Document:

EXHIBIT 10.2

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

             J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.,

                                   PURCHASER,

                                    CIBC INC.

                                     SELLER

                        MORTGAGE LOAN PURCHASE AGREEMENT

                            Dated as of March 7, 2007

                                 $1,680,122,050

                            Fixed Rate Mortgage Loans

                               Series 2007-CIBC18

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

<PAGE>

            This Mortgage Loan Purchase Agreement (this "Agreement"), dated as
of March 7, 2007, is between J.P. Morgan Chase Commercial Mortgage Securities
Corp., as purchaser (the "Purchaser"), and CIBC Inc., as seller ("CIBC" or the
"Seller").

            Capitalized terms used in this Agreement not defined herein shall
have the meanings ascribed to them in the pooling and servicing agreement, dated
as of March 7, 2007 (the "Pooling and Servicing Agreement"), among the
Purchaser, as depositor (the "Depositor"), Capmark Finance Inc., as master
servicer ("Master Servicer"), ARCap Servicing, Inc. ("ARCap"), as a special
servicer, LNR Partners, Inc., as a special servicer ("LNR" and, together with
ARCap, the "Special Servicers"), Midland Loan Services, Inc., as a primary
servicer and Wells Fargo Bank, N.A., as trustee (in such capacity, the
"Trustee") and as paying agent (in such capacity, the "Paying Agent"), pursuant
to which the Purchaser will sell the Mortgage Loans (as defined herein) to a
trust fund and certificates representing ownership interests in the Mortgage
Loans will be issued by the trust fund. For purposes of this Agreement, the term
"Mortgage Loans" refers to the mortgage loans listed on Exhibit A and the term
"Mortgaged Properties" refers to the properties securing such Mortgage Loans.

            The Purchaser and the Seller wish to prescribe the manner of sale of
the Mortgage Loans from the Seller to the Purchaser and in consideration of the
premises and the mutual agreements hereinafter set forth, agree as follows:

            SECTION 1. Sale and Conveyance of Mortgages; Possession of Mortgage
File. Effective as of the Closing Date and upon receipt of the purchase price
set forth in the immediately succeeding paragraph, the Seller does hereby sell,
transfer, assign, set over and convey to the Purchaser, without recourse, all of
its right, title, and interest (subject to certain agreements regarding
servicing as provided in the Pooling and Servicing Agreement, subservicing
agreements permitted thereunder and that certain Servicing Rights Purchase and
Sale Agreement, dated as of the date hereof between the Master Servicer and the
Seller) in and to the Mortgage Loans described in Exhibit A, including all
interest and principal received on or with respect to the Mortgage Loans after
the Cut-off Date (other than payments of principal and interest first due on the
Mortgage Loans on or before the Cut-off Date). Upon the sale of the Mortgage
Loans, the ownership of each related Mortgage Note, the Mortgage and the other
contents of the related Mortgage File will be vested in the Purchaser and
immediately thereafter the Trustee and the ownership of records and documents
with respect to the related Mortgage Loan prepared by or which come into the
possession of the Seller (other than the records and documents described in the
proviso to Section 3(a) hereof) shall immediately vest in the Purchaser and
immediately thereafter the Trustee. The Seller's records will accurately reflect
the sale of each Mortgage Loan to the Purchaser. The Depositor will sell the
Class A-1, Class A-3, Class A-4, Class A-1A, Class X, Class A-M, Class A-MFL,
Class A-J, Class B, Class C and Class D Certificates (the "Offered
Certificates") to the underwriters specified in the underwriting agreement,
dated February 23, 2007 (the "Underwriting Agreement"), between the Depositor
and J.P. Morgan Securities Inc. ("JPMSI") for itself and as representative of
CIBC World Markets Corp. ("CIBCWMC") and Credit Suisse Securities (USA) LLC
(together with JPMSI and CIBCWMC, the "Underwriters"), and the Depositor will
sell the Class E, Class F, Class G, Class H, Class J, Class K, Class L, Class M,
Class N, Class P and Class NR Certificates (the "Private Certificates") to
JPMSI, as the initial purchaser (together with the Underwriters, the "Dealers")
specified in the certificate purchase agreement, dated February 23, 2007 (the
"Certificate Purchase Agreement"), between the Depositor and JPMSI.

            The sale and conveyance of the Mortgage Loans is being conducted on
an arms-length basis and upon commercially reasonable terms. As the purchase
price for the Mortgage Loans, the Purchaser shall pay to the Seller or at the
Seller's direction $1,729,522,867.58 (which amount is inclusive of accrued
interest) in immediately available funds minus the costs set forth in Section 9
hereof. The purchase and sale of the Mortgage Loans shall take place on the
Closing Date.

            SECTION 2. Books and Records; Certain Funds Received After the
Cut-off Date. From and after the sale of the Mortgage Loans to the Purchaser,
record title to each Mortgage and the related Mortgage Note shall be transferred
to the Trustee in accordance with this Agreement. Any funds due after the
Cut-off Date in connection with a Mortgage Loan received by the Seller shall be
held in trust for the benefit of the Trustee as the owner of such Mortgage Loan
and shall be transferred promptly to the Trustee. All scheduled payments of
principal and interest due on or before the Cut-off Date but collected after the
Cut-off Date, and recoveries of principal and interest collected on or before
the Cut-off Date (only in respect of principal and interest on the Mortgage
Loans due on or before the Cut-off Date and principal prepayments thereon),
shall belong to, and shall be promptly remitted to, the Seller.

            The transfer of each Mortgage Loan shall be reflected on the
Seller's balance sheets and other financial statements as a sale of the Mortgage
Loans by the Seller to the Purchaser. The Seller intends to treat the transfer
of each Mortgage Loan to the Purchaser as a sale for tax purposes.

            The transfer of each Mortgage Loan shall be reflected on the
Purchaser's balance sheets and other financial statements as the purchase of the
Mortgage Loans by the Purchaser from the Seller. The Purchaser intends to treat
the transfer of each Mortgage Loan from the Seller as a purchase for tax
purposes.

            SECTION 3. Delivery of Mortgage Loan Documents; Additional Costs and
Expenses. (a) The Purchaser hereby directs the Seller, and the Seller hereby
agrees, upon the transfer of the Mortgage Loans contemplated herein, to deliver
on the Closing Date to the Trustee or a Custodian appointed thereby, all
documents, instruments and agreements required to be delivered by the Purchaser
to the Trustee with respect to the Mortgage Loans under Sections 2.01(b) and (c)
of the Pooling and Servicing Agreement, and meeting all the requirements of such
Sections 2.01(b) and (c), and such other documents, instruments and agreements
as the Purchaser or the Trustee shall reasonably request and which are in the
Seller's possession or under the Seller's control. In addition, the Seller
agrees to deliver or cause to be delivered to the Master Servicer, the Servicing
File for each Mortgage Loan transferred pursuant to this Agreement; provided
that the Seller shall not be required to deliver any draft documents, privileged
or internal communications or credit underwriting or due diligence analyses or
data.

            (b) With respect to the transfer described in Section 1 hereof, if
the Mortgage Loan documents do not require the related Mortgagor to pay any
costs and expenses relating to any modifications to a related letter of credit
which modifications are required to effectuate such transfer (the "Transfer
Modification Costs"), then the Seller shall pay the Transfer Modification Costs
required to transfer the letter of credit to the Purchaser as described in such
Section 1; provided that if the Mortgage Loan documents require the related
Mortgagor to pay any Transfer Modification Costs, such Transfer Modification
Costs shall be an expense of the Mortgagor unless such Mortgagor fails to pay
such Transfer Modification Costs after the Master Servicer, consistent with its
obligations under the Pooling and Servicing Agreement, has exercised reasonable
efforts to collect such Transfer Modification Costs from such Mortgagor, in
which case the Master Servicer shall give the Seller notice of such failure and
the Seller shall pay such Transfer Modification Costs.

            SECTION 4. Treatment as a Security Agreement. The Seller,
concurrently with the execution and delivery hereof, has conveyed to the
Purchaser, all of its right, title and interest in and to the Mortgage Loans.
The parties intend that such conveyance of the Seller's right, title and
interest in and to the Mortgage Loans pursuant to this Agreement shall
constitute a purchase and sale and not a loan. If such conveyance is deemed to
be a pledge and not a sale, then the parties also intend and agree that the
Seller shall be deemed to have granted, and in such event does hereby grant, to
the Purchaser, a first priority security interest in all of its right, title and
interest in, to and under the Mortgage Loans, all payments of principal or
interest on such Mortgage Loans due after the Cut-off Date, all other payments
made in respect of such Mortgage Loans after the Cut-off Date (except to the
extent such payments were due on or before the Cut-off Date) and all proceeds
thereof and that this Agreement shall constitute a security agreement under
applicable law. If such conveyance is deemed to be a pledge and not a sale, the
Seller consents to the Purchaser hypothecating and transferring such security
interest in favor of the Trustee and transferring the obligation secured thereby
to the Trustee.

            SECTION 5. Covenants of the Seller. The Seller covenants with the
Purchaser as follows:

            (a) it shall record or cause a third party to record in the
appropriate public recording office for real property the intermediate
assignments of the Mortgage Loans and the Assignments of Mortgage from the
Seller to the Trustee in connection with the Pooling and Servicing Agreement.
All recording fees relating to the initial recordation of such intermediate
assignments and Assignments of Mortgage shall be paid by the Seller;

            (b) it shall take any action reasonably required by the Purchaser,
the Trustee or the Master Servicer, in order to assist and facilitate in the
transfer of the servicing of the Mortgage Loans to the Master Servicer,
including effectuating the transfer of any letters of credit with respect to any
Mortgage Loan to the Master Servicer on behalf of the Trustee for the benefit of
Certificateholders. Prior to the date that a letter of credit with respect to
any Mortgage Loan is transferred to the Master Servicer, the Seller will
cooperate with the reasonable requests of the Master Servicer or Special
Servicer, as applicable, in connection with effectuating a draw under such
letter of credit as required under the terms of the related Mortgage Loan
documents; and

            (c) if, during such period of time after the first date of the
public offering of the Offered Certificates as in the opinion of counsel for the
Underwriters, a prospectus relating to the Offered Certificates is required by
applicable law to be delivered in connection with sales thereof by an
Underwriter or a dealer, any event shall occur as a result of which it is
necessary to amend or supplement the Prospectus Supplement, including Annex A-1,
A-2, A-3 and B thereto and the Diskette included therewith, with respect to any
information relating to the Mortgage Loans or the Seller, in order to make the
statements therein, in the light of the circumstances when the Prospectus
Supplement is delivered to a purchaser, not misleading, or if it is necessary to
amend or supplement the Prospectus Supplement, including Annex A-1, A-2, A-3 and
B thereto and the Diskette included therewith, with respect to any information
relating to the Mortgage Loans or the Seller, to comply with applicable law, the
Seller shall do all things necessary to assist the Depositor to prepare and
furnish, at the expense of the Seller (to the extent that such amendment or
supplement relates to the Seller, the Mortgage Loans listed on Exhibit A and/or
any information relating to the same, as provided by the Seller), to the
Underwriters such amendments or supplements to the Prospectus Supplement as may
be necessary, so that the statements in the Prospectus Supplement as so amended
or supplemented, including Annex A-1, A-2, A-3 and B thereto and the Diskette
included therewith, with respect to any information relating to the Mortgage
Loans or the Seller, will not, in the light of the circumstances when the
Prospectus is delivered to a purchaser, be misleading or so that the Prospectus
Supplement, including Annex A-1, A-2, A-3 and B thereto and the Diskette
included therewith, with respect to any information relating to the Mortgage
Loans or the Seller, will comply with applicable law. All terms used in this
clause (c) and not otherwise defined herein shall have the meaning set forth in
the Indemnification Agreement, dated as of February 23, 2007, between the
Purchaser and the Seller (the "Indemnification Agreement").

            SECTION 6. Representations and Warranties.

            (a) The Seller represents and warrants to the Purchaser as of the
Closing Date that:

                  (i) it is a Delaware corporation duly organized, validly
      existing, and in good standing under the laws of the State of Delaware;

                  (ii)  it has the power and authority to own its property and
      to carry on its business as now conducted;

                  (iii) it has the power to execute, deliver and perform this
      Agreement;

                  (iv) it is duly qualified to transact business in the State of
      New York. The Seller is in compliance with the laws of each state in which
      any Mortgaged Property is located to the extent necessary so that a
      subsequent holder of the related Mortgage Loan (including, without
      limitation, the Purchaser) that is in compliance with the laws of such
      state would not be prohibited from enforcing such Mortgage Loan solely by
      reason of any non-compliance by the Seller;

                  (v) the execution, delivery and performance of this Agreement
      by the Seller has been duly authorized by all requisite action by the
      Seller's board of directors and will not violate or breach any provision
      of its organizational documents;

                  (vi) this Agreement has been duly executed and delivered by
      the Seller and constitutes a legal, valid and binding obligation of the
      Seller, enforceable against it in accordance with its terms (except as
      enforcement thereof may be limited by bankruptcy, receivership,
      conservatorship, reorganization, insolvency, moratorium or other laws
      affecting the enforcement of creditors' rights generally and by general
      equitable principles regardless of whether enforcement is considered in a
      proceeding in equity or at law);

                  (vii) there are no legal or governmental proceedings pending
      to which the Seller is a party or of which any property of the Seller is
      the subject which, if determined adversely to the Seller, would reasonably
      be expected to adversely affect (A) the transfer of the Mortgage Loans and
      the Mortgage Loan documents, (B) the execution and delivery by the Seller
      or enforceability against the Seller of the Mortgage Loans or this
      Agreement, or (C) the performance of the Seller's obligations hereunder;

                  (viii) it has no actual knowledge that any statement, report,
      officer's certificate or other document prepared and furnished or to be
      furnished by the Seller in connection with the transactions contemplated
      hereby (including, without limitation, any financial cash flow models and
      underwriting file abstracts furnished by the Seller) contains any untrue
      statement of a material fact or omits to state a material fact necessary
      in order to make the statements contained therein, in the light of the
      circumstances under which they were made, not misleading;

                  (ix) it is not, nor with the giving of notice or lapse of time
      or both would be, in violation of or in default under any indenture,
      mortgage, deed of trust, loan agreement or other agreement or instrument
      to which it is a party or by which it or any of its properties is bound,
      except for violations and defaults which individually and in the aggregate
      would not have a material adverse effect on the transactions contemplated
      herein; the sale of the Mortgage Loans and the performance by the Seller
      of all of its obligations under this Agreement and the consummation by the
      Seller of the transactions herein contemplated will not conflict with or
      result in a breach of any of the terms or provisions of, or constitute a
      default under, any material indenture, mortgage, deed of trust, loan
      agreement or other agreement or instrument to which the Seller is a party
      or by which the Seller is bound or to which any of the property or assets
      of the Seller is subject, nor will any such action result in any violation
      of the provisions of any applicable law or statute or any order, rule or
      regulation of any court or governmental agency or body having jurisdiction
      over the Seller, or any of its properties, except for conflicts, breaches,
      defaults and violations which individually and in the aggregate would not
      have a material adverse effect on the transactions contemplated herein;
      and no consent, approval, authorization, order, license, registration or
      qualification of or with any such court or governmental agency or body is
      required for the consummation by the Seller of the transactions
      contemplated by this Agreement, other than any consent, approval,
      authorization, order, license, registration or qualification that has been
      obtained or made;

                  (x) it has either (A) not dealt with any Person (other than
      the Purchaser or the Dealers) that may be entitled to any commission or
      compensation in connection with the sale or purchase of the Mortgage Loans
      or entering into this Agreement or (B) paid in full any such commission or
      compensation;

                  (xi) it is solvent and the sale of the Mortgage Loans
      hereunder will not cause it to become insolvent; and the sale of the
      Mortgage Loans is not undertaken with the intent to hinder, delay or
      defraud any of the Seller's creditors; and

                  (xii) for so long as the Trust is subject to the reporting
      requirements of the Exchange Act, the Seller shall provide the Purchaser
      (or with respect to any Companion Loan that is deposited into an Other
      Securitization, the depositor in such Other Securitization) and the Paying
      Agent with any Additional Form 10-D Disclosure and any Additional Form
      10-K Disclosure which the Purchaser is required to provide with respect to
      the Seller in its capacity as a "sponsor" pursuant to Exhibit Y and
      Exhibit Z of the Pooling and Servicing Agreement within the time periods
      set forth in the Pooling and Servicing Agreement.

            (b) The Purchaser represents and warrants to the Seller as of the
Closing Date that:

                  (i) it is a corporation duly organized, validly existing, and
      in good standing in the State of Delaware;

                  (ii) it is duly qualified as a foreign corporation in good
      standing in all jurisdictions in which ownership or lease of its property
      or the conduct of its business requires such qualification, except where
      the failure to be so qualified would not have a material adverse effect on
      the Purchaser, and the Purchaser is conducting its business so as to
      comply in all material respects with the applicable statutes, ordinances,
      rules and regulations of each jurisdiction in which it is conducting
      business;

                  (iii) it has the power and authority to own its property and
      to carry on its business as now conducted;

                  (iv) it has the power to execute, deliver and perform this
      Agreement, and neither the execution and delivery by the Purchaser of this
      Agreement, nor the consummation by the Purchaser of the transactions
      herein contemplated, nor the compliance by the Purchaser with the
      provisions hereof, will (A) conflict with or result in a breach of, or
      constitute a default under, any of the provisions of the certificate of
      incorporation or by-laws of the Purchaser or any of the provisions of any
      law, governmental rule, regulation, judgment, decree or order binding on
      the Purchaser or any of its properties, or any indenture, mortgage,
      contract or other instrument to which the Purchaser is a party or by which
      it is bound, or (B) result in the creation or imposition of any lien,
      charge or encumbrance upon any of the Purchaser's property pursuant to the
      terms of any such indenture, mortgage, contract or other instrument;

                  (v) this Agreement constitutes a legal, valid and binding
      obligation of the Purchaser enforceable against it in accordance with its
      terms (except as enforcement thereof may be limited by (a) bankruptcy,
      receivership, conservatorship, reorganization, insolvency, moratorium or
      other laws affecting the enforcement of creditors' rights generally and
      (b) general equitable principles (regardless of whether enforcement is
      considered in a proceeding in equity or law));

                  (vi) there are no legal or governmental proceedings pending to
      which the Purchaser is a party or of which any property of the Purchaser
      is the subject which, if determined adversely to the Purchaser, might
      interfere with or adversely affect the consummation of the transactions
      contemplated herein and in the Pooling and Servicing Agreement; to the
      best of the Purchaser's knowledge, no such proceedings are threatened or
      contemplated by governmental authorities or threatened by others;

                  (vii) it is not in default with respect to any order or decree
      of any court or any order, regulation or demand of any federal, state
      municipal or governmental agency, which default might have consequences
      that would materially and adversely affect the condition (financial or
      other) or operations of the Purchaser or its properties or might have
      consequences that would materially and adversely affect its performance
      hereunder;

                  (viii) it has not dealt with any broker, investment banker,
      agent or other person, other than the Seller, the Dealers and their
      respective affiliates, that may be entitled to any commission or
      compensation in connection with the sale of the Mortgage Loans or the
      consummation of any of the transactions contemplated hereby;

                  (ix) all consents, approvals, authorizations, orders or
      filings of or with any court or governmental agency or body, if any,
      required for the execution, delivery and performance of this Agreement by
      the Purchaser have been obtained or made; and

                  (x) it has not intentionally violated any provisions of the
      United States Secrecy Act, the United States Money Laundering Control Act
      of 1986 or the United States International Money Laundering Abatement and
      Anti-Terrorism Financing Act of 2001.

            (c) The Seller further makes the representations and warranties as
to the Mortgage Loans set forth in Exhibit B as of the Closing Date (or as of
such other date specifically provided in the particular representation or
warranty), which representations and warranties are subject to the exceptions
thereto set forth in Exhibit C. Neither the delivery by the Seller of the
Mortgage Files, Servicing Files, or any other documents required to be delivered
under Section 2.01 of the Pooling and Servicing Agreement, nor the review
thereof or any other due diligence by the Trustee, Master Servicer, Special
Servicer, a Certificate Owner or any other Person shall relieve the Seller of
any liability or obligation with respect to any representation or warranty or
otherwise under this Agreement or constitute notice to any Person of a Breach or
Defect.

            (d) Pursuant to this Agreement or Section 2.03(b) of the Pooling and
Servicing Agreement, the Seller and the Purchaser shall be given notice of any
Breach or Defect that materially and adversely affects the value of a Mortgage
Loan, the related Mortgaged Property or the interests of the Trustee or any
Certificateholder therein.

            (e) Upon notice pursuant to Section 6(d) above, the Seller shall,
not later than 90 days from the earlier of the Seller's receipt of the notice
or, in the case of a Defect or Breach relating to a Mortgage Loan not being a
"qualified mortgage" within the meaning of Section 860G(a)(3) of the Code, but
without regard to the rule of Treasury Regulations Section 1.860G-2(f)(2) that
causes a defective mortgage loan to be treated as a qualified mortgage, the
Seller's discovery of such Breach or Defect (the "Initial Resolution Period"),
(i) cure such Defect or Breach, as the case may be, in all material respects,
(ii) repurchase the affected Mortgage Loan at the applicable Repurchase Price
(as defined below) or (iii) substitute a Qualified Substitute Mortgage Loan (as
defined below) for such affected Mortgage Loan (provided that in no event shall
any such substitution occur later than the second anniversary of the Closing
Date) and pay the Master Servicer for deposit into the Certificate Account, any
Substitution Shortfall Amount (as defined below) in connection therewith;
provided, however, that, if such Breach or Defect is capable of being cured but
not within the Initial Resolution Period, and the Seller has commenced and is
diligently proceeding with the cure of such Breach or Defect within the Initial
Resolution Period, the Seller shall have an additional 90 days commencing
immediately upon the expiration of the Initial Resolution Period (the "Extended
Resolution Period") to complete such cure (or, failing such cure, to repurchase
the related Mortgage Loan or substitute a Qualified Substitute Mortgage Loan as
described above); and provided, further, that with respect to the Extended
Resolution Period the Seller shall have delivered an officer's certificate to
the Trustee setting forth the reason such Breach or Defect is not capable of
being cured within the Initial Resolution Period and what actions the Seller is
pursuing in connection with the cure thereof and stating that the Seller
anticipates that such Breach or Defect will be cured within the Extended
Resolution Period. Notwithstanding the foregoing, 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, without regard to the rule of Treasury
Regulations Section 1.860G-2(f)(2) which causes a defective mortgage loan to be
treated as a qualified mortgage) shall be deemed to materially and adversely
affect the interests of the holders of the Certificates therein, and such
Mortgage Loan shall be repurchased or a Qualified Substitute Mortgage Loan
substituted in lieu thereof without regard to the extended cure period described
in the preceding sentence. If the affected Mortgage Loan is to be repurchased,
the Seller shall remit the Repurchase Price (defined below) in immediately
available funds to the Trustee.

            If any Breach pertains to a representation or warranty that the
related Mortgage Loan documents or any particular Mortgage Loan document
requires the related Mortgagor to bear the costs and expenses associated with
any particular action or matter under such Mortgage Loan document(s), then
Seller shall not be required to repurchase such Mortgage Loan and the sole
remedy with respect to any Breach of such representation shall be to cure such
Breach within the applicable cure period (as the same may be extended) by
reimbursing the Trust Fund (by wire transfer of immediately available funds) 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 Mortgagor; provided,
however, that in the event any such costs and expenses exceed $10,000, the
Seller shall have the option to either repurchase or substitute for the related
Mortgage Loan as provided above or pay such costs and expenses. Except as
provided in the proviso to the immediately preceding sentence, the Seller shall
remit the amount of such costs and expenses and upon its making such remittance,
the Seller shall be deemed to have cured such Breach in all respects. To the
extent any fees or expenses that are the subject of a cure by the Seller are
subsequently obtained from the related Mortgagor, the portion of the cure
payment equal to such fees or expenses obtained from the Mortgagor shall be
returned to the Seller pursuant to Section 2.03(f) of the Pooling and Servicing
Agreement.

            Any of the following will cause a document in the Mortgage File to
be deemed to have a Defect and to be conclusively presumed to materially and
adversely affect the interests of Certificateholders in a Mortgage Loan and to
be deemed to materially and adversely affect the interests of the
Certificateholders in and the value of a Mortgage Loan: (a) the absence from the
Mortgage File of the original signed Mortgage Note, unless the Mortgage File
contains a signed lost note affidavit and indemnity with a copy of the Mortgage
Note that appears to be regular on its face; (b) the absence from the Mortgage
File of the original signed Mortgage that appears to be regular on its face,
unless there is included in the Mortgage File a certified copy of the Mortgage
and a certificate stating that the original signed Mortgage was sent for
recordation; (c) the absence from the Mortgage File of the lender's title
insurance policy (or if the policy has not yet been issued, an original or copy
of a "marked up" written commitment or the pro forma or specimen title insurance
policy) called for by clause (ix) of the definition of "Mortgage File" in the
Pooling and Servicing Agreement; (d) the absence from the Mortgage File of any
required letter of credit; (e) with respect to any leasehold mortgage loan, the
absence from the related Mortgage File of a copy (or an original, if available)
of the related Ground Lease; or (f) the absence from the Mortgage File of any
intervening assignments required to create a complete chain of assignments to
the Trustee on behalf of the Trust, unless there is included in the Mortgage
File a certified copy of the intervening assignment and a certificate stating
that the original intervening assignments were sent for recordation; provided,
however, that no Defect (except a Defect previously described in clauses (a)
through (f) above) shall be considered to materially and adversely affect the
value of the related Mortgage Loan, the related Mortgaged Property or the
interests of the Trustee or Certificateholders unless the document with respect
to which the Defect exists is required in connection with an imminent
enforcement of the Mortgagee's rights or remedies under the related Mortgage
Loan, defending any claim asserted by any borrower or third party with respect
to the Mortgage Loan, establishing the validity or priority of any lien on any
collateral securing the Mortgage Loan or for any immediate significant servicing
obligation. Notwithstanding the foregoing, the delivery of executed escrow
instructions or a commitment to issue a lender's title insurance policy, as
provided in clause (ix) of the definition of "Mortgage File" in the Pooling and
Servicing Agreement, in lieu of the delivery of the actual policy of lender's
title insurance, shall not be considered a Defect or Breach with respect to any
Mortgage File if such actual policy is delivered to the Trustee or a Custodian
on its behalf within 18 months from the Closing Date.

            If (i) any Mortgage Loan is required to be repurchased or
substituted for in the manner described in the first paragraph of this Section
6(e), (ii) such Mortgage Loan is a Crossed Loan, and (iii) the applicable Defect
or Breach does not constitute a Defect or Breach, as the case may be, as to any
other Crossed Loan in such Crossed Group (without regard to this paragraph),
then the applicable Defect or Breach, as the case may be, will be deemed to
constitute a Defect or Breach, as the case may be, as to each other Crossed Loan
in the Crossed Group for purposes of this paragraph, and the Seller will be
required to repurchase or substitute for all of the remaining Crossed Loans in
the related Crossed Group as provided in the first paragraph of this Section
6(e) unless such other Crossed Loans in such Crossed Group satisfy the Crossed
Loan Repurchase Criteria and satisfy all other criteria for substitution and
repurchase of Mortgage Loans set forth herein. In the event that the remaining
Crossed Loans satisfy the aforementioned criteria, the 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. The Seller shall be responsible for
the cost of any Appraisal required to be obtained to determine if the Crossed
Loan Repurchase Criteria have been satisfied, so long as the scope and cost of
such Appraisal has been approved by the Seller (such approval not to be
unreasonably withheld).

            To the extent that the Seller is required to repurchase or
substitute for a Crossed Loan hereunder in the manner prescribed above while the
Trustee continues to hold any other Crossed Loans in such Crossed Group, neither
the Seller nor the Purchaser shall enforce any remedies against the other's
Primary Collateral, but each is permitted to exercise remedies against the
Primary Collateral securing its respective Crossed Loans, including with respect
to the Trustee, the Primary Collateral securing Crossed Loans still held by the
Trustee.

            If the exercise of remedies by one party would materially impair the
ability of the other party to exercise its remedies with respect to the Primary
Collateral securing the Crossed Loans held by such party, then the Seller and
the Purchaser shall forbear from exercising such remedies until the Mortgage
Loan documents evidencing and securing the relevant Crossed Loans can be
modified in a manner that complies with this Agreement to remove the threat of
material impairment as a result of the exercise of remedies or some other
accommodation can be reached. Any reserve or other cash collateral or letters of
credit securing the Crossed Loans shall be allocated between such Crossed Loans
in accordance with the Mortgage Loan documents, or otherwise on a pro rata basis
based upon their outstanding Stated Principal Balances. Notwithstanding the
foregoing, if a Crossed Loan included in the Trust Fund is modified to terminate
the related cross-collateralization and/or cross-default provisions, as a
condition to such modification, the Seller shall furnish to the Trustee an
Opinion of Counsel that any modification shall not cause an Adverse REMIC Event.
Any expenses incurred by the Purchaser in connection with such modification or
accommodation (including but not limited to recoverable attorney fees) shall be
paid by the Seller.

            The "Repurchase Price" with respect to any Mortgage Loan or REO Loan
to be repurchased pursuant to this Agreement and Section 2.03 of the Pooling and
Servicing Agreement, shall have the meaning given to the term "Purchase Price"
in the Pooling and Servicing Agreement.

            A "Qualified Substitute Mortgage Loan" with respect to any Mortgage
Loan or REO Loan to be substituted pursuant to this Agreement and Section 2.03
of the Pooling and Servicing Agreement, shall have the meaning given to such
term in the Pooling and Servicing Agreement.

            A "Substitution Shortfall Amount" with respect to any Mortgage Loan
or REO Loan to be substituted pursuant to this Agreement and Section 2.03 of the
Pooling and Servicing Agreement, shall have the meaning given to such term in
the Pooling and Servicing Agreement.

            In connection with any repurchase or substitution of one or more
Mortgage Loans contemplated hereby, (i) the Purchaser shall execute and deliver,
or cause the execution and delivery of, such endorsements and assignments,
without recourse to the Trust, as shall be necessary to vest in the Seller the
legal and beneficial ownership of each repurchased Mortgage Loan or replaced
Mortgage Loan, as applicable, (ii) the Purchaser shall deliver, or cause the
delivery, to the Seller of all portions of the Mortgage File and other documents
pertaining to such Mortgage Loan possessed by the Trustee, or on the Trustee's
behalf, and (iii) the Purchaser shall release, or cause to be released, to the
Seller any escrow payments and reserve funds held by the Trustee, or on the
Trustee's behalf, in respect of such repurchased or replaced Mortgage Loans.

            (f) The representations and warranties of the parties hereto shall
survive the execution and delivery and any termination of this Agreement and
shall inure to the benefit of the respective parties, notwithstanding any
restrictive or qualified endorsement on the Mortgage Notes or Assignment of
Mortgage or the examination of the Mortgage Files.

            (g) Each party hereby agrees to promptly notify the other party of
any breach of a representation or warranty contained in this Section 6. The
Seller's obligation to cure any Breach or Defect or repurchase or substitute any
affected Mortgage Loan pursuant to Section 6(e) shall constitute the sole remedy
available to the Purchaser in connection with a Breach or Defect. It is
acknowledged and agreed that the representations and warranties are being made
for risk allocation purposes; provided, however, that no limitation of remedy is
implied with respect to the Seller's breach of its obligation to cure,
repurchase or substitute in accordance with the terms and conditions of this
Agreement.

            SECTION 7. Conditions to Closing. The obligations of the Purchaser
to purchase the Mortgage Loans shall be subject to the satisfaction, on or prior
to the Closing Date, of the following conditions:

            (a) Each of the obligations of the Seller required to be performed
by it at or prior to the Closing Date pursuant to the terms of this Agreement
shall have been duly performed and complied with and all of the representations
and warranties of the Seller under this Agreement shall be true and correct in
all material respects as of the Closing Date, and no event shall have occurred
as of the Closing Date which, with notice or passage of time, would constitute a
default under this Agreement, and the Purchaser shall have received a
certificate to the foregoing effect signed by an authorized officer of the
Seller substantially in the form of Exhibit D.

            (b) The Purchaser shall have received the following additional
closing documents:

                  (i) copies of the Seller's certificate of incorporation and
      by-laws, certified as of a recent date by the Assistant Secretary of the
      Seller;

                  (ii) a certificate as of a recent date of the Secretary of
      State of the State of Delaware to the effect that the Seller is duly
      organized, existing and in good standing in the State of Delaware;

                  (iii) an opinion of counsel of the Seller, in form and
      substance satisfactory to the Purchaser and its counsel, substantially to
      the effect that:

                  (A) the Seller is a corporation duly organized, validly
            existing and in good standing under the laws of the State of
            Delaware;

                  (B) the Seller has the corporate power to conduct its business
            as now conducted and to incur and perform its obligations under this
            Agreement and the Indemnification Agreement;

                  (C) all necessary corporate or other action has been taken by
            the Seller to authorize the execution, delivery and performance of
            this Agreement and the Indemnification Agreement by the Seller and
            this Agreement is a legal, valid and binding agreement of the Seller
            enforceable against the Seller, whether such enforcement is sought
            in a procedure at law or in equity, except to the extent such
            enforcement may be limited by bankruptcy or other similar creditors'
            laws or principles of equity and public policy considerations
            underlying the securities laws, to the extent that such public
            policy considerations limit the enforceability of the provisions of
            the Agreement which purport to provide indemnification with respect
            to securities law violations;

                  (D) the Seller's execution and delivery of, and the Seller's
            performance of its obligations under, each of this Agreement and the
            Indemnification Agreement do not and will not conflict with the
            Seller's certificate of incorporation or by-laws or conflict with or
            result in the breach of any of the terms or provisions of, or
            constitute a default under, any indenture, mortgage, deed of trust,
            loan agreement or other material agreement or instrument to which
            the Seller is a party or by which the Seller is bound, or to which
            any of the property or assets of the Seller is subject or violate
            any provisions of law or conflict with or result in the breach of
            any order of any court or any governmental body binding on the
            Seller;

                  (E) there is no litigation, arbitration or mediation pending
            before any court, arbitrator, mediator or administrative body, or to
            such counsel's actual knowledge, threatened, against the Seller
            which (i) questions, directly or indirectly, the validity or
            enforceability of this Agreement or the Indemnification Agreement or
            (ii) would, if decided adversely to the Seller, either individually
            or in the aggregate, reasonably be expected to have a material
            adverse effect on the ability of the Seller to perform its
            obligations under this Agreement or the Indemnification Agreement;
            and

                  (F) no consent, approval, authorization, order, license,
            registration or qualification of or with the State of Delaware or
            federal court or governmental agency or body is required for the
            consummation by the Seller of the transactions contemplated by this
            Agreement and the Indemnification Agreement, except such consents,
            approvals, authorizations, orders, licenses, registrations or
            qualifications as have been obtained; and

                  (iv) a letter from counsel of the Seller to the effect that
      nothing has come to such counsel's attention that would lead such counsel
      to believe that the Prospectus Supplement as of the date thereof or as of
      the Closing Date contains, with respect to the Seller or the Mortgage
      Loans, any untrue statement of a material fact or omits to state a
      material fact necessary in order to make the statements therein relating
      to the Seller or the Mortgage Loans, in the light of the circumstances
      under which they were made, not misleading.

            (c) The Offered Certificates shall have been concurrently issued and
sold pursuant to the terms of the Underwriting Agreement. The Private
Certificates shall have been concurrently issued and sold pursuant to the terms
of the Certificate Purchase Agreement.

            (d) The Seller shall have executed and delivered concurrently
herewith the Indemnification Agreement.

            (e) The Seller shall furnish the Purchaser with such other
certificates of its officers or others and such other documents and opinions to
evidence fulfillment of the conditions set forth in this Agreement as the
Purchaser and its counsel may reasonably request.

            SECTION 8. Closing. The closing for the purchase and sale of the
Mortgage Loans shall take place at the office of Cadwalader, Wickersham & Taft
LLP, New York, New York, at 10:00 a.m., on the Closing Date or such other place
and time as the parties shall agree. The parties hereto agree that time is of
the essence with respect to this Agreement.

            SECTION 9. Expenses. The Seller will pay its pro rata share (the
Seller's pro rata share to be determined according to the percentage that the
aggregate principal balance as of the Cut-off Date of all the Mortgage Loans
represents in proportion to the aggregate principal balance as of the Cut-off
Date of all the mortgage loans to be included in the Trust Fund) of all costs
and expenses of the Purchaser in connection with the transactions contemplated
herein, including, but not limited to: (i) the costs and expenses of the
Purchaser in connection with the purchase of the Mortgage Loans; (ii) the costs
and expenses of reproducing and delivering the Pooling and Servicing Agreement
and this Agreement and printing (or otherwise reproducing,) and delivering the
Certificates; (iii) the reasonable and documented fees, costs and expenses of
the Trustee and its counsel incurred in connection with the Trustee entering
into the Pooling and Servicing Agreement; (iv) the fees and disbursements of a
firm of certified public accountants selected by the Purchaser and the Seller
with respect to numerical information in respect of the Mortgage Loans and the
Certificates included in the Prospectus, any Free Writing Prospectus (as defined
in the Indemnification Agreement), the Memoranda (as defined in the
Indemnification Agreement) and any related 8-K Information (as defined in the
Underwriting Agreement), or items similar to the 8-K Information, including the
cost of obtaining any "comfort letters" with respect to such items; (v) the
costs and expenses in connection with the qualification or exemption of the
Certificates under state securities or blue sky laws, including filing fees and
reasonable fees and disbursements of counsel in connection therewith; (vi) the
costs and expenses in connection with any determination of the eligibility of
the Certificates for investment by institutional investors in any jurisdiction
and the preparation of any legal investment survey, including reasonable fees
and disbursements of counsel in connection therewith; (vii) the costs and
expenses in connection with printing (or otherwise reproducing) and delivering
the Registration Statement, the Prospectus, the Memoranda and any Free Writing
Prospectus, and the reproduction and delivery of this Agreement and the
furnishing to the Underwriters of such copies of the Registration Statement, the
Prospectus, the Memoranda, any Free Writing Prospectus and this Agreement as the
Underwriters may reasonably request; (viii) the fees of the rating agency or
agencies requested to rate the Certificates and (ix) the reasonable fees and
expenses of Thacher Proffitt & Wood, LLP, counsel to the Underwriters and
Cadwalader, Wickersham & Taft LLP, counsel to the Depositor.

            SECTION 10. 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. Furthermore, the
parties shall in good faith endeavor to replace any provision held to be invalid
or unenforceable with a valid and enforceable provision which most closely
resembles, and which has the same economic effect as, the provision held to be
invalid or unenforceable.

            SECTION 11. Governing Law. This Agreement shall be construed in
accordance with the laws of the State of New York without regard to conflicts of
law principles and the obligations, rights and remedies of the parties hereunder
shall be determined in accordance with such laws.

            SECTION 12. No Third-Party Beneficiaries. The parties do not intend
the benefits of this Agreement to inure to any third party except as expressly
set forth in Section 13.

            SECTION 13. Assignment. The Seller hereby acknowledges that the
Purchaser has, concurrently with the execution hereof, executed and delivered
the Pooling and Servicing Agreement and that, in connection therewith, it has
assigned its rights hereunder to the Trustee for the benefit of the
Certificateholders to the extent set forth in the Pooling and Servicing
Agreement. The Seller hereby acknowledges its obligations, including that of
expense reimbursement, pursuant to Sections 2.01, 2.02 and 2.03 of the Pooling
and Servicing Agreement. This Agreement shall bind and inure to the benefit of,
and be enforceable by, the Seller, the Purchaser and their permitted successors
and permitted assigns. The warranties and representations and the agreements
made by the Seller herein shall survive delivery of the Mortgage Loans to the
Trustee until the termination of the Pooling and Servicing Agreement.

            SECTION 14. Notices. All demands, notices and communications
hereunder shall be in writing and shall be deemed to have been duly given upon
receipt by the intended recipient if personally delivered at or couriered, sent
by facsimile transmission or mailed by first class or registered mail, postage
prepaid, to (i) in the case of the Purchaser, J.P. Morgan Chase Commercial
Mortgage Securities Corp., 270 Park Avenue, New York, New York 10017, Attention:
Dennis Schuh, Vice President, telecopy number (212) 834-6593, (ii) in the case
of the Seller, CIBC Inc., 300 Madison Avenue, 8th Floor, New York, New York
10017, Attention: Real Estate Finance Group, telecopy number: (212) 667-5676 and
(iii) in the case of any of the preceding parties, such other address as may
hereafter be furnished to the other party in writing by such parties.

            SECTION 15. Amendment. This Agreement may be amended only by a
written instrument which specifically refers to this Agreement and is executed
by the Purchaser and the Seller; provided, however, that unless such amendment
is to cure an ambiguity, mistake or inconsistency in this Agreement, no
amendment shall be permitted unless each Rating Agency has delivered a written
confirmation that such amendment will not result in a downgrade, withdrawal or
qualification of the then current ratings of the Certificates and the cost of
obtaining any Rating Agency confirmation shall be borne by the party requesting
such amendment. This Agreement shall not be deemed to be amended orally or by
virtue of any continuing custom or practice. No amendment to the Pooling and
Servicing Agreement which relates to defined terms contained therein or any
obligations of the Seller whatsoever shall be effective against the Seller
unless the Seller shall have agreed to such amendment in writing.

            SECTION 16. Counterparts. This Agreement may be executed in any
number of counterparts, and by the parties hereto in separate counterparts, each
of which when executed and delivered shall be deemed to be an original and all
of which taken together shall constitute one and the same instrument.

            SECTION 17. Exercise of Rights. No failure or delay on the part of
any party to exercise any right, power or privilege under this Agreement and no
course of dealing between the Seller and the Purchaser shall operate as a waiver
thereof, nor shall any single or partial exercise of any right, power or
privilege under this Agreement preclude any other or further exercise thereof or
the exercise of any other right, power or privilege. Except as set forth in
Section 6 herein, the rights and remedies herein expressly provided are
cumulative and not exclusive of any rights or remedies which any party would
otherwise have pursuant to law or equity. No notice to or demand on any party in
any case shall entitle such party to any other or further notice or demand in
similar or other circumstances, or constitute a waiver of the right of either
party to any other or further action in any circumstances without notice or
demand.

            SECTION 18. No Partnership. Nothing herein contained shall be deemed
or construed to create a partnership or joint venture between the parties
hereto. Nothing herein contained shall be deemed or construed as creating an
agency relationship between the Purchaser and the Seller and neither party shall
take any action which could reasonably lead a third party to assume that it has
the authority to bind the other party or make commitments on such party's
behalf.

            SECTION 19. Miscellaneous. This Agreement supersedes all prior
agreements and understandings relating to the subject matter hereof. Neither
this Agreement nor any term hereof may be changed, waived, discharged or
terminated orally, but only by an instrument in writing signed by the party
against whom enforcement of the change, waiver, discharge or termination is
sought.

                                   * * * * * *

<PAGE>

            IN WITNESS WHEREOF, the Purchaser and the Seller have caused their
names to be signed hereto by their respective officers thereunto duly authorized
as of the day and year first above written.

                                       J.P. MORGAN CHASE COMMERCIAL MORTGAGE
                                          SECURITIES CORP.

                                       By:   /s/ Kunal K. Singh
                                          ------------------------------------
                                          Name:  Kunal K. Singh
                                          Title: Vice President

                                       CIBC INC.

