Document:

<PAGE>

                                                                   Exhibit 10.16

                                   CERTIFICATE
                                   -----------

THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "ACT") OR STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING
              ---
THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE RESOLD, PLEDGED OR
OTHERWISE TRANSFERRED ONLY IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES
LAWS AND TO A PERSON WHO HAS FURNISHED TO THE OWNER TRUSTEE (A) AN INVESTMENT
LETTER TO THE EFFECT THAT SUCH PURCHASER IS THE TRUST DEPOSITOR OR AN AFFILIATE
THEREOF, OR AN INSTITUTIONAL ACCREDITED INVESTOR WITHIN THE MEANING OF RULE
501(a)(1)-(3) or (7) UNDER THE ACT AND (B) IF REQUIRED, AN OPINION OF COUNSEL
SATISFACTORY TO THE OWNER TRUSTEE.

THIS CERTIFICATE MAY NOT BE TRANSFERRED DIRECTLY OR INDIRECTLY TO (1) EMPLOYEE
BENEFIT PLANS, RETIREMENT ARRANGEMENTS, INDIVIDUAL RETIREMENT ACCOUNTS OR KEOGH
PLANS SUBJECT TO EITHER TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT
OF 1974, AS AMENDED, OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED, OR (2) ENTITIES (INCLUDING INSURANCE COMPANY GENERAL ACCOUNTS) WHOSE
UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF ANY SUCH PLAN'S,
ARRANGEMENT'S OR ACCOUNT'S INVESTMENT IN SUCH ENTITIES. FURTHER, THIS
CERTIFICATE MAY BE TRANSFERRED ONLY TO A UNITED STATES PERSON WITHIN THE MEANING
OF SECTION 7701(a)(30) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

THIS CERTIFICATE IS NOT GUARANTEED OR INSURED BY ANY GOVERNMENTAL AGENCY.

NO TRANSFER, SALE, PLEDGE OR OTHER DISPOSITION OF ONE OR MORE CERTIFICATES (A
"TRANSFER") SHALL BE MADE UNLESS SIMULTANEOUSLY WITH THE TRANSFER (1) A
 --------
PROPORTIONATE AMOUNT OF CLASS C NOTES ARE TRANSFERRED SO THAT THE RATIO OF THE
PERCENTAGE INTEREST OF THE CERTIFICATES SO TRANSFERRED TO ALL CERTIFICATES AND
THE RATIO OF THE PERCENTAGE INTEREST OF THE CLASS C NOTES SO TRANSFERRED TO THE
PERCENTAGE INTEREST OF ALL CLASS C NOTES ARE EQUAL AND (2) THE TRANSFERS OF THE
CERTIFICATES AND CLASS C NOTES REFERRED TO HEREIN ARE MADE TO THE SAME PERSON.

                                       1

<PAGE>

NUMBER
      --------------

CUSIP NO.                                              PERCENTAGE INTEREST: 100%
         -----------

                        MCG COMMERCIAL LOAN TRUST 2001-1

                                   CERTIFICATE

evidencing a beneficial ownership interest in the Trust, as defined below, the
property of which includes primarily the Loans transferred to the Trust by MCG
Finance III, LLC.

(This Certificate does not represent an interest in or obligation of MCG Finance
III, LLC, MCG Capital Corporation (the "Servicer") or the Owner Trustee (as
                                        --------
defined below) (as such or in its individual capacity) or any of their
respective affiliates, except to the extent described below.)

     THIS CERTIFIES THAT MCG FINANCE III, LLC is the registered owner of the
nonassessable, fully paid, beneficial ownership interest in MCG COMMERCIAL LOAN
TRUST 2001-1 (the "Trust") formed by MCG Finance III, LLC, in the Percentage
                   -----
Interest evidenced hereby.

     The Trust was created pursuant to a Trust Agreement, dated as of December
1, 2001 (as amended, modified, restated, replaced, waived, substituted,
supplemented or extended from time to time, the "Trust Agreement"), between MCG
                                                 ---------------
Finance III, LLC, as trust depositor (the "Trust Depositor"), and Wilmington
                                           ---------------
Trust Company, as owner trustee (the "Owner Trustee"), a summary of certain of
                                      -------------
the pertinent provisions of which is set forth below. To the extent not
otherwise defined herein, the capitalized terms used herein have the meanings
assigned to them in the Trust Agreement.

