from any other account established
under the Agreement) may be made from time to time for purposes other than, and,
in certain cases, prior to, distributions to Certificateholders, such purposes
including the reimbursement of advances made, or certain expenses incurred, with
respect to the Mortgage Loans and the payment of interest on such advances and
expenses.

     This Certificate is issuable in fully registered form only without coupons.
As provided in the Agreement and subject to certain limitations therein set
forth, this Certificate is exchangeable for new Certificates of the same Class
in authorized denominations evidencing the same aggregate Percentage Interest,
as requested by the Holder surrendering the same.

     No transfer, sale, pledge or other disposition of this Certificate or any
interest herein shall be made unless that transfer, sale, pledge or other
disposition is exempt from the registration and/or qualification requirements of
the Securities Act and any applicable state securities laws, or is otherwise
made in accordance with the Securities Act and such state securities laws. If a
transfer of this Certificate is to be made without registration under the
Securities Act, then (except under the limited circumstances specified in the
Agreement) the Certificate Registrar shall refuse to register such transfer
unless it receives (and, upon receipt, may conclusively rely upon) either: (i) a
certificate from the Certificateholder desiring to effect such transfer
substantially in the form attached as Exhibit F-1A to the Agreement; or (ii) a
certificate from the Certificateholder desiring to effect such transfer
substantially in the form attached as Exhibit F-1B to the Agreement and a
certificate from such Certificateholder's prospective Transferee substantially
in the form attached either as Exhibit F-2A or as Exhibit F-2B to the Agreement;
or (iii) an Opinion of Counsel satisfactory to the Trustee to the effect that
such transfer may be made without registration under the Securities Act (which
Opinion of Counsel shall not be an expense of the Trust or of the Depositor, any
Master Servicer, any Special Servicer, the Trustee or the Certificate Registrar
in their respective capacities as such), together with the written
certification(s) as to the facts surrounding such transfer from the
Certificateholder desiring to effect such transfer and/or such
Certificateholder's prospective Transferee on which such Opinion of Counsel is
based. Any

                                     A-4-3

Certificateholder desiring to effect a transfer, sale, pledge or other
disposition of this Certificate or any interest herein shall, and does hereby
agree to, indemnify the Depositor, Credit Suisse First Boston LLC, the Trustee,
the Master Servicer, the Special Servicer and the Certificate Registrar against
any liability that may result if such transfer, sale, pledge or other
disposition is not exempt from the registration and/or qualification
requirements of the Securities Act and any applicable state securities laws or
is not made in accordance with such federal and state laws.

     No transfer of this Certificate or any interest herein shall be made (A) to
any retirement plan or other employee benefit plan or arrangement, including
individual retirement accounts and annuities, Keogh plans and collective
investment funds and separate accounts in which such plans, accounts or
arrangements are invested, including insurance company general accounts, that is
subject to ERISA or Section 4975 of the Code (each, a "Plan"), or (B) to any
Person who is directly or indirectly purchasing this Certificate or any interest
herein on behalf of, as named fiduciary of, as trustee of, or with assets of a
Plan, if the purchase and holding of this Certificate or such interest herein by
the prospective Transferee would result in a violation of Section 406 or 407 of
ERISA or Section 4975 of the Code or would result in the imposition of an excise
tax under Section 4975 of the Code. Except in limited circumstances, the
Certificate Registrar shall refuse to register the transfer of this Certificate
unless it has received from the prospective Transferee either (i) a
certification to the effect that such prospective Transferee is not a Plan and
is not directly or indirectly purchasing this Certificate on behalf of, as named
fiduciary of, as trustee of, or with assets of a Plan; or (ii) a certification
of facts and an Opinion of Counsel which otherwise establish to the reasonable
satisfaction of the Trustee that such transfer will not result in a violation of
Section 406 or 407 of ERISA or Section 4975 of the Code or result in the
imposition of an excise tax under Section 4975 of the Code.

     If a Person is acquiring this Certificate as a fiduciary or agent for one
or more accounts, such Person shall be required to deliver to the Certificate
Registrar a certification to the effect that, and such other evidence as may be
reasonably required by the Trustee to confirm that, it has (i) sole investment
discretion with respect to each such account and (ii) full power to make the
acknowledgments, representations, warranties, certifications and/or agreements
with respect to each such account described above in this Certificate.

     As provided in the Agreement and subject to certain limitations therein set
forth, the transfer of this Certificate is registrable in the Certificate
Register upon surrender of this Certificate for registration of transfer at the
offices of the Certificate Registrar, duly endorsed by, or accompanied by a
written instrument of transfer in the form satisfactory to the Certificate
Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Certificates of the same Class in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

     No service charge will be imposed for any registration of transfer or
exchange of this Certificate, but the Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of this
Certificate.

     The Depositor, the Master Servicer, the Special Servicer, the Trustee, the
Certificate Registrar and any agent of any of them may treat the Person in whose
name this Certificate is registered as the owner hereof for all purposes, and
none of the Depositor, the Master Servicer, the Special

                                     A-4-4

Servicer, the Trustee, the Certificate Registrar or any such agent shall be
affected by notice to the contrary.

     Subject to certain terms and conditions set forth in the Agreement, the
Trust Fund and the obligations created by the Agreement shall terminate upon
distribution (or provision for distribution) to the Certificateholders of all
amounts held by or on behalf of the Trustee and required to be distributed to
them pursuant to the Agreement following the earliest to occur of (i) the final
payment or other liquidation (or any advance with respect thereto) of the last
Mortgage Loan or REO Property remaining in the Trust Fund, (ii) the purchase by
one or more of the Persons identified in Section 9.01 of the Agreement at a
price determined as provided in Section 9.01 of the Agreement, of all the
Mortgage Loans and each REO Property remaining in the Trust Fund, (iii) the
exchange by the Sole Certificateholder of its Certificates for all the Mortgage
Loans and each REO Property remaining in the Trust Fund and (iv) the
Distribution Date in July 2036. Section 9.01 of the Agreement permits, but does
not require, certain specified Persons to purchase from the Trust Fund all the
Mortgage Loans and each REO Property remaining therein. The exercise of such
right to purchase may effect early retirement of the Certificates; however, such
right to purchase is subject to the aggregate Stated Principal Balance of the
Mortgage Pool at the time of purchase being less than 1.0% of the Initial Pool
Balance.

     The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to not less than 51% of the
Voting Rights allocated to all of the Classes materially affected by the
amendment (subject to certain third-party beneficiary consent rights). Any such
consent by the Holder of this Certificate shall be conclusive and binding on
such Holder and upon all future Holders of this Certificate and of any
Certificate issued upon the transfer hereof or in exchange herefor or in lieu
hereof whether or not notation of such consent is made upon this Certificate.
The Agreement also permits the amendment thereof, in certain limited
circumstances, including any amendment necessary to maintain the status of any
Trust REMIC as a REMIC, without the consent of the Holders of any of the
Certificates.

     Unless the certificate of authentication hereon has been executed by the
Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

     The registered Holder hereof, by its acceptance hereof, agrees that it will
look solely to the Trust Fund (to the extent of its rights therein) for
distributions hereunder.

     This Certificate shall be construed in accordance with the laws of the
State of New York applicable to agreements negotiated, made and to be performed
entirely in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

                                     A-4-5

     IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.

                               WELLS FARGO BANK, N.A.
                               as Trustee

                               By:
                                  ----------------------------------------------
                                  Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

     This is one of the Class V Certificates referred to in the within-mentioned
Agreement.

Dated:

                               WELLS FARGO BANK, N.A.
                               as Certificate Registrar

                               By:
                                  ----------------------------------------------
                                  Authorized Representative

                                     A-4-6

                                   ASSIGNMENT

     FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
ransfer(s) unto ________________________________________________________________

________________________________________________________________________________

                   (please print or typewrite name and address
                     including postal zip code of assignee)

the beneficial ownership interest in the Trust Fund evidenced by the within
Mortgage Pass-Through Certificate and hereby authorize(s) the registration of
transfer of such interest to assignee on the Certificate Register of the Trust
Fund.

     I (we) further direct the Certificate Registrar to issue a new Mortgage
Pass-Through Certificate of a like Percentage Interest and Class to the above
named assignee and deliver such Mortgage Pass-Through Certificate to the
following address: _____________________________________________________________

________________________________________________________________________________

Dated:

                                        ----------------------------------------
                                        Signature by or on behalf of Assignor

                                        ----------------------------------------
                                        Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

     The Assignee should include the following for purposes of distribution:

     Distributions shall, if permitted, be made by wire transfer or otherwise,
in immediately available funds, ________________________________________________
to for the account of _________________________________________________________.

     Distributions made by check (such check to be made payable to
___________________________) and all applicable statements and notices should be
mailed to _____________________________________________________________________.

     This information is provided by __________________________________________,
the Assignee named above, or __________________________________________________,
as its agent.

                                     A-4-7

                                   EXHIBIT A-5

                           FORM OF CLASS R CERTIFICATE

              CLASS R COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2004-C3

This is one of a series of commercial mortgage pass-through certificates
(collectively, the "Certificates"), issued in multiple classes (each, a
"Class"), which series of Certificates evidences the entire beneficial ownership
interest in a trust fund (the "Trust Fund") consisting primarily of a pool of
multifamily and commercial mortgage loans (the "Mortgage Loans"), such pool
being formed and sold by

              CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.

Closing Date:  August 25, 2004                                  Percentage Interest evidenced by this Certificate in the
                                                                related Class:  _____%

First Distribution Date:  September 17, 2004

Master Servicer:                                                Aggregate Stated Principal Balance of the Mortgage Loans
Midland Loan Services, Inc.                                     as of the Closing Date ("Initial Pool Balance"):
                                                                $1,639,437,484

Special Servicer:                                               Trustee:
Clarion Partners, LLC                                           Wells Fargo Bank, N.A.

Certificate No. R-___                                           CUSIP No.:  __________________

                                     A-5-1

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE.
ANY RESALE, PLEDGE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE OR ANY
INTEREST HEREIN WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A
TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND WHICH
IS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND
SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A) ANY
RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT THAT IS SUBJECT TO
THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR
(B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR SUCH
INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH
ASSETS OF ANY SUCH RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR
ARRANGEMENT, EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CREDIT
SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP., WELLS FARGO BANK, N.A., MIDLAND
LOAN SERVICES, INC., CLARION PARTNERS, LLC OR ANY OF THEIR RESPECTIVE
AFFILIATES. NEITHER THIS CERTIFICATE NOR ANY OF THE UNDERLYING MORTGAGE LOANS IS
GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER
PERSON.

THIS CERTIFICATE IS SUBORDINATE TO ONE OR MORE CLASSES OF CERTIFICATES OF THE
SAME SERIES AS AND TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE EVIDENCES
OWNERSHIP OF THE SOLE "RESIDUAL INTEREST" IN EACH OF MULTIPLE "REAL ESTATE
MORTGAGE INVESTMENT CONDUITS" (EACH, A "REMIC") AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE. CONSEQUENTLY, TRANSFER OF
THIS CERTIFICATE IS ALSO SUBJECT TO THE ADDITIONAL TAX RELATED TRANSFER
RESTRICTIONS DESCRIBED HEREIN. IF ANY PERSON BECOMES THE REGISTERED HOLDER OF
THIS CERTIFICATE IN VIOLATION OF SUCH TRANSFER RESTRICTIONS, SUCH REGISTRATION
SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON
SHALL NOT BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER OR UNDER
THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN, INCLUDING, BUT NOT
LIMITED TO, THE RECEIPT OF DISTRIBUTIONS, IF ANY, ON THIS CERTIFICATE.

     This certifies that __________________ is the registered owner of the
Percentage Interest evidenced by this Certificate (as specified above) in that
certain beneficial ownership interest in

                                     A-5-2

the Trust Fund evidenced by all the Class R Certificates. The Trust Fund was
created and the Certificates were issued pursuant to a Pooling and Servicing
Agreement, dated as of August 1, 2004 (the "Agreement"), among Credit Suisse
First Boston Mortgage Securities Corp., as depositor (the "Depositor", which
term includes any successor entity under the Agreement), Midland Loan Services,
Inc., as Master Servicer (in such capacity, the "Master Servicer", which term
includes any successor entity or entities under the Agreement), Clarion
Partners, LLC, as special servicer (in such capacity, the "Special Servicer",
which term includes any successor entity or entities under the Agreement), and
Wells Fargo Bank, N.A., as trustee (the "Trustee", which term includes any
successor entity under the Agreement), a summary of certain of the pertinent
provisions of which is set forth hereafter. To the extent not defined herein,
capitalized terms used herein have the respective meanings assigned thereto in
the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of its acceptance hereof assents and by which such
Holder is bound.

     Pursuant to the terms of the Agreement, beginning on the First Distribution
Date specified above, distributions will be made on that date (the "Distribution
Date") each month that is the fourth Business Day following the Determination
Date in such month, to the Person in whose name this Certificate is registered
at the close of business on the last Business Day of the month immediately
preceding the month of such distribution (the "Record Date"), in an amount equal
to the product of the Percentage Interest evidenced by this Certificate and the
amount required to be distributed to all the Holders of the Class R Certificates
on the applicable Distribution Date pursuant to the Agreement. All distributions
made under the Agreement on this Certificate will be made by the Trustee by wire
transfer of immediately available funds to the account of the Person entitled
thereto at a bank or other entity having appropriate facilities therefor, if
such Certificateholder shall have provided the Trustee with wiring instructions
no later than the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate will be made in like manner, but only upon
presentation and surrender of this Certificate at the offices of the Certificate
Registrar or such other location specified in the notice to the Holder hereof of
such final distribution.

     The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Distribution Account, the Collection Account
and, if established, the REO Account (or from any other account established
under the Agreement) may be made from time to time for purposes other than, and,
in certain cases, prior to, distributions to Certificateholders, such purposes
including the reimbursement of advances made, or certain expenses incurred, with
respect to the Mortgage Loans and the payment of interest on such advances and
expenses.

     This Certificate is issuable in fully registered form only without coupons.
As provided in the Agreement and subject to certain limitations therein set
forth, this Certificate is exchangeable for new Certificates of the same Class
in authorized denominations evidencing the same aggregate Percentage Interest,
as requested by the Holder surrendering the same.

     No transfer, sale, pledge or other disposition of this Certificate or any
interest herein shall be made unless that transfer, sale, pledge or other
disposition is exempt from the registration and/or qualification requirements of
the Securities Act and any applicable state securities laws, or is otherwise

                                     A-5-3

made in accordance with the Securities Act and such state securities laws. If a
transfer of this Certificate is to be made without registration under the
Securities Act, then (except under the limited circumstances specified in the
Agreement) the Certificate Registrar shall refuse to register such transfer
unless it receives (and, upon receipt, may conclusively rely upon) either: (i) a
certificate from the Certificateholder desiring to effect such transfer
substantially in the form attached as Exhibit F-1A to the Agreement; or (ii) a
certificate from the Certificateholder desiring to effect such transfer
substantially in the form attached as Exhibit F-1B to the Agreement and a
certificate from such Certificateholder's prospective Transferee substantially
in the form attached either as Exhibit F-2A or as Exhibit F-2B to the Agreement;
or (iii) an Opinion of Counsel satisfactory to the Trustee to the effect that
such transfer may be made without registration under the Securities Act (which
Opinion of Counsel shall not be an expense of the Trust or of the Depositor, any
Master Servicer, any Special Servicer, the Trustee or the Certificate Registrar
in their respective capacities as such), together with the written
certification(s) as to the facts surrounding such transfer from the
Certificateholder desiring to effect such transfer and/or such
Certificateholder's prospective Transferee on which such Opinion of Counsel is
based. Any Certificateholder desiring to effect a transfer, sale, pledge or
other disposition of this Certificate or any interest herein shall, and does
hereby agree to, indemnify the Depositor, Credit Suisse First Boston LLC, the
Trustee, the Master Servicer, the Special Servicer and the Certificate Registrar
against any liability that may result if such transfer, sale, pledge or other
disposition is not exempt from the registration and/or qualification
requirements of the Securities Act and any applicable state securities laws or
is not made in accordance with such federal and state laws.

     No transfer of this Certificate or any interest herein shall be made (A) to
any retirement plan or other employee benefit plan or arrangement, including
individual retirement accounts and annuities, Keogh plans and collective
investment funds and separate accounts in which such plans, accounts or
arrangements are invested, including insurance company general accounts, that is
subject to ERISA or Section 4975 of the Code (each, a "Plan"), or (B) to any
Person who is directly or indirectly purchasing this Certificate or any interest
herein on behalf of, as named fiduciary of, as trustee of, or with assets of a
Plan, if the purchase and holding of this Certificate or such interest herein by
the prospective Transferee would result in a violation of Section 406 or 407 of
ERISA or Section 4975 of the Code or would result in the imposition of an excise
tax under Section 4975 of the Code. Except in limited circumstances, the
Certificate Registrar shall refuse to register the transfer of this Certificate
unless it has received from the prospective Transferee either: (i) a
certification to the effect that such prospective Transferee is not a Plan and
is not directly or indirectly purchasing this Certificate on behalf of, as named
fiduciary of, as trustee of, or with assets of a Plan; or (ii) a certification
of facts and an Opinion of Counsel which otherwise establish to the reasonable
satisfaction of the Trustee that such transfer will not result in a violation of
Section 406 or 407 of ERISA or Section 4975 of the Code or result in the
imposition of an excise tax under Section 4975 of the Code.

     Each Person who has or who acquires any Ownership Interest in this
Certificate shall be deemed by its acceptance or acquisition of such Ownership
Interest to have agreed to be bound by the provisions of Section 5.02(d) of the
Agreement and, if any purported Transferee shall become a Holder of this
Certificate in violation of the provisions of such Section 5.02(d), to have
irrevocably authorized the Trustee (i) to deliver payments to a Person other
than such Person and (ii) to negotiate the terms of any mandatory disposition,
to execute all instruments of Transfer and to do all other things necessary in
connection with any such disposition. Each Person holding or acquiring any
Ownership Interest in this Certificate must be a Permitted Transferee and shall
promptly notify the Trustee of any change or impending change in its status as a
Permitted Transferee. In connection with any proposed Transfer of any Ownership
Interest in this Certificate, the Certificate Registrar shall require delivery
to it, and shall

                                     A-5-4

not register the Transfer of this Certificate until its receipt of, an affidavit
and agreement substantially in the form attached as Exhibit H-1 to the Agreement
(a "Transfer Affidavit and Agreement") from the proposed Transferee,
representing and warranting, among other things, that such Transferee is a
Permitted Transferee, that it is not acquiring its Ownership Interest in this
Certificate as a nominee, trustee or agent for any Person that is not a
Permitted Transferee, that for so long as it retains its Ownership Interest in
this Certificate, it will endeavor to remain a Permitted Transferee, and that it
has reviewed the provisions of Section 5.02(d) of the Agreement and agrees to be
bound by them. Notwithstanding the delivery of a Transfer Affidavit and
Agreement by a proposed Transferee, if a Responsible Officer of either the
Certificate Registrar or Trustee has actual knowledge that the proposed
Transferee is not a Permitted Transferee, no Transfer of an Ownership Interest
in this Certificate to such proposed Transferee shall be effected. In connection
therewith, the Certificate Registrar shall not register the transfer of an
Ownership Interest in this Certificate to any entity classified as a partnership
under the Code unless at the time of transfer, all of its beneficial owners are
United States Persons.

     Each Person holding or acquiring any Ownership Interest in this Certificate
shall agree (x) to require a Transfer Affidavit and Agreement from any other
Person to whom such Person attempts to transfer its Ownership Interest herein
and (y) not to transfer its Ownership Interest herein unless it provides to the
Certificate Registrar a certificate substantially in the form attached as
Exhibit H-2 to the Agreement stating that, among other things, it has no actual
knowledge that such other Person is not a Permitted Transferee. Each Person
holding or acquiring an Ownership Interest in this Certificate, by purchasing
such Ownership Interest herein, agrees to give the Trustee written notice that
it is a "pass-through interest holder" within the meaning of temporary Treasury
regulation Section 1.67-3T(a)(2)(i)(A) immediately upon acquiring such Ownership
Interest, if it is, or is holding such Ownership Interest on behalf of, a
"pass-through interest holder".

     The provisions of Section 5.02(d) of the Agreement may be modified, added
to or eliminated, provided that there shall have been delivered to the Trustee
the following: (a) written confirmation from each Rating Agency to the effect
that the modification of, addition to or elimination of such provisions will not
result in an Adverse Rating Event with respect to any Class of Rated
Certificates; and (b) an Opinion of Counsel, in form and substance satisfactory
to the Trustee, to the effect that such modification of, addition to or
elimination of such provisions will not cause any Trust REMIC to cease to
qualify as a REMIC or be subject to an entity-level tax caused by the Transfer
of a Class R Certificate to a Person that is not a Permitted Transferee, or
cause a Person other than the prospective Transferee to be subject to a
REMIC-related tax caused by the Transfer of a Class R Certificate to a Person
that is not a Permitted Transferee.

     A "Permitted Transferee" is any Transferee other than a Disqualified
Organization, a Non-United States Tax Person or a foreign permanent
establishment or fixed base (each within the meaning of the applicable income
tax treaty) of a United States Tax Person (as defined below). In addition, if
such Transferee is classified as a partnership under the Code, such Transferee
can only be a Permitted Transferee if, among other things, all of its beneficial
owners are United States Tax Persons.

     A "Disqualified Organization" is any of (i) the United States or a
possession thereof, any State or political subdivision thereof or any agency or
instrumentality of any of the foregoing (other than an instrumentality which is
a corporation if all of its activities are subject to tax and, except for FHLMC,
a majority of its board of directors is not selected by such governmental unit),
(ii) a foreign government, international organization, or any agency or
instrumentality of any of the foregoing, (iii) any organization (other than
certain farmers' cooperatives described in Section 521 of the Code) which is

                                     A-5-5

exempt from the tax imposed by Chapter 1 of the Code (unless such organization
is subject to the tax imposed by Section 511 of the Code on unrelated business
taxable income), (iv) rural electric and telephone cooperatives described in
Section 1381 of the Code and (v) any other Person so designated by a Master
Servicer or the Trustee based upon an Opinion of Counsel that the holding of an
Ownership Interest in a Class R Certificate by such Person may cause any Trust
REMIC to fail to qualify as a REMIC or any Person having an Ownership Interest
in any Class of Certificates (other than such Person) to incur a liability for
any federal tax imposed under the Code that would not otherwise be imposed but
for the Transfer of an Ownership Interest in a Class R Certificate to such
Person. The terms "United States", "State" and "international organization"
shall have the meanings set forth in Section 7701 of the Code or successor
provisions.

     A "Non-United States Tax Person" is any Person other than a United States
Tax Person. A "United States Tax Person" is a citizen or resident of the United
States, a corporation, partnership or other entity created or organized in, or
under the laws of, the United States or any political subdivision thereof, or an
estate whose income from sources without the United States is includible in
gross income for United States federal income tax purposes regardless of its
connection with the conduct of a trade or business within the United States, or
a trust if a court within the United States is able to exercise primary
supervision over the administration of the trust and one or more United States
Tax Persons have the authority to control all substantial decisions of the
trust, all within the meaning of Section 7701(a)(30) of the Code.

     If a Person is acquiring this Certificate as a fiduciary or agent for one
or more accounts, such Person shall be required to deliver to the Certificate
Registrar a certification to the effect that, and such other evidence as may be
reasonably required by the Trustee to confirm that, it has (i) sole investment
discretion with respect to each such account and (ii) full power to make the
acknowledgments, representations, warranties, certifications and/or agreements
with respect to each such account described above in this Certificate.

     As provided in the Agreement and subject to certain limitations therein set
forth, the transfer of this Certificate is registrable in the Certificate
Register upon surrender of this Certificate for registration of transfer at the
offices of the Certificate Registrar, duly endorsed by, or accompanied by a
written instrument of transfer in the form satisfactory to the Certificate
Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Certificates of the same Class in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

     No service charge will be imposed for any registration of transfer or
exchange of this Certificate, but the Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of this
Certificate.

     The Depositor, the Master Servicer, the Special Servicer, the Trustee, the
Certificate Registrar and any agent of any of them may treat the Person in whose
name this Certificate is registered as the owner hereof for all purposes, and
none of the Depositor, the Master Servicer, the Special Servicer, the Trustee,
the Certificate Registrar or any such agent shall be affected by notice to the
contrary.

                                     A-5-6

     Subject to certain terms and conditions set forth in the Agreement, the
Trust Fund and the obligations created by the Agreement shall terminate upon
distribution (or provision for distribution) to the Certificateholders of all
amounts held by or on behalf of the Trustee and required to be distributed to
them pursuant to the Agreement following the earliest to occur of (i) the final
payment or other liquidation (or any advance with respect thereto) of the last
Mortgage Loan or REO Property remaining in the Trust Fund, (ii) the purchase by
one or more of the Persons identified in Section 9.01 of the Agreement at a
price determined as provided in Section 9.01 of the Agreement, of all the
Mortgage Loans and each REO Property remaining in the Trust Fund, (iii) the
exchange by the Sole Certificateholder of its Certificates for all the Mortgage
Loans and each REO Property remaining in the Trust Fund and (iv) the
Distribution Date in July 2036. Section 9.01 of the Agreement permits, but does
not require, certain specified Persons to purchase from the Trust Fund all the
Mortgage Loans and each REO Property remaining therein. The exercise of such
right to purchase may effect early retirement of the Certificates; however, such
right to purchase is subject to the aggregate Stated Principal Balance of the
Mortgage Pool at the time of purchase being less than 1.0% of the Initial Pool
Balance.

     The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to not less than 51% of the
Voting Rights allocated to all of the Classes materially affected by the
amendment (subject to certain third-party beneficiary consent rights). Any such
consent by the Holder of this Certificate shall be conclusive and binding on
such Holder and upon all future Holders of this Certificate and of any
Certificate issued upon the transfer hereof or in exchange herefor or in lieu
hereof whether or not notation of such consent is made upon this Certificate.
The Agreement also permits the amendment thereof, in certain limited
circumstances, including any amendment necessary to maintain the status of any
Trust REMIC as a REMIC, without the consent of the Holders of any of the
Certificates.

     Unless the certificate of authentication hereon has been executed by the
Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

     The registered Holder hereof, by its acceptance hereof, agrees that it will
look solely to the Trust Fund (to the extent of its rights therein) for
distributions hereunder.

     This Certificate shall be construed in accordance with the laws of the
State of New York applicable to agreements negotiated, made and to be performed
entirely in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

                                     A-5-7

     IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.

                                  WELLS FARGO BANK, N.A.
                                  as Trustee

                                  By:
                                     ------------------------------------------
                                     Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

     This is one of the Class R Certificates referred to in the within-mentioned
Agreement.

Dated:

                                  WELLS FARGO BANK, N.A.
                                  as Certificate Registrar

                                  By:
                                     ------------------------------------------
                                     Authorized Representative

                                     A-5-8

                                   ASSIGNMENT

     FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto _______________________________________________________________

________________________________________________________________________________

                   (please print or typewrite name and address
                     including postal zip code of assignee)

the beneficial ownership interest in the Trust Fund evidenced by the within
Mortgage Pass-Through Certificate and hereby authorize(s) the registration of
transfer of such interest to assignee on the Certificate Register of the Trust
Fund.

     I (we) further direct the Certificate Registrar to issue a new Mortgage
Pass-Through Certificate of a like Percentage Interest and Class to the above
named assignee and deliver such Mortgage Pass-Through Certificate to the
following address: _____________________________________________________________

________________________________________________________________________________

Dated:

                                       -----------------------------------------
                                       Signature by or on behalf of Assignor

                                       -----------------------------------------
                                       Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

     The Assignee should include the following for purposes of distribution:

     Distributions shall, if permitted, be made by wire transfer or otherwise,
in immediately available funds, to _____________________________________________
for the account of ____________________________________________________________.

     Distributions made by check (such check to be made payable to
___________________________) and all applicable statements and notices should be
mailed to _____________________________________________________________________.

     This information is provided by , _________________________________________
the Assignee named above, or __________________________________________________,
as its agent.

                                     A-5-9

                                    EXHIBIT B

                             MORTGAGE LOAN SCHEDULE

CSFBMSC 2004-C3

 LOAN
NUMBER PROPERTY NAME                              ADDRESS
====================================================================================================================================

   1  One Park Avenue                            One Park Ave
   2  Pacific Design Center                      8687 Melrose Avenue
   3  160 West 24th Street                       160 West 24th Street and 167 West 23rd Street
   4  Mizner Park                                200-459 Plaza Real and 225 Northeast Mizner Boulevard
   5  Centro Gran Caribe                         PR-2, Km. 29.7
   6  Centerpointe Mall                          3545 28th Street Southeast
   7  BC WOOD PORTFOLIO
  7A  Dixie Manor Shopping Center                6801 Dixie Highway
  7B  Eastland Shopping Center                   1301 Winchester Road
  7C  Iroquois Manor Shopping Center             5330 South Third Street
  7D  Paris Village Shopping Center              2000-2236 Paris By-Pass Road
   8  PRIVATE MINI / NUEVE SELF STORAGE PORTFOLIO
  8A  San Felipe Self Storage                    5854 and 5856 San Felipe Street
  8B  Pressler Self Storage                      1321 West Fifth Street
  8C  Lemmon Self Storage                        2320 North Central Expressway
  8D  Jersey Village Self Storage                18106 Northwest Freeway
  8E  Plano Parkway Self Storage                 5920 West Plano Parkway
  8F  West Little York Self Storage              6400 West Little York Road
  8G  Conroe Self Storage                        1450 South Interstate 45
  8H  Starcrest Self Storage                     1938 Northeast Loop 410
  8I  Kuykendahl Self Storage                    15340 Kuykendahl Drive
   9  615 Chestnut Street                        615 Chestnut Street
  10  Village Del Amo                            21201-21327 Hawthorne Boulevard
  11  275 Park Avenue - The Chocolate Factory    275 Park Avenue
  12  Lakewood Square                            5021-5195 Lakewood Boulevard and 3950-4091 Hardwick Street
  13  Addison at Swift Creek Apartments          4100 Lonas Parkway
  14  Fountain Valley Town Center                16027-16205 Brookhurst Street
  15  Gwinnett Crossing Apartments               2202 West Liddell Road
  16  Mall at Shelter Cove                       24 Shelter Cove Lane
  17  FBI Building                               3311 East Carson Street
  18  The Standard                               501 Saint Paul Street
  19  Estates at Ridenour                        1575 Ridenour Parkway
  20  333 West Fort Street                       333-337 West Fort Street
  21  The Tower at Northwoods                    222 Rosewood Drive
  22  Canyon Park Heights                        21540 30th Drive Southeast
  23  Encino Atrium                              16530 Ventura Boulevard
  24  Dearborn Atrium                            835 Mason Street and 22000 Garrison Street
  25  Hilton Garden Inn                          2540 Venture Oaks Way
  26  Del Rayo Village                           16077-91 San Dieguito Road
  27  Merchant Square                            7100 GA Highway 85
  28  Cold Spring Crossing                       355 Crossroads Boulevard
  29  Wall Street Apartment Homes                11700 Wall Street
  30  Champlain Center South Shopping Center     19, 57, and 73 Centre Drive
  31  Lighthouse Pointe Apartments               3350 Wedgewood Drive Northeast
  32  Downey Marketplace                         8610 Firestone Boulevard
  33  Versailles Apartments                      18130 South Kedzie Avenue
  34  Idaho Terrace Apartments                   3040 Idaho Avenue Northwest
  35  One & Two River Crossing                   100 West Elm and One First Avenue
  36  Southpark Shopping Center                  1900 - 2002 East Southeast Loop 323
  37  Linden Park                                4550 New Linden Hill Road
  38  Creekside Plaza Building C                 1000 San Leandro Boulevard
  39  Counsel Square                             7545-7627 Little Road
  40  Millennium I                               20 Ash Street
  41  Springfield West Apts                      9500 Brightway Court
  42  Fairways Plaza                             8200 South Colorado Boulevard
  43  CHEHALIS GARDENS APARTMENTS
 43A  McKinley Terrace                           807-809 East Wright Avenue
 43B  Meadow Park Garden Court                   5712 Hannah Pierce Road West
 43C  Chehalis Manor Apartments                  300 South Market Boulevard
 43D  Kennewick Garden Court                     955 West 5th Avenue
  44  University Hill Apartments                 4707 North University Drive
  45  Shelby Creek Shopping Center               8480-8630 26 Mile Road
  46  College Towers Apartments                  1800-1840 Rhodes Road
  47  Fountains of Tomball Apartment Homes       1011 Village Square Drive
  48  Northcastle Apartment Homes                8100 Mopac Expressway
  49  509 Vine Street Philadelphia               509 Vine Street
  50  Copper Beech Townhomes Phase I             223 Medlar Drive
  51  357 S. Gulph                               357 South Gulph Road
  52  Hillcrest Medical Center                   4033 3rd Avenue
  53  Royal Oaks Apartments                      5320 Northwest 27th Street
  54  English Hills Apartments                   6701 English Hills Drive
  55  VIP Plaza                                  3030 West Olympic Boulevard
  56  Westcliff Office Plaza                     1617 Westcliff Drive
  57  Whisper Hollow Apartments                  3300 Parker Lane
  58  Northridge Shopping Center                 8329 Roswell Road
  59  Parkland Town Center                       6700 Parkside Drive
  60  Meadows at Shadow Ridge                    1640-1691 Shadow Ridge Court
  61  Oaks of Dutch Hollow                       5787 Brett Michael Lane
  62  Four Mile Fork Shopping Center             U.S. Route 1 at Courthouse Road
  63  One Crown Center                           1895 Phoenix Boulevard
  64  Homestead Plaza                            1302-1344 Homestead Road North
  65  Country Village Apartment Homes            2551 Loop 35 South
  66  Silverlake Shopping Center                 3000 County Road 94
  67  Blanco Junction Shopping Center            6901 Blanco Road
  68  Sequoia Bend Apartments                    601 Brown Trail
  69  Addison Court                              17940-17960 Military Trail
  70  Cedarfield at Churchland Apartments        4201 Cedar Lane
  71  Deerfield Tech Center                      111 Deer Lake Road
  72  Comfort Inn                                1290 West Valley Parkway
  73  Lakeshore Crossing Apartments              101 Lakeshore Drive
  74  Camelot Village Apartments                 2161 Camelot Drive
  75  Four Worlds Apartments                     8292 Four Worlds Drive
  76  Centro Norcross                            5720 & 5730 Buford Highway
  77  Colt Crossing Shopping Center              5179 Clinton Road
  78  The Ontario Building                       4502 East Airport Drive
  79  LEHIGH INDUSTRIAL PORTFOLIO
 79A  2440 Brodhead Road (LBC)                   2440 Brodhead Road
 79B  3000 Emrick Blvd. (BBC)                    3000 Emrick Boulevard
  80  Corona Plaza Shopping Center               1312 East Ontario Avenue
  81  One Paseo Plaza - East Building            74-245 Highway 111
  82  Stonebridge Office Center                  2019 Center Street
  83  Waterford I                                2820 Waterford Lake Drive
  84  StorMax Self Storage                       4250 34th Street South
  85  Whispering Oaks Apartments                 1200 North Loop 336 West
  86  Hampton Inn Hull Street                    3620 Price Club Boulevard
  87  Market Place I & II                        600 Northwest 14th Avenue & 1338 Northwest Hoyt Street
  88  Highpoint Village Apartments               2400 Wickersham Lane
  89  Bridgeton Crossing                         121 Bridge Town Boulevard
  90  Crown Garden Apartments                    7001 Hillcroft Street
  91  The Pines of Southlake Apartments          985 Mount Zion Road
  92  Holiday Inn Express-Westchase              2930 West Sam Houston Parkway South
  93  Crooked Creek Centre                       7818-7880 North Michigan Road
  94  Bellfort Plaza Apartments                  7035 Bellfort Avenue
  95  The Groves at Wimauma Apartments           5316 Sun Paradise Court
  96  American Harbor Self - Storage             7227 South R.L. Thornton Freeway
  97  Dyersdale Village                          9700 Mesa Drive
  98  Village Commons East                       131 South Milford Road
  99  Venice Place                               1021-1031 Abbot Kinney Boulevard
 100  St. Charles Retail                         962 South Randall Road
 101  Shea Corporate Medical Office              7032 - 7054 East Cochise Road
 102  Corinth Commons Shopping Center            7650 South Interstate 35 East
 103  Bloomfield Professional Center             43494 Woodward Avenue
 104  Rock Springs Retail Center                 1910-1936 Rock Springs Drive
 105  Sierra Pacific MHP                         5201 East Highway 95
 106  Wesley Park Townhouses                     135 Wesley Drive
 107  Fonda Place                                10315 Grand River Road
 108  MJ Crossing                                1418 North Town East Boulevard
 109  Oakwood Terrace Apartments                 917 Coury Road
 110  American Gem                               2347 South Sepulveda Boulevard
 111  Commercial Drive Plaza                     4640-4666 Commercial Drive
 112  Parkway Shops                              2458-2486 Old Fort Parkway
 113  Lake Jackson Shopping Center               117 Highway 332 West
 114  Wornall Village                            8430 Wornall Road
 115  Cypress on the Ridge I                     740 Garden View Court
 116  Cypress on the Ridge II                    760 Garden View Court
 117  Villas of Loiret                           9106-9128 Boehm and 15908-15926 West 91st Terrace and 15925 West 91st Terrace Drive
 118  Bronx Apartments                           4459 Matilda Avenue & 3153 Seymou Avenue
 119  Sawtelle @ La Grange Retail Center         2000-2012 Sawtelle Boulevard and 11270 La Grange Avenue
 120  Hermitage Gardens Apartments               4701 Old Hickory Boulevard
 121  Trafalgar Square Duplexes                  500-564 Southwest 93rd & 9400-9828 South Shartel Avenue
 122  Concord Woods Apartments                   44 Concord Woods Drive
 123  Mansfield Retail Center                    2150-2172 Walker Lake Road
 124  Copper Country MHP                         500 North Main Street
 125  Murray Hill Apartments                     819 Lane Drive
 126  Qwik-Stor Self Storage                     1213 North King Street
 127  Four Winds Professional Building           7071 Convoy Court
 128  Baker Square Apartments                    1809 Baker Drive
 129  NH PORTFOLIO
129A  Hillcrest Apartments                       469 Old Candia Road
129B  Abbott Street Apartments                   17-21 Abbott Street
129C  Wyman Street Apartments                    10 Wyman Street
 130  Villa Ventura Apartments                   7125 North 19th Avenue
 131  Siesta MHP                                 503 Uhland Road
 132  Peaksview Shopping Center                  1525 Longwood Avenue
 133  Johnson Building                           810 1st Street South
 134  Silverlake Professional Building           2225 County Road 90
 135  Chapel Hill Center                         1896-1908 Buchholzer Boulevard
 136  Windmill Way Apartments                    7270 Elm Tree Terrace
 137  North Richland Hills Retail                8412 Davis Boulevard
 138  Lahser Medical I                           27177 Lahser Road
 139  Los Arboles MHP                            17200 South La Villita Road
 140  Cedargate Apartments                       32 Cedargate Court
 141  College Square Retail Center               555 and 595 College Drive
 142  Dellwood Apartments                        2001 Bristol Road
 143  Village Medical Plaza                      8527 Village Drive
 144  649 S. Burnside Ave                        649 South Burnside Avenue
 145  Candle Chase Apartments                    6822 South Hulen Street
 146  Hollywood Park Market Place                3417, 3419 & 3421 West Century Boulevard
 147  MCM Building                               10720 Bradford Road
 148  Oak Grove Apartments                       2201/2203 South Mitchell and 817 Southeast 11th Street
 149  AAA Storage                                2505 3rd Avenue Place
 150  Harbour Glen Apartments                    1225 10th Street North
 151  Parkview Terrace Apartments                602 East 13th Street
 152  Dewberry Heights Apartments                81 Overton Avenue
 153  Riverside Retail Center                    7120 Indiana Avenue
 154  Little Village Apartments                  95 -101 Lee Street
 155  Congress StorageMax                        4700 West Congress Street
 156  Yale Street Apartments                     1160 & 1180 Stratford Avenue
 157  1485 N. Garfield Apartments                1485 North Garfield Avenue
 158  Summerwood Center                          10291 East Grand River Road
 159  Amberwoods Apartments                      800 Hamsted Street
 160  Miccosukee Arms Apartments                 1839 Miccosukee Road
 161  Hidden Creek MHP                           99-306 Hidden Creek Circle
 162  Shamrock Mobile Home Park                  1883 Electric Avenue
 163  Randall Center                             4880 Northfield Road
 164  Meadow Wood Apartments                     122 Route 385
 165  Storage Inns of Mansfield                  1585 Lexington Avenue
 166  Broadway Inn Apartments                    8477 East Broadway Boulevard
 167  Monterey Square Apts                       3764 North Nicklas Avenue
 168  Mobile Lodge                               619 Whitfield Street
 169  DeSoto Albertson's Shadow Retail           1308 West Beltline Road
 170  The Gap                                    28-30 Purchase Street
 171  Prairie Village of Altoona                 500 5th Avenue Southwest
 172  Victory Boulevard                          15202-15222 Victory Boulevard
 173  Drake Apartments                           15830 Van Aken Boulevard
 174  Forest Avenue                              63-50 and 63-54 Forest Avenue

 LOAN
NUMBER  CITY                      STATE                   ZIP        MORTGAGE RATE        NET MORTGAGE RATE         ORIGINAL BALANCE
====================================================================================================================================

   1    New York                  NY                     10016             5.1359%                  5.1045%            $ 154,000,000
   2    West Hollywood            CA                     90069             6.4610%                  6.4296%            $ 150,000,000
   3    New York                  NY                     10003             5.2000%                  5.1686%             $ 76,500,000
   4    Boca Raton                FL                     33432             4.8400%                  4.7986%             $ 53,168,778
   5    Vega Alta                 PR                     00692             5.5125%                  5.4811%             $ 51,200,000
   6    Grand Rapids              MI                     49512             5.4200%                  5.3886%             $ 47,500,000
   7                                                                       5.6100%                  5.5586%             $ 45,400,000
  7A    Louisville                KY                     40258             5.6100%                  5.5586%             $ 22,978,869
  7B    Lexington                 KY                     40505             5.6100%                  5.5586%             $ 12,009,991
  7C    Louisville                KY                     40214             5.6100%                  5.5586%              $ 6,804,422
  7D    Paris                     KY                     40361             5.6100%                  5.5586%              $ 3,606,715
   8                                                                       5.9300%                  5.8986%             $ 40,000,000
  8A    Houston                   TX                     77057             5.9300%                  5.8986%              $ 8,015,900
  8B    Austin                    TX                     78703             5.9300%                  5.8986%              $ 6,880,000
  8C    Dallas                    TX                     75204             5.9300%                  5.8986%              $ 5,280,000
  8D    Jersey Village            TX                     77065             5.9300%                  5.8986%              $ 4,897,100
  8E    Plano                     TX                     75093             5.9300%                  5.8986%              $ 4,560,000
  8F    Houston                   TX                     77091             5.9300%                  5.8986%              $ 3,174,600
  8G    Conroe                    TX                     77304             5.9300%                  5.8986%              $ 3,059,200
  8H    San Antonio               TX                     78217             5.9300%                  5.8986%              $ 2,856,700
  8I    Houston                   TX                     77090             5.9300%                  5.8986%              $ 1,276,500
   9    Philadelphia              PA                     19106             6.6000%                  6.5686%             $ 38,000,000
  10    Torrance                  CA                     90503             5.2800%                  5.2486%             $ 36,300,000
  11    Brooklyn                  NY                     11205             5.9900%                  5.9586%             $ 30,500,000
  12    Lakewood                  CA                     90712             5.2800%                  5.2486%             $ 30,350,000
  13    Midlothian                VA                     23112             4.6600%                  4.6286%             $ 28,000,000
  14    Fountain Valley           CA                     92708             5.5600%                  5.4886%             $ 24,850,000
  15    Duluth                    GA                     30096             5.1800%                  5.1486%             $ 24,850,000
  16    Hilton Head Island        SC                     29928             6.0300%                  5.9986%             $ 22,500,000
  17    Pittsburgh                PA                     15203             5.5000%                  5.3986%             $ 21,000,000
  18    Baltimore                 MD                     21202             5.0700%                  5.0386%             $ 18,500,000
  19    Kennesaw                  GA                     30152             4.5800%                  4.5486%             $ 17,750,000
  20    Detroit                   MI                     48226             6.0800%                  6.0186%             $ 17,500,000
  21    Danvers                   MA                     01923             5.0000%                  4.9686%             $ 17,200,000
  22    Bothell                   WA                     98021             5.0000%                  4.9686%             $ 15,535,000
  23    Encino                    CA                     91436             5.9800%                  5.9486%             $ 15,600,000
  24    Dearborn                  MI                     48124             5.6500%                  5.5686%             $ 15,200,000
  25    Sacramento                CA                     95833             6.7000%                  6.5986%             $ 14,750,000
  26    Rancho Santa Fe           CA                     92067             5.6700%                  5.6186%             $ 14,500,000
  27    Riverdale                 GA                     30274             5.8000%                  5.7686%             $ 14,240,000
  28    Cold Spring               KY                     41076             5.8100%                  5.7486%             $ 14,100,000
  29    San Antonio               TX                     78230             5.6200%                  5.5686%             $ 13,650,000
  30    Plattsburgh               NY                     12901             5.6800%                  5.6486%             $ 13,650,000
  31    Palm Bay                  FL                     32905             6.1800%                  6.1486%             $ 13,000,000
  32    Downey                    CA                     90241             6.1900%                  6.1586%             $ 12,000,000
  33    Hazel Crest               IL                     60429             5.5900%                  5.5486%             $ 10,800,000
  34    Washington                DC                     20016             5.4700%                  5.4386%             $ 10,300,000
  35    Conshohocken              PA                     19428             5.8400%                  5.8086%             $ 10,000,000
  36    Tyler                     TX                     75701             5.4600%                  5.4286%              $ 9,950,000
  37    Stanton                   DE                     19808             6.3700%                  6.3386%              $ 9,900,000
  38    San Leandro               CA                     94577             5.7800%                  5.7486%              $ 9,800,000
  39    New Port Richey           FL                     34654             5.9400%                  5.9086%              $ 9,500,000
  40    Conshohocken              PA                     19428             6.2100%                  6.1786%              $ 9,500,000
  41    Richmond                  VA                     23294             5.8400%                  5.8086%              $ 9,250,000
  42    Centennial                CO                     80122             5.7500%                  5.7186%              $ 9,100,000
  43                                                                       5.6000%                  5.5186%              $ 9,000,000
 43A    Tacoma                    WA                     98404             5.6000%                  5.5186%              $ 4,132,000
 43B    University Place          WA                     98467             5.6000%                  5.5186%              $ 2,800,000
 43C    Chehalis                  WA                     98532             5.6000%                  5.5186%              $ 1,168,000
 43D    Kennewick                 WA                     99336             5.6000%                  5.5186%                $ 900,000
  44    Nacogdoches               TX                     75961             5.9000%                  5.8686%              $ 9,000,000
  45    Shelby Township           MI                     48316             5.9800%                  5.9486%              $ 8,850,000
  46    Kent                      OH                     44240             5.1900%                  5.1586%              $ 8,650,000
  47    Tomball                   TX                     77375             5.7800%                  5.7086%              $ 8,400,000
  48    Austin                    TX                     78759             5.9300%                  5.8586%              $ 8,175,000
  49    Philadelphia              PA                     19102             4.5200%                  4.4886%              $ 8,000,000
  50    Indiana                   PA                     15701             5.0200%                  4.9686%              $ 7,400,000
  51    King of Prussia           PA                     19406             5.6500%                  5.6186%              $ 7,400,000
  52    San Diego                 CA                     92103             4.7600%                  4.7286%              $ 7,300,000
  53    Lauderhill                FL                     33313             5.3100%                  5.2786%              $ 7,200,000
  54    Charlotte                 NC                     28212             4.8700%                  4.8386%              $ 7,200,000
  55    Los Angeles               CA                     90006             5.8400%                  5.8086%              $ 7,100,000
  56    Newport Beach             CA                     92660             6.4300%                  6.3286%              $ 6,975,000
  57    Austin                    TX                     78741             5.7700%                  5.7386%              $ 6,785,000
  58    Atlanta                   GA                     30350             4.8600%                  4.8286%              $ 6,500,000
  59    Parkland                  FL                     33067             6.2500%                  6.2186%              $ 6,500,000
  60    Belleville                IL                     62221             6.0700%                  6.0386%              $ 3,250,000
  61    Belleville                IL                     62223             6.0700%                  6.0386%              $ 3,250,000
  62    Fredericksburg            VA                     22408             5.9500%                  5.9186%              $ 6,500,000
  63    College Park              GA                     30349             5.1900%                  5.1586%              $ 6,100,000
  64    Lehigh Acres              FL                     33936             6.2000%                  6.1686%              $ 5,925,000
  65    Alvin                     TX                     77511             5.7800%                  5.7086%              $ 5,480,000
  66    Pearland                  TX                     77584             6.0500%                  5.9186%              $ 5,370,000
  67    Castle Hills              TX                     78213             6.1900%                  6.1586%              $ 5,250,000
  68    Hurst                     TX                     76053             5.4000%                  5.3686%              $ 5,235,000
  69    Boca Raton                FL                     33496             5.1100%                  5.0786%              $ 5,200,000
  70    Portsmouth                VA                     23703             5.2700%                  5.2386%              $ 5,200,000
  71    Deerfield                 IL                     60015             5.0600%                  5.0286%              $ 5,100,000
  72    Escondido                 CA                     92029             7.0000%                  6.9186%              $ 5,000,000
  73    Atlanta                   GA                     30324             5.7400%                  5.7086%              $ 5,000,000
  74    Susquehanna Township      PA                     17110             5.7400%                  5.6886%              $ 4,810,000
  75    Cincinnati                OH                     45231             5.5300%                  5.4686%              $ 4,750,000
  76    Norcross                  GA                     30071             6.1700%                  6.1386%              $ 4,700,000
  77    Fayetteville              NC                     28391             5.8500%                  5.8186%              $ 4,680,000
  78    Ontario                   CA                     91761             6.2000%                  6.1486%              $ 4,350,000
  79                                                                       5.9200%                  5.8886%              $ 4,350,000
 79A    Bethlehem                 PA                     18020             5.9200%                  5.8886%              $ 2,300,000
 79B    Bethlehem                 PA                     18020             5.9200%                  5.8886%              $ 2,050,000
  80    Corona                    CA                     92881             5.0500%                  5.0186%              $ 4,300,000
  81    Palm Desert               CA                     92260             5.8500%                  5.8186%              $ 4,300,000
  82    Cleveland                 OH                     44113             6.2500%                  6.1986%              $ 4,200,000
  83    Midlothian                VA                     23112             6.0300%                  5.9986%              $ 4,160,000
  84    St. Petersburg            FL                     33711             6.0800%                  6.0486%              $ 4,072,500
  85    Conroe                    TX                     77301             5.2100%                  5.1786%              $ 4,000,000
  86    Midlothian                VA                     23112             6.3500%                  6.3186%              $ 4,000,000
  87    Portland                  OR                     97209             5.8600%                  5.8086%              $ 3,975,000
  88    Austin                    TX                     78741             5.7700%                  5.7386%              $ 3,900,000
  89    New Bern                  NC                     28560             5.3500%                  5.3186%              $ 3,850,000
  90    Houston                   TX                     77081             5.5600%                  5.5286%              $ 3,630,000
  91    Morrow                    GA                     30260             5.1400%                  5.1086%              $ 3,500,000
  92    Houston                   TX                     77042             7.2000%                  7.1686%              $ 3,500,000
  93    Indianapolis              IN                     46268             6.3800%                  6.3486%              $ 3,400,000
  94    Houston                   TX                     77087             5.9000%                  5.8686%              $ 3,350,000
  95    Wimauma                   FL                     33598             6.4000%                  6.3486%              $ 3,300,000
  96    Dallas                    TX                     75232             6.1600%                  6.1286%              $ 3,300,000
  97    Houston                   TX                     77078             5.2000%                  5.1686%              $ 3,300,000
  98    Milford                   MI                     48387             5.9800%                  5.9186%              $ 3,300,000
  99    Venice                    CA                     90291             5.8900%                  5.8586%              $ 3,280,000
 100    St. Charles               IL                     60174             6.0000%                  5.9686%              $ 3,250,000
 101    Scottsdale                AZ                     85253             5.3500%                  5.3186%              $ 3,225,000
 102    Corinth                   TX                     76210             5.5700%                  5.5386%              $ 3,200,000
 103    Bloomfield Hills          MI                     48302             5.1500%                  5.1186%              $ 3,200,000
 104    Las Vegas                 NV                     89128             5.2800%                  5.2486%              $ 3,100,000
 105    Yuma                      AZ                     85365             5.4900%                  5.4586%              $ 3,000,000
 106    Lower Allen Township      PA                     17055             5.7400%                  5.6886%              $ 2,950,000
 107    Brighton                  MI                     48116             6.1800%                  6.1486%              $ 2,925,000
 108    Mesquite                  TX                     75150             5.8400%                  5.8086%              $ 2,930,000
 109    Everman                   TX                     76140             6.1500%                  6.1186%              $ 2,700,000
 110    Los Angeles               CA                     90064             5.8900%                  5.8586%              $ 2,700,000
 111    New Hartford              NY                     13413             5.8000%                  5.7686%              $ 2,650,000
 112    Murfreesboro              TN                     37128             5.4000%                  5.3686%              $ 2,640,000
 113    Lake Jackson              TX                     77566             5.2900%                  5.2586%              $ 2,600,000
 114    Kansas City               MO                     64114             5.6600%                  5.5586%              $ 2,540,000
 115    Encinitas                 CA                     92024             5.2200%                  5.1886%              $ 2,500,000
 116    Encinitas                 CA                     92024             5.2200%                  5.1886%              $ 2,500,000
 117    Lenexa                    KS                     66219             5.9500%                  5.8986%              $ 2,480,000
 118    Bronx                     NY             10469 & 10470             6.6400%                  6.6086%              $ 2,400,000
 119    Los Angeles               CA                     90025             5.9500%                  5.9186%              $ 2,300,000
 120    Hermitage                 TN                     37138             4.8400%                  4.8086%              $ 2,300,000
 121    Oklahoma City             OK                     73139             6.1000%                  6.0486%              $ 2,290,000
 122    Milford                   OH                     45150             5.7300%                  5.6686%              $ 2,200,000
 123    Ontario                   OH                     44862             5.4000%                  5.3686%              $ 2,200,000
 124    Globe                     AZ                     85501             5.2000%                  5.1686%              $ 2,200,000
 125    Rosenberg                 TX                     77471             5.6600%                  5.6286%              $ 2,104,000
 126    Hampton                   VA                     23669             6.1500%                  6.1186%              $ 2,100,000
 127    San Diego                 CA                     92111             4.6900%                  4.6586%              $ 2,000,000
 128    Mesquite                  TX                     75150             5.8000%                  5.7686%              $ 2,000,000
 129                                                                       5.9200%                  5.8886%              $ 2,000,000
129A    Candia                    NH                     03034             5.9200%                  5.8886%              $ 1,311,828
129B    Nashua                    NH                     03064             5.9200%                  5.8886%                $ 365,591
129C    Derry                     NH                     03038             5.9200%                  5.8886%                $ 322,580
 130    Phoenix                   AZ                     85021             5.3500%                  5.3186%              $ 2,000,000
 131    San Marcos                TX                     78666             5.7000%                  5.6686%              $ 2,000,000
 132    Bedford                   VA                     24523             5.9000%                  5.8686%              $ 2,000,000
 133    Hopkins                   MN                     55343             5.9500%                  5.9186%              $ 1,950,000
 134    Pearland                  TX                     77584             6.3200%                  6.2886%              $ 1,923,000
 135    Akron                     OH                     44310             5.3500%                  5.3186%              $ 1,900,000
 136    Mechanicsville            VA                     23111             6.3900%                  6.3586%              $ 1,900,000
 137    North Richland Hills      TX                     76180             6.1200%                  6.0886%              $ 1,875,000
 138    Southfield                MI                     48034             5.7700%                  5.7386%              $ 1,850,000
 139    Sahuarita                 AZ                     85629             5.6400%                  5.6086%              $ 1,800,000
 140    Galion                    OH                     44833             6.1800%                  6.1486%              $ 1,775,000
 141    Henderson                 NV                     89015             5.9500%                  5.9186%              $ 1,750,000
 142    Laredo                    TX                     78045             6.0200%                  5.9886%              $ 1,750,000
 143    San Antonio               TX                     78217             5.7500%                  5.6686%              $ 1,650,000
 144    Los Angeles               CA                     90036             6.0000%                  5.9686%              $ 1,650,000
 145    Fort Worth                TX                     76133             5.5000%                  5.4686%              $ 1,650,000
 146    Inglewood                 CA                     90303             5.1800%                  5.1486%              $ 1,650,000
 147    Littleton                 CO                     80127             5.8700%                  5.8386%              $ 1,640,000
 148    Oak Grove                 MO                     64075             5.5600%                  5.5286%              $ 1,620,000
 149    Longmont                  CO                     80503             5.5000%                  5.4686%              $ 1,600,000
 150    Texas City                TX                     77592             6.1400%                  6.1086%              $ 1,535,500
 151    Mishawaka                 IN                     46544             6.0000%                  5.9686%              $ 1,500,000
 152    Waterbury                 CT                     06705             6.2900%                  6.2586%              $ 1,480,000
 153    Riverside                 CA                     92504             6.0100%                  5.9786%              $ 1,450,000
 154    Buckner                   MO                     64016             5.8000%                  5.7686%              $ 1,320,000
 155    Lafayette                 LA                     70506             6.3500%                  6.3186%              $ 1,200,000
 156    Stratford                 CT                     06615             6.0500%                  6.0186%              $ 1,150,000
 157    Pasadena                  CA                     91104             6.2600%                  6.2286%              $ 1,133,645
 158    Brighton                  MI                     48116             6.0800%                  6.0486%              $ 1,125,000
 159    Fort Worth                TX                     76163             6.7500%                  6.7186%              $ 1,040,000
 160    Tallahassee               FL                     32308             6.4400%                  6.4086%              $ 1,040,000
 161    Warner Robins             GA                     31088             6.2400%                  6.2086%              $ 1,030,000
 162    Lackawanna                NY                     14218             6.5700%                  6.5386%                $ 973,930
 163    North Randall             OH                     44128             5.3500%                  5.3186%                $ 950,000
 164    Catskill                  NY                     12414             5.8200%                  5.7886%                $ 880,000
 165    Mansfield                 OH                     44907             6.6400%                  6.6086%                $ 875,000
 166    Tucson                    AZ                     85710             6.6500%                  6.6186%                $ 840,000
 167    Oklahoma City             OK                     73122             6.0500%                  6.0186%                $ 824,000
 168    Lecompton                 KS                     66050             6.1500%                  6.1186%                $ 820,000
 169    DeSoto                    TX                     75115             6.0500%                  6.0186%                $ 820,000
 170    Rye                       NY                     10580             4.6500%                  4.6186%                $ 825,000
 171    Altoona                   IA                     50009             5.8200%                  5.7886%                $ 800,000
 172    Van Nuys                  CA                     91411             6.2000%                  6.1686%                $ 795,000
 173    Shaker Heights            OH                     44120             5.7000%                  5.6686%                $ 750,000
 174    Ridgewood                 NY                     11385             7.0400%                  7.0086%                $ 550,000

 LOAN
NUMBER     CUT-OFF BALANCE      REMAINING TERM      MATURITY DATE      ARD DATE     ORIGINAL AMORTIZATION     REMAINING AMORTIZATION
====================================================================================================================================