                                       By:   /s/ Todd H. Roth
                                          ------------------------------------
                                          Name:  Todd H. Roth
                                          Title: Authorized Signatory

<PAGE>

                                    EXHIBIT A

                             MORTGAGE LOAN SCHEDULE

        JPMCC 2007-CIBC18
        Mortgage Loan Schedule (CIBC)

<TABLE>
<CAPTION>

Loan #  Mortgagor Name                                             Property Address                         City
------- --------------------------------------------------------   --------------------------------------   -------------------
<S>     <C>                                                        <C>                                      <C>
     4  Columbia Properties Hilton Head, LLC                       One Hotel Circle                         Hilton Head Island
     5  CP Anchorage Hotel 2, LLC                                  500 West Third Avenue                    Anchorage
     6  Philips Bryant Park LLC                                    40 West 40th Street                      New York
     7  Granite Park LLC                                           114 West 40th Street                     New York
     9  The Plaza at 835 W. Hamilton Street LP                     835 West Hamilton Street                 Allentown
    13  CS Albany Realty, LLC                                      189 Wolf Road                            Albany
    16  LaGuardia Associates, L.P.                                 104-04 Ditmars Boulevard                 East Elmhurst
    18  Hendon Golden East, LLC                                    1100 North Wesleyan Boulevard            Rocky Mount
        Crabb River and Sansbury, Ltd., Ellis Creek and Highway
        90-A, Ltd., Grand Parkway and New Territory Boulevard,
        Ltd., River Pointe Investment, Ltd., Bay Area and
        Highway Three, Ltd., Bay Area and Seawolf, Ltd., Mason
    20  and Cypresswood, Ltd., Pineloch and El Camino Investment   Various                                  Victorville
 20.01                                                             1001 and 1051 Pineloch Drive             Houston
 20.02                                                             5720-5818 New Territory Boulevard        Sugar Land
 20.03                                                             411 Bay Area Boulevard                   Houston
 20.04                                                             6350 Highway 90A                         Sugar Land
 20.05                                                             1270 Crabb River Road                    Richmond
 20.06                                                             15201 Mason Road                         Cypress
 20.07                                                             1250 Cypress Station Drive               Houston
 20.08                                                             404 River Pointe Drive                   Conroe
 20.09                                                             515 Bay Area Boulevard                   Houston
  20.1                                                             3323 South Burke Road                    Pasadena
    21  Prime Outlets At Pleasant Prairie II LLC                   11211 120th Avenue                       Pleasant Prairie
    25  Columbia Properties Oklahoma City, LLC                     3233 Northwest Expressway                Oklahoma City
    26  1320 W. Fullerton L.L.C.                                   1320 West Fullerton Avenue               Chicago
    27  Field Family Associates LLC                                144-10 135th Avenue                      Jamaica
    28  KAIS, LLC                                                  2155 Iron Point Road                     Folsom
    29  WSV Dorchester Limited Partnership                         3010-3190 West 14th Avenue               Denver
    31  TR-VSS (MI) QRS 16-90, Inc.                                4505 West 26 Mile Road                   Washington
    35  Prado Acquisition, LLC                                     25101 South Tamiami Trail                Bonita Springs
        Sequoia Courtney Manor, LP, Sequoia Courtney Manor 1,
        LP, Sequoia Courtney Manor 2, LP, Sequoia Courtney Manor
        3, LP, Sequoia Courtney Manor 4, LP, Sequoia Courtney
        Manor 5, LP, Sequoia Courtney Manor 6, LP, Sequoia
        Courtney Manor 7, LP, Sequoia Courtney Manor 8, LP,
        Sequoia Courtney Manor 9, LP, Sequoia Courtney Manor 10,
        LP, Sequoia Courtney Manor 11, LP, Sequoia Courtney
        Manor 12, LP, Sequoia Courtney Manor 13, LP, Sequoia
        Courtney Manor 14, LP, Sequoia Courtney Manor 15, LP,
        Sequoia Courtney Manor 16, LP, Sequoia Courtney Manor
        17, LP, Sequoia Courtney Manor 19, LP, Sequoia Courtney
        Manor 20, LP, Sequoia Courtney Manor 22, LP, Sequoia
        Courtney Manor 23, LP, Sequoia Courtney Manor 24, LP,
        Sequoia Courtney Manor 25, LP, Sequoia Courtney Manor
        26, LP, Sequoia Courtney Manor 28, LP, Sequoia Courtney
        Manor 29, LP, Sequoia Courtney Manor 30, LP, Sequoia
    38  Courtney Manor 31, LP, Sequoia Courtney Manor 32, LP       9100 Independence Parkway                Plano
        HMBF05 Newburyport MA LLC, SVMMC05 Toledo OH LLC, TCI06
    39  Burnsville MN LLC                                          Various                                  Various
 39.01                                                             12000 Portland Avenue South              Burnsville
 39.02                                                             2 Opportunity Way                        Newburyport
 39.03                                                             3930 Sunforest Court                     Toledo
    42  Palmer Square, LLC                                         200 Petersville Road                     New Rochelle
    52  South Cove Development II, LLC                             Lefante Way                              Bayonne
    54  DLP Hotel Group, LLC                                       Various                                  Various
 54.01                                                             20 Sanford Drive                         Fredericksburg
 54.02                                                             15 Salisbury Drive                       Stafford
    55  FPA Ashton Springs Associates, LLC                         25220 109th Place Southeast              Kent
    59  Brentwood RI LLC                                           1060 Brentwood Road, Northeast           Washington
    60  Rislake, LLC                                               501 North 116th Avenue N                 St. Petersburg
        Sterling/Roseland Associates, L.L.C., Klein Roseland,
    63  L.L.C.                                                     555 Eagle Rock Avenue                    Roseland
    67  Paramount Commons at Whiting, LLC                          1180 Highway 70                          Manchester
        First Park Ten Coco San Antonio, L.P., Slee Grand
    70  Prairie, L.P., OB Midway NC Gladstone Commercial LLC       Various                                  Various
 70.01                                                             6550 First Park Ten Boulevard            San Antonio
 70.02                                                             725 North Great Southwest Parkway        Arlington
 70.03                                                             9698 Old US Highway 52                   Lexington
    71  Lindsey Office Properties, LLC                             1200 East Joyce Boulevard                Fayetteville
    72  ATL Investors LLC                                          725 West Pioneer Trace                   Pendleton
    74  Heartland Centre L.L.C.                                    1275 Richmond Avenue                     Staten Island
    75  Pioneer Place, LLC                                         333 - 343 South Kirkwood Road            Kirkwood
    76  HHHA Partners, Ltd.                                        901 Wilson Road                          Conroe
    80  Lofts at the Mill, L.P.                                    800 James Avenue                         Scranton
    81  MRM Fresno LLC                                             3366 East Muscat Avenue                  Fresno
    82  PSC Medford, LLC                                           2380 Poplar Drive                        Medford
    84  Frog Pond at Natchitoches, LLC                             3800 University Parkway                  Natchitoches
    85  Tweet Canton, LLC                                          10 and 40 Pequot Way                     Canton
    87  C&K 386 North Wabasha Street LLC                           386 North Wabasha Street                 St. Paul
    88  Brighton Way, Ltd.                                         9625-9635 Brighton Way                   Beverly Hills
    90  445 Simarano Drive Marlborough LLC                         445 Simarano Drive                       Marlborough
    91  Alliance Hotel II, Ltd.                                    13400 North Freeway                      Fort Worth
    92  ZP NO. 173, LLC                                            6840 Market Street                       Wilmington
    95  Parkway Crossing Phase Two, LLC                            1200 South Geneva Road                   Orem
    96  Falls Plaza Venture, LLC, GMK-Falls Plaza, LLC             North 18 West 15066 Appleton Avenue      Menomonee Falls
    98  W.B. - C.F. Associates Limited Partnership III             923 Maplewood Drive                      Cedar Falls
   100  Lindy-Zell ATT Texas, LLC                                  Various                                  Various
100.01                                                             15100 FAA Boulevard                      Fort Worth
100.02                                                             3900 Dacoma Street                       Houston
   101  UCM/FPI-Cobalt, LLC                                        2200 First Avenue South                  Seattle
   106  RDO Preston Place Associates, LLC                          Various                                  Bossier City
106.01                                                             414 Preston Boulevard                    Bossier City
106.02                                                             400 Preston Boulevard                    Bossier City
   107  Falls Omni LP                                              6101 Antoine Drive                       Houston
   108  Plaza Del Rey, LP                                          5700-5720 Bellaire Boulevard             Houston
   114  Stone Quarry, LLC                                          91, 93, & 95 Wagner Road                 Monaca
   117  215 Ohio, L.L.C.                                           215 West Ohio Street                     Chicago
   119  17200 Perimeter Office Partners, L.L.C.                    17200 North Perimeter Drive              Scottsdale
   122  Victorville Furniture, L.P.                                12704 Amargosa Road                      Victorville
   123  Tamiami Square of Naples Building 300, LLC                 14700 Tamiami Trail North                Naples
   125  Club @ Stablechase, LP                                     13504 Schroeder Road                     Houston
   126  Windsor Shoppes, LLC and Robert E. Simons                  1520, 1540, 1550 and 1560 Main Street    Windsor
   127  Micarles, LLC                                              3350 Rogerdale Road                      Houston
   128  Moradi Enterprises L.L.C.                                  2439 Kuser Road                          Hamilton Township
   130  FPA Northridge Associates, L.P.                            93 Castro Street                         Salinas
   134  Johnstown Plaza Holding Company, LLC                       625-733 West Coshocton Street            Johnstown
   137  ABMAR Grasslands, LLC                                      14445 Grasslands Drive                   Englewood
   138  New Lake Hill L.L.C.                                       1700-1730 Lakeville Road                 New Hyde Park
                                                                   780 and 800 South Michigan Street, 801
   140   Michigan Street Buildings, LLC                            and 808 South Fidalgo Street             Seattle
   144  InnerBrand, LLC                                            5849 Peachtree Road                      Chamblee
   147  RAM Cargo I, LLC                                           Various                                  Doral
147.01                                                             9800 Northwest 17 Street                 Doral
147.02                                                             9475 Northwest 13th Street               Doral
   148  FSF Parc Bordeaux Associates, LLC                          3410 Rue Chanel                          Indianapolis
        SMP CPW 2300-4915, LLC, Cathedral CPW 2300-4915, LLC,
        Ohmann FT CPW 2300-4915, LLC, Swoish FT CPW 2300-4915,
        LLC, Van Ness FT CPW 2300-4915, LLC, SVN CPW 2300-4915,    2300 Englert Drive and 4915 Prospectus
   151  LLC                                                        Drive                                    Durham
   152  VU Enterprises, Inc.                                       1208 - 1280 South Abel Street            Milpitas
   154  Lamar Northwend, LTD.                                      9515 North Lamar Boulevard               Austin
   155  ZNZ Enterprises, LLC                                       1201 Searless Avenue                     Las Vegas
   156  Atrium One LLC                                             5618 Odana Road                          Madison
   157  Revenue Properties (Danville), LLC                         202 Stinson Drive                        Danville
   161  F&F Monterey Park Associates, LLC                          2054 Saturn Street                       Monterey Park
   163  Mutual Investments, LLC                                    Various                                  Cincinnati
163.01                                                             167 Anderson Ferry Road                  Cincinnati
163.02                                                             6380 Cheviot Road                        Cincinnati
163.03                                                             2378-2436 Boudinot Avenue                Cincinnati
   165  Selig Real Estate Holdings XXVIII, LLC                     401 Queen Anne Avenue North              Seattle
   166  Manor Road Venture LP                                      381 Colonial Manor Road                  North Huntingdon
   169  ZP NO. 172, LLC                                            1925 and 1929 Oleander Drive             Wilmington
   170  Genvest Corporation                                        28 Diana Lane                            Dracut
   173  Al - Shams, Inc.                                           52 Fitchburg Road                        Townsend
                                                                   46-88 Cornelia Street, 67-83 Lister
   174  Newark Market, LLC                                         Avenue, 55-60 Joseph Street              Newark
   179  Empire Delaware, LLC                                       54 Cheswold Boulevard                    Newark
   181  Lakepointe West L.L.C.                                     4045 North West 64th Street              Oklahoma City
        THM-Mansfield 1136 Vine LLC, THM-Mansfield 402 Lawrence
   183  LLC, THM-Mansfield Fennaway Apartments LLC                 Various                                  Various
183.01                                                             1136 Vine Street                         Liverpool
183.02                                                             1-36 Fenner Street                       Cazenovia
183.03                                                             402 Lawrence Avenue                      Syracuse
   187  Sargent Center Limited Partnership                         5601-5615 Sargent Road                   Hyattsville
   188  Harrisburg Plaza, Ltd.                                     5104 Harrisburg Boulevard                Houston
   189  Columbia Shopping Center Limited                           4800 Columbia Avenue                     Dallas
   194  The Barrett Limited Partnership II                         1401 Plainfield Naperville Road          Naperville
   195  A.K. Investment Properties, Inc.                           1024 Ashwood Court                       Gastonia
   197  3923 Woodley Rd., LLC                                      3923 Woodley Road                        Montgomery
   199  610 East Morehead, LLC                                     610 East Morehead Street                 Charlotte
   202  Dan Z Cornwall Holdings Corp.                              55 Quaker Avenue                         Cornwall
   203  Friends Realty Associates, LLC                             216 Quaker Road                          Queensbury
   204  WK Miramar LLC, JG Miramar LLC                             8901 Miramar Parkway                     Miramar
   205  Total Fitness Center Layton, LLC                           18 North Fort Lane                       Layton
   210  Urth Santa Monica Development, LLC                         2327 Main Street                         Santa Monica
   211  Ponca Shopping Center, LLC                                 2900 North 14th Street                   Ponca City
   213  FMKT II, Inc.                                              2114 Lakeway Boulevard                   Lakeway
   216  WMF Gentry Apartments, Ltd.                                13925 Alderson                           Houston
   219  Mahin Trust                                                95 East Main Street                      Westborough
   221  Fairfield Country Shops II Associates, LP                  15202 Mason Road                         Cypress
   224  Greatwood Country Shops I Associates, LP                   1480 Crabb River Road                    Richmond
   225  Cinco Pad Associates, LP                                   3333 Mason Road                          Katy
   226  FRP Fairfield Village Associates, LP                       15050 Fairfield Village Drive            Cypress

<CAPTION>

                                                                                                                            Interest
Loan #   State     Zip Code   County                       Property Name                              Size     Measure      Rate (%)
------   -------   --------   --------------------------   ----------------------------------------   ------   -----------  --------
<S>      <C>       <C>        <C>                          <C>                                        <C>      <C>          <C>
     4   SC           29928   Beaufort                     Marriott - Hilton Head Island                 512   Rooms         5.79000
     5   AK           99501   Anchorage                    Hilton - Anchorage                            606   Rooms         6.10000
     6   NY           10018   New York                     Bryant Park Hotel                             128   Rooms         5.75000
     7   NY           10018   New York                     Courtyard by Marriott - Times
                                                           Square South                                  244   Rooms         5.69000
     9   PA           18101   Lehigh                       The Plaza at PPL Center                    252193   Square Feet   5.75000
    13   NY           12205   Albany                       Marriott - Albany, New York                   359   Rooms         5.79000
    16   NY           11369   Queens                       Crowne Plaza - LaGuardia                      358   Rooms         7.02000
    18   NC           27804   Nash                         Golden East Crossing                       461699   Square Feet   5.67000
    20   TX        Various    Various                      Concorde Portfolio I                       200031   Square Feet   6.04000
 20.01   TX           77062   Harris                       Space City Complex                          52196   Square Feet   6.04000
 20.02   TX           77479   Fort Bend                    Grand Parkway                               22875   Square Feet   6.04000
 20.03   TX           77058   Harris                       Concorde Centre                             45902   Square Feet   6.04000
 20.04   TX           77478   Fort Bend                    New Territory Country Shops                 14228   Square Feet   6.04000
 20.05   TX           77469   Fort Bend                    Greatwood Country Shops                     14220   Square Feet   6.04000
 20.06   TX           77433   Harris                       Fairfield Country Shops                     16385   Square Feet   6.04000
 20.07   TX           77090   Harris                       Cypress Station                             14300   Square Feet   6.04000
 20.08   TX           77304   Montgomery                   Conroe Professional Building                 9000   Square Feet   6.04000
 20.09   TX           77058   Harris                       Concorde Centre II                           5925   Square Feet   6.04000
  20.1   TX           77504   Harris                       Pasadena Professional Building               5000   Square Feet   6.04000
    21   WI           53158   Kenosha                      Prime Outlets at Pleasant Prairie          142369   Square Feet   6.01000
    25   OK           73112   Oklahoma                     Marriott - Oklahoma City                      354   Rooms         5.79000
    26   IL           60614   Cook                         Lake Shore Athletic Club                   136900   Square Feet   6.47000
    27   NY           11436   Queens                       Hampton Inn - JFK                             216   Rooms         6.64000
    28   CA           95630   Sacramento                   Kaiser Foundation Health Plan              121378   Square Feet   5.79000
    29   CO           80204   Denver                       The Overlook Apartments                       475   Units         5.83000
    31   MI           48094   Macomb                       TRW Automotive Inc.                        279625   Square Feet   5.60000
    35   FL           34134   Lee                          The Prado at Spring Creek                  152072   Square Feet   5.98000
    38   TX           75025   Collin                       Courtney Manor Apartments                     322   Units         6.19000
    39   Various   Various    Various                      The Gladstone Telex Portfolio              208066   Square Feet   5.79000
 39.01   MN           55337   Dakota                       Telex Building                             114100   Square Feet   5.79000
 39.02   MA           01950   Essex                        Home Made Brand Foods Building              70598   Square Feet   5.79000
 39.03   OH           43623   Lucas                        St. Vincent Mercy Medical Center            23368   Square Feet   5.79000
    42   NY           10801   Westchester                  Palmer Square                               74107   Square Feet   6.03000
    52   NJ           07002   Hudson                       South Cove Commons                          96620   Square Feet   6.00000
    54   VA        Various    Stafford                     Wingate Inn Portfolio                         228   Rooms         5.86000
 54.01   VA           22406   Stafford                     Wingate Inn Portfolio -
                                                             Fredericksburg, VA                          129   Rooms         5.86000
 54.02   VA           22554   Stafford                     Wingate Inn Portfolio - Stafford, VA           99   Rooms         5.86000
    55   WA           98030   King                         Ashton Springs Apartments                     329   Units         6.05000
    59   DC           20018   District of Columbia         Rhode Island Place                          57529   Square Feet   6.35000
    60   FL           33716   Pinellas                     Lakeside Village                              304   Units         6.34000
    63   NJ           07068   Essex                        Eagle Rock Commons                          37159   Square Feet   5.66000
    67   NJ           08759   Ocean                        Whiting Commons                            131046   Square Feet   5.75000
    70   Various   Various    Various                      Gladstone Portfolio                        278245   Square Feet   5.76000
 70.01   TX           78213   Bexar                        Corinthian College Office/Flex              60245   Square Feet   5.76000
 70.02   TX           76011   Tarrant                      Sara Lee Bakery                             64000   Square Feet   5.76000
 70.03   NC           27295   Davidson                     Owens-Brockway Warehouse                   154000   Square Feet   5.76000
    71   AR           72703   Washington                   Lindsey Office Building                     68750   Square Feet   5.71000
    72   IN           46064   Madison                      Atlas Cold Storage                         158928   Square Feet   5.80000
    74   NY           10314   Richmond                     Heartland Village Shopping Center           56819   Square Feet   5.49000
    75   MO           63122   St. Louis                    Pioneer Place                               83447   Square Feet   5.75000
    76   TX           77301   Montgomery                   Heritage at Hooper Hill                       210   Units         5.87000
    80   PA           18510   Lackawanna                   Lofts at the Mill                              89   Units         6.01000
    81   CA           93725   Fresno                       Produce Container Building                 333470   Square Feet   6.26000
    82   OR           97504   Jackson                      Poplar Square Shopping Center              116583   Square Feet   5.68000
    84   LA           71458   Natchitoches                 Frog Pond Apartments                          480   Beds          5.96000
    85   MA           02021   Norfolk                      Tweeter Home Entertainment Group
                                                             Headquarters                             145350   Square Feet   5.67000
    87   MN           55102   Ramsey                       Ecolab Building                            153763   Square Feet   5.70000
    88   CA           90210   Los Angeles                  Brighton Way                                20520   Square Feet   5.58000
    90   MA           01752   Middlesex                    445 Simarano Drive                         176020   Square Feet   5.85000
    91   TX           76177   Tarrant                      Residence Inn Alliance Airport                111   Rooms         5.93000
    92   NC           28405   New Hanover                  Ogden Commons                               76249   Square Feet   5.79000
    95   UT           84058   Utah                         Parkway Crossing Phase II                     394   Beds          6.35000
    96   WI           53051   Waukesha                     Falls Plaza                                123036   Square Feet   5.49000
    98   IA           50613   Black Hawk                   College Square Apartments                     436   Beds          5.65000
   100   TX        Various    Various                      AT&T Portfolio                             127729   Square Feet   5.61000
100.01   TX           76155   Tarrant                      Fort Worth AT&T Call Center                 64292   Square Feet   5.61000
100.02   TX           77092   Harris                       Houston AT&T Revenue Management Center      63437   Square Feet   5.61000
   101   WA           98134   King                         Cobalt Building                             93119   Square Feet   5.63000
   106   LA           71111   Bossier                      Preston Place & Port Au Prince Portfolio      272   Units         5.75000
106.01   LA           71111   Bossier                      Preston Place Apartments                      148   Units         5.75000
106.02   LA           71111   Bossier                      Port Au Prince Apartments                     124   Units         5.75000
   107   TX           77091   Harris                       Falls on Antoine                              348   Units         5.98000
   108   TX           77081   Harris                       Plaza Del Rey                               58646   Square Feet   5.83000
   114   PA           15061   Beaver                       Stone Quarry Commons                        67407   Square Feet   5.76000
   117   IL           60610   Cook                         Electronic Arts Building                    45626   Square Feet   6.19000
   119   AZ           85255   Maricopa                     Cachet Homes Perimeter Center Office        42418   Square Feet   5.73000
   122   CA           92392   San Bernardino               Wickes Furniture                            39014   Square Feet   6.11000
   123   FL           34110   Collier                      Tamiami Square                              31289   Square Feet   5.75000
   125   TX           77070   Harris                       Club at Stablechase                           133   Units         5.75000
   126   CO           80550   Weld                         New Windsor Marketplace                     96987   Square Feet   5.67000
   127   TX           77042   Harris                       3350 Rogerdale                             192007   Square Feet   6.00000
   128   NJ           08690   Mercer                       Medical Diagnostic Laboratories             60000   Square Feet   5.70000
   130   CA           93906   Monterey                     Northridge Villas                             104   Units         5.71000
   134   OH           43031   Licking                      Johnstown Village Square                    80178   Square Feet   5.88000
   137   CO           80112   Denver                       Baxa Corporate Headquarters                105651   Square Feet   5.58000
   138   NY           11040   Nassau                       New Lake Hill Shopping Center               39717   Square Feet   5.64000
   140   WA           98108   King                         The Michigan Street Buildings               78913   Square Feet   6.40000
   144   GA           30341   DeKalb                       5849 Peachtree Road                        206040   Square Feet   6.04000
   147   FL           33172   Miami-Dade                   Agriflora Group & Emerald Farms
                                                            Portfolio                                  79686   Square Feet   5.83000
147.01   FL           33172   Miami-Dade                   Emerald Farms                               44065   Square Feet   5.83000
147.02   FL           33172   Miami-Dade                   Agriflora Group                             35621   Square Feet   5.83000
   148   IN           46227   Marion                       Parc Bordeaux Apartments                      208   Units         5.62000
   151   NC           27713   Durham                       Commercial Park West Buildings 2300
                                                            and 4915                                   98577   Square Feet   5.75000
   152   CA           95035   Santa Clara                  Liberty Plaza                               29638   Square Feet   5.62000
   154   TX           78753   Travis                       Northwend Shopping Center                   63753   Square Feet   5.70000
   155   NV           89101   Clark                        Reddy Ice                                  110000   Square Feet   6.28000
   156   WI           53719   Dane                         Atrium Office Building                      33108   Square Feet   6.44000
   157   VA           24540   Danville City                202 Stinson Drive                          259728   Square Feet   5.71000
   161   CA           91755   Los Angeles                  Monterey Park                               54103   Square Feet   5.62000
   163   OH        Various    Hamilton                     Mutual Investments LP                         250   Units         5.71000
163.01   OH           45238   Hamilton                     River Bend                                    120   Units         5.71000
163.02   OH           45247   Hamilton                     The Oaks                                       90   Units         5.71000
163.03   OH           45238   Hamilton                     Boudinot                                       40   Units         5.71000
   165   WA           98109   King                         401 Queen Anne                              14400   Square Feet   6.01000
   166   PA           15642   Westmoreland                 QXL                                         70000   Square Feet   6.48000
   169   NC           28403   New Hanover                  Oleander Plaza                              50450   Square Feet   5.79000
   170   MA           01826   Middlesex                    28 Diana Lane                               69000   Square Feet   5.86000
   173   MA           01469   Middlesex                    Pine Ridge Estates                             90   Units         5.75000
   174   NJ           07105   Essex                        55 Joseph Street                            96000   Square Feet   6.00000
   179   DE           19713   New Castle                   Chasemont Apartments                           83   Units         5.85000
   181   OK           73116   Oklahoma                     Lakepointe West Office                      85246   Square Feet   5.93000
   183   NY        Various    Various                      Maidman Syracuse Portfolio                    137   Units         5.83000
183.01   NY           13088   Onondaga                     Pine Tree Apartments                           65   Units         5.83000
183.02   NY           13035   Madison                      Fennaway Green Apartments                      36   Units         5.83000
183.03   NY           13212   Onondaga                     Lawrence Terrace                               36   Units         5.83000
   187   MD           20782   Prince Georges               Sargent Center                              55582   Square Feet   5.88000
   188   TX           77011   Harris                       Harrisburg Plaza                            22746   Square Feet   5.89000
   189   TX           75226   Dallas                       Columbia Fitzhugh Shopping Center           49390   Square Feet   6.63000
   194   IL           60564   Dupage                       Clocktower Square                           15283   Square Feet   6.13000
   195   NC           28054   Gaston                       Fern Forest Apartments                        181   Units         6.47000
   197   AL           36116   Montgomery                   Hidden Creek Village Apartments               120   Units         5.65000
   199   NC           28202   Mecklenburg                  610 East Morehead Street                    20200   Square Feet   5.95000
   202   NY           12518   Orange                       Cornwall Towne Center                       20303   Square Feet   5.88000
   203   NY           12804   Warren                       CVS Plaza - Queensbury, NY                  25008   Square Feet   5.86000
   204   FL           33025   Broward                      Miramar Professional Plaza                  30536   Square Feet   6.18000
   205   UT           84041   Davis                        Gold's Gym Layton, UT                       42247   Square Feet   6.22000
   210   CA           90405   Los Angeles                  Urth Cafe                                    5288   Square Feet   6.26000
   211   OK           74601   Kay                          Ponca City Shopping Center                  90222   Square Feet   5.93000
   213   TX           78734   Travis                       Lakeway Market                              11728   Square Feet   6.10000
   216   TX           77015   Harris                       Gentry Apartments                             106   Units         6.00000
   219   MA           01581   Worcester                    95 East Main Street                         14955   Square Feet   5.85000
   221   TX           77433   Harris                       Fairfield Country Shops II                  12020   Square Feet   6.04000
   224   TX           77469   Fort Bend                    Greatwood Country Shops - Phase II           7400   Square Feet   6.04000
   225   TX           77450   Fort Bend                    Westheimer and Mason                         6000   Square Feet   6.04000
   226   TX           77433   Harris                       Fairfield Village/Market                     5200   Square Feet   6.04000

<CAPTION>

         Net Mortgage                                                           Maturity/                               Monthly Debt
Loan #   Interest Rate   Original Balance   Cutoff Balance   Term   Rem. Term   ARD Date    Amort. Term   Rem. Amort.   Service
------   -------------   ----------------   --------------   ----   ---------   ---------   -----------   -----------   ------------
<S>      <C>             <C>                <C>              <C>    <C>         <C>         <C>           <C>           <C>
     4         5.76946        125,000,000      124,609,905    120         117   12/01/16            360           357        732,645
     5         6.07946         95,000,000       95,000,000    120         120   03/01/17            360           360        575,695
     6         5.72946         90,000,000       90,000,000    120         118   01/01/17            360           360        525,216
     7         5.66946         90,000,000       89,589,759    120         117   12/01/16            300           297        562,937
     9         5.72946         75,000,000       75,000,000    120         117   12/01/16            360           360        437,680
    13         5.76946         65,000,000       64,797,151    120         117   12/01/16            360           357        380,976
    16         6.99946         50,000,000       50,000,000    120         120   03/01/17            360           360        333,323
    18         5.64946         49,000,000       49,000,000    120         119   02/01/17            360           360        283,465
    20         6.01946         41,600,000       41,600,000    120         120   03/01/17            360           360        250,484
 20.01                          9,455,000        9,455,000    120         120   03/01/17            360           360
 20.02                          9,235,000        9,235,000    120         120   03/01/17            360           360
 20.03                          8,960,000        8,960,000    120         120   03/01/17            360           360
 20.04                          2,810,000        2,810,000    120         120   03/01/17            360           360
 20.05                          2,620,000        2,620,000    120         120   03/01/17            360           360
 20.06                          2,590,000        2,590,000    120         120   03/01/17            360           360
 20.07                          2,340,000        2,340,000    120         120   03/01/17            360           360
 20.08                          1,690,000        1,690,000    120         120   03/01/17            360           360
 20.09                          1,090,000        1,090,000    120         120   03/01/17            360           360
  20.1                            810,000          810,000    120         120   03/01/17            360           360
    21         5.98946         38,300,000       38,300,000    119         117   12/01/16            360           360        229,874
    25         5.76946         34,400,000       34,292,646    120         117   12/01/16            360           357        201,624
    26         6.44946         33,500,000       33,457,497    120         119   02/01/17            360           359        211,082
    27         6.61946         32,500,000       32,500,000    120         119   02/01/17            360           360        208,424
    28         5.76946         31,840,000       31,840,000    120         117   12/01/16              0             0        155,762
    29         5.80946         31,000,000       31,000,000    120         116   11/01/16            360           360        182,486
    31         5.57946         30,400,000       30,400,000    120         117   12/01/16            360           360        174,520
    35         5.91946         28,500,000       28,500,000    120         117   12/01/16            360           360        170,506
    38         6.16946         23,000,000       23,000,000    120         116   11/01/16            360           360        140,719
    39         5.76946         21,846,000       21,846,000    120         118   01/01/17            360           360        128,043
 39.01                         12,000,000       12,000,000    120         118   01/01/17            360           360
 39.02                          6,846,000        6,846,000    120         118   01/01/17            360           360
 39.03                          3,000,000        3,000,000    120         118   01/01/17            360           360
    42         6.00946         21,000,000       20,954,830    120         118   01/01/17            360           358        126,311
    52         5.97946         18,500,000       18,500,000    118         115   10/01/16            360           360        110,917
    54         5.83946         17,800,000       17,800,000    120         118   01/01/17            360           360        105,123
 54.01                          9,050,000        9,050,000    120         118   01/01/17            360           360
 54.02                          8,750,000        8,750,000    120         118   01/01/17            360           360
    55         6.02946         17,750,000       17,750,000    120         113   08/01/16              0             0         90,732
    59         6.32946         17,000,000       17,000,000    119         117   12/01/16            360           360        105,780
    60         6.31946         16,750,000       16,750,000     60          58   01/01/12              0             0         89,725
    63         5.63946         15,000,000       15,000,000    120         120   03/01/17            360           360         86,680
    67         5.72946         14,800,000       14,800,000    120         119   02/01/17              0             0         71,902
    70         5.73946         14,309,000       14,309,000    120         117   12/01/16            360           360         83,594
 70.01                          7,260,000        7,260,000    120         117   12/01/16            360           360
 70.02                          4,168,000        4,168,000    120         117   12/01/16            360           360
 70.03                          2,881,000        2,881,000    120         117   12/01/16            360           360
    71         5.68946         13,900,000       13,855,960    120         117   12/01/16            360           357         80,764
    72         5.77946         13,600,000       13,600,000    120         118   01/01/17            360           360         79,798
    74         5.46946         13,400,000       13,400,000    120         118   01/01/17              0             0         62,156
    75         5.72946         13,400,000       13,400,000    120         118   01/01/17            360           360         78,199
    76         5.84946         13,200,000       13,200,000    120         116   11/01/16            360           360         78,041
    80         5.98946         12,800,000       12,800,000    120         117   12/01/16            360           360         76,825
    81         6.23946         12,750,000       12,712,359    115         113   08/01/16            300           298         84,187
    82         5.65946         12,280,000       12,280,000    120         118   01/01/17              0             0         58,933
    84         5.93946         12,000,000       12,000,000    120         120   03/01/17            360           360         71,638
    85         5.64946         12,000,000       12,000,000    120         119   02/01/17            360           360         69,420
    87         5.67946         11,500,000       11,500,000    120         118   01/01/17            360           360         66,746
    88         5.55946         11,300,000       11,300,000     60          58   01/01/12              0             0         53,275
    90         5.82946         11,000,000       11,000,000    120         118   01/01/17            360           360         64,894
    91         5.90946         11,000,000       11,000,000    120         117   12/01/16            360           360         65,456
    92         5.76946         11,000,000       10,975,392    120         118   01/01/17            360           358         64,473
    95         6.32946         10,700,000       10,700,000    120         116   11/01/16            360           360         66,579
    96         5.46946         10,625,000       10,625,000    120         119   02/01/17            360           360         60,261
    98         5.62946         10,450,000       10,450,000     84          82   01/01/14            360           360         60,321
   100         5.58946         10,200,000       10,200,000    120         118   01/01/17            360           360         58,620
100.01                          5,400,000        5,400,000    120         118   01/01/17            360           360
100.02                          4,800,000        4,800,000    120         118   01/01/17            360           360
   101         5.60946         10,200,000       10,200,000     84          82   01/01/14              0             0         48,520
   106         5.72946          9,500,000        9,500,000    120         117   12/01/16            360           360         55,439
106.01                          5,834,646        5,834,646    120         117   12/01/16            360           360
106.02                          3,665,354        3,665,354    120         117   12/01/16            360           360
   107         5.95946          9,350,000        9,350,000    120         108   03/01/16            360           360         55,938
   108         5.80946          9,120,000        9,120,000    120         116   11/01/16              0             0         44,923
   114         5.73946          8,400,000        8,400,000    120         119   02/01/17            360           360         49,074
   117         6.16946          8,000,000        7,989,570     60          59   02/01/12            360           359         48,946
   119         5.70946          7,950,000        7,950,000    120         118   01/01/17            360           360         46,293
   122         6.04946          7,750,000        7,750,000    120         120   03/01/17            360           360         47,015
   123         5.72946          7,700,000        7,700,000    120         118   01/01/17            360           360         44,935
   125         5.72946          7,500,000        7,500,000    120         118   01/01/17            360           360         43,768
   126         5.64946          7,500,000        7,500,000    120         118   01/01/17              0             0         35,930
   127         5.97946          7,500,000        7,477,511    120         117   12/01/16            360           357         44,966
   128         5.62946          7,500,000        7,476,192    120         117   12/01/16            360           357         43,530
   130         5.68946          7,400,000        7,400,000    120         118   01/01/17            360           360         42,997
   134         5.85946          7,200,000        7,200,000    120         118   01/01/17            360           360         42,614
   137         5.55946          7,100,000        7,100,000    120         118   01/01/17            360           360         40,670
   138         5.61946          7,100,000        7,100,000    120         118   01/01/17            360           360         40,939
   140         6.37946          7,000,000        7,000,000    126         118   01/01/17            360           360         43,785
   144         5.95946          6,800,000        6,785,397    120         118   01/01/17            360           358         40,944
   147         5.80946          6,600,000        6,600,000    120         118   01/01/17            360           360         38,852
147.01                          3,727,059        3,727,059    120         118   01/01/17            360           360
147.02                          2,872,941        2,872,941    120         118   01/01/17            360           360
   148         5.59946          6,500,000        6,500,000    120         117   12/01/16            360           360         37,397
   151         5.72946          6,350,000        6,350,000    120         118   01/01/17            360           360         37,057
   152         5.59946          6,200,000        6,200,000    120         118   01/01/17            360           360         35,671
   154         5.67946          6,000,000        6,000,000    120         118   01/01/17            360           360         34,824
   155         6.25946          6,000,000        6,000,000    120         120   03/01/17            360           360         37,060
   156         6.41946          5,985,000        5,977,385    120         119   02/01/17            360           359         37,593
   157         5.68946          5,950,000        5,931,148    117         114   08/28/16            360           357         34,572
   161         5.59946          5,750,000        5,750,000    120         118   01/01/17            360           360         33,082
   163         5.68946          5,700,000        5,687,080    120         118   01/01/17            360           358         33,119
163.01                          3,137,516        3,130,404    120         118   01/01/17            360           358
163.02                          1,987,453        1,982,948    120         118   01/01/17            360           358
163.03                            575,032          573,728    120         118   01/01/17            360           358
   165         5.98946          5,465,000        5,465,000    120         119   02/01/17            360           360         32,801
   166         6.45946          5,500,000        5,462,383    120         112   07/01/16            360           352         34,691
   169         5.76946          5,250,000        5,238,255    120         118   01/01/17            360           358         30,771
   170         5.78946          5,150,000        5,150,000    120         119   02/01/17            360           360         30,415
   173         5.72946          5,000,000        5,000,000    120         118   01/01/17              0             0         24,291
   174         5.97946          5,000,000        4,989,192    120         118   01/01/17            360           358         29,978
   179         5.82946          4,850,000        4,850,000    120         118   01/01/17            360           360         28,612
   181         5.90946          4,800,000        4,791,417    120         119   02/01/17            300           299         30,721
   183         5.80946          4,725,000        4,725,000    120         119   02/01/17            360           360         27,814
183.01                          2,091,393        2,091,393    120         119   02/01/17            360           360
183.02                          1,394,263        1,394,263    120         119   02/01/17            360           360
183.03                          1,239,344        1,239,344    120         119   02/01/17            360           360
   187         5.85946          4,300,000        4,300,000    120         119   02/01/17            360           360         25,450
   188         5.86946          4,265,000        4,265,000    120         116   11/01/16            360           360         25,270
   189         6.60946          4,250,000        4,244,689    119         118   01/01/17            360           359         27,227
   194         6.10946          3,815,000        3,809,996    120         119   02/01/17            360           359         23,193
   195         6.38946          3,765,000        3,748,401    120         115   10/01/16            360           355         23,723
   197         5.62946          3,700,000        3,700,000    120         118   01/01/17            360           360         21,358
   199         5.92946          3,600,000        3,585,429    120         116   11/01/16            360           356         21,468
   202         5.85946          3,500,000        3,500,000    120         119   02/01/17            360           360         20,715
   203         5.83946          3,500,000        3,500,000    120         118   01/01/17            360           360         20,670
   204         6.15946          3,239,000        3,223,841    120         115   10/01/16            360           355         19,796
   205         6.19946          3,200,000        3,190,501    120         118   01/01/17            300           298         21,050
   210         6.23946          2,800,000        2,800,000    120         119   02/01/17            360           360         17,258
   211         5.90946          2,720,000        2,720,000    120         118   01/01/17            360           360         16,186
   213         6.07946          2,600,000        2,600,000    120         117   12/01/16            360           360         15,756
   216         5.97946          2,280,000        2,273,163    120         117   12/01/16            360           357         13,670
   219         5.82946          2,000,000        2,000,000    120         118   01/01/17              0             0          9,885
   221         6.01946          1,950,000        1,950,000    120         120   03/01/17            360           360         11,741
   224         6.01946          1,080,000        1,080,000    120         120   03/01/17            360           360          6,503
   225         6.01946          1,070,000        1,070,000    120         120   03/01/17            360           360          6,443
   226         6.01946            800,000          800,000    120         120   03/01/17            360           360          4,817

<CAPTION>

         Servicing                                                                Crossed   Originator/
Loan #   Fee Rate    Accrual Type   ARD (Y/N)   ARD Step Up (%)   Title Type      Loan      Loan Seller
------   ---------   ------------   ---------   ---------------   -------------   -------   -----------
<S>      <C>         <C>            <C>         <C>               <C>             <C>       <C>
     4     0.02000   Actual/360     No                            Fee                       CIBC
     5     0.02000   Actual/360     No                            Fee/Leasehold             CIBC
     6     0.02000   Actual/360     No                            Fee                       CIBC
     7     0.02000   Actual/360     No                            Fee                       CIBC
     9     0.02000   Actual/360     No                            Fee/Leasehold             CIBC
    13     0.02000   Actual/360     No                            Fee/Leasehold             CIBC
    16     0.02000   Actual/360     No                            Fee                       CIBC
    18     0.02000   Actual/360     No                            Fee                       CIBC
    20     0.02000   Actual/360     No                            Fee                       CIBC
 20.01                              No                            Fee                       CIBC
 20.02                              No                            Fee                       CIBC
 20.03                              No                            Fee                       CIBC
 20.04                              No                            Fee                       CIBC
 20.05                              No                            Fee                       CIBC
 20.06                              No                            Fee                       CIBC
 20.07                              No                            Fee                       CIBC
 20.08                              No                            Fee                       CIBC
 20.09                              No                            Fee                       CIBC
  20.1                              No                            Fee                       CIBC
    21     0.02000   Actual/360     No                            Fee                       CIBC
    25     0.02000   Actual/360     No                            Fee                       CIBC
    26     0.02000   Actual/360     No                            Fee                       CIBC
    27     0.02000   Actual/360     No                            Fee                       CIBC
    28     0.02000   Actual/360     No                            Fee                       CIBC
    29     0.02000   Actual/360     No                            Fee                       CIBC
    31     0.02000   Actual/360     No                            Fee                       CIBC
    35     0.06000   Actual/360     No                            Fee                       CIBC
    38     0.02000   Actual/360     No                            Fee                       CIBC
    39     0.02000   Actual/360     No                            Fee                       CIBC
 39.01                              No                            Fee                       CIBC
 39.02                              No                            Fee                       CIBC
 39.03                              No                            Fee                       CIBC
    42     0.02000   Actual/360     No                            Fee                       CIBC
    52     0.02000   Actual/360     No                            Fee                       CIBC
    54     0.02000   Actual/360     No                            Fee                       CIBC
 54.01                              No                            Fee                       CIBC
 54.02                              No                            Fee                       CIBC
    55     0.02000   Actual/360     No                            Fee                       CIBC
    59     0.02000   Actual/360     No                            Fee                       CIBC
    60     0.02000   Actual/360     No                            Fee                       CIBC
    63     0.02000   Actual/360     No                            Fee                       CIBC
    67     0.02000   Actual/360     No                            Fee                       CIBC
    70     0.02000   Actual/360     No                            Fee                       CIBC
 70.01                              No                            Fee                       CIBC
 70.02                              No                            Fee                       CIBC
 70.03                              No                            Fee                       CIBC
    71     0.02000   Actual/360     No                            Fee                       CIBC
    72     0.02000   Actual/360     No                            Fee                       CIBC
    74     0.02000   Actual/360     No                            Fee                       CIBC
    75     0.02000   Actual/360     No                            Fee                       CIBC
    76     0.02000   Actual/360     No                            Fee                       CIBC
    80     0.02000   Actual/360     No                            Fee                       CIBC
    81     0.02000   Actual/360     No                            Fee                       CIBC
    82     0.02000   Actual/360     No                            Fee                       CIBC
    84     0.02000   Actual/360     No                            Fee                       CIBC
    85     0.02000   Actual/360     No                            Fee                       CIBC
    87     0.02000   Actual/360     No                            Fee                       CIBC
    88     0.02000   Actual/360     No                            Fee                       CIBC
    90     0.02000   Actual/360     No                            Fee                       CIBC
    91     0.02000   Actual/360     No                            Fee                       CIBC
    92     0.02000   Actual/360     No                            Fee                       CIBC
    95     0.02000   Actual/360     No                            Fee                       CIBC
    96     0.02000   Actual/360     No                            Fee                       CIBC
    98     0.02000   Actual/360     No                            Fee                       CIBC
   100     0.02000   Actual/360     No                            Fee                       CIBC
100.01                              No                            Fee                       CIBC
100.02                              No                            Fee                       CIBC
   101     0.02000   Actual/360     No                            Fee                       CIBC
   106     0.02000   Actual/360     No                            Fee                       CIBC
106.01                              No                            Fee                       CIBC
106.02                              No                            Fee                       CIBC
   107     0.02000   Actual/360     No                            Fee                       CIBC
   108     0.02000   Actual/360     No                            Fee                       CIBC
   114     0.02000   Actual/360     No                            Fee                       CIBC
   117     0.02000   Actual/360     No                            Fee                       CIBC
   119     0.02000   Actual/360     No                            Fee                       CIBC
   122     0.06000   Actual/360     No                            Fee                       CIBC
   123     0.02000   Actual/360     No                            Fee                       CIBC
   125     0.02000   Actual/360     No                            Fee                       CIBC
   126     0.02000   Actual/360     No                            Fee                       CIBC
   127     0.02000   Actual/360     No                            Fee                       CIBC
   128     0.07000   Actual/360     No                            Fee                       CIBC
   130     0.02000   Actual/360     No                            Fee                       CIBC
   134     0.02000   Actual/360     No                            Fee                       CIBC
   137     0.02000   Actual/360     No                            Fee                       CIBC
   138     0.02000   Actual/360     No                            Fee                       CIBC
   140     0.02000   Actual/360     No                            Fee                       CIBC
   144     0.08000   Actual/360     No                            Fee                       CIBC
   147     0.02000   Actual/360     No                            Fee                       CIBC
147.01                              No                            Fee                       CIBC
147.02                              No                            Fee                       CIBC
   148     0.02000   Actual/360     No                            Fee                       CIBC
   151     0.02000   Actual/360     No                            Fee                       CIBC
   152     0.02000   Actual/360     No                            Fee                       CIBC
   154     0.02000   Actual/360     No                            Fee                       CIBC
   155     0.02000   Actual/360     No                            Fee                       CIBC
   156     0.02000   Actual/360     No                            Fee                       CIBC
   157     0.02000   Actual/360     No                            Fee                       CIBC
   161     0.02000   Actual/360     No                            Fee                       CIBC
   163     0.02000   Actual/360     No                            Fee                       CIBC
163.01                              No                            Fee                       CIBC
163.02                              No                            Fee                       CIBC
163.03                              No                            Fee                       CIBC
   165     0.02000   Actual/360     No                            Fee                       CIBC
   166     0.02000   Actual/360     No                            Fee                       CIBC
   169     0.02000   Actual/360     No                            Fee                       CIBC
   170     0.07000   Actual/360     No                            Fee                       CIBC
   173     0.02000   Actual/360     No                            Fee                       CIBC
   174     0.02000   Actual/360     No                            Fee                       CIBC
   179     0.02000   Actual/360     No                            Fee                       CIBC
   181     0.02000   Actual/360     No                            Fee                       CIBC
   183     0.02000   Actual/360     No                            Fee                       CIBC
183.01                              No                            Fee                       CIBC
183.02                              No                            Fee                       CIBC
183.03                              No                            Fee                       CIBC
   187     0.02000   Actual/360     No                            Fee                       CIBC
   188     0.02000   Actual/360     No                            Fee                       CIBC
   189     0.02000   Actual/360     No                            Fee                       CIBC
   194     0.02000   Actual/360     No                            Fee                       CIBC
   195     0.08000   Actual/360     No                            Fee                       CIBC
   197     0.02000   Actual/360     No                            Fee                       CIBC
   199     0.02000   Actual/360     No                            Fee                       CIBC
   202     0.02000   Actual/360     No                            Fee                       CIBC
   203     0.02000   Actual/360     No                            Fee                       CIBC
   204     0.02000   Actual/360     No                            Fee                       CIBC
   205     0.02000   Actual/360     No                            Fee                       CIBC
   210     0.02000   Actual/360     No                            Fee                       CIBC
   211     0.02000   Actual/360     No                            Fee                       CIBC
   213     0.02000   Actual/360     No                            Fee                       CIBC
   216     0.02000   Actual/360     No                            Fee                       CIBC
   219     0.02000   Actual/360     No                            Fee                       CIBC
   221     0.02000   Actual/360     No                            Fee             A         CIBC
   224     0.02000   Actual/360     No                            Fee             A         CIBC
   225     0.02000   Actual/360     No                            Fee             A         CIBC
   226     0.02000   Actual/360     No                            Fee             A         CIBC

<CAPTION>

                                                                                                             UPFRONT ESCROW
                                                                   ------------------------------------------------------------