     This Certificate is one of a duly authorized issue of MCG Commercial Loan
Trust 2001-1 Certificates (herein called the "Certificates"). This Certificate
                                              ------------
is issued under and is subject to the terms, provisions and conditions of the
Trust Agreement, to which Trust Agreement the holder of this Certificate by
virtue of its acceptance hereof assents and by which such holder is bound.

     Under the Trust Agreement, there will be distributed on the 20th day of
each month or, if such 20th day is not a Business Day, the next Business Day
(each, a "Remittance Date"), commencing on January 21, 2001, 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 Remittance Date (the "Record
                                                                          ------
Date"), such Certificateholder's Percentage Interest in the amount to be
----
distributed to Certificateholders on such Remittance Date pursuant to the terms
of the Sale and Servicing Agreement and the Indenture.

                                       2

<PAGE>

     The holder of this Certificate acknowledges and agrees that its rights to
receive distributions in respect of this Certificate are subordinated to the
rights of the Noteholders as described in the Sale and Servicing Agreement and
the Indenture.

     It is the intent of the Trust Depositor, the Servicer, the Holders of the
Class C Notes and the Certificateholders that, for purposes of federal income
taxes, in the event that the Certificates and the Class C Notes are owned by
more than one holder the Trust will be treated as a partnership, the partners of
which are the Certificateholders and the Holders of the Class C Notes and, in
the event that the Certificates and the Class C Notes are all owned by a single
holder, the Trust will be treated as a division of such holder. The
Certificateholders and the Holders of the Class C Notes, by acceptance of a
Certificate and a Class C Note, respectively, agree to treat the Certificates
and Class C Notes as equity and to take no action inconsistent with the
treatment of, the Trust and the Certificates and Class C Notes for such tax
purposes as just described.

     Each Certificateholder, by its acceptance of a Certificate, covenants and
agrees that such Certificateholder, will not prior to the date which is one (1)
year and one (1) day after the termination of the Indenture, institute against
the Trust, or join in any institution against the Trust of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States federal or state bankruptcy or similar law
in connection with any obligations relating to the Certificates, the Notes, the
Trust Agreement or any of the other Transaction Documents.

     Distributions on this Certificate will be made as provided in the Trust
Agreement by the Paying Agent by wire transfer or check mailed to the
Certificateholder of record in the Certificate Register without the presentation
or surrender of this Certificate or the making of any notation hereon. Except as
otherwise provided in the Trust Agreement and notwithstanding the above, the
final distribution on this Certificate will be made after due notice by the
Paying Agent of the pendency of such distribution and only upon presentation and
surrender of this Certificate at the office or agency maintained for that
purpose by the Paying Agent.

     Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

     Unless the certificate of authentication hereon shall have been executed by
an authorized officer of the Owner Trustee or the Certificate Registrar, by
manual signature, this Certificate shall not entitle the Holder hereof to any
benefit under the Trust Agreement or the Sale and Servicing Agreement or be
valid for any purpose.

     THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.

                                       3

<PAGE>

     IN WITNESS WHEREOF, the Owner Trustee or the Certificate Registrar, on
     behalf of the Trust and not in its individual capacity, has caused this
     Certificate to be duly executed.

Date: December 27, 2001

                                     MCG COMMERCIAL LOAN TRUST 2001-1

                                     By:      WILMINGTON TRUST COMPANY,
                                              solely as Owner Trustee and
                                              not in its individual capacity

                                     By:  /s/ Norma Cross
                                        ----------------------------------------
                                              Authorized Signatory

                  OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Certificates of MCG Commercial Loan Trust 2001-1
referred to in the within-mentioned Trust Agreement.

Date: December 27, 2001

                                     WILMINGTON TRUST COMPANY, solely as Owner
                                     Trustee and not in its individual capacity

                                     By:  /s/ Norma Cross
                                        ----------------------------------------
                                              Authorized Signatory

                                                        or

                                     WELLS FARGO BANK MINNESOTA, NATIONAL
                                     ASSOCIATION, as Certificate Registrar

                                     By:  /s/ Sue Dignan
                                        ----------------------------------------
                                              Authorized Signatory

                                       4

<PAGE>

                            [REVERSE OF CERTIFICATE]

     The Certificates do not represent an obligation of, or an interest in, the
Trust Depositor, the Servicer, the Owner Trustee or any affiliates of any of
them and no recourse may be had against such parties or their assets, except as
expressly set forth or contemplated herein or in the Trust Agreement, the
Indenture or the Transaction Documents. In addition, this Certificate is not
guaranteed by any governmental agency or instrumentality and is limited in right
of payment to certain collections and recoveries with respect to the Loans (and
certain other amounts), all as more specifically set forth herein and in the
Transaction Documents. A copy of each of the Transaction Documents may be
examined by any Certificateholder upon written request during normal business
hours at the principal office of the Trust Depositor and at such other places,
if any, designated by the Trust Depositor.