   1      $ 154,000,000.00                 117          5/11/2034     5/11/2014             Interest Only              Interest Only
   2      $ 150,000,000.00                 119          7/11/2034     7/11/2014                       336                        336
   3       $ 76,255,309.40                  57          5/11/2009                                     360                        357
   4       $ 53,110,128.54                  59           7/1/2009                                     360                        359
   5       $ 51,200,000.00                 117          5/11/2014                                     336                        336
   6       $ 47,301,786.93                 116          4/11/2014                                     360                        356
   7       $ 45,400,000.00                 120           8/1/2014                                     360                        360
  7A       $ 22,978,869.78                 120           8/1/2014                                     360                        360
  7B       $ 12,009,991.81                 120           8/1/2014                                     360                        360
  7C        $ 6,804,422.60                 120           8/1/2014                                     360                        360
  7D        $ 3,606,715.81                 120           8/1/2014                                     360                        360
   8       $ 40,000,000.00                 119          7/11/2014                                     360                        360
  8A        $ 8,015,900.00                 119          7/11/2014                                     360                        360
  8B        $ 6,880,000.00                 119          7/11/2014                                     360                        360
  8C        $ 5,280,000.00                 119          7/11/2014                                     360                        360
  8D        $ 4,897,100.00                 119          7/11/2014                                     360                        360
  8E        $ 4,560,000.00                 119          7/11/2014                                     360                        360
  8F        $ 3,174,600.00                 119          7/11/2014                                     360                        360
  8G        $ 3,059,200.00                 119          7/11/2014                                     360                        360
  8H        $ 2,856,700.00                 119          7/11/2014                                     360                        360
  8I        $ 1,276,500.00                 119          7/11/2014                                     360                        360
   9       $ 37,973,276.32                 119          7/11/2034     7/11/2014                       360                        359
  10       $ 36,300,000.00                 117          5/11/2014                                     336                        336
  11       $ 30,500,000.00                 119          7/11/2014                                     336                        336
  12       $ 30,350,000.00                 117          5/11/2014                                     336                        336
  13       $ 28,000,000.00                  56          4/11/2009                           Interest Only              Interest Only
  14       $ 24,850,000.00                  61           9/1/2009                                     360                        360
  15       $ 24,740,903.79                 116          4/11/2014                                     360                        356
  16       $ 22,500,000.00                 116          4/11/2014                                     336                        336
  17       $ 21,000,000.00                  60           8/1/2009                                     312                        312
  18       $ 18,439,121.21                 117          5/11/2014                                     360                        357
  19       $ 17,750,000.00                  57          5/11/2009                           Interest Only              Interest Only
  20       $ 17,339,537.19                 110         10/11/2013                                     360                        350
  21       $ 17,200,000.00                  56          4/11/2009                           Interest Only              Interest Only
  22       $ 15,535,000.00                  56          4/11/2034     4/11/2009             Interest Only              Interest Only
  23       $ 15,483,601.37                 112         12/11/2013                                     360                        352
  24       $ 15,169,960.52                  82           6/1/2011                                     360                        358
  25       $ 14,750,000.00                 120           8/1/2014                                     300                        300
  26       $ 14,486,913.65                 119           7/1/2014                                     360                        359
  27       $ 14,200,211.52                 117          5/11/2014                                     360                        357
  28       $ 14,100,000.00                 117          5/11/2014                                     360                        360
  29       $ 13,650,000.00                 119           7/1/2014                                     360                        360
  30       $ 13,583,614.22                 115          3/11/2014                                     360                        355
  31       $ 12,989,729.34                 119          7/11/2014                                     360                        359
  32       $ 12,000,000.00                 116          4/11/2014                                     360                        360
  33       $ 10,756,547.04                  56          4/11/2009                                     360                        356
  34       $ 10,224,269.15                 113          1/11/2014                                     360                        353
  35        $ 9,940,901.30                 114          2/11/2014                                     360                        354
  36        $ 9,899,192.49                 115          3/11/2014                                     360                        355
  37        $ 9,822,730.38                 111         11/11/2013                                     360                        351
  38        $ 9,741,357.44                 114          2/11/2034     2/11/2014                       360                        354
  39        $ 9,492,001.15                 119          7/11/2014                                     360                        359
  40        $ 9,459,067.74                 115          3/11/2014                                     360                        355
  41        $ 9,187,101.50                 113          1/11/2014                                     360                        353
  42        $ 9,020,039.88                 114          2/11/2014                                     300                        294
  43        $ 8,955,442.23                 115          3/11/2014                                     360                        355
 43A        $ 4,111,543.03                 115          3/11/2014                                     360                        355
 43B        $ 2,786,137.58                 115          3/11/2014                                     360                        355
 43C        $ 1,162,217.40                 115          3/11/2014                                     360                        355
 43D          $ 895,544.22                 115          3/11/2014                                     360                        355
  44        $ 8,922,150.71                 111         11/11/2013                                     360                        351
  45        $ 8,799,204.61                 114          2/11/2014                                     360                        354
  46        $ 8,650,000.00                 117          5/11/2014                                     348                        348
  47        $ 8,400,000.00                 119           7/1/2014                                     360                        360
  48        $ 8,168,098.78                 119           7/1/2014                                     360                        359
  49        $ 8,000,000.00                  58          6/11/2014     6/11/2009             Interest Only              Interest Only
  50        $ 7,400,000.00                 118           6/1/2014                                     360                        360
  51        $ 7,370,610.68                 116          4/11/2014                                     360                        356
  52        $ 7,274,323.77                  57          5/11/2009                                     360                        357
  53        $ 7,184,691.34                 118          6/11/2014                                     360                        358
  54        $ 7,158,272.21                 115          3/11/2014                                     360                        355
  55        $ 7,047,372.80                 114          2/11/2014                                     324                        318
  56        $ 6,975,000.00                 121           9/1/2014                                     360                        360
  57        $ 6,744,314.77                 114          2/11/2014                                     360                        354
  58        $ 6,492,863.12                 119          7/11/2014                                     360                        359
  59        $ 6,488,760.37                 118          6/11/2014                                     360                        358
  60        $ 3,231,696.03                 114          2/11/2014                                     360                        354
  61        $ 3,231,696.03                 114          2/11/2014                                     360                        354
  62        $ 6,442,903.79                 112         12/11/2013                                     336                        328
  63        $ 6,046,088.57                  52         12/11/2008                                     360                        352
  64        $ 5,876,646.14                 114          2/11/2014                                     300                        294
  65        $ 5,475,190.87                 119           7/1/2014                                     360                        359
  66        $ 5,335,099.95                 113          1/11/2014                                     360                        353
  67        $ 5,236,617.12                 117          5/11/2014                                     360                        357
  68        $ 5,203,610.62                  79          3/11/2011                                     336                        331
  69        $ 5,188,467.14                 118          6/11/2014                                     360                        358
  70        $ 5,183,621.99                 117          5/11/2014                                     360                        357
  71        $ 5,100,000.00                 117          5/11/2014                                     360                        360
  72        $ 4,994,799.93                 119           7/1/2014                                     300                        299
  73        $ 4,969,831.59                 114          2/11/2014                                     360                        354
  74        $ 4,805,735.45                 119           7/1/2014                                     360                        359
  75        $ 4,735,883.38                 117          5/11/2014                                     360                        357
  76        $ 4,681,695.30                 117          5/11/2014                                     300                        297
  77        $ 4,675,966.26                 119          7/11/2014                                     360                        359
  78        $ 4,350,000.00                 120           8/1/2014                                     360                        360
  79        $ 4,329,959.58                 115          3/11/2014                                     360                        355
 79A        $ 2,289,403.92                 115          3/11/2014                                     360                        355
 79B        $ 2,040,555.66                 115          3/11/2014                                     360                        355
  80        $ 4,300,000.00                  54          2/11/2009                           Interest Only              Interest Only
  81        $ 4,288,123.60                 117          5/11/2014                                     360                        357
  82        $ 4,196,744.05                 119           7/1/2014                                     360                        359
  83        $ 4,160,000.00                 112         12/11/2013                                     360                        360
  84        $ 4,045,259.80                 115          3/11/2014                                     300                        295
  85        $ 4,000,000.00                 115          3/11/2014                                     360                        360
  86        $ 3,989,739.85                 118          6/11/2014                                     300                        298
  87        $ 3,971,582.76                 119           7/1/2014                                     360                        359
  88        $ 3,876,614.23                 114          2/11/2014                                     360                        354
  89        $ 3,829,862.37                 115          3/11/2014                                     360                        355
  90        $ 3,596,248.77                  51         11/11/2008                                     360                        351
  91        $ 3,488,656.82                 117          5/11/2014                                     360                        357
  92        $ 3,487,544.89                 118          6/11/2014                                     240                        238
  93        $ 3,391,324.97                  82          6/11/2011                                     300                        298
  94        $ 3,340,854.51                 117          5/11/2014                                     360                        357
  95        $ 3,294,486.50                 178           6/1/2019                                     360                        358
  96        $ 3,287,124.37                 117          5/11/2014                                     300                        297
  97        $ 3,282,169.75                  55          3/11/2009                                     360                        355
  98        $ 3,277,534.13                 115          3/11/2014                                     300                        295
  99        $ 3,277,202.09                 119          7/11/2014                                     360                        359
 100        $ 3,235,298.82                 115          3/11/2014                                     360                        355
 101        $ 3,225,000.00                 116          4/11/2014                                     360                        360
 102        $ 3,187,069.36                 116          4/11/2014                                     360                        356
 103        $ 3,185,087.51                 117          5/11/2014                                     300                        297
 104        $ 3,086,673.86                 116          4/11/2014                                     360                        356
 105        $ 2,987,667.27                 116          4/11/2014                                     360                        356
 106        $ 2,947,384.53                 119           7/1/2014                                     360                        359
 107        $ 2,917,525.96                 117          5/11/2014                                     360                        357
 108        $ 2,913,492.90                  80          4/11/2011                                     300                        296
 109        $ 2,689,446.26                  57          5/11/2009                                     300                        297
 110        $ 2,681,836.06                 113          1/11/2014                                     360                        353
 111        $ 2,650,000.00                 120          8/11/2014                                     360                        360
 112        $ 2,626,341.11                 115          3/11/2014                                     360                        355
 113        $ 2,591,847.13                 117          5/11/2014                                     360                        357
 114        $ 2,540,000.00                 120           8/1/2014                                     300                        300
 115        $ 2,492,038.65                 117          5/11/2014                                     360                        357
 116        $ 2,489,116.33                 116          4/11/2014                                     360                        356
 117        $ 2,477,917.34                 119           7/1/2014                                     360                        359
 118        $ 2,394,153.64                 118          6/11/2014                                     300                        298
 119        $ 2,293,673.92                 118          6/11/2014                                     300                        298
 120        $ 2,292,046.82                 117          5/11/2014                                     360                        357
 121        $ 2,288,151.58                 119           7/1/2014                                     360                        359
 122        $ 2,193,752.94                 117          5/11/2014                                     360                        357
 123        $ 2,190,780.38                 116          4/11/2014                                     360                        356
 124        $ 2,190,382.04                  80          4/11/2011                                     360                        356
 125        $ 2,091,778.58                  56          4/11/2009                                     300                        296
 126        $ 2,088,783.73                 116          4/11/2014                                     300                        296
 127        $ 1,992,860.43                 117          5/11/2014                                     360                        357
 128        $ 1,990,531.78                 115          3/11/2014                                     360                        355
 129        $ 1,988,885.49                 116          4/11/2014                                     300                        296
129A        $ 1,304,537.81                 116          4/11/2014                                     300                        296
129B          $ 363,559.73                 116          4/11/2014                                     300                        296
129C          $ 320,787.95                 116          4/11/2014                                     300                        296
 130        $ 1,984,821.36                  55          3/11/2009                                     300                        295
 131        $ 1,982,283.17                 114          2/11/2014                                     300                        294
 132        $ 1,980,169.35                 113          1/11/2014                                     300                        293
 133        $ 1,938,737.25                 114          2/11/2014                                     360                        354
 134        $ 1,918,249.30                 117          5/11/2014                                     360                        357
 135        $ 1,895,994.45                 118          6/11/2014                                     360                        358
 136        $ 1,895,160.75                 118          6/11/2014                                     300                        298
 137        $ 1,864,550.93                 114          2/11/2014                                     360                        354
 138        $ 1,842,842.23                 116          4/11/2014                                     360                        356
 139        $ 1,788,913.22                 114          2/11/2014                                     360                        354
 140        $ 1,758,210.39                 113          1/11/2014                                     300                        293
 141        $ 1,741,992.77                 115          3/11/2014                                     360                        355
 142        $ 1,724,029.89                 113          1/11/2014                                     240                        233
 143        $ 1,643,588.06                 116          4/11/2014                                     360                        356
 144        $ 1,643,373.32                 117          5/11/2014                                     300                        297
 145        $ 1,642,760.52                 117          5/11/2014                                     300                        297
 146        $ 1,642,756.21                 116          4/11/2014                                     360                        356
 147        $ 1,632,052.72                 110         10/11/2013                                     354                        349
 148        $ 1,610,430.08                 116          4/11/2014                                     300                        296
 149        $ 1,592,979.89                 117          5/11/2014                                     300                        297
 150        $ 1,532,777.78                  58          6/11/2009                                     360                        358
 151        $ 1,493,214.83                 115          3/11/2014                                     360                        355
 152        $ 1,474,360.87                 117          5/11/2014                                     300                        297
 153        $ 1,444,187.00                  57          5/11/2009                                     300                        297
 154        $ 1,312,512.49                 116          4/11/2014                                     300                        296
 155        $ 1,192,351.01                 115          3/11/2014                                     300                        295
 156        $ 1,142,266.99                 115          3/11/2014                                     300                        295
 157        $ 1,131,689.20                 118          6/11/2014                                     360                        358
 158        $ 1,122,056.07                 117          5/11/2014                                     360                        357
 159        $ 1,037,516.28                 118          6/11/2014                                     300                        298
 160        $ 1,037,374.52                 118          6/11/2014                                     300                        298
 161        $ 1,028,214.89                 118          6/11/2014                                     360                        358
 162          $ 972,365.76                  82          6/11/2011                                     360                        358
 163          $ 947,106.96                 118          6/11/2014                                     300                        298
 164          $ 877,524.88                  58          6/11/2009                                     300                        298
 165          $ 871,875.64                 117          5/11/2014                                     300                        297
 166          $ 830,074.21                 234          2/11/2024                                     240                        234
 167          $ 818,459.09                 115          3/11/2014                                     300                        295
 168          $ 816,794.80                  81          5/11/2011                                     300                        297
 169          $ 815,543.82                 116          4/11/2014                                     300                        296
 170          $ 808,910.33                 117          5/11/2014                                     120                        117
 171          $ 793,050.14                 114          2/11/2014                                     300                        294
 172          $ 789,351.57                 112         12/11/2013                                     360                        352
 173          $ 747,855.62                 117          5/11/2014                                     360                        357
 174          $ 546,638.69                 178          6/11/2019                                     180                        178

 LOAN
NUMBER   MONTHLY PAYMENT      UNITS/SF     INTEREST CALCULATION      ADMINISTRATIVE (TRUSTEE + SERVICING) FEE     DUE DATE     ARD
====================================================================================================================================

   1        $ 668,261.43      926,453      Actual/360                                                 0.0314%           11     Yes
   2        $ 966,754.32      961,814      Actual/360                                                 0.0314%           11     Yes
   3        $ 420,069.82          204      Actual/360                                                 0.0314%           11
   4        $ 280,245.11      504,463      Actual/360                                                 0.0414%            1
   5        $ 299,384.61      387,437      Actual/360                                                 0.0314%           11
   6        $ 267,320.44      774,137      Actual/360                                                 0.0314%           11
   7                                                                                                  0.0514%            1
  7A        $ 132,061.79      350,673      Actual/360                                                 0.0514%            1
  7B         $ 69,022.59      334,316      Actual/360                                                 0.0514%            1
  7C         $ 39,105.68      134,449      Actual/360                                                 0.0514%            1
  7D         $ 20,728.15       73,400      Actual/360                                                 0.0514%            1
   8                                                                                                  0.0314%           11
  8A         $ 47,699.22       59,625      Actual/360                                                 0.0314%           11
  8B         $ 40,939.96       63,944      Actual/360                                                 0.0314%           11
  8C         $ 31,419.04       69,023      Actual/360                                                 0.0314%           11
  8D         $ 29,140.56      161,946      Actual/360                                                 0.0314%           11
  8E         $ 27,134.62       63,605      Actual/360                                                 0.0314%           11
  8F         $ 18,890.69       69,935      Actual/360                                                 0.0314%           11
  8G         $ 18,204.00       68,287      Actual/360                                                 0.0314%           11
  8H         $ 16,999.01       57,164      Actual/360                                                 0.0314%           11
  8I          $ 7,595.91       42,104      Actual/360                                                 0.0314%           11
   9        $ 242,690.35      375,369      Actual/360                                                 0.0314%           11     Yes
  10        $ 207,090.45      179,368      Actual/360                                                 0.0314%           11
  11        $ 187,420.53          123      Actual/360                                                 0.0314%           11
  12        $ 173,145.87      187,604      Actual/360                                                 0.0314%           11
  13        $ 110,243.52          432      Actual/360                                                 0.0314%           11
  14        $ 142,032.46      219,067      Actual/360                                                 0.0714%            1
  15        $ 136,147.20          574      Actual/360                                                 0.0314%           11
  16        $ 138,828.86      255,881      Actual/360                                                 0.0314%           11
  17        $ 126,660.08       87,178      Actual/360                                                 0.1014%            1
  18        $ 100,104.95          202      Actual/360                                                 0.0314%           11
  19         $ 68,686.75          255      Actual/360                                                 0.0314%           11
  20        $ 105,823.12      132,159      Actual/360                                                 0.0614%           11
  21         $ 72,662.04      184,616      Actual/360                                                 0.0314%           11
  22         $ 65,628.18      144,399      Actual/360                                                 0.0314%           11     Yes
  23         $ 93,329.39      158,122      Actual/360                                                 0.0314%           11
  24         $ 87,739.84      133,001      Actual/360                                                 0.0814%            1
  25        $ 101,444.23          154      Actual/360                                                 0.1014%            1
  26         $ 83,882.60       56,944      Actual/360                                                 0.0514%            1
  27         $ 83,553.63      125,134      Actual/360                                                 0.0314%           11
  28         $ 82,821.99      224,775      Actual/360                                                 0.0614%           11
  29         $ 78,534.01          232      Actual/360                                                 0.0514%            1
  30         $ 79,051.74      208,933      Actual/360                                                 0.0314%           11
  31         $ 79,452.33          270      Actual/360                                                 0.0314%           11
  32         $ 73,418.43       58,895      Actual/360                                                 0.0314%           11
  33         $ 61,932.44          260      Actual/360                                                 0.0414%           11
  34         $ 58,288.54          204      Actual/360                                                 0.0314%           11
  35         $ 58,930.27       79,091      Actual/360                                                 0.0314%           11
  36         $ 56,245.55      146,757      Actual/360                                                 0.0314%           11
  37         $ 61,730.75      105,066      Actual/360                                                 0.0314%           11
  38         $ 57,377.04       50,041      Actual/360                                                 0.0314%           11     Yes
  39         $ 56,591.35      109,146      Actual/360                                                 0.0314%           11
  40         $ 58,246.21       54,215      Actual/360                                                 0.0314%           11
  41         $ 54,510.50          198      Actual/360                                                 0.0314%           11
  42         $ 57,248.68      121,477      Actual/360                                                 0.0314%           11
  43                                                                                                  0.0814%           11
 43A         $ 23,720.94          107      Actual/360                                                 0.0814%           11
 43B         $ 16,074.21           66      Actual/360                                                 0.0814%           11
 43C          $ 6,705.25           33      Actual/360                                                 0.0814%           11
 43D          $ 5,166.71           27      Actual/360                                                 0.0814%           11
  44         $ 53,382.29          186      Actual/360                                                 0.0314%           11
  45         $ 52,946.48       53,395      Actual/360                                                 0.0314%           11
  46         $ 48,130.78          459      Actual/360                                                 0.0314%           11
  47         $ 49,180.32          160      Actual/360                                                 0.0714%            1
  48         $ 48,645.95          170      Actual/360                                                 0.0714%            1
  49         $ 30,551.85           44      Actual/360                                                 0.0314%           11     Yes
  50         $ 39,815.30           96      Actual/360                                                 0.0514%            1
  51         $ 42,715.45       48,245      Actual/360                                                 0.0314%           11
  52         $ 38,124.27       31,570      Actual/360                                                 0.0314%           11
  53         $ 40,026.66          180      Actual/360                                                 0.0314%           11
  54         $ 38,081.14          280      Actual/360                                                 0.0314%           11
  55         $ 43,596.41       30,384      Actual/360                                                 0.0314%           11
  56         $ 43,766.14       31,966      Actual/360                                                 0.1014%            1
  57         $ 39,681.67          220      Actual/360                                                 0.0314%           11
  58         $ 34,339.38       75,199      Actual/360                                                 0.0314%           11
  59         $ 40,021.62       34,876      Actual/360                                                 0.0314%           11
  60         $ 19,631.90           80      Actual/360                                                 0.0314%           11
  61         $ 19,631.90           77      Actual/360                                                 0.0314%           11
  62         $ 39,778.35      102,532      Actual/360                                                 0.0314%           11
  63         $ 33,458.09       96,836      Actual/360                                                 0.0314%           11
  64         $ 38,902.49       86,751      Actual/360                                                 0.0314%           11
  65         $ 32,084.31          152      Actual/360                                                 0.0714%            1
  66         $ 32,368.69       29,610      Actual/360                                                 0.1314%           11
  67         $ 32,120.56       59,880      Actual/360                                                 0.0314%           11
  68         $ 30,249.15          176      Actual/360                                                 0.0314%           11
  69         $ 28,265.35       20,860      Actual/360                                                 0.0314%           11
  70         $ 28,779.04          118      Actual/360                                                 0.0314%           11
  71         $ 27,565.22       58,875      Actual/360                                                 0.0314%           11
  72         $ 35,338.96           93      Actual/360                                                 0.0814%            1
  73         $ 29,146.89          148      Actual/360                                                 0.0314%           11
  74         $ 28,039.31          256      Actual/360                                                 0.0514%            1
  75         $ 27,059.45          201      Actual/360                                                 0.0614%           11
  76         $ 30,772.45       50,803      Actual/360                                                 0.0314%           11
  77         $ 27,609.24       55,193      Actual/360                                                 0.0314%           11
  78         $ 26,642.40      115,316      Actual/360                                                 0.0514%            1
  79                                                                                                  0.0314%           11
 79A         $ 13,671.59       40,500      Actual/360                                                 0.0314%           11
 79B         $ 12,185.54       37,740      Actual/360                                                 0.0314%           11
  80         $ 18,347.16       20,516      Actual/360                                                 0.0314%           11
  81         $ 25,367.46       22,814      Actual/360                                                 0.0314%           11
  82         $ 25,860.12       47,643      Actual/360                                                 0.0514%            1
  83         $ 25,021.59       45,832      Actual/360                                                 0.0314%           11
  84         $ 26,438.69       62,846      Actual/360                                                 0.0314%           11
  85         $ 21,989.15          140      Actual/360                                                 0.0314%           11
  86         $ 26,634.57           68      Actual/360                                                 0.0314%           11
  87         $ 23,475.53       33,022      Actual/360                                                 0.0514%            1
  88         $ 22,808.92          168      Actual/360                                                 0.0314%           11
  89         $ 21,498.93       45,685      Actual/360                                                 0.0314%           11
  90         $ 20,747.60          164      Actual/360                                                 0.0314%           11
  91         $ 19,089.36           93      Actual/360                                                 0.0314%           11
  92         $ 27,557.23           82      Actual/360                                                 0.0314%           11
  93         $ 22,702.75       51,236      Actual/360                                                 0.0314%           11
  94         $ 19,870.07          154      Actual/360                                                 0.0314%           11
  95         $ 20,641.70          108      Actual/360                                                 0.0514%            1
  96         $ 21,585.87       65,975      Actual/360                                                 0.0314%           11
  97         $ 18,120.66          152      Actual/360                                                 0.0314%           11
  98         $ 21,221.62       28,899      Actual/360                                                 0.0614%           11
  99         $ 19,433.89       14,153      Actual/360                                                 0.0314%           11
 100         $ 19,485.39       16,182      Actual/360                                                 0.0314%           11
 101         $ 18,008.84       23,081      Actual/360                                                 0.0314%           11
 102         $ 18,310.04       24,686      Actual/360                                                 0.0314%           11
 103         $ 18,987.60       32,297      Actual/360                                                 0.0314%           11
 104         $ 17,175.96       25,917      Actual/360                                                 0.0314%           11
 105         $ 17,014.85          274      Actual/360                                                 0.0314%           11
 106         $ 17,196.66          160      Actual/360                                                 0.0514%            1
 107         $ 17,876.77       43,503      Actual/360                                                 0.0314%           11
 108         $ 18,592.50       49,125      Actual/360                                                 0.0314%           11
 109         $ 17,644.54          144      Actual/360                                                 0.0314%           11
 110         $ 15,997.41        9,800      Actual/360                                                 0.0314%           11
 111         $ 15,548.96       30,941      Actual/360                                                 0.0314%           11
 112         $ 14,824.41       18,600      Actual/360                                                 0.0314%           11
 113         $ 14,421.78       28,560      Actual/360                                                 0.0314%           11
 114         $ 15,841.45       52,319      Actual/360                                                 0.1014%            1
 115         $ 13,758.68       14,549      Actual/360                                                 0.0314%           11
 116         $ 13,758.68       13,617      Actual/360                                                 0.0314%           11
 117         $ 14,789.22           20      Actual/360                                                 0.0514%            1
 118         $ 16,415.55           39      Actual/360                                                 0.0314%           11
 119         $ 14,748.71        9,465      Actual/360                                                 0.0314%           11
 120         $ 12,122.97           73      Actual/360                                                 0.0314%           11
 121         $ 13,877.28           44      Actual/360                                                 0.0514%            1
 122         $ 12,810.66          106      Actual/360                                                 0.0614%           11
 123         $ 12,353.68       16,269      Actual/360                                                 0.0314%           11
 124         $ 12,080.44       18,166      Actual/360                                                 0.0314%           11
 125         $ 13,122.21           80      Actual/360                                                 0.0314%           11
 126         $ 13,723.53       46,025      Actual/360                                                 0.0314%           11
 127         $ 10,360.74       27,909      Actual/360                                                 0.0314%           11
 128         $ 11,735.06           52      Actual/360                                                 0.0314%           11
 129                                                                                                  0.0314%           11
129A          $ 8,388.10           26      Actual/360                                                 0.0314%           11
129B          $ 2,337.66            9      Actual/360                                                 0.0314%           11
129C          $ 2,062.64            8      Actual/360                                                 0.0314%           11
 130         $ 12,103.24           49      Actual/360                                                 0.0314%           11
 131         $ 12,521.77          126      Actual/360                                                 0.0314%           11
 132         $ 12,764.05       47,454      Actual/360                                                 0.0314%           11
 133         $ 11,628.62       62,718      Actual/360                                                 0.0314%           11
 134         $ 11,927.93       19,327      Actual/360                                                 0.0314%           11
 135         $ 10,609.86       14,545      Actual/360                                                 0.0314%           11
 136         $ 12,698.65           50      Actual/360                                                 0.0314%           11
 137         $ 11,386.64       13,065      Actual/360                                                 0.0314%           11
 138         $ 10,819.61       20,162      Actual/360                                                 0.0314%           11
 139         $ 10,378.87          101      Actual/360                                                 0.0314%           11
 140         $ 11,632.45           98      Actual/360                                                 0.0314%           11
 141         $ 10,435.95        8,848      Actual/360                                                 0.0314%           11
 142         $ 12,557.74          114      Actual/360                                                 0.0314%           11
 143          $ 9,628.95       22,680      Actual/360                                                 0.0814%           11
 144         $ 10,630.97           36      Actual/360                                                 0.0314%           11
 145         $ 10,132.44          116      Actual/360                                                 0.0314%           11
 146          $ 9,039.95        6,500      Actual/360                                                 0.0314%           11
 147          $ 9,756.45       26,840      Actual/360                                                 0.0314%           11
 148         $ 10,006.35           39      Actual/360                                                 0.0314%           11
 149          $ 9,825.40       36,400      Actual/360                                                 0.0314%           11
 150          $ 9,344.76           63      Actual/360                                                 0.0314%           11
 151          $ 8,993.26          108      Actual/360                                                 0.0314%           11
 152          $ 9,799.73           42      Actual/360                                                 0.0314%           11
 153          $ 9,351.24       14,056      Actual/360                                                 0.0314%           11
 154          $ 8,344.13           42      Actual/360                                                 0.0314%           11
 155          $ 7,990.37       30,050      Actual/360                                                 0.0314%           11
 156          $ 7,444.65           27      Actual/360                                                 0.0314%           11
 157          $ 6,987.42           12      Actual/360                                                 0.0314%           11
 158          $ 6,802.91       20,094      Actual/360                                                 0.0314%           11
 159          $ 7,185.48           60      Actual/360                                                 0.0314%           11
 160          $ 6,983.21           31      Actual/360                                                 0.0314%           11
 161          $ 6,335.19          128      Actual/360                                                 0.0314%           11
 162          $ 6,200.80          125      Actual/360                                                 0.0314%           11
 163          $ 5,749.04       10,471      Actual/360                                                 0.0314%           11
 164          $ 5,573.42           37      Actual/360                                                 0.0314%           11
 165          $ 5,984.84       41,410      Actual/360                                                 0.0314%           11
 166          $ 6,337.21           49      Actual/360                                                 0.0314%           11
 167          $ 5,334.26           40      Actual/360                                                 0.0314%           11
 168          $ 5,358.71           55      Actual/360                                                 0.0314%           11
 169          $ 5,308.36        6,304      Actual/360                                                 0.0314%           11
 170          $ 8,609.95        4,000      Actual/360                                                 0.0314%           11
 171          $ 5,066.75           36      Actual/360                                                 0.0314%           11
 172          $ 4,869.13           20      Actual/360                                                 0.0314%           11
 173          $ 4,353.00           26      Actual/360                                                 0.0314%           11
 174          $ 4,955.86           12      Actual/360                                                 0.0314%           11

 LOAN
NUMBER    DEFEASANCE (YES/NO)    EARTHQUAKE INSURANCE     ENVIRONMENTAL INSURANCE     GROUND LEASE    LOAN GROUP    LETTER OF CREDIT
====================================================================================================================================

   1      Yes                    N/A                      No                          No                       1    Yes
   2      Yes                    Yes                      No                          No                       1    No
   3      Yes                    N/A                      No                          No                       1    No
   4      Yes                    N/A                      Yes                         Yes                      1    No
   5      Yes                    N/A                      No                          Yes                      1    No
   6      Yes                    N/A                      No                          No                       1    Yes
   7      YES                    N/A                      NO                          NO                       1    YES
  7A      Yes                    N/A                      No                          No                       1    Yes
  7B      Yes                    N/A                      No                          No                       1    Yes
  7C      Yes                    N/A                      No                          No                       1    Yes
  7D      Yes                    N/A                      No                          No                       1    Yes
   8      YES                    N/A                      NO                          NO                       1    NO
  8A      Yes                    N/A                      No                          No                       1    No
  8B      Yes                    N/A                      No                          No                       1    No
  8C      Yes                    N/A                      No                          No                       1    No
  8D      Yes                    N/A                      No                          No                       1    No
  8E      Yes                    N/A                      No                          No                       1    No
  8F      Yes                    N/A                      No                          No                       1    No
  8G      Yes                    N/A                      No                          No                       1    No
  8H      Yes                    N/A                      No                          No                       1    No
  8I      Yes                    N/A                      No                          No                       1    No
   9      Yes                    N/A                      No                          No                       1    No
  10      Yes                    No                       No                          No                       1    Yes
  11      Yes                    N/A                      No                          No                       1    No
  12      Yes                    No                       No                          No                       1    No
  13      Yes                    N/A                      No                          No                       2    No
  14      Yes                    No                       No                          No                       1    No
  15      Yes                    N/A                      No                          No                       2    No
  16      Yes                    N/A                      No                          No                       1    No
  17      Yes                    N/A                      No                          No                       1    No
  18      Yes                    N/A                      No                          No                       2    No
  19      Yes                    N/A                      No                          No                       2    No
  20      Yes                    N/A                      No                          No                       1    No
  21      Yes                    N/A                      No                          No                       1    Yes
  22      Yes                    Yes                      No                          No                       1    No
  23      Yes                    No                       No                          Yes                      1    No
  24      Yes                    N/A                      No                          No                       1    Yes
  25      Yes                    No                       No                          No                       1    No
  26      Yes                    No                       Yes                         No                       1    No
  27      Yes                    N/A                      No                          No                       1    No
  28      Yes                    N/A                      No                          No                       1    Yes
  29      No                     N/A                      No                          No                       2    No
  30      Yes                    N/A                      No                          No                       1    No
  31      Yes                    N/A                      No                          No                       2    No
  32      Yes                    No                       No                          No                       1    No
  33      Yes                    N/A                      No                          No                       2    No
  34      Yes                    N/A                      No                          Yes                      2    No
  35      Yes                    N/A                      No                          No                       1    No
  36      Yes                    N/A                      No                          No                       1    Yes
  37      Yes                    N/A                      No                          No                       1    No
  38      Yes                    No                       No                          No                       1    No
  39      Yes                    N/A                      No                          No                       1    No
  40      Yes                    N/A                      No                          No                       1    No
  41      Yes                    N/A                      No                          No                       2    No
  42      Yes                    N/A                      No                          No                       1    No
  43      YES                    NO                       NO                          NO                       2    NO
 43A      Yes                    No                       No                          No                       2    No
 43B      Yes                    No                       No                          No                       2    No
 43C      Yes                    No                       No                          No                       2    No
 43D      Yes                    No                       No                          No                       2    No
  44      Yes                    N/A                      No                          No                       2    No
  45      Yes                    N/A                      No                          No                       1    Yes
  46      Yes                    N/A                      No                          No                       2    No
  47      No                     N/A                      No                          No                       2    No
  48      No                     N/A                      No                          No                       2    No
  49      Yes                    N/A                      No                          Yes                      2    No
  50      Yes                    N/A                      No                          No                       2    Yes
  51      Yes                    N/A                      No                          No                       1    No
  52      Yes                    No                       No                          No                       1    No
  53      Yes                    N/A                      No                          No                       2    No
  54      Yes                    N/A                      No                          No                       2    No
  55      Yes                    No                       No                          No                       1    No
  56      Yes                    No                       No                          No                       1    No
  57      Yes                    N/A                      No                          No                       2    No
  58      Yes                    N/A                      No                          No                       1    Yes
  59      Yes                    N/A                      No                          No                       1    No
  60      Yes                    N/A                      Yes                         No                       2    No
  61      Yes                    N/A                      Yes                         No                       2    No
  62      Yes                    N/A                      No                          No                       1    No
  63      Yes                    N/A                      No                          No                       1    No
  64      Yes                    N/A                      No                          No                       1    No
  65      No                     N/A                      No                          No                       2    No
  66      Yes                    N/A                      No                          No                       1    No
  67      Yes                    N/A                      No                          No                       1    No
  68      Yes                    N/A                      No                          No                       2    No
  69      Yes                    N/A                      No                          No                       1    No
  70      Yes                    N/A                      No                          No                       2    No
  71      Yes                    N/A                      No                          No                       1    No
  72      Yes                    No                       No                          No                       1    No
  73      Yes                    N/A                      No                          No                       2    No
  74      Yes                    N/A                      No                          No                       2    No
  75      Yes                    N/A                      No                          No                       2    No
  76      Yes                    N/A                      No                          No                       1    No
  77      Yes                    N/A                      No                          No                       1    No
  78      No                     No                       No                          No                       1    No
  79      YES                    N/A                      NO                          NO                       1    NO
 79A      Yes                    N/A                      No                          No                       1    No
 79B      Yes                    N/A                      No                          No                       1    No
  80      Yes                    No                       No                          No                       1    No
  81      Yes                    No                       No                          No                       1    No
  82      Yes                    N/A                      No                          No                       1    No
  83      Yes                    N/A                      No                          No                       1    No
  84      Yes                    N/A                      No                          No                       1    No
  85      Yes                    N/A                      No                          No                       2    No
  86      Yes                    N/A                      No                          No                       1    No
  87      Yes                    No                       No                          No                       1    No
  88      Yes                    N/A                      No                          No                       2    No
  89      Yes                    N/A                      No                          No                       1    No
  90      Yes                    N/A                      No                          No                       2    No
  91      Yes                    N/A                      No                          No                       2    No
  92      Yes                    N/A                      No                          No                       1    No
  93      Yes                    N/A                      Yes                         No                       1    No
  94      Yes                    N/A                      Yes                         No                       2    No
  95      Yes                    N/A                      Yes                         No                       2    No
  96      Yes                    N/A                      No                          No                       1    No
  97      Yes                    N/A                      Yes                         No                       2    No
  98      Yes                    N/A                      No                          No                       1    No
  99      Yes                    No                       Yes                         No                       1    No
 100      Yes                    N/A                      Yes                         No                       1    No
 101      Yes                    N/A                      No                          No                       1    No
 102      Yes                    N/A                      No                          No                       1    No
 103      Yes                    N/A                      Yes                         No                       1    No
 104      Yes                    N/A                      No                          No                       1    No
 105      Yes                    N/A                      No                          No                       1    No
 106      Yes                    N/A                      No                          No                       2    No
 107      Yes                    N/A                      Yes                         No                       1    No
 108      Yes                    N/A                      No                          No                       1    No
 109      No                     N/A                      Yes                         No                       2    No
 110      Yes                    No                       No                          No                       1    No
 111      No                     N/A                      Yes                         No                       1    No
 112      Yes                    N/A                      No                          No                       1    No
 113      Yes                    N/A                      No                          No                       1    No
 114      Yes                    N/A                      No                          No                       1    No
 115      Yes                    No                       No                          No                       1    No
 116      Yes                    No                       No                          No                       1    No
 117      Yes                    N/A                      Yes                         No                       1    No
 118      No                     N/A                      Yes                         No                       2    No
 119      No                     No                       Yes                         No                       1    No
 120      Yes                    N/A                      No                          No                       2    No
 121      Yes                    N/A                      Yes                         No                       2    No
 122      Yes                    N/A                      No                          No                       2    No
 123      Yes                    N/A                      No                          No                       1    No
 124      Yes                    N/A                      No                          No                       1    No
 125      Yes                    N/A                      Yes                         No                       2    No
 126      Yes                    N/A                      Yes                         No                       1    No
 127      No                     No                       No                          No                       1    No
 128      Yes                    N/A                      No                          No                       2    No
 129      YES                    N/A                      YES                         NO                       2    NO
129A      Yes                    N/A                      Yes                         No                       2    No
129B      Yes                    N/A                      Yes                         No                       2    No
129C      Yes                    N/A                      Yes                         No                       2    No
 130      Yes                    N/A                      Yes                         No                       2    No
 131      Yes                    N/A                      No                          No                       2    No
 132      Yes                    N/A                      No                          No                       1    No
 133      Yes                    N/A                      No                          No                       1    No
 134      Yes                    N/A                      Yes                         No                       1    No
 135      No                     N/A                      Yes                         No                       1    No
 136      Yes                    N/A                      Yes                         No                       2    No
 137      Yes                    N/A                      Yes                         No                       1    Yes
 138      Yes                    N/A                      Yes                         No                       1    No
 139      Yes                    N/A                      No                          No                       1    No
 140      No                     N/A                      Yes                         No                       2    No
 141      Yes                    N/A                      Yes                         No                       1    No
 142      Yes                    N/A                      No                          No                       2    No
 143      Yes                    N/A                      No                          No                       1    No
 144      No                     No                       Yes                         No                       2    No
 145      Yes                    N/A                      No                          No                       2    No
 146      Yes                    No                       Yes                         No                       1    No
 147      Yes                    N/A                      No                          No                       1    No
 148      Yes                    N/A                      Yes                         No                       2    No
 149      Yes                    N/A                      No                          No                       1    No
 150      Yes                    N/A                      No                          No                       2    No
 151      Yes                    N/A                      Yes                         No                       2    No
 152      Yes                    N/A                      Yes                         No                       2    No
 153      Yes                    No                       Yes                         No                       1    No
 154      Yes                    N/A                      Yes                         No                       2    No
 155      Yes                    N/A                      Yes                         No                       1    No
 156      No                     N/A                      Yes                         No                       2    No
 157      Yes                    No                       No                          No                       2    No
 158      Yes                    N/A                      Yes                         No                       1    No
 159      No                     N/A                      Yes                         No                       2    No
 160      Yes                    N/A                      Yes                         No                       2    No
 161      Yes                    N/A                      Yes                         No                       1    No
 162      Yes                    N/A                      Yes                         No                       2    No
 163      No                     N/A                      Yes                         No                       1    No
 164      Yes                    N/A                      Yes                         No                       2    No
 165      Yes                    N/A                      Yes                         No                       1    No
 166      Yes                    N/A                      Yes                         No                       2    No
 167      Yes                    N/A                      Yes                         No                       2    No
 168      Yes                    N/A                      Yes                         No                       1    No
 169      Yes                    N/A                      Yes                         No                       1    No
 170      Yes                    N/A                      Yes                         No                       1    No
 171      Yes                    N/A                      Yes                         No                       2    No
 172      Yes                    No                       Yes                         No                       2    No
 173      No                     N/A                      Yes                         No                       2    No
 174      No                     N/A                      Yes                         No                       1    No

                                   EXHIBIT C-1

                       LIST OF ADDITIONAL COLLATERAL LOANS

                     SERVICING
NUMBER CROSSED       POOL        PROPERTY NAME                                 ADDRESS
-----------------------------------------------------------------------------------------------------------------------------

    6                              Centerpointe Mall                             3545 28th Street Southeast
-----------------------------------------------------------------------------------------------------------------------------
   11                              275 Park Avenue - The Chocolate Factory       275 Park Avenue
-----------------------------------------------------------------------------------------------------------------------------
   20                              333 West Fort Street                          333-337 West Fort Street
-----------------------------------------------------------------------------------------------------------------------------
   21                              The Tower at Northwoods                       222 Rosewood Drive
-----------------------------------------------------------------------------------------------------------------------------
   28                              Cold Spring Crossing                          355 Crossroads Boulevard
-----------------------------------------------------------------------------------------------------------------------------
   44                              University Hill Apartments                    4707 North University Drive
-----------------------------------------------------------------------------------------------------------------------------
   45                              Shelby Creek Shopping Center                  8480-8630 26 Mile Road
-----------------------------------------------------------------------------------------------------------------------------
   59                              Parkland Town Center                          6700 Parkside Drive
-----------------------------------------------------------------------------------------------------------------------------
   77                              Colt Crossing Shopping Center                 5179 Clinton Road
-----------------------------------------------------------------------------------------------------------------------------
   91                              The Pines of Southlake Apartments             985 Mount Zion Road
-----------------------------------------------------------------------------------------------------------------------------
  137                              North Richland Hills Retail                   8412 Davis Boulevard
-----------------------------------------------------------------------------------------------------------------------------

NUMBER     CITY                  COUNTY          STATE    ZIP
CROSSED
---------------------------------------------------------------

    6      Grand Rapids          Kent            MI      49512
---------------------------------------------------------------
   11      Brooklyn              Kings           NY      11205
---------------------------------------------------------------
   20      Detroit               Wayne           MI      48226
---------------------------------------------------------------
   21      Danvers               Essex           MA      01923
---------------------------------------------------------------
   28      Cold Spring           Campbell        KY      41076
---------------------------------------------------------------
   44      Nacogdoches           Nacogdoches     TX      75961
---------------------------------------------------------------
   45      Shelby Township       Macomb          MI      48316
---------------------------------------------------------------
   59      Parkland              Broward         FL      33067
---------------------------------------------------------------
   77      Fayetteville          Cumberland      NC      28391
---------------------------------------------------------------
   91      Morrow                Clayton         GA      30260
---------------------------------------------------------------
  137      North Richland Hills  Tarrant         TX      76180
---------------------------------------------------------------

                                     C-1-1

                                   EXHIBIT C-2

                             LIST OF MEZZANINE LOANS

                        SERVICING
NUMBER CROSSED          POOL                PROPERTY NAME                                         ADDRES
------------------------------------------------------------------------------------------------------------------------------------

    6                                 Centerpointe Mall                3545 28th Street Southeast
------------------------------------------------------------------------------------------------------------------------------------
   10                                 Village Del Amo                  21201-21327 Hawthorne Boulevard
------------------------------------------------------------------------------------------------------------------------------------
   12                                 Lakewood Square                  5021-5195 Lakewood Boulevard and 3950-4091 Hardwick Street
------------------------------------------------------------------------------------------------------------------------------------
   14                                 Fountain Valley Town Center      16027-16205 Brookhurst Street
------------------------------------------------------------------------------------------------------------------------------------

NUMBER            CITY           COUNTY     STATE    ZIP
----------------------------------------------------------

    6       Grand Rapids      Kent          MI      49512
----------------------------------------------------------
   10       Torrance          Los Angeles   CA      90503
----------------------------------------------------------
   12       Lakewood          Los Angeles   CA      90712
----------------------------------------------------------
   14       Fountain Valley   Orange        CA      92708
----------------------------------------------------------

                                     C-2-1

                                    EXHIBIT D

                           FORM OF REQUEST FOR RELEASE

                                     [DATE]

Wells Fargo Bank, N.A.
Wells Fargo Center
Sixth and Marquette
MAC #N9303-121
Minneapolis, Minnesota 55479-0113
Attention: Corporate Trust Services (CMBS)

Credit Suisse First Boston Mortgage Securities Corp.
Eleven Madison Avenue
New York, New York 10010
Attention:  Principal Transactions Group

         Credit Suisse First Boston Mortgage Securities Corp.
                  Commercial Mortgage Pass-Through Certificates, Series 2004-C3
                  REQUEST FOR RELEASE

Dear _______________,

     In connection with the administration of the Mortgage Files held by or on
behalf of you as Trustee under a certain Pooling and Servicing Agreement dated
as of August 1, 2004 (the "Pooling and Servicing Agreement"), by and among
Credit Suisse First Boston Mortgage Securities Corp., as Depositor, Midland Loan
Services Inc., as master servicer, and Clarion Partners, LLC, as Special
Servicer, and you, as Trustee, the undersigned [Master] [Special] Servicer
hereby requests a release of the Mortgage File (or the portion thereof specified
below) held by or on behalf of you as Trustee with respect to the following
described Loan for the reason indicated below.

     Mortgagor's Name:

     Property Address:

     Loan No.:

     If only particular documents in the Mortgage File are requested, please
specify which:

     Reason for requesting Mortgage File (or portion thereof):

     _____1. Loan paid in full. The undersigned [Master] [Special] Servicer
     hereby certifies that all amounts received in connection with the Loan have
     been or will be credited to the applicable Collection Account pursuant to
     the Pooling and Servicing Agreement.

     _____2. The Loan is being foreclosed.

                                      D-1

     _____3. Other. (Describe)

     The undersigned [Master] [Special] Servicer acknowledges that the above
Mortgage File (or requested portion thereof) will be held by it in accordance
with the provisions of the Pooling and Servicing Agreement and will be returned
to you or your designee within ten days of our receipt thereof, unless the Loan
has been paid in full, in which case the Mortgage File (or such portion thereof)
will be retained by us permanently, or unless the Loan is being foreclosed, in
which case the Mortgage File (or such portion thereof) will be returned when no
longer required by us for such purpose.

     Capitalized terms used but not defined herein shall have the meanings
ascribed to them in the Pooling and Servicing Agreement.

                                       [MIDLAND LOAN SERVICES INC.]

                                       [CLARION PARTNERS, LLC]

                                       By:
                                          --------------------------------------
                                          Name:
                                          Title:

                                      D-2

                                    EXHIBIT E

                         FORM OF AFFIDAVIT OF LOST NOTE

STATE OF              )
                      )  ss.:
COUNTY OF             )

     ________________________________________, being duly sworn, deposes and
says:

     1. that he/she is an authorized signatory of _________________________ (the
"Noteholder");

     2. that the Noteholder is the owner and holder of a mortgage loan in the
original principal amount of $____________________ secured by a mortgage (the
"Mortgage") on the premises known as __________________________, located in
____________________;

     3. that the Noteholder, after having conducted a diligent investigation of
its records and files, has been unable to locate the following original note and
believes that said original note has been lost, misfiled, misplaced or destroyed
due to a clerical error:

          a note in the original sum of $___________ made by
          _____________________, to __________________________, under date of
          ___________ (the "Note");

     4. that the Note is now owned and held by the Noteholder;

     5. that the copy of the Note attached hereto is a true and correct copy
thereof;

     6. that the Note has not been paid-off, satisfied, assigned, transferred,
encumbered, endorsed, pledged, hypothecated, or otherwise disposed of and that
the original Note has been either lost, misfiled, misplaced or destroyed;

     7. that no other person, firm, corporation or other entity has any right,
title, interest or claim in the Note except the Noteholder; and

     8. upon assignment of the Note by the Noteholder to Credit Suisse First
Boston Mortgage Securities Corp. (the "Depositor") and subsequent assignment by
the Depositor to the trustee for the benefit of the holders of the Credit Suisse
First Boston Mortgage Securities Corp. Commercial Mortgage Pass-Through
Certificates, Series 2004-C3 (the "Trustee") (which assignment may, at the
discretion of the Depositor, be made directly by the Noteholder to the Trustee),
the Noteholder covenants and agrees (a) to promptly deliver to the Trustee the
original Note if it is subsequently found, and (b) to indemnify and hold
harmless the Trustee and its successors and assigns from and against any and all
costs, expenses and monetary losses arising as a result of the Noteholder's or
the Depositor's failure to deliver said original Note to the Trustee.

                                      E-1

                                      [NAME OF NOTEHOLDER]

                                      By:
                                         ---------------------------------------
                                         Authorized Signatory

Sworn to before me this
______  day of ____________, 20__

                                      E-2

                                  EXHIBIT F-1A

                        FORM I OF TRANSFEROR CERTIFICATE
                  FOR TRANSFERS OF NON-REGISTERED CERTIFICATES

                                     [Date]

Wells Fargo Bank, N.A.
Wells Fargo Center
Sixth and Marquette
MAC # N9303-121
Minneapolis, Minnesota  55479-0113
Attention:  Corporate Trust Services (CMBS)

     Re:  Credit Suisse First Boston Mortgage Securities Corp., Commercial
          Mortgage Pass-Through Certificates, Series 2004-C3, Class ______
          Certificates [having an initial aggregate [principal balance]
          [notional amount] as of August 25, 2004 (the "Issue Date") of
          $__________ (the "Transferred Certificates")

Dear Sirs:

     This letter is delivered to you in connection with the transfer by
_________________ (the "Transferor") to _________________ (the "Transferee") of
the Transferred Certificates pursuant to Section 5.02 of the Pooling and
Servicing Agreement dated as of August 1, 2004 (the "Pooling and Servicing
Agreement"), among Credit Suisse First Boston Mortgage Securities Corp., as
depositor (the "Depositor"), Midland Loan Services, Inc., as master servicer,
Clarion Partners, LLC, as special servicer, and Wells Fargo Bank, N.A., as
trustee (the "Trustee"). All capitalized terms used herein and not otherwise
defined shall have the respective meanings set forth in the Pooling and
Servicing Agreement. The Transferor hereby certifies, represents and warrants to
you, as Certificate Registrar, and for the benefit of the Depositor and the
Trustee, that:

     1. The Transferor is the lawful owner of the Transferred Certificates with
the full right to transfer such Certificates free from any and all claims and
encumbrances whatsoever.

     2. Neither the Transferor nor anyone acting on its behalf has (a) offered,
transferred, pledged, sold or otherwise disposed of any Transferred Certificate,
any interest in a Transferred Certificate or any other similar security to any
person in any manner, (b) solicited any offer to buy or accept a transfer,
pledge or other disposition of any Transferred Certificate, any interest in a
Transferred Certificate or any other similar security from any person in any
manner, (c) otherwise approached or negotiated with respect to any Transferred
Certificate, any interest in a Transferred Certificate or any other similar
security with any person in any manner, (d) made any general solicitation with
respect to any Transferred Certificate, any interest in a Transferred
Certificate or any other similar security by means of general advertising or in
any other manner, or (e) taken any other action with respect to any Transferred
Certificate, any interest in a Transferred Certificate or any other similar
security, which (in the case of any of the acts described in clauses (a) through
(e) hereof) would constitute a distribution of the Transferred Certificates
under the Securities Act of 1933, as amended (the "Securities Act"), or

                                     F-1A-1

would render the disposition of the Transferred Certificates a violation of
Section 5 of the Securities Act or any state securities laws, or would require
registration or qualification of the Transferred Certificates pursuant to the
Securities Act or any state securities laws.

     3. The Transferor and any person acting on behalf of the Transferor in this
matter reasonably believe that the Transferee is a "qualified institutional
buyer" as that term is defined in Rule 144A ("Rule 144A") under the Securities
Act (a "Qualified Institutional Buyer") purchasing for its own account or for
the account of another person that is itself a Qualified Institutional Buyer. In
determining whether the Transferee is a Qualified Institutional Buyer, the
Transferor and any person acting on behalf of the Transferor in this matter has
relied upon the following method(s) of establishing the Transferee's ownership
and discretionary investments of securities (check one or more):

     ___       (a) The Transferee's most recent publicly available financial
               statements, which statements present the information as of a date
               within 16 months preceding the date of sale of the Transferred
               Certificates in the case of a U.S. purchaser and within 18 months
               preceding such date of sale in the case of a foreign purchaser;
               or

     ___       (b) The most recent publicly available information appearing in
               documents filed by the Transferee with the Securities and
               Exchange Commission or another United States federal, state, or
               local governmental agency or self-regulatory organization, or
               with a foreign governmental agency or self-regulatory
               organization, which information is as of a date within 16 months
               preceding the date of sale of the Transferred Certificates in the
               case of a U.S. purchaser and within 18 months preceding such date
               of sale in the case of a foreign purchaser; or

     ___       (c) The most recent publicly available information appearing in a
               recognized securities manual, which information is as of a date
               within 16 months preceding the date of sale of the Transferred
               Certificates in the case of a U.S. purchaser and within 18 months
               preceding such date of sale in the case of a foreign purchaser;
               or

     ___       (d) A certification by the chief financial officer, a person
               fulfilling an equivalent function, or other executive officer of
               the Transferee, specifying the amount of securities owned and
               invested on a discretionary basis by the Transferee as of a
               specific date on or since the close of the Transferee's most
               recent fiscal year, or, in the case of a Transferee that is a
               member of a "family of investment companies", as that term is
               defined in Rule 144A, a certification by an executive officer of
               the investment adviser specifying the amount of securities owned
               by the "family of investment companies" as of a specific date on
               or since the close of the Transferee's most recent fiscal year.

     ___       (e) Other. (Please specify brief description of method)

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

     4. The Transferor and any person acting on behalf of the Transferor
understand that in determining the aggregate amount of securities owned and
invested on a discretionary basis by an entity for purposes of establishing
whether such entity is a Qualified Institutional Buyer:

                                     F-1A-2

         (a) the following instruments and interests shall be excluded:
     securities of issuers that are affiliated with such entity; securities that
     are part of an unsold allotment to or subscription by such entity, if such
     entity is a dealer; securities of issuers that are part of such entity's
     "family of investment companies", if such entity is a registered investment
     company; bank deposit notes and certificates of deposit; loan
     participations; repurchase agreements; securities owned but subject to a
     repurchase agreement; and currency, interest rate and commodity swaps;

         (b) the aggregate value of the securities shall be the cost of such
     securities, except where the entity reports its securities holdings in its
     financial statements on the basis of their market value, and no current
     information with respect to the cost of those securities has been
     published, in which case the securities may be valued at market; and

         (c) securities owned by subsidiaries of the entity that are
     consolidated with the entity in its financial statements prepared in
     accordance with generally accepted accounting principles may be included if
     the investments of such subsidiaries are managed under the direction of the
     entity, except that, unless the entity is a reporting company under Section
     13 or 15(d) of the Securities Exchange Act of 1934, as amended, securities
     owned by such subsidiaries may not be included if the entity itself is a
     majority-owned subsidiary that would be included in the consolidated
     financial statements of another enterprise.

     5. The Transferor or a person acting on its behalf has taken reasonable
steps to ensure that the Transferee is aware that the Transferor is relying on
the exemption from the provisions of Section 5 of the Securities Act provided by
Rule 144A.

     6. The Transferor or a person acting on its behalf has furnished, or caused
to be furnished, to the Transferee all information regarding (a) the Transferred
Certificates and payments thereon, (b) the nature, performance and servicing of
the Mortgage Loans, (c) the Pooling and Servicing Agreement, and (d) all related
matters, that the Transferee has requested.

                                       Very truly yours,

                                       -----------------------------------------
                                       (Transferor)

                                       By:
                                            ------------------------------------
                                       Name:
                                              ----------------------------------
                                       Title:
                                               ---------------------------------

                                     F-1A-3

                                  EXHIBIT F-1B

                        FORM II OF TRANSFEROR CERTIFICATE
                  FOR TRANSFERS OF NON-REGISTERED CERTIFICATES

                                     [Date]

Wells Fargo Bank, N.A.
Wells Fargo Center
Sixth and Marquette
MAC # N9303-121
Minneapolis, Minnesota  55479-0113
Attention:  Corporate Trust Services (CMBS)

[OR OTHER CERTIFICATE REGISTRAR]

     Re:  Credit Suisse First Boston Mortgage Securities Corp., Commercial
          Mortgage Pass-Through Certificates, Series 2004-C3, Class ______
          Certificates [having an initial aggregate [principal balance]
          [notional amount] as of August 25, 2004 (the "Closing Date") of
          $__________ (the "Transferred Certificates")

Dear Sirs:

     This letter is delivered to you in connection with the transfer by
_________________ (the "Transferor") to _________________ (the "Transferee") of
the Transferred Certificates pursuant to Section 5.02 of the Pooling and
Servicing Agreement dated as of August 1, 2004 (the "Pooling and Servicing
Agreement"), among Credit Suisse First Boston Mortgage Securities Corp., as
depositor (the "Depositor"), Midland Loan Services, Inc., as master servicer,
Clarion Partners, LLC, as special servicer, and Wells Fargo Bank, N.A., as
trustee (the "Trustee"). All capitalized terms used herein and not otherwise
defined shall have the respective meanings set forth in the Pooling and
Servicing Agreement. The Transferor hereby certifies, represents and warrants to
you, as Certificate Registrar, and for the benefit of the Depositor and the
Trustee, that:

         1. The Transferor is the lawful owner of the Transferred Certificates
     with the full right to transfer such Certificates free from any and all
     claims and encumbrances whatsoever.

         2. Neither the Transferor nor anyone acting on its behalf has (a)
     offered, transferred, pledged, sold or otherwise disposed of any
     Transferred Certificate, any interest in a Transferred Certificate or any
     other similar security to any person in any manner, (b) solicited any offer
     to buy or accept a transfer, pledge or other disposition of any Transferred
     Certificate, any interest in a Transferred Certificate or any other similar
     security from any person in any manner, (c) otherwise approached or
     negotiated with respect to any Transferred Certificate, any interest in a
     Transferred Certificate or any other similar security with any person in
     any manner, (d) made any general solicitation with respect to any
     Transferred Certificate, any interest in a

                                     F-1B-1

     Transferred Certificate or any other similar security by means of general
     advertising or in any other manner, or (e) taken any other action with
     respect to any Transferred Certificate, any interest in a Transferred
     Certificate or any other similar security, which (in the case of any of the
     acts described in clauses (a) through (e) hereof) would constitute a
     distribution of the Transferred Certificates under the Securities Act of
     1933, as amended (the "Securities Act"), would render the disposition of
     the Transferred Certificates a violation of Section 5 of the Securities Act
     or any state securities laws, or would require registration or
     qualification of the Transferred Certificates pursuant to the Securities
     Act or any state securities laws.

                                  Very truly yours,

                                  ----------------------------------------------
                                  (Transferor)

                                  By:
                                       -----------------------------------------
                                  Name:
                                         ---------------------------------------
                                  Title:
                                          --------------------------------------

                                     F-1B-2

                                  EXHIBIT F-1C

                        FORM I OF TRANSFEROR CERTIFICATE
        FOR TRANSFERS OF INTERESTS IN GLOBAL CERTIFICATES FOR CLASSES OF
                           NON-REGISTERED CERTIFICATES

                                     [Date]

Wells Fargo Bank, N.A.
Wells Fargo Center
Sixth and Marquette
MAC # N9303-121
Minneapolis, Minnesota  55479-0113
Attention:  Corporate Trust Services (CMBS)

     Re:  Credit Suisse First Boston Mortgage Securities Corp., Commercial
          Mortgage Pass-Through Certificates, Series 2004-C3, Class ____,
          having an initial aggregate [principal balance] [notional amount] as
          of August 25, 2004 (the "Issue Date") of $__________ (the "Transferred
          Certificates")

Ladies and Gentlemen:

     This letter is delivered to you in connection with the Transfer by
______________________ (the "Transferor") to ______________________ (the
"Transferee") through our respective Depository Participants of the Transferor's
beneficial ownership interest (currently maintained on the books and records of
The Depository Trust Company ("DTC") and the Depository Participants) in the
Transferred Certificates. The Certificates, including the Transferred
Certificates, were issued pursuant to the Pooling and Servicing Agreement dated
as of August 1, 2004 (the "Pooling and Servicing Agreement"), among Credit
Suisse First Boston Mortgage Securities Corp., as depositor (the "Depositor"),
Midland Loan Services, Inc., as master servicer, Clarion Partners, LLC, as
special servicer, and Wells Fargo Bank, N.A., as trustee (the "Trustee"). All
capitalized terms used herein and not otherwise defined shall have the
respective meanings set forth in the Pooling and Servicing Agreement. The
Transferor hereby certifies, represents and warrants to and agrees with you, as
Certificate Registrar, and for the benefit of the Depositor and the Trustee,
that:

     1. The Transferor is the lawful owner of the Transferred Certificates with
the full right to transfer such Certificates free from any and all claims and
encumbrances whatsoever.

     2. Neither the Transferor nor anyone acting on its behalf has (a) offered,
transferred, pledged, sold or otherwise disposed of any Transferred Certificate,
any interest in a Transferred Certificate or any other similar security to any
person in any manner, (b) solicited any offer to buy or accept a transfer,
pledge or other disposition of any Transferred Certificate, any interest in a
Transferred Certificate or any other similar security from any person in any
manner, (c) otherwise approached or negotiated with respect to any Transferred
Certificate, any interest in a Transferred Certificate or any

                                     F-1C-1

other similar security with any person in any manner, (d) made any general
solicitation with respect to any Transferred Certificate, any interest in a
Transferred Certificate or any other similar security by means of general
advertising or in any other manner, or (e) taken any other action with respect
to any Transferred Certificate, any interest in a Transferred Certificate or any
other similar security, which (in the case of any of the acts described in
clauses (a) through (e) hereof) would constitute a distribution of the
Transferred Certificates under the Securities Act of 1933, as amended (the
"Securities Act"), would render the disposition of the Transferred Certificates
a violation of Section 5 of the Securities Act or any state securities laws, or
would require registration or qualification of the Transferred Certificates
pursuant to the Securities Act or any state securities laws.

                                       Very truly yours,

                                       -----------------------------------------
                                       (Transferor)

                                       By:
                                            ------------------------------------
                                               Name:
                                                      --------------------------

                                     F-1C-2

                                  EXHIBIT F-1D

                        FORM II OF TRANSFEROR CERTIFICATE
        FOR TRANSFERS OF INTERESTS IN GLOBAL CERTIFICATES FOR CLASSES OF
                           NON-REGISTERED CERTIFICATES

                                     [Date]

Wells Fargo Bank, N.A.
Wells Fargo Center
Sixth and Marquette
MAC #N9303-121
Minneapolis, Minnesota  55479-0113
Attention:  Corporate Trust Services (CMBS)

     Re:  Credit Suisse First Boston Mortgage Securities Corp., Commercial
          Mortgage Pass-Through Certificates, Series 2004-C3, Class ____,
          having an initial aggregate [principal balance] [notional amount] as
          of August 25,  2004 (the "Issue Date") of $__________ (the
          "Transferred Certificates")

Ladies and Gentlemen:

     This letter is delivered to you in connection with the transfer by
______________________ (the "Transferor") to ______________________ (the
"Transferee") through our respective Depository Participants of the Transferor's
beneficial ownership interest (currently maintained on the books and records of
The Depository Trust Company ("DTC") and the Depository Participants) in the
Transferred Certificates. The Certificates, including the Transferred
Certificates, were issued pursuant to the Pooling and Servicing Agreement dated
as of August 1, 2004 (the "Pooling and Servicing Agreement"), among Credit
Suisse First Boston Mortgage Securities Corp., as depositor (the "Depositor"),
Midland Loan Services, Inc., as master servicer, Clarion Partners, LLC, as
special servicer, and Wells Fargo Bank, N.A., as trustee (the "Trustee"). All
capitalized terms used herein and not otherwise defined shall have the
respective meanings set forth in the Pooling and Servicing Agreement. The
Transferor hereby certifies, represents and warrants to and agrees with you, as
Certificate Registrar, and for the benefit of the Depositor and the Trustee,
that:

     1. The Transferor is the lawful owner of the Transferred Certificates with
the full right to transfer such Certificates free from any and all claims and
encumbrances whatsoever.