                                                                                                    Upfront
                                                     Letter of     Upfront CapEx    Upfront Eng.    Envir.        Upfront
Loan #  Guarantor                                    Credit        Reserve          Reserve         Reserve       TI/LC Reserve
------- -----------------------------------------    -----------   --------------   -------------   -----------   --------------
<S>     <C>                                          <C>           <C>              <C>             <C>           <C>
     4  Columbia Sussex Corporation                           No       125,466.00            0.00          0.00            0.00
     5  Columbia Sussex Corporation                           No        92,324.42       36,250.00          0.00            0.00
        Philip Pilevsky, Raymond Gindi, Joseph
     6  Chehebar                                              No        43,946.00       28,375.00          0.00            0.00
     7  G. Holdings Corporation                               No             0.00            0.00          0.00            0.00
     9  Joshua Safrin                                         No         4,016.01            0.00          0.00       41,667.00
    13  Columbia Sussex Corporation                           No        68,767.33            0.00          0.00            0.00
    16  Martin W. Field                                       No             0.00      277,521.25          0.00            0.00
    18  J. Charles Hendon, Jr.                                No        11,542.50            0.00          0.00    3,316,159.50
    20  Suburban Retail Holdings, Inc.                        No       100,000.00            0.00          0.00      150,000.00
 20.01
 20.02
 20.03
 20.04
 20.05
 20.06
 20.07
 20.08
 20.09
  20.1
    21  Prime Outlets Acquisition Company, LLC                No         1,822.00            0.00          0.00    2,475,978.83
    25  Columbia Sussex Corporation                           No        44,160.08            0.00          0.00            0.00
    26  Walter Kaiser, Jordon Kaiser                          No        41,673.58      313,938.00          0.00            0.00
    27  Martin W. Field                                       No        27,395.00            0.00          0.00            0.00
    28  GFW Trust                                             No             0.00            0.00          0.00            0.00
    29  T.J. Heyman, John Wensinger, Tom Williams    1,000,000.0         9,916.67            0.00          0.00            0.00
        Corporate Property Associates 16-Global
    31  Incorporated                                          No             0.00            0.00          0.00            0.00
    35  Daniel Massry                                         No         1,774.17            0.00          0.00        3,801.80
        Sequoia Real Estate Holdings, L.P.,
        Sequoia Courtney Manor, LP, Sequoia
        Courtney Manor 1, LP, Sequoia Courtney
        Manor 2, LP, Sequoia Courtney Manor 3, LP,
        Sequoia Courtney Manor 4, LP, Sequoia
        Courtney Manor 5, LP, Sequoia Courtney
        Manor 6, LP, Sequoia Courtney Manor 7, LP,
        Sequoia Courtney Manor 8, LP, Sequoia
        Courtney Manor 9, LP, Sequoia Courtney
        Manor 10, LP, Sequoia Courtney Manor 11,
        LP, Sequoia Courtney Manor 12, LP, Sequoia
        Courtney Manor 13, LP, Sequoia Courtney
        Manor 14, LP, Sequoia Courtney Manor 15,
        LP, Sequoia Courtney Manor 16, LP, Sequoia
        Courtney Manor 17, LP, Sequoia Courtney
        Manor 19, LP, Sequoia Courtney Manor 20,
        LP, Sequoia Courtney Manor 22, LP, Sequoia
        Courtney Manor 23, LP, Sequoia Courtney
        Manor 24, LP, Sequoia Courtney Manor 25,
        LP, Sequoia Courtney Manor 26, LP, Sequoia
        Courtney Manor 28, LP, Sequoia Courtney
        Manor 29, LP, Sequoia Courtney Manor 30,
        LP, Sequoia Courtney Manor 31, LP, Sequoia
    38  Courtney Manor 32, LP                                 No         5,366.67            0.00          0.00            0.00
    39  Gladstone Commercial Corporation                      No         1,733.92            0.00          0.00            0.00
 39.01
 39.02
 39.03
    42  Bernard J. Rosenshein                                 No           917.00            0.00          0.00            0.00
    52  Gaetano Alessi, Sr., Maddalena Alessi                 No         1,208.00            0.00          0.00        6,200.00
        Dhiren C. Patel, Ashok Lodha, Bhadresh
    54  Dhila                                                 No         9,650.00            0.00          0.00            0.00
 54.01
 54.02
        The Gregory A. Fowler Living Trust U/T/A
    55  Dated April 27, 1995                                  No         6,854.16            0.00          0.00            0.00
    59  Robert Richard Walker                                 No           719.16            0.00          0.00        1,678.05
    60  Alan H. Pollack                                       No     2,500,000.00            0.00          0.00            0.00
        Steven W. Katz, Jacob Klein, Wayne
    63  Zuckerman, Joseph Forgione                            No             0.00            0.00          0.00            0.00
    67  David M. Levy                                  500,000.0             0.00            0.00          0.00            0.00
    70  Gladstone Commercial Corporation                      No        96,818.71            0.00          0.00            0.00
 70.01
 70.02
 70.03
    71  J.E. Lindsey Family Limited Partnership               No             0.00            0.00          0.00            0.00
    72  Samuel Kirschenbaum                                   No             0.00            0.00          0.00            0.00
    74  Allen Pilevsky                                        No           473.42      134,070.00          0.00        2,367.04
    75  Jonathan P. Browne                                    No         1,218.50            0.00          0.00        7,500.00
        Guy N. Martin, John Ross Martin III, Locke
    76  A. Braly, William S. Hawken, Frank Ratliff            No         2,500.00            0.00          0.00            0.00
    80  Gerard P. Joyce                                       No         2,655.00            0.00          0.00        1,457.50
    81  MRM Capital LLC                                       No             0.00            0.00          0.00      200,000.00
    82  Stephen B. Jaeger                                     No         1,457.29       29,687.50          0.00        5,416.67
    84  Charles Price, Dennis Fuller                          No         2,500.00            0.00          0.00            0.00
    85  Llyod Goldman                                         No             0.00            0.00          0.00            0.00
    87  Benjamin Korman and Meir Cohen                        No             0.00            0.00          0.00            0.00
        Bahador Mahboubi, Behrouz Mahboubi-Fardi,
    88  Daryoush Mahboubi-Fardi, Kamyar Mahboubi              No           478.00       40,000.00          0.00            0.00
    90  Howard A. Goldenfarb                                  No         1,467.18            0.00          0.00        1,666.67
    91  Charles Dubroff                                       No        11,840.00            0.00          0.00            0.00
    92  Jeffrey L. Zimmer                                     No           953.11            0.00          0.00        5,000.00
    95  Daniel S. Burton                                      No         2,934.00            0.00          0.00            0.00
    96  Phillip S. Marrone                                    No         1,038.55            0.00          0.00        5,192.75
    98  Harry Bookey                                          No             0.00            0.00          0.00            0.00
   100  Philip B. Lindy                                       No         1,596.97            0.00          0.00            0.00
100.01
100.02
   101  Matthew Felton                                        No         1,552.83            0.00          0.00            0.00
   106  David O'Leary                                         No         6,992.33            0.00          0.00            0.00
106.01
106.02
   107  Steven Z. Weinreb                                     No        46,138.00      279,657.00          0.00            0.00
   108  David C. Hetherington, Ashok Kumar                    No        26,500.00            0.00          0.00      150,000.00
   114  Ahmad E. Amer                                         No           836.38            0.00          0.00        1,895.70
   117  Steve Olsher                                          No           760.42            0.00          0.00        2,471.41
   119   Matthew H. Cody, David E. Shein                      No           706.17            0.00          0.00        2,648.13
   122  Gil J. Besing                                         No             0.00            0.00          0.00      150,000.00
        Jack J. Crifasi, Jr., Ronald S. Freedman,
        Jon Strohmeyer, Cynthia Strohmeyer, Brian
        Howell, Charlotte Howell, Randy Johns,
        Lorrie Johns, Kevin McVicker, Debra
   123  McVicker, Michael Dunnam, Anne Dunnam                 No           391.00            0.00          0.00        2,083.00
   125  Eli Ungar, David Gefsky                               No       352,771.00            0.00          0.00            0.00
   126  Nicholas Studen, Jr.                                  No             0.00            0.00          0.00            0.00
   127  Diran Elsaifi                                         No         1,609.02            0.00          0.00        5,416.67
   128  Eli Mordechai                                         No         1,000.00            0.00          0.00            0.00
        The Gregory A. Fowler Living Trust U/T/A
   130  Dated April 27, 1995                                  No         2,166.66            0.00          0.00            0.00
   134  Laurence G. Ruben                                     No             0.00            0.00          0.00            0.00
        Gregory Everhard, Harvey M. Cohen, The
        Harvey M. Cohen Revocable Trust, U/T/A
   137  Dated 3/20/2002                                       No             0.00      100,000.00          0.00            0.00
   138  Philip Pilevsky                                       No           344.58            0.00          0.00        1,148.62
   140  John Bredvick                                         No         1,184.00            0.00          0.00      600,000.00
        Kenneth N. Jensen, James E. McWilliams,
   144  Brand Partners, L.P.                                  No         1,717.00            0.00          0.00            0.00
   147  Howard A. Goldenfarb                                  No           664.05       12,488.00          0.00            0.00
147.01
147.02
        The Gregory A. Fowler Living Trust U/T/A
   148  Dated April 27,1995, MKD Investments, L.P.            No        29,766.66       23,438.00          0.00            0.00
   151  SVN Equities, LLC                                     No           821.98      271,539.15          0.00            0.00
   152  Tan Nguyen                                            No           370.50            0.00          0.00        1,875.00
   154  Richard S. Kemp                                       No           796.92       25,625.00          0.00       76,965.72
   155  R. Phillip Zobrist, Gerry Zobrist                     No        25,000.00            0.00          0.00            0.00
   156  John P. Livesey                                       No           413.83            0.00          0.00            0.00
   157  Revenue Properties Company Limited                    No         2,164.40       57,081.25          0.00        2,164.40
        The Gregory A. Fowler Living Trust U/T/A
   161  Dated April 27,1995, MKD Investments, L.P.            No           901.67       19,445.00          0.00      250,000.00
   163  Gary M. Sanzone, William F. Palmisano                 No         5,333.00       19,000.00          0.00            0.00
163.01
163.02
163.03
   165  Martin Selig                                          No           228.00            0.00          0.00            0.00
   166  Sherwin N. Jarol                                      No             0.00            0.00          0.00        1,458.33
   169  Jeffrey L. Zimmer                                     No           630.63            0.00    350,000.00        1,666.66
   170  Donald W. Stevenson, Gary S. Troast                   No           578.00       20,062.50          0.00        1,250.00
   173  Mirajuddin Ahmed                                      No             0.00            0.00     15,000.00            0.00
   174  Aron Forem                                            No         3,200.00      256,338.00    125,000.00            0.00
   179  Michael S. Pearlstein, Norman Fleekop                 No         1,739.58            0.00          0.00            0.00
   181  Robert Sullivan                                       No         1,420.77       97,500.00          0.00      312,103.83
        Mitchel Maidman, Gregory Maidman, Richard
   183  Maidman, Richard Spinelli                             No        94,604.17       58,250.00          0.00            0.00
183.01
183.02
183.03
   187  David C. Smith                                        No           868.00       25,625.00          0.00        2,500.00
        Nat H. Davis III, G. Peter Jacob, Scott W.
   188  Weaver                                                No           769.31            0.00          0.00          833.33
   189  Ralph Isenberg                                        No           823.00            0.00          0.00        1,667.00
   194  Timothy M. Barrett                                    No           191.00            0.00          0.00       31,515.00
   195  Ali G. Khan                                           No        35,000.00       17,125.00          0.00            0.00
        Robert Sena, Adam Singer, Matthew
   197  Wanderer, Mathew Papunen                              No         2,500.00            0.00          0.00            0.00
   199  Steve R. Craig, Doug Hollidge                         No           336.67            0.00          0.00            0.00
   202  Faigy Goldberger                                      No           253.79            0.00          0.00        1,250.00
        David Grossman, Gary Gumowitz, Edward
   203  Balazs                                                No           312.60            0.00          0.00        1,250.00
   204  Steven Z. Weinreb                                     No           509.00            0.00          0.00        2,500.00
   205  Gary L. Nielsen                                       No           576.58       15,201.00          0.00        1,981.25
   210  Shallom Berkman, Jilla Berkman                        No            66.10            0.00          0.00          440.67
   211  Alan S. Mann, Nelson S. Billups                       No             0.00       26,988.00          0.00            0.00
   213  Terry DeLooze                                         No           195.47            0.00          0.00          833.34
   216  William M. Friedrichs, Jr.                            No         1,987.50      199,921.25          0.00            0.00
   219  Mirajuddin Ahmed                                      No             0.00            0.00          0.00            0.00
        Fairfield Country Shops II Associates GP,
   221  LLC                                                   No                                                      20,000.00
        Greatwood Country Shops I Associates GP,
   224  LLC                                                   No                                                      10,000.00
   225  Cinco Pad Associates GP, LLC                          No                                                      10,000.00
   226  FRP Fairfield Village Associates GP, LLC              No                                                      10,000.00

<CAPTION>

          UPFRONT ESCROW                                                                MONTHLY ESCROW
          ---------------------------------------------       -----------------------------------------------------------------

                                                              Monthly     Monthly   Monthly                  Monthly    Monthly
          Upfront RE Tax   Upfront        Upfront             Capex       Envir.    TI/LC      Monthly RE    Ins.       Other
Loan #    Reserve          Ins. Reserve   Other Reserve       Reserve     Reserve   Reserve    Tax Reserve   Reserve    Reserve
-------   --------------   ------------   -------------       ---------   -------   --------   -----------   --------   -------
<S>       <C>              <C>            <C>                 <C>         <C>       <C>        <C>           <C>        <C>
      4       813,800.29     562,509.00            0.00       125466.00      0.00       0.00      62600.02       0.00      0.00
      5       541,652.54     195,228.50            0.00        92324.42      0.00       0.00      77378.93       0.00      0.00
      6        80,349.91     162,321.67            0.00        43946.00      0.00       0.00      40174.95   19451.25      0.00
      7             0.00           0.00            0.00            0.00      0.00       0.00          0.00       0.00      0.00
      9       143,745.83      30,490.50            0.00         4016.01      0.00   41667.00      21688.60   10163.50      0.00
     13       454,341.73     160,607.00            0.00        68767.33      0.00       0.00      59377.17       0.00      0.00
     16             0.00     153,895.50            0.00        77205.39      0.00       0.00     135860.43   19938.71      0.00
     18       150,470.11      27,451.84      985,000.00        11542.50      0.00   16159.50      24115.41    9150.61      0.00
     20       159,749.62           0.00            0.00         2921.48      0.00       0.00          0.00       0.00      0.00
  20.01
  20.02
  20.03
  20.04
  20.05
  20.06
  20.07
  20.08
  20.09
   20.1
     21        37,800.00      52,500.00            0.00         1822.00      0.00   12073.83      37800.00    5250.00      0.00
     25       250,442.24      72,582.50            0.00        44160.08      0.00       0.00      17888.73       0.00      0.00
     26             0.00           0.00            0.00         1673.58      0.00       0.00          0.00       0.00      0.00
     27        18,608.08      86,856.86            0.00        27395.00      0.00       0.00       6202.69   10475.33      0.00
     28             0.00           0.00            0.00            0.00      0.00       0.00          0.00       0.00      0.00
     29        75,355.58      35,836.25            0.00         9916.67      0.00       0.00      10765.08    7167.25      0.00
     31             0.00           0.00            0.00            0.00      0.00       0.00          0.00       0.00      0.00
     35        80,298.83      49,534.67            0.00         1774.17      0.00    3801.80      26766.28    8497.91      0.00
     38             0.00      19,625.00      500,000.00         5366.67      0.00       0.00      50500.00    6541.67      0.00
     39             0.00           0.00            0.00         1733.92      0.00       0.00          0.00       0.00      0.00
  39.01
  39.02
  39.03
     42        69,812.47       5,111.92       40,459.37          917.00      0.00       0.00      16987.82    5111.92      0.00
     52        30,576.77      45,430.98      196,604.00         1208.00      0.00    6200.00      10192.26    6280.29      0.00
     54        27,513.67      17,485.00      745,000.00         9650.00      0.00       0.00       9171.22    5828.33      0.00
  54.01
  54.02
     55             0.00      26,827.92            0.00         6854.16      0.00       0.00      23566.67    5365.58      0.00
     59             0.00       3,122.33      100,000.00          719.16      0.00    1678.05          0.00     780.58      0.00
     60        65,019.80     229,208.83            0.00         6333.33      0.00       0.00      21673.27   20387.17      0.00
     63        83,292.00           0.00      146,784.00            0.00      0.00       0.00          0.00       0.00      0.00
     67         4,742.46       3,931.74            0.00          331.75      0.00    1166.67       4742.46     786.35      0.00
     70             0.00           0.00            0.00         2318.71      0.00       0.00          0.00       0.00      0.00
  70.01
  70.02
  70.03
     71        32,964.85       6,117.42      520,188.00         1233.17      0.00    5857.58       4120.61    1165.58      0.00
     72             0.00           0.00            0.00            0.00      0.00       0.00          0.00       0.00      0.00
     74       130,323.75      28,083.92            0.00          473.42      0.00    2367.04      43441.25    3560.84      0.00
     75        84,189.63      20,182.25            0.00         1218.50      0.00    7500.00      28063.21    1834.75      0.00
     76             0.00      30,152.84            0.00         2500.00      0.00       0.00      18042.92    3769.11      0.00
     80        65,225.00       7,789.25      800,000.00         2655.00      0.00    1457.50       6522.50    2596.42      0.00
     81        21,335.18      39,653.17            0.00         2778.92      0.00   41683.75       5333.80    3604.83      0.00
     82        41,786.53      16,893.33            0.00         1457.29      0.00    5416.67      10446.63    1689.33      0.00
     84        32,901.39      53,803.20            0.00         2500.00      0.00       0.00       6580.28    5978.13      0.00
     85             0.00           0.00            0.00            0.00      0.00       0.00          0.00       0.00      0.00
     87        85,786.67       6,252.92            0.00         2625.32      0.00       0.00      21446.67    1250.58      0.00
     88        24,149.60       7,720.67      100,000.00          478.00      0.00       0.00       4829.92    3860.33      0.00
     90        53,985.77      16,978.00    1,610,000.00         1467.18      0.00    1666.67      13496.44    2829.67      0.00
     91        14,000.00       8,690.50            0.00        11840.00      0.00       0.00      14000.00    2896.83      0.00
     92        33,368.74      10,266.00            0.00          953.11      0.00    5000.00       5561.46     855.50      0.00
     95         5,866.67      43,552.17      550,000.00         2934.00      0.00       0.00       2933.33    3350.17      0.00
     96        32,081.24       6,550.75        3,141.67         1038.55      0.00    5192.75      10693.75    2183.58   3141.67
     98       149,324.17      41,101.82            0.00         6166.67      0.00       0.00      29864.83    5137.73      0.00
    100             0.00           0.00            0.00         1596.97      0.00       0.00          0.00       0.00      0.00
 100.01
 100.02
    101        57,703.84       6,802.25            0.00         1552.83      0.00       0.00      11540.77    2267.42      0.00
    106        88,666.67      70,618.40            0.00         6992.23      0.00       0.00       6333.33    6419.85      0.00
 106.01
 106.02
    107        87,602.41      20,566.67      350,000.00         7638.00      0.00       0.00      21900.60    5833.33      0.00
    108       198,236.00       7,536.75            0.00          735.40      0.00    4583.33      16519.67    2512.25      0.00
    114        92,312.61       5,330.00    1,600,000.00          836.38      0.00    1895.70       8408.51    1332.50      0.00
    117             0.00       9,639.00            0.00          760.42      0.00    2471.41          0.00    1071.00      0.00
    119             0.00       4,053.00            0.00          706.17      0.00    2648.13      13429.29    1351.00      0.00
    122             0.00           0.00            0.00            0.00      0.00       0.00          0.00       0.00      0.00
    123        20,101.15      34,189.23            0.00          391.00      0.00    2083.00       5030.29    8525.39      0.00
    125       256,217.50      36,040.50      350,000.00         2771.00      0.00       0.00      18301.25   11026.17      0.00
    126        77,625.00       1,313.50            0.00            0.00      0.00       0.00       8625.00     437.83      0.00
    127       151,666.67      47,029.50            0.00         1609.02      0.00    5416.67      11666.67    3359.25      0.00
    128        51,722.25       4,126.67            0.00         1000.00      0.00       0.00      17240.75    1031.67      0.00
    130        40,162.81      17,706.36            0.00         2166.66      0.00       0.00       8032.56    1770.64      0.00
    134        45,376.67      15,114.84            0.00            0.00      0.00       0.00       5672.08    1411.25      0.00
    137             0.00           0.00            0.00            0.00      0.00       0.00          0.00       0.00      0.00
    138        90,020.27      11,621.67            0.00          344.58      0.00    1148.62      27283.70    1567.17      0.00
    140        41,175.00       8,083.50      100,000.00         1184.00      0.00       0.00          0.00       0.00      0.00
    144        27,318.74       5,886.25            0.00         1717.00      0.00       0.00       6829.69    1962.08      0.00
    147             0.00           0.00            0.00          664.05      0.00       0.00          0.00       0.00      0.00
 147.01
 147.02
    148        31,564.75      19,917.64            0.00         4766.66      0.00       0.00      10521.58    2213.07      0.00
    151        10,285.71       8,092.00      450,000.00          821.98      0.00       0.00       5142.85    1011.50      0.00
    152        27,904.53       3,761.92            0.00          370.50      0.00    1875.00       5580.91     622.42      0.00
    154        29,349.61      28,500.08            0.00          796.92      0.00    1965.72      14674.80    2590.92      0.00
    155             0.00           0.00            0.00          916.66      0.00       0.00          0.00       0.00      0.00
    156         9,082.75       1,814.50      240,000.00          413.83      0.00       0.00       3027.58     604.83      0.00
    157        12,402.17      46,716.00      207,429.24         2164.40      0.00    2164.40       6201.08    5839.50      0.00
    161        24,500.74      10,789.73       40,000.00          901.67      0.00    6250.00       4927.25    1078.97      0.00
    163        43,172.75      19,443.67            0.00         5333.00      0.00       0.00      14390.92    2777.67      0.00
 163.01
 163.02
 163.03
    165        12,484.00       2,428.25            0.00          228.00      0.00       0.00       2080.67     809.42      0.00
    166             0.00           0.00            0.00            0.00      0.00    1458.33          0.00       0.00      0.00
    169        16,522.93       8,628.00            0.00          630.63      0.00    1666.66       2753.82     719.00      0.00
    170             0.00           0.00      140,000.00          578.00      0.00    1250.00          0.00       0.00      0.00
    173        20,289.75       7,107.00            0.00         1920.00      0.00       0.00       6763.25    2369.00      0.00
    174        40,551.67      29,118.41            0.00         3200.00      0.00       0.00      10137.92    4067.06      0.00
    179        19,652.85       4,480.00            0.00         1739.58      0.00       0.00       3275.48    1493.33      0.00
    181        17,615.56      13,743.00            0.00         1420.77      0.00    7103.83       4403.89    1145.25      0.00
    183        73,733.18      11,079.20            0.00         2854.17      0.00       0.00      13073.35    2769.80      0.00
 183.01
 183.02
 183.03
    187        36,820.00      11,831.67            0.00          868.00      0.00    2500.00       5260.00    1183.17      0.00
    188        65,510.00       9,944.46      117,840.00          769.31      0.00     833.33       5459.17     764.96      0.00
    189        13,079.09       1,621.39       99,672.50          823.00      0.00    1667.00       2179.85     810.70      0.00
    194        18,399.93      10,563.00            0.00          191.00      0.00    2626.25       2628.56     880.25      0.00
    195             0.00       5,332.83            0.00         3833.33      0.00       0.00       4410.60    2666.42      0.00
    197         8,375.00      20,768.08            0.00         2500.00      0.00       0.00       2791.67    4153.62      0.00
    199        12,000.00       1,430.50      123,725.00          336.67      0.00       0.00       3000.00     476.83      0.00
    202        11,992.85       9,562.92       40,900.00          253.79      0.00    1250.00       3997.62     869.36      0.00
    203        25,563.59       7,004.53            0.00          312.60      0.00    1250.00       6139.03     700.45      0.00
    204        81,325.58       7,269.66            0.00          509.00      0.00    2500.00       6255.81    2423.22      0.00
    205         3,408.02       6,010.83      150,000.00          576.58      0.00    1981.25        852.01     846.08      0.00
    210         8,773.58       2,642.00            0.00           66.10      0.00     440.67       1462.26     660.50      0.00
    211         2,733.85      15,921.58      151,295.00         1503.67      0.00    1879.63       1366.93    1447.42      0.00
    213         4,699.08       8,736.58      300,000.00          195.47      0.00     833.34       1566.36    1248.08      0.00
    216        33,806.12      14,721.60            0.00         1987.50      0.00       0.00       2817.18    4907.20      0.00
    219         6,018.10      14,763.83            0.00          250.00      0.00       0.00       2006.03    1342.17      0.00
    221        14,925.56                      50,000.00          100.17
    224         6,199.07                      50,000.00           61.67
    225         3,561.27                                          50.00                            1187.09
    226        13,439.49                                         156.00

<CAPTION>
                                                                                                                       Remaining
                                                                                                                       Amortization
                                                           Defeasance   Interest                      Final Maturity   Term for
Loan #   Grace Period   Lockbox In-place   Property Type   Permitted    Accrual Period   Loan Group   Date             Balloon Loans
------   ------------   ----------------   -------------   ----------   --------------   ----------   --------------   ------------
<S>      <C>            <C>                <C>             <C>          <C>              <C>          <C>              <C>
     4              7   No                 Hotel           Yes          Actual/360                1                             360
     5              7   No                 Hotel           Yes          Actual/360                1                             360
     6              7   Yes                Hotel           Yes          Actual/360                1                             360
     7              7   No                 Hotel           Yes          Actual/360                1                             300
     9              7   Yes                Office          Yes          Actual/360                1                             360
    13              7   No                 Hotel           Yes          Actual/360                1                             360
    16              7   Yes                Hotel           Yes          Actual/360                1                             360
    18              7   No                 Retail          Yes          Actual/360                1                             360
    20              7   No                 Various         No           Actual/360                1                             360
 20.01              7                      Retail                                                 1                             360
 20.02              7                      Retail                                                 1                             360
 20.03              7                      Retail                                                 1                             360
 20.04              7                      Retail                                                 1                             360
 20.05              7                      Retail                                                 1                             360
 20.06              7                      Retail                                                 1                             360
 20.07              7                      Office                                                 1                             360
 20.08              7                      Office                                                 1                             360
 20.09              7                      Retail                                                 1                             360
  20.1              7                      Office                                                 1                             360
    21              7   No                 Retail          Yes          Actual/360                1                             360
    25              7   No                 Hotel           Yes          Actual/360                1                             360
    26              7   No                 Retail          Yes          Actual/360                1                             360
    27              7   Yes                Hotel           Yes          Actual/360                1                             360
    28              7   No                 Office          Yes          Actual/360                1
    29              7   No                 Multifamily     Yes          Actual/360                2                             360
    31              7   No                 Industrial      Yes          Actual/360                1                             360
    35              7   No                 Retail          Yes          Actual/360                1                             360
    38              7   No                 Multifamily     Yes          Actual/360                2                             360
    39              7   No                 Various         Yes          Actual/360                1                             360
 39.01              7                      Office                                                 1                             360
 39.02              7                      Industrial                                             1                             360
 39.03              7                      Office                                                 1                             360
    42              7   No                 Retail          Yes          Actual/360                1                             360
    52              7   No                 Retail          Yes          Actual/360                1                             360
    54              7   No                 Hotel           Yes          Actual/360                1                             360
 54.01              7                      Hotel                                                  1                             360
 54.02              7                      Hotel                                                  1                             360
    55              7   Yes                Multifamily     Yes          Actual/360                2
    59              7   No                 Retail          Yes          Actual/360                1                             360
    60              5   No                 Multifamily     Yes          Actual/360                2
    63              7   No                 Retail          Yes          Actual/360                1                             360
    67              5   No                 Retail          Yes          Actual/360                1
    70              7   No                 Industrial      Yes          Actual/360                1                             360
 70.01              7                      Office                                                 1                             360
 70.02              7                      Industrial                                             1                             360
 70.03              7                      Industrial                                             1                             360
    71              7   No                 Office          Yes          Actual/360                1                             360
    72              7   No                 Industrial      No           Actual/360                1                             360
    74              7   No                 Retail          Yes          Actual/360                1
    75              7   No                 Mixed Use       Yes          Actual/360                1                             360
    76              7   No                 Multifamily     Yes          Actual/360                2                             360
    80              7   No                 Multifamily     Yes          Actual/360                1                             360
    81              7   No                 Industrial      Yes          Actual/360                1                             300
    82              7   No                 Retail          Yes          Actual/360                1
    84              7   No                 Multifamily     Yes          Actual/360                2                             360
    85              7   No                 Industrial      Yes          Actual/360                1                             360
    87              7   No                 Office          Yes          Actual/360                1                             360
    88              7   No                 Mixed Use       Yes          Actual/360                1
    90              7   No                 Industrial      No           Actual/360                1                             360
    91              7   No                 Hotel           Yes          Actual/360                1                             360
    92             15   No                 Retail          Yes          Actual/360                1                             360
    95              7   No                 Multifamily     Yes          Actual/360                2                             360
    96              7   No                 Retail          Yes          Actual/360                1                             360
    98              7   No                 Multifamily     Yes          Actual/360                2                             360
   100              7   No                 Office          Yes          Actual/360                1                             360
100.01              7                      Office                                                 1                             360
100.02              7                      Office                                                 1                             360
   101              7   No                 Office          Yes          Actual/360                1
   106              7   No                 Multifamily     Yes          Actual/360                2                             360
106.01              7                      Multifamily                                            2                             360
106.02              7                      Multifamily                                            2                             360
   107              7   No                 Multifamily     Yes          Actual/360                2                             360
   108              7   No                 Retail          Yes          Actual/360                1
   114              7   No                 Retail          Yes          Actual/360                1                             360
   117              7   No                 Office          Yes          Actual/360                1                             360
   119              7   No                 Office          Yes          Actual/360                1                             360
   122              7   No                 Retail          Yes          Actual/360                1                             360
   123              7   No                 Retail          Yes          Actual/360                1                             360
   125              7   No                 Multifamily     Yes          Actual/360                2                             360
   126              7   No                 Retail          No           Actual/360                1
   127              7   No                 Industrial      Yes          Actual/360                1                             360
   128              7   No                 Office          Yes          Actual/360                1                             360
   130              7   No                 Multifamily     Yes          Actual/360                2                             360
   134              7   No                 Retail          No           Actual/360                1                             360
   137              7   No                 Industrial      Yes          Actual/360                1                             360
   138              7   No                 Retail          Yes          Actual/360                1                             360
   140              7   No                 Industrial      Yes          Actual/360                1                             360
   144              7   No                 Industrial      Yes          Actual/360                1                             360
   147              7   No                 Industrial      No           Actual/360                1                             360
147.01              7                      Industrial                                             1                             360
147.02              7                      Industrial                                             1                             360
   148              7   No                 Multifamily     Yes          Actual/360                2                             360
   151             15   No                 Industrial      Yes          Actual/360                1                             360
   152              7   No                 Retail          Yes          Actual/360                1                             360
   154              7   No                 Retail          Yes          Actual/360                1                             360
   155              7   No                 Industrial      Yes          Actual/360                1                             360
   156              7   No                 Office          Yes          Actual/360                1                             360
   157              7   No                 Industrial      Yes          Actual/360                1                             360
   161              7   No                 Office          Yes          Actual/360                1                             360
   163              7   No                 Multifamily     Yes          Actual/360                2                             360
163.01              7                      Multifamily                                            2                             360
163.02              7                      Multifamily                                            2                             360
163.03              7                      Multifamily                                            2                             360
   165              7   No                 Office          Yes          Actual/360                1                             360
   166              7   No                 Industrial      Yes          Actual/360                1                             360
   169             15   No                 Retail          Yes          Actual/360                1                             360
   170              7   No                 Industrial      Yes          Actual/360                1                             360
   173              7   No                 Multifamily     Yes          Actual/360                2
   174              7   No                 Industrial      Yes          Actual/360                1                             360
   179              7   No                 Multifamily     Yes          Actual/360                2                             360
   181              7   No                 Office          Yes          Actual/360                1                             300
   183              7   No                 Multifamily     Yes          Actual/360                2                             360
183.01              7                      Multifamily                                            2                             360
183.02              7                      Multifamily                                            2                             360
183.03              7                      Multifamily                                            2                             360
   187              7   No                 Retail          Yes          Actual/360                1                             360
   188              7   No                 Retail          Yes          Actual/360                1                             360
   189              7   No                 Retail          Yes          Actual/360                1                             360
   194              7   No                 Retail          Yes          Actual/360                1                             360
   195             15   No                 Multifamily     Yes          Actual/360                2                             360
   197              7   No                 Multifamily     Yes          Actual/360                2                             360
   199             15   No                 Office          Yes          Actual/360                1                             360
   202              7   No                 Retail          Yes          Actual/360                1                             360
   203              7   No                 Retail          Yes          Actual/360                1                             360
   204              7   No                 Office          Yes          Actual/360                1                             360
   205              7   No                 Retail          Yes          Actual/360                1                             300
   210              7   No                 Retail          Yes          Actual/360                1                             360
   211              7   No                 Retail          Yes          Actual/360                1                             360
   213              7   No                 Retail          Yes          Actual/360                1                             360
   216              7   No                 Multifamily     Yes          Actual/360                2                             360
   219              7   No                 Office          Yes          Actual/360                1
   221              7   No                 Retail          No           Actual/360                1                             360
   224              7   No                 Retail          No           Actual/360                1                             360
   225              7   No                 Retail          No           Actual/360                1                             360
   226              7   No                 Retail          No           Actual/360                1                             360

</TABLE>

<PAGE>

                                    EXHIBIT B

                 MORTGAGE LOAN REPRESENTATIONS AND WARRANTIES

            (1) No Mortgage Loan is 30 days or more delinquent in payment of
principal and interest (without giving effect to any applicable grace period)
and no Mortgage Loan has been 30 days or more (without giving effect to any
applicable grace period in the related Mortgage Note) past due.

            (2) Except with respect to the ARD Loans, which provide that the
rate at which interest accrues thereon increases after the Anticipated Repayment
Date, the Mortgage Loans (exclusive of any default interest, late charges or
prepayment premiums) are fixed rate mortgage loans with terms to maturity, at
origination or as of the most recent modification, as set forth in the Mortgage
Loan Schedule.

            (3) The information pertaining to each Mortgage Loan set forth on
the Mortgage Loan Schedule is true and correct in all material respects as of
the Cut-off Date.

            (4) At the time of the assignment of the Mortgage Loans to the
Purchaser, the Seller had good and marketable title to and was the sole owner
and holder of, each Mortgage Loan, free and clear of any pledge, lien,
encumbrance or security interest (subject to certain agreements regarding
servicing as provided in the Pooling and Servicing Agreement, subservicing
agreements permitted thereunder and that certain Servicing Rights Purchase and
Sale Agreement, dated as of the date hereof between Servicer and Seller) and
such assignment validly and effectively transfers and conveys all legal and
beneficial ownership of the Mortgage Loans to the Purchaser free and clear of
any pledge, lien, encumbrance or security interest (subject to certain
agreements regarding servicing as provided in the Pooling and Servicing
Agreement, subservicing agreements permitted thereunder and that certain
Servicing Rights Purchase and Sale Agreement, dated as of the date hereof
between Servicer and Seller).

            (5) In respect of each Mortgage Loan, (A) in reliance on public
documents or certified copies of the incorporation or partnership or other
entity documents, as applicable, delivered in connection with the origination of
such Mortgage Loan, the related Mortgagor is an entity organized under the laws
of a state of the United States of America, the District of Columbia or the
Commonwealth of Puerto Rico and (B) as of the origination date, the Seller
(based on customary due diligence) had no knowledge, and since the origination
date, the Seller has no actual knowledge, that the related Mortgagor is a debtor
in any bankruptcy, receivership, conservatorship, reorganization, insolvency,
moratorium or similar proceeding.

            (6) Each Mortgage Loan is secured by the related Mortgage which
establishes and creates a valid and subsisting first priority lien on the
related Mortgaged Property, or leasehold interest therein, comprising real
estate, free and clear of any liens, claims, encumbrances, participation
interests, pledges, charges or security interests subject only to Permitted
Encumbrances. Such Mortgage, together with any separate security agreement, UCC
Financing Statement or similar agreement, if any, establishes and creates a
first priority security interest in favor of the Seller in all personal property
owned by the Mortgagor that is used in, and is reasonably necessary to, the
operation of the related Mortgaged Property and, to the extent a security
interest may be created therein and perfected by the filing of a UCC Financing
Statement under the Uniform Commercial Code as in effect in the relevant
jurisdiction, the proceeds arising from the Mortgaged Property and other
collateral securing such Mortgage Loan, subject only to Permitted Encumbrances.
There exists with respect to such Mortgaged Property an assignment of leases and
rents provision, either as part of the related Mortgage or as a separate
document or instrument, which establishes and creates a first priority security
interest in and to leases and rents arising in respect of the related Mortgaged
Property, subject only to Permitted Encumbrances. Except for the holder of the
Subordinate Companion Loan with respect to the AB Mortgage Loans, to the
Seller's knowledge, no person other than the related Mortgagor and the mortgagee
own any interest in any payments due under the related leases. The related
Mortgage or such assignment of leases and rents provision provides for the
appointment of a receiver for rents or allows the holder of the related Mortgage
to enter into possession of the related Mortgaged Property to collect rent or
provides for rents to be paid directly to the holder of the related Mortgage in
the event of a default beyond applicable notice and grace periods, if any, under
the related Mortgage Loan documents. As of the origination date, there are no
mechanics' or other similar liens or claims which have been filed for work,
labor or materials affecting the related Mortgaged Property which are or may be
prior or equal to the lien of the Mortgage, except those that are bonded or
escrowed for or which are insured against pursuant to the applicable Title
Insurance Policy (as defined below). As of the Closing Date, to the Seller's
knowledge, there are no mechanics' or other similar liens or claims which have
been filed for work, labor or materials affecting the related Mortgaged Property
which are or may be prior or equal to the lien of the Mortgage, except those
that are bonded or escrowed for or which are insured against pursuant to the
applicable Title Insurance Policy (as defined below). No Mortgaged Property
secures any mortgage loan not represented on the Mortgage Loan Schedule; no
Mortgage Loan is cross-collateralized or cross-defaulted with any other mortgage
loan other than one or more Mortgage Loans as shown on the Mortgage Loan
Schedule; no Mortgage Loan is secured by property which secures another mortgage
loan other than one or more Mortgage Loans as shown on the Mortgage Loan
Schedule. 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 UCC Financing Statements are required in order
to effect such perfection.

            (7) The related Mortgagor under each Mortgage Loan has good and
indefeasible fee simple or, with respect to those Mortgage Loans described in
clause (20) hereof, leasehold title to the related Mortgaged Property comprising
real estate subject to any Permitted Encumbrances.

            (8) The Seller has received an American Land Title Association
(ALTA) lender's title insurance policy or a comparable form of lender's title
insurance policy (or escrow instructions binding on the Title Insurer (as
defined below) and irrevocably obligating the Title Insurer to issue such title
insurance policy, a title policy commitment or pro-forma "marked up" at the
closing of the related Mortgage Loan and countersigned by the Title Insurer or
its authorized agent) as adopted in the applicable jurisdiction (the "Title
Insurance Policy"), which was issued by a nationally recognized title insurance
company (the "Title Insurer") qualified to do business in the jurisdiction where
the applicable Mortgaged Property is located, covering the portion of each
Mortgaged Property comprised of real estate and insuring that the related
Mortgage is a valid first lien in the original principal amount of the related
Mortgage Loan on the Mortgagor's fee simple interest (or, if applicable,
leasehold interest) in such Mortgaged Property comprised of real estate, subject
only to Permitted Encumbrances. Such Title Insurance Policy was issued in
connection with the origination of the related Mortgage Loan. No claims have
been made under such Title Insurance Policy. Such Title Insurance Policy is in
full force and effect and all premiums thereon have been paid and will provide
that the insured includes the owner of the Mortgage Loan and its successors
and/or assigns. No holder of the related Mortgage has done, by act or omission,
anything that would, and the Seller has no actual knowledge of any other
circumstance that would, impair the coverage under such Title Insurance Policy.

            (9) The related Assignment of Mortgage and the related assignment of
the Assignment of Leases executed in connection with each Mortgage, if any, have
been recorded in the applicable jurisdiction (or, if not recorded, have been
submitted for recording or are 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 constitute the legal, valid and binding
assignment of such Mortgage and the related assignment of leases and rents from
the Seller to the Purchaser. The endorsement of the related Mortgage Note by the
Seller constitutes the legal, valid, binding and enforceable (except as such
enforcement may be limited by anti-deficiency laws or bankruptcy, receivership,
conservatorship, reorganization, insolvency, moratorium or other similar laws
affecting the enforcement of creditors' rights generally, and by general
principles of equity (regardless of whether such enforcement is considered in a
proceeding in equity or at law)) assignment of such Mortgage Note, and together
with such Assignment of Mortgage and the related assignment of assignment of
leases and rents, legally and validly conveys all right, title and interest in
such Mortgage Loan and Mortgage Loan documents to the Purchaser.

            (10) (a) The Mortgage Loan documents for each Mortgage Loan provide
that such Mortgage Loan is non-recourse to the related parties thereto except
that the related Mortgagor and at least one individual or entity shall be fully
liable for actual losses, liabilities, costs and damages arising from acts
generally including fraud or material misrepresentation by the related Mortgagor
and/or its principals. Additionally, the Mortgage Loan documents for each
Mortgage Loan provide that the related Mortgagor and at least one individual or
entity shall be liable to the Seller for any losses incurred by the Seller, its
successors and assigns, generally due to (i) the misapplication or
misappropriation of rents, insurance proceeds or condemnation awards, (ii) any
act of actual waste, and (iii) any breach of the environmental covenants
contained in the related Mortgage Loan documents.

                  (b) The Mortgage Loan documents for each Mortgage Loan contain
                  enforceable provisions such 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 intended to be provided thereby,
                  including realization by judicial or, if applicable,
                  non-judicial foreclosure, and there is no exemption available
                  to the related Mortgagor which would interfere with such right
                  of foreclosure except any statutory right of redemption or as
                  may be limited by anti-deficiency or one form of action laws
                  or by bankruptcy, receivership, conservatorship,
                  reorganization, insolvency, moratorium or other similar laws
                  affecting the enforcement of creditors' rights generally, and
                  by general principles of equity (regardless of whether such
                  enforcement is considered in a proceeding in equity or at
                  law).

                  (c) Each of the related Mortgage Notes and Mortgages are the
                  legal, valid and binding obligations of the related Mortgagor
                  named on the Mortgage Loan Schedule and each of the other
                  related Mortgage Loan documents is the legal, valid and
                  binding obligation of the parties thereto (subject to any
                  non-recourse provisions therein), enforceable in accordance
                  with its terms, except as such enforcement may be limited by
                  anti-deficiency or one form of action laws or bankruptcy,
                  receivership, conservatorship, reorganization, insolvency,
                  moratorium or other similar laws affecting the enforcement of
                  creditors' rights generally, and by general principles of
                  equity (regardless of whether such enforcement is considered
                  in a proceeding in equity or at law), and except that certain
                  provisions of such Mortgage Loan documents are or may be
                  unenforceable in whole or in part under applicable state or
                  federal laws, but the inclusion of such provisions does not
                  render any of the Mortgage Loan documents invalid as a whole,
                  and such Mortgage Loan documents taken as a whole are
                  enforceable to the extent necessary and customary for the
                  practical realization of the principal rights and benefits
                  afforded thereby.

                  (d) The terms of the Mortgage Loans or the related Mortgage
                  Loan documents, have not been altered, impaired, modified or
                  waived in any material respect, except prior to the Cut-off
                  Date by written instrument duly submitted for recordation, to
                  the extent required, and as specifically set forth in the
                  related Mortgage File.

                  (e) 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, and no
                  fees or expenses are or will become payable to the trustee
                  under the deed of trust, except in connection with a trustee's
                  sale after default by the Mortgagor other than de minimis fees
                  paid in connection with the release of the related Mortgaged
                  Property or related security for such Mortgage Loan following
                  payment of such Mortgage Loan in full.

            (11) No Mortgage Loan has been satisfied, canceled, subordinated,
released or rescinded, in whole or in part, and the related Mortgagor has not
been released, in whole or in part, from its obligations under any related
Mortgage Loan document.

            (12) Except with respect to the enforceability of any provisions
requiring the payment of default interest, late fees, additional interest,
prepayment premiums or yield maintenance charges, neither the Mortgage Loan nor
any of the related Mortgage Loan documents is subject to any right of
rescission, set-off, abatement, diminution, valid counterclaim or defense,
including the defense of usury, nor will the operation of any of the terms of
any such Mortgage Loan documents, or the exercise (in compliance with procedures
permitted under applicable law) of any right thereunder, render any Mortgage
Loan documents subject to any right of rescission, set-off, abatement,
diminution, valid counterclaim or defense, including the defense of usury
(subject to anti-deficiency or one form of action laws and to bankruptcy,
receivership, conservatorship, reorganization, insolvency, moratorium or other
similar laws affecting the enforcement of creditor's rights generally and by
general principles of equity (regardless of whether such enforcement is
considered in a proceeding in equity or at law)), and no such right of
rescission, set-off, abatement, diminution, valid counterclaim or defense has
been asserted with respect thereto. None of the Mortgage Loan documents provides
for a release of a portion of the Mortgaged Property from the lien of the
Mortgage except upon payment or defeasance in full of all obligations under the
Mortgage, provided that, notwithstanding the foregoing, certain of the Mortgage
Loans may allow partial release (a) upon payment or defeasance of an allocated
loan amount which may be formula based, but in no event less than 125% of the
allocated loan amount, or (b) in the event the portion of the Mortgaged Property
being released shall not have been given any material value in connection with
the underwriting or appraisal of the related Mortgage Loan.

            (13) As of the Closing Date, there is no payment default, giving
effect to any applicable notice and/or grace period, and, to the Seller's
knowledge, as of the Closing Date, there is no other material default under any
of the related Mortgage Loan documents, giving effect to any applicable notice
and/or grace period; no such material default or breach has been waived by the
Seller or on its behalf or, to the Seller's knowledge, by the Seller's
predecessors in interest with respect to the Mortgage Loans; and, to the
Seller's actual knowledge, no event has occurred which, with the passing of time
or giving of notice would constitute a material default or breach; provided,
however, that the representations and warranties set forth in this sentence do
not cover any default, breach, violation or event of acceleration that
specifically pertains to or arises out of any subject matter otherwise covered
by any other representation or warranty made by the Seller in this Exhibit B. No
Mortgage Loan has been accelerated and no foreclosure or power of sale
proceeding has been initiated in respect of the related Mortgage. The Seller has
not waived any material claims against the related Mortgagor under any
non-recourse exceptions contained in the Mortgage Note.

            (14) (a) The principal amount of the Mortgage Loan stated on the
Mortgage Loan Schedule has been fully disbursed as of the Closing Date specified
therein (except for certain amounts that were fully disbursed by the mortgagee,
but escrowed pursuant to the terms of the related Mortgage Loan documents) and
there are no future advances required to be made by the mortgagee under any of
the related Mortgage Loan documents. Any requirements under the related Mortgage
Loan documents regarding the completion of any on-site or off-site improvements
and to disbursements of any escrow funds therefor have been or are being
complied with or such escrow funds are still being held. The value of the
Mortgaged Property relative to the value reflected in the most recent appraisal
thereof is not impaired by any improvements which have not been completed. The
Seller has not, nor, to the Seller's knowledge, have any of its agents or
predecessors in interest with respect to the Mortgage Loans, in respect of such
Mortgage Loan, directly or indirectly, advanced funds or induced, solicited or
knowingly received any advance of funds by a party other than the Mortgagor
other than (a) interest accruing on such Mortgage Loan from the date of such
disbursement of such Mortgage Loan to the date which preceded by thirty (30)
days the first payment date under the related Mortgage Note and (b) application
and commitment fees, escrow funds, points and reimbursements for fees and
expenses, incurred in connection with the origination and funding of the
Mortgage Loan.

                  (b) No Mortgage Loan has capitalized interest included in its
                  principal balance, or provides for any shared appreciation
                  rights or other equity participation therein and no contingent
                  or additional interest contingent on cash flow or, except for
                  ARD Loans, negative amortization is due thereon.

                  (c) Each Mortgage Loan identified in the Mortgage Loan
                  Schedule as an ARD Loan starts to amortize no later than the
                  Due Date of the calendar month immediately after the calendar
                  month in which such ARD Loan closed and substantially fully
                  amortizes over its stated term, which term is at least 60
                  months after the related Anticipated Repayment Date. Each ARD
                  Loan has an Anticipated Repayment Date not less than seven
                  years following the origination of such Mortgage Loan. If the
                  related Mortgagor elects not to prepay its ARD Loan in full on
                  or prior to the Anticipated Repayment Date pursuant to the
                  existing terms of the Mortgage Loan or a unilateral option (as
                  defined in Treasury Regulations under Section 1001 of the
                  Code) in the Mortgage Loan exercisable during the term of the
                  Mortgage Loan, (i) the Mortgage Loan's interest rate will step
                  up to an interest rate per annum as specified in the related
                  Mortgage Loan documents; provided, however, that payment of
                  such Excess Interest shall be deferred until the principal of
                  such ARD Loan has been paid in full; (ii) all or a substantial
                  portion of the Excess Cash Flow collected after the
                  Anticipated Repayment Date shall be applied towards the
                  prepayment of such ARD Loan and once the principal balance of
                  an ARD Loan has been reduced to zero all Excess Cash Flow will
                  be applied to the payment of accrued Excess Interest; and
                  (iii) if the property manager for the related Mortgaged
                  Property can be removed by or at the direction of the
                  mortgagee on the basis of a debt service coverage test, the
                  subject debt service coverage ratio shall be calculated
                  without taking account of any increase in the related Mortgage
                  Interest Rate on such Mortgage Loan's Anticipated Repayment
                  Date. No ARD Loan provides that the property manager for the
                  related Mortgaged Property can be removed by or at the
                  direction of the mortgagee solely because of the passage of
                  the related Anticipated Repayment Date.

                  (d) Each Mortgage Loan identified in the Mortgage Loan
                  Schedule as an ARD Loan with a hard lockbox requires that
                  tenants at the related Mortgaged Property shall (and each
                  Mortgage Loan identified in the Mortgage Loan Schedule as an
                  ARD Loan with a springing lockbox requires that tenants at the
                  related Mortgaged Property shall, upon the occurrence of a
                  specified trigger event, including, but not limited to, the
                  occurrence of the related Anticipated Repayment Date) make
                  rent payments into a lockbox controlled by the holder of the
                  Mortgage Loan and to which the holder of the Mortgage Loan has
                  a first perfected security interest; provided however, with
                  respect to each ARD Loan which is secured by a multi-family
                  property with a hard lockbox, or with respect to each ARD Loan
                  which is secured by a multi-family property with a springing
                  lockbox, upon the occurrence of a specified trigger event,
                  including, but not limited to, the occurrence of the related
                  Anticipated Repayment Date, tenants either pay rents to a
                  lockbox controlled by the holder of the Mortgage Loan or
                  deposit rents with the property manager who will then deposit
                  the rents into a lockbox controlled by the holder of the
                  Mortgage Loan.

            (15) The terms of the Mortgage Loan documents evidencing such
Mortgage Loan comply in all material respects with all applicable local, state
and federal laws, and regulations and the Seller has complied with all material
requirements pertaining to the origination, funding and servicing of the
Mortgage Loans, including but not limited to, usury and any and all other
material requirements of any federal, state or local law to the extent
non-compliance would have a material adverse effect on the Mortgage Loan.

            (16) To the Seller's knowledge and subject to clause (37) hereof, as
of the date of origination of the Mortgage Loan, based on inquiry customary in
the industry, and to the Seller's actual knowledge and subject to clause (37)
hereof, as of the Closing Date, the related Mortgaged Property is, in all
material respects, in compliance with, and is used and occupied in accordance
with, all restrictive covenants of record applicable to such Mortgaged Property
and applicable zoning laws and all inspections, licenses, permits and
certificates of occupancy required by law, ordinance or regulation to be made or
issued with regard to the Mortgaged Property have been obtained and are in full
force and effect, except to the extent (a) any material non-compliance with all
restrictive covenants of record applicable to such Mortgage Property or
applicable zoning laws is insured by an ALTA lender's title insurance policy (or
binding commitment therefor), or the equivalent as adopted in the applicable
jurisdiction, or a law and ordinance insurance policy, or (b) the failure to
obtain or maintain such inspections, licenses, permits or certificates of
occupancy does not materially impair or materially and adversely affect the use
and/or operation of the Mortgaged Property as it was used and operated as of the
date of origination of the Mortgage Loan or the rights of a holder of the
related Mortgage Loan.