     The Trust Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Trust Depositor and the rights of the Certificateholders under the Trust
Agreement at any time, by the Trust Depositor and the Owner Trustee with the
consent of the holders of the Certificates evidencing not less than a majority
of the outstanding Percentage Interest and of the holders of the Majority
Noteholders, each voting as a class. Any such consent by the holder of this
Certificate shall be conclusive and binding on such holder and on 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 Trust Agreement also permits the
amendment thereof, in certain limited circumstances, without the consent of the
holders of any of the Certificates.

     As provided in the Trust Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registerable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices or agencies of the Certificate Registrar, accompanied by
a written instrument of transfer in form satisfactory to the Owner Trustee and
the Certificate Registrar duly executed by the holder hereof or such holder's
attorney duly authorized in writing, and thereupon one or more new Certificates
of authorized denominations evidencing the same aggregate interest in the Trust
will be issued to the designated transferee. The initial Certificate Registrar
appointed under the Trust Agreement is Wells Fargo Bank Minnesota, National
Association.

     The Certificates are issuable only as registered Certificates without
coupons in minimum Percentage Interests of 10% and integral multiples of 1% in
excess thereof; provided, however, that one Certificate may be issued in a
                --------  -------
different denomination. As provided in the Trust Agreement and subject to
certain limitations therein set forth, Certificates are exchangeable for new
Certificates of authorized denominations evidencing the same aggregate
denomination, as requested by the holder surrendering the same. No service
charge will be made for any such registration of transfer or exchange, but the
Owner Trustee or the Certificate Registrar may require payment of a sum
sufficient to cover any tax or governmental charge payable in connection
therewith.

                                       5

<PAGE>

     The Owner Trustee, the Certificate Registrar and any agent of the Owner
Trustee or the Certificate Registrar may treat the Person in whose name this
Certificate is registered as the owner hereof for all purposes, and none of the
Owner Trustee, the Certificate Registrar or any such agent shall be affected by
any notice to the contrary.

     This Certificate may not be transferred directly or indirectly to (1)
employee benefit plans, retirement arrangements, individual retirement accounts
or Keogh plans subject to either Title I of the Employee Retirement Income
Security Act of 1974, as amended, or Section 4975 of the Internal Revenue Code
of 1986, as amended, or (2) entities (including insurance company general
accounts) whose underlying assets include plan assets by reason of the
investment by such plans, arrangements or accounts in such entities. By
accepting and holding this Certificate, the Holder hereof shall be deemed to
have represented and warranted that it is not any of the foregoing entities.

     This Certificate may not be transferred to any person who is not a U.S.
Person, as such term is defined in Section 7701(a)(30) of the Internal Revenue
Code, as amended.

     Each purchaser of the Certificates shall be required, prior to purchasing a
Certificate, to execute the Purchaser's Representation and Warranty Letter in
the form attached to the Trust Agreement as Exhibit C.
                                            ---------

     The obligations and responsibilities created by the Trust Agreement and the
Trust created thereby shall terminate upon (i) the payment to Certificateholders
of all amounts required to be paid to them pursuant to the Trust Agreement and
the Sale and Servicing Agreement and the disposition of all property held as
part of the Trust and (ii) the written consent of the Certificateholders. The
Servicer on behalf of the Indenture Trustee has the option to cause the sale of
the corpus of the Trust at a price and pursuant to auction procedures specified
in the Indenture and the Sale and Servicing Agreement, and such sale of the
receivables and other property of the Trust will effect early retirement of the
Certificates.

                                       6

<PAGE>

                                   ASSIGNMENT

     FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto

PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE

--------------------------------------------------------------------------------
(Please print or type name and address, including postal zip code, of assignee)

--------------------------------------------------------------------------------
the within Certificate, and all rights thereunder, hereby irrevocably
constituting and appointing

--------------------------------------------------------------------------------
to transfer said Certificate on the books of the Certificate Registrar, with
full power of substitution in the premises.