     2. At the time the buy order was originated, the Transferor reasonably
believed that the Transferee was outside the United States, its territories and
possessions.

     3. If the Transferor is a distributor (within the meaning of Rule 902(d)
under the Securities Act of 1933, as amended (the "Securities Act")) with
respect to the Transferred Certificates, or an affiliate of such a distributor
or of the Depositor, or a person acting on behalf of such a distributor, the
Depositor or any affiliate of such distributor or of the Depositor, then:

                                     F-1D-1

         (a) the sale of the Transferred Certificates by the Transferor to the
     Transferee will be executed in, on or through a physical trading floor of
     an established foreign securities exchange that is located outside the
     United States, its territories and possessions;

         (b) no directed selling efforts (within the meaning of Rule 902(c)
     under the Securities Act) have been made in the United States, its
     territories and possessions, with respect to the Transferred Certificates
     by the Transferor, any of its affiliates, or any person acting on behalf of
     any of the foregoing;

         (c) all offers and sales, if any, of the Transferred Certificates by or
     on behalf of the Transferor prior to the expiration of the distribution
     compliance period specified in category 2 or 3 (paragraph (b)(2) or (b)(3))
     in Rule 903 under the Securities Act, as applicable, have been and will be
     made only in accordance with the provisions of Rule 903 or Rule 904 under
     the Securities Act, pursuant to registration of the Transferred
     Certificates under the Securities Act, or pursuant to an available
     exemption from the registration requirements of the Securities Act;

         (d) all offering materials and documents (other than press releases),
     if any, used in connection with offers and sales of the Transferred
     Certificates by or on behalf of the Transferor prior to the expiration of
     the distribution compliance period specified in category 2 or 3 (paragraph
     (b)(2) or (b)(3)) in Rule 903 under the Securities Act, as applicable,
     complied with the requirements of Rule 902(g)(2) under the Securities Act;
     and

         (e) if the Transferee is a distributor, a dealer or a person receiving
     a selling concession, a fee or other remuneration and the offer or sale of
     the Transferred Certificates thereto occurs prior to the expiration of the
     applicable 40-day distribution compliance period, the Transferor has sent a
     confirmation or other notice to the Transferee that the Transferee is
     subject to the same restrictions on offers and sales that apply to a
     distributor.

     4. If the Transferor is not a distributor with respect to the Transferred
Certificates or an affiliate of such a distributor or of the Depositor or acting
on behalf of such a distributor, the Depositor or any affiliate of such a
distributor or of the Depositor, then:

         (a) the sale of the Transferred Certificates by the Transferor to the
     Transferee will be executed in, on or through the facilities of a
     designated offshore securities market described in paragraph (b) of Rule
     902 under the Securities Act, and neither the Transferor nor anyone acting
     on its behalf knows that such transaction has been prearranged with a buyer
     in the United States, its territories and possessions;

         (b) no directed selling efforts (within the meaning of Rule 902(c)
     under the Securities Act) have been made in the United States, its
     territories and possessions, with respect to the Transferred Certificates
     by the Transferor, any of its affiliates, or any person acting on behalf of
     any of the foregoing;

         (c) if the Transferee is a dealer or a person receiving a selling
     concession, a fee or other remuneration and the offer or sale of the
     Transferred Certificates thereto occurs prior to the expiration of the
     applicable 40-day distribution compliance period, the Transferor has sent a
     confirmation or other notice to the Transferee stating that the Transferred
     Certificates may be

                                     F-1D-2

     offered and sold during the distribution compliance period only in
     accordance with the provisions of Regulation S under the Securities Act,
     pursuant to registration of the Transferred Certificates under the
     Securities Act or pursuant to an available exemption from the registration
     requirements of the Securities Act.

                                     Very truly yours,

                                     -------------------------------------------
                                     (Transferor)

                                     By:
                                          --------------------------------------
                                             Name:
                                                    ----------------------------
                                             Title:
                                                     ---------------------------

                                     F-1D-3

                                  EXHIBIT F-2A

                FORM I OF TRANSFEREE CERTIFICATE FOR TRANSFERS OF
                NON-REGISTERED CERTIFICATES HELD IN PHYSICAL FORM

                                     [Date]

Wells Fargo Bank, N.A.
Wells Fargo Center
Sixth and Marquette
MAC # N9303-121
Minneapolis, Minnesota  55479-0113
Attention: Corporate Trust Services (CMBS)

     Re:  Credit Suisse First Boston Mortgage Securities Corp., Commercial
          Mortgage Pass-Through Certificates, Series 2004-C3, Class ______
          having an initial aggregate [principal balance]
          [notional amount] as of August 25, 2004 (the "Closing Date") of
          $__________ [evidencing a ____% Percentage Interest in the related
          Class] (the "Transferred Certificates")

Dear Sirs:

     This letter is delivered to you in connection with the transfer by
_________________ (the "Transferor") to _________________ (the "Transferee") of
the Transferred Certificates, pursuant to Section 5.02 of the Pooling and
Servicing Agreement dated as of August 1, 2004 (the "Pooling and Servicing
Agreement"), among Credit Suisse First Boston Mortgage Securities Corp., as
depositor (the "Depositor"), Midland Loan Services, Inc., as master servicer
(the "Master Servicer"), Clarion Partners, LLC, as special servicer (the
"Special Servicer"), and Wells Fargo Bank, N.A., as trustee (the "Trustee"). All
capitalized terms used herein and not otherwise defined shall have the
respective meanings set forth in the Pooling and Servicing Agreement. The
Transferee hereby certifies, represents and warrants to you, as Certificate
Registrar, and for the benefit of the Depositor and the Trustee, that:

     1. The Transferee is a "qualified institutional buyer" (a "Qualified
Institutional Buyer") as that term is defined in Rule 144A ("Rule 144A") under
the Securities Act of 1933, as amended (the "Securities Act"), and has completed
one of the forms of certification to that effect attached hereto as Annex 1 and
Annex 2. The Transferee is aware that the sale to it is being made in reliance
on Rule 144A. The Transferee is acquiring the Transferred Certificates for its
own account or for the account of another Qualified Institutional Buyer, and
understands that such Transferred Certificates may be resold, pledged or
transferred only (a) to a person reasonably believed to be a Qualified
Institutional Buyer that purchases for its own account or for the account of
another Qualified Institutional Buyer and to whom notice is given that the
resale, pledge or transfer is being made in reliance on Rule 144A, or (b)
pursuant to another exemption from registration under the Securities Act.

     2. The Transferee has been furnished with all information regarding (a) the
Depositor, (b) the Transferred Certificates and payments thereon, (c) the
nature, performance and

                                     F-2A-1

servicing of the Mortgage Loans, (d) the Pooling and Servicing Agreement and the
Trust Fund created pursuant thereto, and (e) all related matters, that it has
requested.

     3. If the Transferee proposes that the Transferred Certificates be
registered in the name of a nominee, such nominee has completed the Nominee
Acknowledgment below.

                                    Very truly yours,

                                    --------------------------------------------
                                    (Transferee)

                                    By:
                                         ---------------------------------------
                                    Name:
                                           -------------------------------------
                                    Title:
                                            ------------------------------------

                             NOMINEE ACKNOWLEDGMENT
                             ----------------------

                  The undersigned hereby acknowledges and agrees that as to the
Transferred Certificates being registered in its name, the sole beneficial owner
thereof is and shall be the Transferee identified above, for whom the
undersigned is acting as nominee.

                                    --------------------------------------------
                                    (Nominee)

                                    By:
                                         ---------------------------------------
                                    Name:
                                           -------------------------------------
                                    Title:
                                            ------------------------------------

                                     F-2A-2

                                                         ANNEX 1 TO EXHIBIT F-2A

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
          [For Transferees Other Than Registered Investment Companies]

     The undersigned hereby certifies as follows to [name of Transferor] (the
"Transferor") and [name of Certificate Registrar], as Certificate Registrar,
with respect to the mortgage pass-through certificates being transferred (the
"Transferred Certificates") as described in the Transferee Certificate to which
this certification relates and to which this certification is an Annex:

     1. As indicated below, the undersigned is the chief financial officer, a
person fulfilling an equivalent function, or other executive officer of the
entity purchasing the Transferred Certificates (the "Transferee").

     2. The Transferee is a "qualified institutional buyer" as that term is
defined in Rule 144A ("Rule 144A") under the Securities Act of 1933, as amended
because (i) the Transferee [each of the Transferee's equity owners] owned and/or
invested on a discretionary basis $_____________________(1) in securities (other
than the excluded securities referred to below) as of the end of the
Transferee's most recent fiscal year (such amount being calculated in accordance
with Rule 144A) and (ii) the Transferee satisfies the criteria in the category
marked below.

     ___  Corporation, etc. The Transferee is a corporation (other than a bank,
          savings and loan association or similar institution), Massachusetts or
          similar business trust, partnership, or any organization described in
          Section 501(c)(3) of the Internal Revenue Code of 1986.

     ___  Bank. The Transferee (a) is a national bank or a banking institution
          organized under the laws of any state, U.S. territory or the District
          of Columbia, the business of which is substantially confined to
          banking and is supervised by the state or territorial banking
          commission or similar official or is a foreign bank or equivalent
          institution, and (b) has an audited net worth of at least $25,000,000
          as demonstrated in its latest annual financial statements, a copy of
          which is attached hereto, as of a date not more than 16 months
          preceding the date of sale of the Transferred Certificates in the case
          of a U.S. bank, and not more than 18 months preceding such date of
          sale in the case of a foreign bank or equivalent institution.

     ___  Savings and Loan. The Transferee (a) is a savings and loan
          association, building and loan association, cooperative bank,
          homestead association or similar institution, which is supervised and
          examined by a state or federal authority having supervision over any
          such institutions or is a foreign savings and loan association or
          equivalent institution and (b) has an audited net worth of at least
          $25,000,000 as demonstrated in its latest annual financial statements,
          a copy of which is attached hereto, as of a date not more than 16

--------------
(1) Transferee or each of its equity owners must own and/or invest on a
discretionary basis at least $100,000,000 in securities unless Transferee or any
such equity owner, as the case may be, is a dealer, and, in that case,
Transferee or such equity owner, as the case may be, must own and/or invest on a
discretionary basis at least $10,000,000 in securities.

                                     F-2A-3

          months preceding the date of sale of the Transferred Certificates in
          the case of a U.S. savings and loan association, and not more than 18
          months preceding such date of sale in the case of a foreign savings
          and loan association or equivalent institution.

     ___  Broker-dealer. The Transferee is a dealer registered pursuant to
          Section 15 of the Securities Exchange Act of 1934, as amended.

     ___  Insurance Company. The Transferee is an insurance company whose
          primary and predominant business activity is the writing of insurance
          or the reinsuring of risks underwritten by insurance companies and
          which is subject to supervision by the insurance commissioner or a
          similar official or agency of a state, U.S. territory or the District
          of Columbia.

     ___  State or Local Plan. The Transferee is a plan established and
          maintained by a state, its political subdivisions, or any agency or
          instrumentality of the state or its political subdivisions, for the
          benefit of its employees.

     ___  Plan. The Transferee is an employee benefit plan within the meaning of
          Title I of the Employee Retirement Income Security Act of 1974.

     ___  Investment Advisor. The Transferee is an investment advisor registered
          under the Investment Advisers Act of 1940, as amended.

     ___  QIB Subsidiary. All of the Transferee's equity owners are "qualified
          institutional buyers" within the meaning of Rule 144A.

     ___  Other. (Please supply a brief description of the entity and a
          cross-reference to the paragraph and subparagraph under subsection
          (a)(1) of Rule 144A pursuant to which it qualifies. Note that
          registered investment companies should complete Annex 2 rather than
          this Annex 1.) _______________________________________________________

          ______________________________________________________________________

          ______________________________________________________________________

     3. For purposes of determining the aggregate amount of securities owned
and/or invested on a discretionary basis by any Person, the Transferee did not
include (i) securities of issuers that are affiliated with such Person, (ii)
securities that are part of an unsold allotment to or subscription by such
Person, if such Person is a dealer, (iii) bank deposit notes and certificates of
deposit, (iv) loan participations, (v) repurchase agreements, (vi) securities
owned but subject to a repurchase agreement and (vii) currency, interest rate
and commodity swaps.

     4. For purposes of determining the aggregate amount of securities owned
and/or invested on a discretionary basis by any Person, the Transferee used the
cost of such securities to such Person, unless such Person reports its
securities holdings in its financial statements on the basis of their market
value, and no current information with respect to the cost of those securities
has been published, in which case the securities were valued at market. Further,
in determining such aggregate amount, the Transferee may have included
securities owned by subsidiaries of such Person, but only if such subsidiaries
are consolidated with such Person in its financial statements prepared in
accordance with generally accepted accounting principles and if the investments
of such subsidiaries are managed under such Person's direction. However, such
securities were not included if such Person is a majority-owned,

                                     F-2A-4

consolidated subsidiary of another enterprise and such Person is not itself a
reporting company under the Securities Exchange Act of 1934, as amended.

     5. The Transferee is familiar with Rule 144A and understands that the
Transferor and other parties related to the Transferred Certificates are relying
and will continue to rely on the statements made herein because one or more
sales to the Transferee may be in reliance on Rule 144A.

     ___      ___    Will the Transferee be purchasing the Transferred
     Yes      No     Certificates only for the Transferee's own account?

     6. If the answer to the foregoing question is "no", then in each case where
the Transferee is purchasing for an account other than its own, such account
belongs to a third party that is itself a "qualified institutional buyer" within
the meaning of Rule 144A, and the "qualified institutional buyer" status of such
third party has been established by the Transferee through one or more of the
appropriate methods contemplated by Rule 144A.

     7. The Transferee will notify each of the parties to which this
certification is made of any changes in the information and conclusions herein.
Until such notice is given, the Transferee's purchase of the Transferred
Certificates will constitute a reaffirmation of this certification as of the
date of such purchase. In addition, if the Transferee is a bank or savings and
loan as provided above, the Transferee agrees that it will furnish to such
parties any updated annual financial statements that become available on or
before the date of such purchase, promptly after they become available.

     8. Capitalized terms used but not defined herein have the respective
meanings ascribed thereto in the Pooling and Servicing Agreement pursuant to
which the Transferred Certificates were issued.

                                   ---------------------------------------------
                                   Print Name of Transferee

                                   By:
                                        ----------------------------------------
                                   Name:
                                          --------------------------------------
                                   Title:
                                           -------------------------------------
                                   Date:
                                          --------------------------------------

                                     F-2A-5

                                                         ANNEX 2 TO EXHIBIT F-2A

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
           [For Transferees That Are Registered Investment Companies]

     The undersigned hereby certifies as follows to [name of Transferor] (the
"Transferor") and [name of Certificate Registrar], as Certificate Registrar,
with respect to the mortgage pass-through certificates (the "Transferred
Certificates") described in the Transferee Certificate to which this
certification relates and to which this certification is an Annex:

     1. As indicated below, the undersigned is the chief financial officer, a
person fulfilling an equivalent function, or other executive officer of the
entity purchasing the Transferred Certificates (the "Transferee") or, if the
Transferee is a "qualified institutional buyer" as that term is defined in Rule
144A ("Rule 144A") under the Securities Act of 1933, as amended because the
Transferee is part of a Family of Investment Companies (as defined below), is an
executive officer of the investment adviser (the "Adviser").

     2. The Transferee is a "qualified institutional buyer" as defined in Rule
144A because (i) the Transferee is an investment company registered under the
Investment Company Act of 1940, and (ii) as marked below, the Transferee alone
owned and/or invested on a discretionary basis, or the Transferee's Family of
Investment Companies owned, at least $100,000,000 in securities (other than the
excluded securities referred to below) as of the end of the Transferee's most
recent fiscal year. For purposes of determining the amount of securities owned
by the Transferee or the Transferee's Family of Investment Companies, the cost
of such securities was used, unless the Transferee or any member of the
Transferee's Family of Investment Companies, as the case may be, reports its
securities holdings in its financial statements on the basis of their market
value, and no current information with respect to the cost of those securities
has been published, in which case the securities of such entity were valued at
market.

     ____      The Transferee owned and/or invested on a discretionary basis
               $___________________ in securities (other than the excluded
               securities referred to below) as of the end of the Transferee's
               most recent fiscal year (such amount being calculated in
               accordance with Rule 144A).

     ____      The Transferee is part of a Family of Investment Companies which
               owned in the aggregate $______________ in securities (other than
               the excluded securities referred to below) as of the end of the
               Transferee's most recent fiscal year (such amount being
               calculated in accordance with Rule 144A).

     3. The term "Family of Investment Companies" as used herein means two or
more registered investment companies (or series thereof) that have the same
investment adviser or investment advisers that are affiliated (by virtue of
being majority owned subsidiaries of the same parent or because one investment
adviser is a majority owned subsidiary of the other).

     4. The term "securities" as used herein does not include (i) securities of
issuers that are affiliated with the Transferee or are part of the Transferee's
Family of Investment Companies, (ii)

                                     F-2A-6

bank deposit notes and certificates of deposit, (iii) loan participations, (iv)
repurchase agreements, (v) securities owned but subject to a repurchase
agreement and (vi) currency, interest rate and commodity swaps. For purposes of
determining the aggregate amount of securities owned and/or invested on a
discretionary basis by the Transferee, or owned by the Transferee's Family of
Investment Companies, the securities referred to in this paragraph were
excluded.

     5. The Transferee is familiar with Rule 144A and understands that the
Transferor and other parties related to the Transferred Certificates are relying
and will continue to rely on the statements made herein because one or more
sales to the Transferee will be in reliance on Rule 144A.

     ___      ___     Will the Transferee be purchasing the Transferred
     Yes      No      Certificates only for the Transferee's own account?

     6. If the answer to the foregoing question is "no", then in each case where
the Transferee is purchasing for an account other than its own, such account
belongs to a third party that is itself a "qualified institutional buyer" within
the meaning of Rule 144A, and the "qualified institutional buyer" status of such
third party has been established by the Transferee through one or more of the
appropriate methods contemplated by Rule 144A.

     7. The undersigned will notify the parties to which this certification is
made of any changes in the information and conclusions herein. Until such
notice, the Transferee's purchase of the Transferred Certificates will
constitute a reaffirmation of this certification by the undersigned as of the
date of such purchase.

     8. Capitalized terms used but not defined herein have the respective
meanings ascribed thereto in the Pooling and Servicing Agreement pursuant to
which the Transferred Certificates were issued.

                                 Print Name of Transferee or Adviser

                                 By:
                                      ------------------------------------------
                                 Name:
                                        ----------------------------------------
                                 Title:
                                         ---------------------------------------

                                 IF AN ADVISER:

                                 Print Name of Transferee

                                 Date:
                                      ------------------------------------------

                                     F-2A-7

                                  EXHIBIT F-2B

               FORM II OF TRANSFEREE CERTIFICATE FOR TRANSFERS OF
                NON-REGISTERED CERTIFICATES HELD IN PHYSICAL FORM

                                     [Date]

Wells Fargo Bank, N.A.
Wells Fargo Center
Sixth and Marquette
MAC # N9303-121
Minneapolis, Minnesota  55479-0113
Attention:  Corporate Trust Services (CMBS)

     Re:  Credit Suisse First Boston Mortgage Securities Corp., Commercial
          Mortgage Pass-Through Certificates, Series 2004-C3, Class ______
          Certificates [having an initial aggregate [principal balance]
          [notional amount] as of August 25, 2004 (the "Issue Date") of
          $__________ [evidencing a ____% Percentage Interest in the related
          Class](the "Transferred Certificates")

Ladies and Gentlemen:

     This letter is delivered to you in connection with the transfer by
_______________________ (the "Transferor") to _______________________________
(the "Transferee") of the Transferred Certificates pursuant to Section 5.02 of
the Pooling and Servicing Agreement dated as of August 1, 2004 (the "Pooling and
Servicing Agreement"), among Credit Suisse First Boston Mortgage Securities
Corp. as depositor (the "Depositor"), Midland Loan Services, Inc., as master
servicer (the "Master Servicer"), Clarion Partners, LLC, as special servicer
(the "Special Servicer"), and Wells Fargo Bank, N.A., as trustee (the
"Trustee"). All capitalized terms used herein and not otherwise defined shall
have the respective meanings set forth in the Pooling and Servicing Agreement.
The Transferee hereby certifies, represents and warrants to you, as Certificate
Registrar, and for the benefit of the Depositor and the Trustee, that:

     1. Transferee is acquiring the Transferred Certificates for its own account
for investment and not with a view to or for sale or transfer in connection with
any payment thereof, in whole or in part, in any manner which would violate the
Securities Act of 1933, as amended (the "Securities Act"), or any applicable
state securities laws.

     2. Transferee understands that (a) the Transferred Certificates have not
been and will not be registered under the Securities Act or registered or
qualified under any applicable state securities laws, (b) neither the Depositor
nor the Trustee is obligated so to register or qualify the Transferred
Certificates, and (c) neither the Transferred Certificates nor any security
issued in exchange therefor or in lieu thereof may be resold or transferred
unless it is (i) registered pursuant to the Securities Act and

                                     F-2B-1

registered or qualified pursuant to any applicable state securities laws or (ii)
sold or transferred in a transaction which is exempt from such registration and
qualification and the Certificate Registrar has received (A) a certificate from
the prospective transferor substantially in the form attached as Exhibit F-1A to
the Pooling and Servicing Agreement; (B) a certificate from the prospective
transferor substantially in the form attached as Exhibit F-1B to the Pooling and
Servicing Agreement and a certificate from the prospective transferee
substantially in the form attached either as Exhibit F-2A or as Exhibit F-2B to
the Pooling and Servicing Agreement; or (C) an Opinion of Counsel satisfactory
to the Certificate Registrar that the transfer may be made without registration
under the Securities Act, together with the written certification(s) as to the
facts surrounding the transfer from the prospective transferor and/or
prospective transferee upon which such Opinion of Counsel is based.

     3. The Transferee understands that it may not sell or otherwise transfer
the Transferred Certificates, any security issued in exchange therefor or in
lieu thereof or any interest in the foregoing except in compliance with the
provisions of Section 5.02 of the Pooling and Servicing Agreement, which
provisions it has carefully reviewed, and that the Transferred Certificates will
bear legends substantially to the following effect:

               THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE
               SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE
               SECURITIES LAWS OF ANY STATE. ANY RESALE, PLEDGE, TRANSFER OR
               OTHER DISPOSITION OF THIS CERTIFICATE OR ANY INTEREST HEREIN
               WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A
               TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR
               QUALIFICATION AND WHICH IS IN ACCORDANCE WITH THE PROVISIONS OF
               SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO
               HEREIN.

               NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE
               MADE TO (A) ANY RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR
               ARRANGEMENT THAT IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
               SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF
               THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR
               (B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS
               CERTIFICATE OR ANY INTEREST HEREIN ON BEHALF OF, AS NAMED
               FIDUCIARY OF, AS TRUSTEE OF, OR WITH ASSETS OF ANY SUCH
               RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT,
               EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE
               POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     4. Neither the Transferee nor anyone acting on its behalf has (a) offered,
transferred, pledged, sold or otherwise disposed of any Transferred Certificate,
any interest in a Transferred Certificate or any other similar security to any
person in any manner, (b) solicited any offer to buy or accept a transfer,
pledge or other disposition of any Transferred Certificate, any interest in a
Transferred Certificate or any other similar security from any person in any
manner, (c) otherwise approached or

                                     F-2B-2

negotiated with respect to any Transferred Certificate, any interest in a
Transferred Certificate or any other similar security with any person in any
manner, (d) made any general solicitation by means of general advertising or in
any other manner, or (e) taken any other action, that (in the case of any of the
acts described in clauses (a) through (e) above) would constitute a distribution
of the Transferred Certificates under the Securities Act, would render the
disposition of the Transferred Certificates a violation of Section 5 of the
Securities Act or any state securities law or would require registration or
qualification of the Transferred Certificates pursuant thereto. The Transferee
will not act, nor has it authorized nor will it authorize any person to act, in
any manner set forth in the foregoing sentence with respect to the Transferred
Certificates, any interest in the Transferred Certificates or any other similar
security.

     5. The Transferee has been furnished with all information regarding (a) the
Depositor, (b) the Transferred Certificates and distributions thereon, (c)
nature, performance and servicing of the Mortgage Loans, (d) the Pooling and
Servicing Agreement and the Trust Fund created pursuant thereto and (e) all
related matters, that it has requested.

     6. The Transferee is an "accredited investor" within the meaning of
paragraph (1), (2), (3) or (7) of Rule 501(a) under the Securities Act or an
entity in which all the equity owners come within such paragraphs and has such
knowledge and experience in financial and business matters as to be capable of
evaluating the merits and risks of an investment in the Transferred
Certificates; the Transferee has sought such accounting, legal and tax advice as
it has considered necessary to make an informed investment decision; and the
Transferee is able to bear the economic risks of such an investment and can
afford a complete loss of such investment.

     7. If the Transferee proposes that the Transferred Certificates be
registered in the name of a nominee, such nominee has completed the Nominee
Acknowledgment below.

                                Very truly yours,

                                (Transferee)

                                By:
                                   ---------------------------------------------

                                Name:
                                Title:

                                     F-2B-3

                             NOMINEE ACKNOWLEDGMENT

     The undersigned hereby acknowledges and agrees that as to the Transferred
Certificates being registered in its name, the sole beneficial owner thereof is
and shall be the Transferee identified above, for whom the undersigned is acting
as nominee.

                                    --------------------------------------------
                                    (Nominee)

                                    By:
                                       -----------------------------------------
                                    Name:
                                    Title:

                                     F-2B-4

                                  EXHIBIT F-2C

                        FORM I OF TRANSFEREE CERTIFICATE
            FOR TRANSFERS OF INTERESTS IN NON-REGISTERED CERTIFICATES
                             HELD IN BOOK-ENTRY FORM

                                     [Date]

[TRANSFEROR]

     Re:  Credit Suisse First Boston Mortgage Securities Corp., Commercial
          Mortgage Pass-Through Certificates, Series 2004-C3, Class ______
          Certificates [having an initial aggregate [principal balance]
          [notional amount] as of August 25, 2004 (the "Closing Date") of
          $__________] (the "Certificate Transferred Certificates")

Ladies and Gentlemen:

     This letter is delivered to you in connection with the transfer by
_________________ (the "Transferor") to _________________ (the "Transferee")
through our respective Depository Participants of the Transferor's beneficial
ownership interest (currently maintained on the books and records of The
Depository Trust Company ("DTC") and the Depository Participants) in the
Transferred Certificates. The Certificates, including the Transferred
Certificates, were issued pursuant to the Pooling and Servicing Agreement dated
as of August 1, 2004 (the "Pooling and Servicing Agreement"), among Credit
Suisse First Boston Mortgage Securities Corp., as depositor (the "Depositor"),
Midland Loan Services, Inc., as master servicer (the "Master Servicer"), Clarion
Partners, LLC, as special servicer (the "Special Servicer"), and Wells Fargo
Bank, N.A., as trustee (the "Trustee"). All capitalized terms used herein and
not otherwise defined shall have the respective meanings set forth in the
Pooling and Servicing Agreement. The Transferee hereby certifies, represents and
warrants to and agrees with you, and for the benefit of the Depositor, the
Trustee and the Certificate Registrar, that:

     1. The Transferee is a "qualified institutional buyer" (a "Qualified
Institutional Buyer") as that term is defined in Rule 144A ("Rule 144A") under
the Securities Act of 1933, as amended (the "Securities Act") and has completed
one of the forms of certification to that effect attached hereto as Annex 1 and
Annex 2. The Transferee is aware that the Transfer to it of the Transferor's
interest in the Transferred Certificates is being made in reliance on Rule 144A.
The Transferee is acquiring such interest in the Transferred Certificates for
its own account or for the account of a Qualified Institutional Buyer.

     2. The Transferee understands that (a) the Transferred Certificates have
not been and will not be registered under the Securities Act or registered or
qualified under any applicable state securities laws, (b) neither the Depositor
nor the Trustee is obligated so to register or qualify the Transferred
Certificates, and (c) neither the Transferred Certificates nor any interest
therein may be resold or transferred unless it is (i) registered pursuant to the
Securities Act and registered or qualified pursuant any applicable state
securities laws or (ii) sold or transferred in transactions which are exempt
from such registration and qualification.

                                     F-2C-1

     3. The Transferee understands that it may not sell or otherwise transfer
any Transferred Certificate or any interest therein except in compliance with
the provisions of Section 5.02 of the Pooling and Servicing Agreement, which
provisions it has carefully reviewed, and that each Transferred Certificate will
bear the following legends:

          THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE
          SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR THE
          SECURITIES LAWS OF ANY STATE. ANY RESALE, PLEDGE, TRANSFER OR OTHER
          DISPOSITION OF THIS CERTIFICATE OR ANY INTEREST HEREIN WITHOUT SUCH
          REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH
          DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND WHICH IS IN
          ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND
          SERVICING AGREEMENT REFERRED TO HEREIN.

          NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE (A)
          TO ANY RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT
          THAT IS SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME
          SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE
          INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR (B) TO ANY
          PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR
          SUCH INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE
          OF, OR WITH ASSETS OF ANY SUCH RETIREMENT PLAN OR OTHER EMPLOYEE
          BENEFIT PLAN OR ARRANGEMENT, EXCEPT IN ACCORDANCE WITH THE PROVISIONS
          OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO
          HEREIN.

     4. The Transferee has been furnished with all information regarding (a) The
Depositor, (b) the Transferred Certificates and distributions thereon, (c) the
nature, performance and servicing of the Mortgage Loans, (d) the Pooling and
Servicing Agreement, and (e) all related matters, that it has requested.

                                     Very truly yours,

                                     (Transferee)

                                     By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                     F-2C-2

                                                         ANNEX 1 TO EXHIBIT F-2C

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
          [for Transferees other than Registered Investment Companies]

     The undersigned hereby certifies as follows to [name of Transferor] (the
"Transferor") and for the benefit of Credit Suisse First Boston Mortgage
Securities Corp. with respect to the mortgage pass-through certificates being
transferred in book-entry form (the "Transferred Certificates") as described in
the Transferee Certificate to which this certification relates and to which this
certification is an Annex:

     1. As indicated below, the undersigned is the chief financial officer, a
person fulfilling an equivalent function, or other executive officer of the
entity acquiring interests in the Transferred Certificates (the "Transferee").

     2. The Transferee is a "qualified institutional buyer" as that term is
defined in Rule 144A under the Securities Act of 1933, as amended ("Rule 144A")
because (i) [the Transferee] [each of the Transferee's equity owners] owned
and/or invested on a discretionary basis $_____________________(2) in securities
(other than the excluded securities referred to below) as of the end of the
Transferee's most recent fiscal year (such amount being calculated in accordance
with Rule 144A) and (ii) the Transferee satisfies the criteria in the category
marked below.

     ___       Corporation, etc. The Transferee is a corporation (other than a
               bank, savings and loan association or similar institution),
               Massachusetts or similar business trust, partnership, or any
               organization described in Section 501(c)(3) of the Internal
               Revenue Code of 1986.

     ___       Bank. The Transferee (a) is a national bank or a banking
               institution organized under the laws of any State, U.S. territory
               or the District of Columbia, the business of which is
               substantially confined to banking and is supervised by the State
               or territorial banking commission or similar official or is a
               foreign bank or equivalent institution, and (b) has an audited
               net worth of at least $25,000,000 as demonstrated in its latest
               annual financial statements, a copy of which is attached hereto,
               as of a date not more than 16 months preceding the date of sale
               of the Transferred Certificates in the case of a U.S. bank, and
               not more than 18 months preceding such date of sale for a foreign
               bank or equivalent institution.

     ___       Savings and Loan. The Transferee (a) is a savings and loan
               association, building and loan association, cooperative bank,
               homestead association or similar institution, which is supervised
               and examined by a State or Federal authority having supervision
               over any such institutions or is a foreign savings and loan
               association or equivalent institution and (b) has an audited net
               worth of at least $25,000,000 as demonstrated in its latest
               annual

----------------
(2) Transferee or each of its equity owners must own and/or invest on a
discretionary basis at least $100,000,000 in securities unless Transferee or any
such equity owner, as the case may be, is a dealer, and, in that case,
Transferee or such equity owner, as the case may be, must own and/or invest on a
discretionary basis at least $10,000,000 in securities.

                                     F-2C-3

               financial statements, a copy of which is attached hereto, as of a
               date not more than 16 months preceding the date of sale of the
               Transferred Certificates in the case of a U.S. savings and loan
               association, and not more than 18 months preceding such date of
               sale in the case of a foreign savings and loan association or
               equivalent institution.

     ___       Broker-dealer. The Transferee is a dealer registered pursuant to
               Section 15 of the Securities Exchange Act of 1934, as amended.

     ___       Insurance Company. The Transferee is an insurance company whose
               primary and predominant business activity is the writing of
               insurance or the reinsuring of risks underwritten by insurance
               companies and which is subject to supervision by the insurance
               commissioner or a similar official or agency of a State, U.S.
               territory or the District of Columbia.

     ___       State or Local Plan. The Transferee is a plan established and
               maintained by a State, its political subdivisions, or any agency
               or instrumentality of the State or its political subdivisions,
               for the benefit of its employees.

     ___       ERISA Plan. The Transferee is an employee benefit plan within the
               meaning of Title I of the Employee Retirement Income Security Act
               of 1974.

     ___       Investment Advisor. The Transferee is an investment advisor
               registered under the Investment Advisers Act of 1940, as amended.

     ___       QIB Subsidiary. All of the Transferee's equity owners are
               "qualified institutional buyers" within the meaning of Rule 144A.

     ___       Other. (Please supply a brief description of the entity and a
               cross-reference to the paragraph and subparagraph under
               subsection (a)(1) of Rule 144A pursuant to which it qualifies.
               Note that registered investment companies should complete Annex 2
               rather than this Annex 1.)

     3. For purposes of determining the aggregate amount of securities owned
and/or invested on a discretionary basis by the Transferee, the Transferee did
not include (i) securities of issuers that are affiliated with such Person, (ii)
securities that are part of an unsold allotment to or subscription by such
Person, if such Person is a dealer, (iii) bank deposit notes and certificates of
deposit, (iv) loan participations, (v) repurchase agreements, (vi) securities
owned but subject to a repurchase agreement and (vii) currency, interest rate
and commodity swaps.

     4. For purposes of determining the aggregate amount of securities owned
and/or invested on a discretionary basis by any such Person, the Transferee used
the cost of such securities to such Person, unless such Person reports its
securities holdings in its financial statements on the basis of their market
value, and no current information with respect to the cost of those securities
has been published, in which case the securities were valued at market. Further,
in determining such aggregate amount, the Transferee may have included
securities owned by subsidiaries of such Person, but only if such subsidiaries
are consolidated with such Person in its financial statements prepared in
accordance with generally accepted accounting principles and if the investments
of such subsidiaries are managed under such Person's direction. However, such
securities were not included if such Person is a majority-

                                     F-2C-4

owned, consolidated subsidiary of another enterprise and such Person is not
itself a reporting company under the Securities Exchange Act of 1934, as
amended.

     5. The Transferee acknowledges that it is familiar with Rule 144A and
understands that the Transferor and other parties related to the Transferred
Certificates are relying and will continue to rely on the statements made herein
because one or more Transfers to the Transferee may be in reliance on Rule 144A.

     ____   ____      Will the Transferee be acquiring interests in the
     Yes    No        Transferred  Certificates only for the Transferee's own
                      account?

     6. If the answer to the foregoing question is "no", then in each case where
the Transferee is acquiring any interest in the Transferred Certificates for an
account other than its own, such account belongs to a third party that is itself
a "qualified institutional buyer" within the meaning of Rule 144A, and the
"qualified institutional buyer" status of such third party has been established
by the Transferee through one or more of the appropriate methods contemplated by
Rule 144A.

     7. The Transferee will notify each of the parties to which this
certification is made of any changes in the information and conclusions herein.
Until such notice is given, the Transferee's acquisition of any interest in of
the Transferred Certificates will constitute a reaffirmation of this
certification as of the date of such acquisition. In addition, if the Transferee
is a bank or savings and loan as provided above, the Transferee agrees that it
will furnish to such parties any updated annual financial statements that become
available on or before the date of such acquisition, promptly after they become
available.

     8. Capitalized terms used but not defined herein have the meanings ascribed
thereto in the Pooling and Servicing Agreement pursuant to which the Transferred
Certificates were issued.

                                    (Transferee)

                                    By:
                                       -----------------------------------------
                                    Name:
                                    Title:
                                    Date:

                                     F-2C-5

                                                         ANNEX 2 TO EXHIBIT F-2C

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
           [for Transferees that are Registered Investment Companies]

     The undersigned hereby certifies as follows to [name of Transferor] (the
"Transferor") and for the benefit of Credit Suisse First Boston Mortgage
Securities Corp. with respect to the mortgage pass-through certificates being
transferred in book-entry form (the "Transferred Certificates") as described in
the Transferee Certificate to which this certification relates and to which this
certification is an Annex:

     1. As indicated below, the undersigned is the chief financial officer, a
person fulfilling an equivalent function, or other executive officer of the
entity acquiring interests in the Transferred Certificates (the "Transferee")
or, if the Transferee is a "qualified institutional buyer" as that term is
defined in Rule 144A under the Securities Act of 1933, as amended ("Rule 144A")
because the Transferee is part of a Family of Investment Companies (as defined
below), is an executive officer of the investment adviser (the "Adviser").

     2. The Transferee is a "qualified institutional buyer" as defined in Rule
144A because (i) the Transferee is an investment company registered under the
Investment Company Act of 1940, as amended, and (ii) as marked below, the
Transferee alone owned and/or invested on a discretionary basis, or the
Transferee's Family of Investment Companies owned, at least $100,000,000 in
securities (other than the excluded securities referred to below) as of the end
of the Transferee's most recent fiscal year. For purposes of determining the
amount of securities owned by the Transferee or the Transferee's Family of
Investment Companies, the cost of such securities was used, unless the
Transferee or any member of the Transferee's Family of Investment Companies, as
the case may be, reports its securities holdings in its financial statements on
the basis of their market value, and no current information with respect to the
cost of those securities has been published, in which case the securities of
such entity were valued at market.

     ____      The Transferee owned and/or invested on a discretionary basis
               $___________________ in securities (other than the excluded
               securities referred to below) as of the end of the Transferee's
               most recent fiscal year (such amount being calculated in
               accordance with Rule 144A).

     ____      The Transferee is part of a Family of Investment Companies which
               owned in the aggregate $______________ in securities (other than
               the excluded securities referred to below) as of the end of the
               Transferee's most recent fiscal year (such amount being
               calculated in accordance with Rule 144A).

     3. The term "Family of Investment Companies" as used herein means two or
more registered investment companies (or series thereof) that have the same
investment adviser or investment advisers that are affiliated (by virtue of
being majority owned subsidiaries of the same parent or because one investment
adviser is a majority owned subsidiary of the other).

                                     F-2C-6

     4. The term "securities" as used herein does not include (i) securities of
issuers that are affiliated with the Transferee or are part of the Transferee's
Family of Investment Companies, (ii) bank deposit notes and certificates of
deposit, (iii) loan participations, (iv) repurchase agreements, (v) securities
owned but subject to a repurchase agreement and (vi) currency, interest rate and
commodity swaps. For purposes of determining the aggregate amount of securities
owned and/or invested on a discretionary basis by the Transferee, or owned by
the Transferee's Family of Investment Companies, the securities referred to in
this paragraph were excluded.

     5. The Transferee is familiar with Rule 144A and understands that the
Transferor and other parties related to the Transferred Certificates are relying
and will continue to rely on the statements made herein because one or more
Transfers to the Transferee will be in reliance on Rule 144A.

     ____     ____      Will the Transferee be acquiring interests in the
     Yes      No        Transferred Certificates only for the Transferee's own
                        account?

     6. If the answer to the foregoing question is "no", then in each case where
the Transferee is acquiring any interest in the Transferred Certificates for an
account other than its own, such account belongs to a third party that is itself
a "qualified institutional buyer" within the meaning of Rule 144A, and the
"qualified institutional buyer" status of such third party has been established
by the Transferee through one or more of the appropriate methods contemplated by
Rule 144A.

     7. The undersigned will notify the parties to which this certification is
made of any changes in the information and conclusions herein. Until such
notice, the Transferee's acquisition of any interest in the Transferred
Certificates will constitute a reaffirmation of this certification by the
undersigned as of the date of such acquisition.

     8. Capitalized terms used but not defined herein have the meanings ascribed
thereto in the Pooling and Servicing Agreement pursuant to which the Transferred
Certificates were issued.

                                   (Transferee or Adviser)

                                   By:
                                      ------------------------------------------
                                   Name:
                                   Title:

                                   IF AN ADVISER:

                                   ---------------------------------------------
                                   Print Name of Transferee

                                   Date:

                                     F-2C-7

                                  EXHIBIT F-2D

                      FORM II OF TRANSFEREE CERTIFICATE FOR
              TRANSFERS OF INTERESTS IN NON-REGISTERED CERTIFICATES
                             HELD IN BOOK ENTRY FORM

                                     [Date]

[TRANSFEROR]

     Re:  Credit Suisse First Boston Mortgage Securities Corp., Commercial
          Mortgage Pass-Through Certificates, Series 2004-C3, Class ______
          Certificates [having an initial aggregate [principal balance]
          [notional amount] as of August 25, 2004 (the "Closing Date") of
          $__________] (the "Transferred Certificates")

Ladies and Gentlemen:

     This letter is delivered to you in connection with the transfer by
_________________ (the "Transferor") to _________________ (the "Transferee")
through our respective Depository Participants of the Transferor's beneficial
ownership interest (currently maintained on the books and records of The
Depository Trust Company ("DTC") and the Depository Participants) in the
Transferred Certificates. The Certificates, including the Transferred
Certificates, were issued pursuant to the Pooling and Servicing Agreement dated
as of August 1, 2004 (the "Pooling and Servicing Agreement"), among Credit
Suisse First Boston Mortgage Securities Corp., as depositor, Midland Loan
Services, Inc., as master servicer (the "Master Servicer"), Clarion Partners,
LLC, as special servicer (the "Special Servicer"), and Wells Fargo Bank, N.A.,
as trustee (the "Trustee"). All capitalized terms used herein and not otherwise
defined shall have the respective meanings set forth in the Pooling and
Servicing Agreement. The Transferee hereby certifies, represents and warrants to
and agrees with you, and for the benefit of the Depositor, the Trustee and the
Certificate Registrar, that:

     1. The Transferee is not a United States Securities Person. For purposes of
this certification, "United States Securities Person" means (i) any natural
person resident in the United States, (ii) any partnership or corporation
organized or incorporated under the laws of the United States; (iii) any estate
of which any executor or administrator is a United States Securities Person,
other than any estate of which any professional fiduciary acting as executor or
administrator is a United States Securities Person if an executor or
administrator of the estate who is not a United States Securities Person has
sole or shared investment discretion with respect to the assets of the estate
and the estate is governed by foreign law, (iv) any trust of which any trustee
is a United States Securities Person, other than a trust of which any
professional fiduciary acting as trustee is a United States Securities Person if
a trustee who is not a United States Securities Person has sole or shared
investment discretion with respect to the trust assets and no beneficiary of the
trust (and no settlor if the trust is revocable) is a United States Securities
Person, (v) any agency or branch of a foreign entity located in the United
States, unless the agency or branch operates for valid business reasons and is
engaged in the business of insurance or banking and is subject to substantive
insurance or banking regulation, respectively, in the jurisdiction where
located, (vi) any non-discretionary account or similar account (other than an
estate or trust) held

                                     F-2D-1

by a dealer or other fiduciary for the benefit or account of a United States
Securities Person, (vii) any discretionary account or similar account (other
than an estate or trust) held by a dealer or other fiduciary organized,
incorporated or (if an individual) resident in the United States, other than one
held for the benefit or account of a non-United States Securities Person by a
dealer or other professional fiduciary organized, incorporated or (if any
individual) resident in the United States, (viii) any partnership or corporation
if (a) organized or incorporated under the laws of any foreign jurisdiction and
(b) formed by a United States Securities Person principally for the purpose of
investing in securities not registered under the Securities Act, unless it is
organized or incorporated, and owned, by "accredited investors" (as defined in
Rule 501(a)) under the United States Securities Act of 1933, as amended (the
"Securities Act"), who are not natural persons, estates or trusts; provided,
however, that the International Monetary Fund, the International Bank for
Reconstruction and Development, the Inter-American Development Bank, the Asian
Development Bank, the African Development Bank, the United Nations and their
agencies, affiliates and pension plans, any other similar international
organization, their agencies, affiliates and pension plans shall not constitute
United States Securities Persons.

     2. The Transferee understands that (a) the Transferred Certificates have
not been and will not be registered under the Securities Act or registered or
qualified under any applicable state securities laws, (b) neither the Depositor
nor the Trustee is obligated so to register or qualify the Transferred
Certificates, and (c) neither the Transferred Certificates nor any security
issued in exchange therefor or in lieu thereof may be resold or transferred
unless it is (i) registered pursuant to the Securities Act and registered or
qualified pursuant any applicable state securities laws, or (ii) is sold or
transferred in transactions which are exempt from such registration and
qualification.

     3. The Transferee understands that it may not sell or otherwise transfer
any Transferred Certificate, any security issued in exchange therefor or in lieu
thereof or any interest in the foregoing except in compliance with the
provisions of Section 5.02 of the Pooling and Servicing Agreement, which
provisions it has carefully reviewed, and that each Transferred Certificate will
bear the following legends:

     THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES
     ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF
     ANY STATE. ANY RESALE, PLEDGE, TRANSFER OR OTHER DISPOSITION OF THIS
     CERTIFICATE OR ANY INTEREST HEREIN WITHOUT SUCH REGISTRATION OR
     QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
     REGISTRATION OR QUALIFICATION AND WHICH IS IN ACCORDANCE WITH THE
     PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED
     TO HEREIN.

     NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A)
     ANY RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT THAT IS
     SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
     ("ERISA"), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
     (THE "CODE"), OR (B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING
     THIS CERTIFICATE OR SUCH

                                     F-2D-2

     INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH
     ASSETS OF ANY SUCH RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR
     ARRANGEMENT, EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF
     THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     We understand that this certification is required in connection with
certain securities laws of the United States. In connection therewith, if
administrative or legal proceedings are commenced or threatened in connection
with which this certification is or would be relevant, we irrevocably authorized
you to produce this certification to any interested party in such proceedings.

Dated:  __________, ____

                                  By:
                                     -------------------------------------------
                                     As, or agent for, the beneficial owner(s)
                                     of the Certificates to which this
                                     certificate relates

                                     F-2D-3

                                   EXHIBIT G-1

             FORM OF TRANSFEREE CERTIFICATE IN CONNECTION WITH ERISA
              (NON-REGISTERED CERTIFICATES AND NON-INVESTMENT GRADE
            CERTIFICATES HELD IN FULLY REGISTERED, CERTIFICATED FORM)

                                     [Date]

Wells Fargo Bank, N.A.
Wells Fargo Center
Sixth and Marquette
MAC # N9303-121
Minneapolis, Minnesota  55479-0113
Attention:  Corporate Trust Services (CMBS)

     Re:  Credit Suisse First Boston Mortgage Securities Corp., Commercial
          Mortgage Pass-Through Certificates, Series 2004-C3, Class ______
          Certificates [having an initial aggregate Certificate [Principal
          Balance] [Notional Amount] as of August 25, 2004 (the "Closing Date")
          of $__________] [evidencing a ____% Percentage Interest in the related
          Class] (the "Transferred Certificates")

Ladies and Gentlemen:

     This letter is delivered to you in connection with the transfer by
_________________ (the "Transferor") to _________________ (the "Transferee") of
the Transferred Certificates pursuant to Section 5.02 of the Pooling and
Servicing Agreement dated as of August 1, 2004 (the "Pooling and Servicing
Agreement"), among Credit Suisse First Boston Mortgage Securities Corp., as
depositor, Midland Loan Services, Inc., as master servicer (the "Master
Servicer"), Clarion Partners, LLC, as special servicer (the "Special Servicer"),
and Wells Fargo Bank, N.A., as trustee (the "Trustee"). All capitalized terms
used herein and not otherwise defined shall have the respective meanings set
forth in the Pooling and Servicing Agreement. The Transferee hereby certifies,
represents and warrants to you as Certificate Registrar, as follows (check the
applicable paragraph):

     ___       The Transferee is neither (A) a retirement plan or other employee
               benefit plan or arrangement, including an individual retirement
               account or annuity, a Keogh plan or a collective investment fund
               or separate account in which such plans, accounts or arrangements
               are invested, including an insurance company general account,
               that is subject to ERISA or Section 4975 of the Code (each, a
               "Plan"), nor (B) a Person who is directly or indirectly
               purchasing the Transferred Certificates on behalf of, as named
               fiduciary of, as trustee of, or with assets of a Plan; or

     ___       The Transferee is using funds from an insurance company general
               account to acquire the Transferred Certificates, however, the
               purchase and holding of such Certificates by such Person is
               exempt from the prohibited transaction provisions of Section 406
               of ERISA and Section 4975 of the Code by reason of Sections I and
               III of Prohibited Transaction Class Exemption 95-60.

                                     G-1-1

     ___       The Transferred Certificates are Class ___ Certificates, an
               interest in which is being acquired by or on behalf of a Plan in
               reliance on the individual prohibited transaction exemption
               issued by the U.S. Department of Labor to Credit Suisse First
               Boston LLC (PTE 89-90), and such Plan (X) is an accredited
               investor as defined in Rule 501(a)(1) of Regulation D of the
               Securities Act, (Y) is not sponsored (within the meaning of
               Section 3(16)(B) of ERISA) by the Trustee, the Depositor, any
               Mortgage Loan Seller, the Master Servicer, the Special Servicer,
               any Exemption-Favored Party, any Primary Servicer, any
               Sub-Servicer or any Borrower with respect to any Loan or group of
               Loans that represents more than 5% of the aggregate unamortized
               principal balance of the Loans determined on the date of the
               initial issuance of the Certificates, or by an Affiliate of any
               such Person, and (Z) agrees that it will obtain from each of its
               Transferees to which it transfers an interest in the Transferred
               Certificates, a written representation that such Transferee, if a
               Plan, satisfies the requirements of the immediately preceding
               clauses (X) and (Y), together with a written agreement that such
               Transferee will obtain from each of its Transferees that are
               Plans a similar written representation regarding satisfaction of
               the requirements of the immediately preceding clauses (X) and
               (Y).

                                       Very truly yours,

                                       -----------------------------------------
                                       (Transferee)

                                       By:
                                          --------------------------------------
                                          Name:
                                               ---------------------------------
                                          Title:
                                                --------------------------------

                                     G-1-2

                                   EXHIBIT G-2

             FORM OF TRANSFEREE CERTIFICATE IN CONNECTION WITH ERISA
              (NON-REGISTERED CERTIFICATES HELD IN BOOK ENTRY FORM)

                                     [Date]

[TRANSFEROR]

     Re:  Credit Suisse First Boston Mortgage Securities Corp., Commercial
          Mortgage Pass-Through Certificates, Series 2004-C3, Class ______
          Certificates [having an initial aggregate Certificate [Principal
          Balance] [Notional Amount] as of August 25, 2004 (the "Closing Date")
          of $__________] [evidencing a ____% Percentage Interest in the related
          Class] (the "Transferred Certificates")

Ladies and Gentlemen:

     This letter is delivered to you in connection with the Transfer by
______________________ (the "Transferor") to _________________ (the
"Transferee") through our respective Depository Participants of the Transferor's
beneficial ownership interest (currently maintained on the books and records of
The Depository Trust Corporation ("DTC") and the Depository Participants) in the
Transferred Certificates. The Certificates, including the Transferred
Certificates, were issued pursuant to the Pooling and Servicing Agreement dated
as of August 1, 2004 (the "Pooling and Servicing Agreement"), among Credit
Suisse First Boston Mortgage Securities Corp., as depositor, Midland Loan
Services, Inc., as master servicer (the "Master Servicer"), Clarion Partners,
LLC, as special servicer (the "Special Servicer"), and Wells Fargo Bank, N.A.,
as trustee (the "Trustee"). All capitalized terms used herein and not otherwise
defined shall have the respective meanings set forth in the Pooling and
Servicing Agreement. The Transferee hereby certifies, represents and warrants to
you as follows (check the applicable paragraph):

     ___       The Transferee is neither (A) a retirement plan, an employee
               benefit plan or other retirement arrangement, including an
               individual retirement account or annuity, a Keogh plan or a
               collective investment fund or separate account in which such
               plans, accounts or arrangements are invested, including an
               insurance company general account, that is subject to Section 406
               of ERISA or Section 4975 of the Code (each, a "Plan"), nor (B) a
               Person who is directly or indirectly purchasing an interest in
               the Transferred Certificates on behalf of, as named fiduciary of,
               as trustee of, or with assets of, a Plan;

     ___       The Transferee is using funds from an insurance company general
               account to acquire an interest in the Transferred Certificates,
               however, the purchase and holding of such interest by such Person
               is exempt from the prohibited transaction provisions of Section
               406 of ERISA and Section 4975 of the Code by reason of Sections I
               and III of Prohibited Transaction Class Exemption 95-60; or

     ___       The Transferred Certificates are Class ____ Certificates, an
               interest in which is being acquired by or on behalf of a Plan in
               reliance on the individual prohibited transaction

                                     G-2-1

               exemption issued by the U.S. Department of Labor to Credit Suisse
               First Boston LLC (PTE 89-90), and such Plan (X) is an accredited
               investor as defined in Rule 501(a)(1) of Regulation D of the
               Securities Act, (Y) is not sponsored (within the meaning of
               Section 3(16)(B) of ERISA) by the Trustee, the Depositor, any
               Mortgage Loan Seller, the Master Servicer, the Special Servicer,
               any Exemption-Favored Party, any Primary Servicer, any
               Sub-Servicer or any Borrower with respect to any Loan or group of
               Loans that represents more than 5% of the aggregate unamortized
               principal balance of the Loans determined on the date of the
               initial issuance of the Certificates, or by an Affiliate of any
               such Person, and (Z) agrees that it will obtain from each of its
               Transferees to which it transfers an interest in the Transferred
               Certificates, a written representation that such Transferee, if a
               Plan, satisfies the requirements of the immediately preceding
               clauses (X) and (Y), together with a written agreement that such
               Transferee will obtain from each of its Transferees that are
               Plans a similar written representation regarding satisfaction of
               the requirements of the immediately preceding clauses (X) and
               (Y).

                                      ------------------------------------------
                                      (Transferee)

                                      By:
                                         ---------------------------------------
                                         Name:
                                              ----------------------------------
                                         Title:
                                               ---------------------------------

                                     G-2-2

                                   EXHIBIT H-1

                FORM OF RESIDUAL TRANSFER AFFIDAVIT AND AGREEMENT
                      FOR TRANSFERS OF CLASS R CERTIFICATES

STATE OF            )
                    ) ss:
COUNTY OF           )

     ____________________, being first duly sworn, deposes and says that:

     1. He/She is the ____________________ of ____________________ (the
prospective transferee (the "Transferee") of Credit Suisse First Boston Mortgage
Securities Corp., Commercial Mortgage Pass-Through Certificates, Series 2004-C3,
Class R, evidencing a ___% Percentage Interest in such Class (the "Residual
Interest Certificates")), a _________________ duly organized and validly
existing under the laws of ____________________, on behalf of which he/she makes
this affidavit. All capitalized terms used herein and not otherwise defined
shall have the respective meanings set forth in the Pooling and Servicing
Agreement pursuant to which the Residual Interest Certificates were issued (the
"Pooling and Servicing Agreement").

     2. The Transferee (i) is, and as of the date of transfer will be, a
Permitted Transferee and will endeavor to remain a Permitted Transferee for so
long as it holds the Residual Certificates, and (ii) is acquiring the Residual
Certificates for its own account or for the account of another prospective
transferee from which it has received an affidavit in substantially the same
form as this affidavit. A "Permitted Transferee" is any Person other than a
Disqualified Organization, a possession of the United States, Non-United States
Tax Person, domestic partnership whose beneficial interests are not all held by
United States Persons (as defined below) or a foreign permanent establishment or
fixed based (each within the meaning of an applicable tax treaty) of a United
States Person. (For this purpose, a "Disqualified Organization" means the United
States, any state or political subdivision thereof, any agency or
instrumentality of any of the foregoing (other than an instrumentality, all of
the activities of which are subject to tax and, except for the Federal Home Loan
Mortgage Corporation, a majority of whose board of directors is not selected by
any such governmental entity) or any foreign government, international
organization or any agency or instrumentality of such foreign government or
organization, any rural electric or telephone cooperative, or any organization
(other than certain farmers' cooperatives) that is generally exempt from federal
income tax unless such organization is subject to the tax on unrelated business
taxable income).

     3. The Transferee is aware (i) of the tax that would be imposed under the
Code on transfers of the Residual Interest Certificates to non-Permitted
Transferees; (ii) that such tax would be on the transferor or, if such transfer
is through an agent (which Person includes a broker, nominee or middleman) for a
non-Permitted Transferee, on the agent; (iii) that the Person otherwise liable
for the tax shall be relieved of liability for the tax if the transferee
furnishes to such Person an affidavit that the transferee is a Permitted
Transferee and, at the time of transfer, such Person does not have actual
knowledge that the affidavit is false; and (iv) that the Residual Interest
Certificates may be a "noneconomic residual interest" within the meaning of
Treasury regulation Section 1.860E-1(c) and that the transferor of a noneconomic
residual interest will remain liable for any taxes due with respect to the

                                     H-1-1

income on such residual interest, unless no significant purpose of the transfer
is to enable the transferor to impede the assessment or collection of tax.

     4. The Transferee is aware of the tax imposed on a "pass-through entity"
holding the Residual Interest Certificates if at any time during the taxable
year of the pass-through entity a non-Permitted Transferee is the record holder
of an interest in such entity. (For this purpose, a "pass-through entity"
includes a regulated investment company, a real estate investment trust or
common trust fund, a partnership, trust or estate, and certain cooperatives.)

     5. The Transferee is aware that the Certificate Registrar will not register
any transfer of the Residual Interest Certificates by the Transferee unless the
Transferee's transferee, or such transferee's agent, delivers to the Certificate
Registrar, among other things, an affidavit and agreement in substantially the
same form as this affidavit and agreement. The Transferee expressly agrees that
it will not consummate any such transfer if it knows or believes that any
representation contained in such affidavit and agreement is false.

     6. The Transferee consents to any additional restrictions or arrangements
that shall be deemed necessary upon advice of counsel to constitute a reasonable
arrangement to ensure that the Residual Interest Certificates will only be
owned, directly or indirectly, by a Permitted Transferee. In addition, the
Transferee will honor all the restrictions set forth herein upon any subsequent
transfers of the Class R Certificates.

     7. The Transferee's taxpayer identification number is _________________.

     8. The Transferee has reviewed the provisions of Section 5.02(d) of the
Pooling and Servicing Agreement, a description of which provisions is set forth
in the Residual Interest Certificates (in particular, clause (ii)(A) of Section
5.02(d) which authorizes the Trustee to deliver payments on the Residual
Interest Certificates to a Person other than the Transferee and clause (ii)(B)
of Section 5.02(d) which authorizes the Trustee to negotiate a mandatory sale of
the Residual Interest Certificates, in either case, in the event that the
Transferee holds such Residual Interest Certificates in violation of Section
5.02(d)); and the Transferee expressly agrees to be bound by and to comply with
such provisions.

     9. No purpose of the Transferee relating to its purchase or any sale of the
Residual Certificates is or will be to impede the assessment or collection of
any tax.

     10. In accordance with Treasury Regulation Section 1.860E-1 [check the
statement that applies]:

         (a) The consideration paid to the Transferee for accepting the Class R
     Certificates is greater than the present value of the anticipated net
     federal income taxes and tax benefits ("Tax Liability Present Value")
     associated with owning such Certificates, with such present value computed
     using a discount rate equal to the "federal short-term rate" prescribed by
     Section 1274 of the Code as of the date hereof or, to the extent it is not,
     the Transferee has regularly borrowed, in the ordinary course of its trade
     or business, substantial funds from unrelated third parties at a lower
     interest rate than such applicable federal rate and the consideration paid
     to the Transferee is greater than the Tax Liability Present Value using
     such lower interest rate as the discount rate and the transactions in
     question with unrelated third party lenders, the interest rate or rates,
     the date or dates of such transactions, and the maturity dates or,

                                     H-1-2

     in the case of adjustable rate debt instruments, the relevant adjustment
     dates or periods, with respect to such borrowings, are accurately reflected
     in Exhibit A to this letter; _______

          or

         (b) the Transferee (i) is an "eligible corporation" as defined in
     Section 1.860E-1(c)(6)(i) of the Treasury Regulations, as to which the
     income of the Residual Interest Certificates will only be subject to
     taxation in the United States, (ii) has, and has had in each of its two
     preceding fiscal years, gross assets for financial reporting purposes
     (excluding any obligation of a person related to the transferee within the
     meaning of Section 1.860E-1(c)(6)(i) of the Treasury Regulations or any
     other assets if a principal purpose for holding or acquiring such other
     assets is to satisfy this condition) in excess of $100 million and net
     assets of $10 million, and (iii) hereby agrees only to transfer the
     Certificate to another corporation meeting the criteria set forth in this
     letter. _______

     11. The Transferee will not cause the income from the Residual Interest
certificate to be attributed to a foreign permanent establishment or fixed base.