            (17) All (a) taxes, water charges, sewer rents, assessments or other
similar outstanding governmental charges and governmental assessments which
became due and owing prior to the Closing Date in respect of the related
Mortgaged Property (excluding any related personal property), and if left
unpaid, would be, or might become, a lien on such Mortgaged Property having
priority over the related Mortgage and (b) insurance premiums or ground rents
which became due and owing prior to the Closing Date in respect of the related
Mortgaged Property (excluding any related personal property) have been paid, or
if disputed, or if such amounts are not delinquent prior to the Closing Date, an
escrow of funds in an amount sufficient (together with escrow payments required
to be made prior to delinquency) to cover such taxes and assessments and any
late charges due in connection therewith has been established. As of the date of
origination, the related Mortgaged Property was one or more separate and
complete tax parcels. For purposes of this representation and warranty, the
items identified herein shall not be considered due and owing until the date on
which interest or penalties would be first payable thereon.

            (18) To the Seller's knowledge based on surveys or the Title
Insurance Policy, none of the improvements that were included for the purpose of
determining the appraised value of the related Mortgaged Property at the time of
the origination of such Mortgage Loan lies outside the boundaries and building
restriction lines of such Mortgaged Property, except to the extent they are
legally nonconforming as contemplated by representation (37) below, and no
improvements on adjoining properties encroach upon such Mortgaged Property,
except in each case for (a) immaterial encroachments which do not materially
adversely affect the security intended to be provided by the related Mortgage or
the use, enjoyment, value or marketability of such Mortgaged Property or (b)
encroachments affirmatively covered by the related Title Insurance Policy. With
respect to each Mortgage Loan, the property legally described in the survey, if
any, obtained for the related Mortgaged Property for purposes of the origination
thereof is the same as the property legally described in the Mortgage.

            (19) (a) As of the date of the applicable engineering report (which
was performed within 12 months prior to the Cut-off Date) related to the
Mortgaged Property and, to Seller's knowledge as of the Closing Date, the
related Mortgaged Property is either (i) in good repair, free and clear of any
damage that would materially adversely affect the value of such Mortgaged
Property as security for such Mortgage Loan or the use and operation of the
Mortgaged Property as it was being used or operated as of the origination date
or (ii) escrows in an amount consistent with the standard utilized by the Seller
with respect to similar loans it holds for its own account have been
established, which escrows will in all events be not less than 100% of the
estimated cost of the required repairs. Since the origination date, to the
Seller's knowledge, such Mortgaged Property has not been damaged by fire, wind
or other casualty or physical condition (including, without limitation, any soil
erosion or subsidence or geological condition), which damage has not been fully
repaired or fully insured, or for which escrows in an amount consistent with the
standard utilized by the Seller with respect to loans it holds for its own
account have not been established.

                  (b) As of the origination date of such Mortgage Loan and to
                  the Seller's actual knowledge, as of the Closing Date, there
                  are no proceedings pending or, to the Seller's actual
                  knowledge, threatened, for the partial or total condemnation
                  of the relevant Mortgaged Property.

            (20) The Mortgage Loans that are identified on Exhibit A as being
secured in whole or in part by a leasehold estate (a "Ground Lease") (except
with respect to any Mortgage Loan also secured by the related fee interest in
the Mortgaged Property), satisfy the following conditions:

                  (a) such Ground Lease or a memorandum thereof has been or will
                  be duly recorded; such Ground Lease, or other agreement
                  received by the originator of the Mortgage Loan from the
                  ground lessor, provides that the interest of the lessee
                  thereunder may be encumbered by the related Mortgage and does
                  not restrict the use of the related Mortgaged Property by such
                  lessee, its successors or assigns, in a manner that would
                  materially and adversely affect the security provided by the
                  Mortgage; as of the date of origination of the Mortgage Loan,
                  there was no material change of record in the terms of such
                  Ground Lease with the exception of written instruments which
                  are part of the related Mortgage File and Seller has no
                  knowledge of any material change in the terms of such Ground
                  Lease since the recordation of the related Mortgage, with the
                  exception of written instruments which are part of the related
                  Mortgage File;

                  (b) such Ground Lease is not subject to any liens or
                  encumbrances superior to, or of equal priority with, the
                  related Mortgage, other than the related fee interest and
                  Permitted Encumbrances and such Ground Lease is, and shall
                  remain, prior to any mortgage or other lien upon the related
                  fee interest (other than the Permitted Encumbrances) unless a
                  nondisturbance agreement is obtained from the holder of any
                  such mortgage or lien on the fee interest, which
                  nondisturbance agreement is assignable to or for the benefit
                  of the related lessee and the related mortgagee;

                  (c) such Ground Lease or another agreement received by the
                  originator of the Mortgage Loan from the ground lessor
                  provides that upon foreclosure of the related Mortgage or
                  assignment of the Mortgagor's interest in such Ground Lease in
                  lieu thereof, the mortgagee under such Mortgage is entitled to
                  become the owner of such interest upon notice to, but without
                  the consent of, the lessor thereunder and, in the event that
                  such mortgagee (or any of its successors and assigns under the
                  Mortgage) becomes the owner of such interest, such interest is
                  further assignable by such mortgagee (or any of its successors
                  and assigns under the Mortgage) upon notice to such lessor,
                  but without a need to obtain the consent of such lessor;

                  (d) such Ground Lease is in full force and effect and no
                  default of tenant or ground lessor was in existence at
                  origination, or to the Seller's knowledge, is currently in
                  existence under such Ground Lease, nor at origination was, or
                  to the Seller's knowledge, is there any condition which, but
                  for the passage of time or the giving of notice, would result
                  in a default under the terms of such Ground Lease; either such
                  Ground Lease or a separate agreement contains the ground
                  lessor's covenant that it shall not amend, modify, cancel or
                  terminate such Ground Lease without the prior written consent
                  of the mortgagee under such Mortgage and any amendment,
                  modification, cancellation or termination of the Ground Lease
                  without the prior written consent of the related mortgagee, or
                  its successors or assigns is not binding on such mortgagee, or
                  its successor or assigns;

                  (e) such Ground Lease or other agreement requires the lessor
                  thereunder to give written notice of any material default by
                  the lessee to the mortgagee under the related Mortgage,
                  provided that such mortgagee has provided the lessor with
                  notice of its lien in accordance with the provisions of such
                  Ground Lease; and such Ground Lease or other agreement
                  provides that no such notice of default and no termination of
                  the Ground Lease in connection with such notice of default
                  shall be effective against such mortgagee unless such notice
                  of default has been given to such mortgagee and any related
                  Ground Lease or other agreement contains the ground lessor's
                  covenant that it will give to the related mortgagee, or its
                  successors or assigns, any notices it sends to the Mortgagor;

                  (f) either (i) the related ground lessor has subordinated its
                  interest in the related Mortgaged Property to the interest of
                  the holder of the Mortgage Loan or (ii) such Ground Lease or
                  other agreement provides that (A) the mortgagee under the
                  related Mortgage is permitted a reasonable opportunity to cure
                  any default under such Ground Lease which is curable,
                  including reasonable time to gain possession of the interest
                  of the lessee under the Ground Lease, after the receipt of
                  notice of any such default before the lessor thereunder may
                  terminate such Ground Lease; (B) in the case of any such
                  default which is not curable by such mortgagee, or in the
                  event of the bankruptcy or insolvency of the lessee under such
                  Ground Lease, such mortgagee has the right, following
                  termination of the existing Ground Lease or rejection thereof
                  by a bankruptcy trustee or similar party, to enter into a new
                  ground lease with the lessor on substantially the same terms
                  as the existing Ground Lease; and (C) all rights of the
                  Mortgagor under such Ground Lease (insofar as it relates to
                  the Ground Lease) may be exercised by or on behalf of such
                  mortgagee under the related Mortgage upon foreclosure or
                  assignment in lieu of foreclosure;

                  (g) such Ground Lease has an original term (or an original
                  term plus one or more optional renewal terms that under all
                  circumstances may be exercised, and will be enforceable, by
                  the mortgagee or its assignee) which extends not less than 20
                  years beyond the stated maturity date of the related Mortgage
                  Loan;

                  (h) under the terms of such Ground Lease and the related
                  Mortgage, taken together, any related insurance proceeds will
                  be applied either to the repair or restoration of all or part
                  of the related Mortgaged Property, with the mortgagee under
                  such Mortgage or a financially responsible institution acting
                  as trustee appointed by it, or consented to by it, or by the
                  lessor having the right to hold and disburse such proceeds as
                  the repair or restoration progresses (except in such cases
                  where a provision entitling another party to hold and disburse
                  such proceeds would not be viewed as commercially unreasonable
                  by a prudent commercial mortgage lender), or to the payment in
                  whole or in part of the outstanding principal balance of such
                  Mortgage Loan together with any accrued and unpaid interest
                  thereon; and

                  (i) such Ground Lease does not impose any restrictions on
                  subletting which would be viewed as commercially unreasonable
                  by the Seller; such Ground Lease contains a covenant (or
                  applicable laws provide) that the lessor thereunder is not
                  permitted, in the absence of an uncured default, to disturb
                  the possession, interest or quiet enjoyment of any lessee in
                  the relevant portion of such Mortgaged Property subject to
                  such Ground Lease for any reason, or in any manner, which
                  would materially adversely affect the security provided by the
                  related Mortgage.

            (21) (a) An Environmental Site Assessment performed in connection
with the origination of the related Mortgage Loan was obtained and reviewed by
the Seller and a copy is included in the Servicing File.

                  (b) Such Environmental Site Assessment does not identify, and
                  the Seller has no actual knowledge of, any adverse
                  circumstances or conditions with respect to or affecting the
                  Mortgaged Property that would constitute or result in a
                  material violation of any Environmental Laws, other than with
                  respect to a Mortgaged Property (i) for which environmental
                  insurance (as set forth on Schedule II hereto) is maintained,
                  or (ii) which would require (x) any expenditure less than or
                  equal to 5% of the outstanding principal balance of the
                  Mortgage Loan to achieve or maintain compliance in all
                  material respects with any Environmental Laws or (y) any
                  expenditure greater than 5% of the outstanding principal
                  balance of such Mortgage Loan to achieve or maintain
                  compliance in all material respects with any Environmental
                  Laws for which , in connection with this clause (y), adequate
                  sums, but in no event less than 125% of the estimated cost as
                  set forth in the Environmental Site Assessment, were reserved
                  in connection with the origination of the Mortgage Loan and
                  for which the related Mortgagor has covenanted to perform, or
                  (iii) as to which the related Mortgagor or one of its
                  affiliates is currently taking or required to take such
                  actions (which may include the implementation of an operations
                  and maintenance plan), if any, with respect to such conditions
                  or circumstances as have been recommended by the Environmental
                  Site Assessment or required by the applicable governmental
                  authority, or (iv) as to which another responsible party not
                  related to the Mortgagor with assets reasonably estimated by
                  the Seller at the time of origination to be sufficient to
                  effect all necessary or required remediation identified in a
                  notice or other action from the applicable governmental
                  authority is currently taking or required to take such
                  actions, if any, with respect to such regulatory authority's
                  order or directive, or (v) as to which such conditions or
                  circumstances identified in the Environmental Site Assessment
                  were investigated further and based upon such additional
                  investigation, an environmental consultant recommended no
                  further investigation or remediation, or (vi) as to which a
                  party with financial resources reasonably estimated to be
                  adequate to cure the condition or circumstance provided a
                  guaranty or indemnity to the related Mortgagor or to the
                  mortgagee to cover the costs of any required investigation,
                  testing, monitoring or remediation, or (vii) as to which the
                  related Mortgagor or other responsible party obtained a "No
                  Further Action" letter or other evidence reasonably acceptable
                  to a prudent commercial mortgage lender that applicable
                  federal, state, or local governmental authorities had no
                  current intention of taking any action, and are not requiring
                  any action, in respect of such condition or circumstance, or
                  (viii) which would not require substantial cleanup, remedial
                  action or other extraordinary response under any Environmental
                  Laws reasonably estimated to cost in excess of 5% of the
                  outstanding principal balance of such Mortgage Loan;

                  (c) To the Seller's actual knowledge and in reliance upon the
                  Environmental Site Assessment, except for any Hazardous
                  Materials being handled in accordance with applicable
                  Environmental Laws and except for any Hazardous Materials
                  present at such Mortgaged Property for which, to the extent
                  that an Environmental Site Assessment recommends remediation
                  or other action, (A) there exists either (i) environmental
                  insurance with respect to such Mortgaged Property (as set
                  forth on Schedule I hereto) or (ii) an amount in an escrow
                  account pledged as security for such Mortgage Loan under the
                  relevant Mortgage Loan documents equal to no less than 125% of
                  the amount estimated in such Environmental Site Assessment as
                  sufficient to pay the cost of such remediation or other action
                  in accordance with such Environmental Site Assessment or (B)
                  one of the statements set forth in clause (b) above is true,
                  (1) such Mortgaged Property is not being used for the
                  treatment or disposal of Hazardous Materials; (2) no Hazardous
                  Materials are being used or stored or generated for off-site
                  disposal or otherwise present at such Mortgaged Property other
                  than Hazardous Materials of such types and in such quantities
                  as are customarily used or stored or generated for off-site
                  disposal or otherwise present in or at properties of the
                  relevant property type; and (3) such Mortgaged Property is not
                  subject to any environmental hazard (including, without
                  limitation, any situation involving Hazardous Materials) which
                  under the Environmental Laws would have to be eliminated
                  before the sale of, or which could otherwise reasonably be
                  expected to adversely affect in more than a de minimis manner
                  the value or marketability of, such Mortgaged Property.

                  (d) The related Mortgage or other Mortgage Loan documents
                  contain covenants on the part of the related Mortgagor
                  requiring its compliance with any present or future federal,
                  state and local Environmental Laws and regulations in
                  connection with the Mortgaged Property. The related Mortgagor
                  (or an affiliate thereof) has agreed to indemnify, defend and
                  hold the Seller, and its successors and assigns, harmless from
                  and against any and all losses, liabilities, damages,
                  penalties, fines, expenses and claims of whatever kind or
                  nature (including attorneys' fees and costs) imposed upon or
                  incurred by or asserted against any such party resulting from
                  a breach of the environmental representations, warranties or
                  covenants given by the related Mortgagor in connection with
                  such Mortgage Loan.

                  (e) Each of the Mortgage Loans which is covered by an
                  environmental insurance policy obtained in lieu of an
                  Environmental Site Assessment ("In Lieu of Policy") is
                  identified on Schedule I and has an outstanding principal
                  balance not greater than $3,000,000, and each In Lieu of
                  Policy is in an amount equal to 125% of the outstanding
                  principal balance of the related Mortgage Loan and has a term
                  ending no sooner than the date which is five years after the
                  maturity date (or, in the case of an ARD Loan, the final
                  maturity date) of the related Mortgage Loan, is non-cancelable
                  by the insurer during such term and the premium for such
                  policy has been paid in full. All environmental assessments or
                  updates that were in the possession of the Seller and that
                  relate to a Mortgaged Property identified on Schedule I as
                  being insured by an In Lieu of Policy have been delivered to
                  or disclosed to the In Lieu of Policy carrier issuing such
                  policy prior to the issuance of such policy.

            (22) As of the date of origination of the related Mortgage Loan,
and, as of the Closing Date, the Mortgaged Property is covered by insurance
policies providing the coverage described below and the Mortgage Loan documents
permit the mortgagee to require the coverage described below. All premiums with
respect to the Insurance Policies insuring each Mortgaged Property have been
paid in a timely manner or escrowed to the extent required by the Mortgage Loan
documents, and the Seller has not received any notice of cancellation or
termination. The relevant Servicing File contains the Insurance Policy required
for such Mortgage Loan or a certificate of insurance for such Insurance Policy.
Each Mortgage requires that the related Mortgaged Property and all improvements
thereon are covered by Insurance Policies providing (a) coverage in the amount
of the lesser of full replacement cost of such Mortgaged Property and the
outstanding principal balance of the related Mortgage Loan (subject to customary
deductibles) for fire and extended perils included within the classification
"All Risk of Physical Loss" in an amount sufficient to prevent the Mortgagor
from being deemed a co-insurer and to provide coverage on a full replacement
cost basis of such Mortgaged Property (in some cases exclusive of foundations
and footings) with an agreed amount endorsement to avoid application of any
coinsurance provision; such policies contain a standard mortgage clause naming
mortgagee and its successor in interest as additional insureds or loss payee, as
applicable; (b) business interruption or rental loss insurance in an amount at
least equal to (i) 12 months of operations or (ii) in some cases all rents and
other amounts customarily insured under this type of insurance of the Mortgaged
Property; (c) flood insurance (if any portion of the improvements on the
Mortgaged Property is located in an area identified by the Federal Emergency
Management Agency ("FEMA"), with respect to certain Mortgage Loans and the
Secretary of Housing and Urban Development with respect to other Mortgage Loans,
as having special flood hazards) in an amount not to exceed amounts prescribed
by FEMA; (d) workers' compensation, if required by law; (e) comprehensive
general liability insurance in an amount consistent with the standard utilized
by the Seller with respect to loans it holds for its own account, but not less
than $1 million; all such Insurance Policies contain clauses providing they are
not terminable and may not be terminated without thirty (30) days prior written
notice to the mortgagee (except where applicable law requires a shorter period
or except for nonpayment of premiums, in which case not less than ten (10) days
prior written notice to the mortgagee is required). In addition, each Mortgage
permits the related mortgagee to make premium payments to prevent the
cancellation thereof and shall entitle such mortgagee to reimbursement therefor.
Any insurance proceeds in respect of a casualty loss or taking will be applied
either to the repair or restoration of all or part of the related Mortgaged
Property or the payment of the outstanding principal balance of the related
Mortgage Loan together with any accrued interest thereon. The related Mortgaged
Property is insured by an Insurance Policy, issued by an insurer meeting the
requirements of such Mortgage Loan and having a claims-paying or financial
strength rating of at least A-:VIII from A.M. Best Company or "A-" (or the
equivalent) from Standard & Poor's Ratings Services, a division of The
McGraw-Hill Companies, Inc., Fitch, Inc. or Moody's Investor Services, Inc. An
architectural or engineering consultant has performed an analysis of each of the
Mortgaged Properties located in seismic zones 3 or 4 in connection with the
origination of the related Mortgage Loan in order to evaluate the structural and
seismic condition of such property, for the sole purpose of assessing the
probable maximum loss ("PML") for the Mortgaged Property in the event of an
earthquake. In such instance, the PML was based on a return period of not less
than 100 years, an exposure period of 50 years and a 10% probability of
exceedence. If the resulting report concluded that the PML would exceed 20% of
the amount of the replacement costs of the improvements, earthquake insurance on
such Mortgaged Property was obtained by an insurer rated at least A-:VIII by
A.M. Best Company or "A-" (or the equivalent) from Standard & Poor's Ratings
Services, a division of The McGraw-Hill Companies, Inc., Fitch, Inc. or Moody's
Investor Services, Inc. To the Seller's actual knowledge, the insurer issuing
each of the foregoing insurance policies is qualified to write insurance in the
jurisdiction where the related Mortgaged Property is located.

            (23) All amounts required to be deposited by each Mortgagor at
origination under the related Mortgage Loan documents have been deposited or
have been withheld from the related Mortgage Loan proceeds at origination and
there are no deficiencies with regard thereto.

            (24) Whether or not a Mortgage Loan was originated by the Seller, to
the Seller's knowledge, with respect to each Mortgage Loan originated by the
Seller and each Mortgage Loan originated by any Person other than the Seller, as
of the date of origination of the related Mortgage Loan, and, to the Seller's
actual knowledge, with respect to each Mortgage Loan originated by the Seller
and any prior holder of the Mortgage Loan, as of the Closing Date, there are no
actions, suits, arbitrations or governmental investigations or proceedings by or
before any court or other governmental authority or agency now pending against
or affecting the Mortgagor under any Mortgage Loan or any of the Mortgaged
Properties which, if determined against such Mortgagor or such Mortgaged
Property, would materially and adversely affect the value of such Mortgaged
Property, the security intended to be provided with respect to the related
Mortgage Loan, or the ability of such Mortgagor and/or the current use of such
Mortgaged Property to generate net cash flow to pay principal, interest and
other amounts due under the related Mortgage Loan; and to the Seller's actual
knowledge there are no such actions, suits or proceedings threatened against
such Mortgagor.

            (25) Each Mortgage Loan complied at origination, in all material
respects, with all of the terms, conditions and requirements of the Seller's, or
if the Seller is not the originator, then, to the knowledge of the Seller, the
originator's, underwriting standards applicable to such Mortgage Loan and since
origination, the Mortgage Loan has been serviced in all material respects in a
legal manner in conformance with the Seller's servicing standards.

            (26) The originator of the Mortgage Loan or the Seller has inspected
or caused to be inspected each related Mortgaged Property within the 12 months
prior to the Closing Date.

            (27) The Mortgage Loan documents require the Mortgagor to provide
the holder of the Mortgage Loan with at least annual operating statements,
financial statements and except for Mortgage Loans for which the related
Mortgaged Property is leased to a single tenant, rent rolls.

            (28) All escrow deposits and payments required by the terms of each
Mortgage Loan are in the possession, or under the control of the Seller (except
to the extent they have been disbursed for their intended purposes), and all
amounts required to be deposited by the applicable Mortgagor under the related
Mortgage Loan documents have been deposited, and there are no deficiencies with
regard thereto (subject to any applicable notice and cure period). All of the
Seller's interest in such escrows and deposits will be conveyed by the Seller to
the Purchaser hereunder.

            (29) No two or more Mortgage Loans representing more than 5% of the
aggregate outstanding principal amount of all the mortgage loans included in the
Trust Fund has the same Mortgagor or, to the Seller's knowledge, are to
Mortgagors which are entities controlled by one another or under common control.

            (30) Each Mortgagor with respect to a Mortgage Loan with a principal
balance as of the Cut-off Date in excess of $15,000,000 included in the Trust
Fund is an entity whose organizational documents or related Mortgage Loan
documents provide that it is, and at least so long as the Mortgage Loan is
outstanding will continue to be, a Single Purpose Entity. For this purpose,
"Single Purpose Entity" shall mean a Person, other than an individual, whose
organizational documents provide that it shall engage solely in the business of
owning and operating the Mortgaged Property and which does not engage in any
business unrelated to such property and the financing thereof, does not have any
assets other than those related to its interest in the Mortgaged Property or the
financing thereof or any indebtedness other than as permitted by the related
Mortgage or the other Mortgage Loan documents, and the organizational documents
of which require that it have its own separate books and records and its own
accounts, in each case which are separate and apart from the books and records
and accounts of any other Person.

            (31) The gross proceeds of each Mortgage Loan to the related
Mortgagor at origination did not exceed the non-contingent principal amount of
the Mortgage Loan and either: (a) such Mortgage Loan is secured by an interest
in real property having a fair market value (i) at the date the Mortgage Loan
was originated at least equal to 80% of the original principal balance of the
Mortgage Loan or (ii) at the Closing Date at least equal to 80% of the original
principal balance of the Mortgage Loan on such date; provided that for purposes
hereof, the fair market value of the real property interest 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 sub-clauses (a)(i) and (a)(ii) of this clause (31)
shall be made on a pro rata basis in accordance with the fair market values of
the Mortgaged Properties securing such cross-collateralized Mortgage Loan); or
(b) substantially all the proceeds of such Mortgage Loan were used to acquire,
improve or protect the real property which served as the only security for such
Mortgage Loan (other than a recourse feature or other third party credit
enhancement within the meaning of Treasury Regulations Section
1.860G-2(a)(1)(ii)). If the Mortgage Loan was "significantly modified" prior to
the Closing Date so as to result in a taxable exchange under Section 1001 of the
Code, it either (x) was modified as a result of the default or reasonably
foreseeable default of such Mortgage Loan or (y) satisfies the provisions of
either sub-clause (a)(i) above (substituting the date on the last such
modification for the date the Mortgage Loan was originated) or sub-clause
(a)(ii), including the proviso thereto. The Mortgage Loan is a "qualified
mortgage" within the meaning of Section 860G(a)(3) of the Code (but without
regard to the rule in Treasury Regulations Section 1.860G-2(f)(2)). Any
prepayment premium and yield maintenance charges applicable to the Mortgage Loan
constitute "customary prepayment penalties" within the meaning of Treasury
Regulations Section 1.860G-1(b)(2).

            (32) Each of the Mortgage Loans contain a "due on sale" clause,
which provides for the acceleration of the payment of the unpaid principal
balance of the Mortgage Loan if, without the prior written consent of the holder
of the Mortgage Loan, the property subject to the Mortgage, or any controlling
interest therein, is directly or indirectly transferred or sold (except that it
may provide for transfers by devise, descent or operation of law upon the death
of a member, manager, general partner or shareholder of a Mortgagor and that it
may provide for assignments subject to the Mortgage Loan holder's approval of
transferee, transfers to affiliates, transfers to family members for estate
planning purposes, transfers among existing members, partners or shareholders in
Mortgagors or transfers of passive interests so long as the key principals or
general partner retains control). The Mortgage Loan documents contain a "due on
encumbrance" clause, which provides for the acceleration of the payment of the
unpaid principal balance of the Mortgage Loan if the property subject to the
Mortgage or any controlling interest in the Mortgagor is further pledged or
encumbered, unless the prior written consent of the holder of the Mortgage Loan
is obtained (except that it may provide for assignments subject to the Mortgage
Loan holder's approval of transferee, transfers to affiliates or transfers of
passive interests so long as the key principals or general partner retains
control). As of the Closing Date, the Seller holds no preferred equity interest
in any Mortgagor and the Seller holds no mezzanine debt related to such
Mortgaged Property.

            (33) Each Mortgage Loan is a whole loan and not a participation
interest in a mortgage loan.

            (34) Each Mortgage Loan containing provisions for defeasance of
mortgage collateral provides that: defeasance may not occur any earlier than two
years after the Closing Date; and requires either (a) the prior written consent
of, and compliance with the conditions set by, the holder of the Mortgage Loan
to any defeasance, or (b)(i) the replacement collateral consist of U.S.
"government securities," within the meaning of Treasury Regulations Section
1.860 G-2(a)(8)(i), in an amount sufficient to make all scheduled payments under
the Mortgage Note when due (up to the maturity date for the related Mortgage
Loan, the Anticipated Repayment Date for ARD Loans or the date on which the
Mortgagor may prepay the related Mortgage Loan without payment of any prepayment
penalty); (ii) the loan may be assumed by a Single Purpose Entity approved by
the holder of the Mortgage Loan; (iii) counsel provide an opinion that the
trustee has a perfected security interest in such collateral prior to any other
claim or interest; and (iv) such other documents and certifications as the
mortgagee may reasonably require which may include, without limitation, (A) a
certification that the purpose of the defeasance is to facilitate the
disposition of the mortgaged real property or any other customary commercial
transaction and not to be part of an arrangement to collateralize a REMIC
offering with obligations that are not real estate mortgages and (B) a
certification from an independent certified public accountant that the
collateral is sufficient to make all scheduled payments under the Mortgage Note
when due. Each Mortgage Loan containing provisions for defeasance provides that,
in addition to any cost associated with defeasance, the related Mortgagor shall
pay, as of the date the mortgage collateral is defeased, all scheduled and
accrued interest and principal due as well as an amount sufficient to defease in
full the Mortgage Loan (except as contemplated in paragraph (35) hereof). In
addition, if the related Mortgage Loan permits defeasance, then the Mortgage
Loan documents provide that the related Mortgagor shall (x) pay all reasonable
fees associated with the defeasance of the Mortgage Loan and all other
reasonable expenses associated with the defeasance, or (y) provide all opinions
required under the related Mortgage Loan documents, and in the case of loans
with an outstanding principal balance as of the Cut-off Date of $40,000,000 or
greater, (i) a REMIC opinion and (ii) rating agency letters confirming that no
downgrade or qualification shall occur as a result of the defeasance.

            (35) In the event that a Mortgage Loan is secured by more than one
Mortgaged Property, then, in connection with a release of less than all of such
Mortgaged Properties, a Mortgaged Property may not be released as collateral for
the related Mortgage Loan unless, in connection with such release, an amount
equal to not less than 125% of the Allocated Loan Amount for such Mortgaged
Property is prepaid or, in the case of a defeasance, an amount equal to 125% of
the Allocated Loan Amount is defeased through the deposit of replacement
collateral (as contemplated in clause (34) hereof) sufficient to make all
scheduled payments with respect to such defeased amount, or such release is
otherwise in accordance with the terms of the Mortgage Loan documents..

            (36) Each Mortgaged Property is owned by the related Mortgagor,
except for Mortgaged Properties which are secured in whole or in a part by a
Ground Lease and for out-parcels, and is used and occupied for commercial or
multifamily residential purposes in accordance with applicable law.

            (37) Any material non-conformity with zoning laws constitutes a
legal non-conforming use or structure which, in the event of casualty or
destruction, may be restored or repaired to the full extent of the use or
structure at the time of such casualty, or for which law and ordinance insurance
coverage has been obtained in amounts consistent with the standards utilized by
the Seller.

            (38) Neither the Seller nor any affiliate thereof has any obligation
to make any capital contributions to the related Mortgagor under the Mortgage
Loan. The Mortgage Loan was not originated for the sole purpose of financing the
construction of incomplete improvements on the related Mortgaged Property.

            (39) No court of competent jurisdiction will determine in a final
decree that fraud, with respect to the Mortgage Loans, has taken place on the
part of the Seller or, to the Seller's actual knowledge, on the part of any
originator, in connection with the origination of such Mortgage Loan.

            (40) The related Mortgage or other Mortgage Loan documents provide a
grace period for delinquent Monthly Payments no longer than ten (10) days from
the applicable payment date.

            (41) The following statements are true with respect to the related
Mortgaged Property: (a) the Mortgaged Property is located on or adjacent to a
dedicated road or has access to an irrevocable easement permitting ingress and
egress and (b) the Mortgaged Property is served by public or private utilities,
water and sewer (or septic facilities) and otherwise appropriate for the use in
which the Mortgaged Property is currently being utilized.

            (42) None of the Mortgage Loan documents contain any provision that
expressly excuses the related borrower from obtaining and maintaining insurance
coverage for acts of terrorism (provided that such insurance coverage is
generally available at commercially reasonable rates and, in circumstances where
such insurance is not expressly required, that any request on the part of the
mortgagee that the related borrower maintain such insurance is reasonable). Each
Mortgaged Property is insured by an "all-risk" casualty insurance policy that
does not contain an express exclusion for (or, alternatively, is covered by a
separate policy that insures against property damage resulting from ) acts of
terrorism.

            (43) An appraisal of the related Mortgaged Property was conducted in
connection with the origination of such Mortgage Loan, and such appraisal
satisfied the guidelines in Title XI of the Financial Institutions Reform,
Recovery and Enforcement Act of 1989, in either case as in effect on the date
such Mortgage Loan was originated.

Defined Terms:

            The term "Allocated Loan Amount" shall mean, for each Mortgaged
Property, the portion of principal of the related Mortgage Loan allocated to
such Mortgaged Property for certain purposes (including determining the release
prices of properties, if permitted) under such Mortgage Loan as set forth in the
related loan documents. There can be no assurance, and it is unlikely, that the
Allocated Loan Amounts represent the current values of individual Mortgaged
Properties, the price at which an individual Mortgaged Property could be sold in
the future to a willing buyer or the replacement cost of the Mortgaged
Properties.

            The term "Anticipated Repayment Date" shall mean the date on which
all or substantially all of any Excess Cash Flow is required to be applied
toward prepayment of the related Mortgage Loan and on which any such Mortgage
Loan begins accruing Excess Interest.

            The term "ARD Loan" shall have the meaning assigned thereto in the
Pooling and Servicing Agreement.

            The term "Environmental Site Assessment" shall mean a Phase I
environmental report meeting the requirements of the American Society for
Testing and Materials, and, if in accordance with customary industry standards a
reasonable lender would require it, a Phase II environmental report, each
prepared by a licensed third party professional experienced in environmental
matters.

            The term "Excess Cash Flow" shall mean the cash flow from the
Mortgaged Property securing an ARD Loan after payments of interest (at the
Mortgage Interest Rate) and principal (based on the amortization schedule), and
(a) required payments for the tax and insurance fund and ground lease escrows
fund, (b) required payments for the monthly debt service escrows, if any, (c)
payments to any other required escrow funds and (d) payment of operating
expenses pursuant to the terms of an annual budget approved by the Servicer and
discretionary (lender approved) capital expenditures.

            The term "Excess Interest" shall mean any accrued and deferred
interest on an ARD Loan in accordance with the following terms. Commencing on
the respective Anticipated Repayment Date each ARD Loan (pursuant to its
existing terms or a unilateral option, as defined in Treasury Regulations under
Section 1001 of the Code, in the Mortgage Loans exercisable during the term of
the Mortgage Loan) generally will bear interest at a fixed rate (the "Revised
Rate") per annum equal to the Mortgage Interest Rate plus a percentage specified
in the related Mortgage Loan documents. Until the principal balance of each such
Mortgage Loan has been reduced to zero (pursuant to its existing terms or a
unilateral option, as defined in Treasury Regulations under Section 1001 of the
Code, in the Mortgage Loans exercisable during the term of the Mortgage Loan),
such Mortgage Loan will only be required to pay interest at the Mortgage
Interest Rate and the interest accrued at the excess of the related Revised Rate
over the related Mortgage Interest Rate will be deferred (such accrued and
deferred interest and interest thereon, if any, is "Excess Interest").

            The term "in reliance on" shall mean that:

                  (a) the Seller has examined and relied in whole or in part
            upon one or more of the specified documents or other information in
            connection with a given representation or warranty;

                  (b) that the information contained in such document or
            otherwise obtained by the Seller appears on its face to be
            consistent in all material respects with the substance of such
            representation or warranty;

                  (c) the Seller's reliance on such document or other
            information is consistent with the standard of care exercised by
            prudent lending institutions originating commercial mortgage loans;
            and

                  (d) although the Seller is under no obligation to verify
            independently the information contained in any document specified as
            being relied upon by it, the Seller believes the information
            contained therein to be true, accurate and complete in all material
            respects and has no actual knowledge of any facts or circumstances
            which would render reliance thereon unjustified without further
            inquiry.

            The term "Mortgage Interest Rate" shall mean the fixed rate of
interest per annum that each Mortgage Loan bears as of the Cut-off Date.

            The term "Permitted Encumbrances" shall mean:

                  (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 acceptable to mortgage
            lending institutions generally and referred to in the related
            mortgagee's title insurance policy;

                  (c) other matters to which like properties are commonly
            subject, and

                  (d) the rights of tenants, as tenants only, whether under
            ground leases or space leases at the Mortgaged Property.

                  which together do not materially and adversely affect the
            related Mortgagor's ability to timely make payments on the related
            Mortgage Loan, which do not materially interfere with the benefits
            of the security intended to be provided by the related Mortgage or
            the use, for the use currently being made, the operation as
            currently being operated, enjoyment, value or marketability of such
            Mortgaged Property, provided, however, that, for the avoidance of
            doubt, Permitted Encumbrances shall exclude all pari passu, second,
            junior and subordinated mortgages but shall not exclude mortgages
            that secure Mortgage Loans that are cross-collateralized with other
            Mortgage Loans.

            Other. For purposes of these representations and warranties, the
term "to the Seller's knowledge" shall mean that no officer, employee or agent
of the Seller responsible for the underwriting, origination or sale of the
Mortgage Loans or any servicer that has serviced the Mortgage Loan on behalf of
the Seller, believes that a given representation or warranty is not true or
inaccurate based upon the Seller's reasonable inquiry and during the course of
such inquiry, no such officer, employee or agent of the Seller has obtained any
actual knowledge of any facts or circumstances that would cause such person to
believe that such representation or warranty was inaccurate. Furthermore, 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 Seller's knowledge. For purposes
of these representations and warranties, the term "to the Seller's actual
knowledge" shall mean that a director, officer, employee or agent of the Seller
responsible for the underwriting, origination and sale of the Mortgage Loans
does not actually know of any facts or circumstances that would cause such
person to believe that such representation or warranty was inaccurate.

<PAGE>

                                   SCHEDULE I

          MORTGAGE LOANS FOR WHICH A LENDER'S ENVIRONMENTAL POLICY WAS
              OBTAINED IN LIEU OF AN ENVIRONMENTAL SITE ASSESSMENT

                                      None.

<PAGE>

                                   SCHEDULE II

                 SCHEDULE OF LOANS WITH ENVIRONMENTAL INSURANCE

                                      None.

<PAGE>

                                    EXHIBIT C

                                   EXCEPTIONS

   CIBC Inc. Exceptions to Representations and Warranties - JPMCC 2007-CIBC18

Rep. #

4.      Loan Nos. 18 and 204 (Golden East Crossing and Miramar Professional
        Plaza) - See exceptions to Representation #6 below.

5.      Loan No. 16 (Crowne Plaza - LaGuardia) - LaGuardia Associates, L.P.
        ("LGA") (the Mortgagor), owner of the Crowne Plaza LaGuardia Hotel (the
        Mortgaged Property), filed a chapter 11 petition in the United States
        Bankruptcy Court for the Eastern District of Pennsylvania (the
        "Bankruptcy Court") on October 29, 2004. LGA filed a proposed plan of
        reorganization (as amended, the "Plan"), which was confirmed by the
        Bankruptcy Court by confirmation order dated October 27, 2006. The
        confirmation order was appealed by U.S. Bank National Association, as
        successor bond trustee ("U.S. Bank"). Pursuant to a settlement agreement
        and amendment to the Plan, which were approved by the Bankruptcy Court,
        the appeal has been dismissed, so that the Plan is now confirmed by a
        final order of the Bankruptcy Court and generally any claims against LGA
        that were pending as of the petition date will be satisfied pursuant to
        the Plan and LGA has received a discharge of all such claims. The
        proceeds of this Mortgage Loan were used to implement the reorganization
        of the Mortgagor's affairs pursuant to the Plan.

6.      The following applies to each of the Mortgage Loans listed below: The
        related Mortgaged Property also secures indebtedness in the amount noted
        below (the "CBA-MezzCap B Note"), each of which CBA-MezzCap B Notes were
        sold as of the closing date of the related Mortgage Loan to
        CBA-Mezzanine Capital, LLC or an affiliate thereof. Each such
        CBA-MezzCap B Note is secured by the Mortgage, and is subordinate to the
        Mortgage Loan being sold hereby pursuant to an Intercreditor Agreement,
        a copy of which is included in the Mortgage File. A failure to make a
        payment due under a CBA-MezzCap B Note constitutes a default under the
        related Mortgage Loan.

            Loan No. 18 (Golden East Crossing) - $3,075,000.00

            Loan No. 204 (Miramar Professional Plaza) - $205,000.00

        Loan Nos. 42 and 52 (Palmer Square and South Cove Commons) - Due to
        nature of New York lien law and costs of re-insuring a single
        consolidated mortgage loan, the Palmer Square loan consists of 3
        separate notes each secured by a separate mortgage. Pursuant to a
        separate agreement, the 3 loans are to be treated as a single loan for
        all purposes (servicing, payment, reserves, defeasance, etc.) with lien
        priority of each mortgage being pari passu with the others. All 3 notes
        and mortgages with respect to the Palmer Square loan shall be assets of
        the Trust. Likewise, due to cost of re-insuring a single consolidated
        mortgage loan, the South Cove Commons loan consists of 2 separate notes
        each secured by a separate mortgage. Pursuant to a separate agreement,
        the 2 loans are to be treated as a single loan for all purposes
        (servicing, payment, reserves, defeasance, etc.) with lien priority of
        each mortgage being pari passu with the other. Both of the notes and
        mortgages with respect to the South Cove Commons loan shall be assets of
        the Trust.

        Loan No. 179 (Chasemont Apartments) - If the Mortgagor converts the
        Mortgaged Property from multifamily apartments to condominiums, then the
        previous owner has a right of repurchase until December 31, 2012. The
        Mortgage Loan documents prohibit the Mortgagor from converting the
        Mortgaged Property to condominiums without the consent of the holder of
        the Mortgage Loan.

        Loan No. 194 (Clocktower Square) - Becker's Automotive, a tenant at the
        related Mortgaged Property, has a right of first refusal in the event
        the related Mortgaged Property is sold. Pursuant to the right of first
        of refusal the related Mortgagor shall offer to such tenant the right to
        purchase the related Mortgaged Property upon the same terms and
        conditions as any bona fide offer received by the related Mortgagor, if
        the related Mortgagor elects to sell the related Mortgaged Property and
        such tenant has ten (10) days to accept the offer of sale.

        Loan No. 16 (Crowne Plaza - LaGuardia) - The related Mortgaged Property
        also secures a loan with a principal balance of $8,077,412.23 as of the
        date of origination of the Mortgage Loan (the "Crowne Plaza Subordinate
        Loan"). The Crowne Plaza Subordinate Loan is subordinate to the Mortgage
        Loan being sold hereby pursuant to a Subordination and Standstill
        Agreement, a copy of which is included in the Mortgage File.

7.      Loan Nos. 18, 204, 42, 52, 179, 194 and 16 (Golden East Crossing,
        Miramar Professional Plaza, Palmer Square, South Cove Commons, Chasemont
        Apartments, Clocktower Square and Crowne Plaza - LaGuardia) - See
        exceptions to Representation #6 above.

8.      Loan Nos. 18, 204, 42, 52, 179, 194 and 16 (Golden East Crossing,
        Miramar Professional Plaza, Palmer Square, South Cove Commons, Chasemont
        Apartments, Clocktower Square and Crowne Plaza - LaGuardia) - See
        exceptions to Representation #6 above.

10(a).  Loan No. 85 (Tweeter Home Entertainment Group Headquarters) - Only the
        Mortgagor, and not another individual or entity, is liable for breach of
        environmental covenants.

        Loan No. 38 (Courtney Manor Apartments) - "Waste" has been deleted from
        the Mortgage Loan documents for the related Mortgage Loan as a
        non-recourse carve-out.

        Loan No. 39 (Gladstone Telex Portfolio) - "Waste" has been modified to
        "physical waste" in the Mortgage Loan documents for the related Mortgage
        Loan as a non-recourse carve-out.

        Loan No. 70 (Gladstone Portfolio) - "Waste" has been modified to
        "physical waste" in the Mortgage Loan documents for the related Mortgage
        Loan as a non-recourse carve-out.

        Loan No. 122 (Wickes Furniture) - The Mortgage Loan documents for the
        related Mortgage Loan provide that only the related Mortgagor, and not
        another individual or entity, is liable for the non-recourse carve-outs.

12.     Loan No. 119 (Cachet Homes Perimeter Center Office) - Mortgagor may
        release a portion of the Mortgaged Property (via a lot line adjustment
        or the like) to which value was allocated without payment of any portion
        of the principal amount of the Mortgage Loan so long as (i) none of the
        improvements (excluding parking structures that are replaced with equal
        or better facilities to which Mortgagor has access via a reciprocal
        easement agreement or the like) are located on such portion of the
        Mortgaged Property; (ii) mortgagee receives an appraisal confirming that
        the "Loan to Value Ratio" (as defined in the Mortgage Loan documents)
        for the Loan is no more than 80%; and (iii) the "Debt Service Coverage
        Ratio" (as defined in the Mortgage Loan documents) was at least 1.20:1
        for the two prior quarters.

        Loan No. 100 (AT&T Portfolio) - The related Mortgage Loan is secured by
        a first priority mortgage lien against two (2) separate office buildings
        (each, a "Separate Related Mortgaged Property"). The related Mortgage
        Loan documents provide that the related Mortgagor may obtain a release
        of either Separate Related Mortgaged Property upon defeasance of 120% of
        the allocated loan amount in respect of the Separate Related Mortgaged
        Property that is the subject of the partial release.

        Loan No. 20 (Concorde Portfolio I) - This Mortgage Loan is secured by
        multiple properties. The Mortgagor may release any individual property
        provided that Mortgagor pays the greater of (i) 110% of the "Allocated
        Amount" (as amortized to reflect the payments actually made) for such
        released parcel; (ii) an amount that will cause the "Debt Service
        Coverage Ratio" (as defined in the Mortgage Loan Documents) for the
        properties remaining following the release to be greater than or equal
        to 1.30:1.0 (calculated as of the most recent two quarters); and (iii)
        an amount that will cause the "Loan to Value Ratio" (as defined in the
        Mortgage Loan documents) for the Mortgage Loan, based upon the remaining
        properties, to be less than or equal to 75%.

        Loan Nos. 221, 225, 224 and 226 (Fairfield Country Shops II, Westheimer
        and Mason, Greatwood Country Shops - Phase II and Fairfield
        Village/Market) - These 4 Mortgage Loans are cross-collateralized. A
        Mortgagor may release its individual Mortgaged Property from the
        cross-collateralization provided that such Mortgagor pays the greater of
        (i) 110% of the "Allocated Amount" (as amortized to reflect the payments
        actually made) for such release parcel; (ii) an amount that will cause
        the "Debt Service Coverage Ratio" (as defined in the Mortgage Loan
        Documents) for the properties remaining following the release to be
        greater than or equal to 1.30:1.0 (calculated as of the most recent two
        quarters); and (iii) an amount that will cause the "Loan to Value Ratio"
        (as defined in the Mortgage Loan Documents) for the Mortgage Loan, based
        upon the remaining properties, to be less than or equal to 75%.
        Alternatively, a Mortgagor may sell an individual Mortgaged Property to
        a third party, and the allocated loan amount for that individual
        Mortgaged Property may be assumed by such party and the individual
        Mortgaged Property released from the cross-collateralization, provided
        that (i) the Debt Service Coverage Ratio for the cross-collateralized
        properties following the release is greater than or equal to 1.30:1.0
        (calculated as of the most recent two quarters); (ii) the Debt Service
        Coverage Ratio for the Mortgaged Property to be released from the
        cross-collateralization is greater than or equal to 1.30:1.0 (calculated
        as of the most recent two quarters); (iii) the Loan to Value Ratio for
        the Loan, based upon the remaining properties, is less than or equal to
        75% and (iv) the Loan to Value Ratio for the Loan to be assumed is less
        than or equal to 75%.

16.     Loan No. 183 (Maidman Syracuse Multifamily) - One of the three
        properties comprising the related Mortgage Property, Lawrence Terrace
        Apartments, is legal non-conforming due to the lot size being deficient
        43,000 square feet, and another (Fennaway Apartments) is also legal
        non-conforming due to a 1.1 foot encroachment into a front setback. Law
        and ordinance insurance coverage was not obtained, however, both
        properties received site plan approval when they were first developed,
        and both may be reconstructed to their present density in the event of a
        casualty.

        Loan No. 147 (Agriflora Group & Emerald Farms Portfolio) - The Emerald
        Farms Building is deficient five striped parking spaces. These parking
        spaces have been constructed and Mortgagor covenanted to stripe said
        parking spaces within 90 days of the closing of the Mortgage Loan. Law
        and ordinance insurance coverage was not obtained.

19(a).  Loan Nos. 107, 166 and 204 (Falls on Antoine, QXL and Miramar
        Professional Plaza) - the engineering reports with respect to these
        Mortgaged Properties were not prepared within 12 months of the Closing
        Date.

        Loan No. 147 (Agriflora Group & Emerald Farms Portfolio) - the
        engineering report prepared in connection with the closing of the
        Mortgage Loan recommended immediate repairs of $78,390. No escrow was
        taken for such immediate repairs; however, (i) the Borrower has
        covenanted in the Mortgage Loan documents that all such immediate
        repairs shall be completed within not more than 9 months from the
        closing of the Mortgage Loan and (ii) the sole tenant at the Mortgaged
        Property is responsible for the performance of approximately $68,4000 of
        such immediate repairs.

20.     Loan No. 9 (The Plaza at PPL Center) - A portion of the related
        Mortgaged Property is a leasehold estate consisting of additional
        parking spaces and automated teller machines for a bank sub-tenant at
        the office building located on the related Mortgaged Property. The
        Ground Lease does not meet many of the requirements for ground leases
        set forth in #20 of the representations and warranties; however, no
        material value was attributed to the ground leased premises in
        connection with the Mortgage Loan Seller's underwriting of the related
        Mortgage Loan and the parking spaces located in the ground leased
        premises are not required to meet parking requirements under the
        applicable municipal zoning requirements.

        Loan No. 13 (Marriott - Albany, New York) - A portion of the Mortgaged
        Property is a leasehold estate consisting of additional parking spaces.
        The Ground Lease does not meet many of the requirements for ground
        leases set forth in #20 of the reps and warranties; however, no material
        value was attributed to the ground leased premises in connection with
        the Mortgage Loan Seller's underwriting of the Mortgage Loan and the
        parking spaces located in the ground leased premises are not required to
        meet parking requirements under the zoning requirements of the City of
        Albany.