Dated:

                                              ---------------------------------*
                                               Signature Guaranteed:

                                              ---------------------------------*

----------
* NOTICE: The signature to this assignment must correspond with the name as it
appears upon the face of the within Certificate in every particular, without
alteration, enlargement or any change whatever. Such signature must be
guaranteed by a member firm of the New York Stock Exchange or a commercial bank
or trust company.<PAGE>
                                                                   Exhibit 10.17

                                  CLASS A NOTE

                        MCG COMMERCIAL LOAN TRUST 2001-1

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE "SECURITIES ACT"), OR UNDER ANY STATE SECURITIES OR BLUE
                       --------------
SKY LAW OF ANY STATE. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT
THIS NOTE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN
COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) (A)
PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("RULE 144A") TO A PERSON THAT
                                                 ---------
THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE
MEANING OF RULE 144A (A "QIB"), PURCHASING FOR ITS OWN ACCOUNT OR A QIB
                         ---
PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE,
THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON
RULE 144A, OR (B) IN CERTIFICATED FORM TO AN INSTITUTIONAL "ACCREDITED INVESTOR"
(WITHIN THE MEANING OF RULE 501(a)(1)-(3) OR (7) UNDER THE SECURITIES ACT)
PURCHASING FOR INVESTMENT AND NOT FOR DISTRIBUTION IN VIOLATION OF THE
SECURITIES ACT, SUBJECT TO (X) THE RECEIPT BY THE INDENTURE TRUSTEE OF A LETTER
SUBSTANTIALLY IN THE FORM PROVIDED IN THE INDENTURE AND (Y) THE RECEIPT BY THE
INDENTURE TRUSTEE OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE INDENTURE TRUSTEE
THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE
SECURITIES ACT AND OTHER APPLICABLE LAWS, (2) IN AN OFFSHORE TRANSACTION IN
ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATIONS UNDER THE SECURITIES ACT,
(3) PURSUANT TO ANOTHER EXEMPTION AVAILABLE UNDER THE SECURITIES ACT AND IN
ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, OR (4) PURSUANT TO A VALID
REGISTRATION STATEMENT. THE PURCHASE OF THIS NOTE WILL BE DEEMED A
REPRESENTATION BY THE ACQUIRER THAT EITHER: (I) IT IS NOT, AND IS NOT PURCHASING
THIS NOTE FOR, ON BEHALF OF OR WITH THE ASSETS OF, AN EMPLOYEE BENEFIT PLAN OR
OTHER RETIREMENT ARRANGEMENT WHICH IS SUBJECT TO TITLE I OF ERISA AND/OR SECTION
4975 OF THE CODE, OR (II) PTCE 95-60, PTCE 96-23, PTCE 91-38, PTCE 90-1, PTCE
84-14 OR SOME OTHER PROHIBITED TRANSACTION EXEMPTION IS APPLICABLE TO THE
PURCHASE AND HOLDING OF THIS NOTE BY THE ACQUIRER.

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS AGENT FOR
                                        ---
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE 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

                                       1

<PAGE>

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 NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT AND
PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE LATER OF THE COMMENCEMENT OF THE
OFFERING AND THE ORIGINAL ISSUE DATE OF THE NOTES, 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.

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

                                       2

<PAGE>

REGISTERED                                                           $22,000,000

No. A-REG S

                       SEE REVERSE FOR CERTAIN DEFINITIONS

                                                     Reg S CUSIP No.U58025AA2
                                                     Reg S ISIN NO. USU58025AA26
                                                     Common Code No. 14102477

     MCG Commercial Loan Trust 2001-1, a business trust organized and existing
under the laws of the State of Delaware (herein referred to as the "Issuer"),
                                                                    ------
for value received, hereby promises to pay to Cede & Co. , or registered
assigns, the principal sum of TWENTY TWO MILLION DOLLARS payable on each
Remittance Date in an amount equal to the result obtained by multiplying (i) a
fraction the numerator of which is the initial principal balance of this Class A
Note and the denominator of which is the Initial Class A Principal Balance by
(ii) the aggregate amount, if any, payable from the Note Distribution Account in
respect of principal on the Class A Notes.

     The principal of and interest on this Class A Note are payable in such coin
or currency of the United States as at the time of payment is legal tender for
payment of public and private debts. All payments made by the Issuer with
respect to this Class A Note shall be applied first to interest due and payable
on this Class A Note as provided above and then to the unpaid principal of this
Class A Note.

     Reference is made to the further provisions of this Class A Note set forth
on the reverse hereof, which shall have the same effect as though fully set
forth on the face of this Class A Note.

     Unless the certificate of authentication hereon has been executed by the
Indenture Trustee whose name appears below by manual signature, this Class A
Note shall not be entitled to any benefit under the Indenture referred to on the
reverse hereof, or be valid or obligatory for any purpose.