     12. The Transferee hereby represents to and for the benefit of the
transferor that the Transferee intends to pay any taxes associated with holding
the Residual Certificates as they become due, fully understanding that it may
incur tax liabilities in excess of any cash flows generated by the Residual
Certificates.

     For purposes of this affidavit, a "United States Person" is a citizen or
resident of the United States, a corporation, partnership or other entity
created or organized in, or under the laws of, the United States or any
political subdivision thereof, an estate whose income from sources without the
United States is includible in gross income for United States federal income tax
purposes regardless of its connection with the conduct of a trade or business
within the United States or a trust as to which (i) a court in the United States
is able to exercise primary supervision over the administration of the trust and
(ii) one or more United States fiduciaries have the right to control all
substantial decisions of the trust.

                                     H-1-3

     IN WITNESS WHEREOF, the Transferee has caused this instrument to be
executed on its behalf, pursuant to the authority of its Board of Directors, by
its ____________________ and its corporate seal to be hereunto attached,
attested by its [Assistant] Secretary, this ______ day of ______________.

                                      [TRANSFEREE]

                                      By:
                                         ---------------------------------------
                                      [Name of Officer]
                                      [Title of Officer]

[Corporate Seal]

ATTEST:

_________________________________
[Assistant] Secretary

     Personally appeared before me the above-named ____________________, known
or proved to me to be the same person who executed the foregoing instrument and
to be the ____________________ of the Transferee, and acknowledged to me that
he/she executed the same as his/her free act and deed and the free act and deed
of the Transferee

     Subscribed and sworn before me this ______ day of __________________,
________.

-----------------------------
NOTARY PUBLIC

COUNTY OF____________________

STATE OF______________________

My Commission expires the _________ day of ___________, 20__.

                                     H-1-4

                                   EXHIBIT H-2

                 FORM OF TRANSFEROR CERTIFICATE FOR TRANSFERS OF
                              CLASS R CERTIFICATES

                                     [Date]

Wells Fargo Bank, N.A.
Wells Fargo Center
Sixth and Marquette
MAC # N9303-121
Minneapolis, Minnesota  55479-0113
Attention:  Corporate Trust Services (CMBS)

     Re:  Credit Suisse First Boston Mortgage Securities Corp., Commercial
          Mortgage Pass-Through Certificates, Series 2004-C3, Class R
          Certificates (the"Residual Interest Certificates")

Ladies and Gentlemen:

     This letter is delivered to you in connection with the transfer by
_________________ (the "Transferor") to _________________ (the "Transferee") of
the Residual Interest Certificates, pursuant to the Pooling and Servicing
Agreement dated as of August 1, 2004 (the "Pooling and Servicing Agreement"),
among Credit Suisse First Boston Mortgage Securities Corp. as depositor, Midland
Loan Services, Inc., as master servicer (the "Master Servicer"), Clarion
Partners, LLC, as special servicer (the "Special Servicer"), and Wells Fargo
Bank, N.A., as trustee (the "Trustee"). All capitalized terms used herein and
not otherwise defined shall have the respective meanings set forth in the
Pooling and Servicing Agreement. The Transferor hereby certifies, represents and
warrants to you, as Certificate Registrar, that:

     1. No purpose of the Transferor relating to the transfer of the Residual
Interest Certificates by the Transferor to the Transferee is or will be to
impede the assessment or collection of any tax.

     2. The Transferor understands that the Transferee has delivered to you a
Transfer Affidavit and Agreement in the form attached to the Pooling and
Servicing Agreement as Exhibit H-1. The Transferor does not know or believe that
any representation contained therein is false.

                                     H-2-1

     3. The Transferor has at the time of this transfer conducted a reasonable
investigation of the financial condition of the Transferee (or the beneficial
owners of the Transferee if the Transferee is classified as a partnership under
the Code) as contemplated by Treasury regulation Section 1.860E-1(c)(4)(i) and,
as a result of that investigation, the Transferor has determined that the
Transferee has historically paid its debts as they became due and has found no
significant evidence to indicate that the Transferee will not continue to pay
its debts as they become due in the future. The Transferor understands that the
transfer of the Residual Interest Certificates may not be respected for United
States income tax purposes (and the Transferor may continue to be liable for
United States income taxes associated therewith) unless the Transferor has
conducted such an investigation.

                                    Very truly yours,

                                    [TRANSFEROR]

                                    By:
                                       -----------------------------------------
                                    (Transferor)
                                    Name:
                                    Title:

                                     H-2-2

                                    EXHIBIT I

                             INVESTOR CERTIFICATION

                                     [Date]

[TRUSTEE]

[APPLICABLE MASTER SERVICER]

[APPLICABLE SPECIAL SERVICER]

     In accordance with Section ____ of the Pooling and Servicing Agreement,
dated as of August 1, 2004 (the "Agreement"), among Credit Suisse First Boston
Mortgage Securities Corp. as Depositor, Midland Loan Services, Inc. as master
servicer, Clarion Partners, LLC, as special servicer, and you, as Trustee, with
respect to the Credit Suisse First Boston Mortgage Securities Corp., Commercial
Mortgage Pass-Through Certificates, Series 2004-C3 (the "Certificates"), the
undersigned hereby certifies and agrees as follows:

         1. The undersigned is a [registered holder] [beneficial owner]
     [prospective purchaser] of Class ____ Certificates.

         2. The undersigned is requesting, pursuant to Section ___ of the
     Agreement, is requesting access to certain information (the "Information")
     on [the Trustee's] [Master Servicer's] [Special Servicer's] website and/or
     is requesting the information identified on the schedule attached hereto
     (also, the "Information") pursuant to Section 4.02 of the Agreement.

         3. In consideration of [the Trustee's] [Master Servicer's [Special
     Servicer's] [disclosure to the undersigned of the Information, or providing
     access in connection therewith, the undersigned will keep the Information
     confidential (except from such outside persons as are assisting it in
     making an evaluation [of its investment in] in connection with purchasing]
     the related Certificates, from its accountants and attorneys, and otherwise
     from such governmental or banking authorities or agencies to which the
     undersigned is subject), and such Information will not, without the prior
     written consent of the Trustee, be otherwise disclosed by the undersigned
     or by its officers, directors, partners, employees, agents or
     representatives (collectively, the "Representatives") in any manner
     whatsoever, in whole or in part; provided that the undersigned may provide
     all or any part of the Information to any other person or entity that holds
     or is contemplating the purchase of any Certificate or interest therein,
     but only if such person or entity confirms in writing such ownership
     interest or prospective ownership interest and agrees to keep it
     confidential.

         4. The undersigned will not use or disclose the Information in any
     manner which could result in a violation of, or any rule or regulation
     promulgated under, any provision of the Securities Act of 1933, as amended
     (the "Securities Act"), or the Securities Exchange Act of 1934, as amended,
     or would require registration of any Certificate pursuant to Section 5 of
     the Securities Act.

                                     I-1-1

         5. Investor hereby acknowledges and agrees that:

         (a)   Neither the Master Servicer nor the Trustee will make any
               representations or warranties as to the accuracy or completeness
               of, and will assume no responsibility for, any report, document
               or other information delivered pursuant to this request or made
               available on its Website;

         (b)   Neither the Master Servicer nor the Trustee has undertaken any
               obligation to verify the accuracy or completeness of any
               information provided by a Borrower, a third party, each other or
               any other Person that is included in any report, document or
               other information delivered pursuant to this request or made
               available on its respective Website;

         (c)   Any transmittal of any report, document or other information to
               Investor by the Master Servicer or the Trustee is subject to,
               which transmittal may (but need not be) accompanied by a letter
               containing, the following provision:

                    By receiving the information set forth herein, you hereby
                    acknowledge and agree that the United States securities laws
                    restrict any person who possesses material, non-public
                    information regarding the Trust which issued Credit Suisse
                    First Boston Mortgage Securities Corp., Commercial Mortgage
                    Pass-Through Certificates, Series 2004-C3 from purchasing or
                    selling such Certificates in circumstances where the other
                    party to the transaction is not also in possession of such
                    information. You also acknowledge and agree that such
                    information is being provided to you for the purposes of,
                    and such information may be used only in connection with,
                    evaluation by you or another Certificateholder, Certificate
                    Owner or prospective purchaser of such Certificates or
                    beneficial interest therein;

         (d)   When delivering any report, document or other information
               pursuant to this request, the Master Servicer or the Trustee may
               (i) indicate the source thereof and may affix thereto any
               disclaimer it deems appropriate in its discretion and (ii)
               contemporaneously provide such report, document or information to
               the Depositor, the Trustee, the Initial Purchaser, any
               Underwriter, any Rating Agency or Certificateholders or
               Certificate Owners.

     6.  The undersigned shall be fully liable for any breach of this agreement
         by itself or any of its Representatives and shall indemnify the
         Depositor, the Trustee, the Master Servicer, the Special Servicer and
         the Trust Fund for any loss, liability or expense incurred thereby with
         respect to any such breach by the undersigned or any of its
         Representatives.

     Capitalized terms used but not defined herein shall have the respective
meanings assigned thereto in the Agreement.

     IN WITNESS WHEREOF, the undersigned has caused its name to be signed hereto
by its duly authorized signatory, as of the day and year written above.

                         Beneficial Owner or Prospective Purchaser

                         Name:
                               -------------------------------------------------
                         Title:
                         Company:
                         Phone:

                                   EXHIBIT J-1

                    FORM OF INTERIM CERTIFICATION OF TRUSTEE

                                     [Date]

To:  The Parties Listed on Schedule A Attached Hereto.

      Intermediate Review of Mortgage Files by the Trustee Pursuant to the
      --------------------------------------------------------------------
             Pooling and Servicing Agreement (dated August 1, 2004)
             ------------------------------------------------------

Ladies and Gentlemen:

     In accordance with Section 2.02(b) of the Pooling and Servicing Agreement,
dated August 1, 2004, by and among Credit Suisse First Boston Mortgage
Securities Corp. as Depositor, Midland Loan Services, Inc., as master servicer,
Clarion Partners, LLC, as special servicer, and Wells Fargo Bank, N.A., as
trustee (the "Agreement"), with respect to the Credit Suisse First Boston
Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates, Series
2004-C3, the undersigned, as Trustee, hereby certifies that, subject to Sections
2.01 and 2.02(d), as to each Loan listed on the Mortgage Loan Schedule (other
than any Loan paid in full and any Loan specifically identified in any exception
report annexed hereto) (i) all documents specified in clauses (i) through (v),
(ix) (without regard to the parenthetical clause), (xi), (xii), (xvi) and
(xviii) of the definition of "Mortgage File" in the Agreement are in its
possession, and (ii) all documents delivered or caused to be delivered by the
applicable Mortgage Loan Seller constituting the related Mortgage File have been
received, appear to have been executed (with the exception of UCC Financing
Statements and assignments thereof), appear to be what they purport to be,
purport to be recorded or filed (if recordation or filing is specified for such
document in the definition of "Mortgage File") and have not been torn, mutilated
or otherwise defaced, and that such documents appear to relate to the subject
Loan.

     The scope and extent of the foregoing review is subject to the limitations
and qualifications, and includes the assumptions, set forth in Section 2.02 of
the Pooling and Servicing Agreement.

                                     J-1-1

     Capitalized terms used herein and not otherwise defined shall have the
respective meanings assigned to them in the Agreement.

                                  Respectfully,

                                  WELLS FARGO BANK, N.A.,
                                  as Trustee,

                                  By:
                                     -------------------------------------------
                                  Name:
                                  Title:

                                     J-1-2

                                   SCHEDULE A

Credit Suisse First Boston Mortgage Securities Corp.
Eleven Madison Avenue
New York, NY  10010

Midland Loan Services, Inc.
10851 Mastin Street, Suite 700
Overland Park, Kansas 66210

Clarion Partners, LLC
230 Park Avenue, 12th Floor
New York, New York  10169

Column Financial, Inc.
3414 Peachtree Road,
N.E. Suite 1140 Atlanta, Georgia 30326

PNC Bank, National Association
249 Fifth Avenue
One PNC Plaza
Pittsburgh, Pennsylvania 15222

KeyBank National Association (solely with respect to the Mizner Park Loan) [c/o
KeyCorp Real Estate Capital Markets, Inc.
911 Main Street, Suite 1500
Kansas City, Missouri  64105
Attention:  Senior Vice President of Loan Servicing]

                                     J-1-3

                                   EXHIBIT J-2

                     FORM OF FINAL CERTIFICATION OF TRUSTEE

                                     [Date]

To:  The Parties Listed on Schedule A Attached Hereto.

    Receipt and Final Review of Mortgage Files by the Trustee Pursuant to the
    -------------------------------------------------------------------------
             Pooling and Servicing Agreement (dated August 1, 2004)
             ------------------------------------------------------

Ladies and Gentlemen:

     In accordance with Section 2.02(c) of the Pooling and Servicing Agreement,
dated August 1, 2004, by and among Credit Suisse First Boston Mortgage
Securities Corp. as Depositor, Midland Loan Services, Inc., as master servicer,
Clarion Partners, LLC, as special servicer and Wells Fargo Bank, N.A., as
trustee (the "Agreement"), with respect to the Credit Suisse First Boston
Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates, Series
2004-C3, the undersigned, as trustee, hereby certifies that, subject to Sections
2.01 and 2.02(d), as to each Loan listed on the Mortgage Loan Schedule
(excluding any Loan as to which a Liquidation Event has occurred and any Loan
specifically identified in any exception report annexed hereto), (i) all
documents specified in clauses (i) through (v), (ix) (without regard to the
parenthetical clause), (xi), (xii), (xvi) and (xviii) of the definition of
"Mortgage File" in the Agreement, are in its possession, (ii) it has received
either a recorded original of each of the assignments specified in clause (iii)
and clause (v) of the definition of "Mortgage File" in the Agreement, or,
insofar as an unrecorded original thereof had been delivered or caused to be
delivered by the applicable Mortgage Loan Seller, a copy of such recorded
original certified by the applicable public recording office to be true and
complete, and (iii) all such Loan Documents have been received, have been
executed (with the exception of UCC Financing Statements and assignments
thereof), appear to be what they purport to be, purport to be recorded or filed
(if recordation or filing is specified for such document in the definition of
"Mortgage File") and have not been torn, mutilated or otherwise defaced, and
that such documents relate to the subject Loan.

     The scope and extent of the foregoing review is subject to the limitations
and qualifications, and includes the assumptions, set forth in Section 2.02 of
the Pooling and Servicing Agreement.

     Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the Agreement. This Certificate is qualified in all
respects by the terms of the Agreement.

                                     J-2-1

                                      WELLS FARGO BANK, N.A., as Trustee,

                                      By:
                                         ---------------------------------------
                                         Name:
                                         Title:

                                     J-2-2

                                   SCHEDULE A

Credit Suisse First Boston Mortgage Securities Corp.
Eleven Madison Avenue
New York, NY  10010

Midland Loan Services, Inc.
10851 Mastin Street, Suite 700
Overland Park, Kansas 66210

Clarion Partners, LLC
230 Park Avenue, 12th Floor
New York, New York  10169

Column Financial, Inc.
3414 Peachtree Road,
N.E. Suite 1140 Atlanta, Georgia 30326

PNC Bank, National Association
249 Fifth Avenue
One PNC Plaza
Pittsburgh, Pennsylvania 15222

                                     J-2-3

                                    EXHIBIT K

                           SCHEDULE OF REFERENCE RATES

       DISTRIBUTION DATE                 REFERENCE RATE                DISTRIBUTION DATE                REFERENCE RATE
       -----------------                 --------------                -----------------                --------------

         September 2004                     5.75951%                       March 2008                      5.57219%
          October 2004                      5.57275%                       April 2008                      5.75861%
         November 2004                      5.75951%                        May 2008                       5.57180%
         December 2004                      5.57276%                       June 2008                       5.75842%
          January 2005                      5.57276%                       July 2008                       5.57162%
         February 2005                      5.57276%                      August 2008                      5.75823%
           March 2005                       5.57309%                     September 2008                    5.75814%
           April 2005                       5.75951%                      October 2008                     5.57135%
            May 2005                        5.57275%                     November 2008                     5.75795%
           June 2005                        5.75950%                     December 2008                     5.57131%
           July 2005                        5.57275%                      January 2009                     5.57280%
          August 2005                       5.75950%                     February 2009                     5.57271%
         September 2005                     5.75951%                       March 2009                      5.57580%
          October 2005                      5.57274%                       April 2009                      5.76213%
         November 2005                      5.75949%                        May 2009                       5.60837%
         December 2005                      5.57273%                       June 2009                       5.83935%
          January 2006                      5.57271%                       July 2009                       5.65648%
         February 2006                      5.57271%                      August 2009                      5.88035%
           March 2006                       5.57306%                     September 2009                    5.88520%
           April 2006                       5.75943%                      October 2009                     5.69608%
            May 2006                        5.57266%                     November 2009                     5.88769%
           June 2006                        5.75940%                     December 2009                     5.69750%
           July 2006                        5.57266%                      January 2010                     5.69804%
          August 2006                       5.75942%                     February 2010                     5.69848%
         September 2006                     5.75941%                       March 2010                      5.69912%
          October 2006                      5.57265%                       April 2010                      5.88923%
         November 2006                      5.75940%                        May 2010                       5.69821%
         December 2006                      5.57264%                       June 2010                       5.88906%
          January 2007                      5.57263%                       July 2010                       5.69805%
         February 2007                      5.57263%                      August 2010                      5.88889%
           March 2007                       5.57311%                     September 2010                    5.88881%
           April 2007                       5.75936%                      October 2010                     5.69780%
            May 2007                        5.57260%                     November 2010                     5.88863%
           June 2007                        5.75934%                     December 2010                     5.69763%
           July 2007                        5.57258%                      January 2011                     5.69753%
          August 2007                       5.75932%                     February 2011                     5.69630%
         September 2007                     5.75925%                       March 2011                      5.69814%
          October 2007                      5.57242%                       April 2011                      5.88953%
         November 2007                      5.75907%                        May 2011                       5.69867%
         December 2007                      5.57225%                       June 2011                       5.88952%
          January 2008                      5.75889%                       July 2011                       5.69848%
         February 2008                      5.57208%                      August 2011                      5.88932%

                                      K-1

                                    EXHIBIT L

                      FORM OF SARBANES-OXLEY CERTIFICATION

     Re:  CSFB Commercial Mortgage Trust 2004-C3 (the "Trust"),
          Commercial Mortgage Pass-Through Certificates, Series 2004-C3
          -------------------------------------------------------------

     I, [identify the certifying individual], a[n] [title] of [identify name of
company] on behalf of [identify name of company], as [Trustee/Master Servicer]
certify to [identify the individual signing the Sarbanes Oxley Certification],
Credit Suisse First Boston Mortgage Securities Corp. (the "Depositor") and its
partners, representatives, affiliates, members, managers, directors, officers,
employees and agents, to the extent that the following information is within our
normal area of responsibilities and duties under the pooling and servicing
agreement dated as of August 1, 2004 and relating to the Trust (the "Pooling and
Servicing Agreement"), and with the knowledge and intent that they will rely
upon this certification, that:

         1. [To be certified by the Trustee] [I have reviewed the annual report
     on Form 10-K for the fiscal year [___] (the "Annual Report"), and all
     reports on Form 8-K containing statements to certificateholders filed in
     respect of periods included in the year covered by that Annual Report
     (collectively with the Annual Reports, the "Reports"), of the Trust;]

         2. [To be certified by the Trustee] [To the best of my knowledge, the
     information in the Reports, to the extent prepared by the [Trustee] (but
     not including any information provided to the [Trustee] by any Master
     Servicer or Special Servicer, other than to the extent that such
     information has been aggregated or manipulated by [Trustee]), taken as a
     whole, does not contain any untrue statement of a material fact or omit to
     state a material fact necessary to make the statements made, in light of
     the circumstances under which such statements were made, not misleading as
     of the last day of the period covered by the Annual Report;]

         3. [To be certified by the Trustee] [To the best of my knowledge, the
     distribution or servicing information required to be provided to the
     Trustee by the Master Servicer and the Special Servicer under the Pooling
     and Servicing Agreement for inclusion in the Reports is included in the
     Reports;]

         4. [To be certified by each Master Servicer] [I am responsible for
     reviewing the activities performed by Midland Loan Services, Inc. in its
     capacity as Master Servicer under the Pooling and Servicing Agreement and
     based upon the annual compliance review required under the Pooling and
     Servicing Agreement with respect to the Midland Loan Services, Inc. in its
     capacity as Master Servicer and a certificate in the form attached as
     Exhibit A hereto from Clarion Partners, LLC in its capacity as Special
     Servicer, with respect to such entity (which certificate, to our actual
     knowledge, contains no inaccurate information), and except as disclosed in
     the annual report on Form 10-K for the fiscal year [___], or in any reports
     on Form 8-K containing statements to certificateholders of the Trust filed
     in respect of periods included in the year covered by that annual report,
     Midland Loan Services, Inc. in its capacity as Master Servicer, has
     fulfilled its obligations under the Pooling and Servicing Agreement,
     including the

                                       L-1

     provision of all reports required to be submitted to the Trustee
     thereunder, and that, to the knowledge of Midland Loan Services, Inc. in
     its capacity as Master Servicer, based upon the annual compliance review
     required under the Pooling and Servicing Agreement with respect to Midland
     Loan Services, Inc. in its capacity as Master Servicer and a certificate in
     the form attached as Exhibit A hereto Clarion Partners, LLC in its capacity
     as Special Servicer No.__, with respect to such entity (which certificate,
     to our actual knowledge, contains no inaccurate information), such reports
     do not contain any material misstatements or omissions; and]

         5. [To be certified by each Master Servicer] [We have disclosed to
     Midland Loan Services, Inc.'s certified public accountants all significant
     deficiencies relating to (a) the compliance of Midland Loan Services, Inc.
     in its capacity as Master Servicer with the minimum servicing standards in
     accordance with a review conducted in compliance with the Uniform Single
     Attestation Program for Mortgage Bankers or similar standard as set forth
     in the Pooling and Servicing Agreement and (b) the compliance of Clarion
     Partners, LLC in its capacity as Special Servicer with the minimum
     servicing standards based on a certificate in the form attached as Exhibit
     A hereto from such entity.]

         Capitalized terms used but not defined herein have the respective
     meanings assigned thereto in the Pooling and Servicing Agreement.

Date:    _________________________

[NAME OF COMPANY]

_______________________________
[Signature]
[Title]

                                      L-2

                                                          EXHIBIT A TO EXHIBIT L

                           FORM OF CERTIFICATION TO BE
                         PROVIDED TO THE MASTER SERVICER

     Re:  CSFB Commercial Mortgage Trust 2004-C3 (the "Trust"),
          Commercial Mortgage Pass-Through Certificates, Series 2004-C3

     I, [identify the certifying individual], a[n] [title] of [identify name of
company] on behalf of [identify name of company], as Special Servicer certify to
the Master Servicer and its partners, representatives, affiliates, members,
managers, directors, officers, employees and agents, to the extent that the
following information is within our normal area of responsibilities and duties
under the pooling and servicing agreement dated as of August 1, 2004 and
relating to the Trust (the "Pooling and Servicing Agreement"), and with the
knowledge and intent that they will rely upon this certification, that:

         1. [To be certified by each Special Servicer] [I am responsible for
     reviewing the activities performed by Clarion Partners, LLC in its capacity
     as Special Servicer under the Pooling and Servicing Agreement and based
     upon the annual compliance review required under the Pooling and Servicing
     Agreement with respect to Special Servicer, except as disclosed in the
     annual report on Form 10-K for the fiscal year [___], or in any reports on
     Form 8-K containing statements to certificateholders of the Trust filed in
     respect of periods included in the year covered by that annual report,
     Clarion Partners, LLC in its capacity as Special Servicer, has fulfilled
     its obligations as Special Servicer under the Pooling and Servicing
     Agreement, including the provision of all reports required to be submitted
     by Special Servicer to the Trustee thereunder, and that, to the knowledge
     of Clarion Partners, LLC in its capacity as Special Servicer, such reports
     do not contain any material misstatements or omissions; and]

         2. [To be certified by each Special Servicer] [I have disclosed to
     Clarion Partners, LLC's certified public accountants all significant
     deficiencies relating to the compliance of Clarion Partners, LLC's in its
     capacity as Special Servicer with the minimum servicing standards in
     accordance with a review conducted in compliance with the Uniform Single
     Attestation Program for Mortgage Bankers or similar standard as set forth
     in the Pooling and Servicing Agreement.]

          Capitalized terms used but not defined herein have the respective
     meanings assigned thereto in the Pooling and Servicing Agreement.

Date:_________________________

[NAME OF COMPANY]

-------------------------------
[Signature]
[Title]

                                      L-3

                                    EXHIBIT M

                     FORM OF STATEMENT TO CERTIFICATEHOLDERS

                                                                                          ------------------------------------------
                                                                                          For Additional Information, please contact
[WELLS FARGO LOGO]             CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.                CTSLink Customer Service
WELLS FARGO BANK, N.A.             COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES                        (301) 815-6600
CORPORATE TRUST SERVICES                          SERIES 2004-C3                            Reports Available on the World Wide Web
9062 OLD ANNAPOLIS ROAD                                                                             @ www.ctslink.com/cmbs
COLUMBIA, MD 21045-1951                                                                   ------------------------------------------
                                                                                          PAYMENT DATE:  09/17/2004
                                                                                          RECORD DATE:   08/31/2004

------------------------------------------------------------------------------------------------------------------------------------
                                                     DISTRIBUTION DATE STATEMENT

                                                          TABLE OF CONTENTS

                                 ===================================================================
                                 STATEMENT SECTIONS                                          PAGE(s)
                                 ------------------                                          -------

                                 Certificate Distribution Detail                               2
                                 Certificate Factor Detail                                     3
                                 Reconciliation Detail                                         4
                                 Other Required Information                                    5
                                 Cash Reconciliation                                           6
                                 Ratings Detail                                                7
                                 Current Mortgage Loan and Property Stratification Tables    8 - 10
                                 Mortgage Loan Detail                                          11
                                 Principal Prepayment Detail                                   12
                                 Historical Detail                                             13
                                 Delinquency Loan Detail                                       14
                                 Specially Serviced Loan Detail                             15 - 16
                                 Modified Loan Detail                                          17
                                 Liquidated Loan Detail                                        18
                                 ===================================================================

                 DEPOSITOR                                   MASTER SERVICER                              SPECIAL SERVICER
===========================================  ==============================================  =======================================
Credit Suisse First Boston Mortgage          Midland Loan Services, Inc.                     Clarion Partners, LLC
Securities Corp.                             10851 Mastin Street, Bldg. 82                   335 Madison Avenue, 7th Floor
11 Madison Avenue, 5th Floor                 Suite 700                                       New York, NY 10017
New York, NY 10010                           Overland Park, KS 66210

Contact:      General Information Number     Contact:      Brad Hauger                       Contact:      Bruce G. Morrison
Phone Number: (212) 325-2000                 Phone Number: (913) 253-9000                    Phone Number: (212) 883-2500
===========================================  ==============================================  =======================================

This report has been compiled from information provided to Wells Fargo Bank, N.A. by various third parties, which may include the
Master Servicer, Special Servicer and others. Wells Fargo Bank, N.A. has not independently confirmed the accuracy of information
received from these third parties and assumes no duty to do so. Wells Fargo Bank, N.A. expressly disclaims any responsibility for
the accuracy or completeness of information furnished by third parties.

------------------------------------------------------------------------------------------------------------------------------------
Copyright, Wells Fargo Bank, N.A.                                                                                       Page 1 of 18

                                                                                          ------------------------------------------
                                                                                          For Additional Information, please contact
[WELLS FARGO LOGO]             CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.                CTSLink Customer Service
WELLS FARGO BANK, N.A.             COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES                        (301) 815-6600
CORPORATE TRUST SERVICES                          SERIES 2004-C3                            Reports Available on the World Wide Web
9062 OLD ANNAPOLIS ROAD                                                                             @ www.ctslink.com/cmbs
COLUMBIA, MD 21045-1951                                                                   ------------------------------------------
                                                                                          PAYMENT DATE:  09/17/2004
                                                                                          RECORD DATE:   08/31/2004

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

                                                   CERTIFICATE DISTRIBUTION DETAIL

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

                      Pass-Through     Original    Beginning      Principal        Interest      Prepayment
Class       CUSIP         Rate          Balance     Balance      Distribution    Distribution     Premium
==============================================================================================================
A-1                    0.000000%          0.00         0.00          0.00            0.00            0.00
A-2                    0.000000%          0.00         0.00          0.00            0.00            0.00
A-3                    0.000000%          0.00         0.00          0.00            0.00            0.00
A-4                    0.000000%          0.00         0.00          0.00            0.00            0.00
A-5                    0.000000%          0.00         0.00          0.00            0.00            0.00
A-1-A                  0.000000%          0.00         0.00          0.00            0.00            0.00
B                      0.000000%          0.00         0.00          0.00            0.00            0.00
C                      0.000000%          0.00         0.00          0.00            0.00            0.00
D                      0.000000%          0.00         0.00          0.00            0.00            0.00
E                      0.000000%          0.00         0.00          0.00            0.00            0.00
F                      0.000000%          0.00         0.00          0.00            0.00            0.00
G                      0.000000%          0.00         0.00          0.00            0.00            0.00
H                      0.000000%          0.00         0.00          0.00            0.00            0.00
J                      0.000000%          0.00         0.00          0.00            0.00            0.00
K                      0.000000%          0.00         0.00          0.00            0.00            0.00
L                      0.000000%          0.00         0.00          0.00            0.00            0.00
M                      0.000000%          0.00         0.00          0.00            0.00            0.00
N                      0.000000%          0.00         0.00          0.00            0.00            0.00
O                      0.000000%          0.00         0.00          0.00            0.00            0.00
P                      0.000000%          0.00         0.00          0.00            0.00            0.00
R                      0.000000%          0.00         0.00          0.00            0.00            0.00
==============================================================================================================
Totals
==============================================================================================================

=================================================================
       Realized Loss/                                   Current
      Additional Trust       Total        Ending    Subordination
Class  Fund Expenses      Distribution    Balance        Level
=================================================================
A-1         0.00             0.00          0.00          0.00%
A-2         0.00             0.00          0.00          0.00%
A-3         0.00             0.00          0.00          0.00%
A-4         0.00             0.00          0.00          0.00%
A-5         0.00             0.00          0.00          0.00%
A-1-A       0.00             0.00          0.00          0.00%
B           0.00             0.00          0.00          0.00%
C           0.00             0.00          0.00          0.00%
D           0.00             0.00          0.00          0.00%
E           0.00             0.00          0.00          0.00%
F           0.00             0.00          0.00          0.00%
G           0.00             0.00          0.00          0.00%
H           0.00             0.00          0.00          0.00%
J           0.00             0.00          0.00          0.00%
K           0.00             0.00          0.00          0.00%
L           0.00             0.00          0.00          0.00%
M           0.00             0.00          0.00          0.00%
N           0.00             0.00          0.00          0.00%
O           0.00             0.00          0.00          0.00%
P           0.00             0.00          0.00          0.00%
R           0.00             0.00          0.00          0.00%
=================================================================
Totals
=================================================================

==========================================================================================================================
                                        Original    Beginning                                                     Ending
                       Pass-Through     Notional    Notional        Interest      Prepayment        Total         Notional
Class       CUSIP          Rate          Amount      Amount       Distribution     Premium       Distribution      Amount
==========================================================================================================================
A-X                    0.000000%          0.00         0.00          0.00            0.00            0.00           0.00
A-SP                   0.000000%          0.00         0.00          0.00            0.00            0.00           0.00
==========================================================================================================================

(1) Calculated by taking (A) the sum of the ending certificate balance of all classes less (B) the sum of (i) the ending certificate
balance of the designated class and (ii) the ending certificate balance of all classes which are not subordinate to the designated
class and dividing the result by (A).

------------------------------------------------------------------------------------------------------------------------------------
Copyright, Wells Fargo Bank, N.A.                                                                                       Page 2 of 18

                                                                                          ------------------------------------------
                                                                                          For Additional Information, please contact
[WELLS FARGO LOGO]             CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.                CTSLink Customer Service
WELLS FARGO BANK, N.A.             COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES                        (301) 815-6600
CORPORATE TRUST SERVICES                          SERIES 2004-C3                            Reports Available on the World Wide Web
9062 OLD ANNAPOLIS ROAD                                                                             @ www.ctslink.com/cmbs
COLUMBIA, MD 21045-1951                                                                   ------------------------------------------
                                                                                          PAYMENT DATE:  09/17/2004
                                                                                          RECORD DATE:   08/31/2004

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

                                                      CERTIFICATE FACTOR DETAIL

=================================================================================================================
                                                                                    Realized Loss/
                  Beginning       Principal        Interest         Prepayment     Additional Trust     Ending
Class  CUSIP      Balance         Distribution     Distribution     Premium         Fund Expenses       Balance
=================================================================================================================
A-1               0.00000000      0.00000000       0.00000000       0.00000000       0.00000000        0.00000000
A-2               0.00000000      0.00000000       0.00000000       0.00000000       0.00000000        0.00000000
A-3               0.00000000      0.00000000       0.00000000       0.00000000       0.00000000        0.00000000
A-4               0.00000000      0.00000000       0.00000000       0.00000000       0.00000000        0.00000000
A-5               0.00000000      0.00000000       0.00000000       0.00000000       0.00000000        0.00000000
A-1-A             0.00000000      0.00000000       0.00000000       0.00000000       0.00000000        0.00000000
B                 0.00000000      0.00000000       0.00000000       0.00000000       0.00000000        0.00000000
C                 0.00000000      0.00000000       0.00000000       0.00000000       0.00000000        0.00000000
D                 0.00000000      0.00000000       0.00000000       0.00000000       0.00000000        0.00000000
E                 0.00000000      0.00000000       0.00000000       0.00000000       0.00000000        0.00000000
F                 0.00000000      0.00000000       0.00000000       0.00000000       0.00000000        0.00000000
G                 0.00000000      0.00000000       0.00000000       0.00000000       0.00000000        0.00000000
H                 0.00000000      0.00000000       0.00000000       0.00000000       0.00000000        0.00000000
J                 0.00000000      0.00000000       0.00000000       0.00000000       0.00000000        0.00000000
K                 0.00000000      0.00000000       0.00000000       0.00000000       0.00000000        0.00000000
L                 0.00000000      0.00000000       0.00000000       0.00000000       0.00000000        0.00000000
M                 0.00000000      0.00000000       0.00000000       0.00000000       0.00000000        0.00000000
N                 0.00000000      0.00000000       0.00000000       0.00000000       0.00000000        0.00000000
O                 0.00000000      0.00000000       0.00000000       0.00000000       0.00000000        0.00000000
P                 0.00000000      0.00000000       0.00000000       0.00000000       0.00000000        0.00000000
R                 0.00000000      0.00000000       0.00000000       0.00000000       0.00000000        0.00000000
=================================================================================================================

==============================================================================
                  Beginning                                         Ending
                  Notional        Interest         Prepayment       Notional
Class  CUSIP      Amount          Distribution     Premium          Amount
==============================================================================
A-X               0.00000000      0.00000000       0.00000000       0.00000000
A-SP              0.00000000      0.00000000       0.00000000       0.00000000
==============================================================================

------------------------------------------------------------------------------------------------------------------------------------
Copyright, Wells Fargo Bank, N.A.                                                                                       Page 3 of 18

                                                                                          ------------------------------------------
                                                                                          For Additional Information, please contact
[WELLS FARGO LOGO]             CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.                CTSLink Customer Service
WELLS FARGO BANK, N.A.             COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES                        (301) 815-6600
CORPORATE TRUST SERVICES                          SERIES 2004-C3                            Reports Available on the World Wide Web
9062 OLD ANNAPOLIS ROAD                                                                             @ www.ctslink.com/cmbs
COLUMBIA, MD 21045-1951                                                                   ------------------------------------------
                                                                                          PAYMENT DATE:  09/17/2004
                                                                                          RECORD DATE:   08/31/2004

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

                                                        RECONCILIATION DETAIL

                  ADVANCE SUMMARY                                                MASTER SERVICING FEE SUMMARY

P & I Advances Outstanding                     0.00            Current Period Accrued Master Servicing Fees                   0.00
Servicing Advances Outstanding                 0.00            Less Master Servicing Fees on Delinquent Payments              0.00
                                                               Less Reductions to Master Servicing Fees                       0.00
Reimbursement for Interest on P & I            0.00            Plus Master Servicing Fees for Delinquent Payments Received    0.00
Advances paid from general collections                         Plus Adjustments for Prior Master Servicing Calculation        0.00
                                                               Total Master Servicing Fees Collected                          0.00
Reimbursement for Interest on Servicing        0.00
Advances paid from general collections

CERTIFICATE INTEREST RECONCILIATION
====================================================================================================================================
                                                          Certificate    Unpaid     Optimal
          Accrued         Uncovered                         Deferred    Interest    Interest     Interest                 Appraisal
        Certificate      Prepayment      Indemnification    Interest   Shortfall  Distribution   Shortfall   Interest     Reduction
Class     Interest   Interest Shortfall      Expenses        Amount      Amount      Amount       Amount   Distribution    Amount
====================================================================================================================================
A-1
A-2
A-3
A-4
A-5
A-1-A
B
C
D
E
F
G
H
J
K
L
M
N
O
P
A-X
A-SP
====================================================================================================================================
Total
====================================================================================================================================

------------------------------------------------------------------------------------------------------------------------------------
Copyright, Wells Fargo Bank, N.A.                                                                                       Page 4 of 18

                                                                                          ------------------------------------------
                                                                                          For Additional Information, please contact
[WELLS FARGO LOGO]             CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.                CTSLink Customer Service
WELLS FARGO BANK, N.A.             COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES                        (301) 815-6600
CORPORATE TRUST SERVICES                          SERIES 2004-C3                            Reports Available on the World Wide Web
9062 OLD ANNAPOLIS ROAD                                                                             @ www.ctslink.com/cmbs
COLUMBIA, MD 21045-1951                                                                   ------------------------------------------
                                                                                          PAYMENT DATE:  09/17/2004
                                                                                          RECORD DATE:   08/31/2004

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

                                                     OTHER REQUIRED INFORMATION

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

                                                                                Appraisal Reduction Amount
Available Distribution Amount                           0.00                    ====================================================
                                                                                          Appraisal     Cumulative     Most Recent
                                                                                Loan      Reduction        ASER         App. Red.
                                                                                Number     Amount         Amount           Date
                                                                                ====================================================
Aggregate Number of Outstanding Loans                      0

Aggregate Unpaid Principal Balance of Loans             0.00

Aggregate Stated Principal Balance of Loans             0.00

Aggregate Amount of Master Servicing Fee                0.00

Aggregate Amount of Special Servicing Fee               0.00

Aggregate Amount of Trustee Fee                         0.00

Aggregate Amount of Primary Servicing Fee               0.00

Aggregate Trust Fund Expenses                           0.00

Specially Serviced Loans not Delinquent

    Number of Outstanding Loans                            0                    ====================================================
                                                                                Total
    Aggregate Unpaid Principal Balance                  0.00                    ====================================================

------------------------------------------------------------------------------------------------------------------------------------
Copyright, Wells Fargo Bank, N.A.                                                                                       Page 5 of 18

                                                                                          ------------------------------------------
                                                                                          For Additional Information, please contact
[WELLS FARGO LOGO]             CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.                CTSLink Customer Service
WELLS FARGO BANK, N.A.             COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES                        (301) 815-6600
CORPORATE TRUST SERVICES                          SERIES 2004-C3                            Reports Available on the World Wide Web
9062 OLD ANNAPOLIS ROAD                                                                             @ www.ctslink.com/cmbs
COLUMBIA, MD 21045-1951                                                                   ------------------------------------------
                                                                                          PAYMENT DATE:  09/17/2004
                                                                                          RECORD DATE:   08/31/2004

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

                                                     CASH RECONCILIATION DETAIL

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

TOTAL FUNDS COLLECTED                                               TOTAL FUNDS DISTRIBUTED
  INTEREST:                                                           FEES:
    Interest paid or advanced                         0.00              Master Servicing Fee                             0.00
    Interest reductions due to Non-Recoverability                       Trustee Fee                                      0.00
       Determinations                                 0.00              Certificate Administration Fee                   0.00
    Interest Adjustments                              0.00              Insurer Fee                                      0.00
    Deferred Interest                                 0.00              Miscellaneous Fee                                0.00
    Net Prepayment Interest Shortfall                 0.00                                                                    ------
    Net Prepayment Interest Excess                    0.00                TOTAL FEES                                            0.00
    Extension Interest                                0.00
    Interest Reserve Withdrawal                       0.00            ADDITIONAL TRUST FUND EXPENSES:
                                                           ------
      TOTAL INTEREST COLLECTED                               0.00       Reimbursement for Interest on Advances           0.00
                                                                        ASER Amount                                      0.00
  PRINCIPAL:                                                            Special Servicing Fee                            0.00
                                                                        Reduction of funds due to Non-Recoverability
    Scheduled Principal                               0.00                 Determinations                                0.00
    Unscheduled Principal                             0.00              Rating Agency Expenses                           0.00
      Principal Prepayments                           0.00              Attorney Fees & Expenses                         0.00
      Collection of Principal after Maturity Date     0.00              Bankruptcy Expense                               0.00
      Recoveries from Liquidation and Insurance                         Taxes Imposed on Trust Fund                      0.00
         Proceeds                                     0.00              Non-Recoverable Advances                         0.00
      Excess of Prior Principal Amounts paid          0.00              Other Expenses                                   0.00
      Curtailments                                    0.00                                                                    ------
    Negative Amortization                             0.00                TOTAL ADDITIONAL TRUST FUND EXPENSES                  0.00
    Principal Adjustments                             0.00
      TOTAL PRINCIPAL COLLECTED                            ------     INTEREST RESERVE DEPOSIT                                  0.00
                                                             0.00
                                                                      PAYMENTS TO CERTIFICATEHOLDERS & OTHERS:
  OTHER:                                                                Interest Distribution                            0.00
    Prepayment Penalties/Yield Maintenance            0.00              Principal Distribution                           0.00
    Repayment Fees                                    0.00              Prepayment Penalties/Yield Maintenance           0.00
    Borrower Option Extension Fees                    0.00              Borrower Option Extension Fees                   0.00
    Equity Payments Received                          0.00              Equity Payments Paid                             0.00
    Net Swap Counterparty Payments Received           0.00              Net Swap Counterparty Payments Paid              0.00
                                                           ------                                                             ------
      TOTAL OTHER COLLECTED                                  0.00         TOTAL PAYMENTS TO CERTIFICATEHOLDERS & OTHERS         0.00
                                                           ------                                                             ------
TOTAL FUNDS COLLECTED                                        0.00   TOTAL FUNDS DISTRIBUTED                                     0.00
                                                           ======                                                             ======

------------------------------------------------------------------------------------------------------------------------------------
Copyright, Wells Fargo Bank, N.A.                                                                                       Page 6 of 18

                                                                                          ------------------------------------------
                                                                                          For Additional Information, please contact
[WELLS FARGO LOGO]             CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.                CTSLink Customer Service
WELLS FARGO BANK, N.A.             COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES                        (301) 815-6600
CORPORATE TRUST SERVICES                          SERIES 2004-C3                            Reports Available on the World Wide Web
9062 OLD ANNAPOLIS ROAD                                                                             @ www.ctslink.com/cmbs
COLUMBIA, MD 21045-1951                                                                   ------------------------------------------
                                                                                          PAYMENT DATE:  09/17/2004
                                                                                          RECORD DATE:   08/31/2004

------------------------------------------------------------------------------------------------------------------------------------
                                                           RATINGS DETAIL
                           ===============================================================================
                                                        Original Ratings            Current Ratings (1)
                                                   -------------------------     -------------------------
                           Class       CUSIP       Fitch     Moody's     S&P     Fitch     Moody's     S&P
                           ===============================================================================
                           A-1
                           A-2
                           A-3
                           A-4
                           A-5
                           A-1-A
                           B
                           C
                           D
                           E
                           F
                           G
                           H
                           J
                           K
                           L
                           M
                           N
                           O
                           P
                           A-X
                           A-SP
                           ===============================================================================

                           NR  - Designates that the class was not rated by the above agency at the time
                                 of original issuance.

                           X   - Designates that the above rating agency did not rate any classes in this
                                 transaction at the time of original issuance.

                           N/A - Data not available this period.

1) For any class not rated at the time of original issuance by any particular rating agency, no request has been made subsequent to
issuance to obtain rating information, if any, from such rating agency. The current ratings were obtained directly from the
applicable rating agency within 30 days of the payment date listed above. The ratings may have changed since they were obtained.
Because the ratings may have changed, you may want to obtain current ratings directly from the rating agencies.

Fitch, Inc.                                           Moody's Investors Service                    Standard & Poor's Rating Services
One State Street Plaza                                99 Church Street                             55 Water Street
New York, New York 10004                              New York, New York 10007                     New York, New York 10041
(212) 908-0500                                        (212) 553-0300                               (212) 438-2430

------------------------------------------------------------------------------------------------------------------------------------
Copyright, Wells Fargo Bank, N.A.                                                                                       Page 7 of 18

                                                                                          ------------------------------------------
                                                                                          For Additional Information, please contact
[WELLS FARGO LOGO]             CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.                CTSLink Customer Service
WELLS FARGO BANK, N.A.             COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES                        (301) 815-6600
CORPORATE TRUST SERVICES                          SERIES 2004-C3                            Reports Available on the World Wide Web
9062 OLD ANNAPOLIS ROAD                                                                             @ www.ctslink.com/cmbs
COLUMBIA, MD 21045-1951                                                                   ------------------------------------------
                                                                                          PAYMENT DATE:  09/17/2004
                                                                                          RECORD DATE:   08/31/2004

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

                                      CURRENT MORTGAGE LOAN AND PROPERTY STRATIFICATION TABLES

                       SCHEDULED BALANCE                                                     STATE (3)
===============================================================   ===============================================================
                                % of                                                              % of
Scheduled    # of   Scheduled   Agg.   WAM          Weighted                   # of   Scheduled   Agg.   WAM          Weighted
 Balance     Loans   Balance    Bal.   (2)   WAC    Avg DSCR (1)  State        Props   Balance    Bal.   (2)   WAC   Avg DSCR (1)
===============================================================   ===============================================================

===============================================================   ===============================================================
Totals                                                            Totals
===============================================================   ===============================================================

See footnotes on last page of this section.

------------------------------------------------------------------------------------------------------------------------------------
Copyright, Wells Fargo Bank, N.A.                                                                                       Page 8 of 18

                                                                                          ------------------------------------------
                                                                                          For Additional Information, please contact
[WELLS FARGO LOGO]             CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.                CTSLink Customer Service
WELLS FARGO BANK, N.A.             COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES                        (301) 815-6600
CORPORATE TRUST SERVICES                          SERIES 2004-C3                            Reports Available on the World Wide Web
9062 OLD ANNAPOLIS ROAD                                                                             @ www.ctslink.com/cmbs
COLUMBIA, MD 21045-1951                                                                   ------------------------------------------
                                                                                          PAYMENT DATE:  09/17/2004
                                                                                          RECORD DATE:   08/31/2004

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

                                      CURRENT MORTGAGE LOAN AND PROPERTY STRATIFICATION TABLES

                 DEBT SERVICE COVERAGE RATIO (1)                                           PROPERTY TYPE (3)
================================================================   ================================================================
                                    % of                                                               % of
Debt Service    # of    Scheduled   Agg.  WAM        Weighted      Property        # of    Scheduled   Agg.  WAM        Weighted
Coverage Ratio  Loans    Balance    Bal.  (2)  WAC  Avg DSCR (1)   Type            Props   Balance     Bal.  (2)  WAC  Avg DSCR (1)
================================================================   ================================================================

================================================================   ================================================================
Totals                                                             Totals
================================================================   ================================================================

                            NOTE RATE                                                          SEASONING
================================================================   ================================================================
                                    % of                                                               % of
Note            # of    Scheduled   Agg.  WAM        Weighted                      # of    Scheduled   Agg.  WAM        Weighted
Rate            Loans   Balance     Bal.  (2)  WAC  Avg DSCR (1)   Seasoning       Loans   Balance     Bal.  (2)  WAC  Avg DSCR (1)
================================================================   ================================================================

================================================================   ================================================================
Totals                                                             Totals
================================================================   ================================================================

See footnotes on last page of this section.

------------------------------------------------------------------------------------------------------------------------------------
Copyright, Wells Fargo Bank, N.A.                                                                                       Page 9 of 18

                                                                                          ------------------------------------------
                                                                                          For Additional Information, please contact
[WELLS FARGO LOGO]             CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.                CTSLink Customer Service
WELLS FARGO BANK, N.A.             COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES                        (301) 815-6600
CORPORATE TRUST SERVICES                          SERIES 2004-C3                            Reports Available on the World Wide Web
9062 OLD ANNAPOLIS ROAD                                                                             @ www.ctslink.com/cmbs
COLUMBIA, MD 21045-1951                                                                   ------------------------------------------
                                                                                          PAYMENT DATE:  09/17/2004
                                                                                          RECORD DATE:   08/31/2004

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

                                   CURRENT MORTGAGE LOAN AND PROPERTY STRATIFICATION TABLES

           ANTICIPATED REMAINING TERM (ARD AND BALLOON LOANS)                   REMAINING STATED TERM (FULLY AMORTIZING LOANS)
======================================================================   ===========================================================
                                          % of                           Remaining                      % of
Anticipated Remaining   # of   Scheduled  Agg.  WAM        Weighted      Stated       # of   Scheduled  Agg.  WAM        Weighted
Term (2)                Loans   Balance   Bal.  (2)  WAC  Avg DSCR (1)   Term         Loans  Balance    Bal.  (2)  WAC  Avg DSCR (1)
======================================================================   ===========================================================

======================================================================   ===========================================================
Totals                                                                   Totals
======================================================================   ===========================================================

           REMAINING AMORTIZATION TERM (ARD AND BALLOON LOANS)                            AGE OF MOST RECENT NOI
======================================================================   ===========================================================
                                          % of                                                          % of
Remaining Amortization  # of   Scheduled  Agg.  WAM        Weighted      Age of Most  # of   Scheduled  Agg.  WAM        Weighted
Term                    Loans  Balance    Bal.  (2)  WAC  Avg DSCR (1)   Recent NOI   Loans  Balance    Bal.  (2)  WAC  Avg DSCR (1)
======================================================================   ===========================================================

======================================================================   ===========================================================
Totals                                                                   Totals
======================================================================   ===========================================================

(1) Debt Service Coverage Ratios are updated periodically as new NOI figures become available from borrowers on an asset level. In
all cases the most current DSCR provided by the Servicer is used. To the extent that no DSCR is provided by the Servicer,
information from the offering document is used. The Trustee makes no representations as to the accuracy of the data provided by the
borrower for this calculation.

(2) Anticipated Remaining Term and WAM are each calculated based upon the term from the current month to the earlier of the
Anticipated Repayment Date, if applicable, and the Maturity Date.

(3) Data in this table was calculated by allocating pro-rata the current loan information to the properties based upon the Cut-off
Date balance of each property as disclosed in the offering document.

------------------------------------------------------------------------------------------------------------------------------------
Copyright, Wells Fargo Bank, N.A.                                                                                      Page 10 of 18

                                                                                          ------------------------------------------
                                                                                          For Additional Information, please contact
[WELLS FARGO LOGO]             CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.                CTSLink Customer Service
WELLS FARGO BANK, N.A.             COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES                        (301) 815-6600
CORPORATE TRUST SERVICES                          SERIES 2004-C3                            Reports Available on the World Wide Web
9062 OLD ANNAPOLIS ROAD                                                                             @ www.ctslink.com/cmbs
COLUMBIA, MD 21045-1951                                                                   ------------------------------------------
                                                                                          PAYMENT DATE:  09/17/2004
                                                                                          RECORD DATE:   08/31/2004

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

                                                        MORTGAGE LOAN DETAIL

==========================================================================================================
                                                                          Anticipated              Neg.
Loan            Property                  Interest   Principal   Gross     Repayment    Maturity   Amort
Number   ODCR   Type (1)   City   State   Payment    Payment     Coupon       Date        Date     (Y/N)
==========================================================================================================

==========================================================================================================
Totals
==========================================================================================================

=============================================================================
         Beginning    Ending     Paid   Appraisal   Appraisal   Res.     Mod.
Loan     Scheduled   Scheduled   Thru   Reduction   Reduction   Strat.   Code
Number    Balance     Balance    Date      Date       Amount     (2)     (3)
=============================================================================

=============================================================================
Totals
=============================================================================

------------------------------------------------------------------------------------------------------------------------------------
         (1) Property Type Code                           (2) Resolution Strategy Code                     (3) Modification Code
         ----------------------                           ----------------------------                     ---------------------

MF - Multi-Family       OF -  Office               1 - Modification       9 - Pending Return to         1 - Maturity Date Extension
RT - Retail             MU -  Mixed Use            2 - Foreclosure            Master Servicer           2 - Amortization Change
HC - Health Care        LO -  Lodging              3 - Bankruptcy        10 - Deed in Lieu Of           3 - Principal Write-Off
IN - Industrial         SS -  Self Storage         4 - Extension              Foreclosure               4 - Combination
WH - Warehouse          OT -  Other                5 - Note Sale         11 - Full Payoff
MH - Mobile Home Park                              6 - DPO               12 - Reps and Warranties
                                                   7 - REO               13 - Other or TBD
                                                   8 - Resolved
------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------
Copyright, Wells Fargo Bank, N.A.                                                                                      Page 11 of 18

                                                                                          ------------------------------------------
                                                                                          For Additional Information, please contact
[WELLS FARGO LOGO]             CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.                CTSLink Customer Service
WELLS FARGO BANK, N.A.             COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES                        (301) 815-6600
CORPORATE TRUST SERVICES                          SERIES 2004-C3                            Reports Available on the World Wide Web
9062 OLD ANNAPOLIS ROAD                                                                             @ www.ctslink.com/cmbs
COLUMBIA, MD 21045-1951                                                                   ------------------------------------------
                                                                                          PAYMENT DATE:  09/17/2004
                                                                                          RECORD DATE:   08/31/2004

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

                                                     PRINCIPAL PREPAYMENT DETAIL

   ==============================================================================================================================
                                              Principal Prepayment Amount                         Prepayment Premium
                   Offering Document     ------------------------------------     -----------------------------------------------
   Loan Number      Cross-Reference      Payoff Amount     Curtailment Amount     Percentage Premium     Yield Maintenance Charge
   ==============================================================================================================================

   ==============================================================================================================================
   Totals
   ==============================================================================================================================

------------------------------------------------------------------------------------------------------------------------------------
Copyright, Wells Fargo Bank, N.A.                                                                                      Page 12 of 18

                                                                                          ------------------------------------------
                                                                                          For Additional Information, please contact
[WELLS FARGO LOGO]             CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.                CTSLink Customer Service
WELLS FARGO BANK, N.A.             COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES                        (301) 815-6600
CORPORATE TRUST SERVICES                          SERIES 2004-C3                            Reports Available on the World Wide Web
9062 OLD ANNAPOLIS ROAD                                                                             @ www.ctslink.com/cmbs
COLUMBIA, MD 21045-1951                                                                   ------------------------------------------
                                                                                          PAYMENT DATE:  09/17/2004
                                                                                          RECORD DATE:   08/31/2004

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

                                                          HISTORICAL DETAIL
===================================================================================================
                                              Delinquencies
---------------------------------------------------------------------------------------------------
Distribution   30-59 Days   60-89 Days   90 Days or More   Foreclosure      REO       Modifications
Date           #  Balance   #  Balance     #   Balance     #   Balance   #  Balance     #  Balance
===================================================================================================

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

======================================   =========================
                    Prepayments             Rate and Maturities
--------------------------------------   -------------------------
Distribution Curtailments     Payoff     Next Weighted Avg.
Date          #   Amount    #   Amount    Coupon    Remit    WAM
======================================   =========================

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

Note: Foreclosure and REO Totals are excluded from the delinquencies aging categories.

------------------------------------------------------------------------------------------------------------------------------------
Copyright, Wells Fargo Bank, N.A.                                                                                      Page 13 of 18

                                                                                          ------------------------------------------
                                                                                          For Additional Information, please contact
[WELLS FARGO LOGO]             CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.                CTSLink Customer Service
WELLS FARGO BANK, N.A.             COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES                        (301) 815-6600
CORPORATE TRUST SERVICES                          SERIES 2004-C3                            Reports Available on the World Wide Web
9062 OLD ANNAPOLIS ROAD                                                                             @ www.ctslink.com/cmbs
COLUMBIA, MD 21045-1951                                                                   ------------------------------------------
                                                                                          PAYMENT DATE:  09/17/2004
                                                                                          RECORD DATE:   08/31/2004

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

                                                       DELINQUENCY LOAN DETAIL

=================================================================================================================================
                   Offering        # of                     Current     Outstanding    Status of    Resolution
                   Document       Months    Paid Through      P&I           P&I        Mortgage     Strategy        Servicing
Loan Number    Cross-Reference    Delinq.       Date        Advances     Advances**    Loan (1)      Code(2)      Transfer Date
=================================================================================================================================

=================================================================================================================================
Totals
=================================================================================================================================

===========================================================================
                               Actual      Outstanding
               Foreclosure    Principal     Servicing     Bankruptcy   REO
Loan Number        Date        Balance       Advances        Date      Date
===========================================================================

===========================================================================
Totals
===========================================================================

------------------------------------------------------------------------------------------------------------------------------------
                (1) Status of Mortgage Loan                                         (2) Resolution Strategy Code
                ---------------------------                                         ----------------------------

A - Payment Not Received       0 - Current                                     1 - Modification     9 - Pending Return to
    But Still in Grace Period  1 - One Month Delinquent                        2 - Foreclosure          Master Servicer
B - Late Payment But Less      2 - Two Months Delinquent                       3 - Bankruptcy      10 - Deed In Lieu Of
    Than 1 Month Delinquent    3 - Three or More Months Delinquent             4 - Extension            Foreclosure
                               4 - Assumed Scheduled Payment                   5 - Note Sale       11 - Full Payoff
                                   (Performing Matured Balloon)                6 - DPO             12 - Reps and Warranties
                               7 - Foreclosure                                 7 - REO             13 - Other or TBD
                               9 - REO                                         8 - Resolved

** Outstanding P & I Advances include the current period advance.
------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------
Copyright, Wells Fargo Bank, N.A.                                                                                      Page 14 of 18

                                                                                          ------------------------------------------
                                                                                          For Additional Information, please contact
[WELLS FARGO LOGO]             CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.                CTSLink Customer Service
WELLS FARGO BANK, N.A.             COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES                        (301) 815-6600
CORPORATE TRUST SERVICES                          SERIES 2004-C3                            Reports Available on the World Wide Web
9062 OLD ANNAPOLIS ROAD                                                                             @ www.ctslink.com/cmbs
COLUMBIA, MD 21045-1951                                                                   ------------------------------------------
                                                                                          PAYMENT DATE:  09/17/2004
                                                                                          RECORD DATE:   08/31/2004

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

                                               SPECIALLY SERVICED LOAN DETAIL - PART 1

================================================================================================================
              Offering       Servicing    Resolution
Loan          Document       Transfer      Strategy     Scheduled    Property             Interest    Actual
Number    Cross-Reference      Date        Code(1)       Balance     Type (2)    State      Rate      Balance
================================================================================================================

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

======================================================================
            Net                                            Remaining
Loan     Operating    DSCR            Note    Maturity    Amortization
Number    Income      Date    DSCR    Date      Date          Term
======================================================================

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

                   (1) Resolution Strategy Code                                             (2) Property Type Code
                   ----------------------------                                             ----------------------

1 - Modification   6  - DPO                     10 -  Deed in Lieu Of              MF  -  Multi-Family       OF  -  Office
2 - Foreclosure    7  - REO                           Foreclosure                  RT  -  Retail             MU  -  Mixed Use
3 - Bankruptcy     8  - Resolved                11 -  Full Payoff                  HC  -  Health Care        LO  -  Lodging
4 - Extension      9  - Pending Return          12 -  Reps and Warranties          IN  -  Industrial         SS  -  Self Storage
5 - Note Sale           to Master Servicer      13 -  Other or TBD                 WH  -  Warehouse          OT  -  Other
                                                                                   MH  -  Mobile Home Park
------------------------------------------------------------------------------------------------------------------------------------
Copyright, Wells Fargo Bank, N.A.                                                                                      Page 15 of 18

                                                                                          ------------------------------------------
                                                                                          For Additional Information, please contact
[WELLS FARGO LOGO]             CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.                CTSLink Customer Service
WELLS FARGO BANK, N.A.             COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES                        (301) 815-6600
CORPORATE TRUST SERVICES                          SERIES 2004-C3                            Reports Available on the World Wide Web
9062 OLD ANNAPOLIS ROAD                                                                             @ www.ctslink.com/cmbs
COLUMBIA, MD 21045-1951                                                                   ------------------------------------------
                                                                                          PAYMENT DATE:  09/17/2004
                                                                                          RECORD DATE:   08/31/2004

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

                                               SPECIALLY SERVICED LOAN DETAIL - PART 2

====================================================================================================================================
             Offering         Resolution        Site
Loan         Document          Strategy      Inspection                    Appraisal    Appraisal       Other REO
Number    Cross-Reference      Code (1)         Date       Phase 1 Date      Date         Value      Property Revenue    Comment
====================================================================================================================================

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

                                                    (1) Resolution Strategy Code
                                                    ----------------------------

                                 1  -  Modification  6  -  DPO                 10  -  Deed in Lieu Of
                                 2  -  Foreclosure   7  -  REO                        Foreclosure
                                 3  -  Bankruptcy    8  -  Resolved            11  -  Full Payoff
                                 4  -  Extension     9  -  Pending Return      12  -  Reps and Warranties
                                 5  -  Note Sale           to Master Servicer  13  -  Other or TBD

------------------------------------------------------------------------------------------------------------------------------------
Copyright, Wells Fargo Bank, N.A.                                                                                      Page 16 of 18

                                                                                          ------------------------------------------
                                                                                          For Additional Information, please contact
[WELLS FARGO LOGO]             CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.                CTSLink Customer Service
WELLS FARGO BANK, N.A.             COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES                        (301) 815-6600
CORPORATE TRUST SERVICES                          SERIES 2004-C3                            Reports Available on the World Wide Web
9062 OLD ANNAPOLIS ROAD                                                                             @ www.ctslink.com/cmbs
COLUMBIA, MD 21045-1951                                                                   ------------------------------------------
                                                                                          PAYMENT DATE:  09/17/2004
                                                                                          RECORD DATE:   08/31/2004

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

                                                        MODIFIED LOAN DETAIL

====================================================================================================================================
               Offering
 Loan          Document         Pre-Modification
Number     Cross-Reference          Balance          Modification Date                    Modification Description
====================================================================================================================================

====================================================================================================================================
Totals
====================================================================================================================================

------------------------------------------------------------------------------------------------------------------------------------
Copyright, Wells Fargo Bank, N.A.                                                                                      Page 17 of 18

                                                                                          ------------------------------------------
                                                                                          For Additional Information, please contact
[WELLS FARGO LOGO]             CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.                CTSLink Customer Service
WELLS FARGO BANK, N.A.             COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES                        (301) 815-6600
CORPORATE TRUST SERVICES                          SERIES 2004-C3                            Reports Available on the World Wide Web
9062 OLD ANNAPOLIS ROAD                                                                             @ www.ctslink.com/cmbs
COLUMBIA, MD 21045-1951                                                                   ------------------------------------------
                                                                                          PAYMENT DATE:  09/17/2004
                                                                                          RECORD DATE:   08/31/2004
------------------------------------------------------------------------------------------------------------------------------------

                                                       LIQUIDATED LOAN DETAIL

====================================================================================================================================
           Final Recovery        Offering                                                             Gross Proceeds     Aggregate
Loan       Determination         Document        Appraisal     Appraisal     Actual      Gross          as a % of        Liquidation
Number         Date          Cross-Reference        Date          Value      Balance     Proceeds     Actual Balance     Expenses *
====================================================================================================================================

====================================================================================================================================
Current Total
====================================================================================================================================
Cumulative Total
====================================================================================================================================

=================================================================================
                             Net        Net Proceeds                  Repurchased
Loan                    Liquidation       as a % of       Realized     by Seller
Number                    Proceeds      Actual Balance      Loss         (Y/N)
=================================================================================

=================================================================================
Current Total
=================================================================================
Cumulative Total
=================================================================================

* Aggregate liquidation expenses also include outstanding P&I advances and unpaid fees (servicing, trustee, etc.).