        Loan No. 5 (Hilton - Anchorage) - A portion of the Mortgaged Property is
        a leasehold estate consisting of additional parking spaces and a parking
        garage. The Ground Lease does not meet many of the requirements for
        ground leases set forth in #20 of the reps and warranties; however, no
        material value was attributed to the ground leased premises in
        connection with the Mortgage Loan Seller's underwriting of the Mortgage
        Loan and the parking spaces located in the ground leased premises are
        not required to meet parking requirements under the zoning requirements
        of the City of Anchorage.

22.     Loan No. 147 (Agriflora Group & Emerald Farms Portfolio) - The property
        insurance in effect as of the closing date of the Mortgage Loan provided
        for 80% coinsurance without an agreed amount endorsement; however, such
        property insurance policy provides for $5,400,000 of insurance coverage
        and the insurable value of the property thereunder is approximately
        $3,900,000 (accordingly, the co-insurance provisions of such policy will
        not be triggered under these circumstances).

        Loan No. 204 (Miramar Professional Plaza) - The property insurance in
        effect as of the closing date of the Mortgage Loan provided for 90%
        coinsurance without an agreed amount endorsement; however, such property
        insurance policy provides for $3,800,000 of insurance coverage and the
        insurable value of the property thereunder is approximately $2,600,000
        (accordingly, the co-insurance provisions of such policy will not be
        triggered under these circumstances).

        Loan No. 67 (Whiting Commons) - business interruption insurance was
        waived for the ground lease tenants at the Mortgaged Property that do
        not have the right under their leases to abate rent in the event of a
        casualty.

        Loan Nos. 13, 25, 4 and 5 (Marriot - Albany, New York, Marriot -
        Oklahoma City, Marriot - Hilton Head Island and Hilton - Anchorage) -
        The following applies to each of these Mortgage Loans: $100,000
        deductibles are permitted for all coverages. In addition, for so long as
        Columbia Sussex Corporation is in control of the Mortgagor, the
        Mortgagor may have deductibles or self-insured retention of up to
        $1,000,000 provided that the Mortgagor and an affiliate of Mortgagor
        shall remain liable to the holder of the Mortgage Loan for any shortfall
        between the amount actually paid under any such policies and the amount
        that would have been paid if the deductibles were $100,000.

        Loan No. 28 (Kaiser Foundation Health Plan) - Kaiser Foundation Health
        Plan Inc. ("Kaiser") is the sole tenant at the Mortgaged Property. The
        Mortgage Loan documents provide that so long as Kaiser maintains an
        issuer credit rating of not less than "BBB" by Standard & Poor's (or an
        equivalent rating by another nationally recognized statistical rating
        agency), then compliance with the insurance requirements of the lease at
        the Mortgaged Property with Kaiser (the "Kaiser Lease") (including,
        without limitation, the right of Kaiser to self-insure) shall be deemed
        compliance with the insurance requirements of the Mortgage Loan
        documents; provided, however, compliance with the insurance requirements
        of the Kaiser Lease shall not be deemed compliance with the insurance
        requirements of the Mortgage Loan documents from and after the date that
        is seven (7) months prior to the expiration of the term of the Kaiser
        Lease. Various insurance requirements under the Kaiser Lease do not meet
        the insurance requirements under Representation # 22; however, other
        than during the last six months of the term of the Kaiser Lease (during
        which period the Mortgage Loan documents require the Mortgagor to
        maintain insurance in compliance with the insurance requirements of the
        Mortgage Loan documents), Kaiser is not permitted under the Kaiser Lease
        to terminate the Kaiser Lease or abate rent as a result of a casualty.

        Loan No. 85 (Tweeter Home Entertainment Group Headquarters) - Tweeter -
        New England Audio Co., Inc. ("Tweeter") is the sole tenant at the
        Mortgaged Property. The Mortgage Loan documents provide that compliance
        with the insurance requirements of the lease at the Mortgaged Property
        with Tweeter (the "Tweeter Lease") shall be deemed compliance with the
        insurance requirements of the Mortgage Loan documents. Various insurance
        requirements under the Tweeter Lease do not meet the insurance
        requirements under Representation # 22; however, other than during the
        last twelve months of the term of the Tweeter Lease (which such twelve
        month period commences after the maturity date of the Mortgage Loan),
        Tweeter is not permitted under the Tweeter Lease to terminate the
        Tweeter Lease or abate rent as a result of a casualty.

        Loan No. 31 (TRW Automotive, Inc.) - TRW Vehicle Safety Systems Inc.
        ("TRW") is the sole tenant at the Mortgaged Property. The Mortgage Loan
        documents provide that compliance with the insurance requirements of the
        lease at the Mortgaged Property with TRW (the "TRW Lease") shall be
        deemed compliance with the insurance requirements of the Mortgage Loan
        documents. Various insurance requirements under the TRW Lease do not
        meet the insurance requirements under Representation # 22; however,
        other than during the last twenty-four months of the term of the TRW
        Lease (which such twenty-four month period commences after the maturity
        date of the Mortgage Loan), TRW is not permitted under the TRW Lease to
        terminate the TRW Lease or abate rent as a result of a casualty.

        Loan No. 170 (28 Diana Lane) - Verizon New England, Inc. ("Verizon") is
        the sole tenant at the Mortgaged Property. The Mortgage Loan Seller has
        accepted Verizon's insurance in satisfaction of all or part of the
        insurance required to be maintained by the related Mortgagor under the
        related Mortgage Loan documents. The related Mortgage Loan documents
        provide that so long as Verizon is the tenant under the lease at the
        Mortgaged Property with Verizon (the "Verizon Lease"), the Mortgage Loan
        Seller shall accept the coverage provided by Verizon as of the date of
        closing of the related Mortgage Loan and as further reflected in the
        certificates of property insurance, liability insurance and flood
        insurance attached to the related Mortgage as Exhibit D. The
        certificates of insurance accepted by the Mortgage Loan Seller (i) do
        not show the holder of the Mortgage Loan as mortgagee; (ii) do not
        indicate whether or not there is coinsurance or an Agreed Amount
        Endorsement; (iii) do not state deductibles; and (iv) do not include
        terrorism insurance in respect of liability coverage.

        Loan Nos. 6, 138 and 74 (Bryant Park Hotel, New Lake Hill Shopping
        Center and Heartland Village Shopping Center) - The following applies to
        each of these Mortgage Loans: The Mortgagor must maintain insurance
        pursuant to the insurance requirements set forth in the Mortgage only to
        the extent available at commercially reasonable rates.

        Loan No. 100 (AT&T Portfolio) - The terrorism insurance in effect for
        the related Mortgaged Property is maintained by the sole tenant at the
        Mortgaged Property under an insurance policy issued by American Ridge
        Insurance Company and such insurer is not rated by Standard and Poor's
        or A.M. Best Company. In addition, the general liability insurance
        policy maintained on the related Mortgaged Property does not include
        insurance for acts of terrorism.

        Loan No. 152 (Liberty Plaza) - The property insurance in effect as of
        the closing date of the Mortgage Loan provided for 90% coinsurance
        without an agreed amount endorsement; however, such property insurance
        policy provides for $3,611,000 of insurance coverage and the insurable
        value of the property thereunder is approximately $2,550,000
        (accordingly, the co-insurance provisions of such policy will not be
        triggered under these circumstances). The Mortgage Loan documents do not
        require an agreed amount endorsement or waiver of coinsurance.

24.     Loan Nos. 20, 221, 225, 224 and 226 (Concorde Portfolio I, Fairfield
        Country Shops II, Westheimer and Mason, Greatwood Country Shops - Phase
        II and Fairfield Village/Market) - The following applies to each of
        these Mortgage Loans: the broker involved with the purchase and sale
        transaction (pursuant to which the Mortgagors acquired the Mortgaged
        Properties) is investigating the possibility of bringing an action for
        breach of contract (non-payment of brokerage commission). To the
        Mortgage Loan Seller's knowledge, such action had not been filed as of
        the date of the origination of the Mortgage Loan (February 2, 2007). The
        seller of the Mortgaged Properties is indemnifying the Mortgagors in
        connection with this action (if filed). A principal of the Mortgagors is
        indemnifying the holder of the Mortgage Loans in connection with this
        action (if filed).

        Loan No. 20 (Concorde Portfolio I) - the related Mortgagors are all
        owned directly or indirectly by a corporation ("Edico") named Edico Inc.
        (formerly known as Edifico (USA) Finance Inc.). Prior to the closing of
        the Mortgage Loan, the Mortgagors informed the Seller that Edico was
        being audited by the Internal Revenue Service with respect to matters
        claimed on Edico's 2004 Federal Tax Return. In connection with the
        acquisition (which occurred contemporaneously with the closing of the
        Mortgage Loan) of all of the stock of Edico by the principal of the
        related Mortgagors, the seller of the Edico stock established an escrow
        (held by a third-party escrow agent) in the amount of $990,000 to cover
        these potential tax liabilities. Although the holder of the Mortgage
        Loan is not the holder of the escrow, the holder of the Mortgage Loan is
        party to a tri-party agreement prohibiting Edico from waiving its rights
        to the escrowed funds. The escrow will remain available to Edico for a
        period of 4 years and may be drawn by Edico upon in the event that any
        liability from pre-2007 tax periods is assessed; thereafter, all funds
        will be released to the seller of the Edico stock. Based on information
        provided by the Mortgagors, Edico and Edico's certified public
        accounting firm: (a) the audit involved two discrete areas: first,
        Edico's use of "net operating loss deductions" ("NOLDs") carried forward
        from prior tax years; and second, Edico's deduction, as a business
        expense, of a consulting fee paid to Edico's then-current stockholder
        (rather than treating this amount as wages, on which employment taxes
        would be due); (b) with respect to the NOLDs, Edico made an amended tax
        filing and paid approximately $2,400 in taxes and penalties, in full
        settlement of the audit; and (c) with respect to the treatment of the
        consulting fee as a non-wage expense, Edico's accountant reports that
        the IRS examiner is proposing a finding that no change to Edico's return
        is required (but instead, that the IRS will pursue the prior stockholder
        for any taxes due; the prior stockholder has no ownership interest in
        the Mortgagors).

        Loan No. 27 (Hampton Inn - JFK) - The Mortgagor is affiliated with the
        owner of two other hotel properties (the Crowne Plaza - LaGuardia and
        the Holiday Inn - JFK) that, as of the Closing Date, are the subject of
        pending bankruptcy proceedings. The Mortgagor is not the subject of
        those bankruptcy proceedings. There is currently a derivative action
        against the Mortgagor by creditors of its bankrupt affiliate (as more
        fully described in that certain Third Amended Plan of Reorganization of
        Field Hotel Associates, L.P., a New York limited partnership ("FHA")
        submitted to the United States Bankruptcy Court for the Eastern District
        of Pennsylvania In re: LaGuardia Associates, L.P., et al., as debtors as
        Case No. 04-34512 SR dated as of January 17, 2007 (the "Third Amended
        Plan")) styled as Field Hotel Associates, L.P. through Sun Trust Bank,
        successor indenture trustee and duly authorized derivative
        representative vs. Field Family Associates, LLC. The holder of the
        Mortgage Loan took a holdback in the amount of $3,070,000.00 as an
        estimate of the liabilities evidenced by the derivative action to be
        released upon the latter of (i) the dismissal of the derivative action
        against the Mortgagor and (ii) confirmation of the Third Amended Plan by
        a final order of the bankruptcy court at which time the intercompany
        claim of FHA against the Mortgagor shall be fully released.

        Loan No. 16 (Crowne Plaza - LaGuardia) - See exceptions to
        Representation #5 above.

29.     Loan Nos. 13, 25, 4 and 5 (Marriott - Albany, New York, Marriott -
        Oklahoma City, Marriott - Hilton Head Island and Hilton - Anchorage) -
        the Mortgagors under these Mortgage Loans totaling approximately
        $319,400,000 are under common control.

30.     Loan Nos. 18 and 16 (Golden East Crossing and Crowne Plaza - LaGuardia)
        - See exceptions to Representation #6 above.

        Loan No. 54 (Wingate Inn Portfolio) - The related Mortgagor is the
        franchisee under two franchise agreements entered into by and between
        the related Mortgagor and Wingate Inns International, Inc., as the
        franchisor. Under the franchise agreements, the related Mortgagor
        assumed two promissory notes outstanding under the immediately preceding
        franchise agreements, which promissory notes do not become due and
        payable until such time as the related Mortgagor defaults under the
        franchise agreements or transfers its interest in the franchise
        agreements. The related Mortgage permits the related Mortgagor to be
        indebted under such promissory notes.

32.     Loan Nos. 18, 204 and 16 (Golden East Crossing, Miramar Professional
        Plaza and Crowne Plaza - LaGuardia) - See exceptions to Representation
        #6 above.

        The following applies to each of the Mortgage Loans listed below:
        Holders of direct or indirect equity interests in the Mortgagor have
        pledged their direct or indirect interests in the Mortgagor to secure a
        mezzanine loan (a "Mezzanine Loan"). In connection with such Mezzanine
        Loan, the Seller and the mezzanine lender entered into an intercreditor
        agreement, a copy of which is included in the related Mortgage File.

                  a.    Loan No. 9 (The Plaza at PPL Center)

        The following applies to each of the Mortgage Loans listed below: The
        related Mortgage provides that direct or indirect equity interests in
        the related Mortgagor may be pledged as security for indebtedness of the
        owners of direct or indirect equity interests in the related Mortgagor,
        under certain conditions more fully set forth in the related Mortgage
        (including, without limitation, limits on the maximum aggregate
        loan-to-value ratio (inclusive of both the Mortgage Loan and such
        mezzanine indebtedness) and the minimum debt service coverage ratio
        (inclusive of both the Mortgage Loan and such mezzanine indebtedness)
        and the requirement of an intercreditor agreement satisfactory to the
        holder of the Mortgage Loan).

                  a.    Loan No. 6 (Bryant Park Hotel)
                  b.    Loan No. 21 (Prime Outlets at Pleasant Prairie)
                  c.    Loan No. 28 (Kaiser Foundation Health Plan)
                  d.    Loan No. 29 (The Overlook Apartments)
                  e.    Loan No. 60 (Lakeside Village)
                  f.    Loan No. 72 (Atlas Cold Storage)
                  g.    Loan No. 75 (Pioneer Place)
                  h.    Loan No. 74 (Heartland Village Shopping Center)
                  i.    Loan No. 80 (Lofts at the Mill)
                  j.    Loan No. 82 (Poplar Square Shopping Center)
                  k.    Loan No. 87 (Ecolab Building)
                  l.    Loan No. 106 (Preston Place & Port Au Prince Portfolio)
                  m.    Loan No. 107 (Falls on Antoine)
                  n.    Loan No. 108 (Plaza Del Rey)
                  o.    Loan No. 123 (Tamiami Square)
                  p.    Loan No. 137 (Baxa Corporate Headquarters)
                  q.    Loan No. 138 (New Lake Hill Shopping Center)
                  r.    Loan No. 144 (5849 Peachtree Road)
                  s.    Loan No. 156 (Atrium Office Building)
                  t.    Loan No. 183 (Maidman Syracuse Portfolio)
                  u.    Loan No. 101 (Cobalt Building)
                  v.    Loan No. 81 (Produce Container Building)
                  w.    Loan No. 194 (Clocktower Square)
                  x.    Loan No. 18 (Golden East Crossing)

        Loan No. 31 (TRW Automotive, Inc.) - The Mortgage Loan Documents provide
        that the sale or transfer of stock or interest in (or any mergers
        between) the following affiliates of Mortgagor: (i) Corporate Property
        Associates 14 Incorporated, (ii) Corporate Property Associates 15
        Incorporated, (iii) Corporate Property Associates 12 Incorporated, (iv)
        Corporate Property Associates 16-Global Incorporated, (v) W.P. Carey &
        Co. LLC, (vi) any entity which is controlled, as of the date of such
        sale or transfer of stock or interest or merger, pursuant to an advisory
        agreement, by W.P. Carey & Co. LLC or Carey Asset Management Corp. (so
        long as Carey Asset Management Corp. is a wholly owned subsidiary of
        W.P. Carey & Co. LLC) (each of the entities in the foregoing clauses (i)
        through (vi) are hereinafter referred to as a member of the "Carey
        Group") or (vii) any wholly owned subsidiary of a member of the Carey
        Group (a "Carey Member Subsidiary"), shall not require the consent of
        the holder of the Mortgage Loan so long as the applicable company whose
        stock or interest is being sold or transferred (or (x) the surviving
        entity in the case of a merger among members of the Carey Group or (y)
        the parent of the surviving entity in the case of a merger between a
        Carey Member Subsidiary and a member of the Carey Group if the surviving
        entity is the Carey Member Subsidiary) is required to file, with respect
        to the equity interests of such company, periodic reports with the
        Securities and Exchange Commission under Section 13 or Section 15(d) of
        the Securities Exchange Act of 1934, as amended.

        Loan No. 67 - (Whiting Commons) - The related Mortgage Loan documents
        permit an affiliate of Kimco Realty Corporation, the investor partner in
        the Mortgagor, to take sole control of the Mortgagor.

        Loan No. 60 - (Lakeside Village) - The related Mortgage Loan documents
        permit an affiliate of Buchanan Street Partners, Inc., the investor
        partner in the Mortgagor's parent, to take sole control of the
        Mortgagor.

        Loan Nos. 6, 138 and 74 (Bryant Park Hotel, New Lake Hill Shopping
        Center and Heartland Village Shopping Center) - The following applies to
        each of these Mortgage Loans: The related Mortgage permits a change of
        control of the Mortgagor, (a) in the event that the original controlling
        principals are no longer alive and competent, to certain relatives who
        were pre-approved by the holder of the Mortgage Loan, as set forth in
        the definition of "Approved Control Parties" in the related Mortgage and
        (b) in the event of a transfer to a real estate investment trust having
        assets of not less than $250 million, the equity securities of which are
        publicly traded on a United States exchange (or to the "operating
        partnership" of such real estate investment trust) or its wholly owned
        subsidiary.

        "Approved Control Party" is defined in the Bryant Park Hotel Mortgage as
        Philip Pilevsky, as long as he is alive and competent, and if he is not,
        then it shall mean Sheila Levine, Michael Pilevsky, Heidi Leifer and
        Seth Pilevsky, individually or collectively, or any entity which is
        controlled directly or indirectly by such party.

        "Approved Control Party" is defined in the Heartland Village Shopping
        Center Mortgage as Philip Pilevsky or Allen Pilevsky or Sheila Levine,
        as long as either of them is alive and competent, and if none of them
        is, then it shall mean Michael Pilevsky, Jordan Pilevsky and Seth
        Pilevsky, individually or collectively, or any entity which is
        controlled directly or indirectly by such party.

        "Approved Control Party" is defined in the New Lake Hill Shopping Center
        Mortgage as Philip Pilevsky, as long as he is alive and competent, and
        if he is not, then it shall mean Sheila Levine, Michael Pilevsky and
        Seth Pilevsky, individually or collectively, or any entity which is
        controlled directly or indirectly by such party.

33.     Loan Nos. 18 and 204 (Golden East Crossing and Miramar Professional
        Plaza) - See exceptions to Representation #6 above.

35.     Loan Nos. 100, 20, 221, 225, 224 and 226 (AT&T Portfolio, Concorde
        Portfolio I, Fairfield Country Shops II, Westheimer and Mason, Greatwood
        Country Shops - Phase II and Fairfield Village/Market) - See exceptions
        to Representation #12 above.

37.     Loan Nos. 183 and 147 (Maidman Syracuse Multifamily and Agriflora Group
        & Emerald Farms Portfolio) - See exceptions to Representation #16 above.

40.     Loan No. 60 (Lakeside Village) - The Mortgage Loan Seller has entered
        into a "consent agreement" with Buchanan Fund V, LLC (an affiliate of
        Buchanan Street Partners, Inc.), the investor partner in the Mortgagor's
        parent, pursuant to which the investor partner has a right to notice of
        any failure to make a payment as/when due, and the right to cure such
        event of default by payment of such unpaid amount (together with any
        late charges or default interest which may be due with respect to such
        unpaid amount) within 2 business days after notice. The due date is the
        1st of the month, with 5 days' grace period, before the notice can be
        given.

        Loan No. 67 (Whiting Commons) - The Mortgage Loan Seller has entered
        into a "consent agreement" with Kimco Preferred Investor LXII, Inc. (an
        affiliate of Kimco Realty Corporation), the investor partner in the
        Mortgagor, pursuant to which the investor partner has a right to notice
        of any failure to make a payment as/when due, and the right to cure such
        event of default by payment of such unpaid amount (together with any
        late charges or default interest which may be due with respect to such
        unpaid amount) within 2 business days after notice. The due date is the
        1st of the month, with 5 days' grace period, before the notice can be
        given.

        Loan Nos. 13, 25, 4 and 5 (Marriot - Albany, New York, Marriot -
        Oklahoma City, Marriot - Hilton Head Island and Hilton - Anchorage) -
        The following applies to each of these Mortgage Loans: In Section 1.06
        of the Mortgage Note, Lender agrees that, when Lender first gives notice
        of any past-due Monthly Payment Amount (including, without limitation,
        by listing such amounts on a statement of account or other listing of
        sums due under the Note, or by charging a late charge or assessing
        interest at the Default Interest Rate with respect to the Note), then
        Borrower shall have three (3) business days from the date of such notice
        to pay such past-due Monthly Payment Amount (which payment must be in
        immediately available funds) together with any late charges or interest
        at the Default Interest Rate which may be due, and Lender's acceptance
        of such payment shall cure the Event of Default caused by Borrower's
        failure timely to make such payment, provided, however, that Lender
        shall not be obligated to accept a tender of such past-due Monthly
        Payment Amount if any other Event of Default was continuing on the
        Payment Date on which such Monthly Payment Amount was due, and provided,
        further, that nothing herein shall obligate Lender to give such notice.
        During a Sweep Period (as defined in the Cash Management Agreement),
        Borrower shall be deemed to have made the payment due on a Payment Date
        if, within such grace period, (a) funds in an amount equal to or greater
        than the Monthly Payment Amount are on deposit in the Monthly Debt
        Service Subaccount (as defined in the Cash Management Agreement), (b) no
        Event of Default then exists and is continuing, and (c) such funds may
        lawfully be transferred from the Deposit Bank (as defined in the Cash
        Management Agreement) by either Lender or the Servicer (as defined in
        the Cash Management Agreement). Capitalized terms not defined in this
        paragraph shall have the meaning given to such terms in the related
        Mortgage Note.

42.     Loan Nos. 13, 25 4 and 5 (Marriot - Albany, New York, Marriot - Oklahoma
        City, Marriot - Hilton Head Island and Hilton - Anchorage) - The
        following applies to each of these Mortgage Loans: The Mortgage Loan
        documents provide that in the event that terrorism insurance rates rise
        significantly or such coverage is not available with an all-risk policy,
        then the cost of the annual premium associated with terrorism insurance
        that the Mortgagor shall be required to incur shall be limited to 200%
        of the cost of the then current premium for all-risk casualty insurance
        without terrorism coverage.

        Loan No. 85 (Tweeter Home Entertainment Group Headquarters) - See
        Exception to representation #22 above. The Tweeter Lease does not
        require Tweeter to maintain terrorism insurance with respect to the
        Mortgaged Property. Tweeter does not currently maintain terrorism
        insurance with respect to the Mortgaged Property.

        Loan Nos. 6, 138 and 74 (Bryant Park Hotel, New Lake Hill Shopping
        Center and Heartland Village Shopping Center) - The following applies to
        each of these Mortgage Loans: The Mortgage Loan documents provide that
        the Mortgagor shall be required to purchase such terrorism insurance
        coverage as can be obtained for an amount equal to 100% of the greater
        of (I) the premiums for the insurance coverages required under Section
        1.4 of the Mortgage prior to the change in the terms of such coverage,
        and (II) the premium for the insurance coverages (excluding terrorism
        insurance) required under Section 1.4 of the Mortgage after giving
        effect to such change in the terms of coverage.)

        Loan No. 101 (Cobalt Building) - The related Mortgagor is obligated to
        maintain terrorism insurance. However, the related Mortgagor is not
        obligated to incur a cost for any such terrorism insurance that is in
        excess of one (1) times the cost of the required "all-risk" insurance
        for the annual policy period.

        Loan No. 108 (Plaza Del Rey) - The related Mortgagor is obligated to
        maintain terrorism insurance. However, the related Mortgagor is not
        obligated to incur a cost for any such terrorism insurance that is in
        excess of one and one-half (1.5) times the cost of the required
        "all-risk" insurance for the annual policy period.

        Loan No. 137 (Baxa Corporate Headquarters) - The related Mortgagor is
        not obligated to maintain terrorism insurance with respect to the
        Mortgaged Property. The insurance currently in effect with respect to
        the Mortgaged Property does not cover acts of terrorism.

        Loan No. 63 (Eagle Rock Commons) - The related Mortgagor is obligated to
        maintain terrorism insurance. However, the related Mortgagor is not
        obligated to incur a cost for any such terrorism insurance that is in
        excess of two (2) times the cost of the required "all-risk" insurance
        for the annual policy period.

        Loan No. 125 (Club at Stablechase) - The related Mortgagor is obligated
        to maintain terrorism insurance. However, the related Mortgagor is not
        obligated to incur a cost for any such terrorism insurance that is in
        excess of one and one-half (1.5) times the cost of the required
        "all-risk" insurance for the annual policy period.

        Loan No. 157 (202 Stinson Drive) - The related Mortgagor is obligated to
        maintain terrorism insurance. However, the Mortgage Loan Seller has
        accepted the insurance provided by the sole tenant of the related
        Mortgaged Property, Dan River Inc., and such insurance does not include
        terrorism insurance.

        Loan No. 21 (Prime Outlets at Pleasant Prairie) - in the event that
        terrorism insurance is excluded from the all-risk policy, the holder of
        the Mortgage Loan agrees to limit the cost of the annual premium
        associated with separate terrorism insurance to 200% of the cost of the
        then current premium for all-risk casualty insurance without terrorism
        coverage.

        Loan No. 170 (28 Diana Lane) - See exception to Representation #22. The
        certificates of insurance accepted by the Mortgage Loan Seller do not
        include terrorism insurance in respect of liability coverage.

        Loan No. 28 (Kaiser Foundation Health Plan) - See Exception to
        representation #22 above. The Kaiser Lease does not require Kaiser to
        maintain terrorism insurance with respect to the Mortgaged Property.
        Kaiser does not currently maintain terrorism insurance with respect to
        the Mortgaged Property.

        Loan No. 125 (Club at Stablechase) - the second and third levels of
        property coverage don't require coverage for terrorism. The primary
        $2,5000,000 of property does contain coverage for terrorism.

        Loan No. 163 (Mutual Investments LP) - the insurance currently in effect
        with respect to the Mortgaged Property does not cover acts of terrorism.

        Loan No. 122 (Wickes Furniture) - the insurance currently in effect with
        respect to the Mortgaged Property does not cover acts of terrorism.

<PAGE>

                                    EXHIBIT D

                          FORM OF OFFICER'S CERTIFICATE

            I, [______], a duly appointed, qualified and acting [______] of CIBC
Inc., a Delaware corporation (the "Company"), hereby certify as follows:

1.    I have examined the Mortgage Loan Purchase Agreement, dated as of March 7,
      2007 (the "Agreement"), between the Company and J.P. Morgan Chase
      Commercial Mortgage Securities Corp., and all of the representations and
      warranties of the Company under the Agreement are true and correct in all
      material respects on and as of the date hereof with the same force and
      effect as if made on and as of the date hereof.

2.    The Company has complied with all the covenants and satisfied all the
      conditions on its part to be performed or satisfied under the Agreement on
      or prior to the date hereof and no event has occurred which, with notice
      or the passage of time or both, would constitute a default under the
      Agreement.

3.    I have examined the information regarding the Mortgage Loans in each
      Free Writing Prospectus (as defined in the Indemnification Agreement),
      when read in conjunction with the other Time of Sale Information (as
      defined in the Indemnification Agreement), the Prospectus, dated
      September 22, 2006, as supplemented by the Prospectus Supplement, dated
      February 23, 2007 (collectively, the "Prospectus"), relating to the
      offering of the Class A-1, Class A-3, Class A-4, Class A-1A, Class X,
      Class A-M, Class A-MFL, Class A-J, Class B, Class C and Class D
      Certificates, the Private Placement Memorandum, dated February 23, 2007
      (the "Privately Offered Certificate Private Placement Memorandum"),
      relating to the offering of the Class E, Class F, Class G, Class H,
      Class J, Class K, Class L, Class M, Class N, Class P and Class NR
      Certificates, and the Residual Private Placement Memorandum, dated
      February 23, 2007 (together with the Privately Offered Certificate
      Private Placement Memorandum, the "Private Placement Memoranda"),
      relating to the offering of the Class R and Class LR Certificates, and
      nothing has come to my attention that would lead me to believe that any
      Free Writing Prospectus, including any diskette attached thereto, when
      read in conjunction with the other Time of Sale Information, as of the
      Time of Sale (as defined in the Indemnification Agreement) or as of the
      date hereof, the Prospectus, as of the date of the Prospectus
      Supplement or as of the date hereof, or the Private Placement
      Memoranda, as of the date of the Private Placement Memoranda or as of
      the date hereof, included or includes any untrue statement of a
      material fact relating to the Mortgage Loans or in the case of any Free
      Writing Prospectus, when read in conjunction with the other Time of
      Sale Information, omitted or omits to state therein a material fact
      necessary in order to make the statements therein relating to the
      Mortgage Loans, in light of the circumstances under which they were
      made, not misleading.

            Capitalized terms used herein without definition have the meanings
given them in the Agreement.

            IN WITNESS WHEREOF, I have signed my name this 7th day of March
2007.

                                       By:_____________________________
                                          Name:
                                          Title:Exhibit 10.1

                        AMENDED AND RESTATED DECLARATION

                                    OF TRUST

                        Monroe Bancorp Statutory Trust II

                           Dated as of March 20, 2007

<PAGE>

                                Table of Contents

                                                                            Page

                                    ARTICLE I
                         INTERPRETATION AND DEFINITIONS

SECTION 1.1.  Definitions......................................................1

                                   ARTICLE II
                                  ORGANIZATION

SECTION 2.1.  Name.............................................................8

SECTION 2.2.  Office...........................................................8

SECTION 2.3.  Purpose..........................................................8

SECTION 2.4.  Authority........................................................9

SECTION 2.5.  Title to Property of the Trust...................................9

SECTION 2.6.  Powers and Duties of the Trustees and the Administrators.........9

SECTION 2.7.  Prohibition of Actions by the Trust and the Trustees............14

SECTION 2.8.  Powers and Duties of the Institutional Trustee..................15

SECTION 2.9.  Certain Duties and Responsibilities of the Trustees and the
              Administrators..................................................16

SECTION 2.10. Certain Rights of Institutional Trustee.........................18

SECTION 2.11. Execution of Documents..........................................20

SECTION 2.12. Not Responsible for Recitals or Issuance of Securities..........20

SECTION 2.13. Duration of Trust...............................................21

SECTION 2.14. Mergers.........................................................21

                                   ARTICLE III
                                     SPONSOR

SECTION 3.1.  Sponsor's Purchase of Common Securities.........................23

SECTION 3.2.  Responsibilities of the Sponsor.................................23

                                   ARTICLE IV
                           TRUSTEES AND ADMINISTRATORS

SECTION 4.1.  Number of Trustees..............................................23

SECTION 4.2.  Institutional Trustee; Eligibility..............................23

SECTION 4.3.  Administrators..................................................24

SECTION 4.4.  Appointment, Removal and Resignation of the Trustees and the
              Administrators..................................................24

SECTION 4.5.  Vacancies Among Trustees........................................26

                                      -i-
<PAGE>

                                Table of Contents
                                   (continued)
                                                                            Page

SECTION 4.6.  Effect of Vacancies.............................................26

SECTION 4.7.  Meetings of the Trustees and the Administrators.................26

SECTION 4.8.  Delegation of Power.............................................27

SECTION 4.9.  Merger, Conversion, Consolidation or Succession to Business.....27

                                    ARTICLE V
                                  DISTRIBUTIONS

SECTION 5.1.  Distributions...................................................27

                                   ARTICLE VI
                             ISSUANCE OF SECURITIES

SECTION 6.1.  General Provisions Regarding Securities.........................28

SECTION 6.2.  Paying Agent, Transfer Agent, Calculation Agent and Registrar...29

SECTION 6.3.  Form and Dating.................................................29

SECTION 6.4.  Mutilated, Destroyed, Lost or Stolen Certificates...............30

SECTION 6.5.  Temporary Securities............................................30

SECTION 6.6.  Cancellation....................................................30

SECTION 6.7.  Rights of Holders; Waivers of Past Defaults.....................31

                                   ARTICLE VII
                      DISSOLUTION AND TERMINATION OF TRUST

SECTION 7.1.  Dissolution and Termination of Trust............................32

                                  ARTICLE VIII
                              TRANSFER OF INTERESTS

SECTION 8.1.  General.........................................................33

SECTION 8.2.  Transfer Procedures and Restrictions............................34

SECTION 8.3.  Deemed Security Holders.........................................37

                                   ARTICLE IX
      LIMITATION OF LIABILITY OF HOLDERS OF SECURITIES, TRUSTEES OR OTHERS

SECTION 9.1.  Liability.......................................................38

SECTION 9.2.  Exculpation.....................................................38

SECTION 9.3.  Fiduciary Duty..................................................39

SECTION 9.4.  Indemnification.................................................39

SECTION 9.5.  Outside Businesses..............................................42

SECTION 9.6.  Compensation; Fee...............................................43

                                      -ii-
<PAGE>

                                Table of Contents
                                   (continued)
                                                                            Page

                                    ARTICLE X
                                   ACCOUNTING

SECTION 10.1. Fiscal Year.....................................................43

SECTION 10.2. Certain Accounting Matters......................................43

SECTION 10.3. Banking.........................................................44

SECTION 10.4. Withholding.....................................................44

                                   ARTICLE XI
                             AMENDMENTS AND MEETINGS

SECTION 11.1. Amendments......................................................45

SECTION 11.2. Meetings of the Holders of the Securities; Action by Written
              Consent.........................................................47

                                   ARTICLE XII
                    REPRESENTATIONS OF INSTITUTIONAL TRUSTEE

SECTION 12.1. Representations and Warranties of Institutional Trustee.........48

                                  ARTICLE XIII
                                  MISCELLANEOUS

SECTION 13.1. Notices.........................................................49

SECTION 13.2. Governing Law...................................................50

SECTION 13.3. Submission to Jurisdiction......................................50

SECTION 13.4. Intention of the Parties........................................51

SECTION 13.5. Headings........................................................51

SECTION 13.6. Successors and Assigns..........................................51

SECTION 13.7. Partial Enforceability..........................................51

SECTION 13.8. Counterparts....................................................51

                                     -iii-
<PAGE>

                                Table of Contents
                                   (continued)

ANNEXES AND EXHIBITS

ANNEX I                        Terms of TP Securities and Common Securities

EXHIBIT A-1                    Form of Capital Security Certificate
EXHIBIT A-2                    Form of Common Security Certificate

                                      -iv-
<PAGE>

                    AMENDED AND RESTATED DECLARATION OF TRUST

                                       OF

                        Monroe Bancorp Statutory Trust II

                                 March 20, 2007

           AMENDED AND RESTATED DECLARATION OF TRUST (this "Declaration"), dated
and effective as of March 20, 2007, by the Trustees (as defined herein), the
Administrators (as defined herein), the Sponsor (as defined herein) and the
holders from time to time of undivided beneficial interests in the assets of the
Trust (as defined herein) to be issued pursuant to this Declaration.

           WHEREAS, the Trustee, the Administrators and the Sponsor established
Monroe Bancorp Statutory Trust II (the "Trust"), a statutory trust under the
Statutory Trust Act (as defined herein), pursuant to a Declaration of Trust,
dated as of March 16, 2007 (the "Original Declaration"), and a Certificate of
Trust filed with the Secretary of State of the State of Connecticut on March 16,
2007, for the sole purpose of issuing and selling certain securities
representing undivided beneficial interests in the assets of the Trust and
investing the proceeds thereof in the Debentures (as defined herein) of the
Debenture Issuer (as defined herein) in connection with the issuance of the
Capital Securities (as defined herein);

           WHEREAS, as of the date hereof, no interests in the assets of the
Trust have been issued; and

           WHEREAS, the Trustee, the Administrators and the Sponsor, by this
Declaration, amend and restate each and every term and provision of the Original
Declaration.

           NOW, THEREFORE, it being the intention of the parties hereto to
continue the Trust as a statutory trust under the Statutory Trust Act and that
this Declaration constitutes the governing instrument of such statutory trust,
and that all assets contributed to the Trust will be held in trust for the
benefit of the holders, from time to time, of the securities representing
undivided beneficial interests in the assets of the Trust issued hereunder,
subject to the provisions of this Declaration, and, in consideration of the
mutual covenants contained herein and other good and valuable consideration, the
receipt of which is hereby acknowledged, the parties, intending to be legally
bound hereby, amend and restate in its entirety the Original Declaration and
agree as follows:

                                   ARTICLE I
                         INTERPRETATION AND DEFINITIONS

           SECTION 1.1. Definitions. Unless the context otherwise requires:

           (a) capitalized terms used in this Declaration but not defined in the
preamble above or elsewhere herein have the respective meanings assigned to them
in this Section 1.1 or, if not defined in this Section 1.1 or elsewhere herein,
in the Indenture;

<PAGE>

           (b) a term defined anywhere in this Declaration has the same meaning
throughout;

           (c) all references to "the Declaration" or "this Declaration" are to
this Declaration as modified, supplemented or amended from time to time;

           (d) all references in this Declaration to Articles and Sections and
Annexes and Exhibits are to Articles and Sections of and Annexes and Exhibits to
this Declaration unless otherwise specified;

           (e) a term defined in the Trust Indenture Act (as defined herein) has
the same meaning when used in this Declaration unless otherwise defined in this
Declaration or unless the context otherwise requires; and

           (f) a reference to the singular includes the plural and vice versa.

           "Additional Interest" has the meaning set forth in Section 3.06 of
the Indenture.

           "Administrative Action" has the meaning set forth in paragraph 4(a)
of Annex I.

           "Administrators" means each of Mark D. Bradford and Gordon M. Dyott,
solely in such Person's capacity as Administrator of the Trust continued
hereunder and not in such Person's individual capacity, or such Administrator's
successor in interest in such capacity, or any successor appointed as herein
provided.

           "Affiliate" has the same meaning as given to that term in Rule 405 of
the Securities Act or any successor rule thereunder.

           "Authorized Officer" of a Person means any Person that is authorized
to bind such Person.

           "Bankruptcy Event" means, with respect to any Person:

           (a) a court having jurisdiction in the premises enters a decree or
order for relief in respect of such Person in an involuntary case under any
applicable bankruptcy, insolvency or other similar law now or hereafter in
effect, or appoints a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official of such Person or for any substantial part of
its property, or orders the winding-up or liquidation of its affairs, and such
decree, appointment or order remains unstayed and in effect for a period of 90
consecutive days; or

           (b) such Person commences a voluntary case under any applicable
bankruptcy, insolvency or other similar law now or hereafter in effect, consents
to the entry of an order for relief in an involuntary case under any such law,
or consents to the appointment of or taking possession by a receiver,
liquidator, assignee, trustee, custodian, sequestrator or other similar official
of such Person of any substantial part of its property, or makes any general
assignment for the benefit of creditors, or fails generally to pay its debts as
they become due.

                                      -2-
<PAGE>

           "Business Day" means any day other than Saturday, Sunday or any other
day on which banking institutions in Boston, Massachusetts or New York City or
the city of the Corporate Trust Office are permitted or required by any
applicable law or executive order to close.

           "Calculation Agent" has the meaning set forth in Section 1.01 of the
Indenture.

           "Capital Securities" has the meaning set forth in Section 6.1(a).

           "Capital Securities Purchase Agreement" means the Capital Securities
Purchase Agreement dated as of March 16, 2007 among the Trust, the Sponsor and
PFW III Ltd.

           "Capital Security Certificate" means a definitive Certificate
registered in the name of the Holder representing a Capital Security
substantially in the form of Exhibit A 1.

           "Capital Treatment Event" has the meaning set forth in paragraph 4(a)
of Annex I.

           "Certificate" means any certificate evidencing Securities.

           "Certificate of Trust" means the certificate of trust filed with the
Secretary of State of the State of Connecticut with respect to the Trust, as
amended and restated from time to time.

           "Closing Date" means the date of execution and delivery of this
Declaration.

           "Code" means the Internal Revenue Code of 1986, as amended from time
to time, or any successor legislation.

           "Commission" means the United States Securities and Exchange
Commission.

           "Common Securities" has the meaning set forth in Section 6.1(a).

           "Common Security Certificate" means a definitive Certificate
registered in the name of the Holder representing a Common Security
substantially in the form of Exhibit A-2.

           "Company Indemnified Person" means (a) any Administrator; (b) any
Affiliate of any Administrator; (c) any officers, directors, shareholders,
members, partners, employees, representatives or agents of any Administrator; or
(d) any officer, employee or agent of the Trust or its Affiliates.

           "Corporate Trust Office" means the office of the Institutional
Trustee at which the corporate trust business of the Institutional Trustee
shall, at any particular time, be principally administered, which office shall
at all times be located in the United States and at the date of execution of
this Declaration is located at 225 Asylum Street, 23rd Floor, Hartford,
Connecticut 06103, Attn: Corporate Trust Services - Monroe Bancorp Statutory
Trust II.

           "Coupon Rate" has the meaning set forth in paragraph 2(a) of Annex I.

           "Covered Person" means: (a) any Administrator, officer, director,
shareholder, partner, member, representative, employee or agent of (i) the Trust
or (ii) the Trust's Affiliates; and (b) any Holder of Securities.

                                      -3-
<PAGE>

           "Debenture Issuer" means Monroe Bancorp, a bank holding company
incorporated in Indiana, in its capacity as issuer of the Debentures under the
Indenture.

           "Debenture Trustee" means U.S. Bank National Association, not in its
individual capacity but solely as trustee under the Indenture until a successor
is appointed thereunder, and thereafter means such successor trustee.

           "Debentures" means the Junior Subordinated Debt Securities due June
15, 2037 to be issued by the Debenture Issuer under the Indenture.

           "Deferred Interest" means any interest on the Debentures that would
have been overdue and unpaid for more than one Distribution Payment Date but for
the imposition of an Extension Period, and the interest that shall accrue (to
the extent that the payment of such interest is legally enforceable) on such
interest at the Coupon Rate applicable during such Extension Period, compounded
quarterly from the date on which such Deferred Interest would otherwise have
been due and payable until paid or made available for payment.

           "Definitive Capital Securities" means any Capital Securities in
definitive form issued by the Trust.

           "Direct Action" has the meaning set forth in Section 2.8(e).

           "Distribution" means a distribution payable to Holders of Securities
in accordance with Section 5.1.

           "Distribution Payment Date" has the meaning set forth in paragraph
2(e) of Annex I.

           "Distribution Payment Period" means the period from and including a
Distribution Payment Date, or in the case of the first Distribution Payment
Period, the original date of issuance of the Securities, to, but excluding, the
next succeeding Distribution Payment Date or, in the case of the last
Distribution Payment Period, the Redemption Date, Special Redemption Date or
Maturity Date (each as defined in the Indenture), as the case may be, for the
related Debentures.

           "Event of Default" means the occurrence of an Indenture Event of
Default.

           "Exchange Act" means the Securities Exchange Act of 1934, as amended
from time to time, or any successor legislation.

           "Extension Period" has the meaning set forth in paragraph 2(e) of
Annex I.

           "Fiduciary Indemnified Person" shall mean the Institutional Trustee
(including in its individual capacity), any Affiliate of the Institutional
Trustee, and any officers, directors, shareholders, members, partners,
employees, representatives, custodians, nominees or agents of the Institutional
Trustee.

           "Fiscal Year" has the meaning set forth in Section 10.1.

                                      -4-
<PAGE>

           "Fixed Rate" has the meaning set forth in paragraph 2(a) of Annex I.

           "Guarantee" means the Guarantee Agreement, dated as of the Closing
Date, of the Sponsor (the "Guarantor") in respect of the Capital Securities.

           "Holder" means a Person in whose name a Certificate representing a
Security is registered on the register maintained by or on behalf of the
Registrar, such Person being a beneficial owner within the meaning of the
Statutory Trust Act.

           "Indemnified Person" means a Company Indemnified Person or a
Fiduciary Indemnified Person.

           "Indenture" means the Indenture, dated as of the Closing Date,
between the Debenture Issuer and the Debenture Trustee, and any indenture
supplemental thereto pursuant to which the Debentures are to be issued.

           "Indenture Event of Default" means an "Event of Default" as defined
in the Indenture.

           "Initial Purchaser" means the Initial Purchaser of the Capital
Securities.

           "Institutional Trustee" means the Trustee meeting the eligibility
requirements set forth in Section 4.3.

           "Investment Company" means an investment company as defined in the
Investment Company Act.

           "Investment Company Act" means the Investment Company Act of 1940, as
amended from time to time, or any successor legislation.

           "Investment Company Event" has the meaning set forth in paragraph
4(a) of Annex I.

           "Legal Action" has the meaning set forth in Section 2.8(e).

           "LIBOR" means the London Interbank Offered Rate for U.S. Dollar
deposits in Europe as determined by the Calculation Agent according to paragraph
2(b) of Annex I.

           "LIBOR Banking Day" has the meaning set forth in paragraph 2(b)(1) of
Annex I.

           "LIBOR Business Day" has the meaning set forth in paragraph 2(b)(1)
of Annex I.

           "LIBOR Determination Date" has the meaning set forth in paragraph
2(b)(1) of Annex I.

           "Liquidation" has the meaning set forth in paragraph 3 of Annex I.

           "Liquidation Distribution" has the meaning set forth in paragraph 3
of Annex I.

           "Majority in liquidation amount of the Securities" means Holders of
outstanding Securities voting together as a single class or, as the context may
require, Holders of outstanding Capital Securities or Holders of outstanding
Common Securities voting separately as a class, who are the record owners of

                                      -5-
<PAGE>

more than 50% of the aggregate liquidation amount (including the stated amount
that would be paid on redemption, liquidation or otherwise, plus accrued and
unpaid Distributions to the date upon which the voting percentages are
determined) of all outstanding Securities of the relevant class.

           "Notice" has the meaning set forth in Section 2.11 of the Indenture.

           "Officers' Certificate" means, with respect to any Person, a
certificate signed by two Authorized Officers of such Person. Any Officers'
Certificate delivered with respect to compliance with a condition or covenant
provided for in this Declaration shall include:

           (a) a statement that each officer signing the Officers' Certificate
has read the covenant or condition and the definitions relating thereto;

           (b) a brief statement of the nature and scope of the examination or
investigation undertaken by each officer in rendering the Officers' Certificate;

           (c) a statement that each such officer has made such examination or
investigation as, in such officer's opinion, is necessary to enable such officer
to express an informed opinion as to whether or not such covenant or condition
has been complied with; and

           (d) a statement as to whether, in the opinion of each such officer,
such condition or covenant has been complied with.

           "Paying Agent" has the meaning set forth in Section 6.2.

           "Payment Amount" has the meaning set forth in Section 5.1.

           "Person" means a legal person, including any individual, corporation,
estate, partnership, joint venture, association, joint stock company, limited
liability company, trust, unincorporated association, or government or any
agency or political subdivision thereof, or any other entity of whatever nature.

           "Placement Agreement" means the Placement Agreement relating to the
offering and sale of Capital Securities.

           "PORTAL" has the meaning set forth in Section 2.6(a)(i)(E).

           "Property Account" has the meaning set forth in Section 2.8(c).

           "Pro Rata" has the meaning set forth in paragraph 8 of Annex I.

           "QIB" means a "qualified institutional buyer" as defined under Rule
144A.

           "Quorum" means a majority of the Administrators or, if there are only
two Administrators, both of them.

           "Redemption Date" has the meaning set forth in paragraph 4(a) of
Annex I.

                                      -6-
<PAGE>

           "Redemption/Distribution Notice" has the meaning set forth in
paragraph 4(e) of Annex I.

           "Redemption Price" has the meaning set forth in paragraph 4(a) of
Annex I.

           "Registrar" has the meaning set forth in Section 6.2.