                                       3

<PAGE>

     IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by its Responsible Officer as of the date set forth
below.

Date: December 27, 2001

                                   MCG COMMERCIAL LOAN TRUST 2001-1

                                   By:   WILMINGTON TRUST COMPANY, not in its
                                         individual capacity but solely as Owner
                                         Trustee under the Trust Agreement

                                         By:  /s/ Norma Cross
                                            -------------------------------
                                                Authorized Signatory

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Class A Notes of MCG Commercial Loan Trust 2001-1
designated above and referred to in the within-mentioned Indenture.

Date:  December 27, 2001

                                   WELLS FARGO BANK MINNESOTA, NATIONAL
                                   ASSOCIATION, not in its individual capacity
                                   but solely as Indenture Trustee,

                                   By:  /s/ Sue Dignan
                                      -------------------------------
                                         Authorized Signatory

                                       4

<PAGE>

                                [REVERSE OF NOTE]

     This Class A Note is one of a duly authorized issue of Class A Notes of the
Issuer, designated as its MCG Commercial Loan Trust Notes, Series 2001-1, Class
A (herein called the "Class A Notes"), all issued under an Indenture, dated as
                      -------------
of December 1, 2001 (such indenture, as supplemented or amended, is herein
called the "Indenture"), between the Issuer and Wells Fargo Bank Minnesota,
            ---------
National Association, as indenture trustee (the "Indenture Trustee", which term
                                                 -----------------
includes any successor Indenture Trustee under the Indenture), to which
Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights and obligations thereunder of the Issuer, the
Indenture Trustee and the Holders of the Class A Notes. The Class A Notes are
subject to all terms of the Indenture. All terms used in this Class A Note that
are defined in the Indenture, as supplemented or amended, shall have the
meanings assigned to them in or pursuant to the Indenture, as so supplemented or
amended.

     Notwithstanding the foregoing, the entire unpaid principal amount of the
Class A Notes shall be due and payable on the date on which an Event of Default
shall have occurred and be continuing and the Indenture Trustee, or the Majority
Noteholders have declared the Class A Notes to be immediately due and payable in
the manner provided in Section 5.02 of the Indenture. All principal payments on
                       ------------
the Class A Notes shall be made pro rata to the Class A Noteholders entitled
thereto.

     Each Class A Noteholder or Class A Note Owner, by acceptance of a Class A
Note or, in the case of a Class A Note Owner, a beneficial interest in a Class A
Note covenants and agrees that no recourse may be taken, directly or indirectly,
with respect to the obligations of the Issuer under the Indenture on the Class A
Notes or under any certificate or other writing delivered in connection
therewith, against the Trust Depositor, the Servicer, the Indenture Trustee or
the Owner Trustee in its individual capacity or any of their Affiliates.

     On each Remittance Date, commencing January, 2002, the Indenture Trustee or
Paying Agent shall distribute to the Person in whose name this Class A Note is
registered at the close of business on the last Business Day of the month
immediately preceding a Remittance Date (the "Record Date") an amount equal to
                                              -----------
the product of the Percentage Interest of the Class A Notes evidenced by this
Class A Note and the amount required to be distributed to Holders of Class A
Notes on such Remittance Date pursuant to Section 3.05 of the Indenture.
                                          ------------

     During each Interest Accrual Period, this Class A Note will bear interest
at the Class A Note Interest Rate.

     Distributions on this Class A Note will be made by the Indenture Trustee or
Paying Agent by check mailed to the address of the Person entitled thereto as
such name and address shall appear on the Note Register or, upon written request
to the Indenture Trustee, by wire transfer of immediately available funds to the
account of the Person entitled thereto as shall appear on the Note Register
without the presentation or surrender of this Note or the making of

                                       5

<PAGE>

any notation thereon, at a bank or other entity having appropriate facilities
therefor, and, in the case of wire transfers, at the expense of such Person
unless such Person shall own of record Class A Notes which have Initial Class A
Principal Balances aggregating at least $1,000,000.

     Notwithstanding the above, the final distribution on this Class A Note will
be made after due notice by the Indenture Trustee of the pendency of such
distribution and only upon presentation and surrender of this Class A Note at
the office or agency maintained for that purpose by the Note Registrar in New
York, New York.

     As provided in the Indenture and the Sale and Servicing Agreement, deposits
and withdrawals from the Note Distribution Account, the Principal and Interest
Account and the Reserve Fund may be made by the Indenture Trustee from time to
time for purposes other than distributions to Class A Noteholders, such purposes
including reimbursement to the Servicer of advances made, or certain expenses
incurred, by it, and investment in Permitted Instruments.