------------------------------------------------------------------------------------------------------------------------------------
Copyright, Wells Fargo Bank, N.A.                                                                                      Page 18 of 18

                                    EXHIBIT N

                                   [RESERVED]

                                      N-1

                                    EXHIBIT O

               FORM OF ACKNOWLEDGMENT OF PROPOSED SPECIAL SERVICER

                                     [Date]

[TRUSTEE]
[MASTER SERVICER]
[SPECIAL SERVICER]
[DEPOSITOR]

     Re:  Credit Suisse First Boston Mortgage Securities Corp., Commercial
          Mortgage Pass-Through Certificates, Series 2004-C3

Ladies and Gentlemen:

     Pursuant to Section [___________] of the Pooling and Servicing Agreement,
dated as of August 1, 2004, relating to Credit Suisse First Boston Mortgage
Securities Corp., Commercial Mortgage Pass-Through Certificates, Series 2004-C3
(the "Agreement"), the undersigned hereby agrees with all the other parties to
the Agreement that the undersigned shall serve as Special Servicer under, and as
defined in, the Agreement. The undersigned hereby acknowledges and agrees that,
as of the date hereof, it is and shall be a party to the Agreement and bound
thereby to the full extent indicated therein in the capacity of Special
Servicer. The undersigned hereby makes, as of the date hereof, the
representations and warranties set forth in Section [3.24] of the Agreement,
with the following corrections with respect to type of entity and jurisdiction
of organization: ____________________.

                                        By:
                                           -------------------------------------
                                        Name:
                                        Title:

                                      O-1EXECUTION COPY

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

              CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
                                   (Depositor)

                                       and

                             COLUMN FINANCIAL, INC.
                                    (Seller)

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

                        MORTGAGE LOAN PURCHASE AGREEMENT

                           Dated as of August 11, 2004

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

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

                                TABLE OF CONTENTS

                                                                            Page
                                                                            ----
Section 1.   Transactions on or Prior to the Closing Date......................1
Section 2.   Closing Date Actions..............................................1
Section 3.   Conveyance of Mortgage Loans......................................2
Section 4.   Depositor's Conditions to Closing.................................8
Section 5.   Seller's Conditions to Closing....................................9
Section 6.   Representations and Warranties of Seller..........................9
Section 7.   Obligations of Seller............................................12
Section 8.   Crossed Mortgage Loans...........................................16
Section 9.   Representations and Warranties of Depositor......................16
Section 10.  Survival of Certain Representations, Warranties and Covenants....17
Section 11.  [Reserved].......................................................17
Section 12.  Recording Costs and Expenses.....................................17
Section 13.  Notices..........................................................17
Section 14.  Examination of Mortgage Files....................................17
Section 15.  Successors.......................................................18
Section 16.  Governing Law....................................................18
Section 17.  Severability.....................................................18
Section 18.  Further Assurances...............................................18
Section 19.  Counterparts.....................................................18
Section 20.  Treatment as Security Agreement..................................18
Section 21.  Recordation of Agreement.........................................20

Schedule I   Schedule of Transaction Terms
Schedule II  Mortgage Loan Schedule
Schedule III Mortgage Loans Constituting Crossed Groups
Schedule IV  Mortgage Loans with Lost Notes
Schedule V   Exceptions to Seller's Representations and Warranties
Exhibit A    Representations and Warranties Regarding the Mortgage Loans
Exhibit B    Form of Lost Note Affidavit

                                      -i-

                        MORTGAGE LOAN PURCHASE AGREEMENT

     This Mortgage Loan Purchase Agreement (this "Agreement"), dated as of
August 11, 2004, is made by and between COLUMN FINANCIAL, INC., a Delaware
corporation ("Seller"), and CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES
CORP., a Delaware corporation ("Depositor").

                                    RECITALS

     I. Capitalized terms used herein without definition have the meanings
ascribed to them in the Schedule of Transaction Terms attached hereto as
Schedule I, which is incorporated herein by this reference, or, if not defined
therein, in the Pooling and Servicing Agreement specified on such Schedule of
Transaction Terms.

     II. On the Closing Date, and on the terms set forth herein, Seller has
agreed to sell to Depositor and Depositor has agreed to purchase from Seller,
the mortgage loans identified on the schedule (the "Mortgage Loan Schedule")
annexed hereto as Schedule II (each such mortgage loan, a "Mortgage Loan" and,
collectively, the "Mortgage Loans"). Depositor intends to deposit the Mortgage
Loans and other assets into a trust fund (the "Trust Fund") created pursuant to
the Pooling and Servicing Agreement and to cause the issuance of the
Certificates.

                                    AGREEMENT

     NOW, THEREFORE, on the terms and conditions set forth below and for good
and valuable consideration, the receipt and adequacy of which is hereby
acknowledged, Depositor and Seller agree as follows:

     Section 1. Transactions on or Prior to the Closing Date. On or prior to the
Closing Date, Seller shall have delivered the Mortgage Files with respect to
each of the Mortgage Loans listed in the Mortgage Loan Schedule to Wells Fargo
Bank, N.A. as trustee (the "Trustee") or its designee, against receipt by Seller
of a written receipt, pursuant to an arrangement between Seller and the Trustee;
provided, however, that, item (xvi) in the definition of Mortgage File (below)
shall be delivered to the Master Servicer for inclusion in the Servicer File
(defined below) with a copy delivered to the Trustee for inclusion in the
Mortgage File; and provided, further, that Seller shall pay (or cause the
related Borrower to pay) any costs of the assignment or amendment of each letter
of credit described under such item (xvi) required in order for the Trustee to
draw on such letter of credit pursuant to the terms of the Pooling and Servicing
Agreement and shall deliver the related assignment or amendment documents within
thirty (30) days after the Closing Date, which period may be extended by thirty
(30) days as provided in the Pooling and Servicing Agreement. In addition, prior
to such assignment or amendment of a letter of credit, Seller will take all
necessary steps to enable the Master Servicer to draw on the related letter of
credit on behalf of the Trustee pursuant to the terms of the Pooling and
Servicing Agreement, including, if necessary, drawing on the letter of credit in
its own name pursuant to written instructions to draw from the Master Servicer
and upon receipt, immediately remitting the proceeds of such draw (or causing
such proceeds to be remitted) to the Master Servicer.

     Section 2. Closing Date Actions. The sale of the Mortgage Loans shall take
place on the Closing Date, subject to and simultaneously with the deposit of the
Mortgage Loans into the Trust

Fund, the issuance of the Certificates, the sale of the Publicly Offered
Certificates by Depositor to the Underwriters pursuant to the Underwriting
Agreement and the sale of the Private Certificates by Depositor to the Initial
Purchaser pursuant to the Certificate Purchase Agreement. The closing (the
"Closing") shall take place at the offices of Sidley Austin Brown & Wood LLP,
787 Seventh Avenue, New York, New York 10019, or such other location as agreed
upon between the parties hereto. On the Closing Date, the following actions
shall take place in sequential order on the terms set forth herein:

          (i) Seller shall sell to Depositor, and Depositor shall purchase from
     Seller, the Mortgage Loans pursuant to this Agreement for the Mortgage Loan
     Purchase Price payable in accordance with instructions previously provided
     to Depositor by Seller. The Mortgage Loan Purchase Price shall be paid by
     Depositor to Seller or at its direction by wire transfer in immediately
     available funds to an account designated by Seller on or prior to the
     Closing Date. The "Mortgage Loan Purchase Price" shall be the price
     mutually agreed upon as such in writing between Depositor and Seller.

          (ii) Pursuant to the terms of the Pooling and Servicing Agreement,
     Depositor shall transfer all of its right, title and interest in, to and
     under the Mortgage Loans to the Trustee (for the benefit of the Holders of
     the Certificates) in exchange for the issuance of the Certificates to or at
     the direction of Depositor.

          (iii) Depositor shall sell to the Underwriters, and the Underwriters
     shall purchase from Depositor, the Publicly Offered Certificates pursuant
     to the Underwriting Agreement, and Depositor shall sell to the Initial
     Purchaser, and the Initial Purchaser shall purchase from Depositor, the
     Private Certificates pursuant to the Certificate Purchase Agreement.

          (iv) The Underwriters will offer the Publicly Offered Certificates for
     sale to the public pursuant to the Prospectus and the Prospectus Supplement
     and the Initial Purchaser will privately place certain classes of the
     Private Certificates pursuant to the Offering Circular.

     Section 3. Conveyance of Mortgage Loans. Effective as of the Closing Date,
subject only to Seller's receipt of the Mortgage Loan Purchase Price, Seller
does hereby assign, transfer, set over and otherwise convey, without recourse,
to Depositor, free and clear of any liens, claims or other encumbrances, all of
Seller's right, title and interest in, to and under: (i) each of the Mortgage
Loans identified on the Mortgage Loan Schedule and (ii) all property of Seller
described in Section 20(b) of this Agreement, including, without limitation, (A)
all scheduled payments of interest and principal due on or with respect to the
Mortgage Loans after the Cut-off Date and (B) all other payments of interest,
principal or prepayment premiums received on or with respect to the Mortgage
Loans after the Cut-off Date, other than any such payments of interest or
principal or prepayment premiums that were due on or prior to the Cut-off Date.
The parties acknowledge that such assignment, transfer, setting over and other
conveyance shall not be construed to limit any obligation of Seller and any
servicing rights of Midland Loan Services, Inc. under that certain servicing
rights purchase agreement, dated as of August 1, 2004, between Seller and
Midland Loan Services, Inc. The Mortgage File for each Mortgage Loan shall
contain the following documents on a collective basis:

          (i) the original Note (or with respect to those Mortgage Loans listed
     in Schedule IV hereto, a "lost note affidavit" substantially in the form of
     Exhibit B hereto and a true

                                      -2-

     and complete copy of the Note), bearing, or accompanied by, all prior and
     intervening endorsements or assignments showing a complete chain of
     endorsement or assignment from the applicable Mortgage Loan Originator
     either in blank or to Seller, and further endorsed (at the direction of
     Depositor given pursuant to this Agreement) by Seller, on its face or by
     allonge attached thereto, without recourse, either in blank or to the order
     of the Trustee in the following form: "Pay to the order of Wells Fargo
     Bank, N.A., as trustee for the registered Holders of Credit Suisse First
     Boston Mortgage Securities Corp., Commercial Mortgage Pass-Through
     Certificates, Series 2004-C3, without recourse, representation or warranty,
     express or implied";

          (ii) a duplicate original Mortgage or a counterpart thereof or, if
     such Mortgage has been returned by the related recording office, (A) an
     original, (B) a certified copy or (C) a copy thereof from the applicable
     recording office, and originals or counterparts (or originals, certified
     copies or copies from the applicable recording office) of any intervening
     assignments thereof from the applicable Mortgage Loan Originator to Seller,
     in each case in the form submitted for recording or, if recorded, with
     evidence of recording indicated thereon;

          (iii) an original assignment of the Mortgage, in recordable form
     (except for any missing recording information and, if applicable,
     completion of the name of the assignee), from Seller (or the applicable
     Mortgage Loan Originator) either in blank or to "Wells Fargo Bank, N.A., as
     trustee for the registered Holders of Credit Suisse First Boston Mortgage
     Securities Corp., Commercial Mortgage Pass-Through Certificates, Series
     2004-C3";

          (iv) an original, counterpart or copy of any related Assignment of
     Leases (if such item is a document separate from the Mortgage), and the
     originals, counterparts or copies of any intervening assignments thereof
     from the applicable Mortgage Loan Originator of the Mortgage Loan to
     Seller, in each case in the form submitted for recording or, if recorded,
     with evidence of recording thereon;

          (v) an original assignment of any related Assignment of Leases (if
     such item is a document separate from the Mortgage), in recordable form
     (except for any missing recording information and, if applicable,
     completion of the name of the assignee), from Seller (or the applicable
     Mortgage Loan Originator), either in blank or to "Wells Fargo Bank, N.A.,
     as trustee for the registered Holders of Credit Suisse First Boston
     Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates,
     Series 2004-C3", which assignment may be included as part of an omnibus
     assignment covering other documents relating to the Mortgage Loan (provided
     that such omnibus assignment is effective and in recordable form under
     applicable law);

          (vi) an original or true and complete copy of any related Security
     Agreement (if such item is a document separate from the Mortgage), and the
     originals or copies of any intervening assignments thereof from the
     applicable Mortgage Loan Originator to Seller;

          (vii) an original assignment of any related Security Agreement (if
     such item is a document separate from the Mortgage), from Seller (or the
     applicable Mortgage Loan Originator) either in blank or to "Wells Fargo
     Bank, N.A., as trustee for the registered Holders of Credit Suisse First
     Boston Mortgage Securities Corp., Commercial Mortgage Pass-Through
     Certificates,

                                      -3-

     Series 2004-C3," which assignment may be included as part of an omnibus
     assignment covering other documents relating to the Mortgage Loan (provided
     that such omnibus assignment is effective under applicable law);

          (viii) originals or copies of all (A) assumption agreements, (B)
     modifications, (C) written assurance agreements and (D) substitution
     agreements, together with any evidence of recording thereon or in the form
     submitted for recording, in those instances where the terms or provisions
     of the Mortgage, Note or any related security document have been modified
     or the Mortgage Loan has been assumed;

          (ix) the original lender's title insurance policy or a copy thereof
     (together with all endorsements or riders that were issued with or
     subsequent to the issuance of such policy), or if the policy has not yet
     been issued, the original or a copy of a binding written commitment (which
     may be a pro forma or specimen title insurance policy which has been
     accepted or approved in writing by the related title insurance company, or
     an interim binder that is "marked up" as binding and countersigned by the
     title company, which in any case is binding on the title insurance
     company), insuring the priority of the Mortgage as a first lien on the
     related Mortgaged Property, relating to such Mortgage Loan;

          (x) the original or a counterpart of any guaranty of the obligations
     of the Borrower under the Mortgage Loan;

          (xi) UCC acknowledgement, certified or other copies of all UCC
     Financing Statements and continuation statements which show the filing or
     recording thereof (including the filing number or other similar filing
     information) or, alternatively, other evidence of filing or recording
     (including the filing number or other similar filing information)
     acceptable to the Trustee (including, without limitation, evidence of such
     filed or recorded UCC Financing Statement as shown on a written UCC search
     report from a reputable search firm, such as CSC/LexisNexis Document
     Solutions, Corporation Service Company, CT Corporation System and the like
     or printouts of on-line confirmations from such UCC filing or recording
     offices or authorized agents thereof), sufficient to perfect (and maintain
     the perfection of) the security interest held by the applicable Mortgage
     Loan Originator (and each assignee of record prior to the Trustee) in and
     to the personalty of the Borrower at the Mortgaged Property, and original
     UCC Financing Statement assignments, in a form suitable for filing or
     recording, sufficient to assign each such UCC Financing Statement to the
     Trustee;

          (xii) the original or copy of the power of attorney (with evidence of
     recording thereon) granted by the Borrower if the Mortgage, Note or other
     document or instrument referred to above was not signed by the Borrower;

          (xiii) with respect to any debt of a Borrower permitted under the
     related Mortgage Loan, an original or copy of a subordination agreement,
     standstill agreement or other intercreditor, co-lender or similar agreement
     relating to such other debt, if any, including any mezzanine loan documents
     or preferred equity documents;

          (xiv) with respect to any Cash Collateral Accounts and Lock-Box
     Accounts, an original or copy of any related account control agreement;

                                      -4-

          (xv) an original or copy of any related Loan Agreement (if separate
     from the related Mortgage), and an original or copy of any related Lock-Box
     Agreement or Cash Collateral Account Agreement (if separate from the
     related Mortgage and Loan Agreement);

          (xvi) the originals and copies of letters of credit, if any, relating
     to the Mortgage Loans and amendments thereto which entitles the Trust to
     draw thereon; provided that in connection with the delivery of the Mortgage
     File to the Trust, such originals shall be delivered to the Master Servicer
     and copies thereof shall be delivered to the Trustee;

          (xvii) any related environmental insurance policies and any
     environmental guarantees or indemnity agreements or copies thereof;

          (xviii) the original or a copy of the ground lease and ground lease
     estoppels, if any, and of any amendments, modifications or extensions
     thereto, if any;

          (xix) the original or copy of any property management agreement;

          (xx) without duplication with clause (xiii) above, a copy of the
     mortgage note evidencing the related Junior Loan, if any;

          (xxi) copies of franchise agreements and franchisor comfort letters,
     if any, for hospitality properties; and

          (xxii) a checklist of the related Mortgage Loan Documents included in
     the subject Mortgage File;

     Notwithstanding the foregoing, in the event that, in connection with any
Mortgage Loan, Seller cannot deliver, or cause to be delivered, an original,
counterpart or certified copy, as applicable, of any of the documents and/or
instruments required to be delivered pursuant to clauses (ii) (relating to
Mortgages), (iv) (relating to Assignments of Leases), (viii) (relating to
assumption agreements, modifications, written assurance agreements and
substitution agreements), (xi) (relating to UCC Financing Statements and related
documents)(other than assignments of UCC Financing Statements to be recorded or
filed in accordance with the transfer contemplated by this Agreement) and (xii)
(relating to powers of attorney) of the last sentence of the first paragraph of
this Section 3, with evidence of recording or filing thereon on the Closing
Date, solely because of a delay caused by the public recording or filing office
where such document or instrument has been delivered for recordation or filing,
the delivery requirements of such last sentence of such first paragraph of this
Section 3 should be deemed to have been satisfied and such non-delivered
document or instrument shall be deemed to have been included in the Mortgage
File; provided that Seller: (i) shall deliver, or cause to be delivered, to the
Trustee or its designee and the Master Servicer a duplicate original or true
copy of such document or instrument (certified by the applicable public
recording or filing office, the applicable title insurance company or Seller to
be a true and complete duplicate original or photocopy of the original thereof
submitted for recording or filing) on the Closing Date; and (ii) shall deliver,
or cause to be delivered, to the Trustee or its designee (with a copy thereof to
the Master Servicer) either the original of such non-delivered document or
instrument, or a photocopy thereof (certified by the appropriate public
recording or filing office to be a true and complete copy of the original
thereof submitted for recording or filing), with evidence of recording or filing
thereon within 120 days of the Closing Date, which period may be

                                      -5-

extended up to two times, in each case for an additional period of 45 days
provided that Seller, as certified in writing to the Trustee prior to each such
45-day extension, is in good faith attempting to obtain from the appropriate
county recorder's office such original or photocopy.

     Notwithstanding the foregoing, in the event that, in connection with any
Mortgage Loan, Seller cannot deliver, or cause to be delivered, an original,
counterpart or certified copy, as applicable, of any of the documents and/or
instruments required to be delivered pursuant to clauses (ii) (relating to
Mortgages), (iv) (relating to Assigments of Leases), (viii) (relating to
assumption agreements, modifications, written assurance agreements and
substitution agreements), (xi) (relating to UCC Financing Statements and related
documents) (other than assignments of UCC Financing Statements to be recorded or
filed in accordance with the transfer contemplated by this Agreement) and (xii)
(relating to powers of attorney) of the last sentence of the first paragraph of
this Section 3, with evidence of recording or filing thereon for any other
reason, including without limitation, that such non-delivered document or
instrument has been lost, the delivery requirements of this Agreement shall be
deemed to have been satisfied and such non-delivered document or instrument
shall be deemed to have been included in the related Mortgage File if a
photocopy or duplicate original of such non-delivered document or instrument
(with evidence of recording or filing thereon and certified by the appropriate
recording or filing office to be a true and complete copy of the original
thereof as filed or recorded) is delivered to the Trustee or its designee on or
before the Closing Date.

     Notwithstanding the foregoing, in the event that Seller fails, as to any
Mortgage Loan, to deliver any UCC Financing Statement assignment with the filing
or recording information of the related UCC Financing Statement, solely because
such UCC Financing Statement has not been returned to Seller by the applicable
public filing or recording office where such UCC Financing Statement has been
delivered for filing or recording, Seller shall not be in breach of its
obligations with respect to such delivery, provided that Seller promptly
forwards such UCC Financing Statement to the Trustee or its designee (with a
copy to the Master Servicer) upon its return from the applicable filing or
recording office, together with the related original UCC Financing Statement
assignment in a form appropriate for filing or recording.

     Notwithstanding the foregoing, Seller may elect, at its sole cost and
expense, to engage a third-party contractor to prepare or complete in proper
form for filing or recording any and all of the assignments of Mortgage,
assignments of Assignments of Leases and assignments of UCC Financing Statements
to the Trustee to be delivered pursuant to clauses (iii), (v), and (xi) of the
last sentence of the first paragraph of this Section 3 (collectively, the
"Assignments"), to submit such Assignments for filing and recording, as the case
may be, in the applicable public filing and recording offices and to deliver
such Assignments to the Trustee or its designee (with a copy to the Master
Servicer) as such Assignments (or certified copies thereof) are received from
the applicable filing and recording offices with evidence of such filing or
recording indicated thereon. However, in the event Seller engages a third-party
contractor as contemplated in the immediately preceding sentence, the rights,
duties and obligations of Seller pursuant to this Agreement remain binding on
Seller.

     Within ten (10) Business Days after the Closing Date, Seller shall deliver
the Servicer Files with respect to each of the Mortgage Loans to the Master
Servicer (or, if applicable, to a Sub-Servicer (with a copy to the Master
Servicer) at the direction of the Master Servicer), under the Pooling and
Servicing Agreement on behalf of the Trustee in trust for the benefit of the
Certificateholders. Each

                                      -6-

such Servicer File shall contain all documents and records in Seller's
possession relating to the Mortgage Loans and constituting the related Servicing
Files (as defined in the Pooling and Servicing Agreement).

     For purposes of this Section 3, and notwithstanding any contrary provision
hereof or of the definition of "Mortgage File", if there exists with respect to
any group of Crossed Loans only one original or certified copy of any document
or instrument described in the definition of "Mortgage File" which pertains to
all of the Crossed Loans in such group of Crossed Loans, the inclusion of the
original or certified copy of such document or instrument in the Mortgage File
for any of such Crossed Loans and the inclusion of a copy of such original or
certified copy in each of the Mortgage Files for the other Crossed Loans in such
group of Crossed Loans, shall be deemed to constitute the inclusion of such
original or certified copy, as the case may be, in the Mortgage File for each
such Crossed Loan.

     Seller shall, promptly after the Closing Date, but in all events within
three (3) Business Days after the Closing Date, cause all funds on deposit in
escrow accounts maintained with respect to the Mortgage Loans in the name of
Seller or any other name to be transferred to or at the direction of the Master
Servicer (or, if applicable, to a Sub-Servicer at the direction of the Master
Servicer).

     The Trustee, as assignee or transferee of Depositor, shall be entitled to
all scheduled principal payments due after the Cut-off Date, all other payments
of principal due and collected after the Cut-off Date, and all payments of
interest on the Mortgage Loans, minus that portion of any such payment which is
allocable to the period on or prior to the Cut-off Date. All scheduled payments
of principal due on or before the Cut-off Date and collected after the Cut-off
Date, together with the accompanying interest payments, shall belong to Seller.

     Upon the sale of the Mortgage Loans from Seller to Depositor pursuant
hereto, the ownership of each Note, the related Mortgage and the contents of the
related Mortgage File shall be vested in Depositor and the ownership of all
records and documents that constitute the Servicer File with respect to the
related Mortgage Loan shall immediately vest in Depositor. All Monthly Payments,
Principal Prepayments and other amounts received by Seller and not otherwise
belonging to Seller pursuant to this Agreement shall be sent by Seller within
three (3) Business Days after Seller's receipt thereof to the Master Servicer
via wire transfer for deposit by the Master Servicer into the Collection
Account.

     Upon the sale of Certificates representing at least 10% of the fair value
of all the Certificates to unaffiliated third parties, Seller shall, under
generally accepted accounting principles ("GAAP"), report its transfer of the
Mortgage Loans to Depositor, as provided herein, as a sale of the Mortgage Loans
to Depositor in exchange for the consideration specified in Section 2 hereof. In
connection with the foregoing, upon sale of Certificates representing at least
10% of the fair value of all the Certificates to unaffiliated third parties,
Seller shall cause all of its financial and accounting records to reflect such
transfer as a sale (as opposed to a secured loan). Seller shall at all times
following the Closing Date cause all of its records and financial statements and
any relevant consolidated financial statements of any direct or indirect parent
to clearly reflect that the Mortgage Loans have been transferred to Depositor
and are no longer available to satisfy claims of Seller's creditors.

     After Seller's transfer of the Mortgage Loans to Depositor, as provided
herein, Seller shall not take any action inconsistent with Depositor's ownership
(or the ownership by any of

                                      -7-

Depositor's assignees) 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 Seller is expressly
permitted to complete subsequent to the Closing Date, Seller shall, on or before
the Closing Date, take all actions required under applicable law to effectuate
the transfer of the Mortgage Loans by Seller to Depositor.

     Section 4. Depositor's Conditions to Closing. The obligations of Depositor
to purchase the Mortgage Loans and pay the Mortgage Loan Purchase Price at the
Closing Date under the terms of this Agreement are subject to the satisfaction
of each of the following conditions at or before the Closing:

          (a) Each of the obligations of Seller required to be performed by it
     on or prior to the Closing Date pursuant to the terms of this Agreement
     shall have been duly performed and complied with in all material respects;
     all of the representations and warranties of Seller under this Agreement
     (subject to the exceptions set forth in the Exception Report) shall be true
     and correct in all material respects as of the Closing Date; no event shall
     have occurred with respect to Seller or any of the Mortgage Loans and
     related Mortgage Files which, with notice or the passage of time, would
     constitute a material default under this Agreement; and Depositor shall
     have received certificates to the foregoing effect signed by authorized
     officers of Seller.

          (b) Depositor, or if directed by Depositor, the Trustee or Depositor's
     attorneys or other designee, shall have received in escrow, all of the
     following closing documents, in such forms as are agreed upon and
     reasonably acceptable to Depositor and Seller, duly executed by all
     signatories other than Depositor, as required pursuant to the respective
     terms thereof:

               (i) the Mortgage Files, subject to the provisos of Section 1 of
          this Agreement, which shall have been delivered to and held by the
          Trustee or its designee on behalf of Seller;

               (ii) the Mortgage Loan Schedule;

               (iii) the certificate of Seller confirming its representations
          and warranties set forth in Section 6 (subject to the exceptions set
          forth in the Exception Report) as of the Closing Date;

               (iv) an opinion or opinions of Seller's counsel, dated the
          Closing Date, covering various corporate matters and such other
          matters as shall be reasonably required by Depositor;

               (v) such other certificates of Seller's officers or others and
          such other documents to evidence fulfillment of the conditions set
          forth in this Agreement as Depositor or its counsel may reasonably
          request; and

               (vi) all other information, documents, certificates, or letters
          with respect to the Mortgage Loans or Seller and its Affiliates as are
          reasonably requested by Depositor in order for Depositor to perform
          any of it obligations or satisfy any of the conditions on its part to
          be performed or satisfied pursuant to any sale of Mortgage Loans by
          Depositor as contemplated herein.

                                      -8-

          (c) Seller shall have performed or complied with all other terms and
     conditions of this Agreement which it is required to perform or comply with
     at or before the Closing and shall have the ability to perform or comply
     with all duties, obligations, provisions and terms which it is required to
     perform or comply with after the Closing.

          (d) Seller shall have delivered to the Trustee, on or before the
     Closing Date, five limited powers of attorney in favor of the Trustee and
     Special Servicer empowering the Trustee and, in the event of the failure or
     incapacity of the Trustee, the Special Servicer, to record, at the expense
     of Seller, any Mortgage Loan Documents required to be recorded and any
     intervening assignments with evidence of recording thereon that are
     required to be included in the Mortgage Files. Seller shall reasonably
     cooperate with the Trustee and the Special Servicer in connection with any
     additional powers or revisions thereto that are requested by such parties.

     Section 5. Seller's Conditions to Closing. The obligations of Seller under
this Agreement shall be subject to the satisfaction, on the Closing Date, of the
following conditions:

          (a) Each of the obligations of Depositor required to be performed by
     it on or prior to the Closing Date pursuant to the terms of this Agreement
     shall have been duly performed and complied with in all material respects;
     and all of the representations and warranties of Depositor under this
     Agreement shall be true and correct in all material respects as of the
     Closing Date; and no event shall have occurred with respect to Depositor
     which, with notice or the passage of time, would constitute a material
     default under this Agreement, and Seller shall have received certificates
     to that effect signed by authorized officers of Depositor.

          (b) Seller shall have received all of the following closing documents,
     in such forms as are agreed upon and reasonably acceptable to Seller and
     Depositor, duly executed by all signatories other than Seller, as required
     pursuant to the respective terms thereof:

               (i) an officer's certificate of Depositor, dated as of the
          Closing Date, with the resolutions of Depositor authorizing the
          transactions set forth therein, together with copies of the charter,
          by-laws and certificate of good standing dated as of a recent date of
          Depositor; and

               (ii) such other certificates of its officers or others, such
          opinions of Depositor's counsel and such other documents required to
          evidence fulfillment of the conditions set forth in this Agreement as
          Seller or its counsel may reasonably request.

          (c) Depositor shall have performed or complied with all other terms
     and conditions of this Agreement which it is required to perform or comply
     with at or before the Closing and shall have the ability to perform or
     comply with all duties, obligations, provisions and terms which it is
     required to perform or comply with after Closing.

     Section 6. Representations and Warranties of Seller.

     Seller represents and warrants to Depositor as of the date hereof, as
follows:

          (i) Seller is duly organized and is validly existing as a corporation
     in good standing under the laws of the State of Delaware. Seller has
     conducted and is conducting its

                                      -9-

     business so as to comply in all material respects with all applicable
     statutes and regulations of regulatory bodies or agencies having
     jurisdiction over it, except where the failure so to comply would not have
     a materially adverse effect on the performance by Seller of this Agreement,
     and there is no charge, action, suit or proceeding before or by any court,
     regulatory authority or governmental agency or body pending or, to the
     knowledge of Seller, threatened, which is reasonably likely to materially
     and adversely affect the performance by Seller of this Agreement or the
     consummation of transactions contemplated by this Agreement.

          (ii) Seller has the full power, authority and legal right to hold,
     transfer and convey the Mortgage Loans and to execute and deliver this
     Agreement (and all agreements and documents executed and delivered by
     Seller in connection herewith) and to perform all transactions of Seller
     contemplated by this Agreement (and all agreements and documents executed
     and delivered by Seller in connection herewith). Seller has duly authorized
     the execution, delivery and performance of this Agreement (and all
     agreements and documents executed and delivered by Seller in connection
     herewith), and has duly executed and delivered this Agreement (and all
     agreements and documents executed and delivered by Seller in connection
     herewith). This Agreement (and each agreement and document executed and
     delivered by Seller in connection herewith), assuming due authorization,
     execution and delivery thereof by each other party thereto, constitutes the
     legal, valid and binding obligation of Seller enforceable in accordance
     with its terms, except as such enforcement may be limited by bankruptcy,
     fraudulent transfer, insolvency, reorganization, receivership, moratorium
     or other laws relating to or affecting the rights of creditors generally,
     by general principles of equity (regardless of whether such enforcement is
     considered in a proceeding in equity or at law) and by considerations of
     public policy.

          (iii) Neither the execution, delivery and performance of this
     Agreement, nor the fulfillment of or compliance with the terms and
     conditions of this Agreement by Seller, will (A) conflict with or result in
     a breach of any of the terms, conditions or provisions of Seller's articles
     or certificate of incorporation and bylaws or similar type organizational
     documents, as applicable; (B) conflict with, result in a breach of, or
     constitute a default or result in an acceleration under, any agreement or
     instrument to which Seller is now a party or by which it (or any of its
     properties) is bound if compliance therewith is necessary (1) to ensure the
     enforceability of this Agreement or (2) for Seller to perform its duties
     and obligations under this Agreement (or any agreement or document executed
     and delivered by Seller in connection herewith); (C) conflict with or
     result in a breach of any legal restriction if compliance therewith is
     necessary (1) to ensure the enforceability of this Agreement or (2) for
     Seller to perform its duties and obligations under this Agreement (or any
     agreement or document executed and delivered by Seller in connection
     herewith); (D) result in the violation of any law, rule, regulation, order,
     judgment or decree to which Seller or its property is subject if compliance
     therewith is necessary (1) to ensure the enforceability of this Agreement
     or (2) for Seller to perform its duties and obligations under this
     Agreement (or any agreement or document executed and delivered by Seller in
     connection herewith); or (E) result in the creation or imposition of any
     lien, charge or encumbrance that would have a material adverse effect upon
     Seller's ability to perform its duties and obligations under this Agreement
     (or any agreement or document executed and delivered by Seller in
     connection herewith), or materially impair the ability of Depositor to
     realize on the Mortgage Loans.

                                      -10-

          (iv) Seller is solvent and the sale of the Mortgage Loans (1) will not
     cause Seller to become insolvent and (2) is not intended by Seller to
     hinder, delay or defraud any of its present or future creditors. After
     giving effect to its transfer of the Mortgage Loans, as provided herein,
     the value of Seller's assets, either taken at their present fair saleable
     value or at fair valuation, will exceed the amount of Seller's debts and
     obligations, including contingent and unliquidated debts and obligations of
     Seller, and Seller will not be left with unreasonably small assets or
     capital with which to engage in and conduct its business. 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. No
     proceedings looking toward liquidation, dissolution or bankruptcy of Seller
     are pending or contemplated.

          (v) No consent, approval, authorization or order of, or registration
     or filing with, or notice to, any court or governmental agency or body
     having jurisdiction or regulatory authority over Seller is required for (A)
     Seller's execution, delivery and performance of this Agreement (or any
     agreement or document executed and delivered by Seller in connection
     herewith), (B) Seller's transfer and assignment of the Mortgage Loans, or
     (C) the consummation by Seller of the transactions contemplated by this
     Agreement (or any agreement or document executed and delivered by Seller in
     connection herewith) or, to the extent so required, such consent, approval,
     authorization, order, registration, filing or notice has been obtained,
     made or given (as applicable), except for the filing or recording of
     assignments and other Mortgage Loan Documents contemplated by the terms of
     this Agreement and except that Seller may not be duly qualified to transact
     business as a foreign corporation or licensed in one or more states if such
     qualification or licensing is not necessary to ensure the enforceability of
     this Agreement (or any agreement or document executed and delivered by
     Seller in connection herewith).

          (vi) In connection with its sale of the Mortgage Loans, Seller is
     receiving new value. The consideration received by Seller upon the sale of
     the Mortgage Loans constitutes at least fair consideration and reasonably
     equivalent value for the Mortgage Loans.

          (vii) Seller does not believe, nor does it have any reason or cause to
     believe, that it cannot perform each and every covenant of Seller contained
     in this Agreement (or any agreement or document executed and delivered by
     Seller in connection herewith).

          (viii) There are no actions, suits or proceedings pending or, to
     Seller's knowledge, threatened in writing against Seller which are
     reasonably likely to draw into question the validity of this Agreement (or
     any agreement or document executed and delivered by Seller in connection
     herewith) or which, either in any one instance or in the aggregate, are
     reasonably likely to materially impair the ability of Seller to perform its
     duties and obligations under this Agreement (or any agreement or document
     executed and delivered by Seller in connection herewith).

          (ix) Seller's performance of its duties and obligations under this
     Agreement (and each agreement or document executed and delivered by Seller
     in connection herewith) is in the ordinary course of business of Seller and
     Seller's transfer, assignment and conveyance of the Mortgage Loans pursuant
     to this Agreement are not subject to the bulk transfer or similar

                                      -11-

     statutory provisions in effect in any applicable jurisdiction. The Mortgage
     Loans do not constitute all or substantially all of Seller's assets.

          (x) Seller has not dealt with any Person that may be entitled, by
     reason of any act or omission of Seller, to any commission or compensation
     in connection with the sale of the Mortgage Loans to Depositor hereunder
     except for (A) the reimbursement of expenses as described herein or
     otherwise in connection with the transactions described in Section 2 hereof
     and (B) the commissions or compensation owed to the Underwriters or the
     Initial Purchaser.

          (xi) Seller is not in default or breach of any agreement or instrument
     to which Seller is now a party or by which it (or any of its properties) is
     bound which breach or default would materially and adversely affect the
     ability of Seller to perform its obligations under this Agreement.

          (xii) The representations and warranties contained in Exhibit A
     hereto, subject to the exceptions to such representations and warranties
     set forth on Schedule V hereto, are true and correct in all material
     respects as of the date hereof with respect to the Mortgage Loans
     identified on Schedule II.

     Section 7. Obligations of Seller. Each of the representations and
warranties contained in or required to be made by Seller pursuant to Section 6
of this Agreement shall survive the sale of the Mortgage Loans and shall
continue in full force and effect, notwithstanding any restrictive or qualified
endorsement on the Notes and notwithstanding subsequent termination of this
Agreement or the Pooling and Servicing Agreement. The representations and
warranties contained in or required to be made by Seller pursuant to Section 6
of this Agreement shall not be impaired by any review or examination of the
Mortgage Files or other documents evidencing or relating to the Mortgage Loans
or any failure on the part of Depositor to review or examine such documents and
shall inure to the benefit of the initial transferee of the Mortgage Loans from
Depositor including, without limitation, the Trustee for the benefit of the
Holders of the Certificates, notwithstanding (1) any restrictive or qualified
endorsement on any Note, assignment of Mortgage or reassignment of Assignment of
Leases or (2) any termination of this Agreement prior to the Closing, but shall
not inure to the benefit of any subsequent transferee thereafter.

     If any Certificateholder, the Master Servicer, the Special Servicer or the
Trustee discovers or receives notice of a breach of any of the representations
or warranties made by Seller with respect to the Mortgage Loans (subject to the
exceptions to such representations and warranties set forth in the Exception
Report), as of the date hereof in Section 6(xii) or as of the Closing Date
pursuant to Section 4(b)(iii) (in any such case, a "Breach"), or discovers or
receives notice that (a) any document required to be included in the Mortgage
File related to any Mortgage Loan is not in the Trustee's (or its designee's)
possession within the time period required herein or (b) such document has not
been properly executed or is otherwise defective on its face (clause (a) and
clause (b) each, a "Defect" (which term shall include the "Defects" described in
the immediately following paragraph) in the related Mortgage File), such party
shall give notice to the Master Servicer, the Special Servicer, the Trustee and
the Rating Agencies. If the Master Servicer or the Special Servicer determines
that such Breach or Defect materially and adversely affects the value of any
Mortgage Loan or REO Loan or the interests of the Holders of any Class of
Certificates (in which case such Breach or Defect shall be a "Material Breach"
or a "Material

                                      -12-

Defect", as applicable), it shall give prompt written notice of such Breach or
Defect to the Depositor, the Trustee, the Master Servicer, the Special Servicer
and the Seller and shall request that the Seller not later than the earlier of
90 days from the receipt by the Seller of such notice or discovery by the Seller
of such Breach or Defect (subject to the second succeeding paragraph, the
"Initial Resolution Period"): (i) cure such Breach or Defect in all material
respects; (ii) repurchase the affected Mortgage Loan at the applicable Purchase
Price (as defined in the Pooling and Servicing Agreement); or (iii) substitute,
in accordance with the Pooling and Servicing Agreement, one or more Qualified
Substitute Mortgage Loans (as defined in the Pooling and Servicing Agreement)
for such affected Mortgage Loan (provided that in no event shall any
substitution occur later than the second anniversary of the Closing Date) and
pay the Master Servicer for deposit into the Collection Account any Substitution
Shortfall Amount (as defined in the Pooling and Servicing Agreement) in
connection therewith; provided, however, that Seller shall have an additional 90
days to cure such Material Breach or Material Defect if all of the following
conditions are satisfied: (i) such Material Breach or Material Defect is capable
of being cured but not within the Initial Resolution Period; (ii) such Material
Breach or Material Defect does not cause the related Mortgage Loan not to be a
"qualified mortgage" (within the meaning of Section 860G(a)(3) of the Code);
(iii) Seller has commenced and is diligently proceeding with the cure of such
Material Breach or Material Defect within the Initial Resolution Period; and
(iv) Seller has delivered to the Rating Agencies, the Master Servicer, the
Special Servicer and the Trustee an Officer's Certificate that describes the
reasons that the cure was not effected within the Initial Resolution Period and
the actions that it proposes to take to effect the cure and that states that it
anticipates the cure will be effected within the additional 90-day period. If
there exists a Breach of any representation or warranty that the related
Mortgage Loan Documents or any particular 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 Seller shall cure
such Breach within the Initial Resolution Period by reimbursing the Trust Fund
(by wire transfer of immediately available funds to the Collection Account) the
reasonable amount of any such costs and expenses incurred by the Master
Servicer, the Special Servicer, the Trustee or the Trust Fund that are the basis
of such Breach and have not been reimbursed by the related Borrower; provided,
however, that in the event any such costs and expenses exceed $10,000, Seller
shall have the option to either repurchase the related Mortgage Loan at the
applicable Purchase Price, replace such Mortgage Loan and pay any applicable
Substitution Shortfall Amount or pay such costs and expenses. Except as provided
in the proviso to the immediately preceding sentence, Seller shall remit the
amount of such costs and expenses and upon its making such remittance, Seller
shall be deemed to have cured such Breach in all respects. With respect to any
repurchase of a Mortgage Loan hereunder or any substitution of one or more
Qualified Substitute Mortgage Loans for a Mortgage Loan hereunder, (A) no such
substitution may be made in any calendar month after the Determination Date for
such month; (B) scheduled payments of principal and interest due with respect to
the Qualified Substitute Mortgage Loan(s) after the Due Date in the month of
substitution, and scheduled payments of principal and interest due with respect
to each Mortgage Loan being repurchased or replaced after the related Cut-off
Date and received by the Master Servicer or the Special Servicer on behalf of
the Trust on or prior to the related date of repurchase or substitution, shall
be part of the Trust Fund; and (C) scheduled payments of principal and interest
due with respect to each such Qualified Substitute Mortgage Loan on or prior to
the Due Date in the month of substitution, and scheduled payments of principal
and interest due with respect to each Mortgage Loan being repurchased or
replaced and received by the Master Servicer or the Special Servicer on behalf
of the Trust after the related date of repurchase or substitution, shall not be
part of the Trust Fund, and Seller (or, if applicable, any person effecting the
related

                                      -13-

repurchase or substitution in the place of Seller) shall be entitled to receive
such payments promptly following receipt by the Master Servicer or the Special
Servicer, as applicable, under the Pooling and Servicing Agreement. Any breach
of the representation contained in paragraph (x), paragraph (xiii), paragraph
(lix) or paragraph (lx) of Exhibit A with respect to Mortgage Loan No. 2 (known
as Pacific Design Center) shall be deemed to be a Material Breach per se. With
respect to a breach of such representations and warranties there shall be no
extension beyond the Initial Resolution Period for the cure of such breach or
repurchase of such Mortgage Loan and provided further that with respect to a
breach of the representation made in the last statement made in paragraph (x) of
Exhibit A, the representation made in paragraph (lix) of Exhibit A and the
representation made in paragraph (lx) of Exhibit A, the Seller shall be required
to repurchase such Mortgage Loan within the Initial Resolution Period. A
representation in the last statement made in paragraph (x) of Exhibit A, the
last statement made in paragraph (xiii) of Exhibit A, paragraph (lix) of Exhibit
A or paragraph (lx) of Exhibit A with respect to Mortgage Loan No. 2 (known as
Pacific Design Center) that a result will not occur means a representation that
the result could notpossibly occur in the future, but the representation will be
considered to be breached if and when the result does occur.

     Any of the following will cause a document in the Mortgage File to be
deemed to have a "Material Defect": (a) the absence from the Mortgage File of
the original signed Note, unless the Mortgage File contains a signed lost note
affidavit and indemnity; (b) the absence from the Mortgage File of the original
signed Mortgage, unless there is included in the Mortgage File a certified copy
of the Mortgage as recorded or as sent for recordation, together with a
certificate stating that the original signed Mortgage was sent for recordation,
or a copy of the Mortgage and the related recording information; (c) the absence
from the Mortgage File of the item called for by clause (ix) (relating to
evidence of title insurance) of the last sentence of the first paragraph of
Section 3 hereof; (d) the absence from the Mortgage File of any intervening
assignments required to create an effective assignment to the Trustee on behalf
of the Trust, unless there is included in the Mortgage File a certified copy of
the intervening assignment as recorded or as sent for recordation, together with
a certificate stating that the original intervening assignment was sent for
recordation; (e) the absence from the Mortgage File (or the Servicer File) of
any required original letter of credit (as required in the provisos of Section 1
hereof), provided that such Defect may be cured by any substitute letter of
credit or cash reserve on behalf of the related Borrower; (f) the absence from
the Mortgage File of the original or a copy of any required ground lease; or (g)
solely in the case of a Mortgage Loan secured by a Mortgaged Property operated
as a hospitality property, the absence from the Mortgage File of the related
franchise agreement and/or franchisor comfort letter. In addition, Seller shall
cure any Defect described in clause (b), (c), (e) or (f) of the immediately
preceding sentence as required in Section 2.02(b) of the Pooling and Servicing
Agreement.

     Any Defect or Breach which causes any Mortgage Loan not to be a "qualified
mortgage" (within the meaning of Section 860G(a)(3) of the Code) shall be deemed
a "Material Defect" or "Material Breach", as applicable, and the Initial
Resolution Period for the affected Mortgage Loan shall be 90 days following the
earlier of Seller's receipt of notice (pursuant to this Section 7) with respect
to, or its discovery of, such Defect or Breach (which period shall not be
subject to extension).

     If Seller does not, as required by this Section 7, correct or cure a
Material Breach or a Material Defect in all material respects within the
applicable Initial Resolution Period (as extended pursuant to this Section 7),
or if such Material Breach or Material Defect is not capable of being so
corrected or cured within such period, then Seller shall repurchase or
substitute for the affected

                                      -14-

Mortgage Loan as provided in this Section 7. If (i) any Mortgage Loan is
required to be repurchased or substituted for as provided above, (ii) such
Mortgage Loan is a Crossed Loan that is a part of a Crossed Group (as defined
below) and (iii) the applicable Breach or Defect does not otherwise constitute a
Breach or Defect, as the case may be, as to any other Crossed Loan in such
Crossed Group (without regard to this paragraph), then the applicable Breach or
Defect, as the case may be, will be deemed to constitute a Breach or Defect, as
the case may be, as to any other Crossed Loan in the Crossed Group for purposes
of the above provisions, and Seller will be required to repurchase or substitute
for such other Crossed Loan(s) in the related Crossed Group in accordance with
the provisions of this Section 7 unless such other Crossed Loans satisfy the
Crossed Loan Repurchase Criteria (as defined in the Pooling and Servicing
Agreement) and Seller can satisfy all other criteria for substitution or
repurchase of the affected Mortgage Loan(s) set forth in the Pooling and
Servicing Agreement. In the event that one or more of such other Crossed Loans
satisfy the Crossed Loan Repurchase Criteria, Seller may elect either to
repurchase or substitute for only the affected Crossed Loan as to which the
related Breach or Defect exists or to repurchase or substitute for all of the
Crossed Loans in the related Crossed Group. Seller shall be responsible for the
cost of any Appraisal required to be obtained by the Master Servicer to
determine if the Crossed Loan Repurchase Criteria have been satisfied, so long
as the scope and cost of such Appraisal have been approved by Seller (such
approval not to be unreasonably withheld). For purposes of this paragraph, a
"Crossed Group" is any group of Mortgage Loans identified as a Crossed Group on
Schedule III to this Agreement.

     Notwithstanding the foregoing, if there is a Material Breach or Material
Defect with respect to one or more Mortgaged Properties (but not all of the
Mortgaged Properties) with respect to a Mortgage Loan, Seller will not be
obligated to repurchase or substitute for the Mortgage Loan if the affected
Mortgaged Property may be released pursuant to the terms of any partial release
provisions in the related Mortgage Loan Documents and the remaining Mortgaged
Property(ies) satisfy the requirements, if any, set forth in the Mortgage Loan
Documents and (i) Seller provides an opinion of counsel to the effect that such
partial release would not cause an Adverse REMIC Event (as defined in the
Pooling and Servicing Agreement) to occur, (ii) Seller pays (or causes to be
paid) the applicable release price required under the Mortgage Loan Documents
and, to the extent not reimbursable out of the release price pursuant to the
related Mortgage Loan Documents, any additional amounts necessary to cover all
reasonable out-of-pocket expenses reasonably incurred by the Master Servicer,
the Special Servicer, the Trustee or the Trust Fund in connection therewith,
including any unreimbursed advances and interest thereon made with respect to
the Mortgaged Property that is being released,and (iii) such cure by release of
such Mortgaged Property is effected within the time periods specified for a cure
of a Material Breach or Material Defect in this Section 7.

     The Purchase Price or Substitution Shortfall Amount for any repurchased or
substituted Mortgage Loan shall be payable to Depositor or, subsequent to the
assignment of the Mortgage Loans to the Trustee, the Trustee as its assignee, by
wire transfer of immediately available funds to the account designated by
Depositor or the Trustee, as the case may be, and Depositor or the Trustee, as
the case may be, upon receipt of such funds, shall promptly release the related
Mortgage File and Servicer File or cause them to be released, to Seller and
shall execute and deliver such instruments of transfer or assignment as shall be
necessary to vest in Seller the legal and beneficial ownership of such Mortgage
Loan (including any property acquired in respect thereof or proceeds of any
insurance policy with respect thereto) and the related Mortgage Loan Documents.

                                      -15-

     It is understood and agreed that the obligations of Seller set forth in
this Section 7 to cure, substitute for or repurchase a Mortgage Loan constitute
the sole remedies available to Depositor and its successors and assigns
respecting any Breach or Defect affecting a Mortgage Loan.

     Section 8. Crossed Loans. With respect to any Crossed Loan conveyed
hereunder, to the extent that Seller repurchases or substitutes for an affected
Crossed Loan in the manner prescribed above while the Trustee continues to hold
any related Crossed Loans, Seller and Depositor (on behalf of its successors and
assigns) agree to modify, upon such repurchase or substitution, the related
Mortgage Loan Documents in a manner such that such affected Crossed Loan
repurchased or substituted by Seller, on the one hand, and any related Crossed
Loans still held by the Trustee, on the other, would no longer be
cross-defaulted or cross-collateralized with one another; provided that Seller
shall have furnished the Trustee, at Seller's expense, with an Opinion of
Counsel that such modification shall not cause an Adverse REMIC Event; and
provided, further, that if such Opinion of Counsel cannot be furnished, Seller
and Depositor hereby agree that such repurchase or substitution of only the
affected Crossed Loans, notwithstanding anything to the contrary herein, shall
not be permitted. Any reserve or other cash collateral or letters of credit
securing the subject Crossed Loans shall be allocated between such Mortgage
Loans in accordance with the Mortgage Loan Documents. All other terms of such
Mortgage Loans shall remain in full force and effect, without any modification
thereof.

     Section 9. Representations and Warranties of Depositor. Depositor hereby
represents and warrants to Seller as of the date hereof, as follows:

          (a) Depositor is duly organized and is validly existing as a
     corporation in good standing under the laws of the State of Delaware, with
     full corporate power and authority to own its assets and conduct its
     business as it is conducted, and is duly qualified as a foreign corporation
     in good standing in all jurisdictions in which the ownership or lease of
     its property or the conduct of its business requires such qualification
     (except where the failure to qualify would not have a materially adverse
     effect on the consummation of any transactions contemplated by this
     Agreement).

          (b) The execution and delivery by Depositor of this Agreement and the
     performance of Depositor's obligations hereunder are within the corporate
     power of Depositor and have been duly authorized by Depositor and neither
     the execution and delivery by Depositor of this Agreement nor the
     compliance by Depositor with the provisions hereof, nor the consummation by
     Depositor of the transactions contemplated by this Agreement, will (i)
     conflict with or result in a breach of, or constitute a default under, the
     certificate of incorporation or by-laws of Depositor or, after giving
     effect to the consents or taking of the actions contemplated by clause (ii)
     of this paragraph (b), any of the provisions of any law, governmental rule,
     regulation, judgment, decree or order binding on Depositor or its
     properties, or any of the provisions of any material indenture or mortgage
     or any other material contract or other instrument to which Depositor is a
     party or by which it is bound or result in the creation or imposition of
     any lien, charge or encumbrance upon any of its properties pursuant to the
     terms of any such indenture, mortgage, contract or other instrument or (ii)
     require any consent of, notice to, or filing with any person, entity or
     governmental body, which has not been obtained or made by Depositor, except
     where, in any of the instances contemplated by clause (i) above or this
     clause (ii), the failure to

                                      -16-

     do so will not have a material and adverse effect on the consummation of
     any transactions contemplated by this Agreement.

          (c) This Agreement has been duly executed and delivered by Depositor
     and this Agreement constitutes a legal, valid and binding instrument,
     enforceable against Depositor in accordance with its terms, subject, as to
     the enforcement of remedies, to applicable bankruptcy, reorganization,
     insolvency, moratorium and other laws affecting the rights of creditors
     generally and to general principles of equity and the discretion of the
     court (regardless of whether enforcement of such remedies is considered in
     a proceeding in equity or at law) and, as to rights of indemnification
     hereunder, subject to limitations of public policy under applicable
     securities laws.

          (d) There is no litigation, charge, investigation, action, suit or
     proceeding by or before any court, regulatory authority or governmental
     agency or body pending or, to the knowledge of Depositor, threatened
     against Depositor the outcome of which could be reasonably expected to
     materially and adversely affect the consummation of any transactions
     contemplated by this Agreement.

     Section 10. Survival of Certain Representations, Warranties and Covenants.
The respective representations and warranties set forth in or made pursuant to
this Agreement, and the respective obligations of the parties hereto under
Sections 7 and 12 of this Agreement, will remain in full force and effect,
regardless of any investigation or statement as to the result thereof made by or
on behalf of any party and will survive payment for the various transfers
referred to herein and delivery of the Certificates or termination of this
Agreement.

     Section 11. [Reserved].

     Section 12. Recording Costs and Expenses. Seller agrees to reimburse the
Trustee or its designee all recording and filing fees and expenses incurred by
the Trustee or its designee in connection with the recording or filing of the
Mortgage Loan Documents listed in Section 3 of this Agreement, including
Assignments. In the event Seller elects to engage a third-party contractor to
prepare, complete, file and record Assignments with respect to Mortgage Loans as
provided in Section 3 of this Agreement, Seller shall contract directly with
such contractor and shall be responsible for such contractor's compensation and
reimbursement of recording and filing fees and other reimbursable expenses
pursuant to their agreement.

     Section 13. Notices. All demands, notices and communications hereunder
shall be in writing and effective only upon receipt, and, (a) if sent to
Depositor, will be mailed, delivered or telecopied and confirmed to it at Credit
Suisse First Boston Mortgage Securities Corp., 11 Madison Avenue, 5th Floor, New
York, New York 10010, Attention: Edmund Taylor, Telecopy No.: (212) 743-4756
(with a copy to Tessa Peters, Telecopy No.: (212) 325-8282), or such other
address or telecopy number as may be designated by Depositor to Seller in
writing, or (b) if sent to Seller, will be mailed, delivered or telecopied and
confirmed to it at 3414 Peachtree Road, N.E., Suite 1140, Atlanta, Georgia
30326, Attention: Robert Barnes, Telecopy No.: (404) 261-5879, or such other
address or telecopy number as may be designated by Seller to Depositor in
writing.

                                      -17-

     Section 14. Examination of Mortgage Files. Upon reasonable notice, Seller,
prior to the Closing Date, will make the Mortgage Files available to Depositor
or its agent for examination during normal business hours at Seller's offices or
such other location as shall otherwise be agreed upon by Depositor and Seller.
The fact that Depositor or its agent has conducted or has failed to conduct any
partial or complete examination of the Mortgage Files shall not affect the
rights of Depositor or the Trustee (for the benefit of the Certificateholders)
to demand cure, repurchase, or other relief as provided herein.

     Section 15. Successors. This Agreement shall inure to the benefit of and
shall be binding upon Seller and Depositor and their respective successors and
permitted assigns, and nothing expressed in this Agreement is intended or shall
be construed to give any other Person any legal or equitable right, remedy or
claim under or in respect of this Agreement, or any provisions herein contained,
this Agreement and all conditions and provisions hereof being intended to be and
being for the sole and exclusive benefit of Seller and Depositor and their
respective successors and permitted assigns and for the benefit of no other
Person; it being understood that (a) the indemnities of Seller contained in that
certain Indemnification Agreement dated August 11, 2004, among Seller,
Depositor, the Initial Purchaser and the Underwriters, relating to, among other
things, information regarding the Mortgage Loans in the Prospectus Supplement
and the Offering Circular, subject to all limitations therein contained, shall
also be for the benefit of the officers and directors of Depositor, the
Underwriters and the Initial Purchaser and any person or persons who control
Depositor, the Underwriters and the Initial Purchaser within the meaning of
Section 15 of the Securities Act or Section 20 of the Securities Exchange Act of
1934, as amended, and (b) the rights of Depositor pursuant to this Agreement,
subject to all limitations herein contained, including those set forth in
Section 7 of this Agreement, may be assigned to the Trustee, for benefit of the
Certificateholders, as may be required to effect the purposes of the Pooling and
Servicing Agreement and, upon such assignment, the Trustee shall succeed to such
rights of Depositor hereunder; provided that the Trustee shall have no right to
further assign such rights to any other Person. No owner of a Certificate issued
pursuant to the Pooling and Servicing Agreement shall be deemed a successor or
permitted assign because of such ownership.

     Section 16. Governing Law. THIS AGREEMENT SHALL BE GOVERNED AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS TO
BE MADE AND PERFORMED ENTIRELY WITHIN SUCH STATE WITHOUT GIVING EFFECT TO CHOICE
OF LAW PRINCIPLES.

     Section 17. Severability. If any provision of this Agreement shall be
prohibited or invalid under applicable law, this Agreement shall be ineffective
only to such extent, without invalidating the remainder of this Agreement.

     Section 18. Further Assurances. Depositor and Seller agree to execute and
deliver such instruments and take such actions as the other party may, from time
to time, reasonably request in order to effectuate the purpose and to carry out
the terms of this Agreement.

     Section 19. Counterparts. This Agreement may be executed in counterparts
(and by each of the parties hereto on different counterparts), each of which
when so executed and delivered will be an original, and all of which together
will be deemed to constitute but one and the same instrument.