           "Responsible Officer" means, with respect to the Institutional
Trustee, any officer within the Corporate Trust Office of the Institutional
Trustee with direct responsibility for the administration of this Declaration,
including any vice-president, any assistant vice-president, any secretary, any
assistant secretary, the treasurer, any assistant treasurer, any trust officer
or other officer of the Corporate Trust Office of the Institutional Trustee
customarily performing functions similar to those performed by any of the above
designated officers and also means, with respect to a particular corporate trust
matter, any other officer to whom such matter is referred because of that
officer's knowledge of and familiarity with the particular subject.

           "Restricted Securities Legend" has the meaning set forth in Section
8.2(c).

           "Rule 144A" means Rule 144A under the Securities Act.

           "Rule 3a-5" means Rule 3a-5 under the Investment Company Act.

           "Rule 3a-7" means Rule 3a-7 under the Investment Company Act.

           "Securities" means the Common Securities and the Capital Securities,
as applicable.

           "Securities Act" means the Securities Act of 1933, as amended from
time to time, or any successor legislation.

           "Special Event" has the meaning set forth in paragraph 4(a) of Annex
I.

           "Special Redemption Price" has the meaning set forth in paragraph
4(a) of Annex I.

           "Sponsor" means Monroe Bancorp, a bank holding company that is a U.S.
Person incorporated in Indiana, or any successor entity in a merger,
consolidation or amalgamation that is a U.S. Person, in its capacity as sponsor
of the Trust.

           "Statutory Trust Act" means Chapter 615 of Title 34 of the
Connecticut General Statutes, 34 C.G.S. Section 500 et seq., as it may be
amended from time to time, or any successor legislation.

           "Successor Entity" has the meaning set forth in Section 2.15(b).

           "Successor Institutional Trustee" has the meaning set forth in
Section 4.4(b).

           "Successor Securities" has the meaning set forth in Section 2.15(b).

           "Super Majority" has the meaning set forth in paragraph 5(b) of Annex
I.

           "Tax Event" has the meaning set forth in paragraph 4(a) of Annex I.

                                      -7-
<PAGE>

           "10% in liquidation amount of the Securities" means Holders of
outstanding Securities voting together as a single class or, as the context may
require, Holders of outstanding Capital Securities or Holders of outstanding
Common Securities voting separately as a class, who are the record owners of 10%
or more of the aggregate liquidation amount (including the stated amount that
would be paid on redemption, liquidation or otherwise, plus accrued and unpaid
Distributions to the date upon which the voting percentages are determined) of
all outstanding Securities of the relevant class.

           "Transfer Agent" has the meaning set forth in Section 6.2.

           "Trust Indenture Act" means the Trust Indenture Act of 1939, as
amended from time-to-time, or any successor legislation.

           "Trustee" or "Trustees" means each Person who has signed this
Declaration as a trustee, so long as such Person shall continue in office in
accordance with the terms hereof, and all other Persons who may from time to
time be duly appointed, qualified and serving as Trustees in accordance with the
provisions hereof, and references herein to a Trustee or the Trustees shall
refer to such Person or Persons solely in their capacity as trustees hereunder.

           "Trust Property" means (a) the Debentures, (b) any cash on deposit
in, or owing to, the Property Account and (c) all proceeds and rights in respect
of the foregoing and any other property and assets for the time being held or
deemed to be held by the Institutional Trustee pursuant to the trusts of this
Declaration.

           "U.S. Person" means a United States Person as defined in Section
7701(a)(30) of the Code.

           "Variable Rate" has the meaning set forth in paragraph 2(a) of Annex
I.

                                   ARTICLE II
                                  ORGANIZATION

           SECTION 2.1. Name. The Trust is continued hereby and shall be known
as "Monroe Bancorp Statutory Trust II," as such name may be modified from time
to time by the Administrators following written notice to the Institutional
Trustee and the Holders of the Securities. The Trust's activities may be
conducted under the name of the Trust or any other name deemed advisable by the
Administrators.

           SECTION 2.2. Office. The address of the principal office of the
Trust, which shall be in a state of the United States or the District of
Columbia, is 225 Asylum Street, 23rd Floor, Hartford, Connecticut 06103,
Attention: Corporate Trust Services -- Monroe Bancorp Statutory Trust II. On ten
Business Days' written notice to the Institutional Trustee and the Holders of
the Securities, the Administrators may designate another principal office, which
shall be in a state of the United States or the District of Columbia.

           SECTION 2.3. Purpose. The exclusive purposes and functions of the
Trust are (a) to issue and sell the Securities representing undivided beneficial
interests in the assets of the Trust, (b) to invest the gross proceeds from such
sale to acquire the Debentures, (c) to facilitate direct investment in the

                                      -8-
<PAGE>

assets of the Trust through issuance of the Common Securities and the Capital
Securities and (d) except as otherwise limited herein, to engage in only those
other activities incidental thereto that are deemed necessary or advisable by
the Institutional Trustee, including, without limitation, those activities
specified in this Declaration. The Trust shall not borrow money, issue debt or
reinvest proceeds derived from investments, pledge any of its assets, or
otherwise undertake (or permit to be undertaken) any activity that would cause
the Trust not to be classified for United States federal income tax purposes as
a grantor trust.

           SECTION 2.4. Authority. Except as specifically provided in this
Declaration, the Institutional Trustee shall have exclusive and complete
authority to carry out the purposes of the Trust. An action taken by a Trustee
on behalf of the Trust and in accordance with such Trustee's powers shall
constitute the act of and serve to bind the Trust. In dealing with the Trustees
acting on behalf of the Trust, no Person shall be required to inquire into the
authority of the Trustees to bind the Trust. Persons dealing with the Trust are
entitled to rely conclusively on the power and authority of the Trustees as set
forth in this Declaration. The Administrators shall have only those ministerial
duties set forth herein with respect to accomplishing the purposes of the Trust
and are not intended to be trustees or fiduciaries with respect to the Trust or
the Holders. The Institutional Trustee shall have the right, but shall not be
obligated except as provided in Section 2.6, to perform those duties assigned to
the Administrators.

           SECTION 2.5. Title to Property of the Trust. Except as provided in
Section 2.6(g) and Section 2.8 with respect to the Debentures and the Property
Account or as otherwise provided in this Declaration, legal title to all assets
of the Trust shall be vested in the Trust. The Holders shall not have legal
title to any part of the assets of the Trust, but shall have an undivided
beneficial interest in the assets of the Trust.

           SECTION 2.6. Powers and Duties of the Trustees and the
Administrators.

           (a) The Trustees and the Administrators shall conduct the affairs of
the Trust in accordance with the terms of this Declaration. Subject to the
limitations set forth in paragraph (b) of this Section, and in accordance with
the following provisions (i) and (ii), the Administrators and, at the direction
of the Administrators, the Trustees, shall have the authority to enter into all
transactions and agreements determined by the Administrators to be appropriate
in exercising the authority, express or implied, otherwise granted to the
Trustees or the Administrators, as the case may be, under this Declaration, and
to perform all acts in furtherance thereof, including without limitation, the
following:

                      (i) Each Administrator shall have the power, duty and
           authority, and is hereby authorized, to act on behalf of the Trust
           with respect to the following matters:

                                 (A) the issuance and sale of the Securities;

                                 (B) to acquire the Debentures with the proceeds
                      of the sale of the Securities; provided, however, that the
                      Administrators shall cause legal title to the Debentures
                      to be held of record in the name of the Institutional
                      Trustee for the benefit of the Holders;

                                      -9-
<PAGE>

                                 (C) to cause the Trust to enter into, and to
                      execute, deliver and perform on behalf of the Trust, such
                      agreements as may be necessary or desirable in connection
                      with the purposes and function of the Trust, including
                      agreements with the Paying Agent, a Debenture subscription
                      agreement between the Trust and the Sponsor and a Common
                      Securities subscription agreement between the Trust and
                      the Sponsor;

                                 (D) ensuring compliance with the Securities Act
                      and applicable state securities or blue sky laws;

                                 (E) if and at such time determined solely by
                      the Sponsor at the request of the Holders, assisting in
                      the designation of the Capital Securities for trading in
                      the Private Offering, Resales and Trading through the
                      Automatic Linkages ("PORTAL") system if available;

                                 (F) the sending of notices (other than notices
                      of default) and other information regarding the Securities
                      and the Debentures to the Holders in accordance with this
                      Declaration, including notice of any notice received from
                      the Debenture Issuer of its election to defer payments of
                      interest on the Debentures by extending the interest
                      payment period under the Indenture;

                                 (G) the appointment of a Paying Agent, Transfer
                      Agent and Registrar in accordance with this Declaration;

                                 (H) execution and delivery of the Securities in
                      accordance with this Declaration;

                                 (I) execution and delivery of closing
                      certificates pursuant to the Placement Agreement and the
                      application for a taxpayer identification number;

                                 (J) unless otherwise determined by the Holders
                      of a Majority in liquidation amount of the Securities or
                      as otherwise required by the Statutory Trust Act, to
                      execute on behalf of the Trust (either acting alone or
                      together with any or all of the Administrators) any
                      documents that the Administrators have the power to
                      execute pursuant to this Declaration;

                                 (K) the taking of any action incidental to the
                      foregoing as the Sponsor or an Administrator may from time
                      to time determine is necessary or advisable to give effect
                      to the terms of this Declaration for the benefit of the
                      Holders (without consideration of the effect of any such
                      action on any particular Holder);

                                 (L) to establish a record date with respect to
                      all actions to be taken hereunder that require a record
                      date be established, including Distributions, voting
                      rights, redemptions and exchanges, and to issue relevant

                                      -10-
<PAGE>

                      notices to the Holders of Capital Securities and Holders
                      of Common Securities as to such actions and applicable
                      record dates;

                                 (M) to duly prepare and file on behalf of the
                      Trust all applicable tax returns and tax information
                      reports that are required to be filed with respect to the
                      Trust;

                                 (N) to negotiate the terms of, and the
                      execution and delivery of, the Placement Agreement and the
                      Capital Securities Purchase Agreement related thereto,
                      providing for the sale of the Capital Securities;

                                 (O) to employ or otherwise engage employees,
                      agents (who may be designated as officers with titles),
                      managers, contractors, advisors, attorneys and consultants
                      and pay reasonable compensation for such services;

                                 (P) to incur expenses that are necessary or
                      incidental to carry out any of the purposes of the Trust;

                                 (Q) to give the certificate required by Section
                      314(a)(4) of the Trust Indenture Act to the Institutional
                      Trustee, which certificate may be executed by an
                      Administrator; and

                                 (R) to take all action that may be necessary or
                      appropriate for the preservation and the continuation of
                      the Trust's valid existence, rights, franchises and
                      privileges as a statutory trust under the laws of each
                      jurisdiction (other than the State of Connecticut) in
                      which such existence is necessary to protect the limited
                      liability of the Holders of the Capital Securities or to
                      enable the Trust to effect the purposes for which the
                      Trust was created.

                      (ii) As among the Trustees and the Administrators, the
           Institutional Trustee shall have the power, duty and authority, and
           is hereby authorized, to act on behalf of the Trust with respect to
           the following matters:

                                 (A) the establishment of the Property Account;

                                 (B) the receipt of the Debentures;

                                 (C) the collection of interest, principal and
                      any other payments made in respect of the Debentures in
                      the Property Account;

                                 (D) the distribution through the Paying Agent
                      of amounts owed to the Holders in respect of the
                      Securities;

                                 (E) the exercise of all of the rights, powers
                      and privileges of a holder of the Debentures;

                                      -11-
<PAGE>

                                 (F) the sending of notices of default and other
                      information regarding the Securities and the Debentures to
                      the Holders in accordance with this Declaration;

                                 (G) the distribution of the Trust Property in
                      accordance with the terms of this Declaration;

                                 (H) to the extent provided in this Declaration,
                      the winding up of the affairs of and liquidation of the
                      Trust;

                                 (I) after any Event of Default (of which the
                      Institutional Trustee has knowledge (as provided in
                      Section 2.10(m) hereof)) (provided, that such Event of
                      Default is not by or with respect to the Institutional
                      Trustee), the taking of any action incidental to the
                      foregoing as the Institutional Trustee may from time to
                      time determine is necessary or advisable to give effect to
                      the terms of this Declaration and protect and conserve the
                      Trust Property for the benefit of the Holders (without
                      consideration of the effect of any such action on any
                      particular Holder);

                                 (J) to take all action that may be necessary or
                      appropriate for the preservation and the continuation of
                      the Trust's valid existence, rights, franchises and
                      privileges as a statutory trust under the laws of the
                      State of Connecticut to protect the limited liability of
                      the Holders of the Capital Securities or to enable the
                      Trust to effect the purposes for which the Trust was
                      created; and

                                 (K) to undertake any actions set forth in
                      Section 317(a) of the Trust Indenture Act.

                      (iii) The Institutional Trustee shall have the power and
           authority, and is hereby authorized, to act on behalf of the Trust
           with respect to any of the duties, liabilities, powers or the
           authority of the Administrators set forth in Section 2.6(a)(i)(E) and
           (F) herein but shall not have a duty to do any such act unless
           specifically requested to do so in writing by the Sponsor, and shall
           then be fully protected in acting pursuant to such written request;
           and in the event of a conflict between the action of the
           Administrators and the action of the Institutional Trustee, the
           action of the Institutional Trustee shall prevail.

           (b) So long as this Declaration remains in effect, the Trust (or the
Trustees or Administrators acting on behalf of the Trust) shall not undertake
any business, activities or transaction except as expressly provided herein or
contemplated hereby. In particular, neither the Trustees nor the Administrators
may cause the Trust to (i) acquire any investments or engage in any activities
not authorized by this Declaration, (ii) sell, assign, transfer, exchange,
mortgage, pledge, set-off or otherwise dispose of any of the Trust Property or
interests therein, including to Holders, except as expressly provided herein,
(iii) take any action that would cause (or in the case of the Institutional
Trustee, to the actual knowledge of a Responsible Officer would cause) the Trust
to fail or cease to qualify as a "grantor trust" for United States federal

                                      -12-
<PAGE>

income tax purposes, (iv) incur any indebtedness for borrowed money or issue any
other debt or (v) take or consent to any action that would result in the
placement of a lien on any of the Trust Property. The Institutional Trustee
shall, at the sole cost and expense of the Trust, defend all claims and demands
of all Persons at any time claiming any lien on any of the Trust Property
adverse to the interest of the Trust or the Holders in their capacity as
Holders.

           (c) In connection with the issuance and sale of the Capital
Securities, the Sponsor shall have the right and responsibility to assist the
Trust with respect to, or effect on behalf of the Trust, the following (and any
actions taken by the Sponsor in furtherance of the following prior to the date
of this Declaration are hereby ratified and confirmed in all respects):

                      (i) the taking of any action necessary to obtain an
           exemption from the Securities Act;

                      (ii) the determination of the States in which to take
           appropriate action to qualify or register for sale all or part of the
           Capital Securities and the determination of any and all such acts,
           other than actions which must be taken by or on behalf of the Trust,
           and the advisement of and direction to the Administrators of actions
           they must take on behalf of the Trust, and the preparation for
           execution and filing of any documents to be executed and filed by the
           Trust or on behalf of the Trust, as the Sponsor deems necessary or
           advisable in order to comply with the applicable laws of any such
           States in connection with the sale of the Capital Securities; and

                      (iii) the taking of any other actions necessary or
           desirable to carry out any of the foregoing activities.

           (d) Notwithstanding anything herein to the contrary, the
Administrators, the Institutional Trustee and the Holders of a Majority in
liquidation amount of the Common Securities are authorized and directed to
conduct the affairs of the Trust and to operate the Trust so that (i) the Trust
will not be deemed to be an Investment Company (in the case of the Institutional
Trustee, to the actual knowledge of a Responsible Officer), and (ii) the Trust
will not fail to be classified as a grantor trust for United States federal
income tax purposes (in the case of the Institutional Trustee, to the actual
knowledge of a Responsible Officer) and (iii) the Trust will not take any action
inconsistent with the treatment of the Debentures as indebtedness of the
Debenture Issuer for United States federal income tax purposes (in the case of
the Institutional Trustee, to the actual knowledge of a Responsible Officer). In
this connection, the Institutional Trustee, the Administrators and the Holders
of a Majority in liquidation amount of the Common Securities are authorized to
take any action, not inconsistent with applicable laws or this Declaration, as
amended from time to time, that each of the Institutional Trustee, the
Administrators and such Holders determine in their discretion to be necessary or
desirable for such purposes, even if such action adversely affects the interests
of the Holders of the Capital Securities.

           (e) All expenses incurred by the Administrators or the Trustees
pursuant to this Section 2.6 shall be reimbursed by the Sponsor, and the
Trustees shall have no obligations with respect to such expenses.

                                      -13-
<PAGE>

           (f) The assets of the Trust shall consist of the Trust Property.

           (g) Legal title to all Trust Property shall be vested at all times in
the Institutional Trustee (in its capacity as such) and shall be held and
administered by the Institutional Trustee for the benefit of the Trust in
accordance with this Declaration.

           (h) If the Institutional Trustee or any Holder has instituted any
proceeding to enforce any right or remedy under this Declaration and such
proceeding has been discontinued or abandoned for any reason, or has been
determined adversely to the Institutional Trustee or to such Holder, then and in
every such case the Sponsor, the Institutional Trustee and the Holders shall,
subject to any determination in such proceeding, be restored severally and
respectively to their former positions hereunder, and thereafter all rights and
remedies of the Institutional Trustee and the Holders shall continue as though
no such proceeding had been instituted.

           SECTION 2.7. Prohibition of Actions by the Trust and the Trustees.
The Trust shall not, and the Institutional Trustee and the Administrators shall
not, and the Administrators shall cause the Trust not to, engage in any activity
other than as required or authorized by this Declaration. In particular, the
Trust shall not, and the Institutional Trustee and the Administrators shall not
cause the Trust to:

           (a) invest any proceeds received by the Trust from holding the
Debentures, but shall distribute all such proceeds to Holders of the Securities
pursuant to the terms of this Declaration and of the Securities;

           (b) acquire any assets other than as expressly provided herein;

           (c) possess Trust Property for other than a Trust purpose;

           (d) make any loans or incur any indebtedness other than loans
represented by the Debentures;

           (e) possess any power or otherwise act in such a way as to vary the
Trust Property or the terms of the Securities;

           (f) issue any securities or other evidences of beneficial ownership
of, or beneficial interest in, the Trust other than the Securities; or

           (g) other than as provided in this Declaration (including Annex I),
(i) direct the time, method and place of exercising any trust or power conferred
upon the Debenture Trustee with respect to the Debentures, (ii) waive any past
default that is waivable under the Indenture, (iii) exercise any right to
rescind or annul any declaration that the principal of all the Debentures shall
be due and payable, or (iv) consent to any amendment, modification or
termination of the Indenture or the Debentures where such consent shall be
required unless the Trust shall have received a written opinion of counsel
experienced in such matters to the effect that such amendment, modification or
termination will not cause the Trust to cease to be classified as a grantor
trust for United States federal income tax purposes.

                                      -14-
<PAGE>

           SECTION 2.8. Powers and Duties of the Institutional Trustee.

           (a) The legal title to the Debentures shall be owned by and held of
record in the name of the Institutional Trustee in trust for the benefit of the
Trust. The right, title and interest of the Institutional Trustee to the
Debentures shall vest automatically in each Person who may hereafter be
appointed as Institutional Trustee in accordance with Section 4.7. Such vesting
and cessation of title shall be effective whether or not conveyancing documents
with regard to the Debentures have been executed and delivered.

           (b) The Institutional Trustee shall not transfer its right, title and
interest in the Debentures to the Administrators.

           (c) The Institutional Trustee shall:

                      (i) establish and maintain a segregated non-interest
           bearing trust account (the "Property Account") in the United States
           (as defined in Treasury Regulations Section 301.7701-7), in the name
           of and under the exclusive control of the Institutional Trustee, and
           maintained in the Institutional Trustee's trust department, on behalf
           of the Holders of the Securities and, upon the receipt of payments of
           funds made in respect of the Debentures held by the Institutional
           Trustee, deposit such funds into the Property Account and make
           payments to the Holders of the Capital Securities and Holders of the
           Common Securities from the Property Account in accordance with
           Section 5.1. Funds in the Property Account shall be held uninvested
           until disbursed in accordance with this Declaration;

                      (ii) engage in such ministerial activities as shall be
           necessary or appropriate to effect the redemption of the Capital
           Securities and the Common Securities to the extent the Debentures are
           redeemed or mature; and

                      (iii) upon written notice of distribution issued by the
           Administrators in accordance with the terms of the Securities, engage
           in such ministerial activities as shall be necessary or appropriate
           to effect the distribution of the Debentures to Holders of Securities
           upon the occurrence of certain circumstances pursuant to the terms of
           the Securities.

           (d) The Institutional Trustee shall take all actions and perform such
duties as may be specifically required of the Institutional Trustee pursuant to
the terms of the Securities.

           (e) The Institutional Trustee may bring or defend, pay, collect,
compromise, arbitrate, resort to legal action with respect to, or otherwise
adjust claims or demands of or against, the Trust (a "Legal Action") which arise
out of or in connection with an Event of Default of which a Responsible Officer
of the Institutional Trustee has actual knowledge or the Institutional Trustee's
duties and obligations under this Declaration or the Trust Indenture Act;
provided, however, that if an Event of Default has occurred and is continuing
and such event is attributable to the failure of the Debenture Issuer to pay
interest or premium, if any, on or principal of the Debentures on the date such
interest, premium, if any, or principal is otherwise payable (or in the case of
redemption, on the redemption date), then a Holder of the Capital Securities may
directly institute a proceeding for enforcement of payment to such Holder of the

                                      -15-
<PAGE>

principal of or premium, if any, or interest on the Debentures having a
principal amount equal to the aggregate liquidation amount of the Capital
Securities of such Holder (a "Direct Action") on or after the respective due
date specified in the Debentures. In connection with such Direct Action, the
rights of the Holders of the Common Securities will be subrogated to the rights
of such Holder of the Capital Securities to the extent of any payment made by
the Debenture Issuer to such Holder of the Capital Securities in such Direct
Action; provided, however, that a Holder of the Common Securities may exercise
such right of subrogation only if no Event of Default with respect to the
Capital Securities has occurred and is continuing.

           (f) The Institutional Trustee shall continue to serve as a Trustee
until either:

                      (i) the Trust has been completely liquidated and the
           proceeds of the liquidation distributed to the Holders of the
           Securities pursuant to the terms of the Securities and this
           Declaration (including Annex I) and the certificate of cancellation
           referenced in Section 7.1(b) has been filed; or

                      (ii) a Successor Institutional Trustee has been appointed
           and has accepted that appointment in accordance with Section 4.7.

           (g) The Institutional Trustee shall have the legal power to exercise
all of the rights, powers and privileges of a holder of the Debentures under the
Indenture and, if an Event of Default occurs and is continuing, the
Institutional Trustee may, for the benefit of Holders of the Securities, enforce
its rights as holder of the Debentures subject to the rights of the Holders
pursuant to this Declaration (including Annex I) and the terms of the
Securities.

           (h) The Institutional Trustee must exercise the powers set forth in
this Section 2.8 in a manner that is consistent with the purposes and functions
of the Trust set out in Section 2.3, and the Institutional Trustee shall not
take any action that is inconsistent with the purposes and functions of the
Trust set out in Section 2.3.

           SECTION 2.9. Certain Duties and Responsibilities of the Trustees and
the Administrators.

           (a) The Institutional Trustee, before the occurrence of any Event of
Default (of which the Institutional Trustee has knowledge (as provided in
Section 2.10(m) hereof)) and after the curing of all Events of Default that may
have occurred, shall undertake to perform only such duties as are specifically
set forth in this Declaration and no implied covenants shall be read into this
Declaration against the Institutional Trustee. In case an Event of Default (of
which the Institutional Trustee has knowledge (as provided in Section 2.10(m)
hereof)), has occurred (that has not been cured or waived pursuant to Section
6.7), the Institutional Trustee shall exercise such of the rights and powers
vested in it by this Declaration, and use the same degree of care and skill in
their exercise, as a prudent person would exercise or use under the
circumstances in the conduct of his or her own affairs.

           (b) The duties and responsibilities of the Trustees and the
Administrators shall be as provided by this Declaration and, in the case of the
Institutional Trustee, by the Trust Indenture Act. Notwithstanding the
foregoing, no provision of this Declaration shall require any Trustee or
Administrator to expend or risk its own funds or otherwise incur any financial

                                      -16-
<PAGE>

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 satisfactory to it
against such risk or liability is not reasonably assured to it. Whether or not
therein expressly so provided, every provision of this Declaration relating to
the conduct or affecting the liability of or affording protection to the
Trustees or the Administrators shall be subject to the provisions of this
Article. Nothing in this Declaration shall be construed to release a Trustee
from liability for its own negligent action, its own negligent failure to act,
or its own willful misconduct or bad faith. Nothing in this Declaration shall be
construed to release an Administrator from liability for its own gross negligent
action, its own gross negligent failure to act, or its own willful misconduct or
bad faith. To the extent that, at law or in equity, a Trustee or an
Administrator has duties and liabilities relating to the Trust or to the
Holders, such Trustee or Administrator shall not be liable to the Trust or to
any Holder for such Trustee's or Administrator's good faith reliance on the
provisions of this Declaration. The provisions of this Declaration, to the
extent that they restrict the duties and liabilities of the Administrators or
the Trustees otherwise existing at law or in equity, are agreed by the Sponsor
and the Holders to replace such other duties and liabilities of the
Administrators or the Trustees.

           (c) All payments made by the Institutional Trustee or a Paying Agent
in respect of the Securities shall be made only from the revenue and proceeds
from the Trust Property and only to the extent that there shall be sufficient
revenue or proceeds from the Trust Property to enable the Institutional Trustee
or a Paying Agent to make payments in accordance with the terms hereof. Each
Holder, by its acceptance of a Security, agrees that it will look solely to the
revenue and proceeds from the Trust Property to the extent legally available for
distribution to it as herein provided and that the Trustees and the
Administrators are not personally liable to it for any amount distributable in
respect of any Security or for any other liability in respect of any Security.
This Section 2.9(c) does not limit the liability of the Trustees expressly set
forth elsewhere in this Declaration or, in the case of the Institutional
Trustee, in the Trust Indenture Act.

           (d) No provision of this Declaration shall be construed to relieve
the Institutional Trustee from liability for its own negligent action, its own
negligent failure to act, or its own willful misconduct or bad faith with
respect to matters that are within the authority of the Institutional Trustee
under this Declaration, except that:

                      (i) the Institutional Trustee shall not be liable for any
           error or judgment made in good faith by a Responsible Officer of the
           Institutional Trustee, unless it shall be proved that the
           Institutional Trustee was negligent in ascertaining the pertinent
           facts;

                      (ii) the Institutional Trustee shall not be liable with
           respect to any action taken or omitted to be taken by it in good
           faith in accordance with the direction of the Holders of not less
           than a Majority in liquidation amount of the Capital Securities or
           the Common Securities, as applicable, relating to the time, method
           and place of conducting any proceeding for any remedy available to
           the Institutional Trustee, or exercising any trust or power conferred
           upon the Institutional Trustee under this Declaration;

                                      -17-
<PAGE>

                      (iii) the Institutional Trustee's sole duty with respect
           to the custody, safe keeping and physical preservation of the
           Debentures and the Property Account shall be to deal with such
           property in a similar manner as the Institutional Trustee deals with
           similar property for its own account, subject to the protections and
           limitations on liability afforded to the Institutional Trustee under
           this Declaration and the Trust Indenture Act;

                      (iv) the Institutional Trustee shall not be liable for any
           interest on any money received by it except as it may otherwise agree
           in writing with the Sponsor; and money held by the Institutional
           Trustee need not be segregated from other funds held by it except in
           relation to the Property Account maintained by the Institutional
           Trustee pursuant to Section 2.8(c)(i) and except to the extent
           otherwise required by law; and

                      (v) the Institutional Trustee shall not be responsible for
           monitoring the compliance by the Administrators or the Sponsor with
           their respective duties under this Declaration, nor shall the
           Institutional Trustee be liable for any default or misconduct of the
           Administrators or the Sponsor.

           SECTION 2.10. Certain Rights of Institutional Trustee. Subject to the
provisions of Section 2.9.

           (a) the Institutional Trustee may conclusively rely and shall fully
be protected in acting or refraining from acting in good faith upon any
resolution, written opinion of counsel, certificate, written representation of a
Holder or transferee, certificate of auditors or any other certificate,
statement, instrument, opinion, report, notice, request, direction, consent,
order, appraisal, bond, debenture, note, other evidence of indebtedness or other
paper or document believed by it to be genuine and to have been signed, sent or
presented by the proper party or parties;

           (b) if (i) in performing its duties under this Declaration, the
Institutional Trustee is required to decide between alternative courses of
action, (ii) in construing any of the provisions of this Declaration, the
Institutional Trustee finds the same ambiguous or inconsistent with any other
provisions contained herein, or (iii) the Institutional Trustee is unsure of the
application of any provision of this Declaration, then, except as to any matter
as to which the Holders of Capital Securities are entitled to vote under the
terms of this Declaration, the Institutional Trustee may deliver a notice to the
Sponsor requesting the Sponsor's opinion as to the course of action to be taken
and the Institutional Trustee shall take such action, or refrain from taking
such action, as the Institutional Trustee in its sole discretion shall deem
advisable and in the best interests of the Holders, in which event the
Institutional Trustee shall have no liability except for its own negligence,
willful misconduct or bad faith;

           (c) any direction or act of the Sponsor or the Administrators
contemplated by this Declaration shall be sufficiently evidenced by an Officers'
Certificate;

           (d) whenever in the administration of this Declaration, the
Institutional Trustee shall deem it desirable that a matter be proved or
established before undertaking, suffering or omitting any action hereunder, the

                                      -18-
<PAGE>

Institutional Trustee (unless other evidence is herein specifically prescribed)
may, in the absence of bad faith on its part, request and conclusively rely upon
an Officers' Certificate which, upon receipt of such request, shall be promptly
delivered by the Sponsor or the Administrators;

           (e) the Institutional Trustee shall have no duty to see to any
recording, filing or registration of any instrument (including any financing or
continuation statement or any filing under tax or securities laws) or any
rerecording, refiling or reregistration thereof;

           (f) the Institutional Trustee may consult with counsel of its
selection (which counsel may be counsel to the Sponsor or any of its Affiliates)
and the advice of such counsel shall be full and complete authorization and
protection in respect of any action taken, suffered or omitted by it hereunder
in good faith and in reliance thereon and in accordance with such advice; the
Institutional Trustee shall have the right at any time to seek instructions
concerning the administration of this Declaration from any court of competent
jurisdiction;

           (g) the Institutional Trustee shall be under no obligation to
exercise any of the rights or powers vested in it by this Declaration at the
request or direction of any of the Holders pursuant to this Declaration, unless
such Holders shall have offered to the Institutional Trustee security or
indemnity reasonably satisfactory to it against the costs, expenses and
liabilities which might be incurred by it in compliance with such request or
direction; provided, that nothing contained in this Section 2.10(g) shall be
taken to relieve the Institutional Trustee, upon the occurrence of an Event of
Default (of which the Institutional Trustee has knowledge (as provided in
Section 2.10(m) hereof)) that has not been cured or waived, of its obligation to
exercise the rights and powers vested in it by this Declaration;

           (h) the Institutional 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, debenture, note or other evidence of indebtedness or other paper
or document, unless requested in writing to do so by one or more Holders, but
the Institutional Trustee may make such further inquiry or investigation into
such facts or matters as it may see fit;

           (i) the Institutional Trustee may execute any of the trusts or powers
hereunder or perform any duties hereunder either directly or by or through its
agents or attorneys and the Institutional Trustee shall not be responsible for
any misconduct or negligence on the part of, or for the supervision of, any such
agent or attorney appointed with due care by it hereunder;

           (j) whenever in the administration of this Declaration the
Institutional Trustee shall deem it desirable to receive instructions with
respect to enforcing any remedy or right or taking any other action hereunder,
the Institutional Trustee (i) may request instructions from the Holders of the
Common Securities and the Capital Securities, which instructions may be given
only by the Holders of the same proportion in liquidation amount of the Common
Securities and the Capital Securities as would be entitled to direct the
Institutional Trustee under the terms of the Common Securities and the Capital
Securities in respect of such remedy, right or action, (ii) may refrain from
enforcing such remedy or right or taking such other action until such

                                      -19-
<PAGE>

instructions are received, and (iii) shall be fully protected in acting in
accordance with such instructions;

           (k) except as otherwise expressly provided in this Declaration, the
Institutional Trustee shall not be under any obligation to take any action that
is discretionary under the provisions of this Declaration;

           (l) when the Institutional Trustee incurs expenses or renders
services in connection with a Bankruptcy Event, such expenses (including the
fees and expenses of its counsel) and the compensation for such services are
intended to constitute expenses of administration under any bankruptcy law or
law relating to creditors rights generally;

           (m) the Institutional Trustee shall not be charged with knowledge of
an Event of Default unless a Responsible Officer of the Institutional Trustee
has actual knowledge of such event or the Institutional Trustee receives written
notice of such event from any Holder, except with respect to an Event of Default
pursuant to Sections 5.01(a), 5.01(b) or 5.01(c) of the Indenture (other than an
Event of Default resulting from the default in the payment of Additional
Interest or premium, if any, if the Institutional Trustee does not have actual
knowledge or written notice that such payment is due and payable), of which the
Institutional Trustee shall be deemed to have knowledge;

           (n) any action taken by the Institutional Trustee or its agents
hereunder shall bind the Trust and the Holders of the Securities, and the
signature of the Institutional Trustee or its agents alone shall be sufficient
and effective to perform any such action and no third party shall be required to
inquire as to the authority of the Institutional Trustee to so act or as to its
compliance with any of the terms and provisions of this Declaration, both of
which shall be conclusively evidenced by the Institutional Trustee's or its
agent's taking such action; and

           (o) no provision of this Declaration shall be deemed to impose any
duty or obligation on the Institutional Trustee to perform any act or acts or
exercise any right, power, duty or obligation conferred or imposed on it, in any
jurisdiction in which it shall be illegal, or in which the Institutional Trustee
shall be unqualified or incompetent in accordance with applicable law, to
perform any such act or acts, or to exercise any such right, power, duty or
obligation. No permissive power or authority available to the Institutional
Trustee shall be construed to be a duty.

           SECTION 2.11. Execution of Documents. Unless otherwise determined in
writing by the Institutional Trustee, and except as otherwise required by the
Statutory Trust Act, the Institutional Trustee, or any one or more of the
Administrators, as the case may be, is authorized to execute and deliver on
behalf of the Trust any documents, agreements, instruments or certificates that
the Trustees or the Administrators, as the case may be, have the power and
authority to execute pursuant to Section 2.6.

           SECTION 2.12. Not Responsible for Recitals or Issuance of Securities.
The recitals contained in this Declaration and the Securities shall be taken as
the statements of the Sponsor, and the Trustees do not assume any responsibility
for their correctness. The Trustees make no representations as to the value or
condition of the property of the Trust or any part thereof. The Trustees make no

                                      -20-
<PAGE>

representations as to the validity or sufficiency of this Declaration, the
Debentures or the Securities.

           SECTION 2.13. Duration of Trust. The Trust, unless dissolved pursuant
to the provisions of Article VII hereof, shall have existence for thirty-five
(35) years from the Closing Date.

           SECTION 2.14. Mergers.

           (a) The Trust may not consolidate, amalgamate, merge with or into, or
be replaced by, or convey, transfer or lease its properties and assets
substantially as an entirety to any corporation or other Person, except as
described in this Section 2.15 and except with respect to the distribution of
Debentures to Holders of Securities pursuant to Section 7.1(a)(iv) of the
Declaration or Section 3 of Annex I.

           (b) The Trust may, with the consent of the Administrators (which
consent will not be unreasonably withheld) and without the consent of the
Institutional Trustee or the Holders of the Capital Securities, consolidate,
amalgamate, merge with or into, or be replaced by, or convey, transfer or lease
its properties and assets as an entirety or substantially as an entirety to a
trust organized as such under the laws of any state; provided, that:

                      (i) if the Trust is not the survivor, such successor
           entity (the "Successor Entity") either:

                                 (A) expressly assumes all of the obligations of
                      the Trust under the Securities; or

                                 (B) substitutes for the Securities other
                      securities having substantially the same terms as the
                      Securities (the "Successor Securities") so that the
                      Successor Securities rank the same as the Securities rank
                      with respect to Distributions and payments upon
                      Liquidation, redemption and otherwise;

                      (ii) the Sponsor expressly appoints a trustee of the
           Successor Entity that possesses the same powers and duties as the
           Institutional Trustee;

                      (iii) the Capital Securities or any Successor Securities
           (excluding any securities substituted for the Common Securities) are
           listed or quoted, or any Successor Securities will be listed or
           quoted upon notification of issuance, on any national securities
           exchange or with another organization on which the Capital Securities
           are then listed or quoted, if any;

                      (iv) such merger, consolidation, amalgamation,
           replacement, conveyance, transfer or lease does not cause the rating,
           if any, on the Capital Securities (including any Successor
           Securities) to be downgraded or withdrawn by any nationally
           recognized statistical rating organization, if the Capital Securities
           are then rated;

                                      -21-
<PAGE>

                      (v) such merger, consolidation, amalgamation, replacement,
           conveyance, transfer or lease does not adversely affect the rights,
           preferences and privileges of the Holders of the Securities
           (including any Successor Securities) in any material respect (other
           than with respect to any dilution of such Holders' interests in the
           Successor Entity as a result of such merger, consolidation,
           amalgamation or replacement);

                      (vi) such Successor Entity has a purpose substantially
           identical to that of the Trust;

                      (vii) prior to such merger, consolidation, amalgamation,
           replacement, conveyance, transfer or lease, the Trust has received a
           written opinion of a nationally recognized independent counsel to the
           Trust experienced in such matters to the effect that:

                                 (A) such merger, consolidation, amalgamation,
                      replacement, conveyance, transfer or lease does not
                      adversely affect the rights, preferences and privileges of
                      the Holders of the Securities (including any Successor
                      Securities) in any material respect (other than with
                      respect to any dilution of the Holders' interests in the
                      Successor Entity);

                                 (B) following such merger, consolidation,
                      amalgamation, replacement, conveyance, transfer or lease,
                      neither the Trust nor the Successor Entity will be
                      required to register as an Investment Company; and

                                 (C) following such merger, consolidation,
                      amalgamation, replacement, conveyance, transfer or lease,
                      the Trust (or the Successor Entity) will continue to be
                      classified as a grantor trust for United States federal
                      income tax purposes;

                      (viii) the Sponsor guarantees the obligations of such
           Successor Entity under the Successor Securities to the same extent
           provided by the Guarantee, the Debentures and this Declaration; and

                      (ix) prior to such merger, consolidation, amalgamation,
           replacement, conveyance, transfer or lease, the Institutional Trustee
           shall have received an Officers' Certificate of the Administrators
           and an opinion of counsel, each to the effect that all conditions
           precedent of this paragraph (b) to such transaction have been
           satisfied.

           (c) Notwithstanding Section 2.15(b), the Trust shall not, except with
the consent of Holders of 100% in liquidation amount of the Securities,
consolidate, amalgamate, merge with or into, or be replaced by, or convey,
transfer or lease its properties and assets as an entirety or substantially as
an entirety to, any other Person or permit any other Person to consolidate,
amalgamate, merge with or into, or replace it if such consolidation,
amalgamation, merger, replacement, conveyance, transfer or lease would cause the
Trust or Successor Entity to be classified as other than a grantor trust for
United States federal income tax purposes.

                                      -22-
<PAGE>

                                  ARTICLE III
                                     SPONSOR

           SECTION 3.1. Sponsor's Purchase of Common Securities. On the Closing
Date, the Sponsor will purchase all of the Common Securities issued by the
Trust, in an amount at least equal to 3% of the capital of the Trust, at the
same time as the Capital Securities are sold.

           SECTION 3.2. Responsibilities of the Sponsor. In connection with the
issue and sale of the Capital Securities, the Sponsor shall have the exclusive
right and responsibility and sole decision to engage in, or direct the
Administrators to engage in, the following activities:

           (a) to determine the States in which to take appropriate action to
qualify or register for sale of all or part of the Capital Securities and to do
any and all such acts, other than actions which must be taken by the Trust, and
advise the Trust of actions it must take, and prepare for execution and filing
any documents to be executed and filed by the Trust, as the Sponsor deems
necessary or advisable in order to comply with the applicable laws of any such
States;

           (b) to prepare for filing and request the Administrators to cause the
filing by the Trust, as may be appropriate, of an application to the PORTAL
system, for listing or quotation upon notice of issuance of any Capital
Securities, as requested by the Holders of not less than a Majority in
liquidation amount of the Capital Securities; and

           (c) to negotiate the terms of and/or execute and deliver on behalf of
the Trust, the Placement Agreement and other related agreements providing for
the sale of the Capital Securities.

                                   ARTICLE IV
                           TRUSTEES AND ADMINISTRATORS

           SECTION 4.1. Number of Trustees. The number of Trustees initially
shall be one, and:

           (a) at any time before the issuance of any Securities, the Sponsor
may, by written instrument, increase or decrease the number of Trustees; and

           (b) after the issuance of any Securities, the number of Trustees may
be increased or decreased by vote of the Holder of a Majority in liquidation
amount of the Common Securities voting as a class at a meeting of the Holder of
the Common Securities; provided, however, that there shall always be one Trustee
who shall be the Institutional Trustee.

           SECTION 4.2. Institutional Trustee; Eligibility.

           (a) There shall at all times be one Trustee which shall act as
Institutional Trustee which shall:

                      (i) not be an Affiliate of the Sponsor;

                      (ii) not offer or provide credit or credit enhancement to
           the Trust; and

                                      -23-
<PAGE>

                      (iii) be a banking corporation or national association
           organized and doing business under the laws of the United States of
           America or any state thereof or of the District of Columbia and
           authorized under such laws to exercise corporate trust powers, having
           a combined capital and surplus of at least fifty million U.S. dollars
           ($50,000,000), and subject to supervision or examination by federal,
           state or District of Columbia authority. If such corporation or
           national association publishes reports of condition at least
           annually, pursuant to law or to the requirements of the supervising
           or examining authority referred to above, then for the purposes of
           this Section 4.3(a)(iii), the combined capital and surplus of such
           corporation or national association shall be deemed to be its
           combined capital and surplus as set forth in its most recent report
           of condition so published.

           (b) If at any time the Institutional Trustee shall cease to be
eligible to so act under Section 4.2(a), the Institutional Trustee shall
immediately resign in the manner and with the effect set forth in Section 4.5.

           (c) If the Institutional Trustee has or shall acquire any
"conflicting interest" within the meaning of Section 310(b) of the Trust
Indenture Act, the Institutional Trustee shall either eliminate such interest or
resign, to the extent and in the manner provided by, and subject to this
Declaration.

           (d) The initial Institutional Trustee shall be U.S. Bank National
Association.

           SECTION 4.3. Administrators. Each Administrator shall be a U.S.
Person.

           There shall at all times be at least one Administrator. Except where
a requirement for action by a specific number of Administrators is expressly set
forth in this Declaration and except with respect to any action the taking of
which is the subject of a meeting of the Administrators, any action required or
permitted to be taken by the Administrators may be taken by, and any power of
the Administrators may be exercised by, or with the consent of, any one such
Administrator acting alone.

           SECTION 4.4. Appointment, Removal and Resignation of the Trustees and
the Administrators.

           (a) No resignation or removal of any Trustee and no appointment of a
successor Trustee pursuant to this Article shall become effective until the
acceptance of appointment by the successor Trustee in accordance with the
applicable requirements of this Section 4.4.

           (b) Subject to Section 4.4(a), a Trustee may resign at any time by
giving written notice thereof to the Holders of the Securities and by appointing
a successor Trustee. Upon the resignation of the Institutional Trustee, the
Institutional Trustee shall appoint a successor by requesting from at least
three Persons meeting the eligibility requirements their expenses and charges to
serve as the successor Institutional Trustee on a form provided by the
Administrators, and selecting the Person who agrees to the lowest reasonable
expense and charges (the "Successor Institutional Trustee"). If the instrument
of acceptance by the successor Trustee required by this Section 4.4 shall not
have been delivered to the Trustee within 60 days after the giving of such

                                      -24-
<PAGE>

notice of resignation or delivery of the instrument of removal, the Trustee may
petition, at the expense of the Trust, any federal, state or District of
Columbia court of competent jurisdiction for the appointment of a successor
Trustee. Such court may thereupon, after prescribing such notice, if any, as it
may deem proper, appoint a Trustee. The Institutional Trustee shall have no
liability for the selection of such successor pursuant to this Section 4.4.

           (c) Unless an Event of Default shall have occurred and be continuing,
any Trustee may be removed at any time by an act of the Holders of a Majority in
liquidation amount of the Common Securities. If any Trustee shall be so removed,
the Holders of the Common Securities, by act of the Holders of a Majority in
liquidation amount of the Common Securities delivered to the Trustee, shall
promptly appoint a successor Trustee, and such successor Trustee shall comply
with the applicable requirements of this Section 4.4. If an Event of Default
shall have occurred and be continuing, the Institutional Trustee may be removed
by the act of the Holders of a Majority in liquidation amount of the Capital
Securities, delivered to the Trustee (in its individual capacity and on behalf
of the Trust). If any Trustee shall be so removed, the Holders of Capital
Securities, by act of the Holders of a Majority in liquidation amount of the
Capital Securities then outstanding delivered to the Trustee, shall promptly
appoint a successor Trustee or Trustees, and such successor Trustee shall comply
with the applicable requirements of this Section 4.4. If no successor Trustee
shall have been so appointed by the Holders of a Majority in liquidation amount
of the Capital Securities and accepted appointment in the manner required by
this Section 4.4 within 30 days after delivery of an instrument of removal, the
Trustee or any Holder who has been a Holder of the Securities for at least six
months may, on behalf of himself and all others similarly situated, petition any
federal, state or District of Columbia court of competent jurisdiction for the
appointment of a successor Trustee. Such court may thereupon, after prescribing
such notice, if any, as it may deem proper, appoint a successor Trustee or
Trustees.

           (d) The Institutional Trustee shall give notice of each resignation
and each removal of a Trustee and each appointment of a successor Trustee to all
Holders and to the Sponsor. Each notice shall include the name of the successor
Trustee and the address of its Corporate Trust Office if it is the Institutional
Trustee.

           (e) In case of the appointment hereunder of a successor Trustee, the
retiring Trustee and each successor Trustee with respect to the Securities shall
execute and deliver an amendment hereto wherein each successor Trustee shall
accept such appointment and which (a) shall contain such provisions as shall be
necessary or desirable to transfer and confirm to, and to vest in, each
successor Trustee all the rights, powers, trusts and duties of the retiring
Trustee with respect to the Securities and the Trust and (b) shall add to or
change any of the provisions of this Declaration as shall be necessary to
provide for or facilitate the administration of the Trust by more than one
Trustee, it being understood that nothing herein or in such amendment shall
constitute such Trustees co-trustees and upon the execution and delivery of such
amendment the resignation or removal of the retiring Trustee shall become
effective to the extent provided therein and each such successor Trustee,
without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties of the retiring Trustee; but, on request of
the Trust or any successor Trustee, such retiring Trustee shall duly assign,
transfer and deliver to such successor Trustee all Trust Property, all proceeds

                                      -25-
<PAGE>

thereof and money held by such retiring Trustee hereunder with respect to the
Securities and the Trust subject to the payment of all unpaid fees, expenses and
indemnities of such retiring Trustee.

           (f) No Institutional Trustee shall be liable for the acts or
omissions to act of any Successor Institutional Trustee.

           (g) The Holders of the Capital Securities will have no right to vote
to appoint, remove or replace the Administrators, which voting rights are vested
exclusively in the Holders of the Common Securities.

           SECTION 4.5. Vacancies Among Trustees. If a Trustee ceases to hold
office for any reason and the number of Trustees is not reduced pursuant to
Section 4.1, or if the number of Trustees is increased pursuant to Section 4.1,
a vacancy shall occur. A resolution certifying the existence of such vacancy by
the Trustees or, if there are more than two, a majority of the Trustees shall be
conclusive evidence of the existence of such vacancy. The vacancy shall be
filled with a Trustee appointed in accordance with Section 4.4.

           SECTION 4.6. Effect of Vacancies. The death, resignation, retirement,
removal, bankruptcy, dissolution, liquidation, incompetence or incapacity to
perform the duties of a Trustee shall not operate to dissolve, terminate or
annul the Trust or terminate this Declaration. Whenever a vacancy in the number
of Trustees shall occur, until such vacancy is filled by the appointment of a
Trustee in accordance with Section 4.4, the Institutional Trustee shall have all
the powers granted to the Trustees and shall discharge all the duties imposed
upon the Trustees by this Declaration.