     As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Class A Note is registrable in the Note Register
upon surrender of this Class A Note for registration of transfer at the offices
or agencies maintained by the Note Registrar in New York, New York, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to, the Indenture Trustee, duly executed by the holder hereof or
such holder's attorney duly authorized in writing, and thereupon one or more new
Class A Notes in authorized denominations evidencing the same aggregate
undivided Percentage Interest will be issued to the designated transferee or
transferees.

     The Class A Note is issuable only as a registered Class A Note. As provided
in the Indenture and subject to certain limitations therein set forth, the Class
A Note is exchangeable for a new Class A Note evidencing the same undivided
ownership interest, as requested by the holder surrendering the same.

     No service charge will be made for any such registration of transfer or
exchange, but the Note Registrar may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

     The Servicer, the Trust Depositor, the Indenture Trustee and the Note
Registrar, and any agent of any of the foregoing, may treat the person in whose
name this Class A Note is registered as the owner hereof for all purposes, and
none of the foregoing shall be affected by notice to the contrary.

     The obligations and responsibilities created by the Indenture shall
terminate upon the payment to Class A Noteholders of all amounts required to be
paid to them pursuant to the Indenture and the Sale and Servicing Agreement and
the disposition of all property held as part of the Indenture Collateral.

                                       6

<PAGE>

              SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

     The following exchanges of a part of this Global Note for an interest in
another Global Note or for an Individual Note, or exchanges of a part of another
Global Note or Individual Note for an interest in this Global Note, have been
made:

<TABLE>
<CAPTION>
           Amount of          Amount of          Principal Amount
           decrease in        increase in        of this Global
           Principal Amount   Principal Amount   Note following     Signature of
Date of    of this Global     of this Global     such decrease      Responsible Officer
Exchange   Note               Note               (or increase)      of Note Registrar
--------   ----------------   ----------------   ----------------   -------------------
<S>        <C>                <C>                <C>                <C>
</TABLE>

                                       7

<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

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

--------------------------------------------------------------------------------
                         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints              , attorney, to transfer said Note on the books kept
             -------------
for registration thereof, with full power of substitution in the premises.

Dated:                                                                         1
        -----------------------------          --------------------------------

                              Signature Guaranteed

----------
1 NOTE: The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatsoever.

                                       8

<PAGE>

                                  CLASS A NOTE

                        MCG COMMERCIAL LOAN TRUST 2001-1

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE "SECURITIES ACT"), OR UNDER ANY STATE SECURITIES OR BLUE
                       --------------
SKY LAW OF ANY STATE. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT
THIS NOTE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN
COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) (A)
PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("RULE 144A") TO A PERSON THAT
                                                 ---------
THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE
MEANING OF RULE 144A (A "QIB"), PURCHASING FOR ITS OWN ACCOUNT OR A QIB
                         ---
PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE,
THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON
RULE 144A, OR (B) IN CERTIFICATED FORM TO AN INSTITUTIONAL "ACCREDITED INVESTOR"
(WITHIN THE MEANING OF RULE 501(a)(1)-(3) OR (7) UNDER THE SECURITIES ACT)
PURCHASING FOR INVESTMENT AND NOT FOR DISTRIBUTION IN VIOLATION OF THE
SECURITIES ACT, SUBJECT TO (X) THE RECEIPT BY THE INDENTURE TRUSTEE OF A LETTER
SUBSTANTIALLY IN THE FORM PROVIDED IN THE INDENTURE AND (Y) THE RECEIPT BY THE
INDENTURE TRUSTEE OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE INDENTURE TRUSTEE
THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE
SECURITIES ACT AND OTHER APPLICABLE LAWS, (2) IN AN OFFSHORE TRANSACTION IN
ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATIONS UNDER THE SECURITIES ACT,
(3) PURSUANT TO ANOTHER EXEMPTION AVAILABLE UNDER THE SECURITIES ACT AND IN
ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, OR (4) PURSUANT TO A VALID
REGISTRATION STATEMENT. THE PURCHASE OF THIS NOTE WILL BE DEEMED A
REPRESENTATION BY THE ACQUIRER THAT EITHER: (I) IT IS NOT, AND IS NOT PURCHASING
THIS NOTE FOR, ON BEHALF OF OR WITH THE ASSETS OF, AN EMPLOYEE BENEFIT PLAN OR
OTHER RETIREMENT ARRANGEMENT WHICH IS SUBJECT TO TITLE I OF ERISA AND/OR SECTION
4975 OF THE CODE, OR (II) PTCE 95-60, PTCE 96-23, PTCE 91-38, PTCE 90-1, PTCE
84-14 OR SOME OTHER PROHIBITED TRANSACTION EXEMPTION IS APPLICABLE TO THE
PURCHASE AND HOLDING OF THIS NOTE BY THE ACQUIRER.