                                      -18-

     Section 20. Treatment as Security Agreement. It is the express intent of
the parties hereto that the conveyance of the Mortgage Loans by Seller to
Depositor as provided in this Agreement be, and be construed as, a sale of the
Mortgage Loans by Seller to Depositor. It is, further, not the intention of the
parties that such conveyance be deemed a pledge of the Mortgage Loans by Seller
to Depositor to secure a debt or other obligation of Seller. However, in the
event that, notwithstanding the intent of the parties, the Mortgage Loans are
held to be property of Seller or if for any reason this Agreement is held or
deemed to create a security interest in the Mortgage Loans:

          (a) this Agreement shall hereby create a security agreement within the
     meaning of Articles 8 and 9 of the Uniform Commercial Code in effect in the
     applicable state;

          (b) the conveyance provided for in this Agreement shall hereby grant
     from Seller to Depositor a security interest in and to all of Seller's
     right, title, and interest, whether now owned or hereafter acquired, in and
     to:

               (i) all accounts, contract rights (including any guarantees),
          general intangibles, chattel paper, instruments, documents, money,
          deposit accounts, certificates of deposit, goods, letters of credit,
          advices of credit and investment property consisting of, arising from
          or relating to any of the property described in the Mortgage Loans,
          including the related Notes, Mortgages and title, hazard and other
          insurance policies, identified on the Mortgage Loan Schedule, and all
          distributions with respect thereto payable after the Cut-off Date;

               (ii) all accounts, contract rights, general intangibles, chattel
          paper, instruments, documents, money, deposit accounts, certificates
          of deposit, goods, letters of credit, advices of credit and investment
          property arising from or by virtue of the disposition of, or
          collections with respect to, or insurance proceeds payable with
          respect to, or claims against other persons with respect to, all or
          any part of the collateral described in clause (i) above (including
          any accrued discount realized on liquidation of any investment
          purchased at a discount), in each case, payable after the Cut-off
          Date; and

               (iii) all cash and non-cash proceeds of the collateral described
          in clauses (i) and (ii) above payable after the Cut-off Date;

          (c) the possession by Depositor or its assignee of the Notes and such
     other goods, letters of credit, advices of credit, instruments, money,
     documents, chattel paper or certificated securities shall be deemed to be
     possession by the secured party or possession by a purchaser or a person
     designated by him or her, for purposes of perfecting the security interest
     pursuant to the Uniform Commercial Code (including, without limitation,
     Sections 9-306, 9-313 and 9-314 thereof) as in force in the relevant
     jurisdiction;

          (d) notifications to persons holding such property, and
     acknowledgments, receipts, confirmations from persons holding such
     property, shall be deemed to be notifications to, or acknowledgments,
     receipts or confirmations from, financial intermediaries, bailees or agents
     of, or persons holding for (as applicable), Depositor or its assignee for
     the purpose of perfecting such security interest under applicable law; and

                                      -19-

          (e) Seller at the direction of Depositor or its assignee, 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 and the proceeds thereof, 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. In connection herewith, Depositor and its assignee shall
     have all of the rights and remedies of a secured party and creditor under
     the Uniform Commercial Code as in force in the relevant jurisdiction and
     may prepare and file such UCC Financing Statements as may be necessary or
     appropriate to accomplish the foregoing.

     Section 21. Recordation of Agreement. To the extent permitted by applicable
law, this Agreement is subject to recordation following the Closing Date in all
appropriate public offices for real property records in all the counties or
other comparable jurisdictions in which any or all of the properties subject to
the Mortgages are situated, and in any other appropriate public recording office
or elsewhere, such recordation to be effected by Seller at Seller's expense at
the direction of Depositor accompanied by an Opinion of Counsel to the effect
that such recordation materially and beneficially affects the interests of
Depositor.

                                      * * *

                                      -20-

     IN WITNESS WHEREOF, the parties hereto have caused this Mortgage Loan
Purchase Agreement to be duly executed and delivered as the date first above
written.

                                       COLUMN FINANCIAL, INC.,
                                       as Seller

                                       By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                       CREDIT SUISSE FIRST BOSTON MORTGAGE
                                       SECURITIES CORP.,
                                       as Depositor

                                       By:
                                          --------------------------------------
                                          Name:
                                          Title:

                                                                      SCHEDULE I

                          SCHEDULE OF TRANSACTION TERMS

     This Schedule of Transaction Terms is appended to and incorporated by
reference in the Mortgage Loan Purchase Agreement (the "Agreement"), dated as of
August 11, 2004, between Column Financial, Inc. and Credit Suisse First Boston
Mortgage Securities Corp. Capitalized terms used herein without definition have
the meanings given them in or by reference in the Agreement or, if not defined
in the Agreement, in the Pooling and Servicing Agreement.

     "Affiliate" means with respect to any specified Person, any other Person
controlling or controlled by or under common control with such specified Person.

     "Assignments" shall have the meaning given such term in Section 3 of this
Agreement.

     "Borrower" means the borrower under a Mortgage Loan.

     "Breach" shall have the meaning given such term in Section 7 of this
Agreement.

     "Certificate Purchase Agreement" means the Certificate Purchase Agreement,
dated August 11, 2004, among, Column Financial, Inc. (solely with respect to its
obligations under Section 11 thereof), Depositor and the Initial Purchaser.

     "Certificates" means the Credit Suisse First Boston Mortgage Securities
Corp., Commercial Mortgage Pass-Through Certificates, Series 2004-C3.

     "Closing" shall have the meaning given that term in Section 2 of this
Agreement.

     "Closing Date" means August 25, 2004.

     "Closing Statement" means the closing statement dated as of the Closing
Date and signed by, among others, the parties to this Agreement.

     "Code" means the Internal Revenue Code of 1986, as amended.

     "Crossed Loan" means any Mortgage Loan which is cross-defaulted and
cross-collateralized with any other Mortgage Loan.

     "Crossed Group" shall have the meaning given such term in Section 7 of this
Agreement.

     "Cut-off Date" means, individually and collectively, the applicable Due
Dates for the respective Mortgage Loans occurring in August 2004 or, with
respect to any Mortgage Loan originated in August 2004, the date of origination
of such Mortgage Loan.

     "Defect" shall have the meaning given such term in Section 7 of this
Agreement.

                                    SCH. I-1

     "Depositor" shall have the meaning given such term in the first sentence of
this Agreement.

     "Environmental Report" means the environmental audit report with respect to
each Mortgaged Property delivered to Seller in connection with the related
Mortgage, if any.

     "Exception Report" means the exceptions with respect to the representations
and warranties made by Seller as to the Mortgage Loans in Section 6(xii) and
under the written certificate described in Section 4(b)(iii) of this Agreement,
which exceptions are set forth in Schedule V attached hereto and made a part
hereof.

     "Initial Purchaser" means Credit Suisse First Boston LLC.

     "Initial Resolution Period" shall have the meaning given such term in
Section 7 of this Agreement.

     "Loan Agreement" means, with respect to any Mortgage Loan, the loan
agreement, if any, between the related Mortgage Loan Originator and the related
Borrower, pursuant to which such Mortgage Loan was made.

     "Material Breach" shall have the meaning given such term in Section 7 of
this Agreement.

     "Material Defect" shall have the meaning given such term in Section 7 of
this Agreement.

     "Mortgage File" means, collectively, the documents and instruments
pertaining to a Mortgage Loan required to be included in the related Mortgage
File pursuant to Section 3 of this Agreement (subject to the first proviso in
Section 1 of this Agreement).

     "Mortgage Loan" and "Mortgage Loans" shall have the respective meanings
given such terms in Recital II of this Agreement.

     "Mortgage Loan Documents" means, collectively, the documents and
instruments pertaining to a Mortgage Loan to be included in either the related
Mortgage File or the related Servicer File.

     "Mortgage Loan Originator" means any institution which originated a
Mortgage Loan for a related Borrower.

     "Mortgage Loan Purchase Price" means the amount described in Section 2 of
this Agreement.

     "Mortgage Loan Schedule" shall have the meaning given such term in Recital
II of this Agreement.

     "Offering Circular" means the confidential offering circular dated August
11, 2004, describing certain classes of the Private Certificates.

                                    SCH. I-2

     "Pooling and Servicing Agreement" means the Pooling and Servicing Agreement
creating the Trust Fund and the interests therein, dated as of August 1, 2004,
among Depositor, the Master Servicer, the Special Servicer and the Trustee,
including, without limitation, the exhibits and schedules annexed thereto.

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

     "Private Certificates" means the Certificates that are not Publicly Offered
Certificates.

     "Prospectus" means the Prospectus dated May 14, 2004, that is a part of
Depositor's registration statement on Form S-3 (File No. 333-116258).

     "Prospectus Supplement" means the Prospectus Supplement, dated August 11,
2004, relating to the Publicly Offered Certificates.

     "Publicly Offered Certificates" means the Class A-1, Class A-2, Class A-3,
Class A-4, Class A-5, Class A-1-A, Class B, Class C and Class D Certificates.

     "Seller" shall have the meaning given such term in the first sentence of
this Agreement.

     "Servicer File" means, collectively, all documents, records and copies
pertaining to a Mortgage Loan that are required to be included in the related
Servicer File pursuant to Section 3 (subject to the first proviso in Section 1).

     "Trust Fund" shall have the meaning given such term in Recital II of this
Agreement.

     "Trustee" shall have the meaning given such term in Section 1 of this
Agreement.

     "Underwriters" means Credit Suisse First Boston LLC, PNC Capital Markets,
Inc. and Goldman, Sachs & Co.

     "Underwriting Agreement" means the Underwriting Agreement, dated August 11,
2004, among Depositor, Column Financial, Inc. (solely with respect to its
obligations under Section 12 thereof) and the Underwriters.

                                    SCH. I-3

                                                                     SCHEDULE II

                             MORTGAGE LOAN SCHEDULE

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

LOAN NUMBER             PROPERTY NAME                              ADDRESS                         CITY
------------ ------------------------------------- ----------------------------------------- ------------------

    157      1485 N. Garfield Apartments           1485 North Garfield Avenue                Pasadena
------------ ------------------------------------- ----------------------------------------- ------------------
     3       160 West 24th Street                  160 West 24th Street and 167 West 23rd    New York
                                                   Street
------------ ------------------------------------- ----------------------------------------- ------------------
    11       275 Park Avenue - The Chocolate       275 Park Avenue                           Brooklyn
             Factory
------------ ------------------------------------- ----------------------------------------- ------------------
    20       333 West Fort Street                  333-337 West Fort Street                  Detroit
------------ ------------------------------------- ----------------------------------------- ------------------
    51       357 S. Gulph                          357 South Gulph Road                      King of Prussia
------------ ------------------------------------- ----------------------------------------- ------------------
    49       509 Vine Street Philadelphia          509 Vine Street                           Philadelphia
------------ ------------------------------------- ----------------------------------------- ------------------
     9       615 Chestnut Street                   615 Chestnut Street                       Philadelphia
------------ ------------------------------------- ----------------------------------------- ------------------
    144      649 S. Burnside Ave                   649 South Burnside Avenue                 Los Angeles
------------ ------------------------------------- ----------------------------------------- ------------------
    149      AAA Storage                           2505 3rd Avenue Place                     Longmont
------------ ------------------------------------- ----------------------------------------- ------------------
    13       Addison at Swift Creek Apartments     4100 Lonas Parkway                        Midlothian
------------ ------------------------------------- ----------------------------------------- ------------------
    69       Addison Court                         17940-17960 Military Trail                Boca Raton
------------ ------------------------------------- ----------------------------------------- ------------------
    159      Amberwoods Apartments                 800 Hamsted Street                        Fort Worth
------------ ------------------------------------- ----------------------------------------- ------------------
    110      American Gem                          2347 South Sepulveda Boulevard            Los Angeles
------------ ------------------------------------- ----------------------------------------- ------------------
    96       American Harbor Self - Storage        7227 South R.L. Thornton Freeway          Dallas
------------ ------------------------------------- ----------------------------------------- ------------------
    128      Baker Square Apartments               1809 Baker Drive                          Mesquite
------------ ------------------------------------- ----------------------------------------- ------------------
    94       Bellfort Plaza Apartments             7035 Bellfort Avenue                      Houston
------------ ------------------------------------- ----------------------------------------- ------------------
    67       Blanco Junction Shopping Center       6901 Blanco Road                          Castle Hills
------------ ------------------------------------- ----------------------------------------- ------------------
    103      Bloomfield Professional Center        43494 Woodward Avenue                     Bloomfield Hills
------------ ------------------------------------- ----------------------------------------- ------------------
    89       Bridgeton Crossing                    121 Bridge Town Boulevard                 New Bern
------------ ------------------------------------- ----------------------------------------- ------------------
    166      Broadway Inn Apartments               8477 East Broadway Boulevard              Tucson
------------ ------------------------------------- ----------------------------------------- ------------------
    118      Bronx Apartments                      4459 Matilda Avenue & 3153 Seymou Avenue  Bronx

------------ ------------------------------------- ----------------------------------------- ------------------
    145      Candle Chase Apartments               6822 South Hulen Street                   Fort Worth
------------ ------------------------------------- ----------------------------------------- ------------------
    22       Canyon Park Heights                   21540 30th Drive Southeast                Bothell
------------ ------------------------------------- ----------------------------------------- ------------------
    70       Cedarfield at Churchland Apartments   4201 Cedar Lane                           Portsmouth
------------ ------------------------------------- ----------------------------------------- ------------------
    140      Cedargate Apartments                  32 Cedargate Court                        Galion
------------ ------------------------------------- ----------------------------------------- ------------------
     6       Centerpointe Mall                     3545 28th Street Southeast                Grand Rapids
------------ ------------------------------------- ----------------------------------------- ------------------
     5       Centro Gran Caribe                    PR-2, Km. 29.7                            Vega Alta
------------ ------------------------------------- ----------------------------------------- ------------------
    76       Centro Norcross                       5720 & 5730 Buford Highway                Norcross
------------ ------------------------------------- ----------------------------------------- ------------------
    30       Champlain Center South Shopping       19, 57, and 73 Centre Drive               Plattsburgh
             Center
------------ ------------------------------------- ----------------------------------------- ------------------
    135      Chapel Hill Center                    1896-1908 Buchholzer Boulevard            Akron
------------ ------------------------------------- ----------------------------------------- ------------------
             Chehalis Gardens Apartments
             Portfolio
------------ ------------------------------------- ----------------------------------------- ------------------
    43C      Chehalis Manor Apartments             300 South Market Boulevard                Chehalis
------------ ------------------------------------- ----------------------------------------- ------------------
    43D      Kennewick Garden Court                955 West 5th Avenue                       Kennewick
------------ ------------------------------------- ----------------------------------------- ------------------
    43A      McKinley Terrace                      807-809 East Wright Avenue                Tacoma
------------ ------------------------------------- ----------------------------------------- ------------------
    43B      Meadow Park Garden Court              5712 Hannah Pierce Road West              University Place
------------ ------------------------------------- ----------------------------------------- ------------------
    28       Cold Spring Crossing                  355 Crossroads Boulevard                  Cold Spring
------------ ------------------------------------- ----------------------------------------- ------------------

------------  ---------- --------- ----------- ----------- -----------------
                                                  NET
                                    MORTGAGE    MORTGAGE       ORIGINAL
LOAN NUMBER     STATE      ZIP        RATE        RATE         BALANCE
------------  ---------- --------- ----------- ----------- -----------------

    157          CA       91104     6.2600%     6.2286%     $1,133,645.00
------------  ---------- --------- ----------- ----------- -----------------
     3           NY       10003     5.2000%     5.1686%    $76,500,000.00

------------  ---------- --------- ----------- ----------- -----------------
    11           NY       11205     5.9900%     5.9586%    $30,500,000.00

------------  ---------- --------- ----------- ----------- -----------------
    20           MI       48226     6.0800%     6.0186%    $17,500,000.00
------------  ---------- --------- ----------- ----------- -----------------
    51           PA       19406     5.6500%     5.6186%     $7,400,000.00
------------  ---------- --------- ----------- ----------- -----------------
    49           PA       19102     4.5200%     4.4886%     $8,000,000.00
------------  ---------- --------- ----------- ----------- -----------------
     9           PA       19106     6.6000%     6.5686%    $38,000,000.00
------------  ---------- --------- ----------- ----------- -----------------
    144          CA       90036     6.0000%     5.9686%     $1,650,000.00
------------  ---------- --------- ----------- ----------- -----------------
    149          CO       80503     5.5000%     5.4686%     $1,600,000.00
------------  ---------- --------- ----------- ----------- -----------------
    13           VA       23112     4.6600%     4.6286%    $28,000,000.00
------------  ---------- --------- ----------- ----------- -----------------
    69           FL       33496     5.1100%     5.0786%     $5,200,000.00
------------  ---------- --------- ----------- ----------- -----------------
    159          TX       76163     6.7500%     6.7186%     $1,040,000.00
------------  ---------- --------- ----------- ----------- -----------------
    110          CA       90064     5.8900%     5.8586%     $2,700,000.00
------------  ---------- --------- ----------- ----------- -----------------
    96           TX       75232     6.1600%     6.1286%     $3,300,000.00
------------  ---------- --------- ----------- ----------- -----------------
    128          TX       75150     5.8000%     5.7686%     $2,000,000.00
------------  ---------- --------- ----------- ----------- -----------------
    94           TX       77087     5.9000%     5.8686%     $3,350,000.00
------------  ---------- --------- ----------- ----------- -----------------
    67           TX       78213     6.1900%     6.1586%     $5,250,000.00
------------  ---------- --------- ----------- ----------- -----------------
    103          MI       48302     5.1500%     5.1186%     $3,200,000.00
------------  ---------- --------- ----------- ----------- -----------------
    89           NC       28560     5.3500%     5.3186%     $3,850,000.00
------------  ---------- --------- ----------- ----------- -----------------
    166          AZ       85710     6.6500%     6.6186%       $840,000.00
------------  ---------- --------- ----------- ----------- -----------------
    118          NY      10469 &    6.6400%     6.6086%     $2,400,000.00
                          10470
------------  ---------- --------- ----------- ----------- -----------------
    145          TX       76133     5.5000%     5.4686%     $1,650,000.00
------------  ---------- --------- ----------- ----------- -----------------
    22           WA       98021     5.0000%     4.9686%    $15,535,000.00
------------  ---------- --------- ----------- ----------- -----------------
    70           VA       23703     5.2700%     5.2386%     $5,200,000.00
------------  ---------- --------- ----------- ----------- -----------------
    140          OH       44833     6.1800%     6.1486%     $1,775,000.00
------------  ---------- --------- ----------- ----------- -----------------
     6           MI       49512     5.4200%     5.3886%     $47,500,000.00
------------  ---------- --------- ----------- ----------- -----------------
     5           PR       00692     5.5125%     5.4811%     $51,200,000.00
------------  ---------- --------- ----------- ----------- -----------------
    76           GA       30071     6.1700%     6.1386%     $4,700,000.00
------------  ---------- --------- ----------- ----------- -----------------
    30           NY       12901     5.6800%     5.6486%     $13,650,000.00

------------  ---------- --------- ----------- ----------- -----------------
    135          OH       44310     5.3500%     5.3186%     $1,900,000.00
------------  ---------- --------- ----------- ----------- -----------------
                                    5.6000%     5.5186%     $9,000,000.00

------------  ---------- --------- ----------- ----------- -----------------
    43C          WA       98532     5.6000%     5.5186%     $1,168,000.00
------------  ---------- --------- ----------- ----------- -----------------
    43D          WA       99336     5.6000%     5.5186%       $900,000.00
------------  ---------- --------- ----------- ----------- -----------------
    43A          WA       98404     5.6000%     5.5186%     $4,132,000.00
------------  ---------- --------- ----------- ----------- -----------------
    43B          WA       98467     5.6000%     5.5186%     $2,800,000.00
------------  ---------- --------- ----------- ----------- -----------------
    28           KY       41076     5.8100%     5.7486%     $14,100,000.00
------------  ---------- --------- ----------- ----------- -----------------

                                   SCH. II-1

------------ ------------------------------------- --------------------- ------------- ---------------
   LOAN                                                                   REMAINING       MATURITY
  NUMBER                PROPERTY NAME                CUT-OFF BALANCE         TERM           DATE
------------ ------------------------------------- --------------------- ------------- ---------------

    157      1485 N. Garfield Apartments           $1,131,689.20             118         6/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
     3       160 West 24th Street                  $76,255,309.40             57         5/11/2009
------------ ------------------------------------- --------------------- ------------- ---------------
    11       275 Park Avenue - The Chocolate       $30,500,000.00            119         7/11/2014
             Factory
------------ ------------------------------------- --------------------- ------------- ---------------
    20       333 West Fort Street                  $17,339,537.19            110         10/11/2013
------------ ------------------------------------- --------------------- ------------- ---------------
    51       357 S. Gulph                          $7,370,610.68             116         4/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
    49       509 Vine Street Philadelphia          $8,000,000.00              58         6/11/2014

------------ ------------------------------------- --------------------- ------------- ---------------
     9       615 Chestnut Street                   $37,973,276.32            119         7/11/2034
------------ ------------------------------------- --------------------- ------------- ---------------
    144      649 S. Burnside Ave                   $1,643,373.32             117         5/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
    149      AAA Storage                           $1,592,979.89             117         5/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
    13       Addison at Swift Creek Apartments     $28,000,000.00             56         4/11/2009

------------ ------------------------------------- --------------------- ------------- ---------------
    69       Addison Court                         $5,188,467.14             118         6/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
    159      Amberwoods Apartments                 $1,037,516.28             118         6/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
    110      American Gem                          $2,681,836.06             113         1/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
    96       American Harbor Self - Storage        $3,287,124.37             117         5/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
    128      Baker Square Apartments               $1,990,531.78             115         3/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
    94       Bellfort Plaza Apartments             $3,340,854.51             117         5/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
    67       Blanco Junction Shopping Center       $5,236,617.12             117         5/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
    103      Bloomfield Professional Center        $3,185,087.51             117         5/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
    89       Bridgeton Crossing                    $3,829,862.37             115         3/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
    166      Broadway Inn Apartments               $830,074.21               234         2/11/2024
------------ ------------------------------------- --------------------- ------------- ---------------
    118      Bronx Apartments                      $2,394,153.64             118         6/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
    145      Candle Chase Apartments               $1,642,760.52             117         5/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
    22       Canyon Park Heights                   $15,535,000.00             56         4/11/2034

------------ ------------------------------------- --------------------- ------------- ---------------
    70       Cedarfield at Churchland Apartments   $5,183,621.99             117         5/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
    140      Cedargate Apartments                  $1,758,210.39             113         1/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
     6       Centerpointe Mall                     $47,301,786.93            116         4/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
     5       Centro Gran Caribe                    $51,200,000.00            117         5/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
    76       Centro Norcross                       $4,681,695.30             117         5/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
    30       Champlain Center South Shopping       $13,583,614.22            115         3/11/2014
             Center
------------ ------------------------------------- --------------------- ------------- ---------------
    135      Chapel Hill Center                    $1,895,994.45             118         6/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
             Chehalis Gardens Apartments           $8,955,442.23             115         3/11/2014
             Portfolio
------------ ------------------------------------- --------------------- ------------- ---------------
    43C      Chehalis Manor Apartments             $1,162,217.40             115         3/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
    43D      Kennewick Garden Court                $895,544.22               115         3/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
    43A      McKinley Terrace                      $4,111,543.03             115         3/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
    43B      Meadow Park Garden Court              $2,786,137.58             115         3/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
    28       Cold Spring Crossing                  $14,100,000.00            117         5/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------

------------ ----------- -------------- ------------- ----------------- ------------
   LOAN         ARD        ORIGINAL      REMAINING        MONTHLY        UNITS/SF
  NUMBER        DATE     AMORTIZATION   AMORTIZATION      PAYMENT
------------ ----------- -------------- ------------- ----------------- ------------

    157                       360           358           $6,987.42     12
------------ ----------- -------------- ------------- ----------------- ------------
     3                        360           357         $420,069.82     204
------------ ----------- -------------- ------------- ----------------- ------------
    11                        336           336         $187,420.53     123

------------ ----------- -------------- ------------- ----------------- ------------
    20                        360           350         $105,823.12     132,159
------------ ----------- -------------- ------------- ----------------- ------------
    51                        360           356          $42,715.45     48,245
------------ ----------- -------------- ------------- ----------------- ------------
    49       6/11/2009   Interest Only    Interest       $30,551.85     44
                                            Only
------------ ----------- -------------- ------------- ----------------- ------------
     9       7/11/2014        360           359         $242,690.35     375,369
------------ ----------- -------------- ------------- ----------------- ------------
    144                       300           297          $10,630.97     36
------------ ----------- -------------- ------------- ----------------- ------------
    149                       300           297           $9,825.40     36,400
------------ ----------- -------------- ------------- ----------------- ------------
    13                   Interest Only    Interest      $110,243.52     432
                                            Only
------------ ----------- -------------- ------------- ----------------- ------------
    69                        360           358          $28,265.35     20,860
------------ ----------- -------------- ------------- ----------------- ------------
    159                       300           298           $7,185.48     60
------------ ----------- -------------- ------------- ----------------- ------------
    110                       360           353          $15,997.41     9,800
------------ ----------- -------------- ------------- ----------------- ------------
    96                        300           297          $21,585.87     65,975
------------ ----------- -------------- ------------- ----------------- ------------
    128                       360           355          $11,735.06     52
------------ ----------- -------------- ------------- ----------------- ------------
    94                        360           357          $19,870.07     154
------------ ----------- -------------- ------------- ----------------- ------------
    67                        360           357          $32,120.56     59,880
------------ ----------- -------------- ------------- ----------------- ------------
    103                       300           297          $18,987.60     32,297
------------ ----------- -------------- ------------- ----------------- ------------
    89                        360           355          $21,498.93     45,685
------------ ----------- -------------- ------------- ----------------- ------------
    166                       240           234           $6,337.21     49
------------ ----------- -------------- ------------- ----------------- ------------
    118                       300           298          $16,415.55     39
------------ ----------- -------------- ------------- ----------------- ------------
    145                       300           297          $10,132.44     116
------------ ----------- -------------- ------------- ----------------- ------------
    22       4/11/2009   Interest Only    Interest       $65,628.18     144,399
                                            Only
------------ ----------- -------------- ------------- ----------------- ------------
    70                        360           357          $28,779.04     118
------------ ----------- -------------- ------------- ----------------- ------------
    140                       300           293          $11,632.45     98
------------ ----------- -------------- ------------- ----------------- ------------
     6                        360           356         $267,320.44     774,137
------------ ----------- -------------- ------------- ----------------- ------------
     5                        336           336         $299,384.61     387,437
------------ ----------- -------------- ------------- ----------------- ------------
    76                        300           297          $30,772.45     50,803
------------ ----------- -------------- ------------- ----------------- ------------
    30                        360           355          $79,051.74     208,933

------------ ----------- -------------- ------------- ----------------- ------------
    135                       360           358          $10,609.86     14,545
------------ ----------- -------------- ------------- ----------------- ------------
                              360           355

------------ ----------- -------------- ------------- ----------------- ------------
    43C                       360           355           $6,705.25     33
------------ ----------- -------------- ------------- ----------------- ------------
    43D                       360           355           $5,166.71     27
------------ ----------- -------------- ------------- ----------------- ------------
    43A                       360           355          $23,720.94     107
------------ ----------- -------------- ------------- ----------------- ------------
    43B                       360           355          $16,074.21     66
------------ ----------- -------------- ------------- ----------------- ------------
    28                        360           360          $82,821.99     224,775
------------ ----------- -------------- ------------- ----------------- ------------

                                   SCH. II-2

------------ ------------------------------------- ------------- ---------------- --------- -------
                                                                 ADMINISTRATIVE
   LOAN                                              INTEREST      (TRUSTEE +       DUE
  NUMBER                PROPERTY NAME              CALCULATION   SERVICING) FEE     DATE     ARD
------------ ------------------------------------- ------------- ---------------- --------- -------

    157      1485 N. Garfield Apartments           Actual/360        0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
     3       160 West 24th Street                  Actual/360        0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
    11       275 Park Avenue - The Chocolate       Actual/360        0.0314%         11
             Factory
------------ ------------------------------------- ------------- ---------------- --------- -------
    20       333 West Fort Street                  Actual/360        0.0614%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
    51       357 S. Gulph                          Actual/360        0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
    49       509 Vine Street Philadelphia          Actual/360        0.0314%         11     Yes
------------ ------------------------------------- ------------- ---------------- --------- -------
     9       615 Chestnut Street                   Actual/360        0.0314%         11     Yes
------------ ------------------------------------- ------------- ---------------- --------- -------
    144      649 S. Burnside Ave                   Actual/360        0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
    149      AAA Storage                           Actual/360        0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
    13       Addison at Swift Creek Apartments     Actual/360        0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
    69       Addison Court                         Actual/360        0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
    159      Amberwoods Apartments                 Actual/360        0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
    110      American Gem                          Actual/360        0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
    96       American Harbor Self - Storage        Actual/360        0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
    128      Baker Square Apartments               Actual/360        0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
    94       Bellfort Plaza Apartments             Actual/360        0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
    67       Blanco Junction Shopping Center       Actual/360        0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
    103      Bloomfield Professional Center        Actual/360        0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
    89       Bridgeton Crossing                    Actual/360        0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
    166      Broadway Inn Apartments               Actual/360        0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
    118      Bronx Apartments                      Actual/360        0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
    145      Candle Chase Apartments               Actual/360        0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
    22       Canyon Park Heights                   Actual/360        0.0314%         11     Yes
------------ ------------------------------------- ------------- ---------------- --------- -------
    70       Cedarfield at Churchland Apartments   Actual/360        0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
    140      Cedargate Apartments                  Actual/360        0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
     6       Centerpointe Mall                     Actual/360        0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
     5       Centro Gran Caribe                    Actual/360        0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
    76       Centro Norcross                       Actual/360        0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
    30       Champlain Center South Shopping       Actual/360        0.0314%         11
             Center
------------ ------------------------------------- ------------- ---------------- --------- -------
    135      Chapel Hill Center                    Actual/360        0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
             Chehalis Gardens Apartments                             0.0814%         11
             Portfolio
------------ ------------------------------------- ------------- ---------------- --------- -------
    43C      Chehalis Manor Apartments             Actual/360        0.0814%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
    43D      Kennewick Garden Court                Actual/360        0.0814%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
    43A      McKinley Terrace                      Actual/360        0.0814%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
    43B      Meadow Park Garden Court              Actual/360        0.0814%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
    28       Cold Spring Crossing                  Actual/360        0.0614%         11
------------ ------------------------------------- ------------- ---------------- --------- -------

------------ -------------- ------------- -------------- --------- -------- -----------
                                                                              LETTER
   LOAN       DEFEASANCE     EARTHQUAKE   ENVIRONMENTAL   GROUND    LOAN        OF
  NUMBER       (YES/NO)      INSURANCE      INSURANCE     LEASE     GROUP     CREDIT
------------ -------------- ------------- -------------- --------- -------- -----------

    157           Yes            No            No           No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
     3            Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
    11            Yes           N/A            No           No        1         No

------------ -------------- ------------- -------------- --------- -------- -----------
    20            Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
    51            Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
    49            Yes           N/A            No          Yes        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
     9            Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
    144           No             No            Yes          No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
    149           Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
    13            Yes           N/A            No           No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
    69            Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
    159           No            N/A            Yes          No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
    110           Yes            No            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
    96            Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
    128           Yes           N/A            No           No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
    94            Yes           N/A            Yes          No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
    67            Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
    103           Yes           N/A            Yes          No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
    89            Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
    166           Yes           N/A            Yes          No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
    118           No            N/A            Yes          No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
    145           Yes           N/A            No           No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
    22            Yes           Yes            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
    70            Yes           N/A            No           No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
    140           No            N/A            Yes          No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
     6            Yes           N/A            No           No        1        Yes
------------ -------------- ------------- -------------- --------- -------- -----------
     5            Yes           N/A            No          Yes        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
    76            Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
    30            Yes           N/A            No           No        1         No

------------ -------------- ------------- -------------- --------- -------- -----------
    135           No            N/A            Yes          No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
                  Yes            No            No           No        2         No

------------ -------------- ------------- -------------- --------- -------- -----------
    43C           Yes            No            No           No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
    43D           Yes            No            No           No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
    43A           Yes            No            No           No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
    43B           Yes            No            No           No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
    28            Yes           N/A            No           No        1        Yes
------------ -------------- ------------- -------------- --------- -------- -----------

                                   SCH. II-3

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

LOAN NUMBER             PROPERTY NAME                              ADDRESS                         CITY
------------ ------------------------------------- ----------------------------------------- ------------------

43D          Kennewick Garden Court                955 West 5th Avenue                       Kennewick
------------ ------------------------------------- ----------------------------------------- ------------------
43A          McKinley Terrace                      807-809 East Wright Avenue                Tacoma
------------ ------------------------------------- ----------------------------------------- ------------------
43B          Meadow Park Garden Court              5712 Hannah Pierce Road West              University Place
------------ ------------------------------------- ----------------------------------------- ------------------
28           Cold Spring Crossing                  355 Crossroads Boulevard                  Cold Spring
------------ ------------------------------------- ----------------------------------------- ------------------
141          College Square Retail Center          555 and 595 College Drive                 Henderson
------------ ------------------------------------- ----------------------------------------- ------------------
46           College Towers Apartments             1800-1840 Rhodes Road                     Kent
------------ ------------------------------------- ----------------------------------------- ------------------
77           Colt Crossing Shopping Center         5179 Clinton Road                         Fayetteville
------------ ------------------------------------- ----------------------------------------- ------------------
111          Commercial Drive Plaza                4640-4666 Commercial Drive                New Hartford
------------ ------------------------------------- ----------------------------------------- ------------------
122          Concord Woods Apartments              44 Concord Woods Drive                    Milford
------------ ------------------------------------- ----------------------------------------- ------------------
155          Congress StorageMax                   4700 West Congress Street                 Lafayette
------------ ------------------------------------- ----------------------------------------- ------------------
124          Copper Country MHP                    500 North Main Street                     Globe
------------ ------------------------------------- ----------------------------------------- ------------------
102          Corinth Commons Shopping Center       7650 South Interstate 35 East             Corinth
------------ ------------------------------------- ----------------------------------------- ------------------
80           Corona Plaza Shopping Center          1312 East Ontario Avenue                  Corona
------------ ------------------------------------- ----------------------------------------- ------------------
39           Counsel Square                        7545-7627 Little Road                     New Port Richey
------------ ------------------------------------- ----------------------------------------- ------------------
38           Creekside Plaza Building C            1000 San Leandro Boulevard                San Leandro
------------ ------------------------------------- ----------------------------------------- ------------------
93           Crooked Creek Centre                  7818-7880 North Michigan Road             Indianapolis
------------ ------------------------------------- ----------------------------------------- ------------------
90           Crown Garden Apartments               7001 Hillcroft Street                     Houston
------------ ------------------------------------- ----------------------------------------- ------------------
115          Cypress on the Ridge I                740 Garden View Court                     Encinitas
------------ ------------------------------------- ----------------------------------------- ------------------
116          Cypress on the Ridge II               760 Garden View Court                     Encinitas
------------ ------------------------------------- ----------------------------------------- ------------------
71           Deerfield Tech Center                 111 Deer Lake Road                        Deerfield
------------ ------------------------------------- ----------------------------------------- ------------------
142          Dellwood Apartments                   2001 Bristol Road                         Laredo
------------ ------------------------------------- ----------------------------------------- ------------------
169          DeSoto Albertson's Shadow Retail      1308 West Beltline Road                   DeSoto
------------ ------------------------------------- ----------------------------------------- ------------------
152          Dewberry Heights Apartments           81 Overton Avenue                         Waterbury
------------ ------------------------------------- ----------------------------------------- ------------------
32           Downey Marketplace                    8610 Firestone Boulevard                  Downey
------------ ------------------------------------- ----------------------------------------- ------------------
173          Drake Apartments                      15830 Van Aken Boulevard                  Shaker Heights
------------ ------------------------------------- ----------------------------------------- ------------------
97           Dyersdale Village                     9700 Mesa Drive                           Houston
------------ ------------------------------------- ----------------------------------------- ------------------
23           Encino Atrium                         16530 Ventura Boulevard                   Encino
------------ ------------------------------------- ----------------------------------------- ------------------
54           English Hills Apartments              6701 English Hills Drive                  Charlotte
------------ ------------------------------------- ----------------------------------------- ------------------
19           Estates at Ridenour                   1575 Ridenour Parkway                     Kennesaw
------------ ------------------------------------- ----------------------------------------- ------------------
42           Fairways Plaza                        8200 South Colorado Boulevard             Centennial
------------ ------------------------------------- ----------------------------------------- ------------------
107          Fonda Place                           10315 Grand River Road                    Brighton
------------ ------------------------------------- ----------------------------------------- ------------------
174          Forest Avenue                         63-50 and 63-54 Forest Avenue             Ridgewood
------------ ------------------------------------- ----------------------------------------- ------------------
62           Four Mile Fork Shopping Center        U.S. Route 1 at Courthouse Road           Fredericksburg
------------ ------------------------------------- ----------------------------------------- ------------------
127          Four Winds Professional Building      7071 Convoy Court                         San Diego
------------ ------------------------------------- ----------------------------------------- ------------------
75           Four Worlds Apartments                8292 Four Worlds Drive                    Cincinnati
------------ ------------------------------------- ----------------------------------------- ------------------

------------ ---------- --------- ----------- ----------- -----------------
                                                  NET
                                   MORTGAGE     MORTGAGE       ORIGINAL
LOAN NUMBER    STATE      ZIP        RATE         RATE         BALANCE
------------ ---------- --------- ----------- ----------- -----------------

43D          WA         99336     5.6000%     5.5186%        $900,000.00
------------ ---------- --------- ----------- ----------- -----------------
43A          WA         98404     5.6000%     5.5186%      $4,132,000.00
------------ ---------- --------- ----------- ----------- -----------------
43B          WA         98467     5.6000%     5.5186%      $2,800,000.00
------------ ---------- --------- ----------- ----------- -----------------
28           KY         41076     5.8100%     5.7486%     $14,100,000.00
------------ ---------- --------- ----------- ----------- -----------------
141          NV         89015     5.9500%     5.9186%      $1,750,000.00
------------ ---------- --------- ----------- ----------- -----------------
46           OH         44240     5.1900%     5.1586%      $8,650,000.00
------------ ---------- --------- ----------- ----------- -----------------
77           NC         28391     5.8500%     5.8186%      $4,680,000.00
------------ ---------- --------- ----------- ----------- -----------------
111          NY         13413     5.8000%     5.7686%      $2,650,000.00
------------ ---------- --------- ----------- ----------- -----------------
122          OH         45150     5.7300%     5.6686%      $2,200,000.00
------------ ---------- --------- ----------- ----------- -----------------
155          LA         70506     6.3500%     6.3186%      $1,200,000.00
------------ ---------- --------- ----------- ----------- -----------------
124          AZ         85501     5.2000%     5.1686%      $2,200,000.00
------------ ---------- --------- ----------- ----------- -----------------
102          TX         76210     5.5700%     5.5386%      $3,200,000.00
------------ ---------- --------- ----------- ----------- -----------------
80           CA         92881     5.0500%     5.0186%      $4,300,000.00
------------ ---------- --------- ----------- ----------- -----------------
39           FL         34654     5.9400%     5.9086%      $9,500,000.00
------------ ---------- --------- ----------- ----------- -----------------
38           CA         94577     5.7800%     5.7486%      $9,800,000.00
------------ ---------- --------- ----------- ----------- -----------------
93           IN         46268     6.3800%     6.3486%      $3,400,000.00
------------ ---------- --------- ----------- ----------- -----------------
90           TX         77081     5.5600%     5.5286%      $3,630,000.00
------------ ---------- --------- ----------- ----------- -----------------
115          CA         92024     5.2200%     5.1886%      $2,500,000.00
------------ ---------- --------- ----------- ----------- -----------------
116          CA         92024     5.2200%     5.1886%      $2,500,000.00
------------ ---------- --------- ----------- ----------- -----------------
71           IL         60015     5.0600%     5.0286%      $5,100,000.00
------------ ---------- --------- ----------- ----------- -----------------
142          TX         78045     6.0200%     5.9886%      $1,750,000.00
------------ ---------- --------- ----------- ----------- -----------------
169          TX         75115     6.0500%     6.0186%        $820,000.00
------------ ---------- --------- ----------- ----------- -----------------
152          CT         06705     6.2900%     6.2586%      $1,480,000.00
------------ ---------- --------- ----------- ----------- -----------------
32           CA         90241     6.1900%     6.1586%     $12,000,000.00
------------ ---------- --------- ----------- ----------- -----------------
173          OH         44120     5.7000%     5.6686%        $750,000.00
------------ ---------- --------- ----------- ----------- -----------------
97           TX         77078     5.2000%     5.1686%      $3,300,000.00
------------ ---------- --------- ----------- ----------- -----------------
23           CA         91436     5.9800%     5.9486%     $15,600,000.00
------------ ---------- --------- ----------- ----------- -----------------
54           NC         28212     4.8700%     4.8386%      $7,200,000.00
------------ ---------- --------- ----------- ----------- -----------------
19           GA         30152     4.5800%     4.5486%     $17,750,000.00
------------ ---------- --------- ----------- ----------- -----------------
42           CO         80122     5.7500%     5.7186%      $9,100,000.00
------------ ---------- --------- ----------- ----------- -----------------
107          MI         48116     6.1800%     6.1486%      $2,925,000.00
------------ ---------- --------- ----------- ----------- -----------------
174          NY         11385     7.0400%     7.0086%        $550,000.00
------------ ---------- --------- ----------- ----------- -----------------
62           VA         22408     5.9500%     5.9186%      $6,500,000.00
------------ ---------- --------- ----------- ----------- -----------------
127          CA         92111     4.6900%     4.6586%      $2,000,000.00
------------ ---------- --------- ----------- ----------- -----------------
75           OH         45231     5.5300%     5.4686%      $4,750,000.00
------------ ---------- --------- ----------- ----------- -----------------

                                   SCH. II-4

------------ ------------------------------------- --------------------- ------------- ---------------
   LOAN                 PROPERTY NAME                    CUT-OFF          REMAINING       MATURITY
  NUMBER                                                 BALANCE             TERM           DATE
------------ ------------------------------------- --------------------- ------------- ---------------

43D          Kennewick Garden Court                     $895,544.22          115         3/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
43A          McKinley Terrace                         $4,111,543.03          115         3/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
43B          Meadow Park Garden Court                 $2,786,137.58          115         3/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
28           Cold Spring Crossing                    $14,100,000.00          117         5/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
141          College Square Retail Center             $1,741,992.77          115         3/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
46           College Towers Apartments                $8,650,000.00          117         5/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
77           Colt Crossing Shopping Center            $4,675,966.26          119         7/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
111          Commercial Drive Plaza                   $2,650,000.00          120         8/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
122          Concord Woods Apartments                 $2,193,752.94          117         5/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
155          Congress StorageMax                      $1,192,351.01          115         3/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
124          Copper Country MHP                       $2,190,382.04           80         4/11/2011
------------ ------------------------------------- --------------------- ------------- ---------------
102          Corinth Commons Shopping Center          $3,187,069.36          116         4/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
80           Corona Plaza Shopping Center             $4,300,000.00           54         2/11/2009

------------ ------------------------------------- --------------------- ------------- ---------------
39           Counsel Square                           $9,492,001.15          119         7/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
38           Creekside Plaza Building C               $9,741,357.44          114         2/11/2034
------------ ------------------------------------- --------------------- ------------- ---------------
93           Crooked Creek Centre                     $3,391,324.97           82         6/11/2011
------------ ------------------------------------- --------------------- ------------- ---------------
90           Crown Garden Apartments                  $3,596,248.77           51         11/11/2008
------------ ------------------------------------- --------------------- ------------- ---------------
115          Cypress on the Ridge I                   $2,492,038.65          117         5/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
116          Cypress on the Ridge II                  $2,489,116.33          116         4/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
71           Deerfield Tech Center                    $5,100,000.00          117         5/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
142          Dellwood Apartments                      $1,724,029.89          113         1/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
169          DeSoto Albertson's Shadow Retail           $815,543.82          116         4/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
152          Dewberry Heights Apartments              $1,474,360.87          117         5/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
32           Downey Marketplace                      $12,000,000.00          116         4/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
173          Drake Apartments                           $747,855.62          117         5/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
97           Dyersdale Village                        $3,282,169.75           55         3/11/2009
------------ ------------------------------------- --------------------- ------------- ---------------
23           Encino Atrium                           $15,483,601.37          112         12/11/2013
------------ ------------------------------------- --------------------- ------------- ---------------
54           English Hills Apartments                 $7,158,272.21          115         3/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
19           Estates at Ridenour                     $17,750,000.00           57         5/11/2009

------------ ------------------------------------- --------------------- ------------- ---------------
42           Fairways Plaza                           $9,020,039.88          114         2/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
107          Fonda Place                              $2,917,525.96          117         5/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
174          Forest Avenue                              $546,638.69          178         6/11/2019
------------ ------------------------------------- --------------------- ------------- ---------------
62           Four Mile Fork Shopping Center           $6,442,903.79          112         12/11/2013
------------ ------------------------------------- --------------------- ------------- ---------------
127          Four Winds Professional Building         $1,992,860.43          117         5/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
75           Four Worlds Apartments                   $4,735,883.38          117         5/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------

------------ ----------- -------------- ------------- ----------------- ------------
   LOAN         ARD        ORIGINAL      REMAINING        MONTHLY        UNITS/SF
  NUMBER        DATE     AMORTIZATION   AMORTIZATION      PAYMENT
------------ ----------- -------------- ------------- ----------------- ------------

43D                           360           355           $5,166.71            27
------------ ----------- -------------- ------------- ----------------- ------------
43A                           360           355          $23,720.94           107
------------ ----------- -------------- ------------- ----------------- ------------
43B                           360           355          $16,074.21            66
------------ ----------- -------------- ------------- ----------------- ------------
28                            360           360          $82,821.99       224,775
------------ ----------- -------------- ------------- ----------------- ------------
141                           360           355          $10,435.95         8,848
------------ ----------- -------------- ------------- ----------------- ------------
46                            348           348          $48,130.78           459
------------ ----------- -------------- ------------- ----------------- ------------
77                            360           359          $27,609.24        55,193
------------ ----------- -------------- ------------- ----------------- ------------
111                           360           360          $15,548.96        30,941
------------ ----------- -------------- ------------- ----------------- ------------
122                           360           357          $12,810.66           106
------------ ----------- -------------- ------------- ----------------- ------------
155                           300           295           $7,990.37        30,050
------------ ----------- -------------- ------------- ----------------- ------------
124                           360           356          $12,080.44        18,166
------------ ----------- -------------- ------------- ----------------- ------------
102                           360           356          $18,310.04        24,686
------------ ----------- -------------- ------------- ----------------- ------------
80                       Interest Only    Interest       $18,347.16        20,516
                                            Only
------------ ----------- -------------- ------------- ----------------- ------------
39                            360           359          $56,591.35       109,146
------------ ----------- -------------- ------------- ----------------- ------------
38           2/11/2014        360           354          $57,377.04        50,041
------------ ----------- -------------- ------------- ----------------- ------------
93                            300           298          $22,702.75        51,236
------------ ----------- -------------- ------------- ----------------- ------------
90                            360           351          $20,747.60           164
------------ ----------- -------------- ------------- ----------------- ------------
115                           360           357          $13,758.68        14,549
------------ ----------- -------------- ------------- ----------------- ------------
116                           360           356          $13,758.68        13,617
------------ ----------- -------------- ------------- ----------------- ------------
71                            360           360          $27,565.22        58,875
------------ ----------- -------------- ------------- ----------------- ------------
142                           240           233          $12,557.74           114
------------ ----------- -------------- ------------- ----------------- ------------
169                           300           296           $5,308.36         6,304
------------ ----------- -------------- ------------- ----------------- ------------
152                           300           297           $9,799.73            42
------------ ----------- -------------- ------------- ----------------- ------------
32                            360           360          $73,418.43        58,895
------------ ----------- -------------- ------------- ----------------- ------------
173                           360           357           $4,353.00            26
------------ ----------- -------------- ------------- ----------------- ------------
97                            360           355          $18,120.66           152
------------ ----------- -------------- ------------- ----------------- ------------
23                            360           352          $93,329.39       158,122
------------ ----------- -------------- ------------- ----------------- ------------
54                            360           355          $38,081.14           280
------------ ----------- -------------- ------------- ----------------- ------------
19                       Interest Only    Interest       $68,686.75           255
                                            Only
------------ ----------- -------------- ------------- ----------------- ------------
42                            300           294          $57,248.68       121,477
------------ ----------- -------------- ------------- ----------------- ------------
107                           360           357          $17,876.77        43,503
------------ ----------- -------------- ------------- ----------------- ------------
174                           180           178           $4,955.86            12
------------ ----------- -------------- ------------- ----------------- ------------
62                            336           328          $39,778.35       102,532
------------ ----------- -------------- ------------- ----------------- ------------
127                           360           357          $10,360.74        27,909
------------ ----------- -------------- ------------- ----------------- ------------
75                            360           357          $27,059.45           201
------------ ----------- -------------- ------------- ----------------- ------------

                                   SCH. II-5

------------ ------------------------------------- ------------- ---------------- ---------
                                                                  ADMINISTRATIVE
   LOAN                                               INTEREST      (TRUSTEE +       DUE
  NUMBER                PROPERTY NAME               CALCULATION  SERVICING) FEE     DATE
------------ ------------------------------------- ------------- ---------------- ---------

43D          Kennewick Garden Court                 Actual/360       0.0814%         11
------------ ------------------------------------- ------------- ---------------- ---------
43A          McKinley Terrace                       Actual/360       0.0814%         11
------------ ------------------------------------- ------------- ---------------- ---------
43B          Meadow Park Garden Court               Actual/360       0.0814%         11
------------ ------------------------------------- ------------- ---------------- ---------
28           Cold Spring Crossing                   Actual/360       0.0614%         11
------------ ------------------------------------- ------------- ---------------- ---------
141          College Square Retail Center           Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- ---------
46           College Towers Apartments              Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- ---------
77           Colt Crossing Shopping Center          Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- ---------
111          Commercial Drive Plaza                 Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- ---------
122          Concord Woods Apartments               Actual/360       0.0614%         11
------------ ------------------------------------- ------------- ---------------- ---------
155          Congress StorageMax                    Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- ---------
124          Copper Country MHP                     Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- ---------
102          Corinth Commons Shopping Center        Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- ---------
80           Corona Plaza Shopping Center           Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- ---------
39           Counsel Square                         Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- ---------
38           Creekside Plaza Building C             Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- ---------
93           Crooked Creek Centre                   Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- ---------
90           Crown Garden Apartments                Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- ---------
115          Cypress on the Ridge I                 Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- ---------
116          Cypress on the Ridge II                Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- ---------
71           Deerfield Tech Center                  Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- ---------
142          Dellwood Apartments                    Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- ---------
169          DeSoto Albertson's Shadow Retail       Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- ---------
152          Dewberry Heights Apartments            Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- ---------
32           Downey Marketplace                     Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- ---------
173          Drake Apartments                       Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- ---------
97           Dyersdale Village                      Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- ---------
23           Encino Atrium                          Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- ---------
54           English Hills Apartments               Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- ---------
19           Estates at Ridenour                    Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- ---------
42           Fairways Plaza                         Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- ---------
107          Fonda Place                            Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- ---------
174          Forest Avenue                          Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- ---------
62           Four Mile Fork Shopping Center         Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- ---------
127          Four Winds Professional Building       Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- ---------
75           Four Worlds Apartments                 Actual/360       0.0614%         11
------------ ------------------------------------- ------------- ---------------- ---------

------------ ------- -------------- ------------- -------------- --------- -------- -----------
                                                                                      LETTER
   LOAN       ARD     DEFEASANCE     EARTHQUAKE   ENVIRONMENTAL   GROUND    LOAN        OF
  NUMBER               (YES/NO)      INSURANCE      INSURANCE     LEASE     GROUP     CREDIT
------------ ------- -------------- ------------- -------------- --------- -------- -----------

43D                       Yes            No            No           No        2         No
------------ ------- -------------- ------------- -------------- --------- -------- -----------
43A                       Yes            No            No           No        2         No
------------ ------- -------------- ------------- -------------- --------- -------- -----------
43B                       Yes            No            No           No        2         No
------------ ------- -------------- ------------- -------------- --------- -------- -----------
28                        Yes           N/A            No           No        1        Yes
------------ ------- -------------- ------------- -------------- --------- -------- -----------
141                       Yes           N/A            Yes          No        1         No
------------ ------- -------------- ------------- -------------- --------- -------- -----------
46                        Yes           N/A            No           No        2         No
------------ ------- -------------- ------------- -------------- --------- -------- -----------
77                        Yes           N/A            No           No        1         No
------------ ------- -------------- ------------- -------------- --------- -------- -----------
111                       No            N/A            Yes          No        1         No
------------ ------- -------------- ------------- -------------- --------- -------- -----------
122                       Yes           N/A            No           No        2         No
------------ ------- -------------- ------------- -------------- --------- -------- -----------
155                       Yes           N/A            Yes          No        1         No
------------ ------- -------------- ------------- -------------- --------- -------- -----------
124                       Yes           N/A            No           No        1         No
------------ ------- -------------- ------------- -------------- --------- -------- -----------
102                       Yes           N/A            No           No        1         No
------------ ------- -------------- ------------- -------------- --------- -------- -----------
80                        Yes            No            No           No        1         No
------------ ------- -------------- ------------- -------------- --------- -------- -----------
39                        Yes           N/A            No           No        1         No
------------ ------- -------------- ------------- -------------- --------- -------- -----------
38            Yes         Yes            No            No           No        1         No
------------ ------- -------------- ------------- -------------- --------- -------- -----------
93                        Yes           N/A            Yes          No        1         No
------------ ------- -------------- ------------- -------------- --------- -------- -----------
90                        Yes           N/A            No           No        2         No
------------ ------- -------------- ------------- -------------- --------- -------- -----------
115                       Yes            No            No           No        1         No
------------ ------- -------------- ------------- -------------- --------- -------- -----------
116                       Yes            No            No           No        1         No
------------ ------- -------------- ------------- -------------- --------- -------- -----------
71                        Yes           N/A            No           No        1         No
------------ ------- -------------- ------------- -------------- --------- -------- -----------
142                       Yes           N/A            No           No        2         No
------------ ------- -------------- ------------- -------------- --------- -------- -----------
169                       Yes           N/A            Yes          No        1         No
------------ ------- -------------- ------------- -------------- --------- -------- -----------
152                       Yes           N/A            Yes          No        2         No
------------ ------- -------------- ------------- -------------- --------- -------- -----------
32                        Yes            No            No           No        1         No
------------ ------- -------------- ------------- -------------- --------- -------- -----------
173                       No            N/A            Yes          No        2         No
------------ ------- -------------- ------------- -------------- --------- -------- -----------
97                        Yes           N/A            Yes          No        2         No
------------ ------- -------------- ------------- -------------- --------- -------- -----------
23                        Yes            No            No          Yes        1         No
------------ ------- -------------- ------------- -------------- --------- -------- -----------
54                        Yes           N/A            No           No        2         No
------------ ------- -------------- ------------- -------------- --------- -------- -----------
19                        Yes           N/A            No           No        2         No
------------ ------- -------------- ------------- -------------- --------- -------- -----------
42                        Yes           N/A            No           No        1         No
------------ ------- -------------- ------------- -------------- --------- -------- -----------
107                       Yes           N/A            Yes          No        1         No
------------ ------- -------------- ------------- -------------- --------- -------- -----------
174                       No            N/A            Yes          No        1         No
------------ ------- -------------- ------------- -------------- --------- -------- -----------
62                        Yes           N/A            No           No        1         No
------------ ------- -------------- ------------- -------------- --------- -------- -----------
127                       No             No            No           No        1         No
------------ ------- -------------- ------------- -------------- --------- -------- -----------
75                        Yes           N/A            No           No        2         No
------------ ------- -------------- ------------- -------------- --------- -------- -----------

                                   SCH. II-6

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

LOAN NUMBER             PROPERTY NAME                              ADDRESS                         CITY
------------ ------------------------------------- ----------------------------------------- ------------------

15           Gwinnett Crossing Apartments          2202 West Liddell Road                    Duluth
------------ ------------------------------------- ----------------------------------------- ------------------
86           Hampton Inn Hull Street               3620 Price Club Boulevard                 Midlothian
------------ ------------------------------------- ----------------------------------------- ------------------
150          Harbour Glen Apartments               1225 10th Street North                    Texas City
------------ ------------------------------------- ----------------------------------------- ------------------
120          Hermitage Gardens Apartments          4701 Old Hickory Boulevard                Hermitage
------------ ------------------------------------- ----------------------------------------- ------------------
161          Hidden Creek MHP                      99-306 Hidden Creek Circle                Warner Robins
------------ ------------------------------------- ----------------------------------------- ------------------
88           Highpoint Village Apartments          2400 Wickersham Lane                      Austin
------------ ------------------------------------- ----------------------------------------- ------------------
52           Hillcrest Medical Center              4033 3rd Avenue                           San Diego
------------ ------------------------------------- ----------------------------------------- ------------------
92           Holiday Inn Express-Westchase         2930 West Sam Houston Parkway South       Houston
------------ ------------------------------------- ----------------------------------------- ------------------
146          Hollywood Park Market Place           3417, 3419 & 3421 West Century Boulevard  Inglewood
------------ ------------------------------------- ----------------------------------------- ------------------
64           Homestead Plaza                       1302-1344 Homestead Road North            Lehigh Acres
------------ ------------------------------------- ----------------------------------------- ------------------
34           Idaho Terrace Apartments              3040 Idaho Avenue Northwest               Washington
------------ ------------------------------------- ----------------------------------------- ------------------
133          Johnson Building                      810 1st Street South                      Hopkins
------------ ------------------------------------- ----------------------------------------- ------------------
138          Lahser Medical I                      27177 Lahser Road                         Southfield
------------ ------------------------------------- ----------------------------------------- ------------------
113          Lake Jackson Shopping Center          117 Highway 332 West                      Lake Jackson
------------ ------------------------------------- ----------------------------------------- ------------------
73           Lakeshore Crossing Apartments         101 Lakeshore Drive                       Atlanta
------------ ------------------------------------- ----------------------------------------- ------------------
12           Lakewood Square                       5021-5195 Lakewood Boulevard and          Lakewood
                                                   3950-4091 Hardwick Street
------------ ------------------------------------- ----------------------------------------- ------------------
             Lehigh Industrial Portfolio
------------ ------------------------------------- ----------------------------------------- ------------------
79A          2440 Brodhead Road (LBC)              2440 Brodhead Road                        Bethlehem
------------ ------------------------------------- ----------------------------------------- ------------------
79B          3000 Emrick Blvd. (BBC)               3000 Emrick Boulevard                     Bethlehem
------------ ------------------------------------- ----------------------------------------- ------------------
31           Lighthouse Pointe Apartments          3350 Wedgewood Drive Northeast            Palm Bay
------------ ------------------------------------- ----------------------------------------- ------------------
37           Linden Park                           4550 New Linden Hill Road                 Stanton
------------ ------------------------------------- ----------------------------------------- ------------------
154          Little Village Apartments             95 -101 Lee Street                        Buckner
------------ ------------------------------------- ----------------------------------------- ------------------
139          Los Arboles MHP                       17200 South La Villita Road               Sahuarita
------------ ------------------------------------- ----------------------------------------- ------------------
16           Mall at Shelter Cove                  24 Shelter Cove Lane                      Hilton Head
                                                                                             Island
------------ ------------------------------------- ----------------------------------------- ------------------
123          Mansfield Retail Center               2150-2172 Walker Lake Road                Ontario
------------ ------------------------------------- ----------------------------------------- ------------------
147          MCM Building                          10720 Bradford Road                       Littleton
------------ ------------------------------------- ----------------------------------------- ------------------
164          Meadow Wood Apartments                122 Route 385                             Catskill
------------ ------------------------------------- ----------------------------------------- ------------------
60           Meadows at Shadow Ridge               1640-1691 Shadow Ridge Court              Belleville
------------ ------------------------------------- ----------------------------------------- ------------------
27           Merchant Square                       7100 GA Highway 85                        Riverdale
------------ ------------------------------------- ----------------------------------------- ------------------
160          Miccosukee Arms Apartments            1839 Miccosukee Road                      Tallahassee
------------ ------------------------------------- ----------------------------------------- ------------------
40           Millennium I                          20 Ash Street                             Conshohocken
------------ ------------------------------------- ----------------------------------------- ------------------
108          MJ Crossing                           1418 North Town East Boulevard            Mesquite
------------ ------------------------------------- ----------------------------------------- ------------------
168          Mobile Lodge                          619 Whitfield Street                      Lecompton
------------ ------------------------------------- ----------------------------------------- ------------------
167          Monterey Square Apts                  3764 North Nicklas Avenue                 Oklahoma City
------------ ------------------------------------- ----------------------------------------- ------------------
125          Murray Hill Apartments                819 Lane Drive                            Rosenberg
------------ ------------------------------------- ----------------------------------------- ------------------

------------ ---------- --------- ----------- ----------- -----------------
                                                 NET
                                   MORTGAGE    MORTGAGE       ORIGINAL
LOAN NUMBER    STATE      ZIP        RATE        RATE         BALANCE
------------ ---------- --------- ----------- ----------- -----------------

15              GA       30096     5.1800%     5.1486%     $24,850,000.00
------------ ---------- --------- ----------- ----------- -----------------
86              VA       23112     6.3500%     6.3186%      $4,000,000.00
------------ ---------- --------- ----------- ----------- -----------------
150             TX       77592     6.1400%     6.1086%      $1,535,500.00
------------ ---------- --------- ----------- ----------- -----------------
120             TN       37138     4.8400%     4.8086%      $2,300,000.00
------------ ---------- --------- ----------- ----------- -----------------
161             GA       31088     6.2400%     6.2086%      $1,030,000.00
------------ ---------- --------- ----------- ----------- -----------------
88              TX       78741     5.7700%     5.7386%      $3,900,000.00
------------ ---------- --------- ----------- ----------- -----------------
52              CA       92103     4.7600%     4.7286%      $7,300,000.00
------------ ---------- --------- ----------- ----------- -----------------
92              TX       77042     7.2000%     7.1686%      $3,500,000.00
------------ ---------- --------- ----------- ----------- -----------------
146             CA       90303     5.1800%     5.1486%      $1,650,000.00
------------ ---------- --------- ----------- ----------- -----------------
64              FL       33936     6.2000%     6.1686%      $5,925,000.00
------------ ---------- --------- ----------- ----------- -----------------
34              DC       20016     5.4700%     5.4386%     $10,300,000.00
------------ ---------- --------- ----------- ----------- -----------------
133             MN       55343     5.9500%     5.9186%      $1,950,000.00
------------ ---------- --------- ----------- ----------- -----------------
138             MI       48034     5.7700%     5.7386%      $1,850,000.00
------------ ---------- --------- ----------- ----------- -----------------
113             TX       77566     5.2900%     5.2586%      $2,600,000.00
------------ ---------- --------- ----------- ----------- -----------------
73              GA       30324     5.7400%     5.7086%      $5,000,000.00
------------ ---------- --------- ----------- ----------- -----------------
12              CA       90712     5.2800%     5.2486%     $30,350,000.00