           SECTION 4.7. Meetings of the Trustees and the Administrators.
Meetings of the Trustees or the Administrators shall be held from time to time
upon the call of any Trustee or Administrator, as applicable. Regular meetings
of the Trustees and the Administrators, respectively, may be in person in the
United States or by telephone, at a place (if applicable) and time fixed by
resolution of the Trustees or the Administrators, as applicable. Notice of any
in-person meetings of the Trustees or the Administrators shall be hand delivered
or otherwise delivered in writing (including by facsimile, with a hard copy by
overnight courier) not less than 48 hours before such meeting. Notice of any
telephonic meetings of the Trustees or the Administrators or any committee
thereof shall be hand delivered or otherwise delivered in writing (including by
facsimile, with a hard copy by overnight courier) not less than 24 hours before
a meeting. Notices shall contain a brief statement of the time, place and
anticipated purposes of the meeting. The presence (whether in person or by
telephone) of a Trustee or an Administrator, as the case may be, at a meeting
shall constitute a waiver of notice of such meeting except where a Trustee or an
Administrator, as the case may be, attends a meeting for the express purpose of
objecting to the transaction of any activity on the ground that the meeting has
not been lawfully called or convened. Unless provided otherwise in this
Declaration, any action of the Trustees or the Administrators, as the case may
be, may be taken at a meeting by vote of a majority of the Trustees or the
Administrators present (whether in person or by telephone) and eligible to vote
with respect to such matter; provided, that, in the case of the Administrators,
a Quorum is present, or without a meeting by the unanimous written consent of
the Trustees or the Administrators, as the case may be. Meetings of the Trustees

                                      -26-
<PAGE>

and the Administrators together shall be held from time to time upon the call of
any Trustee or Administrator.

           SECTION 4.8. Delegation of Power.

           (a) Any Trustee or any Administrator, as the case may be, may, by
power of attorney consistent with applicable law, delegate to any other natural
person over the age of 21 that is a U.S. Person his or her power for the purpose
of executing any documents, instruments or other writings contemplated in
Section 2.6.

           (b) The Trustees shall have power to delegate from time to time to
such of their number or to any officer of the Trust that is a U.S. Person, the
doing of such things and the execution of such instruments or other writings
either in the name of the Trust or the names of the Trustees or otherwise as the
Trustees may deem expedient, to the extent such delegation is not prohibited by
applicable law or contrary to the provisions of the Trust, as set forth herein.

           SECTION 4.9. Merger, Conversion, Consolidation or Succession to
Business. Any Person into which the Institutional 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 Institutional Trustee shall be
a party, or any Person succeeding to all or substantially all the corporate
trust business of the Institutional Trustee shall be the successor of the
Institutional Trustee hereunder, without the execution or filing of any paper or
any further act on the part of any of the parties hereto, provided such Person
shall be otherwise qualified and eligible under this Article.

                                   ARTICLE V
                                  DISTRIBUTIONS

           SECTION 5.1. Distributions.

           (a) Holders shall receive Distributions in accordance with the
applicable terms of the relevant Holder's Securities. Distributions shall be
made on the Capital Securities and the Common Securities in accordance with the
preferences set forth in their respective terms. If and to the extent that the
Debenture Issuer makes a payment of interest (including any Additional Interest
or Deferred Interest) or premium, if any, on and/or principal on the Debentures
held by the Institutional Trustee (the amount of any such payment being a
"Payment Amount"), the Institutional Trustee shall and is directed, to the
extent funds are available in the Property Account for that purpose, to make a
distribution (a "Distribution") of the Payment Amount to Holders. For the
avoidance of doubt, funds in the Property Account shall not be distributed to
Holders to the extent of any taxes payable by the Trust, in the case of
withholding taxes, as determined by the Institutional Trustee or any Paying
Agent and, in the case of taxes other than withholding tax taxes, as determined
by the Administrators in a written notice to the Institutional Trustee.

           (b) As a condition to the payment of any principal of or interest on
the Securities without the imposition of withholding tax, the Administrators
shall require the previous delivery of properly completed and signed applicable
U.S. federal income tax certifications (generally, an Internal Revenue Service
Form W-9 (or applicable successor form) in the case of a person that is a

                                      -27-
<PAGE>

"United States person" within the meaning of Section 7701(a)(30) of the Code or
an Internal Revenue Service Form W-8 (or applicable successor form) in the case
of a person that is not a "United States person" within the meaning of Section
7701(a)(30) of the Code, and any other certification acceptable to it to enable
the Institutional Trustee or any Paying Agent to determine their respective
duties and liabilities with respect to any taxes or other charges that they may
be required to pay, deduct or withhold in respect of such Securities.

                                   ARTICLE VI
                             ISSUANCE OF SECURITIES

           SECTION 6.1. General Provisions Regarding Securities.

           (a) The Administrators shall on behalf of the Trust issue one series
of capital securities, evidenced by a certificate substantially in the form of
Exhibit A-1, representing undivided beneficial interests in the assets of the
Trust and having such terms as are set forth in Annex I (the "Capital
Securities"), and one series of common securities, evidenced by a certificate
substantially in the form of Exhibit A-2, representing undivided beneficial
interests in the assets of the Trust and having such terms as are set forth in
Annex I (the "Common Securities"). The Trust shall issue no securities or other
interests in the assets of the Trust other than the Capital Securities and the
Common Securities. The Capital Securities rank pari passu and payment thereon
shall be made Pro Rata with the Common Securities except that, where an Event of
Default has occurred and is continuing, the rights of Holders of the Common
Securities to payment in respect of Distributions and payments upon liquidation,
redemption and otherwise are subordinated to the rights to payment of the
Holders of the Capital Securities.

           (b) The Certificates shall be signed on behalf of the Trust by one or
more Administrators. Such signature shall be the facsimile or manual signature
of any Administrator. In case any Administrator of the Trust who shall have
signed any of the Securities shall cease to be such Administrator before the
Certificates so signed shall be delivered by the Trust, such Certificates
nevertheless may be delivered as though the person who signed such Certificates
had not ceased to be such Administrator. Any Certificate may be signed on behalf
of the Trust by such person who, at the actual date of execution of such
Security, shall be an Administrator of the Trust, although at the date of the
execution and delivery of the Declaration any such person was not such an
Administrator. A Capital Security shall not be valid until authenticated by the
manual signature of an Authorized Officer of the Institutional Trustee. Such
signature shall be conclusive evidence that the Capital Security has been
authenticated under this Declaration. Upon written order of the Trust signed by
one Administrator, the Institutional Trustee shall authenticate the Capital
Securities for original issue. The Institutional Trustee may appoint an
authenticating agent that is a U.S. Person acceptable to the Trust to
authenticate the Capital Securities. A Common Security need not be so
authenticated and shall be valid upon execution by one or more Administrators.

           (c) The consideration received by the Trust for the issuance of the
Securities shall constitute a contribution to the capital of the Trust and shall
not constitute a loan to the Trust.

                                      -28-
<PAGE>

           (d) Upon issuance of the Securities as provided in this Declaration,
the Securities so issued shall be deemed to be validly issued, fully paid and
non-assessable, and each Holder thereof shall be entitled to the benefits
provided by this Declaration.

           (e) Every Person, by virtue of having become a Holder in accordance
with the terms of this Declaration, shall be deemed to have expressly assented
and agreed to the terms of, and shall be bound by, this Declaration and the
Guarantee.

           SECTION 6.2. Paying Agent, Transfer Agent, Calculation Agent and
Registrar.

           (a) The Trust shall maintain in New York, New York, an office or
agency where the Securities may be presented for payment (the "Paying Agent"),
and an office or agency where Securities may be presented for registration of
transfer or exchange (the "Transfer Agent"). The Trustee hereby appoints the
Institutional Trustee as Paying Agent and Transfer Agent at U.S. Bank National
Association, 100 Wall Street, 19th Floor, New York, New York 10005, Attn:
Corporate Trust Services - Monroe Bancorp Statutory Trust II. The Trust shall
also keep or cause to be kept a register for the purpose of registering
Securities and transfers and exchanges of Securities, such register to be held
by a registrar (the "Registrar"). The Administrators may appoint the Paying
Agent, the Registrar and the Transfer Agent, and may appoint one or more
additional Paying Agents, one or more co-Registrars, or one or more co-Transfer
Agents in such other locations as it shall determine. The term "Paying Agent"
includes any additional Paying Agent, the term "Registrar" includes any
additional Registrar or co-Registrar and the term "Transfer Agent" includes any
additional Transfer Agent or co-Transfer Agent. The Administrators may change
any Paying Agent, Transfer Agent or Registrar at any time without prior notice
to any Holder. The Administrators shall notify the Institutional Trustee of the
name and address of any Paying Agent, Transfer Agent and Registrar not a party
to this Declaration. The Administrators hereby initially appoint the
Institutional Trustee to act as Registrar for the Capital Securities and the
Common Securities at its Corporate Trust Office. The Institutional Trustee or
any of its Affiliates in the United States may act as Paying Agent, Transfer
Agent or Registrar.

           (b) The Trust shall also appoint a Calculation Agent, which shall
determine the Coupon Rate in accordance with the terms of the Securities. The
Trust initially appoints the Institutional Trustee as Calculation Agent.

           SECTION 6.3. Form and Dating.

           (a) The Capital Securities and the Institutional Trustee's
certificate of authentication thereon shall be substantially in the form of
Exhibit A-1, and the Common Securities shall be substantially in the form of
Exhibit A-2, each of which is hereby incorporated in and expressly made a part
of this Declaration. Certificates may be typed, printed, lithographed or
engraved or may be produced in any other manner as is reasonably acceptable to
the Administrators, as conclusively evidenced by their execution thereof. The
Certificates may have letters, numbers, notations or other marks of
identification or designation and such legends or endorsements required by law,
stock exchange rule, agreements to which the Trust is subject, if any, or usage
(provided, that any such notation, legend or endorsement is in a form acceptable
to the Sponsor). The Trust at the direction of the Sponsor shall furnish any

                                      -29-
<PAGE>

such legend not contained in Exhibit A-1 to the Institutional Trustee in
writing. Each Capital Security shall be dated the date of its authentication.
The terms and provisions of the Securities set forth in Annex I and the forms of
Securities set forth in Exhibits A-1 and A-2 are part of the terms of this
Declaration and to the extent applicable, the Institutional Trustee, the
Administrators and the Sponsor, by their execution and delivery of this
Declaration, expressly agree to such terms and provisions and to be bound
thereby. Capital Securities will be issued only in blocks having a stated
liquidation amount of not less than $100,000 and multiples of $1,000 in excess
thereof.

           (b) The Capital Securities sold by the Trust to the initial
purchasers pursuant to the Placement Agreement and the Capital Securities
Purchase Agreement shall be issued in definitive form, registered in the name of
the Holder thereof, without coupons and with the Restricted Securities Legend.

           SECTION 6.4. Mutilated, Destroyed, Lost or Stolen Certificates. If:
(a) any mutilated Certificates should be surrendered to the Registrar, or if the
Registrar shall receive evidence to its satisfaction of the destruction, loss or
theft of any Certificate; and (b) there shall be delivered to the Registrar, the
Administrators and the Institutional Trustee such security or indemnity as may
be required by them to hold each of them harmless; then, in the absence of
notice that such Certificate shall have been acquired by a bona fide purchaser,
an Administrator on behalf of the Trust shall execute (and in the case of a
Capital Security Certificate, the Institutional Trustee shall authenticate) and
deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or
stolen Certificate, a new Certificate of like denomination. In connection with
the issuance of any new Certificate under this Section 6.4, the Registrar or the
Administrators may require the payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection therewith. Any
duplicate Certificate issued pursuant to this Section shall constitute
conclusive evidence of an ownership interest in the relevant Securities, as if
originally issued, whether or not the lost, stolen or destroyed Certificate
shall be found at any time.

           SECTION 6.5. Temporary Securities. Until definitive Securities are
ready for delivery, the Administrators may prepare and, in the case of the
Capital Securities, the Institutional Trustee shall authenticate, temporary
Securities. Temporary Securities shall be substantially in form of definitive
Securities but may have variations that the Administrators consider appropriate
for temporary Securities. Without unreasonable delay, the Administrators shall
prepare and, in the case of the Capital Securities, the Institutional Trustee
shall authenticate definitive Securities in exchange for temporary Securities.

           SECTION 6.6. Cancellation. The Administrators at any time may deliver
Securities to the Registrar for cancellation. The Registrar shall forward to the
Institutional Trustee any Securities surrendered to it for registration of
transfer, redemption or payment. The Institutional Trustee shall promptly cancel
all Securities surrendered for registration of transfer, payment, replacement or
cancellation and shall dispose of such canceled Securities in accordance with
its standard procedures or otherwise as the Administrators direct. The
Administrators may not issue new Securities to replace Securities that have been
paid or that have been delivered to the Institutional Trustee for cancellation.

                                      -30-
<PAGE>

           SECTION 6.7. Rights of Holders; Waivers of Past Defaults.

           (a) The legal title to the Trust Property is vested exclusively in
the Institutional Trustee (in its capacity as such) in accordance with Section
2.5, and the Holders shall not have any right or title therein other than the
undivided beneficial interest in the assets of the Trust conferred by their
Securities and they shall have no right to call for any partition or division of
property, profits or rights of the Trust except as described below. The
Securities shall be personal property giving only the rights specifically set
forth therein and in this Declaration. The Securities shall have no, and the
issuance of the Securities shall not be subject to, preemptive or other similar
rights and when issued and delivered to Holders against payment of the purchase
price therefor, the Securities will be fully paid and nonassessable by the
Trust.

           (b) For so long as any Capital Securities remain outstanding, if,
upon an Indenture Event of Default under paragraphs (c), (e), (f) or (g) of
Section 5.01 of the Indenture, the Debenture Trustee fails or the holders of not
less than 25% in principal amount of the outstanding Debentures fail to declare
the principal of all of the Debentures to be immediately due and payable, the
Holders of not less than a Majority in liquidation amount of the Capital
Securities then outstanding shall have the right to make such declaration by a
notice in writing to the Institutional Trustee, the Sponsor and the Debenture
Trustee.

           (c) Upon an Indenture Event of Default under paragraphs (c), (e), (f)
or (g) of Section 5.01 of the Indenture at any time after a declaration of
acceleration of maturity of the Debentures has been made and before a judgment
or decree for payment of the money due has been obtained by the Debenture
Trustee as provided in the Indenture, if the Institutional Trustee, subject to
the provisions hereof, fails to annul any such declaration and waive such
default, the Holders of not less than a Majority in liquidation amount of the
Capital Securities, by written notice to the Institutional Trustee, the Sponsor
and the Debenture Trustee, may rescind and annul such declaration and its
consequences if:

                      (i) the Sponsor has paid or deposited with the Debenture
           Trustee a sum sufficient to pay

                                 (A) all overdue installments of interest on all
                      of the Debentures;

                                 (B) any accrued Deferred Interest on all of the
                      Debentures;

                                 (C) all payments on any Debentures that have
                      become due otherwise than by such declaration of
                      acceleration and interest and Deferred Interest thereon at
                      the rate borne by the Debentures; and

                                 (D) all sums paid or advanced by the Debenture
                      Trustee under the Indenture and the reasonable
                      compensation, documented expenses, disbursements and
                      advances of the Debenture Trustee and the Institutional
                      Trustee, their agents and counsel; and

                      (ii) all Events of Default with respect to the Debentures,
           other than the non-payment of the principal of or premium, if any, on
           the Debentures that has become due solely by such acceleration, have

                                      -31-
<PAGE>

           been cured or waived as provided in Section 5.07 of the Indenture.

           (d) The Holders of not less than a Majority in liquidation amount of
the Capital Securities may, on behalf of the Holders of all the Capital
Securities, waive any past default or Event of Default, except a default or
Event of Default in the payment of principal or interest (unless such default or
Event of Default has been cured and a sum sufficient to pay all matured
installments of interest and principal due otherwise than by acceleration has
been deposited with the Debenture Trustee) or a default or Event of Default in
respect of a covenant or provision that under the Indenture cannot be modified
or amended without the consent of the holder of each outstanding Debenture. No
such rescission shall affect any subsequent default or impair any right
consequent thereon.

           (e) Upon receipt by the Institutional Trustee of written notice
declaring such an acceleration, or rescission and annulment thereof, by Holders
of any part of the Capital Securities, a record date shall be established for
determining Holders of outstanding Capital Securities entitled to join in such
notice, which record date shall be at the close of business on the day the
Institutional Trustee receives such notice. The Holders on such record date, or
their duly designated proxies, and only such Persons, shall be entitled to join
in such notice, whether or not such Holders remain Holders after such record
date; provided, that, unless such declaration of acceleration, or rescission and
annulment, as the case may be, shall have become effective by virtue of the
requisite percentage having joined in such notice prior to the day that is 90
days after such record date, such notice of declaration of acceleration, or
rescission and annulment, as the case may be, shall automatically and without
further action by any Holder be canceled and of no further effect. Nothing in
this paragraph shall prevent a Holder, or a proxy of a Holder, from giving,
after expiration of such 90-day period, a new written notice of declaration of
acceleration, or rescission and annulment thereof, as the case may be, that is
identical to a written notice that has been canceled pursuant to the proviso to
the preceding sentence, in which event a new record date shall be established
pursuant to the provisions of this Section 6.7.

           (f) Except as otherwise provided in this Section 6.7, the Holders of
not less than a Majority in liquidation amount of the Capital Securities may, on
behalf of the Holders of all the Capital Securities, waive any past default or
Event of Default and its consequences. Upon such waiver, any such default or
Event of Default shall cease to exist, and any default or Event of Default
arising therefrom shall be deemed to have been cured, for every purpose of this
Declaration, but no such waiver shall extend to any subsequent or other default
or Event of Default or impair any right consequent thereon.

                                  ARTICLE VII
                      DISSOLUTION AND TERMINATION OF TRUST

           SECTION 7.1. Dissolution and Termination of Trust.

           (a) The Trust shall dissolve on the first to occur of

                      (i) unless earlier dissolved, on June 15, 2042, the
           expiration of the term of the Trust;

                                      -32-
<PAGE>

                      (ii) a Bankruptcy Event with respect to the Sponsor, the
           Trust or the Debenture Issuer;

                      (iii) (other than in connection with a merger,
           consolidation or similar transaction not prohibited by the Indenture,
           this Declaration or the Guarantee, as the case may be) the filing of
           a certificate of dissolution or its equivalent with respect to the
           Sponsor or upon the revocation of the charter of the Sponsor and the
           expiration of 90 days after the date of revocation without a
           reinstatement thereof;

                      (iv) the distribution of all of the Debentures to the
           Holders of the Securities, upon exercise of the right of the Holders
           of all of the outstanding Common Securities to dissolve the Trust as
           provided in Annex I hereto;

                      (v) the entry of a decree of judicial dissolution of any
           Holder of the Common Securities, the Sponsor, the Trust or the
           Debenture Issuer;

                      (vi) when all of the Securities shall have been called for
           redemption and the amounts necessary for redemption thereof shall
           have been paid to the Holders in accordance with the terms of the
           Securities; or

                      (vii) before the issuance of any Securities, with the
           consent of all of the Trustees and the Sponsor.

           (b) As soon as is practicable after the occurrence of an event
referred to in Section 7.1(a), and after satisfaction of liabilities to
creditors of the Trust as required by applicable law, and subject to the terms
set forth in Annex I, the Institutional Trustee shall terminate the Trust by
filing, at the expense of the Sponsor, a certificate of cancellation with the
Secretary of State of the State of Connecticut in accordance with Section 34-503
of the Statutory Trust Act.

           (c) The provisions of Section 2.9 and Article IX shall survive the
termination of the Trust.

                                  ARTICLE VIII
                              TRANSFER OF INTERESTS

           SECTION 8.1. General.

           (a) Subject to Section 6.4 and Section 8.1(c), when Capital
Securities are presented to the Registrar with a request to register a transfer
or to exchange them for an equal number of Capital Securities represented by
different Certificates, the Registrar shall register the transfer or make the
exchange if the requirements provided for herein for such transactions are met.
To permit registrations of transfers and exchanges, the Trust shall issue and
the Institutional Trustee shall authenticate Capital Securities at the
Registrar's request.

           (b) Upon issuance of the Common Securities, the Sponsor shall acquire
and retain beneficial and record ownership of the Common Securities and, for so
long as the Securities remain outstanding, the Sponsor shall maintain 100%

                                      -33-
<PAGE>

ownership of the Common Securities; provided, however, that any permitted
successor of the Sponsor under the Indenture that is a U.S. Person may succeed
to the Sponsor's ownership of the Common Securities.

           (c) Capital Securities may only be transferred, in whole or in part,
in accordance with the terms and conditions set forth in this Declaration and in
the terms of the Capital Securities. To the fullest extent permitted by
applicable law, any transfer or purported transfer of any Security not made in
accordance with this Declaration shall be null and void and will be deemed to be
of no legal effect whatsoever and any such transferee shall be deemed not to be
the holder of such Capital Securities for any purpose, including but not limited
to the receipt of Distributions on such Capital Securities, and such transferee
shall be deemed to have no interest whatsoever in such Capital Securities.

           (d) The Registrar shall provide for the registration of Securities
and of transfers of Securities, which will be effected without charge but only
upon payment (with such indemnity as the Registrar may require) in respect of
any tax or other governmental charges that may be imposed in relation to it.
Upon surrender for registration of transfer of any Securities, the Registrar
shall cause one or more new Securities to be issued in the name of the
designated transferee or transferees. Any Security issued upon any registration
of transfer or exchange pursuant to the terms of this Declaration shall evidence
the same Security and shall be entitled to the same benefits under this
Declaration as the Security surrendered upon such registration of transfer or
exchange. Every Security surrendered for registration of transfer shall be
accompanied by a written instrument of transfer in form satisfactory to the
Registrar duly executed by the Holder or such Holder's attorney duly authorized
in writing. Each Security surrendered for registration of transfer shall be
canceled by the Institutional Trustee pursuant to Section 6. A transferee of a
Security shall be entitled to the rights and subject to the obligations of a
Holder hereunder upon the receipt by such transferee of a Security. By
acceptance of a Security, each transferee shall be deemed to have agreed to be
bound by this Declaration.

           (e) Neither the Trust nor the Registrar shall be required (i) to
issue, register the transfer of, or exchange any Securities during a period
beginning at the opening of business 15 days before the day of any selection of
Securities for redemption and ending at the close of business on the earliest
date on which the relevant notice of redemption is deemed to have been given to
all Holders of the Securities to be redeemed, or (ii) to register the transfer
or exchange of any Security so selected for redemption in whole or in part,
except the unredeemed portion of any Security being redeemed in part.

           SECTION 8.2. Transfer Procedures and Restrictions.

           (a) The Capital Securities shall bear the Restricted Securities
Legend (as defined below), which shall not be removed unless there is delivered
to the Trust such satisfactory evidence, which may include an opinion of counsel
reasonably acceptable to the Administrators and the Institutional Trustee, as
may be reasonably required by the Trust or the Institutional Trustee, that
neither the legend nor the restrictions on transfer set forth therein are
required to ensure that transfers thereof comply with the provisions of the
Securities Act or that such Securities are not "restricted" within the meaning
of Rule 144 under the Securities Act. Upon provision of such satisfactory
evidence, the Institutional Trustee, at the written direction of the

                                      -34-
<PAGE>

Administrators, shall authenticate and deliver Capital Securities that do not
bear the Restricted Securities Legend (other than the legend contemplated by
Section 8.2(d)).

           (b) When Capital Securities are presented to the Registrar (x) to
register the transfer of such Capital Securities, or (y) to exchange such
Capital Securities for an equal number of Capital Securities represented by
different Certificates, the Registrar shall register the transfer or make the
exchange as requested if its reasonable requirements for such transaction are
met; provided, however, that the Capital Securities surrendered for registration
of transfer or exchange shall be duly endorsed or accompanied by a written
instrument of transfer in form reasonably satisfactory to the Administrators,
the Institutional Trustee and the Registrar, duly executed by the Holder thereof
or his attorney duly authorized in writing.

           (c) Except as permitted by Section 8.2(a), each Capital Security
shall bear a legend (the "Restricted Securities Legend") in substantially the
following form:

           THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS OR ANY
OTHER APPLICABLE SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR
PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR
UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT. THE HOLDER OF THIS SECURITY BY ITS
ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY ONLY
(A) TO THE DEBENTURE ISSUER OR THE TRUST, (B) PURSUANT TO RULE 144A UNDER THE
SECURITIES ACT ("RULE 144A"), TO A PERSON THE HOLDER REASONABLY BELIEVES IS A
"QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS
OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE
IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (C) TO A "NON
U.S. PERSON" IN AN "OFFSHORE TRANSACTION" PURSUANT TO REGULATION S UNDER THE
SECURITIES ACT, (D) PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT TO AN "ACCREDITED INVESTOR" WITHIN THE MEANING OF
SUBPARAGRAPH (a) (1), (2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT THAT
IS ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN
"ACCREDITED INVESTOR," FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR
OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE
SECURITIES ACT, OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE DEBENTURE
ISSUER'S AND THE TRUST'S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER
PURSUANT TO CLAUSES (D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM IN
ACCORDANCE WITH THE AMENDED AND RESTATED DECLARATION OF TRUST, A COPY OF WHICH
MAY BE OBTAINED FROM THE DEBENTURE ISSUER OR THE TRUST. THE HOLDER OF THIS

                                      -35-
<PAGE>

SECURITY BY ITS ACCEPTANCE HEREOF AGREES THAT IT WILL COMPLY WITH THE FOREGOING
RESTRICTIONS.

           THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES,
REPRESENTS AND WARRANTS THAT IT WILL NOT ENGAGE IN HEDGING TRANSACTIONS
INVOLVING THIS SECURITY UNLESS SUCH TRANSACTIONS ARE IN COMPLIANCE WITH THE
SECURITIES ACT OR AN APPLICABLE EXEMPTION THEREFROM.

           THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF ALSO AGREES,
REPRESENTS AND WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT, INDIVIDUAL
RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I 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"),
(EACH A "PLAN"), OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY
REASON OF ANY PLAN'S INVESTMENT IN THE ENTITY AND NO PERSON INVESTING "PLAN
ASSETS" OF ANY PLAN MAY ACQUIRE OR HOLD THIS SECURITY OR ANY INTEREST THEREIN,
UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE
UNDER U.S. DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 96-23,
95-60, 91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE EXEMPTION OR ITS PURCHASE AND
HOLDING OF THIS SECURITY IS NOT PROHIBITED BY SECTION 406 OF ERISA OR SECTION
4975 OF THE CODE WITH RESPECT TO SUCH PURCHASE OR HOLDING. ANY PURCHASER OR
HOLDER OF THIS SECURITY OR ANY INTEREST THEREIN WILL BE DEEMED TO HAVE
REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT EITHER (i) IT IS NOT AN
EMPLOYEE BENEFIT PLAN WITHIN THE MEANING OF SECTION 3(3) OF ERISA, OR A PLAN TO
WHICH SECTION 4975 OF THE CODE IS APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING
ON BEHALF OF AN EMPLOYEE BENEFIT PLAN OR PLAN, OR ANY OTHER PERSON OR ENTITY
USING THE ASSETS OF ANY EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE,
OR (ii) SUCH PURCHASE WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER SECTION
406 OF ERISA OR SECTION 4975 OF THE CODE FOR WHICH THERE IS NO APPLICABLE
STATUTORY OR ADMINISTRATIVE EXEMPTION.

           IN CONNECTION WITH ANY TRANSFER, THE HOLDER OF THE CERTIFICATE WILL
DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER
INFORMATION AS MAY BE REQUIRED BY THE AMENDED AND RESTATED DECLARATION OF TRUST
TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

           THIS SECURITY WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS
HAVING A LIQUIDATION AMOUNT OF NOT LESS THAN $100,000 AND MULTIPLES OF $1,000 IN
EXCESS THEREOF. ANY ATTEMPTED TRANSFER OF THIS SECURITY IN A BLOCK HAVING A
LIQUIDATION AMOUNT OF LESS THAN $100,000 SHALL BE DEEMED TO BE VOID AND OF NO
LEGAL EFFECT WHATSOEVER. ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE

                                      -36-
<PAGE>

THE HOLDER OF THIS SECURITY FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE
RECEIPT OF DISTRIBUTIONS ON THIS SECURITY, AND SUCH PURPORTED TRANSFEREE SHALL
BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN THIS SECURITY.

           (d) Capital Securities may only be transferred in minimum blocks of
$100,000 aggregate liquidation amount (100 Capital Securities) and multiples of
$1,000 in excess thereof. Any attempted transfer of Capital Securities in a
block having an aggregate liquidation amount of less than $100,000 shall be
deemed to be void and of no legal effect whatsoever. Any such purported
transferee shall be deemed not to be a Holder of such Capital Securities for any
purpose, including, but not limited to, the receipt of Distributions on such
Capital Securities, and such purported transferee shall be deemed to have no
interest whatsoever in such Capital Securities.

           (e) Each party hereto understands and hereby agrees that the initial
purchaser is intended solely to be an interim holder of the Capital Securities
and is purchasing such securities to facilitate consummation of the transactions
contemplated herein and in the documents ancillary hereto. Notwithstanding any
provision in this Declaration to the contrary, the initial purchaser shall have
the right upon notice (a "Transfer Notice") to the Institutional Trustee and the
Sponsor to transfer title in and to the Capital Securities; provided the initial
purchaser shall take reasonable steps to ensure that such transfer is exempt
from registration under the Securities Act of 1933, as amended, and rules
promulgated thereunder. Any Transfer Notice delivered to the Institutional
Trustee and Sponsor pursuant to the preceding sentence shall indicate the
aggregate liquidation amount of Capital Securities being transferred, the name
and address of the transferee thereof (the "Transferee") and the date of such
transfer. Notwithstanding any provision in this Declaration to the contrary, the
transfer by the initial purchaser of title in and to the Capital Securities
pursuant to a Transfer Notice shall not be subject to any requirement relating
to Opinions of Counsel, Certificates of Transfer or any other Opinion or
Certificate applicable to transfers hereunder and relating to Capital
Securities.

           (f) Neither the Institutional Trustee nor the Registrar shall be
responsible for ascertaining whether any transfer hereunder complies with the
registration provisions of or any exemptions from the Securities Act, applicable
state securities laws or the applicable laws of any other jurisdiction, ERISA,
the Code or the Investment Company Act.

           SECTION 8.3. Deemed Security Holders. The Trust, the Administrators,
the Trustees, the Paying Agent, the Transfer Agent or the Registrar may treat
the Person in whose name any Certificate shall be registered on the books and
records of the Trust as the sole holder of such Certificate and of the
Securities represented by such Certificate for purposes of receiving
Distributions and for all other purposes whatsoever and, accordingly, shall not
be bound to recognize any equitable or other claim to or interest in such
Certificate or in the Securities represented by such Certificate on the part of
any Person, whether or not the Trust, the Administrators, the Trustees, the
Paying Agent, the Transfer Agent or the Registrar shall have actual or other
notice thereof.

                                      -37-
<PAGE>

                                   ARTICLE IX
                       LIMITATION OF LIABILITY OF HOLDERS
                        OF SECURITIES, TRUSTEES OR OTHERS

           SECTION 9.1. Liability.

           (a) Except as expressly set forth in this Declaration, the Guarantee
and the terms of the Securities, the Sponsor shall not be:

                      (i) personally liable for the return of any portion of the
           capital contributions (or any return thereon) of the Holders of the
           Securities which shall be made solely from assets of the Trust; and

                      (ii) required to pay to the Trust or to any Holder of the
           Securities any deficit upon dissolution of the Trust or otherwise.

           (b) The Holder of the Common Securities shall be liable for all of
the debts and obligations of the Trust (other than with respect to the
Securities) to the extent not satisfied out of the Trust's assets.

           (c) Except to the extent provided in Section 9.1(b), and pursuant to
Section 34-523(a) of the Statutory Trust Act, the Holders of the Securities
shall be entitled to the same limitation of personal liability extended to
stockholders of private corporations for profit organized under the Connecticut
Business Corporation Act, Chapter 601 of the Connecticut General Statutes,
Section 33-600 et seq., except as otherwise specifically set forth herein.

           SECTION 9.2. Exculpation.

           (a) No Indemnified Person shall be liable, responsible or accountable
in damages or otherwise to the Trust or any Covered Person for any loss, damage
or claim incurred by reason of any act or omission performed or omitted by such
Indemnified Person in good faith on behalf of the Trust and in a manner such
Indemnified Person reasonably believed to be within the scope of the authority
conferred on such Indemnified Person by this Declaration or by law, except that
an Indemnified Person (other than an Administrator) shall be liable for any such
loss, damage or claim incurred by reason of such Indemnified Person's negligence
or willful misconduct or bad faith with respect to such acts or omissions and
except that an Administrator shall be liable for any such loss, damage or claim
incurred by reason of such Administrator's gross negligence or willful
misconduct or bad faith with respect to such acts or omissions.

           (b) An Indemnified Person shall be fully protected in relying in good
faith upon the records of the Trust and upon such information, opinions, reports
or statements presented to the Trust by any Person as to matters the Indemnified
Person reasonably believes are within such other Person's professional or expert
competence and, if selected by such Indemnified Person, has been selected by
such Indemnified Person with reasonable care by or on behalf of the Trust,
including information, opinions, reports or statements as to the value and
amount of the assets, liabilities, profits, losses or any other facts pertinent
to the existence and amount of assets from which Distributions to Holders of
Securities might properly be paid.

                                      -38-
<PAGE>

           (c) It is expressly understood and agreed by the parties hereto that
insofar as any document, agreement or certificate is executed on behalf of the
Trust by any Trustee (i) such document, agreement or certificate is executed and
delivered by such Trustee, not in its individual capacity, but solely as Trustee
under this Declaration in the exercise of the powers and authority conferred and
vested in it, (ii) each of the representations, undertakings and agreements made
on the part of the Trust is made and intended not as representations,
warranties, covenants, undertakings and agreements by any Trustee in its
individual capacity, but is made and intended for the purpose of binding only
the Trust and (iii) under no circumstances shall any Trustee in its individual
capacity be personally liable for the payment of any indebtedness or expenses of
the Trust or be liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by the Trust under this
Declaration or any other document, agreement or certificate.

           SECTION 9.3. Fiduciary Duty.

           (a) To the extent that, at law or in equity, an Indemnified Person
has duties (including fiduciary duties) and liabilities relating thereto to the
Trust or to any other Covered Person, an Indemnified Person acting under this
Declaration shall not be liable to the Trust or to any other Covered Person for
its good faith reliance on the provisions of this Declaration. The provisions of
this Declaration, to the extent that they restrict the duties and liabilities of
an Indemnified Person otherwise existing at law or in equity (other than the
duties imposed on the Institutional Trustee under the Trust Indenture Act), are
agreed by the parties hereto to replace such other duties and liabilities of the
Indemnified Person.

           (b) Whenever in this Declaration an Indemnified Person is permitted
or required to make a decision:

                      (i) in its "discretion" or under a grant of similar
           authority, the Indemnified Person shall be entitled to consider such
           interests and factors as it desires, including its own interests, and
           shall have no duty or obligation to give any consideration to any
           interest of or factors affecting the Trust or any other Person; or

                      (ii) in its "good faith" or under another express
           standard, the Indemnified Person shall act under such express
           standard and shall not be subject to any other or different standard
           imposed by this Declaration or by applicable law.

           SECTION 9.4. Indemnification.

                      (a) (i) The Sponsor shall indemnify, to the fullest extent
           permitted by law, any Indemnified Person who was or is a party or is
           threatened to be made a party to any threatened, pending or completed
           action, suit or proceeding, whether civil, criminal, administrative
           or investigative (other than an action by or in the right of the
           Trust) by reason of the fact that such Person is or was an
           Indemnified Person against expenses (including attorneys' fees and
           expenses), judgments, fines and amounts paid in settlement actually
           and reasonably incurred by such Person in connection with such

                                      -39-
<PAGE>

           action, suit or proceeding if such Person acted in good faith and in
           a manner such Person reasonably believed to be in or not opposed to
           the best interests of the Trust, and, with respect to any criminal
           action or proceeding, had no reasonable cause to believe such conduct
           was unlawful. The termination of any action, suit or proceeding by
           judgment, order, settlement, conviction, or upon a plea of nolo
           contendere or its equivalent, shall not, of itself, create a
           presumption that the Indemnified Person did not act in good faith and
           in a manner which such Person reasonably believed to be in or not
           opposed to the best interests of the Trust, and, with respect to any
           criminal action or proceeding, had reasonable cause to believe that
           such conduct was unlawful.

                      (ii) The Sponsor shall indemnify, to the fullest extent
           permitted by law, any Indemnified Person who was or is a party or is
           threatened to be made a party to any threatened, pending or completed
           action or suit by or in the right of the Trust to procure a judgment
           in its favor by reason of the fact that such Person is or was an
           Indemnified Person against expenses (including attorneys' fees and
           expenses) actually and reasonably incurred by such Person in
           connection with the defense or settlement of such action or suit if
           such Person acted in good faith and in a manner such Person
           reasonably believed to be in or not opposed to the best interests of
           the Trust and except that no such indemnification shall be made in
           respect of any claim, issue or matter as to which such Indemnified
           Person shall have been adjudged to be liable to the Trust, unless and
           only to the extent that the court in which such action or suit was
           brought shall determine upon application that, despite the
           adjudication of liability but in view of all the circumstances of the
           case, such Person is fairly and reasonably entitled to indemnity for
           such expenses which such Court of Chancery or such other court shall
           deem proper.

                      (iii) To the extent that an Indemnified Person shall be
           successful on the merits or otherwise (including dismissal of an
           action without prejudice or the settlement of an action without
           admission of liability) in defense of any action, suit or proceeding
           referred to in paragraphs (i) and (ii) of this Section 9.4(a), or in
           defense of any claim, issue or matter therein, such Person shall be
           indemnified, to the fullest extent permitted by law, against expenses
           (including attorneys' fees and expenses) actually and reasonably
           incurred by such Person in connection therewith.

                      (iv) Any indemnification of an Administrator under
           paragraphs (i) and (ii) of this Section 9.4(a) (unless ordered by a
           court) shall be made by the Sponsor only as authorized in the
           specific case upon a determination that indemnification of the
           Indemnified Person is proper in the circumstances because such Person
           has met the applicable standard of conduct set forth in paragraphs
           (i) and (ii). Such determination shall be made (A) by the
           Administrators by a majority vote of a Quorum consisting of such
           Administrators who were not parties to such action, suit or
           proceeding, (B) if such a Quorum is not obtainable, or, even if
           obtainable, if a Quorum of disinterested Administrators so directs,
           by independent legal counsel in a written opinion, or (C) by the
           Common Security Holder of the Trust.

                                      -40-
<PAGE>

                      (v) To the fullest extent permitted by law, expenses
           (including attorneys' fees and expenses) incurred by an Indemnified
           Person in defending a civil, criminal, administrative or
           investigative action, suit or proceeding referred to in paragraphs
           (i) and (ii) of this Section 9.4(a) shall be paid by the Sponsor in
           advance of the final disposition of such action, suit or proceeding
           upon receipt of an undertaking by or on behalf of such Indemnified
           Person to repay such amount if it shall ultimately be determined that
           such Person is not entitled to be indemnified by the Sponsor as
           authorized in this Section 9.4(a). Notwithstanding the foregoing, no
           advance shall be made by the Sponsor if a determination is reasonably
           and promptly made (1) in the case of a Company Indemnified Person (A)
           by the Administrators by a majority vote of a Quorum of disinterested
           Administrators, (B) if such a Quorum is not obtainable, or, even if
           obtainable, if a Quorum of disinterested Administrators so directs,
           by independent legal counsel in a written opinion or (C) by the
           Common Security Holder of the Trust, that, based upon the facts known
           to the Administrators, counsel or the Common Security Holder at the
           time such determination is made, such Indemnified Person acted in bad
           faith or in a manner that such Person either believed to be opposed
           to or did not believe to be in the best interests of the Trust, or,
           with respect to any criminal proceeding, that such Indemnified Person
           believed or had reasonable cause to believe such conduct was
           unlawful, or (2) in the case of a Fiduciary Indemnified Person, by
           independent legal counsel in a written opinion that, based upon the
           facts known to the counsel at the time such determination is made,
           such Indemnified Person acted in bad faith or in a manner that such
           Indemnified Person either believed to be opposed to or did not
           believe to be in the best interests of the Trust, or, with respect to
           any criminal proceeding, that such Indemnified Person believed or had
           reasonable cause to believe such conduct was unlawful. In no event
           shall any advance be made (i) to a Company Indemnified Person in
           instances where the Administrators, independent legal counsel or the
           Common Security Holder reasonably determine that such Person
           deliberately breached such Person's duty to the Trust or its Common
           or Capital Security Holders or (ii) to a Fiduciary Indemnified Person
           in instances where independent legal counsel promptly and reasonably
           determines in a written opinion that such Person deliberately
           breached such Person's duty to the Trust or its Common or Capital
           Security Holders.

           (b) The Sponsor shall indemnify, to the fullest extent permitted by
applicable law, each Indemnified Person from and against any and all loss,
damage, liability, tax (other than taxes based on the income of such Indemnified
Person), penalty, expense or claim of any kind or nature whatsoever incurred by
such Indemnified Person arising out of or in connection with or by reason of the
creation, administration or termination of the Trust, or any act or omission of
such Indemnified Person in good faith on behalf of the Trust and in a manner
such Indemnified Person reasonably believed to be within the scope of authority
conferred on such Indemnified Person by this Declaration, except that no
Indemnified Person shall be entitled to be indemnified in respect of any loss,
damage, liability, tax, penalty, expense or claim incurred by such Indemnified
Person by reason of negligence, willful misconduct or bad faith with respect to
such acts or omissions.

                                      -41-
<PAGE>

           (c) The indemnification and advancement of expenses provided by, or
granted pursuant to, the other paragraphs of this Section 9.4 shall not be
deemed exclusive of any other rights to which those seeking indemnification and
advancement of expenses may be entitled under any agreement, vote of
stockholders or disinterested directors of the Sponsor or Capital Security
Holders of the Trust or otherwise, both as to action in such Person's official
capacity and as to action in another capacity while holding such office. All
rights to indemnification under this Section 9.4 shall be deemed to be provided
by a contract between the Sponsor and each Indemnified Person who serves in such
capacity at any time while this Section 9.4 is in effect. Any repeal or
modification of this Section 9.4 shall not affect any rights or obligations then
existing.

           (d) The Sponsor or the Trust may purchase and maintain insurance on
behalf of any Person who is or was an Indemnified Person against any liability
asserted against such Person and incurred by such Person in any such capacity,
or arising out of such Person's status as such, whether or not the Sponsor would
have the power to indemnify such Person against such liability under the
provisions of this Section 9.4.

           (e) For purposes of this Section 9.4, references to "the Trust" shall
include, in addition to the resulting or surviving entity, any constituent
entity (including any constituent of a constituent) absorbed in a consolidation
or merger, so that any Person who is or was a director, trustee, officer or
employee of such constituent entity, or is or was serving at the request of such
constituent entity as a director, trustee, officer, employee or agent of another
entity, shall stand in the same position under the provisions of this Section
9.4 with respect to the resulting or surviving entity as such Person would have
with respect to such constituent entity if its separate existence had continued.

           (f) The indemnification and advancement of expenses provided by, or
granted pursuant to, this Section 9.4 shall, unless otherwise provided when
authorized or ratified, continue as to a Person who has ceased to be an
Indemnified Person and shall inure to the benefit of the heirs, executors and
administrators of such a Person.

           (g) The provisions of this Section 9.4 shall survive the termination
of this Declaration or the earlier resignation or removal of the Institutional
Trustee. The obligations of the Sponsor under this Section 9.4 to compensate and
indemnify the Trustees and to pay or reimburse the Trustees for expenses,
disbursements and advances shall constitute additional indebtedness hereunder.
Such additional indebtedness shall be secured by a lien prior to that of the
Securities upon all property and funds held or collected by the Trustees as
such, except funds held in trust for the benefit of the holders of particular
Capital Securities, provided, that the Sponsor is the holder of the Common
Securities.

           SECTION 9.5. Outside Businesses. Any Covered Person, the Sponsor and
the Institutional Trustee (subject to Section 4.3(c)) may engage in or possess
an interest in other business ventures of any nature or description,
independently or with others, similar or dissimilar to the business of the
Trust, and the Trust and the Holders of Securities shall have no rights by
virtue of this Declaration in and to such independent ventures or the income or
profits derived therefrom, and the pursuit of any such venture, even if
competitive with the business of the Trust, shall not be deemed wrongful or
improper. None of any Covered Person, the Sponsor or the Institutional Trustee

                                      -42-
<PAGE>

shall be obligated to present any particular investment or other opportunity to
the Trust even if such opportunity is of a character that, if presented to the
Trust, could be taken by the Trust, and any Covered Person, the Sponsor and the
Institutional Trustee shall have the right to take for its own account
(individually or as a partner or fiduciary) or to recommend to others any such
particular investment or other opportunity. Any Covered Person and the
Institutional Trustee may engage or be interested in any financial or other
transaction with the Sponsor or any Affiliate of the Sponsor, or may act as
depositary for, trustee or agent for, or act on any committee or body of holders
of, securities or other obligations of the Sponsor or its Affiliates.

           SECTION 9.6. Compensation; Fee.

           (a) Subject to the provisions set forth in the Fee Agreement between
the Institutional Trustee, Cohen & Company and the Company of even date
herewith, the Sponsor agrees:

                      (i) to pay to the Trustees from time to time such
           compensation for all services rendered by them hereunder as the
           parties shall agree in writing from time to time (which compensation
           shall not be limited by any provision of law in regard to the
           compensation of a trustee of an express trust); and

                      (ii) except as otherwise expressly provided herein, to
           reimburse the Trustees upon request for all reasonable, documented
           expenses, disbursements and advances incurred or made by the Trustees
           in accordance with any provision of this Declaration (including the
           reasonable compensation and the expenses and disbursements of their
           respective agents and counsel), except any such expense, disbursement
           or advance attributable to their negligence or willful misconduct.

           (b) The provisions of this Section 9.6 shall survive the dissolution
of the Trust and the termination of this Declaration and the removal or
resignation of any Trustee.

                                   ARTICLE X
                                   ACCOUNTING

           SECTION 10.1. Fiscal Year. The fiscal year (the "Fiscal Year") of the
Trust shall be the calendar year, or such other year as is required by the Code.

           SECTION 10.2. Certain Accounting Matters.

           (a) At all times during the existence of the Trust, the
Administrators shall keep, or cause to be kept at the principal office of the
Trust in the United States, as defined for purposes of Treasury Regulations
Section 301.7701-7, full books of account, records and supporting documents,
which shall reflect in reasonable detail each transaction of the Trust. The
books of account shall be maintained on the accrual method of accounting, in
accordance with generally accepted accounting principles, consistently applied.

           (b) The Administrators shall either (i) cause each Form 10-K and Form
10-Q prepared by the Sponsor and filed with the Commission in accordance with
the Exchange Act to be delivered directly to each Holder of Securities, within

                                      -43-
<PAGE>

90 days after the filing of each Form 10-K and within 30 days after the filing
of each Form 10-Q or (ii) cause to be prepared at the principal office of the
Trust in the United States, as defined for purposes of Treasury Regulations
Section 301.7701-7, and delivered directly to each of the Holders of Securities,
within 90 days after the end of each Fiscal Year of the Trust, annual financial
statements of the Trust, including a balance sheet of the Trust as of the end of
such Fiscal Year, and the related statements of income or loss.

           (c) The Administrators shall cause to be duly prepared and delivered
to each of the Holders of Securities Form 1099 or such other annual United
States federal income tax information statement required by the Code, containing
such information with regard to the Securities held by each Holder as is
required by the Code and the Treasury Regulations. Notwithstanding any right
under the Code to deliver any such statement at a later date, the Administrators
shall endeavor to deliver all such statements within 30 days after the end of
each Fiscal Year of the Trust.

           (d) The Administrators shall cause to be duly prepared in the United
States, as defined for purposes of Treasury Regulations Section 301.7701-7, and
filed an annual United States federal income tax return on a Form 1041 or such
other form required by United States federal income tax law, and any other
annual income tax returns required to be filed by the Administrators on behalf
of the Trust with any state or local taxing authority.

           (e) The Administrators will cause the Sponsor's regulatory reports to
be delivered to the Holder promptly following their filing with the Federal
Reserve.