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS AGENT FOR
                                        ---
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE 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

                                       9

<PAGE>

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.

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

                                       10

<PAGE>

REGISTERED                                                          $207,860,000

No. A-144A

                       SEE REVERSE FOR CERTAIN DEFINITIONS

                                                        CUSIP NO. 55271KAA9
                                                        ISIN NO.   US55271KAA97
                                                        Common Code No. 14102434

     MCG Commercial Loan Trust 2001-1, a business trust organized and existing
under the laws of the State of Delaware (herein referred to as the "Issuer"),
                                                                    ------
for value received, hereby promises to pay to Cede & Co., or registered assigns,
the principal sum of TWO HUNDRED SEVEN MILLION EIGHT HUNDRED SIXTY THOUSAND
DOLLARS payable on each Remittance Date in an amount equal to the result
obtained by multiplying (i) a fraction the numerator of which is the initial
principal balance of this Class A Note and the denominator of which is the
Initial Class A Principal Balance by (ii) the aggregate amount, if any, payable
from the Note Distribution Account in respect of principal on the Class A Notes.

     The principal of and interest on this Class A Note are payable in such coin
or currency of the United States as at the time of payment is legal tender for
payment of public and private debts. All payments made by the Issuer with
respect to this Class A Note shall be applied first to interest due and payable
on this Class A Note as provided above and then to the unpaid principal of this
Class A Note.

     Reference is made to the further provisions of this Class A Note set forth
on the reverse hereof, which shall have the same effect as though fully set
forth on the face of this Class A Note.

     Unless the certificate of authentication hereon has been executed by the
Indenture Trustee whose name appears below by manual signature, this Class A
Note shall not be entitled to any benefit under the Indenture referred to on the
reverse hereof, or be valid or obligatory for any purpose.

                                       11

<PAGE>

     IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by its Responsible Officer as of the date set forth
below.

Date: December 27, 2001

                               MCG COMMERCIAL LOAN TRUST 2001-1

                               By:      WILMINGTON TRUST COMPANY, not
                                        in its individual capacity but solely as
                                        Owner Trustee under the Trust Agreement

                                        By:  /s/ Norma Cross
                                           -------------------------------
                                              Authorized Signatory

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Class A Notes of MCG Commercial Loan Trust 2001-1
designated above and referred to in the within-mentioned Indenture.

Date:  December 27, 2001

                                     WELLS FARGO BANK MINNESOTA,
                                     NATIONAL ASSOCIATION, not in its individual
                                     capacity but solely as Indenture Trustee,

                                     By:  /s/ Sue Dignan
                                         -------------------------------
                                              Authorized Signatory

                                       12

<PAGE>

                                [REVERSE OF NOTE]

     This Class A Note is one of a duly authorized issue of Class A Notes of the
Issuer, designated as its MCG Commercial Loan Trust Notes, Series 2001-1, Class
A (herein called the "Class A Notes"), all issued under an Indenture, dated as
                      -------------
of December 1, 2001 (such indenture, as supplemented or amended, is herein
called the "Indenture"), between the Issuer and Wells Fargo Bank Minnesota,
            ---------
National Association, as indenture trustee (the "Indenture Trustee", which term
                                                 -----------------
includes any successor Indenture Trustee under the Indenture), to which
Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights and obligations thereunder of the Issuer, the
Indenture Trustee and the Holders of the Class A Notes. The Class A Notes are
subject to all terms of the Indenture. All terms used in this Class A Note that
are defined in the Indenture, as supplemented or amended, shall have the
meanings assigned to them in or pursuant to the Indenture, as so supplemented or
amended.

     Notwithstanding the foregoing, the entire unpaid principal amount of the
Class A Notes shall be due and payable on the date on which an Event of Default
shall have occurred and be continuing and the Indenture Trustee, or the Majority
Noteholders have declared the Class A Notes to be immediately due and payable in
the manner provided in Section 5.02 of the Indenture. All principal payments on
                       ------------
the Class A Notes shall be made pro rata to the Class A Noteholders entitled
thereto.