------------ ---------- --------- ----------- ----------- -----------------
                                   5.9200%     5.8886%      $4,350,000.00
------------ ---------- --------- ----------- ----------- -----------------
79A             PA       18020     5.9200%     5.8886%      $2,300,000.00
------------ ---------- --------- ----------- ----------- -----------------
79B             PA       18020     5.9200%     5.8886%      $2,050,000.00
------------ ---------- --------- ----------- ----------- -----------------
31              FL       32905     6.1800%     6.1486%     $13,000,000.00
------------ ---------- --------- ----------- ----------- -----------------
37              DE       19808     6.3700%     6.3386%      $9,900,000.00
------------ ---------- --------- ----------- ----------- -----------------
154             MO       64016     5.8000%     5.7686%      $1,320,000.00
------------ ---------- --------- ----------- ----------- -----------------
139             AZ       85629     5.6400%     5.6086%      $1,800,000.00
------------ ---------- --------- ----------- ----------- -----------------
16              SC       29928     6.0300%     5.9986%     $22,500,000.00

------------ ---------- --------- ----------- ----------- -----------------
123             OH       44862     5.4000%     5.3686%      $2,200,000.00
------------ ---------- --------- ----------- ----------- -----------------
147             CO       80127     5.8700%     5.8386%      $1,640,000.00
------------ ---------- --------- ----------- ----------- -----------------
164             NY       12414     5.8200%     5.7886%        $880,000.00
------------ ---------- --------- ----------- ----------- -----------------
60              IL       62221     6.0700%     6.0386%      $3,250,000.00
------------ ---------- --------- ----------- ----------- -----------------
27              GA       30274     5.8000%     5.7686%     $14,240,000.00
------------ ---------- --------- ----------- ----------- -----------------
160             FL       32308     6.4400%     6.4086%      $1,040,000.00
------------ ---------- --------- ----------- ----------- -----------------
40              PA       19428     6.2100%     6.1786%      $9,500,000.00
------------ ---------- --------- ----------- ----------- -----------------
108             TX       75150     5.8400%     5.8086%      $2,930,000.00
------------ ---------- --------- ----------- ----------- -----------------
168             KS       66050     6.1500%     6.1186%        $820,000.00
------------ ---------- --------- ----------- ----------- -----------------
167             OK       73122     6.0500%     6.0186%        $824,000.00
------------ ---------- --------- ----------- ----------- -----------------
125             TX       77471     5.6600%     5.6286%      $2,104,000.00
------------ ---------- --------- ----------- ----------- -----------------

                                   SCH. II-7

------------ ------------------------------------- --------------------- ------------- ---------------
   LOAN                                                  CUT-OFF          REMAINING       MATURITY
  NUMBER                PROPERTY NAME                    BALANCE             TERM           DATE
------------ ------------------------------------- --------------------- ------------- ---------------

15           Gwinnett Crossing Apartments              $24,740,903.79        116         4/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
86           Hampton Inn Hull Street                    $3,989,739.85        118         6/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
150          Harbour Glen Apartments                    $1,532,777.78         58         6/11/2009
------------ ------------------------------------- --------------------- ------------- ---------------
120          Hermitage Gardens Apartments               $2,292,046.82        117         5/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
161          Hidden Creek MHP                           $1,028,214.89        118         6/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
88           Highpoint Village Apartments               $3,876,614.23        114         2/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
52           Hillcrest Medical Center                   $7,274,323.77         57         5/11/2009
------------ ------------------------------------- --------------------- ------------- ---------------
92           Holiday Inn Express-Westchase              $3,487,544.89        118         6/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
146          Hollywood Park Market Place                $1,642,756.21        116         4/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
64           Homestead Plaza                            $5,876,646.14        114         2/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
34           Idaho Terrace Apartments                  $10,224,269.15        113         1/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
133          Johnson Building                           $1,938,737.25        114         2/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
138          Lahser Medical I                           $1,842,842.23        116         4/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
113          Lake Jackson Shopping Center               $2,591,847.13        117         5/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
73           Lakeshore Crossing Apartments              $4,969,831.59        114         2/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
12           Lakewood Square                           $30,350,000.00        117         5/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
             Lehigh Industrial Portfolio                $4,329,959.58        115         3/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
79A          2440 Brodhead Road (LBC)                   $2,289,403.92        115         3/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
79B          3000 Emrick Blvd. (BBC)                    $2,040,555.66        115         3/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
31           Lighthouse Pointe Apartments              $12,989,729.34        119         7/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
37           Linden Park                                $9,822,730.38        111         11/11/2013
------------ ------------------------------------- --------------------- ------------- ---------------
154          Little Village Apartments                  $1,312,512.49        116         4/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
139          Los Arboles MHP                            $1,788,913.22        114         2/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
16           Mall at Shelter Cove                      $22,500,000.00        116         4/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
123          Mansfield Retail Center                    $2,190,780.38        116         4/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
147          MCM Building                               $1,632,052.72        110         10/11/2013
------------ ------------------------------------- --------------------- ------------- ---------------
164          Meadow Wood Apartments                       $877,524.88         58         6/11/2009
------------ ------------------------------------- --------------------- ------------- ---------------
60           Meadows at Shadow Ridge                    $3,231,696.03        114         2/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
27           Merchant Square                           $14,200,211.52        117         5/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
160          Miccosukee Arms Apartments                 $1,037,374.52        118         6/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
40           Millennium I                               $9,459,067.74        115         3/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
108          MJ Crossing                                $2,913,492.90         80         4/11/2011
------------ ------------------------------------- --------------------- ------------- ---------------
168          Mobile Lodge                                 $816,794.80         81         5/11/2011
------------ ------------------------------------- --------------------- ------------- ---------------
167          Monterey Square Apts                         $818,459.09        115         3/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
125          Murray Hill Apartments                     $2,091,778.58         56         4/11/2009
------------ ------------------------------------- --------------------- ------------- ---------------

------------ ----------- -------------- ------------- ----------------- ------------
   LOAN         ARD        ORIGINAL      REMAINING        MONTHLY
  NUMBER        DATE     AMORTIZATION   AMORTIZATION      PAYMENT        UNITS/SF
------------ ----------- -------------- ------------- ----------------- ------------

15                            360           356          $136,147.20         574
------------ ----------- -------------- ------------- ----------------- ------------
86                            300           298           $26,634.57          68
------------ ----------- -------------- ------------- ----------------- ------------
150                           360           358            $9,344.76          63
------------ ----------- -------------- ------------- ----------------- ------------
120                           360           357           $12,122.97          73
------------ ----------- -------------- ------------- ----------------- ------------
161                           360           358            $6,335.19         128
------------ ----------- -------------- ------------- ----------------- ------------
88                            360           354           $22,808.92         168
------------ ----------- -------------- ------------- ----------------- ------------
52                            360           357           $38,124.27      31,570
------------ ----------- -------------- ------------- ----------------- ------------
92                            240           238           $27,557.23          82
------------ ----------- -------------- ------------- ----------------- ------------
146                           360           356            $9,039.95       6,500
------------ ----------- -------------- ------------- ----------------- ------------
64                            300           294           $38,902.49      86,751
------------ ----------- -------------- ------------- ----------------- ------------
34                            360           353           $58,288.54         204
------------ ----------- -------------- ------------- ----------------- ------------
133                           360           354           $11,628.62      62,718
------------ ----------- -------------- ------------- ----------------- ------------
138                           360           356           $10,819.61      20,162
------------ ----------- -------------- ------------- ----------------- ------------
113                           360           357           $14,421.78      28,560
------------ ----------- -------------- ------------- ----------------- ------------
73                            360           354           $29,146.89         148
------------ ----------- -------------- ------------- ----------------- ------------
12                            336           336          $173,145.87     187,604
------------ ----------- -------------- ------------- ----------------- ------------
                              360           355
------------ ----------- -------------- ------------- ----------------- ------------
79A                           360           355           $13,671.59      40,500
------------ ----------- -------------- ------------- ----------------- ------------
79B                           360           355           $12,185.54      37,740
------------ ----------- -------------- ------------- ----------------- ------------
31                            360           359           $79,452.33         270
------------ ----------- -------------- ------------- ----------------- ------------
37                            360           351           $61,730.75     105,066
------------ ----------- -------------- ------------- ----------------- ------------
154                           300           296            $8,344.13          42
------------ ----------- -------------- ------------- ----------------- ------------
139                           360           354           $10,378.87         101
------------ ----------- -------------- ------------- ----------------- ------------
16                            336           336          $138,828.86     255,881
------------ ----------- -------------- ------------- ----------------- ------------
123                           360           356           $12,353.68      16,269
------------ ----------- -------------- ------------- ----------------- ------------
147                           354           349            $9,756.45      26,840
------------ ----------- -------------- ------------- ----------------- ------------
164                           300           298            $5,573.42          37
------------ ----------- -------------- ------------- ----------------- ------------
60                            360           354           $19,631.90          80
------------ ----------- -------------- ------------- ----------------- ------------
27                            360           357           $83,553.63     125,134
------------ ----------- -------------- ------------- ----------------- ------------
160                           300           298            $6,983.21          31
------------ ----------- -------------- ------------- ----------------- ------------
40                            360           355           $58,246.21      54,215
------------ ----------- -------------- ------------- ----------------- ------------
108                           300           296           $18,592.50      49,125
------------ ----------- -------------- ------------- ----------------- ------------
168                           300           297            $5,358.71          55
------------ ----------- -------------- ------------- ----------------- ------------
167                           300           295            $5,334.26          40
------------ ----------- -------------- ------------- ----------------- ------------
125                           300           296           $13,122.21          80
------------ ----------- -------------- ------------- ----------------- ------------

                                   SCH. II-8

------------ ------------------------------------- ------------- ---------------- -------- --------
                                                                 ADMINISTRATIVE
   LOAN                                              INTEREST      (TRUSTEE +       DUE
  NUMBER                PROPERTY NAME              CALCULATION   SERVICING) FEE    DATE      ARD
------------ ------------------------------------- ------------- ---------------- -------- --------

15           Gwinnett Crossing Apartments           Actual/360       0.0314%        11
------------ ------------------------------------- ------------- ---------------- -------- --------
86           Hampton Inn Hull Street                Actual/360       0.0314%        11
------------ ------------------------------------- ------------- ---------------- -------- --------
150          Harbour Glen Apartments                Actual/360       0.0314%        11
------------ ------------------------------------- ------------- ---------------- -------- --------
120          Hermitage Gardens Apartments           Actual/360       0.0314%        11
------------ ------------------------------------- ------------- ---------------- -------- --------
161          Hidden Creek MHP                       Actual/360       0.0314%        11
------------ ------------------------------------- ------------- ---------------- -------- --------
88           Highpoint Village Apartments           Actual/360       0.0314%        11
------------ ------------------------------------- ------------- ---------------- -------- --------
52           Hillcrest Medical Center               Actual/360       0.0314%        11
------------ ------------------------------------- ------------- ---------------- -------- --------
92           Holiday Inn Express-Westchase          Actual/360       0.0314%        11
------------ ------------------------------------- ------------- ---------------- -------- --------
146          Hollywood Park Market Place            Actual/360       0.0314%        11
------------ ------------------------------------- ------------- ---------------- -------- --------
64           Homestead Plaza                        Actual/360       0.0314%        11
------------ ------------------------------------- ------------- ---------------- -------- --------
34           Idaho Terrace Apartments               Actual/360       0.0314%        11
------------ ------------------------------------- ------------- ---------------- -------- --------
133          Johnson Building                       Actual/360       0.0314%        11
------------ ------------------------------------- ------------- ---------------- -------- --------
138          Lahser Medical I                       Actual/360       0.0314%        11
------------ ------------------------------------- ------------- ---------------- -------- --------
113          Lake Jackson Shopping Center           Actual/360       0.0314%        11
------------ ------------------------------------- ------------- ---------------- -------- --------
73           Lakeshore Crossing Apartments          Actual/360       0.0314%        11
------------ ------------------------------------- ------------- ---------------- -------- --------
12           Lakewood Square                        Actual/360       0.0314%        11
------------ ------------------------------------- ------------- ---------------- -------- --------
             Lehigh Industrial Portfolio                             0.0314%        11
------------ ------------------------------------- ------------- ---------------- -------- --------
79A          2440 Brodhead Road (LBC)               Actual/360       0.0314%        11
------------ ------------------------------------- ------------- ---------------- -------- --------
79B          3000 Emrick Blvd. (BBC)                Actual/360       0.0314%        11
------------ ------------------------------------- ------------- ---------------- -------- --------
31           Lighthouse Pointe Apartments           Actual/360       0.0314%        11
------------ ------------------------------------- ------------- ---------------- -------- --------
37           Linden Park                            Actual/360       0.0314%        11
------------ ------------------------------------- ------------- ---------------- -------- --------
154          Little Village Apartments              Actual/360       0.0314%        11
------------ ------------------------------------- ------------- ---------------- -------- --------
139          Los Arboles MHP                        Actual/360       0.0314%        11
------------ ------------------------------------- ------------- ---------------- -------- --------
16           Mall at Shelter Cove                   Actual/360       0.0314%        11
------------ ------------------------------------- ------------- ---------------- -------- --------
123          Mansfield Retail Center                Actual/360       0.0314%        11
------------ ------------------------------------- ------------- ---------------- -------- --------
147          MCM Building                           Actual/360       0.0314%        11
------------ ------------------------------------- ------------- ---------------- -------- --------
164          Meadow Wood Apartments                 Actual/360       0.0314%        11
------------ ------------------------------------- ------------- ---------------- -------- --------
60           Meadows at Shadow Ridge                Actual/360       0.0314%        11
------------ ------------------------------------- ------------- ---------------- -------- --------
27           Merchant Square                        Actual/360       0.0314%        11
------------ ------------------------------------- ------------- ---------------- -------- --------
160          Miccosukee Arms Apartments             Actual/360       0.0314%        11
------------ ------------------------------------- ------------- ---------------- -------- --------
40           Millennium I                           Actual/360       0.0314%        11
------------ ------------------------------------- ------------- ---------------- -------- --------
108          MJ Crossing                            Actual/360       0.0314%        11
------------ ------------------------------------- ------------- ---------------- -------- --------
168          Mobile Lodge                           Actual/360       0.0314%        11
------------ ------------------------------------- ------------- ---------------- -------- --------
167          Monterey Square Apts                   Actual/360       0.0314%        11
------------ ------------------------------------- ------------- ---------------- -------- --------
125          Murray Hill Apartments                 Actual/360       0.0314%        11
------------ ------------------------------------- ------------- ---------------- -------- --------

------------ -------------- ------------- -------------- --------- -------- -----------
                                                                              LETTER
   LOAN       DEFEASANCE     EARTHQUAKE   ENVIRONMENTAL   GROUND    LOAN        OF
  NUMBER       (YES/NO)      INSURANCE      INSURANCE     LEASE     GROUP     CREDIT
------------ -------------- ------------- -------------- --------- -------- -----------

15                Yes           N/A            No           No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
86                Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
150               Yes           N/A            No           No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
120               Yes           N/A            No           No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
161               Yes           N/A            Yes          No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
88                Yes           N/A            No           No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
52                Yes            No            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
92                Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
146               Yes            No            Yes          No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
64                Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
34                Yes           N/A            No          Yes        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
133               Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
138               Yes           N/A            Yes          No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
113               Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
73                Yes           N/A            No           No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
12                Yes            No            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
                  Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
79A               Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
79B               Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
31                Yes           N/A            No           No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
37                Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
154               Yes           N/A            Yes          No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
139               Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
16                Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
123               Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
147               Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
164               Yes           N/A            Yes          No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
60                Yes           N/A            Yes          No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
27                Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
160               Yes           N/A            Yes          No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
40                Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
108               Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
168               Yes           N/A            Yes          No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
167               Yes           N/A            Yes          No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
125               Yes           N/A            Yes          No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------

                                    SCH. II-9

#4
------------ ------------------------------------- ----------------------------------------- ------------------

LOAN NUMBER  PROPERTY NAME                         ADDRESS                                   CITY
------------ ------------------------------------- ----------------------------------------- ------------------

             NH Portfolio
------------ ------------------------------------- ----------------------------------------- ------------------
129B         Abbott Street Apartments              17-21 Abbott Street                       Nashua
------------ ------------------------------------- ----------------------------------------- ------------------
129A         Hillcrest Apartments                  469 Old Candia Road                       Candia
------------ ------------------------------------- ----------------------------------------- ------------------
129C         Wyman Street Apartments               10 Wyman Street                           Derry
------------ ------------------------------------- ----------------------------------------- ------------------
137          North Richland Hills Retail           8412 Davis Boulevard                      North Richland
                                                                                             Hills
------------ ------------------------------------- ----------------------------------------- ------------------
             Northridge Shopping Center            8329 Roswell Road                         Atlanta
------------ ------------------------------------- ----------------------------------------- ------------------
58           Private Mini / Nueve Self Storage
             Portfolio
------------ ------------------------------------- ----------------------------------------- ------------------
8G           Conroe Self Storage                   1450 South Interstate 45                  Conroe
------------ ------------------------------------- ----------------------------------------- ------------------
8D           Jersey Village Self Storage           18106 Northwest Freeway                   Jersey Village
------------ ------------------------------------- ----------------------------------------- ------------------
8I           Kuykendahl Self Storage               15340 Kuykendahl Drive                    Houston
------------ ------------------------------------- ----------------------------------------- ------------------
8C           Lemmon Self Storage                   2320 North Central Expressway             Dallas
------------ ------------------------------------- ----------------------------------------- ------------------
8E           Plano Parkway Self Storage            5920 West Plano Parkway                   Plano
------------ ------------------------------------- ----------------------------------------- ------------------
8B           Pressler Self Storage                 1321 West Fifth Street                    Austin
------------ ------------------------------------- ----------------------------------------- ------------------
8A           San Felipe Self Storage               5854 and 5856 San Felipe Street           Houston
------------ ------------------------------------- ----------------------------------------- ------------------
8H           Starcrest Self Storage                1938 Northeast Loop 410                   San Antonio
------------ ------------------------------------- ----------------------------------------- ------------------
8F           West Little York Self Storage         6400 West Little York Road                Houston
------------ ------------------------------------- ----------------------------------------- ------------------
148          Oak Grove Apartments                  2201/2203 South Mitchell and              Oak Grove
                                                   817 Southeast 11th Street
------------ ------------------------------------- ----------------------------------------- ------------------
61           Oaks of Dutch Hollow                  5787 Brett Michael Lane                   Belleville
------------ ------------------------------------- ----------------------------------------- ------------------
109          Oakwood Terrace Apartments            917 Coury Road                            Everman
------------ ------------------------------------- ----------------------------------------- ------------------
35           One & Two River Crossing              100 West Elm and One First Avenue         Conshohocken
------------ ------------------------------------- ----------------------------------------- ------------------
63           One Crown Center                      1895 Phoenix Boulevard                    College Park
------------ ------------------------------------- ----------------------------------------- ------------------
1            One Park Avenue                       One Park Ave                              New York
------------ ------------------------------------- ----------------------------------------- ------------------
81           One Paseo Plaza - East Building       74-245 Highway 111                        Palm Desert
------------ ------------------------------------- ----------------------------------------- ------------------
2            Pacific Design Center                 8687 Melrose Avenue                       West Hollywood
------------ ------------------------------------- ----------------------------------------- ------------------
59           Parkland Town Center                  6700 Parkside Drive                       Parkland
------------ ------------------------------------- ----------------------------------------- ------------------
151          Parkview Terrace Apartments           602 East 13th Street                      Mishawaka
------------ ------------------------------------- ----------------------------------------- ------------------
112          Parkway Shops                         2458-2486 Old Fort Parkway                Murfreesboro
------------ ------------------------------------- ----------------------------------------- ------------------
132          Peaksview Shopping Center             1525 Longwood Avenue                      Bedford
------------ ------------------------------------- ----------------------------------------- ------------------
171          Prairie Village of Altoona            500 5th Avenue Southwest                  Altoona
------------ ------------------------------------- ----------------------------------------- ------------------
126          Qwik-Stor Self Storage                1213 North King Street                    Hampton
------------ ------------------------------------- ----------------------------------------- ------------------
163          Randall Center                        4880 Northfield Road                      North Randall
------------ ------------------------------------- ----------------------------------------- ------------------
153          Riverside Retail Center               7120 Indiana Avenue                       Riverside
------------ ------------------------------------- ----------------------------------------- ------------------
104          Rock Springs Retail Center            1910-1936 Rock Springs Drive              Las Vegas
------------ ------------------------------------- ----------------------------------------- ------------------
53           Royal Oaks Apartments                 5320 Northwest 27th Street                Lauderhill
------------ ------------------------------------- ----------------------------------------- ------------------
119          Sawtelle @ La Grange Retail Center    2000-2012 Sawtelle Boulevard and          Los Angeles
                                                   1270 La Grange Avenue
------------ ------------------------------------- ----------------------------------------- ------------------

#4
------------ ---------- --------- ----------- ----------- -----------------
                                              NET
                                  MORTGAGE    MORTGAGE        ORIGINAL
LOAN NUMBER  STATE      ZIP       RATE        RATE            BALANCE
------------ ---------- --------- ----------- ----------- -----------------

                                   5.9200%     5.8886%      $2,000,000.00
------------ ---------- --------- ----------- ----------- -----------------
129B            NH       03064     5.9200%     5.8886%        $365,591.40
------------ ---------- --------- ----------- ----------- -----------------
129A            NH       03034     5.9200%     5.8886%      $1,311,828.00
------------ ---------- --------- ----------- ----------- -----------------
129C            NH       03038     5.9200%     5.8886%        $322,580.60
------------ ---------- --------- ----------- ----------- -----------------
137             TX       76180     6.1200%     6.0886%      $1,875,000.00

------------ ---------- --------- ----------- ----------- -----------------
                GA       30350     4.8600%     4.8286%      $6,500,000.00
------------ ---------- --------- ----------- ----------- -----------------
58                                 5.9300%     5.8986%     $40,000,000.00

------------ ---------- --------- ----------- ----------- -----------------
8G              TX       77304     5.9300%     5.8986%      $3,059,200.00
------------ ---------- --------- ----------- ----------- -----------------
8D              TX       77065     5.9300%     5.8986%      $4,897,100.00
------------ ---------- --------- ----------- ----------- -----------------
8I              TX       77090     5.9300%     5.8986%      $1,276,500.00
------------ ---------- --------- ----------- ----------- -----------------
8C              TX       75204     5.9300%     5.8986%      $5,280,000.00
------------ ---------- --------- ----------- ----------- -----------------
8E              TX       75093     5.9300%     5.8986%      $4,560,000.00
------------ ---------- --------- ----------- ----------- -----------------
8B              TX       78703     5.9300%     5.8986%      $6,880,000.00
------------ ---------- --------- ----------- ----------- -----------------
8A              TX       77057     5.9300%     5.8986%      $8,015,900.00
------------ ---------- --------- ----------- ----------- -----------------
8H              TX       78217     5.9300%     5.8986%      $2,856,700.00
------------ ---------- --------- ----------- ----------- -----------------
8F              TX       77091     5.9300%     5.8986%      $3,174,600.00
------------ ---------- --------- ----------- ----------- -----------------
148             MO       64075     5.5600%     5.5286%      $1,620,000.00

------------ ---------- --------- ----------- ----------- -----------------
61              IL       62223     6.0700%     6.0386%      $3,250,000.00
------------ ---------- --------- ----------- ----------- -----------------
109             TX       76140     6.1500%     6.1186%      $2,700,000.00
------------ ---------- --------- ----------- ----------- -----------------
35              PA       19428     5.8400%     5.8086%     $10,000,000.00
------------ ---------- --------- ----------- ----------- -----------------
63              GA       30349     5.1900%     5.1586%      $6,100,000.00
------------ ---------- --------- ----------- ----------- -----------------
1               NY       10016     5.1359%     5.1045%    $154,000,000.00
------------ ---------- --------- ----------- ----------- -----------------
81              CA       92260     5.8500%     5.8186%      $4,300,000.00
------------ ---------- --------- ----------- ----------- -----------------
2               CA       90069     6.4610%     6.4296%    $150,000,000.00
------------ ---------- --------- ----------- ----------- -----------------
59              FL       33067     6.2500%     6.2186%      $6,500,000.00
------------ ---------- --------- ----------- ----------- -----------------
151             IN       46544     6.0000%     5.9686%      $1,500,000.00
------------ ---------- --------- ----------- ----------- -----------------
112             TN       37128     5.4000%     5.3686%      $2,640,000.00
------------ ---------- --------- ----------- ----------- -----------------
132             VA       24523     5.9000%     5.8686%      $2,000,000.00
------------ ---------- --------- ----------- ----------- -----------------
171             IA       50009     5.8200%     5.7886%        $800,000.00
------------ ---------- --------- ----------- ----------- -----------------
126             VA       23669     6.1500%     6.1186%      $2,100,000.00
------------ ---------- --------- ----------- ----------- -----------------
163             OH       44128     5.3500%     5.3186%        $950,000.00
------------ ---------- --------- ----------- ----------- -----------------
153             CA       92504     6.0100%     5.9786%      $1,450,000.00
------------ ---------- --------- ----------- ----------- -----------------
104             NV       89128     5.2800%     5.2486%      $3,100,000.00
------------ ---------- --------- ----------- ----------- -----------------
53              FL       33313     5.3100%     5.2786%      $7,200,000.00
------------ ---------- --------- ----------- ----------- -----------------
119             CA       90025     5.9500%     5.9186%      $2,300,000.00

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

                                   SCH. II-10

------------ ------------------------------------- --------------------- ------------- ---------------
   LOAN                                                  CUT-OFF          REMAINING       MATURITY
  NUMBER                PROPERTY NAME                    BALANCE             TERM           DATE
------------ ------------------------------------- --------------------- ------------- ---------------

             NH Portfolio                             $1,988,885.49          116         4/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
129B         Abbott Street Apartments                   $363,559.73          116         4/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
129A         Hillcrest Apartments                     $1,304,537.81          116         4/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
129C         Wyman Street Apartments                    $320,787.95          116         4/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
137          North Richland Hills Retail              $1,864,550.93          114         2/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
             Northridge Shopping Center               $6,492,863.12          119         7/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
58           Private Mini / Nueve Self Storage       $40,000,000.00          119         7/11/2014
             Portfolio
------------ ------------------------------------- --------------------- ------------- ---------------
8G           Conroe Self Storage                      $3,059,200.00          119         7/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
8D           Jersey Village Self Storage              $4,897,100.00          119         7/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
8I           Kuykendahl Self Storage                  $1,276,500.00          119         7/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
8C           Lemmon Self Storage                      $5,280,000.00          119         7/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
8E           Plano Parkway Self Storage               $4,560,000.00          119         7/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
8B           Pressler Self Storage                    $6,880,000.00          119         7/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
8A           San Felipe Self Storage                  $8,015,900.00          119         7/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
8H           Starcrest Self Storage                   $2,856,700.00          119         7/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
8F           West Little York Self Storage            $3,174,600.00          119         7/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
148          Oak Grove Apartments                     $1,610,430.08          116         4/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
61           Oaks of Dutch Hollow                     $3,231,696.03          114         2/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
109          Oakwood Terrace Apartments               $2,689,446.26           57         5/11/2009
------------ ------------------------------------- --------------------- ------------- ---------------
35           One & Two River Crossing                 $9,940,901.30          114         2/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
63           One Crown Center                         $6,046,088.57           52         12/11/2008
------------ ------------------------------------- --------------------- ------------- ---------------
1            One Park Avenue                        $154,000,000.00          117         5/11/2034

------------ ------------------------------------- --------------------- ------------- ---------------
81           One Paseo Plaza - East Building          $4,288,123.60          117         5/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
2            Pacific Design Center                  $150,000,000.00          119         7/11/2034
------------ ------------------------------------- --------------------- ------------- ---------------
59           Parkland Town Center                     $6,488,760.37          118         6/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
151          Parkview Terrace Apartments              $1,493,214.83          115         3/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
112          Parkway Shops                            $2,626,341.11          115         3/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
132          Peaksview Shopping Center                $1,980,169.35          113         1/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
171          Prairie Village of Altoona                 $793,050.14          114         2/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
126          Qwik-Stor Self Storage                   $2,088,783.73          116         4/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
163          Randall Center                             $947,106.96          118         6/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
153          Riverside Retail Center                  $1,444,187.00           57         5/11/2009
------------ ------------------------------------- --------------------- ------------- ---------------
104          Rock Springs Retail Center               $3,086,673.86          116         4/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
53           Royal Oaks Apartments                    $7,184,691.34          118         6/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
119          Sawtelle @ La Grange Retail Center       $2,293,673.92          118         6/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------

------------ ----------- -------------- ------------- ----------------- ------------
   LOAN         ARD        ORIGINAL      REMAINING        MONTHLY        UNITS/SF
  NUMBER        DATE     AMORTIZATION   AMORTIZATION      PAYMENT
------------ ----------- -------------- ------------- ----------------- ------------

                              300           296
------------ ----------- -------------- ------------- ----------------- ------------
129B                          300           296           $2,337.66            9
------------ ----------- -------------- ------------- ----------------- ------------
129A                          300           296           $8,388.10           26
------------ ----------- -------------- ------------- ----------------- ------------
129C                          300           296           $2,062.64            8
------------ ----------- -------------- ------------- ----------------- ------------
137                           360           354          $11,386.64       13,065
------------ ----------- -------------- ------------- ----------------- ------------
                              360           359          $34,339.38       75,199
------------ ----------- -------------- ------------- ----------------- ------------
58                            360           360

------------ ----------- -------------- ------------- ----------------- ------------
8G                            360           360          $18,204.00       68,287
------------ ----------- -------------- ------------- ----------------- ------------
8D                            360           360          $29,140.56      161,946
------------ ----------- -------------- ------------- ----------------- ------------
8I                            360           360           $7,595.91       42,104
------------ ----------- -------------- ------------- ----------------- ------------
8C                            360           360          $31,419.04       69,023
------------ ----------- -------------- ------------- ----------------- ------------
8E                            360           360          $27,134.62       63,605
------------ ----------- -------------- ------------- ----------------- ------------
8B                            360           360          $40,939.96       63,944
------------ ----------- -------------- ------------- ----------------- ------------
8A                            360           360          $47,699.22       59,625
------------ ----------- -------------- ------------- ----------------- ------------
8H                            360           360          $16,999.01       57,164
------------ ----------- -------------- ------------- ----------------- ------------
8F                            360           360          $18,890.69       69,935
------------ ----------- -------------- ------------- ----------------- ------------
148                           300           296          $10,006.35           39
------------ ----------- -------------- ------------- ----------------- ------------
61                            360           354          $19,631.90           77
------------ ----------- -------------- ------------- ----------------- ------------
109                           300           297          $17,644.54          144
------------ ----------- -------------- ------------- ----------------- ------------
35                            360           354          $58,930.27       79,091
------------ ----------- -------------- ------------- ----------------- ------------
63                            360           352          $33,458.09       96,836
------------ ----------- -------------- ------------- ----------------- ------------
1            5/11/2014   Interest Only    Interest      $668,261.43      926,453
                                            Only
------------ ----------- -------------- ------------- ----------------- ------------
81                            360           357          $25,367.46       22,814
------------ ----------- -------------- ------------- ----------------- ------------
2            7/11/2014        336           336         $966,754.32      961,814
------------ ----------- -------------- ------------- ----------------- ------------
59                            360           358          $40,021.62       34,876
------------ ----------- -------------- ------------- ----------------- ------------
151                           360           355           $8,993.26          108
------------ ----------- -------------- ------------- ----------------- ------------
112                           360           355          $14,824.41       18,600
------------ ----------- -------------- ------------- ----------------- ------------
132                           300           293          $12,764.05       47,454
------------ ----------- -------------- ------------- ----------------- ------------
171                           300           294           $5,066.75           36
------------ ----------- -------------- ------------- ----------------- ------------
126                           300           296          $13,723.53       46,025
------------ ----------- -------------- ------------- ----------------- ------------
163                           300           298           $5,749.04       10,471
------------ ----------- -------------- ------------- ----------------- ------------
153                           300           297           $9,351.24       14,056
------------ ----------- -------------- ------------- ----------------- ------------
104                           360           356          $17,175.96       25,917
------------ ----------- -------------- ------------- ----------------- ------------
53                            360           358          $40,026.66          180
------------ ----------- -------------- ------------- ----------------- ------------
119                           300           298          $14,748.71        9,465
------------ ----------- -------------- ------------- ----------------- ------------

                                   SCH. II-11

------------ ------------------------------------- ------------- ---------------- --------- -------
                                                                 ADMINISTRATIVE
   LOAN                                              INTEREST      (TRUSTEE +       DUE
  NUMBER                PROPERTY NAME              CALCULATION   SERVICING) FEE     DATE     ARD
------------ ------------------------------------- ------------- ---------------- --------- -------

             NH Portfolio                                            0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
129B         Abbott Street Apartments               Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
129A         Hillcrest Apartments                   Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
129C         Wyman Street Apartments                Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
137          North Richland Hills Retail            Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
             Northridge Shopping Center             Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
58           Private Mini / Nueve Self Storage                       0.0314%         11
             Portfolio
------------ ------------------------------------- ------------- ---------------- --------- -------
8G           Conroe Self Storage                    Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
8D           Jersey Village Self Storage            Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
8I           Kuykendahl Self Storage                Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
8C           Lemmon Self Storage                    Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
8E           Plano Parkway Self Storage             Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
8B           Pressler Self Storage                  Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
8A           San Felipe Self Storage                Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
8H           Starcrest Self Storage                 Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
8F           West Little York Self Storage          Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
148          Oak Grove Apartments                   Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
61           Oaks of Dutch Hollow                   Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
109          Oakwood Terrace Apartments             Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
35           One & Two River Crossing               Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
63           One Crown Center                       Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
1            One Park Avenue                        Actual/360       0.0314%         11      Yes
------------ ------------------------------------- ------------- ---------------- --------- -------
81           One Paseo Plaza - East Building        Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
2            Pacific Design Center                  Actual/360       0.0314%         11      Yes
------------ ------------------------------------- ------------- ---------------- --------- -------
59           Parkland Town Center                   Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
151          Parkview Terrace Apartments            Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
112          Parkway Shops                          Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
132          Peaksview Shopping Center              Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
171          Prairie Village of Altoona             Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
126          Qwik-Stor Self Storage                 Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
163          Randall Center                         Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
153          Riverside Retail Center                Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
104          Rock Springs Retail Center             Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
53           Royal Oaks Apartments                  Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
119          Sawtelle @ La Grange Retail Center     Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------

------------ -------------- ------------- -------------- --------- -------- -----------
                                                                              LETTER
   LOAN       DEFEASANCE     EARTHQUAKE   ENVIRONMENTAL   GROUND    LOAN        OF
  NUMBER       (YES/NO)      INSURANCE      INSURANCE     LEASE     GROUP     CREDIT
------------ -------------- ------------- -------------- --------- -------- -----------

                  Yes           N/A            Yes          No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
129B              Yes           N/A            Yes          No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
129A              Yes           N/A            Yes          No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
129C              Yes           N/A            Yes          No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
137               Yes           N/A            Yes          No        1        Yes
------------ -------------- ------------- -------------- --------- -------- -----------
                  Yes           N/A            No           No        1        Yes
------------ -------------- ------------- -------------- --------- -------- -----------
58                Yes           N/A            No           No        1         No

------------ -------------- ------------- -------------- --------- -------- -----------
8G                Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
8D                Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
8I                Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
8C                Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
8E                Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
8B                Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
8A                Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
8H                Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
8F                Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
148               Yes           N/A            Yes          No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
61                Yes           N/A            Yes          No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
109               No            N/A            Yes          No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
35                Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
63                Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
1                 Yes           N/A            No           No        1        Yes
------------ -------------- ------------- -------------- --------- -------- -----------
81                Yes            No            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
2                 Yes           Yes            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
59                Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
151               Yes           N/A            Yes          No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
112               Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
132               Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
171               Yes           N/A            Yes          No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
126               Yes           N/A            Yes          No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
163               No            N/A            Yes          No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
153               Yes            No            Yes          No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
104               Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
53                Yes           N/A            No           No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
119               No             No            Yes          No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------

                                   SCH. II-12

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

LOAN NUMBER  PROPERTY NAME                         ADDRESS                                   CITY
------------ ------------------------------------- ----------------------------------------- ------------------

68           Sequoia Bend Apartments               601 Brown Trail                           Hurst
------------ ------------------------------------- ----------------------------------------- ------------------
162          Shamrock Mobile Home Park             1883 Electric Avenue                      Lackawanna
------------ ------------------------------------- ----------------------------------------- ------------------
101          Shea Corporate Medical Office         7032 - 7054 East Cochise Road             Scottsdale
------------ ------------------------------------- ----------------------------------------- ------------------
45           Shelby Creek Shopping Center          8480-8630 26 Mile Road                    Shelby Township
------------ ------------------------------------- ----------------------------------------- ------------------
105          Sierra Pacific MHP                    5201 East Highway 95                      Yuma
------------ ------------------------------------- ----------------------------------------- ------------------
131          Siesta MHP                            503 Uhland Road                           San Marcos
------------ ------------------------------------- ----------------------------------------- ------------------
134          Silverlake Professional Building      2225 County Road 90                       Pearland
------------ ------------------------------------- ----------------------------------------- ------------------
66           Silverlake Shopping Center            3000 County Road 94                       Pearland
------------ ------------------------------------- ----------------------------------------- ------------------
36           Southpark Shopping Center             1900 - 2002 East Southeast Loop 323       Tyler
------------ ------------------------------------- ----------------------------------------- ------------------
41           Springfield West Apts                 9500 Brightway Court                      Richmond
------------ ------------------------------------- ----------------------------------------- ------------------
100          St. Charles Retail                    962 South Randall Road                    St. Charles
------------ ------------------------------------- ----------------------------------------- ------------------
165          Storage Inns of Mansfield             1585 Lexington Avenue                     Mansfield
------------ ------------------------------------- ----------------------------------------- ------------------
84           StorMax Self Storage                  4250 34th Street South                    St. Petersburg
------------ ------------------------------------- ----------------------------------------- ------------------
158          Summerwood Center                     10291 East Grand River Road               Brighton
------------ ------------------------------------- ----------------------------------------- ------------------
170          The Gap                               28-30 Purchase Street                     Rye
------------ ------------------------------------- ----------------------------------------- ------------------
91           The Pines of Southlake Apartments     985 Mount Zion Road                       Morrow
------------ ------------------------------------- ----------------------------------------- ------------------
18           The Standard                          501 Saint Paul Street                     Baltimore
------------ ------------------------------------- ----------------------------------------- ------------------
21           The Tower at Northwoods               222 Rosewood Drive                        Danvers
------------ ------------------------------------- ----------------------------------------- ------------------
44           University Hill Apartments            4707 North University Drive               Nacogdoches
------------ ------------------------------------- ----------------------------------------- ------------------
99           Venice Place                          1021-1031 Abbot Kinney Boulevard          Venice
------------ ------------------------------------- ----------------------------------------- ------------------
33           Versailles Apartments                 18130 South Kedzie Avenue                 Hazel Crest
------------ ------------------------------------- ----------------------------------------- ------------------
172          Victory Boulevard                     15202-15222 Victory Boulevard             Van Nuys
------------ ------------------------------------- ----------------------------------------- ------------------
130          Villa Ventura Apartments              7125 North 19th Avenue                    Phoenix
------------ ------------------------------------- ----------------------------------------- ------------------
98           Village Commons East                  131 South Milford Road                    Milford
------------ ------------------------------------- ----------------------------------------- ------------------
10           Village Del Amo                       21201-21327 Hawthorne Boulevard           Torrance
------------ ------------------------------------- ----------------------------------------- ------------------
143          Village Medical Plaza                 8527 Village Drive                        San Antonio
------------ ------------------------------------- ----------------------------------------- ------------------
55           VIP Plaza                             3030 West Olympic Boulevard               Los Angeles
------------ ------------------------------------- ----------------------------------------- ------------------
83           Waterford I                           2820 Waterford Lake Drive                 Midlothian
------------ ------------------------------------- ----------------------------------------- ------------------
57           Whisper Hollow Apartments             3300 Parker Lane                          Austin
------------ ------------------------------------- ----------------------------------------- ------------------
85           Whispering Oaks Apartments            1200 North Loop 336 West                  Conroe
------------ ------------------------------------- ----------------------------------------- ------------------
136          Windmill Way Apartments               7270 Elm Tree Terrace                     Mechanicsville
------------ ------------------------------------- ----------------------------------------- ------------------
156          Yale Street Apartments                1160 & 1180 Stratford Avenue              Stratford
------------ ------------------------------------- ----------------------------------------- ------------------
4            Mizner Park                           200-459 Plaza Real and                    Boca Raton
                                                   225 Northeast Mizner Boulevard
------------ ------------------------------------- ----------------------------------------- ------------------

------------ ---------- --------- ----------- ----------- -----------------
                                              NET
                                  MORTGAGE    MORTGAGE        ORIGINAL
LOAN NUMBER  STATE      ZIP       RATE        RATE            BALANCE
------------ ---------- --------- ----------- ----------- -----------------

68              TX       76053     5.4000%     5.3686%     $5,235,000.00
------------ ---------- --------- ----------- ----------- -----------------
162             NY       14218     6.5700%     6.5386%       $973,930.00
------------ ---------- --------- ----------- ----------- -----------------
101             AZ       85253     5.3500%     5.3186%     $3,225,000.00
------------ ---------- --------- ----------- ----------- -----------------
45              MI       48316     5.9800%     5.9486%     $8,850,000.00
------------ ---------- --------- ----------- ----------- -----------------
105             AZ       85365     5.4900%     5.4586%     $3,000,000.00
------------ ---------- --------- ----------- ----------- -----------------
131             TX       78666     5.7000%     5.6686%     $2,000,000.00
------------ ---------- --------- ----------- ----------- -----------------
134             TX       77584     6.3200%     6.2886%     $1,923,000.00
------------ ---------- --------- ----------- ----------- -----------------
66              TX       77584     6.0500%     5.9186%     $5,370,000.00
------------ ---------- --------- ----------- ----------- -----------------
36              TX       75701     5.4600%     5.4286%     $9,950,000.00
------------ ---------- --------- ----------- ----------- -----------------
41              VA       23294     5.8400%     5.8086%     $9,250,000.00
------------ ---------- --------- ----------- ----------- -----------------
100             IL       60174     6.0000%     5.9686%     $3,250,000.00
------------ ---------- --------- ----------- ----------- -----------------
165             OH       44907     6.6400%     6.6086%       $875,000.00
------------ ---------- --------- ----------- ----------- -----------------
84              FL       33711     6.0800%     6.0486%     $4,072,500.00
------------ ---------- --------- ----------- ----------- -----------------
158             MI       48116     6.0800%     6.0486%     $1,125,000.00
------------ ---------- --------- ----------- ----------- -----------------
170             NY       10580     4.6500%     4.6186%       $825,000.00
------------ ---------- --------- ----------- ----------- -----------------
91              GA       30260     5.1400%     5.1086%     $3,500,000.00
------------ ---------- --------- ----------- ----------- -----------------
18              MD       21202     5.0700%     5.0386%    $18,500,000.00
------------ ---------- --------- ----------- ----------- -----------------
21              MA       01923     5.0000%     4.9686%    $17,200,000.00
------------ ---------- --------- ----------- ----------- -----------------
44              TX       75961     5.9000%     5.8686%     $9,000,000.00
------------ ---------- --------- ----------- ----------- -----------------
99              CA       90291     5.8900%     5.8586%     $3,280,000.00
------------ ---------- --------- ----------- ----------- -----------------
33              IL       60429     5.5900%     5.5486%    $10,800,000.00
------------ ---------- --------- ----------- ----------- -----------------
172             CA       91411     6.2000%     6.1686%       $795,000.00
------------ ---------- --------- ----------- ----------- -----------------
130             AZ       85021     5.3500%     5.3186%     $2,000,000.00
------------ ---------- --------- ----------- ----------- -----------------
98              MI       48387     5.9800%     5.9186%     $3,300,000.00
------------ ---------- --------- ----------- ----------- -----------------
10              CA       90503     5.2800%     5.2486%    $36,300,000.00
------------ ---------- --------- ----------- ----------- -----------------
143             TX       78217     5.7500%     5.6686%     $1,650,000.00
------------ ---------- --------- ----------- ----------- -----------------
55              CA       90006     5.8400%     5.8086%     $7,100,000.00
------------ ---------- --------- ----------- ----------- -----------------
83              VA       23112     6.0300%     5.9986%     $4,160,000.00
------------ ---------- --------- ----------- ----------- -----------------
57              TX       78741     5.7700%     5.7386%     $6,785,000.00
------------ ---------- --------- ----------- ----------- -----------------
85              TX       77301     5.2100%     5.1786%     $4,000,000.00
------------ ---------- --------- ----------- ----------- -----------------
136             VA       23111     6.3900%     6.3586%     $1,900,000.00
------------ ---------- --------- ----------- ----------- -----------------
156             CT       06615     6.0500%     6.0186%     $1,150,000.00
------------ ---------- --------- ----------- ----------- -----------------
4               FL       33432     4.8400%     4.7986%    $53,168,778.00

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

                                   SCH. II-13

------------ ------------------------------------- --------------------- ------------- ---------------
   LOAN                                                  CUT-OFF          REMAINING       MATURITY
  NUMBER                PROPERTY NAME                    BALANCE             TERM           DATE
------------ ------------------------------------- --------------------- ------------- ---------------

68           Sequoia Bend Apartments                    $5,203,610.62         79         3/11/2011
------------ ------------------------------------- --------------------- ------------- ---------------
162          Shamrock Mobile Home Park                    $972,365.76         82         6/11/2011
------------ ------------------------------------- --------------------- ------------- ---------------
101          Shea Corporate Medical Office              $3,225,000.00        116         4/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
45           Shelby Creek Shopping Center               $8,799,204.61        114         2/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
105          Sierra Pacific MHP                         $2,987,667.27        116         4/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
131          Siesta MHP                                 $1,982,283.17        114         2/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
134          Silverlake Professional Building           $1,918,249.30        117         5/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
66           Silverlake Shopping Center                 $5,335,099.95        113         1/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
36           Southpark Shopping Center                  $9,899,192.49        115         3/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
41           Springfield West Apts                      $9,187,101.50        113         1/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
100          St. Charles Retail                         $3,235,298.82        115         3/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
165          Storage Inns of Mansfield                    $871,875.64        117         5/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
84           StorMax Self Storage                       $4,045,259.80        115         3/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
158          Summerwood Center                          $1,122,056.07        117         5/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
170          The Gap                                      $808,910.33        117         5/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
91           The Pines of Southlake Apartments          $3,488,656.82        117         5/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
18           The Standard                              $18,439,121.21        117         5/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
21           The Tower at Northwoods                   $17,200,000.00         56         4/11/2009

------------ ------------------------------------- --------------------- ------------- ---------------
44           University Hill Apartments                 $8,922,150.71        111         11/11/2013
------------ ------------------------------------- --------------------- ------------- ---------------
99           Venice Place                               $3,277,202.09        119         7/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
33           Versailles Apartments                     $10,756,547.04         56         4/11/2009
------------ ------------------------------------- --------------------- ------------- ---------------
172          Victory Boulevard                            $789,351.57        112         12/11/2013
------------ ------------------------------------- --------------------- ------------- ---------------
130          Villa Ventura Apartments                   $1,984,821.36         55         3/11/2009
------------ ------------------------------------- --------------------- ------------- ---------------
98           Village Commons East                       $3,277,534.13        115         3/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
10           Village Del Amo                           $36,300,000.00        117         5/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
143          Village Medical Plaza                      $1,643,588.06        116         4/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
55           VIP Plaza                                  $7,047,372.80        114         2/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
83           Waterford I                                $4,160,000.00        112         12/11/2013
------------ ------------------------------------- --------------------- ------------- ---------------
57           Whisper Hollow Apartments                  $6,744,314.77        114         2/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
85           Whispering Oaks Apartments                 $4,000,000.00        115         3/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
136          Windmill Way Apartments                    $1,895,160.75        118         6/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
156          Yale Street Apartments                     $1,142,266.99        115         3/11/2014
------------ ------------------------------------- --------------------- ------------- ---------------
4            Mizner Park                               $53,110,128.54         59          7/1/2009
------------ ------------------------------------- --------------------- ------------- ---------------

------------ ----------- -------------- ------------- ----------------- ------------
   LOAN         ARD        ORIGINAL      REMAINING        MONTHLY        UNITS/SF
  NUMBER        DATE     AMORTIZATION   AMORTIZATION      PAYMENT
------------ ----------- -------------- ------------- ----------------- ------------

68                            336           331          $30,249.15          176
------------ ----------- -------------- ------------- ----------------- ------------
162                           360           358           $6,200.80          125
------------ ----------- -------------- ------------- ----------------- ------------
101                           360           360          $18,008.84       23,081
------------ ----------- -------------- ------------- ----------------- ------------
45                            360           354          $52,946.48       53,395
------------ ----------- -------------- ------------- ----------------- ------------
105                           360           356          $17,014.85          274
------------ ----------- -------------- ------------- ----------------- ------------
131                           300           294          $12,521.77          126
------------ ----------- -------------- ------------- ----------------- ------------
134                           360           357          $11,927.93       19,327
------------ ----------- -------------- ------------- ----------------- ------------
66                            360           353          $32,368.69       29,610
------------ ----------- -------------- ------------- ----------------- ------------
36                            360           355          $56,245.55      146,757
------------ ----------- -------------- ------------- ----------------- ------------
41                            360           353          $54,510.50          198
------------ ----------- -------------- ------------- ----------------- ------------
100                           360           355          $19,485.39       16,182
------------ ----------- -------------- ------------- ----------------- ------------
165                           300           297           $5,984.84       41,410
------------ ----------- -------------- ------------- ----------------- ------------
84                            300           295          $26,438.69       62,846
------------ ----------- -------------- ------------- ----------------- ------------
158                           360           357           $6,802.91       20,094
------------ ----------- -------------- ------------- ----------------- ------------
170                           120           117           $8,609.95        4,000
------------ ----------- -------------- ------------- ----------------- ------------
91                            360           357          $19,089.36           93
------------ ----------- -------------- ------------- ----------------- ------------
18                            360           357         $100,104.95          202
------------ ----------- -------------- ------------- ----------------- ------------
21                       Interest Only    Interest       $72,662.04      184,616
                                            Only
------------ ----------- -------------- ------------- ----------------- ------------
44                            360           351          $53,382.29          186
------------ ----------- -------------- ------------- ----------------- ------------
99                            360           359          $19,433.89       14,153
------------ ----------- -------------- ------------- ----------------- ------------
33                            360           356          $61,932.44          260
------------ ----------- -------------- ------------- ----------------- ------------
172                           360           352           $4,869.13           20
------------ ----------- -------------- ------------- ----------------- ------------
130                           300           295          $12,103.24           49
------------ ----------- -------------- ------------- ----------------- ------------
98                            300           295          $21,221.62       28,899
------------ ----------- -------------- ------------- ----------------- ------------
10                            336           336         $207,090.45      179,368
------------ ----------- -------------- ------------- ----------------- ------------
143                           360           356           $9,628.95       22,680
------------ ----------- -------------- ------------- ----------------- ------------
55                            324           318          $43,596.41       30,384
------------ ----------- -------------- ------------- ----------------- ------------
83                            360           360          $25,021.59       45,832
------------ ----------- -------------- ------------- ----------------- ------------
57                            360           354          $39,681.67          220
------------ ----------- -------------- ------------- ----------------- ------------
85                            360           360          $21,989.15          140
------------ ----------- -------------- ------------- ----------------- ------------
136                           300           298          $12,698.65           50
------------ ----------- -------------- ------------- ----------------- ------------
156                           300           295           $7,444.65           27
------------ ----------- -------------- ------------- ----------------- ------------
4                             360           359         $280,245.11      504,463
------------ ----------- -------------- ------------- ----------------- ------------

                                   SCH. II-14

------------ ------------------------------------- ------------- ---------------- --------- -------
                                                                 ADMINISTRATIVE
   LOAN                                              INTEREST      (TRUSTEE +       DUE
  NUMBER                PROPERTY NAME              CALCULATION   SERVICING) FEE     DATE     ARD
------------ ------------------------------------- ------------- ---------------- --------- -------

68           Sequoia Bend Apartments                Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
162          Shamrock Mobile Home Park              Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
101          Shea Corporate Medical Office          Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
45           Shelby Creek Shopping Center           Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
105          Sierra Pacific MHP                     Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
131          Siesta MHP                             Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
134          Silverlake Professional Building       Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
66           Silverlake Shopping Center             Actual/360       0.1314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
36           Southpark Shopping Center              Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
41           Springfield West Apts                  Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
100          St. Charles Retail                     Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
165          Storage Inns of Mansfield              Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
84           StorMax Self Storage                   Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
158          Summerwood Center                      Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
170          The Gap                                Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
91           The Pines of Southlake Apartments      Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
18           The Standard                           Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
21           The Tower at Northwoods                Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
44           University Hill Apartments             Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
99           Venice Place                           Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
33           Versailles Apartments                  Actual/360       0.0414%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
172          Victory Boulevard                      Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
130          Villa Ventura Apartments               Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
98           Village Commons East                   Actual/360       0.0614%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
10           Village Del Amo                        Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
143          Village Medical Plaza                  Actual/360       0.0814%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
55           VIP Plaza                              Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
83           Waterford I                            Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
57           Whisper Hollow Apartments              Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
85           Whispering Oaks Apartments             Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
136          Windmill Way Apartments                Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
156          Yale Street Apartments                 Actual/360       0.0314%         11
------------ ------------------------------------- ------------- ---------------- --------- -------
4            Mizner Park                            Actual/360       0.0414%         1
------------ ------------------------------------- ------------- ---------------- --------- -------

------------ -------------- ------------- -------------- --------- -------- -----------
                                                                              LETTER
   LOAN       DEFEASANCE     EARTHQUAKE   ENVIRONMENTAL   GROUND    LOAN        OF
  NUMBER       (YES/NO)      INSURANCE      INSURANCE     LEASE     GROUP     CREDIT
------------ -------------- ------------- -------------- --------- -------- -----------

68                Yes           N/A            No           No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
162               Yes           N/A            Yes          No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
101               Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
45                Yes           N/A            No           No        1        Yes
------------ -------------- ------------- -------------- --------- -------- -----------
105               Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
131               Yes           N/A            No           No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
134               Yes           N/A            Yes          No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
66                Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
36                Yes           N/A            No           No        1        Yes
------------ -------------- ------------- -------------- --------- -------- -----------
41                Yes           N/A            No           No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
100               Yes           N/A            Yes          No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
165               Yes           N/A            Yes          No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
84                Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
158               Yes           N/A            Yes          No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
170               Yes           N/A            Yes          No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
91                Yes           N/A            No           No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
18                Yes           N/A            No           No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
21                Yes           N/A            No           No        1        Yes
------------ -------------- ------------- -------------- --------- -------- -----------
44                Yes           N/A            No           No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
99                Yes            No            Yes          No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
33                Yes           N/A            No           No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
172               Yes            No            Yes          No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
130               Yes           N/A            Yes          No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
98                Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
10                Yes            No            No           No        1        Yes
------------ -------------- ------------- -------------- --------- -------- -----------
143               Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
55                Yes            No            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
83                Yes           N/A            No           No        1         No
------------ -------------- ------------- -------------- --------- -------- -----------
57                Yes           N/A            No           No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
85                Yes           N/A            No           No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
136               Yes           N/A            Yes          No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
156               No            N/A            Yes          No        2         No
------------ -------------- ------------- -------------- --------- -------- -----------
4                 Yes           N/A            Yes         Yes        1         No
------------ -------------- ------------- -------------- --------- -------- -----------

                                   SCH. II-15

                                                                    SCHEDULE III

                   MORTGAGE LOANS CONSTITUTING CROSSED GROUPS

 Loan #     Property Name                Loan Seller           Cut-Off Balance
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
   60       MEADOWS AT SHADOW RIDGE        Column                 $2,231,696
   61       OAKS OF DUTCH HOLLOW           Column                 $2,231,696
--------------------------------------------------------------------------------

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

                                   SCH. III-1

                                                                     SCHEDULE IV

                         MORTGAGE LOANS WITH LOST NOTES

                                     [None]

                                    SCH. IV-1

                                                                      SCHEDULE V

                             EXCEPTIONS TO SELLER'S
                         REPRESENTATIONS AND WARRANTIES

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

                                   SCHEDULE V

                                EXCEPTIONS REPORT

REPRESENTATION NO. (vii):
------------------------

The One Park Avenue Mortgage Loan is the first priority "A Loan" of an A/B
structure loan transaction that includes multiple subordinate loans. The
corresponding subordinate "B Loan", "C Loan" and "D Loan" are not included in
the sale by the Seller to the Depositor. The related Mortgage secures the
Mortgage Loan, the B Loan, the C Loan and the D Loan.

REPRESENTATION NO. (xiii):
-------------------------

         The One Park Avenue Mortgage Loan is the first priority "A Loan" of an
A/B structure loan transaction that includes multiple subordinate loans. The
corresponding subordinate "B Loan", "C Loan" and "D Loan" are not included in
the sale by the Seller to the Depositor. The related Mortgage secures the
Mortgage Loan, the B Loan, the C Loan and the D Loan.

         The Mortgage Loans secured by Highpoint Village Apartments and Whisper
Hollow Apartments (each a "CBA A Loan") are senior in right of payment to the
related CBA B Loan, to the extent set forth in the related CBA Intercreditor
Agreement. The related CBA B Loan is not included in the sale by the Seller to
the Depositor. The related Mortgage secures the applicable CBA A Loan and the
related CBA B Loan.

         The Mortgage Loans secured by Meadows at Shadow Ridge and Oaks of Dutch
Hollow form a Crossed Group. The Mortgage for each Mortgaged Property in this
Crossed Group secures all the Mortgage Loans contained in this Crossed Group.

REPRESENTATION NO. (xv):
-----------------------

In the case of the Mortgage Loan identified as Valley Plaza, the Mortgaged
Property has parking on adjacent property owned by a parking association of
which the Borrower is a shareholder. The Los Angeles School District has
notified property owners in the area that a portion of their land may be
condemned in the future for a school. A portion of the parking association
property is included in the possible condemnation.

REPRESENTATION NO. (xviii): In the case of the Mortgage Loan identified as One
Park Avenue, Column Financial, Inc. holds a significant limited partnership
interest in an indirect owner of the Borrower; however, such partnership
interest is not so held in the capacity as lender and is not included in the
assets transferred to the Depositor for transfer to the trust fund pursuant to
this Agreement.

REPRESENTATION NO. (xxiii):
--------------------------

In the case of the Mortgage Loan identified as Gwinnett Crossing Apartments, a
$15,000,000 sub-limit was approved for terrorism coverage.

In the case of the Mortgage Loan identified as Hidden Creek MHP Mortgaged
Property, terrorism insurance is not required because the Mortgaged Property
does not include any improvements.

REPRESENTATION NO. (xxvii):
--------------------------

In the case of the Mortgage Loan identified as Versailles Apartments, Borrower
is required within 30 days of closing to work with an environmental consultant
to prepare notices to tenants discussing the potential for lead-based paint at
the subject property and establish procedures for dissemination of such notices
to all new and existing tenants.

REPRESENTATION NO. (xxviii):
---------------------------

In the case of the Mortgage Loan identified as 509 Vine Street Philadelphia,
transfers of interests in the borrower are permitted provided transferee is a
qualified transferee under the Mortgage Loan Documents. Such transfers of
interests in the borrower are recognized by the lender subject to satisfaction
of certain requirements set forth in the Mortgage Loan Documents.

In the case of the Mortgage Loan identified as Crown Garden Apartments, the
lender has agreed to consent to the sale of the Mortgaged Property to the master
tenant of the Mortgaged Property, MWR Crown Gardens, Ltd, provided that: (1)
there is no event of default under any Mortgage Loan Document, (2) such sale
occurs between the third and fifth anniversaries of the Mortgage Loan closing
(pursuant to a separate "buy-out" agreement between the tenant in common
borrowers and the tenant), (3) the net worth and financial liquidity of the
tenant are no less than that of the borrower as of the loan closing date, and
(4) all other standard "due on sale" conditions are complied with, with the
exception being that no 1% transfer fee shall be owed to the lender.

In the case of the Mortgage Loan identified as 160 West 24th Street, the current
holder of an 80% interest in the borrower has the right, without the consent of
the lender, to sell or transfer more than 49% of its direct or indirect
membership interests in the borrower to a Qualified Transferee or an
Institutional Investor (as defined in the Mortgage Loan Documents), provided
that the borrower delivers a non-consolidation opinion reflecting the proposed
transfer satisfactory in form and substance to the lender.

In the case of the Mortgage Loan identified as Linden Park, subject to certain
conditions, the borrower has the one time right to transfer up to 80% of the
interests in the borrower provided, however, (1) such transfers shall not result
in the change of control (unless such transfer has been made to a qualified
institutional transferee in which event such qualified institutional transferee
may obtain control), and (2) the indemnitor shall continue to own at least 20%
of the beneficial interest in the borrower and shall continue to retain control,
directly or indirectly, over the management of the borrower, managing member and
the Mortgaged Property (unless such transfer has been made to a qualified
institutional transferee, in which event such qualified

                                       2

institutional transferee may obtain control, over management of the borrower,
managing member and the Mortgaged Property).

In the case of the mortgage loan identified as One Park Avenue, a controlling
interest in the related borrower may be transferred or sold, directly or
indirectly, without the lender's consent provided that certain stipulated
conditions set forth in the mortgage documents are met, including that (i) the
proposed transferee is either (x) an affiliate of certain entities identified in
the Mortgage Loan Documents, or (y) otherwise meets certain qualifications
regarding its institutional nature and amount of assets and capital, (ii) the
property is managed at all times by the current property manager, an affiliate
thereof, or a replacement manager as to which a "no downgrade" letter has been
received from the rating agencies, and (iii) in some instances, rating agency
consents have been obtained and required legal opinions delivered.