     Each Class A Noteholder or Class A Note Owner, by acceptance of a Class A
Note or, in the case of a Class A Note Owner, a beneficial interest in a Class A
Note covenants and agrees that no recourse may be taken, directly or indirectly,
with respect to the obligations of the Issuer under the Indenture on the Class A
Notes or under any certificate or other writing delivered in connection
therewith, against the Trust Depositor, the Servicer, the Indenture Trustee or
the Owner Trustee in its individual capacity or any of their Affiliates.

     On each Remittance Date, commencing January, 2002, the Indenture Trustee or
Paying Agent shall distribute to the Person in whose name this Class A Note is
registered at the close of business on the last Business Day of the month
immediately preceding a Remittance Date (the "Record Date") an amount equal to
                                              -----------
the product of the Percentage Interest of the Class A Notes evidenced by this
Class A Note and the amount required to be distributed to Holders of Class A
Notes on such Remittance Date pursuant to Section 3.05 of the Indenture.
                                          ------------

     During each Interest Accrual Period, this Class A Note will bear interest
at the Class A Note Interest Rate.

     Distributions on this Class A Note will be made by the Indenture Trustee or
Paying Agent by check mailed to the address of the Person entitled thereto as
such name and address shall appear on the Note Register or, upon written request
to the Indenture Trustee, by wire transfer of immediately available funds to the
account of the Person entitled thereto as shall appear on the Note Register
without the presentation or surrender of this Note or the making of

                                       13

<PAGE>

any notation thereon, at a bank or other entity having appropriate facilities
therefor, and, in the case of wire transfers, at the expense of such Person
unless such Person shall own of record Class A Notes which have Initial Class A
Principal Balances aggregating at least $1,000,000.

     Notwithstanding the above, the final distribution on this Class A Note will
be made after due notice by the Indenture Trustee of the pendency of such
distribution and only upon presentation and surrender of this Class A Note at
the office or agency maintained for that purpose by the Note Registrar in New
York, New York.

     As provided in the Indenture and the Sale and Servicing Agreement, deposits
and withdrawals from the Note Distribution Account, the Principal and Interest
Account and the Reserve Fund may be made by the Indenture Trustee from time to
time for purposes other than distributions to Class A Noteholders, such purposes
including reimbursement to the Servicer of advances made, or certain expenses
incurred, by it, and investment in Permitted Instruments.

     As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Class A Note is registrable in the Note Register
upon surrender of this Class A Note for registration of transfer at the offices
or agencies maintained by the Note Registrar in New York, New York, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to, the Indenture Trustee, duly executed by the holder hereof or
such holder's attorney duly authorized in writing, and thereupon one or more new
Class A Notes in authorized denominations evidencing the same aggregate
undivided Percentage Interest will be issued to the designated transferee or
transferees.

     The Class A Note is issuable only as a registered Class A Note. As provided
in the Indenture and subject to certain limitations therein set forth, the Class
A Note is exchangeable for a new Class A Note evidencing the same undivided
ownership interest, as requested by the holder surrendering the same.

     No service charge will be made for any such registration of transfer or
exchange, but the Note Registrar may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

     The Servicer, the Trust Depositor, the Indenture Trustee and the Note
Registrar, and any agent of any of the foregoing, may treat the person in whose
name this Class A Note is registered as the owner hereof for all purposes, and
none of the foregoing shall be affected by notice to the contrary.

     The obligations and responsibilities created by the Indenture shall
terminate upon the payment to Class A Noteholders of all amounts required to be
paid to them pursuant to the Indenture and the Sale and Servicing Agreement and
the disposition of all property held as part of the Indenture Collateral.

                                       14

<PAGE>

              SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

     The following exchanges of a part of this Global Note for an interest in
another Global Note or for an Individual Note, or exchanges of a part of another
Global Note or Individual Note for an interest in this Global Note, have been
made:

<TABLE>
<CAPTION>
           Amount of          Amount of          Principal Amount
           decrease in        increase in        of this Global     Signature of
           Principal Amount   Principal Amount   Note following     Responsible
Date of    of this Global     of this Global     such decrease      Officer of Note
Exchange   Note               Note               (or increase)      Registrar
--------   ----------------   ----------------   ----------------   ---------------
<S>        <C>                <C>                <C>                <C>
</TABLE>

                                       15

<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

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

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

                         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints              , attorney, to transfer said Note on the books kept
             -------------
for registration thereof, with full power of substitution in the premises.

Dated:                                                                         1
        -----------------------------            ------------------------------

                              Signature Guaranteed
---------
1 NOTE: The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatsoever.

                                       16

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