REPRESENTATION NO. (xxxi)(10):
-----------------------------

In the case of the Mortgage Loan identified as Idaho Terrace Apartments, the
ground lease does not require that insurance cover the ground lessor. Upon a
casualty, the ground lease will not terminate, the borrower has no obligation
under the ground lease to rebuild the improvements and the ground lessor has no
right to or restriction upon any insurance proceeds. The ground lease provides
that in the case of a partial condemnation, rent abates equitably and any
condemnation award is apportioned equitably between ground lessor and the
borrower. The Mortgage Loan documents provide for the application of the
borrower's share of such award or proceeds to be used for restoration or for
payment of the Mortgage Loan.

REPRESENTATION NO. (xxxiii):
---------------------------

The One Park Avenue Mortgage Loan is the "A Loan" of an A/B structured loan
transaction. The related Mortgage also secures the corresponding subordinate B
Loan, C Loan and D Loan (which are not included in the sale by Seller to the
Depositor) and the related Mortgage Loan documents are cross-defaulted with such
corresponding B Loan, C Loan and D Loan.

Each CBA A Loan is senior in right of payment to the related CBA B Loan, to the
extent set forth in the related CBA Intercreditor Agreement. The related CBA B
Loan is not included in the sale by the Seller to the Depositor. The related
Mortgage secures the applicable CBA A Loan and the related CBA B Loan. Each CBA
A Loan is cross-defaulted with its related CBA B Loan.

REPRESENTATION NO. (xxxvi):
--------------------------

The One Park Avenue Mortgage Loan is the "A Loan" of an A/B structured loan
transaction. The related Mortgage also secures the corresponding subordinate B
Loan, C Loan and D Loan (which are not included in the sale by Seller to the
Depositor) and the related Mortgage Loan documents are cross-defaulted with such
corresponding B Loan, C Loan and D Loan.

Each CBA A Loan is senior in right of payment to the related CBA B Loan, to the
extent set forth in the related CBA Intercreditor Agreement. The related CBA B
Loan is not included in

                                       3

the sale by the Seller to the Depositor. The related Mortgage secures the
applicable CBA A Loan and the related CBA B Loan. Each CBA A Loan is
cross-defaulted with its related CBA B Loan.

In the case of the Mortgage Loan identified as One Park Avenue, Column
Financial, Inc. holds a significant limited partnership interest in an indirect
owner of the Borrower; however, such partnership interest is not so held in the
capacity as lender and is not included in the assets transferred to the
Depositor for transfer to the trust fund pursuant to this Agreement.

In the case of the Mortgage Loan identified as 615 Chestnut Street, a
subordinate mortgage held by a borrower affiliate encumbers the fee interest
(but not the ground lease interests) in the Mortgaged Property and has been
collaterally assigned to the lender as additional security for the Mortgage Loan
and is subject to an intercreditor, subordination and standstill agreement.

In the case of the Mortgage Loan identified as Centerpointe Mall, various
members of the borrower have entered into four mezzanine loan agreements with
borrower-affiliated entities (aggregate amount of $3 million), secured by
pledges of such members' interests in the borrower. Additionally, the borrower
is obligated on a $6,000,000 loan to an affiliated entity secured by a pledge of
a member's interest in the borrower. Each loan holder has entered into a
subordination and standstill agreement. All of these mezzanine loans are
non-recourse in nature and are to be paid solely from distributions from the
borrower to the respective members from net cash flow from the Mortgaged
Property after payment in full of all current obligations to the senior lender.
Each holder of a mezzanine loan has entered into a Subordination and Standstill
Agreement fully subordinating the rights of such mezzanine lender to those of
the senior lender and only allowing a foreclosure of the subject membership
interest to the extent such is undertaken consistent with the terms of the due
on sale provision in the Mortgage Loan Documents (e.g., Lender approval of
foreclosing entity, payment of assumption fee, rating agency approval, etc.).

In the case of the Mortgage Loan identified as Encino Atrium, there is
outstanding subordinate debt of $250,000.00 owed to Standard Parking
Corporation, which debt is subject to a Standstill and Subordination agreement
between the lender and Standard Parking Corporation . Monthly payments of
principal and interest with interest at prime plus three percent (3%) to be paid
over five (5) year term; If the borrower is late in making payments under the
secondary financing, Standard Parking Corporation may offset any installment of
such late payment of principal and interest from the rent otherwise due to the
borrower under the terms of the Sublease dated October 1, 2003 between the
borrower, as landlord, and Standard Parking Corporation, as tenant, for the
lease of parking spaces on the Mortgaged Property. Standard Parking Corporation
is permitted to receive and apply regularly scheduled payments of principal and
interest under the subordinate debt so long as (i) payments are made solely out
of excess cash flow derived from the Mortgaged Property after the payment of all
amounts attributable to the Mortgage Loan and the operating expenses for the
Mortgaged Property, (ii) no event of default has occurred and is continuing
under any of the Mortgage Loan Documents, and (iii) no event has occurred which,
with the giving of notice or the passage of time or both, would constitute an
event of default under the Mortgage Loan. In the event of a payment default
under the subordinate loan documents, Standard Parking is permitted to exercise
its rights to offset rent payments under the

                                       4

sublease regardless of whether or not there is an outstanding default under the
Mortgage Loan or sufficient excess cash flow.

In the case of the Mortgage Loan identified as Highpoint Village Apartments, the
Mortgage Loan is part of an "A/B" loan structure consistent with the program
implemented between Column Financial, Inc. and CBA-Mezzanine Capital. The holder
of the A loan serves as collateral agent for both lenders. The relationship
between the lenders is governed by an Intercreditor Agreement entered into
consistent with the Column/CBA-Mezz Program.

In the case of the Mortgage Loan identified as Whisper Hollow Apartments, the
Mortgage Loan is part of an "A/B" loan structure consistent with the program
implemented between Column Financial, Inc. and CBA-Mezzanine Capital. The holder
of the A loan serves as collateral agent for both lenders. The relationship
between the lenders is governed by an Intercreditor Agreement entered into
consistent with the Column/CBA-Mezz Program.

In the case of the Mortgage Loan identified as Lakewood Square, the sole member
of the borrower obtained mezzanine financing in the initial amount of
$3,650,000.00 (which may accrue up to $4,350,000) secured by the 100% membership
interest in the borrower. The mezzanine loan is subject to an intercreditor
agreement between the mortgage lender and the mezzanine lender.

In the case of the Mortgage Loan identified as Village Del Amo, the sole member
of the borrower obtained mezzanine financing in the initial amount of $4,850,000
secured by the 100% membership interest in the borrower. The mezzanine loan is
subject to an intercreditor agreement between the mortgage lender and the
mezzanine lender.

In the case of the Mortgage Loan identified as The Groves Apartments, the
Mortgaged Property is encumbered by a lien securing the amount of $555,000 that
is secondary and subordinate to the Mortgage Loan.

In the case of the Mortgage Loan identified as Creekside Plaza Building C, the
Mortgaged Property is encumbered by a lien securing indebtedness in an aggregate
amount of $1,338,301 in favor of a local redevelopment agency from which the
land was acquired. The two loans are cross-defaulted but the other indebtedness
is secondary and subordinate to the Mortgage Loan and is the subject of a
subordination and standstill agreement executed by the holder of the subordinate
indebtedness in favor of the holder of the Mortgage Loan.

REPRESENTATION NO. (xxxviii):
----------------------------

In the case of the Pacific Design Center Loan, future mezzanine financing is
permitted in a maximum amount of $22,500,000, subject to satisfaction of certain
conditions set forth in the Mortgage Loan Documents.

In the case of the Mortgage Loan identified as Parkland Town Center, the
Mortgage Loan Documents permit the members of the borrower to incur mezzanine
financing in an amount up to

                                       5

$450,000 in favor of a mezzanine lender approved by Lender, provided that
conditions stipulated in the Mortgage Loan Documents are satisfied.

In the case of the Lakewood Square Loan, additional future mezzanine
indebtedness may accrue in an amount up to $700,000 (the difference between the
maximum amount permitted to which the existing mezzanine indebtedness may accrue
($4,350,000) over the initial principal amount of such indebtedness
($3,650,000).

REPRESENTATION NO. (xl):
-----------------------

In the case of the Mortgage Loan identified as Shelby Creek Shopping Center,
access is available from all buildings comprising a part of the Mortgaged
Property to public roads. In certain instances, rather than easements, this
access is provided by virtue of private roads which serve as common elements
pursuant to a condominium regime of which the collateral property is a part.

REPRESENTATION NO. (xliii):
--------------------------

In the case of the mortgage loan identified as Highpoint Village Apartments, the
Mortgaged Property is subject to three mechanics liens and affected by a lawsuit
against the property seller in Dist. Ct. 261 Judicial District, Travis County,
Texas in the amount of $206,105.00. The property seller has in escrow 1.5 times
this amount and delivered an indemnity agreement to the title company which has
allowed the titled company to issue a clean title policy to the lender that does
not list the mechanics liens as an exception to the title policy.

REPRESENTATION NO. (xlvii):
--------------------------

In the case of the mortgage loan identified as Cold Spring Crossing, O'Charley's
may purchase the 1.732 acres on which its improvements are located. In such an
event, the borrower may seek a partial release of this portion of the Mortgaged
Property provided the borrower satisfies the partial release conditions
stipulated in the Mortgage Loan Documents.

In the case of the mortgage loan identified as Counsel Square, RM Academy may
purchase its leased premises (Parcel 4 in the legal description of the Mortgaged
Property) on which its improvements are located. In such an event, the borrower
may seek a partial release of such lot provided the borrower satisfies the
partial release conditions stipulated in the Mortgage Loan Documents.
Additionally, the borrower may seek a partial release of approximately 0.75
acres of the Mortgaged Property for the development of a cellular phone tower
provided the borrower satisfies the partial release conditions of the Mortgage
Loan Documents related thereto.

In the case of the Mortgage Loan identified as VIP Plaza, the lender is required
to release a certain portion of the Mortgaged Property in exchange for
substituted property of equal or greater value so long as: (i) the substitute
property satisfies the same underwriting criteria as the release property; (ii)
no downgrading by rating agencies will occur; (iii) the substitute property
satisfies lender's due diligence requirements; (iv) a substitution fee of 1% of
the allocated loan amount is paid to lender; and (v) the borrower has extended
the parking lot lease.

                                       6

In the case of the Mortgage Loan identified as American Gem, the borrower is
entitled to construct a new building of up to 7,800 square feet on a vacant
parcel that forms a part of the mortgaged real property (subject to the
satisfaction of various conditions that include a prohibition on the incurrence
of any indebtedness in connection with the construction) and the borrower is
entitled to obtain a release of that portion at any time after the second
anniversary of the date of initial issuance of the offered certificates if it
does exercise its right to construct a new building. Conditions to a release of
the vacant parcel include prepayment of the underlying mortgage loan in an
amount determined by the holder of the underlying mortgage loan to represent
125% of the portion of the mortgage loan indebtedness that is allocable to the
vacant parcel (which prepayment will not be accompanied by any prepayment
consideration) and satisfaction of a minimum debt service coverage ratio of
1.75x and a maximum loan-to-value ratio of 60.0% after giving effect to the
prepayment and release.

In the case of the Mortgage Loan identified as Nueve Self Storage Portfolio, if
50% or more of the improvements located on any of the nine (9) Mortgaged
Properties securing this Mortgage Loan are damaged or taken, the borrower may
obtain the release of such particular Mortgaged Property from the Mortgage Loan
and the lien of the deed of trust for a payment equal to the greater of (a) the
casualty or condemnation proceeds, or (b) a release price specified in the deed
of trust for the particular Mortgaged Property.

REPRESENTATION NO. (liii):
-------------------------

In the case of some Mortgage Loans, qualified defeasance collateral in addition
to (or in lieu of) United States governmental securities may be used for
defeasance.

REPRESENTATION NO. (liv):
------------------------

In the case of the Mortgage Loan identified as Pacific Design Center, the
Mortgage Loan Documents do not provide that the borrower will be liable for
losses incurred by the lender due to "any willful act of material waste".

In the case of the Mortgage Loan identified as Centerpointe Mall, the borrower
and indemnitor's liability under the environmental indemnity is limited to
$2,000,000 in the aggregate.

REPRESENTATION NO. (lv):
-----------------------

In the case of the Mortgage Loans identified as 509 Vine Street Philadelphia,
Canyon Park Heights and Delta Building, the Anticipated Repayment Date is five
years following the origination of such Mortgage Loan.

                                       7

                                    SCH. V-1

                                                                       EXHIBIT A

                         REPRESENTATIONS AND WARRANTIES
                          REGARDING THE MORTGAGE LOANS

                  For purposes of these representations and warranties, the
phrase "to the knowledge of the Seller" or "to the Seller's knowledge" 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 the applicable Exception Report, with respect to the
Mortgage Loans that as of the date hereinbelow specified or, if no such date is
specified, as of the date of this Agreement:

                     (i) Immediately prior to the sale, transfer and assignment
         to the Depositor, no Note or Mortgage was subject to any assignment
         (other than assignments which show a complete chain of assignment to
         the Seller), participation or pledge, and the Seller had good and
         marketable title to, and was the sole owner of, the related Mortgage
         Loan;

                     (ii) Each Mortgage Loan was either:

                                    (1) originated by a savings and loan
                           association, savings bank, commercial bank, credit
                           union, or insurance company, which is supervised and
                           examined by a Federal or State authority, or by a
                           mortgagee approved by the Secretary of Housing and
                           Urban Development pursuant to Sections 203 and 211 of
                           the National Housing Act (any of the foregoing,
                           including the Seller, a "Qualified Originator"); or

                                    (2) if originated by a person which is not a
                           Qualified Originator (any such person, a
                           "Non-Qualified Originator"), then:

                                    (1) such Mortgage Loan was underwritten in
                           accordance with standards established by a Qualified
                           Originator, using application forms and related
                           credit documents approved by the Qualified
                           Originator;

                                    (2) the Qualified Originator approved each
                           application and related credit documents before a
                           commitment by the Non-Qualified Originator was
                           issued, and no such commitment was issued until the
                           Qualified Originator agreed to fund such Mortgage
                           Loan;

                                    (3) the Mortgage Loan was originated by the
                           Non-Qualified Originator pursuant to an ongoing,
                           standing relationship with the Qualified Originator;
                           and

                                    (4) the closing documents for the Mortgage
                           Loan were prepared on forms approved by the Qualified
                           Originator, and, pursuant to the Non-Qualified
                           Originator's ongoing, standing relationship with the
                           Qualified Originator, either:

                                            a. such closing documents reflect
                                    the Qualified Originator as the original
                                    mortgagee, and such Mortgage Loan was
                                    actually funded by the Qualified Originator
                                    at the closing thereof;

                                            b. such closing documents reflect
                                    the Non-Qualified Originator as the original
                                    mortgagee, but include assignment documents
                                    executed by the Non-Qualified Originator in
                                    favor of the Qualified Originator at the
                                    time of the closing of the Mortgage Loan,
                                    reflecting the Qualified Originator as the
                                    successor and assign to the Non-Qualified
                                    Originator, and the Mortgage Loan was funded
                                    initially by the Non-Qualified Originator at
                                    the closing thereof and then acquired by the
                                    Qualified Originator from such Non-Qualified
                                    Originator; or

                                            c. such closing documents reflect
                                    the Non-Qualified Originator as the original
                                    mortgagee, but include assignment documents
                                    executed by the Non-Qualified Originator in
                                    favor of the Qualified Originator at the
                                    time of the closing of the Mortgage Loan,
                                    reflecting the Qualified Originator as the
                                    successor and assign to the Non-Qualified
                                    Originator, and the Mortgage Loan was funded
                                    initially by the Qualified Originator at the
                                    closing thereof and then acquired by the
                                    Qualified Originator from such Non-Qualified
                                    Originator.

                     (iii) The Seller has full right and authority to sell,
         assign and transfer such Mortgage Loan and the assignment to the
         Depositor constitutes a legal, valid and binding assignment of such
         Mortgage Loan;

                     (iv) The Seller is transferring such Mortgage Loan free and
         clear of any and all liens, pledges, charges or any other interests or
         security interests of any nature encumbering such Mortgage Loan, except
         for interests in servicing rights created or granted under the Pooling
         and Servicing Agreement, subservicing agreements and/or

                                       2

servicing rights purchase agreements being executed and delivered in connection
herewith;

                     (v) To Seller's knowledge, based on the related borrower's
         representations and covenants in the related mortgage loan documents
         and such other due diligence as a reasonably prudent commercial
         mortgage lender would deem appropriate, the borrower, lessee and/or
         operator was in possession of all licenses, permits, and authorizations
         then required for use of the Mortgaged Property which were valid and in
         full force and effect as of the origination date and to Seller's actual
         knowledge, such licenses, permits and authorizations are still valid
         and in full force and effect;

                     (vi) Each related Note, Mortgage, assignment of leases (if
         any) and other agreement executed by or for the benefit of the related
         borrower, any guarantor or their successors or assigns in connection
         with such Mortgage Loan is the legal, valid and binding obligation of
         the related borrower, enforceable in accordance with its terms, except
         as such enforcement may be limited by bankruptcy, insolvency,
         reorganization, moratorium or other laws affecting the enforcement of
         creditors' rights or by general principles of equity (regardless of
         whether such enforceability is considered in a proceeding in equity or
         at law); and there is no right of offset, rescission, abatement or
         diminution or valid defense or counterclaim available to the related
         borrower with respect to such Note, Mortgage, Assignment of Leases and
         other agreements, except as the enforcement thereof may be limited by
         bankruptcy, insolvency, reorganization, moratorium or other laws
         affecting the enforcement of creditors' rights or by general principles
         of equity (regardless of whether such enforceability is considered in a
         proceeding in equity or at law);

                     (vii) The Mortgage File contains an Assignment of Leases,
         either as a separate instrument or incorporated into the related
         Mortgage. Each related Assignment of Leases creates a valid first
         priority collateral assignment of, or a valid first priority lien or
         security interest in, certain rights under the related lease or leases,
         subject only to Permitted Encumbrances (as defined below) and to a
         license granted to the related borrower to exercise certain rights and
         to perform certain obligations of the lessor under such lease or
         leases, including the right to operate the related leased property,
         except as the enforcement thereof may be limited by bankruptcy,
         insolvency, reorganization, moratorium or other laws affecting the
         enforcement of creditors' rights or by general principles of equity
         (regardless of whether such enforceability is considered in a
         proceeding in equity or at law); no person other than the related
         borrower owns any interest in any payments due under such lease or
         leases that is superior to or of equal priority with the lender's
         interest therein;

                     (viii) Each related assignment of Mortgage from the Seller
         to the Depositor and related assignment of the Assignment of Leases, if
         the Assignment of Leases is a separate document from the Mortgage, is
         in recordable form (but for the insertion of the name and address of
         the assignee and any related recording information, which is not yet
         available to the Seller), and such assignments and any assignment of
         any other agreement executed by or for the benefit of the related
         borrower, any guarantor or their successors or assigns in connection
         with such Mortgage Loan from the Seller to the

                                       3

Depositor constitutes the legal, valid and binding assignment from the Seller to
the Depositor, except as the enforcement thereof may be limited by bankruptcy,
insolvency, reorganization, liquidation, receivership, moratorium or other laws
relating to or affecting the enforcement of creditors' rights or by general
principles of equity (regardless of whether such enforceability is considered in
a proceeding in equity or at law);

                     (ix) Since origination (a) except as set forth in the
         related Mortgage File, such Mortgage Loan has not been modified,
         altered, satisfied, canceled, subordinated or rescinded in whole or in
         part and (b) each related Mortgaged Property has not been released, in
         whole or in part, from the lien of the related Mortgage in any manner
         which materially interferes with the security intended to be provided
         by such Mortgage and since June 8, 2004, no waiver, consent,
         modification, assumption, alteration, satisfaction, cancellation,
         subordination or rescission which changes the terms of, or the security
         for, the Mortgage Loan in any material respect has occurred or been
         given;

                     (x) Each related Mortgage is a valid and enforceable first
         lien on the related Mortgaged Property (subject to Permitted
         Encumbrances (as defined below)), except as the enforcement thereof may
         be limited by bankruptcy, insolvency, reorganization, moratorium or
         other laws affecting the enforcement of creditors' rights or by general
         principles of equity (regardless of whether such enforceability is
         considered in a proceeding in equity or at law); and such Mortgaged
         Property is free and clear of any mechanics' and materialmen's liens
         which are prior to or equal with the lien of the related Mortgage,
         except those which are insured against by a lender's title insurance
         policy (as described below). A UCC financing statement has been filed
         and/or recorded (or sent for filing or recording) in all places
         necessary to perfect a valid security interest in the personal property
         necessary to operate the Mortgaged Property as currently operated; and
         such security interest is a first priority security interest, subject
         to any prior purchase money security interest in such personal
         property, any personal property leases applicable to such personal
         property and any other security interest in such personal property
         which do not, individually or in the aggregate, materially interfere
         with the security intended to be provided for such Mortgage Loan. 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 on the property described therein,
         except as such enforcement may be limited by bankruptcy, insolvency,
         reorganization, moratorium or other laws affecting the enforcement of
         creditors' rights or by general principles of equity (regardless of
         whether such enforceability is considered in a proceeding in equity or
         at law). 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
         operating revenues with respect to such Mortgaged Property.
         Notwithstanding the foregoing, no representation is made as to the
         perfection of any security interest in rent, operating revenues or
         other personal property to the extent that possession or control of
         such items or actions other than the filing of Uniform Commercial Code
         financing statements are required in order to effect such perfection.
         With respect to Mortgage Loan No. 2 (referred to as Pacific Design
         Center), none of the following actions: (A) CBO-PDC 1, LLC, CBO-PDC 2,
         LLC, and/or Cheslock-Bakker Opportunity Fund, LLC vs. Cohen PDC, LLC
         and/or Cohen Brothers Realty Corp. of

                                       4

California, LLC pending in the Supreme Court of the State of New York, New York
County (Index No. 114718/2003), (B) Cohen PDC, LLC and/or Cohen Brothers Realty
Corp. of California, LLC vs. CBO-PDC 1, LLC, CBO-PDC 2, LLC, and/or
Cheslock-Bakker Opportunity Fund, LLC pending in the Supreme Court of the State
of New York, New York County (Index No.601024/2003) and (C) actions or
counterclaims instituted in connection with or in lieu of such actions, with the
same or additional claims underlying such actions (collectively, the
"Litigation"); will result in any lien, attachment or charge on the Mortgaged
Property of any kind equal or superior to the lien of the Mortgage or require
any holder of the Mortgage Loan to accept a Transfer (as defined below) of the
direct or indirect interest in Pacific Design Center 1, LLC (the current
Borrower) or the Mortgaged Property;

                     (xi) The Seller has not taken any action that would cause
         the representations and warranties made by the related borrower in the
         related Mortgage Loan Documents not to be true;

                     (xii) The Seller has no knowledge that the material
         representations and warranties made by the related borrower in the
         related Mortgage Loan Documents are not true in any material respect;

                     (xiii) The lien of each related Mortgage is a first
         priority lien on the fee or leasehold interest of the related borrower
         in the principal amount of such Mortgage Loan or allocated loan amount
         of the portions of the Mortgaged Property covered thereby (as set forth
         in the related Mortgage) after all advances of principal and is insured
         by an ALTA lender's title insurance policy (except that if such policy
         is yet to be issued, such insurance may be evidenced by a "marked up"
         pro forma policy, specimen policy or title commitment in any 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), or its equivalent as adopted in the
         applicable jurisdiction, insuring the lender and its successors and
         assigns (as sole insured) as to such lien, subject only to (a) the lien
         of current real property taxes, water charges, sewer rents and
         assessments not yet delinquent or accruing interest or penalties, (b)
         covenants, conditions and restrictions, rights of way, easements and
         other matters of public record, none of which, individually or in the
         aggregate, materially interferes with the current use of the Mortgaged
         Property or the security intended to be provided by such Mortgage or
         with the borrower's ability to pay its obligations when they become due
         or the value of the Mortgaged Property, (c) the exceptions (general and
         specific) and exclusions set forth in such policy, none of which,
         individually or in the aggregate, materially interferes with the
         current general use of the Mortgaged Property or materially interferes
         with the security intended to be provided by such Mortgage or with the
         related borrower's ability to pay its obligations when they become due
         or the value of the Mortgaged Property, (d) the rights of tenants, as
         tenants only, under leases, including subleases, pertaining to the
         related Mortgaged Property, (e) if the related Mortgage Loan is
         cross-collateralized with any other Mortgage Loan in the trust fund,
         the lien of the mortgage instrument for that other Mortgage Loan and
         (f) if the related Mortgaged Property is a unit in a condominium, the
         related condominium declaration (items (a), (b), (c), (d), (e) and (f)
         collectively, "Permitted Encumbrances") and with respect to each
         Mortgage Loan, such Permitted Encumbrances do not,

                                       5

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 current ability of the related Mortgaged
Property to generate income sufficient to service such Mortgage Loan; the
premium for such policy was paid in full; such policy (or if it is yet to be
issued, the coverage to be afforded thereby) is issued by a title insurance
company licensed to issue policies in the state in which the related Mortgaged
Property is located (unless such state is Iowa) and is assignable (with the
related Mortgage Loan) to the Depositor and the Trustee without the consent of
or any notification to the insurer, and is in full force and effect upon the
consummation of the transactions contemplated by the Mortgage Loan Purchase
Agreement; no claims have been made under such policy and the Seller has not
undertaken any action or omitted to take any action, and has no knowledge of any
such act or omission, which would impair or diminish the coverage of such
policy. With respect to Mortgage Loan No. 2 (referred to as Pacific Design
Center), the title company issuing the title insurance policy insuring the lien
of the related Mortgage as a first priority lien has been provided with all
available pleadings and related information with respect to the Litigation and
has provided affirmative coverage to the holder of the Mortgage Loan that
neither such Litigation nor any judgment related thereto will impact the lien of
the related Mortgage or the title of the Property Owner to the Mortgaged
Property or result in any lien, attachment or charge on the Mortgaged Property
of any kind equal or superior to the lien of the Mortgage;

                     (xiv) The proceeds of such Mortgage Loan have been fully
         disbursed and there is no requirement for future advances thereunder,
         and no future advances have been made which are not reflected in the
         related Mortgage File;

                     (xv) Except as set forth in a property inspection report or
         engineering report prepared in connection with the origination of the
         Mortgage Loan, as of the later of the date of origination of such
         Mortgage Loan or the most recent inspection of the related Mortgaged
         Property by the Seller, as applicable, and to the knowledge of Seller
         as of the date hereof, each related Mortgaged Property is free of any
         material damage that would affect materially and adversely the use or
         value of such Mortgaged Property as security for the Mortgage Loan
         (normal wear and tear excepted). If any of the inspection or
         engineering reports referred to above in this Paragraph (xv) revealed
         any immediate repair items, 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 estimation
         at the time of origination of the Mortgage Loan of the cost to complete
         the repairs and/or maintenance necessary to correct such condition
         represented no more than the greater of (i) $50,000 and (ii) 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 closing date for each Mortgage Loan and, to the
         Seller's knowledge, as of the date hereof, there is no proceeding
         pending for the total or partial condemnation of such Mortgaged
         Property that would have a material adverse effect on the use or value
         of the Mortgaged Property;

                                       6

                     (xvi) The Seller has inspected or caused to be inspected
         each related Mortgaged Property within the past twelve months, or the
         originator of the Mortgage Loan inspected or caused to be inspected
         each related Mortgaged Property within three months of origination of
         the Mortgage Loan;

                     (xvii) No Mortgage Loan has a shared appreciation feature,
         any other contingent interest feature or a negative amortization
         feature other than the ARD Loans which may have negative amortization
         from and after the Anticipated Repayment Date;

                     (xviii) Each Mortgage Loan is a whole loan and neither the
         Mortgage Loan nor the related Mortgage Loan Documents create or grant
         an equity participation to the lender or any other party;

                     (xix) The Mortgage Rate (exclusive of any default interest,
         late charges, or prepayment premiums) of such Mortgage Loan complied as
         of the date of origination with, or was exempt from, applicable state
         or federal laws, regulations and other requirements pertaining to
         usury. Except to the extent any noncompliance did not materially and
         adversely affect the value of the related Mortgaged Property, the
         security provided by the Mortgage or the related borrower's operations
         at the related Mortgaged Property, any and all other requirements of
         any federal, state or local laws, including, without limitation,
         truth-in-lending, real estate settlement procedures, equal credit
         opportunity or disclosure laws, applicable to such Mortgage Loan have
         been complied with as of the date of origination of such Mortgage Loan;

                     (xx) Neither the Seller nor to the Seller's knowledge, any
         originator, committed any fraudulent acts during the origination
         process of any Mortgage Loan and the origination, servicing and
         collection of each Mortgage Loan is in all respects legal, proper and
         prudent in accordance with customary commercial mortgage lending
         standards, and no other person has been granted or conveyed the right
         to service the Mortgage Loans or receive any consideration in
         connection therewith, except as provided in the Pooling and Servicing
         Agreement or any permitted subservicing agreements and/or servicing
         rights purchase agreements being executed and delivered in connection
         therewith;

                     (xxi) All taxes and governmental assessments that became
         due and owing prior to the date hereof with respect to each related
         Mortgaged Property and that are or may become a lien of priority equal
         to or higher than the lien of the related Mortgage have been paid or an
         escrow of funds has been established and such escrow (including all
         escrow payments required to be made prior to the delinquency of such
         taxes and assessments) is sufficient to cover the payment of such taxes
         and assessments;

                     (xxii) All escrow deposits and payments required pursuant
         to each Mortgage Loan are in the possession, or under the control, of
         the Seller or its agent and there are no deficiencies (subject to any
         applicable grace or cure periods) in connection therewith. All such
         escrows and deposits are being conveyed by the Seller to the Depositor
         and identified as such with appropriate detail. With respect to any

                                       7

         disbursements made from such escrows, any requirements for the
         disbursement of any such escrows have been complied with in all
         material respects;

                     (xxiii) Each related Mortgaged Property is insured by a
         fire and extended perils insurance policy, issued by an insurer meeting
         the requirements of the Pooling and Servicing Agreement, in an amount
         not less than the lesser of the principal amount of the related
         Mortgage Loan and the replacement cost (with no deduction for physical
         depreciation) and not less than the amount necessary to avoid the
         operation of any co-insurance provisions with respect to the related
         Mortgaged Property; each related Mortgaged Property is also covered by
         business interruption or rental loss insurance which covers a period of
         not less than 12 months and comprehensive general liability insurance
         in amounts generally required by prudent commercial mortgage lenders
         for similar properties; all Mortgaged Properties in California or in a
         seismic zone 4 or 5 have had a seismic assessment done and earthquake
         insurance was obtained to the extent any such 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; if the Mortgaged Property for any Mortgage Loan is
         located within Florida or within 25 miles of the coast of North
         Carolina, South Carolina, Georgia, Alabama, Mississippi, Louisiana or
         Texas, 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; the Mortgaged Properties securing all of the Mortgage Loans
         having a Stated Principal Balance in excess of $3,000,000 have, as of
         the date hereof, insurance policies in place with respect to acts of
         terrorism or damage related thereto (excluding acts involving nuclear,
         biological or chemical terrorism), except any such Mortgage Loans that
         are listed on the applicable Exception Report. All premiums on such
         insurance policies required to be paid as of the date hereof have been
         paid; such insurance policies or the related insurance certificates
         require prior notice to the insured of reduction in coverage,
         termination or cancellation, and no such notice has been received by
         the Seller; such insurance names the lender under the Mortgage Loan and
         its successors and assigns as a named or additional insured; each
         related Mortgage Loan obligates the related borrower to maintain all
         such insurance and, at such borrower's failure to do so, authorizes the
         lender to maintain such insurance at the borrower's cost and expense
         and to seek reimbursement therefor from such borrower;

                     (xxiv) There is no monetary default, breach, violation or
         event of acceleration existing under the related Mortgage Loan. To the
         Seller's knowledge, there is no (a) non-monetary default, breach,
         violation or event of acceleration existing under the related Mortgage
         Loan or (b) event (other than payments due but not yet delinquent)
         which, with the passage of time or with notice and the expiration of
         any grace or cure period, would constitute a default, breach, violation
         or event of acceleration, which default, breach, violation or event of
         acceleration, in the case of either (a) or (b) would materially and
         adversely affect the use or value of the Mortgage Loan or the related
         Mortgaged Property. Notwithstanding the foregoing, this representation
         and warranty does not address or otherwise cover any default, breach,
         violation or event of acceleration that specifically pertains to any
         matter otherwise covered by any other representation or warranty made
         by the Seller elsewhere in this Exhibit A or the Exception Report;

                                       8

                     (xxv) No Mortgage Loan has been more than 30 days
         delinquent in making required payments since origination and as of the
         Cut-off Date no Mortgage Loan is 30 or more days delinquent in making
         required payments;

                     (xxvi) (a) Each related Mortgage contains provisions so as
         to render the rights and remedies of the holder thereof adequate for
         the practical realization against the Mortgaged Property of the
         principal benefits of the security, including realization by judicial
         or, if applicable, non-judicial foreclosure or, subject to applicable
         state law requirements, appointment of a receiver, and (b) there is no
         exemption available to the borrower which would interfere with such
         right to foreclose, except, in the case of either (a) or (b), as the
         enforcement of the Mortgage may be limited by bankruptcy, insolvency,
         reorganization, moratorium, redemption or other laws affecting the
         enforcement of creditors' rights or by general principles of equity
         (regardless of whether such enforceability is considered in a
         proceeding in equity or at law). No borrower is a debtor in a state or
         federal bankruptcy or insolvency proceeding;

                     (xxvii) At origination, each borrower represented and
         warranted in all material respects that to its knowledge, except as set
         forth in certain environmental reports and, except as commonly used in
         the operation and maintenance of properties of similar kind and nature
         to the Mortgaged Property, in accordance with prudent management
         practices and applicable law, and in a manner that does not result in
         any contamination of the Mortgaged Property, 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 or other environmental laws; the
         related borrower agreed to indemnify, defend and hold the mortgagee and
         its successors and assigns harmless from and against losses,
         liabilities, damages, injuries, penalties, fines, expenses, and claims
         of any kind whatsoever (including attorneys' fees and costs) paid,
         incurred or suffered by, or asserted against, any such party resulting
         from a breach of the foregoing representations, warranties or covenants
         given by the borrower in connection with such Mortgage Loan. A Phase I
         environmental report and with respect to certain Mortgage Loans, a
         Phase II environmental report was conducted by a reputable independent
         environmental consulting firm in connection with such Mortgage Loan,
         which report did not indicate any material non-compliance with
         applicable environmental laws or material existence of hazardous
         materials or, if any material non-compliance or material existence of
         hazardous materials was indicated in any such report, then at least one
         of the following statements is true: (A) funds reasonably estimated to
         be sufficient to cover the cost to cure any material non-compliance
         with applicable environmental laws or material existence of hazardous
         materials have been escrowed, or a letter of credit in such amount has
         been provided, by the related borrower and held by the related
         mortgagee; (B) if the environmental report recommended an operations
         and maintenance plan, but not any material expenditure of funds, an
         operations and maintenance plan has been required to be obtained by the
         related borrower; (C) the environmental condition identified in the
         related environmental report was remediated or abated in all material
         respects prior to the date hereof; (D) a no further action or closure
         letter was obtained from the applicable

                                       9

         governmental regulatory authority (or the environmental issue affecting
         the related Mortgaged Property was otherwise listed by such
         governmental authority as "closed"); (E) such conditions or
         circumstances identified in the Phase I environmental report were
         investigated further and based upon such additional investigation, an
         environmental consultant recommended no further investigation or
         remediation; (F) a party unrelated to the borrower with financial
         resources reasonably estimated to be adequate to cure the condition or
         circumstance provided a guaranty or indemnity to the related borrower
         to cover the costs of any required investigation, testing, monitoring
         or remediation; (G) the expenditure of funds reasonably estimated to be
         necessary to effect such remediation is not greater than two percent
         (2%) of the outstanding principal balance of the related Mortgage Loan;
         or (H) a lender's environmental insurance policy was obtained and is a
         part of the related Mortgage File. Notwithstanding the preceding
         sentence, with respect to certain Mortgage Loans with an original
         principal balance of less than $3,000,000, no environmental report may
         have been obtained, but (in such cases where a Phase I environmental
         report was not obtained) a lender's environmental insurance policy was
         obtained with respect to each such Mortgage Loan. Each of such lender's
         environmental insurance policies is a part of the related Mortgage
         File. Each of such environmental insurance policies is in full force
         and effect, is in an amount not less than the 100% of the balance of
         the related Mortgage Loan, has a term extending not less than 5 years
         after the maturity date of the related Mortgage Loan, the premiums for
         such policies have been paid in full and the Trustee is named as an
         insured under each of such policies, the Seller has delivered to the
         insurer all environmental reports in its possession. To the Seller's
         knowledge, in reliance on such environmental reports and except as set
         forth in such environmental reports, each Mortgaged Property is in
         material compliance with all applicable federal, state and local
         environmental laws, and to the Seller's knowledge, no notice of
         violation of such laws has been issued by any governmental agency or
         authority, except, in all cases, as indicated in such environmental
         reports or other documents previously provided to the Rating Agencies;
         and the Seller has not taken any action which would cause the Mortgaged
         Property to not be in compliance with all federal, state and local
         environmental laws pertaining to environmental hazards;

                     (xxviii) (1) Each Mortgage Loan contains provisions for the
         acceleration of the payment of the unpaid principal balance of such
         Mortgage Loan if, without the consent of the holder of the Mortgage
         (and the Mortgage requires the mortgagor to pay all fees and expenses
         associated with obtaining such consent), the related Mortgaged Property
         is directly or indirectly transferred or sold, and (2) except with
         respect to transfers of certain interests in the related borrower to
         persons already holding interests in the borrower, their family
         members, affiliated companies and other estate planning related
         transfers that satisfy certain criteria specified in the related
         Mortgage (which criteria is consistent with the practices of prudent
         commercial mortgage lenders) or any transfers in connection with the
         death or disability of owners of the borrower, each Mortgage Loan also
         contains the provisions for the acceleration of the payment of the
         unpaid principal balance of such Mortgage Loan if, without the consent
         of the holder of the Mortgage, (and the Mortgage requires the mortgagor
         to pay all fees and expenses associated with obtaining such consent) a
         majority interest in the related borrower is directly or indirectly
         transferred or sold;

                                       10

                     (xxix) All improvements included in the related appraisal
         are within the boundaries of the related Mortgaged Property, except for
         encroachments onto adjoining parcels for which the Seller has obtained
         title insurance against losses arising therefrom or that do not
         materially and adversely affect the use or value of such Mortgaged
         Property. No improvements on adjoining parcels encroach onto the
         related Mortgaged Property except for encroachments that do not
         materially and adversely affect the value of such Mortgaged Property,
         the security provided by the Mortgage, the current use of the Mortgaged
         Property, or the related borrower's operations at the Mortgaged
         Property;

                     (xxx) The information pertaining to the Mortgage Loans
         which is set forth in the Mortgage Loan Schedule attached as an exhibit
         to this Mortgage Loan Purchase Agreement is complete and accurate in
         all material respects as of the dates of the information set forth
         therein (or, if not set forth therein, as of the Cut-Off Date);

                     (xxxi) With respect to any Mortgage Loan where all or any
         portion of the estate of the related borrower therein is a leasehold
         estate under a ground lease, and the related Mortgage does not also
         encumber the related lessor's fee interest in such Mortgaged Property,
         based upon the terms of the ground lease and any estoppel received from
         the ground lessor, the Seller represents and warrants that:

                                    (1) The ground lease or a memorandum
                           regarding such ground lease has been duly recorded.
                           The ground lease permits the interest of the lessee
                           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 adversely affect the security provided by
                           the related Mortgage. To the Seller's knowledge,
                           there has been no material change in the terms of the
                           ground lease since its recordation, except by any
                           written instruments which are included in the related
                           mortgage file;

                                    (2) The lessor under such ground lease has
                           agreed in a writing included in the related mortgage
                           file that the ground lease may not be amended,
                           modified, canceled or terminated without the prior
                           written consent of the lender and that any such
                           action without such consent is not binding on the
                           lender, its successors or assigns;

                                    (3) The ground lease has an original term
                           (or an original term plus one or more optional
                           renewal terms, which, under all circumstances, may be
                           exercised, and would be enforceable, by the lender)
                           that extends not less than 10 years beyond the
                           amortization term of the related Mortgage Loan;

                                    (4) Based on the title insurance policy (or
                           binding commitment therefor) obtained by the Seller,
                           the ground lease is not subject to any liens or
                           encumbrances superior to, or of equal priority with,
                           the Mortgage, subject to Permitted Encumbrances and
                           liens that encumber the ground lessor's fee interest;

                                       11

                                    (5) Under the terms of the ground lease, the
                           ground lease is assignable to the lender and its
                           assigns without the consent of the lessor thereunder;

                                    (6) The ground lease is in full force and
                           effect, the Seller has no actual knowledge that any
                           default beyond applicable notice and grace periods
                           has occurred, and to the Seller's knowledge, there is
                           no existing condition which, but for the passage of
                           time or giving of notice, would result in a default
                           under the terms of the ground lease;

                                    (7) The ground lease or ancillary agreement,
                           which is part of the Mortgage File, between the
                           lessor and the lessee requires the lessor to give
                           notice of any default by the lessee to the lender;

                                    (8) The lender is permitted a reasonable
                           opportunity (including, where necessary, sufficient
                           time to gain possession of the interest of the lessee
                           under the ground lease through legal proceedings, or
                           to take other action so long as the lender is
                           proceeding diligently) to cure any default under the
                           ground lease which is curable after the receipt of
                           notice of any default before the lessor may terminate
                           the ground lease. All rights of the lender under the
                           ground lease and the related Mortgage (insofar as it
                           relates to the ground lease) may be exercised by or
                           on behalf of the lender;

                                    (9) The ground lease does not impose any
                           restrictions on subletting that would be viewed as
                           commercially unreasonable by a prudent commercial
                           mortgage lender. The lessor is not permitted to
                           disturb the possession, interest or quiet enjoyment
                           of any subtenant of the lessee in the relevant
                           portion of the Mortgaged Property subject to the
                           ground lease for any reason, or in any manner, which
                           would adversely affect the security provided by the
                           related Mortgage;

                                    (10) Under the terms of the ground lease and
                           the related Mortgage, any related insurance proceeds
                           or condemnation award (other than in respect of a
                           total or substantially total loss or taking) will be
                           applied either to the repair or restoration of all or
                           part of the related Mortgaged Property, with the
                           lender or a trustee appointed by it having the right
                           to hold and disburse such proceeds as repair or
                           restoration progresses (except in such cases where a
                           provision entitling another party to hold and
                           disburse such proceeds would not be viewed as
                           commercially unreasonable by a prudent commercial
                           mortgage lender), or to the payment of the
                           outstanding principal balance of the Mortgage Loan,
                           together with any accrued interest, except that in
                           the case of condemnation awards, the ground lessor
                           may be entitled to a portion of such award;

                                    (11) Under the terms of the ground lease and
                           the related Mortgage, any related insurance proceeds,
                           or condemnation award in

                                       12

                           respect of a total or substantially total loss or
                           taking of the related Mortgaged Property will be
                           applied first to the payment of the outstanding
                           principal balance of the Mortgage Loan, together with
                           any accrued interest (except as provided by
                           applicable law or in cases where a different
                           allocation would not be viewed as commercially
                           unreasonable by a prudent commercial mortgage lender,
                           taking into account the relative duration of the
                           ground lease and the related Mortgage and the ratio
                           of the market value of the related Mortgaged Property
                           to the outstanding principal balance of such Mortgage
                           Loan). Until the principal balance and accrued
                           interest are paid in full, neither the lessee nor the
                           lessor under the ground lease will have an option to
                           terminate or modify the ground lease without the
                           prior written consent of the lender as a result of
                           any casualty or partial condemnation; and

                                    (12) Provided that the lender cures any
                           defaults which are susceptible to being cured, the
                           lessor has agreed to enter into a new lease upon
                           termination of the ground lease for any reason,
                           including rejection of the ground lease in a
                           bankruptcy proceeding;

                     (xxxii) With respect to any Mortgage Loan where all or a
         material portion of the estate of the related borrower therein is a
         leasehold estate, but the related Mortgage also encumbers the related
         lessor's fee interest in such Mortgaged Property: (a) such lien on the
         related fee interest is evidenced by the related Mortgage, (b) such
         Mortgage does not by its terms provide that it will be subordinated to
         the lien of any other mortgage or encumbrance upon such fee interest,
         (c) upon the occurrence of a default under the terms of such Mortgage
         by the related borrower, any right of the related lessor to receive
         notice of, and to cure, such default granted to such lessor under any
         agreement binding upon the lender would not be considered commercially
         unreasonable in any material respect by prudent commercial mortgage
         lenders, (d) the related lessor has agreed in a writing included in the
         related Mortgage File that the related ground lease may not be amended
         or modified without the prior written consent of the lender and that
         any such action without such consent is not binding on the lender, its
         successors or assigns, and (e) the related ground lease is in full
         force and effect, and the Seller has no actual knowledge that any
         default beyond applicable notice and grace periods has occurred or that
         there is any existing condition which, but for the passage of time or
         giving of notice, would result in a default under the terms of such
         ground lease;

                     (xxxiii) With respect to Mortgage Loans that are
         cross-collateralized or cross-defaulted, all other loans that are
         cross-collateralized by or cross-defaulted with such Mortgage Loans are
         being transferred to the Depositor;

                     (xxxiv) Neither Seller nor any affiliate thereof has any
         obligation to make any capital contribution to any borrower under a
         Mortgage Loan, other than contributions made on or prior to the date
         hereof;

                     (xxxv) (1) The Mortgage Loan is directly secured by a
         Mortgage on a commercial property or multifamily residential property,
         and (2) the fair market value of

                                       13

         such real property, as evidenced by an appraisal satisfying the
         requirements of FIRREA conducted within 12 months of the origination of
         the Mortgage Loan, was at least equal to 80% of the principal amount of
         the Mortgage Loan (a) at origination (or if the Mortgage Loan has been
         modified in a manner that constituted a deemed exchange under Section
         1001 of the Code at a time when the Mortgage Loan was not in default or
         default with respect thereto was not reasonably foreseeable, the date
         of the last such modification) or (b) at the date hereof; provided that
         the fair market value of the real property must first be reduced by (A)
         the amount of any lien on the real property interest that is senior to
         the Mortgage Loan and (B) a proportionate amount of any lien that is in
         parity with the Mortgage Loan (unless such other lien secures a
         Mortgage Loan that is cross-collateralized with such Mortgage Loan, in
         which event the computation described in (a) and (b) shall be made on
         an aggregated basis);

                     (xxxvi) There are no subordinate mortgages encumbering the
         related Mortgaged Property, nor are there any preferred equity
         interests held by the lender or any mezzanine debt related to such
         Mortgaged Property, except as set forth in the Prospectus Supplement,
         this Exhibit A or in the Exception Report to this Mortgage Loan
         Purchase Agreement;

                     (xxxvii) The Mortgage Loan Documents executed in connection
         with each Mortgage Loan having an original principal balance in excess
         of $5,000,000 require that the related borrower be a single-purpose
         entity (for this purpose, "single-purpose entity" shall mean an entity,
         other than an individual, having organizational documents which provide
         substantially to the effect that it is formed or organized solely for
         the purpose of owning and operating one or more Mortgaged Properties,
         is prohibited from engaging in any business unrelated to such property
         and the related Mortgage Loan, does not have any assets other than
         those related to its interest in the related Mortgaged Property or its
         financing, or any indebtedness other than as permitted under the
         related Mortgage Loan). To the Seller's actual knowledge, each borrower
         has fully complied with the requirements of the related Mortgage Note
         and Mortgage and borrower's organizational documents regarding
         single-purpose entity status;

                     (xxxviii) Each Mortgage Loan prohibits the related borrower
         from mortgaging or otherwise encumbering the Mortgaged Property, or any
         controlling equity interest in the borrower, without the prior written
         consent of the mortgagee or the satisfaction of debt service coverage
         or similar criteria specified in the Note or Mortgage which would be
         acceptable to a reasonably prudent commercial mortgage lender, and,
         except in connection with trade debt and equipment financings in the
         ordinary course of borrower's business, from carrying any additional
         indebtedness, except, in each case, liens contested in accordance with
         the terms of the Mortgage Loan or, with respect to each Mortgage Loan
         having an original principal balance of less than $4,000,000, any
         unsecured debt;

                     (xxxix) Each borrower covenants in the Mortgage Loan
         documents that it shall remain in material compliance with all material
         licenses, permits and other legal requirements necessary and required
         to conduct its business;

                                       14

                     (xl) Each Mortgaged Property (a) is located on or adjacent
         to a dedicated road, or has access to an irrevocable easement
         permitting ingress and egress, (b) is served by public utilities and
         services generally available in the surrounding community or otherwise
         appropriate for the use in which the Mortgaged Property is currently
         being utilized, and (c) constitutes one or more separate tax parcels or
         is covered by an endorsement with respect to the matters described in
         (a), (b) or (c) under the related title insurance policy (or the
         binding commitment therefor);

                     (xli) Based solely on a flood zone certification or a
         survey of the related Mortgaged Property, if any portion of the
         improvements on the Mortgaged Property is located in an area identified
         by the Federal Emergency Management Agency or the Secretary of Housing
         and Urban Development as having special flood hazards categorized as
         Zone "A" or Zone "V" and flood insurance is available, the terms of the
         Mortgage Loan require the borrower to maintain flood insurance, or at
         such borrower's failure to do so, authorizes the Lender to maintain
         such insurance at the cost and expense of the borrower and such
         insurance is in full force and effect in an amount not less than the
         lesser of (1) the replacement cost of the material improvements on such
         Mortgaged Property, (2) the balance of the Mortgage Loan and (3) the
         maximum amount of insurance available under the applicable National
         Flood Insurance Administration Program;

                     (xlii) With respect to each Mortgage which is a deed of
         trust, a trustee, duly qualified under applicable law to serve as such,
         currently so serves and is named in the deed of trust or has been
         substituted in accordance with applicable law or may be substituted in
         accordance with applicable law by the related mortgagee, and except in
         connection with a trustee's sale after a default by the related
         borrower, no fees are payable to such trustee, and such fees payable
         are payable by the borrower;

                     (xliii) Except as disclosed in the Exception Report to this
         Mortgage Loan Purchase Agreement, to the knowledge of the Seller as of
         the date hereof, there was no pending action, suit or proceeding,
         arbitration or governmental investigation against any borrower or
         Mortgaged Property, an adverse outcome of which would materially and
         adversely affect such borrower's ability to perform under the related
         Mortgage Loan;

                     (xliv) No advance of funds has been made by the Seller to
         the related borrower (other than mezzanine debt and the acquisition of
         preferred equity interests by the preferred equity interest holder, as
         disclosed in the Prospectus Supplement), and no funds have, to the
         Seller's knowledge, been received from any person other than, or on
         behalf of, the related borrower, for, or on account of, payments due on
         the Mortgage Loan;

                     (xlv) To the extent required under applicable law, as of
         the Cut-off Date or as of the date that such entity held the Note, each
         holder of the Note was authorized to transact and do business in the
         jurisdiction in which each related Mortgaged Property is located, or
         the failure to be so authorized did not materially and adversely affect
         the enforceability of such Mortgage Loan;

                                       15

                     (xlvi) All collateral for the Mortgage Loans is being
         transferred as part of the Mortgage Loans;

                     (xlvii) Except as disclosed in the Exception Report to this
         Mortgage Loan Purchase Agreement or the Prospectus Supplement with
         respect to the Crossed Loans and Multiple Property Loans, no Mortgage
         Loan requires the lender to release any portion of the Mortgaged
         Property from the lien of the related Mortgage except upon (a) payment
         in full or defeasance of the related Mortgage Loan, (b) the
         satisfaction of certain legal and underwriting requirements that would
         be customary for prudent commercial mortgage lenders, which in all
         events include payment of a release price at least 125% of the
         appraised value of the property to be released or of the allocated loan
         amount of such property, (c) releases of unimproved out-parcels or (d)
         releases of other portions of the Mortgaged Property which will not
         have a material adverse effect on the use or value of the collateral
         for the related Mortgage Loan and which were given no value in the
         appraisal of the Mortgaged Property or of that portion of the Mortgaged
         Property used to calculate the loan-to-value ratio of the Mortgaged
         Property for underwriting purposes. No release or partial release of
         any Mortgaged Property, or any portion thereof, expressly permitted or
         required pursuant to the terms of any Mortgage Loan would constitute a
         significant modification of the related Mortgage Loan under Treas. Reg.
         Section 1.860G-2(b)(2);

                     (xlviii) Any insurance proceeds in respect of a casualty
         loss or taking will be applied either to (a) the repair or restoration
         of all or part of the related Mortgaged Property, with, in the case of
         all casualty losses or takings in excess of a specified amount or
         percentage of the related loan amount that a prudent commercial lender
         would deem satisfactory and acceptable, the lender (or a trustee
         appointed by it) having the right to hold and disburse such proceeds as
         the repair or restoration progresses (except in any case where a
         provision entitling another party to hold and disburse such proceeds
         would not be viewed as commercially unreasonable by a prudent
         commercial mortgage lender) or (b) to the payment of the outstanding
         principal balance of such Mortgage Loan together with any accrued
         interest thereon;

                     (xlix) (l) Each Form UCC-1 financing statement, if any,
         filed with respect to personal property constituting a part of the
         related Mortgaged Property and each Form UCC-2 or UCC-3 assignment, if
         any, of such financing statement to the Seller was, and each Form UCC-3
         assignment, if any, of such financing statement in blank which the
         Trustee or its designee is authorized to complete (but for the
         insertion of the name of the assignee and any related filing
         information which is not yet available to the Seller) is, in suitable
         form for filing in the filing office in which such financing statement
         was filed;

                     (l) To the Seller's knowledge, (a) each commercial lease
         covering more than 10% (20% in the case of any Mortgage Loan having an
         original principal balance less than $2,500,000) of the net leaseable
         area of the related Mortgaged Property is in full force and effect and
         (b) there exists no default under any such commercial lease either by
         the lessee thereunder or by the related borrower that could give rise
         to the termination of such lease;

                                       16

                     (li) Based upon an opinion of counsel and/or other due
         diligence considered reasonable by prudent commercial mortgage lenders,
         the improvements located on or forming part of each Mortgaged Property
         comply with applicable zoning laws and ordinances, or constitute a
         legal non-conforming use or structure or, if any such improvement does
         not so comply, such non-compliance does not materially and adversely
         affect the value of the related Mortgaged Property. With respect to
         properties with a Stated Principal Balance of over $10,000,000, if the
         related Mortgaged Property does not so comply, to the extent the Seller
         is aware of such non-compliance, it has required the related borrower
         to obtain law and ordinance insurance coverage in amounts customarily
         required by prudent commercial mortgage lenders;

                     (lii) Each Mortgage Loan constitutes a "qualified mortgage"
         within the meaning of Section 860G(a)(3) of the Code (but without
         regard to the rule in Treasury Regulation (as defined herein) Section
         1.860G-2(f)(2) that treats a defective obligation as a qualified
         mortgage or any substantially similar successor provision), 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 Code Section 860G(a)(8)
         and all Prepayment Premiums and Yield Maintenance Charges constitute
         "customary prepayment penalties" within the meaning of Treasury
         Regulation Section 1.860G-1(b)(2);

                     (liii) With respect to any Mortgage Loan that pursuant to
         the Mortgage Loan Documents can be defeased, (i) the Mortgage Loan
         cannot be defeased within two years after the Closing Date, (ii) the
         borrower can pledge only United States government securities in an
         amount sufficient to make all scheduled payments under the Mortgage
         Loan when due, (iii) the borrower is required to provide independent
         certified public accountant's certification that the collateral is
         sufficient to make such payments, (iv) the loan may be required to be
         assumed by a single-purpose entity designated by the holder of the
         Mortgage Loan, (v) the borrower is required to provide an opinion of
         counsel that the trustee has a perfected security interest in such
         collateral prior to any other claim or interest, (vi) the borrower is
         required to 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, (vii) with
         respect to any Significant Loan (as defined in the Pooling and
         Servicing Agreement), the borrower is required to provide an opinion of
         counsel that such defeasance will not cause any REMIC created under the
         Pooling and Servicing Agreement to fail to qualify as a REMIC for
         federal or applicable state tax purposes and (viii) with respect to any
         Significant Loan (as defined in the Pooling and Servicing Agreement),
         the borrower must obtain confirmation from each Rating Agency that the
         defeasance would not result in such Rating Agency's withdrawal,
         downgrade or qualification of the then current rating of any class of
         Certificates rated by such Rating Agency;

                     (liv) The Mortgage Loan Documents for each Mortgage Loan
         provide that the related borrower thereunder shall be liable to the
         lender for any losses incurred by the lender due to (i) the
         misapplication or misappropriation of rents, insurance proceeds or
         condemnation awards, (ii) any willful act of material waste, (iii) any
         breach of the

                                       17

         environmental covenants contained in the related Mortgage Loan
         Documents, and (iv) fraud by the related borrower; provided that, with
         respect to clause (iii) of this sentence, an indemnification against
         losses related to such violations or environmental insurance shall
         satisfy such requirement;

                     (lv) If such Mortgage Loan is an ARD Loan, it commenced
         amortizing on its initial scheduled Due Date and provides that: (i) its
         Mortgage Rate will increase by no less than two percentage points in
         connection with the passage of its Anticipated Repayment Date and so
         long as the Mortgage Loan is an asset of the Trust Fund; (ii) its
         Anticipated Repayment Date is not less than seven years following the
         origination of such Mortgage Loan; (iii) no later than the related
         Anticipated Repayment Date, if it has not previously done so, the
         related borrower is required 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 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 Monthly Payment payable therefrom, be net of budgeted
         and discretionary (servicer approved) capital expenditures;

                     (lvi) Except as disclosed in the Prospectus Supplement, no
         Mortgage Loan, and no group of Mortgage Loans made to the same borrower
         and to borrowers that are Affiliates, accounted for more than 5.0% of
         the aggregate of the Stated Principal Balances of all of the mortgage
         loans sold to the Depositor by Column Financial, Inc. and PNC Bank,
         National Association pursuant to those certain Mortgage Loan Purchase
         Agreements, each dated as of August 11, 2004, between the Depositor and
         Column Financial, Inc, between the Depositor and PNC Bank, National
         Association and between the Depositor, Column Financial, Inc. and
         KeyBank National Association, as of the respective Cut-Off Dates;

                     (lvii) Except for the Mortgage Loans with an initial
         principal balance less than $3,000,000, in connection with its
         origination or acquisition of each Mortgage Loan, the Seller obtained
         an appraisal of the related Mortgaged Property, which appraisal is
         signed by an appraiser, who, to the Seller's actual 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;

                     (lviii) 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;

                     (lix) With respect to Mortgage Loan No. 2 (referred to as
         Pacific Design Center), the transfer by CBO-PDC 1, LLC and CBO-PDC 2,
         LLC of their interests in PDC 1 Holdings, LLC to Cohen PDC, LLC (the
         "Transfer") is a valid and enforceable transfer and neither CBO-PDC 1,
         LLC nor CBO-PDC 2, LLC have any right of rescission or other valid
         claim or dispute which will result in the unwinding or reversal, in
         whole or in part, such Transfer. Any recission or unwinding of such
         Transfer of, or

                                       18

         attachment or lien (other than as stated in the
         due-on-sale/due-on-encumbrance representation made in paragraph
         (xxviii)) on, any direct or indirect interest in the interests that
         were the subject of such Transfer without consent of the mortgagee is a
         default under the related loan documents; and

                     (lx) With respect to Mortgage Loan No. 2 (referred to as
         Pacific Design Center), the pending Litigation does not, and will not,
         in any way impair the enforceability of any of the leases in place as
         of the Closing Date of the Mortgaged Property or any portion thereof.

                                       19

                                                                       EXHIBIT B

                                                        AFFIDAVIT OF LOST NOTE

STATE OF NEW YORK                 )
                                  )    ss.:
COUNTY OF NEW YORK                )

     ____________________________, being duly sworn, deposes and says:

     1. that he is an authorized signatory of Column Financial, Inc. ("Column");

     2. that _______________ is the owner and holder of a mortgage loan in the
original principal amount of $______________ secured by a mortgage (the
"Mortgage") on the premises known as ______________ ______________ located in
______________;

     3. that _______________, after having conducted a diligent investigation of
its records and files, has been unable to locate the following original note and
believes that said original note has been lost, misfiled, misplaced or destroyed
due to a clerical error:

     a note in the original sum of $______________ made by ______________, to
     _______________, under date of ______________ (the "Note");

     4. that the Note is now owned and held by _______________;

     5. that the copy of the Note attached hereto is a true and correct copy
thereof;

     6. that the Note has not been paid off, satisfied, assigned, transferred,
encumbered, endorsed, pledged, hypothecated, or otherwise disposed of and that
the original Note has been either lost, misfiled, misplaced or destroyed;

     7. that no other person, firm, corporation or other entity has any right,
title, interest or claim in the Note except _______________; and

     8. upon assignment of the Note by _______________ to Credit Suisse First
Boston Mortgage Securities Corp. (the "Depositor") and subsequent assignment by
Depositor to the trustee for the benefit of the holders of the Credit Suisse
First Boston Mortgage Securities Corp. Commercial Mortgage Pass-Through
Certificates, Series 2004-C3 (the "Trustee") (which assignment may, at the
discretion of Depositor, be made directly by _______________ to the Trustee),
_______________ covenants and agrees (a) promptly to deliver to the Trustee the
original Note if it is subsequently found, and (b) to indemnify and hold
harmless the Trustee and its successors and assigns from and against any and all
costs, expenses and monetary losses arising as a result of _______________'s
failure to deliver said original Note to the Trustee.

                                       COLUMN FINANCIAL, INC.

                                       By:
                                           -------------------------------------
                                           Name:
                                           Title:

Sworn to before me this _____
day of __________, 2004

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