           SECTION 10.3. Banking. The Trust shall maintain one or more bank
accounts in the United States, as defined for purposes of Treasury Regulations
Section 301.7701-7, in the name and for the sole benefit of the Trust; provided,
however, that all payments of funds in respect of the Debentures held by the
Institutional Trustee shall be made directly to the Property Account and no
other funds of the Trust shall be deposited in the Property Account. The sole
signatories for such accounts (including the Property Account) shall be
designated by the Institutional Trustee.

           SECTION 10.4. Withholding. The Institutional Trustee or any Paying
Agent and the Administrators shall comply with all withholding requirements
under United States federal, state and local law. As a condition to the payment
of any principal of or interest on any Debt Security without the imposition of
withholding tax, the Institutional Trustee or any Paying Agent shall require the
previous delivery of properly completed and signed applicable U.S. federal
income tax certifications (generally, an Internal Revenue Service Form W-9 (or
applicable successor form) in the case of a person that is a "United States
person" within the meaning of Section 7701(a)(30) of the Code or an Internal
Revenue Service Form W-8 (or applicable successor form) in the case of a person
that is not a "United States person" within the meaning of Section 7701(a)(30)
of the Code) and any other certification acceptable to it to enable the
Institutional Trustee or any Paying Agent and the Trustee to determine their
respective duties and liabilities with respect to any taxes or other charges
that they may be required to pay, deduct or withhold in respect of such Debt
Security or the holder of such Debt Security under any present or future law or
regulation of the United States or any political subdivision thereof or taxing
authority therein or to comply with any reporting or other requirements under
any such law or regulation. The Administrators shall file required forms with
applicable jurisdictions and, unless an exemption from withholding is properly

                                      -44-
<PAGE>

established by a Holder, shall remit amounts withheld with respect to the Holder
to applicable jurisdictions. To the extent that the Institutional Trustee or any
Paying Agent is required to withhold and pay over any amounts to any authority
with respect to distributions or allocations to any Holder, the amount withheld
shall be deemed to be a Distribution to the Holder in the amount of the
withholding. In the event of any claimed overwithholding, Holders shall be
limited to an action against the applicable jurisdiction. If the amount required
to be withheld was not withheld from actual Distributions made, the
Institutional Trustee or any Paying Agent may reduce subsequent Distributions by
the amount of such withholding.

                                   ARTICLE XI
                             AMENDMENTS AND MEETINGS

           SECTION 11.1. Amendments.

           (a) Except as otherwise provided in this Declaration or by any
applicable terms of the Securities, this Declaration may only be amended by a
written instrument approved and executed by:

                      (i) the Institutional Trustee,

                      (ii) if the amendment affects the rights, powers, duties,
           obligations or immunities of the Administrators, the Administrators,
           and

                      (iii) the Holders of a Majority in liquidation amount of
           the Common Securities.

           (b) Notwithstanding any other provision of this Article XI, no
amendment shall be made, and any such purported amendment shall be void and
ineffective:

                      (i) unless the Institutional Trustee shall have first
           received

                                 (A) an Officers' Certificate from each of the
                      Trust and the Sponsor that such amendment is permitted by,
                      and conforms to, the terms of this Declaration (including
                      the terms of the Securities); and

                                 (B) an opinion of counsel (who may be counsel
                      to the Sponsor or the Trust) that such amendment is
                      permitted by, and conforms to, the terms of this
                      Declaration (including the terms of the Securities) and
                      that all conditions precedent to the execution and
                      delivery of such amendment have been satisfied; or

                      (ii) if the result of such amendment would be to

                                 (A) cause the Trust to cease to be classified
                      for purposes of United States federal income taxation as a
                      grantor trust;

                                      -45-
<PAGE>

                                 (B) reduce or otherwise adversely affect the
                      powers of the Institutional Trustee in contravention of
                      the Trust Indenture Act;

                                 (C) cause the Trust to be deemed to be an
                      Investment Company required to be registered under the
                      Investment Company Act; or

                                 (D) cause the Debenture Issuer to be unable to
                      treat an amount equal to the Liquidation Amount of the
                      Capital Securities as "Tier 1 Capital" for purposes of the
                      capital adequacy guidelines of (x) the Federal Reserve
                      (or, if the Debenture Issuer is not a bank holding
                      company, such guidelines or policies applied to the
                      Debenture Issuer as if the Debenture Issuer were subject
                      to such guidelines of policies) or of (y) any other
                      regulatory authority having jurisdiction over the
                      Debenture Issuer.

           (c) Except as provided in Section 11.1(d), (e) or (g), no amendment
shall be made, and any such purported amendment shall be void and ineffective,
unless the Holders of a Majority in liquidation amount of the Capital Securities
shall have consented to such amendment.

           (d) In addition to and notwithstanding any other provision in this
Declaration, without the consent of each affected Holder, this Declaration may
not be amended to (i) change the amount or timing of any Distribution on the
Securities or any redemption or liquidation provisions applicable to the
Securities or otherwise adversely affect the amount of any Distribution required
to be made in respect of the Securities as of a specified date or (ii) restrict
the right of a Holder to institute suit for the enforcement of any such payment
on or after such date.

           (e) Sections 9.1(b) and 9.1(c) and this Section 11.1 shall not be
amended without the consent of all of the Holders of the Securities.

           (f) The rights of the Holders of the Capital Securities and Common
Securities, as applicable, under Article IV to increase or decrease the number
of, and appoint and remove, Trustees shall not be amended without the consent of
the Holders of a Majority in liquidation amount of the Capital Securities or
Common Securities, as applicable.

           (g) Subject to Section 11.1(a), this Declaration may be amended by
the Institutional Trustee and the Holder of a Majority in liquidation amount of
the Common Securities without the consent of the Holders of the Capital
Securities to:

                      (i) cure any ambiguity;

                      (ii) correct or supplement any provision in this
           Declaration that may be defective or inconsistent with any other
           provision of this Declaration;

                      (iii) add to the covenants, restrictions or obligations of
           the Sponsor; or

                      (iv) modify, eliminate or add to any provision of this
           Declaration to such extent as may be necessary or desirable,
           including, without limitation, to ensure that the Trust will be

                                      -46-
<PAGE>

           classified for United States federal income tax purposes at all times
           as a grantor trust and will not be required to register as an
           Investment Company under the Investment Company Act (including
           without limitation to conform to any change in Rule 3a-5, Rule 3a-7
           or any other applicable rule under the Investment Company Act or
           written change in interpretation or application thereof by any
           legislative body, court, government agency or regulatory authority)
           which amendment does not have a material adverse effect on the right,
           preferences or privileges of the Holders of Securities;

provided, however, that no such modification, elimination or addition referred
to in clauses (i), (ii), (iii) or (iv) shall adversely affect the powers,
preferences or rights of Holders of Capital Securities.

           SECTION 11.2. Meetings of the Holders of the Securities; Action by
Written Consent.

           (a) Meetings of the Holders of any class of Securities may be called
at any time by the Administrators (or as provided in the terms of the
Securities) to consider and act on any matter on which Holders of such class of
Securities are entitled to act under the terms of this Declaration, the terms of
the Securities or the rules of any stock exchange on which the Capital
Securities are listed or admitted for trading, if any. The Administrators shall
call a meeting of the Holders of such class if directed to do so by the Holders
of not less than 10% in liquidation amount of such class of Securities. Such
direction shall be given by delivering to the Administrators one or more notices
in a writing stating that the signing Holders of the Securities wish to call a
meeting and indicating the general or specific purpose for which the meeting is
to be called. Any Holders of the Securities calling a meeting shall specify in
writing the Certificates held by the Holders of the Securities exercising the
right to call a meeting and only those Securities represented by such
Certificates shall be counted for purposes of determining whether the required
percentage set forth in the second sentence of this paragraph has been met.

           (b) Except to the extent otherwise provided in the terms of the
Securities, the following provisions shall apply to meetings of Holders of the
Securities:

                      (i) notice of any such meeting shall be given to all the
           Holders of the Securities having a right to vote thereat at least 7
           days and not more than 60 days before the date of such meeting.
           Whenever a vote, consent or approval of the Holders of the Securities
           is permitted or required under this Declaration or the rules of any
           stock exchange on which the Capital Securities are listed or admitted
           for trading, if any, such vote, consent or approval may be given at a
           meeting of the Holders of the Securities. Any action that may be
           taken at a meeting of the Holders of the Securities may be taken
           without a meeting if a consent in writing setting forth the action so
           taken is signed by the Holders of the Securities owning not less than
           the minimum amount of Securities that would be necessary to authorize
           or take such action at a meeting at which all Holders of the
           Securities having a right to vote thereon were present and voting.
           Prompt notice of the taking of action without a meeting shall be
           given to the Holders of the Securities entitled to vote who have not
           consented in writing. The Administrators may specify that any written
           ballot submitted to the Holders of the Securities for the purpose of

                                      -47-
<PAGE>

           taking any action without a meeting shall be returned to the Trust
           within the time specified by the Administrators;

                      (ii) each Holder of a Security may authorize any Person to
           act for it by proxy on all matters in which a Holder of Securities is
           entitled to participate, including waiving notice of any meeting, or
           voting or participating at a meeting. No proxy shall be valid after
           the expiration of 11 months from the date thereof unless otherwise
           provided in the proxy. Every proxy shall be revocable at the pleasure
           of the Holder of the Securities executing it. Except as otherwise
           provided herein, all matters relating to the giving, voting or
           validity of proxies shall be governed by the General Corporation Law
           of the State of Connecticut relating to proxies, and judicial
           interpretations thereunder, as if the Trust were a Connecticut
           corporation and the Holders of the Securities were stockholders of a
           Connecticut corporation; each meeting of the Holders of the
           Securities shall be conducted by the Administrators or by such other
           Person that the Administrators may designate; and

                      (iii) unless the Statutory Trust Act, this Declaration,
           the terms of the Securities, the Trust Indenture Act or the listing
           rules of any stock exchange on which the Capital Securities are then
           listed for trading, if any, otherwise provides, the Administrators,
           in their sole discretion, shall establish all other provisions
           relating to meetings of Holders of Securities, including notice of
           the time, place or purpose of any meeting at which any matter is to
           be voted on by any Holders of the Securities, waiver of any such
           notice, action by consent without a meeting, the establishment of a
           record date, quorum requirements, voting in person or by proxy or any
           other matter with respect to the exercise of any such right to vote;
           provided, however, that each meeting shall be conducted in the United
           States (as that term is defined in Treasury Regulations Section
           301.7701-7).

                                  ARTICLE XII
                    REPRESENTATIONS OF INSTITUTIONAL TRUSTEE

           SECTION 12.1. Representations and Warranties of Institutional
Trustee. The Trustee that acts as initial Institutional Trustee represents and
warrants to the Trust and to the Sponsor at the date of this Declaration, and
each Successor Institutional Trustee represents and warrants to the Trust and
the Sponsor at the time of the Successor Institutional Trustee's acceptance of
its appointment as Institutional Trustee, that:

           (a) the Institutional Trustee is a banking corporation or national
association with trust powers, duly organized, validly existing and in good
standing under the laws of the State of New York or the United States of
America, respectively, with trust power and authority to execute and deliver,
and to carry out and perform its obligations under the terms of, this
Declaration;

           (b) the Institutional Trustee has a combined capital and surplus of
at least fifty million U.S. dollars ($50,000,000);

                                      -48-
<PAGE>

           (c) the Institutional Trustee is not an affiliate of the Sponsor, nor
does the Institutional Trustee offer or provide credit or credit enhancement to
the Trust;

           (d) the execution, delivery and performance by the Institutional
Trustee of this Declaration has been duly authorized by all necessary action on
the part of the Institutional Trustee. This Declaration has been duly executed
and delivered by the Institutional Trustee, and under Connecticut law (excluding
any securities laws) constitutes a legal, valid and binding obligation of the
Institutional Trustee, enforceable against it in accordance with its terms,
subject to applicable bankruptcy, reorganization, moratorium, insolvency and
other similar laws affecting creditors' rights generally and to general
principles of equity and the discretion of the court (regardless of whether
considered in a proceeding in equity or at law);

           (e) the execution, delivery and performance of this Declaration by
the Institutional Trustee does not conflict with or constitute a breach of the
charter or by-laws of the Institutional Trustee; and

           (f) no consent, approval or authorization of, or registration with or
notice to, any state or federal banking authority governing the trust powers of
the Institutional Trustee is required for the execution, delivery or performance
by the Institutional Trustee of this Declaration.

                                  ARTICLE XIII
                                  MISCELLANEOUS

           SECTION 13.1. Notices. All notices provided for in this Declaration
shall be in writing, duly signed by the party giving such notice, and shall be
delivered, telecopied (which telecopy shall be followed by notice delivered or
mailed by first class mail) or mailed by first class mail, as follows:

           (a) if given to the Trust, in care of the Administrators at the
Trust's mailing address set forth below (or such other address as the Trust may
give notice of to the Holders of the Securities):

               Monroe Bancorp Statutory Trust II
               c/o Monroe Bancorp
               210 East Kirkwood Avenue
               Bloomington, Indiana 47408
               Attention: Gordon M. Dyott
               Telecopy: (812) 331-3419
               Telephone: (812) 331-3433

           (b) if given to the Institutional Trustee, at the Institutional
Trustee's mailing address set forth below (or such other address as the
Institutional Trustee may give notice of to the Holders of the Securities):

                                      -49-
<PAGE>

               U.S. Bank National Association
               225 Asylum Street, 23rd Floor
               Hartford, CT 06103
               Attention:  Corporate Trust Services
               Monroe Bancorp Statutory Trust II

With a copy to:

               U.S. Bank National Association
               One Federal Street, 3rd Floor
               Boston, MA  02110
               Telecopy: (617) 603-6683
               Telephone: (617) 603-6549

           (c) if given to the Holder of the Common Securities, at the mailing
address of the Sponsor set forth below (or such other address as the Holder of
the Common Securities may give notice of to the Trust):

               Monroe Bancorp
               210 East Kirkwood Avenue
               Bloomington, Indiana 47408
               Attention: Gordon M. Dyott
               Telecopy: (812) 331-3419
               Telephone: (812) 331-3433

           (d) if given to any other Holder, at the address set forth on the
books and records of the Trust.

All such notices shall be deemed to have been given when received in person,
telecopied with receipt confirmed, or mailed by first class mail, postage
prepaid, except that if a notice or other document is refused delivery or cannot
be delivered because of a changed address of which no notice was given, such
notice or other document shall be deemed to have been delivered on the date of
such refusal or inability to deliver.

           SECTION 13.2. Governing Law. This Declaration and the rights and
obligations of the parties hereunder shall be governed by and interpreted in
accordance with the law of the State of Connecticut and all rights, obligations
and remedies shall be governed by such laws without regard to the principles of
conflict of laws of the State of Connecticut or any other jurisdiction that
would call for the application of the law of any jurisdiction other than the
State of Connecticut.

           SECTION 13.3. Submission to Jurisdiction.

           (a) Each of the parties hereto agrees that any suit, action or
proceeding arising out of or based upon this Declaration, or the transactions
contemplated hereby, may be instituted in any of the courts of the State of New
York located in the Borough of Manhattan, City and State of New York, and any
competent court in the place of its corporate domicile in respect of actions

                                      -50-
<PAGE>

brought against it as a defendant. In addition, each such party irrevocably
waives, to the fullest extent permitted by law, any objection which it may now
or hereafter have to the laying of the venue of such suit, action or proceeding
brought in any such court and irrevocably waives any claim that any such suit,
action or proceeding brought in any such court has been brought in an
inconvenient forum and irrevocably waives any right to which it may be entitled
on account of its place of corporate domicile. Each such party hereby
irrevocably waives any and all right to trial by jury in any legal proceeding
arising out of or relating to this Declaration or the transactions contemplated
hereby. Each such party agrees that final judgment in any proceedings brought in
such a court shall be conclusive and binding upon it and may be enforced in any
court to the jurisdiction of which it is subject by a suit upon such judgment.

           (b) Each of the Sponsor, the Trustees, the Administrators and the
Holder of the Common Securities irrevocably consents to the service of process
on it in any such suit, action or proceeding by the mailing thereof by
registered or certified mail, postage prepaid, to it at its address given in or
pursuant to Section 13.1 hereof.

           (c) To the extent permitted by law, nothing herein contained shall
preclude any party from effecting service of process in any lawful manner or
from bringing any suit, action or proceeding in respect of this Declaration in
any other state, country or place.

           SECTION 13.4. Intention of the Parties. It is the intention of the
parties hereto that the Trust be classified for United States federal income tax
purposes as a grantor trust. The provisions of this Declaration shall be
interpreted to further this intention of the parties.

           SECTION 13.5. Headings. Headings contained in this Declaration are
inserted for convenience of reference only and do not affect the interpretation
of this Declaration or any provision hereof.

           SECTION 13.6. Successors and Assigns. Whenever in this Declaration
any of the parties hereto is named or referred to, the successors and assigns of
such party shall be deemed to be included, and all covenants and agreements in
this Declaration by the Sponsor and the Trustees shall bind and inure to the
benefit of their respective successors and assigns, whether or not so expressed.

           SECTION 13.7. Partial Enforceability. If any provision of this
Declaration, or the application of such provision to any Person or circumstance,
shall be held invalid, the remainder of this Declaration, or the application of
such provision to persons or circumstances other than those to which it is held
invalid, shall not be affected thereby.

           SECTION 13.8. Counterparts. This Declaration may contain more than
one counterpart of the signature page and this Declaration may be executed by
the affixing of the signature of each of the Trustees and Administrators to any
of such counterpart signature pages. All of such counterpart signature pages
shall be read as though one, and they shall have the same force and effect as
though all of the signers had signed a single signature page.

                                      -51-
<PAGE>

           IN WITNESS WHEREOF, the undersigned have caused this Declaration to
be duly executed as of the day and year first above written.

                             U.S. BANK NATIONAL ASSOCIATION,
                                as Institutional Trustee

                             By:
                                -----------------------------------------------
                                  Name:
                                       ----------------------------------------
                                  Title:
                                        ---------------------------------------

                             Monroe Bancorp, as Sponsor

                             By:
                                -----------------------------------------------
                                  Name: Mark D. Bradford
                                  Title: President and Chief Executive Officer

                             MONROE BANCORP STATUTORY TRUST II

                             By:
                                -----------------------------------------------
                                  Name:  Mark D. Bradford
                                  Administrator

                             By:
                                -----------------------------------------------
                                  Name:  Gordon M. Dyott
                                  Administrator

                                      -52-
<PAGE>

                                     ANNEX I

                                    TERMS OF
                             CAPITAL SECURITIES AND
                                COMMON SECURITIES

           Pursuant to Section 6.1 of the Amended and Restated Declaration of
Trust, dated as of March 20, 2007 (as amended from time to time, the
"Declaration"), the designation, rights, privileges, restrictions, preferences
and other terms and provisions of the Capital Securities and the Common
Securities are set out below (each capitalized term used but not defined herein
has the meaning set forth in the Declaration):

           1. Designation and Number.

           (a) Capital Securities. 5,000 Capital Securities of Monroe Bancorp
Statutory Trust II (the "Trust"), with an aggregate stated liquidation amount
with respect to the assets of the Trust of Five Million Dollars ($5,000,000) and
a stated liquidation amount with respect to the assets of the Trust of $1,000
per Capital Security, are hereby designated for the purposes of identification
only as the "TP Securities" (the "Capital Securities"). The Capital Security
Certificates evidencing the Capital Securities shall be substantially in the
form of Exhibit A-1 to the Declaration, with such changes and additions thereto
or deletions therefrom as may be required by ordinary usage, custom or practice
or to conform to the rules of any stock exchange on which the Capital Securities
are listed, if any.

           (b) Common Securities. 155 Common Securities of the Trust (the
"Common Securities") will be evidenced by Common Security Certificates
substantially in the form of Exhibit A-2 to the Declaration, with such changes
and additions thereto or deletions therefrom as may be required by ordinary
usage, custom or practice. The Common Securities will have an aggregate stated
liquidation amount with respect to the assets of the Trust of One Hundred Fifty
Five Thousand Dollars ($155,000) and a stated liquidation amount with respect to
the assets of the Trust of $1,000 per Common Security.

           2. Distributions.

           (a) Distributions payable on each Security will be payable at a fixed
rate of 6.5225% (the "Fixed Rate") per annum from March 20, 2007 until June 15,
2012, (the "Fixed Rate Period") and thereafter at a variable per annum rate of
interest, reset quarterly, equal to LIBOR, as determined on the LIBOR
Determination Date for such Distribution Payment Period, plus 1.60% (the
"Variable Rate" and together with the Fixed Rate, the "Coupon Rate") of the
stated liquidation amount of $1,000 per Security (provided, however, that the
Coupon Rate for any Distribution Payment Period may not exceed the highest rate
permitted by New York law, as the same may be modified by United States law of
general applicability), such Coupon Rate being the rate of interest payable on
the Debentures to be held by the Institutional Trustee. Except as set forth
below in respect of an Extension Period, Distributions in arrears for more than
one quarterly period will bear interest thereon compounded quarterly at the
applicable Coupon Rate for each such quarterly period (to the extent permitted
by applicable law). The term "Distributions" as used herein includes cash
distributions, any such compounded distributions and any Additional Interest

                                     A-I-1
<PAGE>

payable on the Debentures unless otherwise stated. A Distribution is payable
only to the extent that payments are made in respect of the Debentures held by
the Institutional Trustee and to the extent the Institutional Trustee has funds
legally available in the Property Account therefor. During the Fixed Rate
Period, the amount of Distributions payable for any Distribution Payment Period
will be computed for any full quarterly Distribution Payment Period on the basis
of a 360-day year of twelve 30-day months and the amount payable for any partial
period shall be computed on the basis of the number of days elapsed in a 360-day
year of twelve 30-day months. Upon expiration of the Fixed Rate Period,
Distributions will be computed on the basis of a 360-day year and the actual
number of days elapsed in the relevant Distribution period; provided, however,
that upon the occurrence of a Special Event redemption pursuant to paragraph
4(a) below the amounts payable pursuant to this Declaration shall be calculated
as set forth in the definition of Special Redemption Price.

           (b) Upon expiration of the Fixed Rate Period, LIBOR shall be
determined by the Calculation Agent in accordance with the following provisions:

                      (1) On the second LIBOR Business Day (provided, that on
           such day commercial banks are open for business (including dealings
           in foreign currency deposits) in London (a "LIBOR Banking Day"), and
           otherwise the next preceding LIBOR Business Day that is also a LIBOR
           Banking Day) prior to March 15, June 15, September 15 and December 15
           (or, with respect to the first Distribution Payment Period after the
           expiration of the Fixed Rate Period, on June 15, 2012), (each such
           day, a "LIBOR Determination Date") for such Distribution Payment
           Period), the Calculation Agent shall obtain the rate for three-month
           U.S. Dollar deposits in Europe, which appears on Telerate Page 3750
           (as defined in the International Swaps and Derivatives Association,
           Inc. 2000 Interest Rate and Currency Exchange Definitions) or such
           other page as may replace such Telerate Page 3750 on the Moneyline
           Telerate, Inc. service (or such other service or services as may be
           nominated by the British Banker's Association as the information
           vendor for the purpose of displaying London interbank offered rates
           for U.S. dollar deposits), as of 11:00 a.m. (London time) on such
           LIBOR Determination Date, and the rate so obtained shall be LIBOR for
           such Distribution Payment Period. "LIBOR Business Day" means any day
           that is not a Saturday, Sunday or other day on which commercial
           banking institutions in The City of New York or Boston, Massachusetts
           are authorized or obligated by law or executive order to be closed.
           If such rate is superseded on Telerate Page 3750 by a corrected rate
           before 12:00 noon (London time) on the same LIBOR Determination Date,
           the corrected rate as so substituted will be the applicable LIBOR for
           that Distribution Payment Period.

                      (2) If, on any LIBOR Determination Date, such rate does
           not appear on Telerate Page 3750 or such other page as may replace
           such Telerate Page 3750 on the Moneyline Telerate, Inc. service (or
           such other service or services as may be nominated by the British
           Banker's Association as the information vendor for the purpose of
           displaying London interbank offered rates for U.S. dollar deposits),
           the Calculation Agent shall determine the arithmetic mean of the
           offered quotations of the Reference Banks (as defined below) to
           leading banks in the London Interbank market for three-month U.S.

                                     A-I-2
<PAGE>

           Dollar deposits in Europe (in an amount determined by the Calculation
           Agent) by reference to requests for quotations as of approximately
           11:00 a.m. (London time) on the LIBOR Determination Date made by the
           Calculation Agent to the Reference Banks. If, on any LIBOR
           Determination Date, at least two of the Reference Banks provide such
           quotations, LIBOR shall equal the arithmetic mean of such quotations.
           If, on any LIBOR Determination Date, only one or none of the
           Reference Banks provide such a quotation, LIBOR shall be deemed to be
           the arithmetic mean of the offered quotations that at least two
           leading banks in the City of New York (as selected by the Calculation
           Agent) are quoting on the relevant LIBOR Determination Date for
           three-month U.S. Dollar deposits in Europe at approximately 11:00
           a.m. (London time) (in an amount determined by the Calculation
           Agent). As used herein, "Reference Banks" means four major banks in
           the London Interbank market selected by the Calculation Agent.

                      (3) If the Calculation Agent is required but is unable to
           determine a rate in accordance with at least one of the procedures
           provided above, LIBOR for the applicable Distribution Payment Period
           shall be LIBOR in effect for the immediately preceding Distribution
           Payment Period.

           (c) All percentages resulting from any calculations on the Securities
will be rounded, if necessary, to the nearest one hundred-thousandth of a
percentage point, with five one-millionths of a percentage point rounded upward
(e.g., 9.876545% (or .09876545) being rounded to 9.87655% (or .0987655)), and
all dollar amounts used in or resulting from such calculation will be rounded to
the nearest cent (with one-half cent being rounded upward).

           (d) As soon as practicable following each LIBOR Determination Date,
but in no event later than the 30th day following such LIBOR Determination Date,
the Calculation Agent shall notify, in writing, the Sponsor and the Paying Agent
of the applicable Coupon Rate in effect for the related Distribution Payment
Period. The Calculation Agent shall, upon the request of the Holder of any
Securities, provide the Coupon Rate then in effect. All calculations made by the
Calculation Agent in the absence of manifest error shall be conclusive for all
purposes and binding on the Sponsor and the Holders of the Securities. Any error
in a calculation of the Coupon Rate by the Calculation Agent may be corrected at
any time by the delivery of notice of such corrected Coupon Rate as provided
above. The Paying Agent shall be entitled to rely on information received from
the Calculation Agent or the Sponsor as to the Coupon Rate. The Sponsor shall,
from time to time, provide any necessary information to the Paying Agent
relating to any original issue discount and interest on the Securities that is
included in any payment and reportable for taxable income calculation purposes.
Failure to notify the Sponsor or the Paying Agent of the applicable Coupon Rate
shall not affect the obligation of the Sponsor to make payment on the Debentures
at such Coupon Rate.

           (e) Distributions on the Securities will be cumulative, will accrue
from the date of original issuance, and will be payable, subject to extension of
Distribution payment periods as described herein, quarterly in arrears on March
15, June 15, September 15 and December 15 of each year, commencing June 15, 2007
(each, a "Distribution Payment Date"). Subject to prior submission of Notice (as
defined in the Indenture), and so long as no Event of Default pursuant to

                                     A-I-3
<PAGE>

paragraphs (c), (e), (f) or (g) of Section 5.01 of the Indenture has occurred
and is continuing, the Debenture Issuer has the right under the Indenture to
defer payments of interest on the Debentures by extending the interest
distribution period for up to 20 consecutive quarterly periods (each, an
"Extension Period") at any time and from time to time on the Debentures, subject
to the conditions described below, during which Extension Period no interest
shall be due and payable (except any Additional Interest that may be due and
payable). During any Extension Period, interest will continue to accrue on the
Debentures, and interest on such accrued interest (such accrued interest and
interest thereon referred to herein as "Deferred Interest") will accrue at an
annual rate equal to the Coupon Rate in effect for each such Extension Period,
compounded quarterly from the date such Deferred Interest would have been
payable were it not for the Extension Period, to the extent permitted by law. No
Extension Period may end on a date other than a Distribution Payment Date. At
the end of any such Extension Period, the Debenture Issuer shall pay all
Deferred Interest then accrued and unpaid on the Debentures; provided, however,
that no Extension Period may extend beyond the Maturity Date, Redemption Date
(to the extent redeemed) or Special Redemption Date; and provided, further,
that, during any such Extension Period, the Debenture Issuer may not (i) declare
or pay any dividends or distributions on, or redeem, purchase, acquire, or make
a liquidation payment with respect to, any of the Debenture Issuer's capital
stock or (ii) make any payment of principal or premium or interest on or repay,
repurchase or redeem any debt securities of the Debenture Issuer that rank pari
passu in all respects with or junior in interest to the Debentures or (iii) make
any payment under any guarantees of the Debenture Issuer that rank in all
respects pari passu with or junior in interest to the Guarantee (other than (a)
repurchases, redemptions or other acquisitions of shares of capital stock of the
Debenture Issuer (A) in connection with any employment contract, benefit plan or
other similar arrangement with or for the benefit of one or more employees,
officers, directors or consultants, (B) in connection with a dividend
reinvestment or stockholder stock purchase plan or (C) in connection with the
issuance of capital stock of the Debenture Issuer (or securities convertible
into or exercisable for such capital stock), as consideration in an acquisition
transaction entered into prior to the applicable Extension Period, (b) as a
result of any exchange, reclassification, combination or conversion of any class
or series of the Debenture Issuer's capital stock (or any capital stock of a
subsidiary of the Debenture Issuer) for any class or series of the Debenture
Issuer's capital stock or of any class or series of the Debenture Issuer's
indebtedness for any class or series of the Debenture Issuer's capital stock,
(c) the purchase of fractional interests in shares of the Debenture Issuer's
capital stock pursuant to the conversion or exchange provisions of such capital
stock or the security being converted or exchanged, (d) any declaration of a
dividend in connection with any stockholder's rights plan, or the issuance of
rights, stock or other property under any stockholder's rights plan, or the
redemption or repurchase of rights pursuant thereto, or (e) any dividend in the
form of stock, warrants, options or other rights where the dividend stock or the
stock issuable upon exercise of such warrants, options or other rights is the
same stock as that on which the dividend is being paid or ranks pari passu with
or junior to such stock. Prior to the termination of any Extension Period, the
Debenture Issuer may further extend such period; provided, that such period
together with all such previous and further consecutive extensions thereof shall
not exceed 20 consecutive quarterly periods, or extend beyond the Maturity Date,
Redemption Date (to the extent redeemed) or Special Redemption Date. Upon the
termination of any Extension Period and upon the payment of all Deferred
Interest, the Debenture Issuer may commence a new Extension Period, subject to
the foregoing requirements. No interest or Deferred Interest shall be due and

                                     A-I-4
<PAGE>

payable during an Extension Period, except at the end thereof, but Deferred
Interest shall accrue upon each installment of interest that would otherwise
have been due and payable during such Extension Period until such installment is
paid. If Distributions are deferred, the Distributions due shall be paid on the
date that the related Extension Period terminates to Holders of the Securities
as they appear on the books and records of the Trust on the record date
immediately preceding such date. Distributions on the Securities must be paid on
the dates payable (after giving effect to any Extension Period) to the extent
that the Trust has funds legally available for the payment of such distributions
in the Property Account of the Trust. The Trust's funds available for
Distribution to the Holders of the Securities will be limited to payments
received from the Debenture Issuer. The payment of Distributions out of moneys
held by the Trust is guaranteed by the Guarantor pursuant to the Guarantee.

           (f) Distributions on the Securities will be payable to the Holders
thereof as they appear on the books and records of the Registrar on the relevant
record dates. The relevant record dates shall be 15 days before the relevant
Distribution Payment Date. Distributions payable on any Securities that are not
punctually paid on any Distribution Payment Date, as a result of the Debenture
Issuer having failed to make a payment under the Debentures, as the case may be,
when due (taking into account any Extension Period), will cease to be payable to
the Person in whose name such Securities are registered on the relevant record
date, and such defaulted Distribution will instead be payable to the Person in
whose name such Securities are registered on the special record date or other
specified date determined in accordance with the Indenture. Notwithstanding
anything to the contrary contained herein, if any Distribution Payment Date,
other than on the Maturity Date, any Redemption Date or the Special Redemption
Date, falls on a day that is not a Business Day, then any Distributions payable
will be paid on, and such Distribution Payment Date will be moved to, the next
succeeding Business Day, and additional Distributions will accrue for each day
that such payment is delayed as a result thereof. If the Maturity Date,
Redemption Date or Special Redemption Date falls on a day that is not a Business
Day, then the principal, premium, if any, and/or interest payable on such date
will be paid on the next succeeding Business Day, and no additional interest
will accrue (except that, if such Business Day falls in the next calendar year,
such payment will be made on the immediately preceding Business Day).

           (g) In the event that there is any money or other property held by or
for the Trust that is not accounted for hereunder, such property shall be
distributed pro rata (as defined herein) among the Holders of the Securities.

           3. Liquidation Distribution Upon Dissolution. In the event of the
voluntary or involuntary liquidation, dissolution, winding-up or termination of
the Trust (each, a "Liquidation") other than in connection with a redemption of
the Debentures, the Holders of the Securities will be entitled to receive out of
the assets of the Trust available for distribution to Holders of the Securities,
after satisfaction of liabilities to creditors of the Trust (to the extent not
satisfied by the Debenture Issuer), distributions equal to the aggregate of the
stated liquidation amount of $1,000 per Security plus accrued and unpaid
Distributions thereon to the date of payment (such amount being the "Liquidation
Distribution"), unless in connection with such Liquidation, the Debentures in an
aggregate stated principal amount equal to the aggregate stated liquidation
amount of such Securities, with an interest rate equal to the Coupon Rate of,
and bearing accrued and unpaid interest in an amount equal to the accrued and
unpaid Distributions on, and having the same record date as, such Securities,

                                      A-I-5
<PAGE>

after paying or making reasonable provision to pay all claims and obligations of
the Trust shall be distributed on a Pro Rata basis to the Holders of the
Securities in exchange for such Securities.

           The Sponsor, as the Holder of all of the Common Securities, has the
right at any time to, upon receipt of an opinion of nationally recognized tax
counsel that Holders will not recognize any gain or loss for United States
federal income tax purposes as a result of the distribution Debentures, dissolve
the Trust (including without limitation upon the occurrence of a Tax Event, an
Investment Company Event or a Capital Treatment Event), subject to the receipt
by the Debenture Issuer of prior approval from any regulatory authority having
jurisdiction over the Sponsor that is primarily responsible for regulating the
activities of the Sponsor if such approval is then required under applicable
capital guidelines or policies of such regulatory authority, and, after
satisfaction of liabilities to creditors of the Trust, cause the Debentures to
be distributed to the Holders of the Securities on a Pro Rata basis in
accordance with the aggregate stated liquidation amount thereof.

           The Trust shall dissolve on the first to occur of (i) June 15, 2042,
the expiration of the term of the Trust, (ii) a Bankruptcy Event with respect to
the Sponsor, the Trust or the Debenture Issuer, (iii) (other than in connection
with a merger, consolidation or similar transaction not prohibited by the
Indenture, this Declaration or the Guarantee, as the case may be) the filing of
a certificate of dissolution or its equivalent with respect to the Sponsor or
upon the revocation of the charter of the Sponsor and the expiration of 90 days
after the date of revocation without a reinstatement thereof, (iv) the
distribution to the Holders of the Securities of the Debentures, upon exercise
of the right of the Holder of all of the outstanding Common Securities to
dissolve the Trust as described above, (v) the entry of a decree of a judicial
dissolution of the Sponsor or the Trust, or (vi) when all of the Securities
shall have been called for redemption and the amounts necessary for redemption
thereof shall have been paid to the Holders in accordance with the terms of the
Securities. As soon as practicable after the dissolution of the Trust and upon
completion of the winding up of the Trust, the Trust shall terminate upon the
filing of a certificate of cancellation with the Secretary of State of the State
of Connecticut.

           If a Liquidation of the Trust occurs as described in clause (i),
(ii), (iii) or (v) in the immediately preceding paragraph, the Trust shall be
liquidated by the Institutional Trustee of the Trust as expeditiously as such
Trustee determines to be possible by distributing, after satisfaction of
liabilities to creditors of the Trust as provided by applicable law, to the
Holders of the Securities, the Debentures on a Pro Rata basis to the extent not
satisfied by the Debenture Issuer, unless such distribution is determined by the
Institutional Trustee not to be practical, in which event such Holders will be
entitled to receive out of the assets of the Trust available for distribution to
the Holders, after satisfaction of liabilities to creditors of the Trust to the
extent not satisfied by the Debenture Issuer, an amount equal to the Liquidation
Distribution. An early Liquidation of the Trust pursuant to clause (iv) of the
immediately preceding paragraph shall occur if the Institutional Trustee
determines that such Liquidation is possible by distributing, after satisfaction
of liabilities to creditors of Trust, to the Holders of the Securities on a Pro
Rata basis, the Debentures, and such distribution occurs.

           If, upon any such Liquidation, the Liquidation Distribution can be
paid only in part because the Trust has insufficient assets available to pay in
full the aggregate Liquidation Distribution, then the amounts payable directly

                                     A-I-6
<PAGE>

by the Trust on such Capital Securities shall be paid to the Holders of the
Securities on a Pro Rata basis, except that if an Event of Default has occurred
and is continuing, the Capital Securities shall have a preference over the
Common Securities with regard to such distributions.

           Upon any such Liquidation of the Trust involving a distribution of
the Debentures, if at the time of such Liquidation, the Capital Securities were
rated by at least one nationally-recognized statistical rating organization, the
Debenture Issuer will use its reasonable best efforts to obtain from at least
one such or other rating organization a rating for the Debentures.

           After the date for any distribution of the Debentures upon
dissolution of the Trust, (i) the Securities of the Trust will be deemed to be
no longer outstanding, (ii) any certificates representing the Capital Securities
will be deemed to represent undivided beneficial interests in such of the
Debentures as have an aggregate principal amount equal to the aggregate stated
liquidation amount of, with an interest rate identical to the distribution rate
of, and bearing accrued and unpaid interest equal to accrued and unpaid
distributions on, the Securities until such certificates are presented to the
Debenture Issuer or its agent for transfer or reissuance (and until such
certificates are so surrendered, no payments of interest or principal shall be
made to Holders of Securities in respect of any payments due and payable under
the Debentures) and (iii) all rights of Holders of Securities under the Capital
Securities or the Common Securities, as applicable, shall cease, except the
right of such Holders to receive Debentures upon surrender of certificates
representing such Securities.

           4. Redemption and Distribution.

           (a) The Debentures will mature on June 15, 2037. The Debentures may
be redeemed by the Debenture Issuer, in whole or in part, on any March 15, June
15, September 15 or December 15 on or after June 15, 2012 at the Redemption
Price, upon not less than 30 nor more than 60 days' notice to Holders of such
Debentures. In addition, upon the occurrence and continuation of a Tax Event, an
Investment Company Event or a Capital Treatment Event, the Debentures may be
redeemed by the Debenture Issuer in whole or in part, at any time within 90 days
following the occurrence of such Tax Event, Investment Company Event or Capital
Treatment Event, as the case may be (the "Special Redemption Date"), at the
Special Redemption Price, upon not less than 30 nor more than 60 days' notice to
Holders of the Debentures so long as such Tax Event, Investment Company Event or
Capital Treatment Event, as the case may be, is continuing. In each case, the
right of the Debenture Issuer to redeem the Debentures is subject to the
Debenture Issuer having received prior approval from any regulatory authority
having jurisdiction over the Debenture Issuer, if such approval is then required
under applicable capital guidelines or policies of such regulatory authority.

           "Tax Event" means the receipt by the Debenture Issuer and the Trust
of an opinion of counsel experienced in such matters to the effect that, as a
result of any amendment to or change (including any announced prospective
change) in the laws or any regulations thereunder of the United States or any
political subdivision or taxing authority thereof or therein, or as a result of
any official administrative pronouncement (including any private letter ruling,
technical advice memorandum, regulatory procedure, notice or announcement) (an
"Administrative Action") or judicial decision interpreting or applying such laws
or regulations, regardless of whether such Administrative Action or judicial

                                     A-I-7
<PAGE>

decision is issued to or in connection with a proceeding involving the Debenture
Issuer or the Trust and whether or not subject to review or appeal, which
amendment, clarification, change, Administrative Action or decision is enacted,
promulgated or announced, in each case on or after the date of original issuance
of the Debentures, there is more than an insubstantial risk that: (i) the Trust
is, or will be within 90 days of the date of such opinion, subject to United
States federal income tax with respect to income received or accrued on the
Debentures; (ii) if the Debenture Issuer is organized and existing under the
laws of the United States or any state thereof or the District of Columbia,
interest payable by the Debenture Issuer on the Debentures is not, or within 90
days of the date of such opinion, will not be, deductible by the Debenture
Issuer, in whole or in part, for United States federal income tax purposes; or
(iii) the Trust is, or will be within 90 days of the date of such opinion,
subject to more than a de minimis amount of other taxes (including withholding
taxes), duties, assessments or other governmental charges.

           "Investment Company Event" means the receipt by the Debenture Issuer
and the Trust of an opinion of counsel experienced in such matters to the effect
that, as a result of a change in law or regulation or written change in
interpretation or application of law or regulation by any legislative body,
court, governmental agency or regulatory authority, there is more than an
insubstantial risk that the Trust is or, within 90 days of the date of such
opinion will be, considered an "investment company" that is required to be
registered under the Investment Company Act, which change or prospective change
becomes effective or would become effective, as the case may be, on or after the
date of the original issuance of the Debentures.

           "Capital Treatment Event" means, if the Debenture Issuer is organized
and existing under the laws of the United States or any state thereof or the
District of Columbia, the receipt by the Debenture Issuer and the Trust of an
Opinion of Counsel experienced in such matters to the effect that, as a result
of (a) any amendment to, or change in, the laws, rules or regulations of the
United States or any political subdivision thereof or therein, or any rules,
guidelines or policies of any applicable regulatory authority for the Debenture
Issuer or (b) any official or administrative pronouncement or action or decision
interpreting or applying such laws, rules or regulations, which amendment or
change is effective or which pronouncement, action or decision is announced on
or after the date of original issuance of the Debentures, there is more than an
insubstantial risk that, within 90 days of the receipt of such opinion, the
aggregate Liquidation Amount of the Capital Securities will not be eligible to
be treated by the Debenture Issuer as "Tier 1 Capital" (or the then equivalent
thereof) for purposes of the capital adequacy guidelines of the Federal Reserve
(or any successor regulatory authority with jurisdiction over bank or financial
holding companies), as then in effect and applicable to the Debenture Issuer (or
if the Debenture Issuer is not a bank holding company, such guidelines applied
to the Debenture Issuer as if the Debenture Issuer were subject to such
guidelines); provided, however, that the inability of the Debenture Issuer to
treat all or any portion of the aggregate Liquidation Amount of the Capital
Securities as Tier 1 Capital shall not constitute the basis for a Capital
Treatment Event, if such inability results from the Debenture Issuer having
cumulative preferred stock, minority interests in consolidated subsidiaries, or
any other class of security or interest which the Federal Reserve or OTS, as
applicable, may now or hereafter accord Tier 1 Capital treatment in excess of
the amount which may now or hereafter qualify for treatment as Tier 1 Capital
under applicable capital adequacy guidelines; provided further, however, that
the distribution of the Debentures in connection with the liquidation of the
Trust by the Debenture Issuer shall not in and of itself constitute a Capital

                                     A-I-8
<PAGE>

Treatment Event unless such liquidation shall have occurred in connection with a
Tax Event or an Investment Company Event.

           "Special Event" means any of a Capital Treatment Event, a Tax Event
or an Investment Company Event.

           "Special Redemption Price" means, with respect to the redemption of
any Debentures following a Special Event, an amount in cash equal to 103.525% of
the principal amount of Debentures to be redeemed prior to June 15, 2008 and
thereafter equal to the percentage of the principal amount of the Debentures
that is specified below for the Special Redemption Date plus, in each case,
unpaid interest accrued thereon to the Special Redemption Date:

               Special Redemption During the
             12-Month Period Beginning June 15    Percentage of Principal Amount
             ---------------------------------    ------------------------------

                           2008                              103.140%
                           2009                              102.355%
                           2010                              101.570%
                           2011                              100.785%
                   2012 and thereafter                       100.000%

           "Redemption Date" means the date fixed for the redemption of Capital
Securities, which shall be any March 15, June 15, September 15 or December 15 on
or after June 15, 2012.

           "Redemption Price" means 100% of the principal amount of the
Debentures being redeemed plus accrued and unpaid interest on such Debentures to
the Redemption Date.

           (b) Upon the repayment in full at maturity or redemption in whole or
in part of the Debentures (other than following the distribution of the
Debentures to the Holders of the Securities), the proceeds from such repayment
or payment shall concurrently be applied to redeem Pro Rata at the applicable
Redemption Price, Securities having an aggregate liquidation amount equal to the
aggregate principal amount of the Debentures so repaid or redeemed; provided,
however, that holders of such Securities shall be given not less than 30 nor
more than 60 days' notice of such redemption (other than at the scheduled
maturity of the Debentures).

           (c) If fewer than all the outstanding Securities are to be so
redeemed, the Common Securities and the Capital Securities will be redeemed Pro
Rata and the Capital Securities to be redeemed will be as described in Section
4(e)(ii) below.

           (d) The Trust may not redeem fewer than all the outstanding Capital
Securities unless all accrued and unpaid Distributions have been paid on all
Capital Securities for all quarterly Distribution periods terminating on or
before the date of redemption.

           (e) Redemption or Distribution Procedures.

                      (i) Notice of any redemption of, or notice of distribution
           of the Debentures in exchange for, the Securities (a
           "Redemption/Distribution Notice") will be given by the Trust by mail
           to each Holder of Securities to be redeemed or exchanged not fewer

                                     A-I-9
<PAGE>

           than 30 nor more than 60 days before the date fixed for redemption or
           exchange thereof which, in the case of a redemption, will be the date
           fixed for redemption of the Debentures. For purposes of the
           calculation of the date of redemption or exchange and the dates on
           which notices are given pursuant to this Section 4(e)(i), a
           Redemption/Distribution Notice shall be deemed to be given on the day
           such notice is first mailed by first-class mail, postage prepaid, to
           Holders of such Securities. Each Redemption/Distribution Notice shall
           be addressed to the Holders of such Securities at the address of each
           such Holder appearing on the books and records of the Registrar. No
           defect in the Redemption/Distribution Notice or in the mailing
           thereof with respect to any Holder shall affect the validity of the
           redemption or exchange proceedings with respect to any other Holder.

                      (ii) In the event that fewer than all the outstanding
           Securities are to be redeemed, the Securities to be redeemed shall be
           redeemed Pro Rata from each Holder of Capital Securities.

                      (iii) If the Securities are to be redeemed and the Trust
           gives a Redemption/Distribution Notice, which notice may only be
           issued if the Debentures are redeemed as set out in this Section 4
           (which notice will be irrevocable), then, provided, that the
           Institutional Trustee has a sufficient amount of cash in connection
           with the related redemption or maturity of the Debentures, the
           Institutional Trustee will, with respect to Book-Entry Capital
           Securities, on the Redemption Date or Special Redemption Date, as
           applicable, irrevocably deposit with the Depositary for such
           Book-Entry Capital Securities, to the extent available therefor,
           funds sufficient to pay the relevant Redemption Price or Special
           Redemption Price, as applicable, and will give such Depositary
           irrevocable instructions and authority to pay the Redemption Price or
           Special Redemption Price, as applicable, to the Owners of the Capital
           Securities. With respect to Capital Securities that are not
           Book-Entry Capital Securities, the Institutional Trustee will pay, to
           the extent available therefor, the relevant Redemption Price or
           Special Redemption Price, as applicable, to the Holders of such
           Securities by check mailed to the address of each such Holder
           appearing on the books and records of the Trust on the redemption
           date. If a Redemption/Distribution Notice shall have been given and
           funds deposited as required, then immediately prior to the close of
           business on the date of such deposit, Distributions will cease to
           accrue on the Securities so called for redemption and all rights of
           Holders of such Securities so called for redemption will cease,
           except the right of the Holders of such Securities to receive the
           applicable Redemption Price or Special Redemption Price, as
           applicable, specified in Section 4(a). If any date fixed for
           redemption of Securities is not a Business Day, then payment of any
           such Redemption Price or Special Redemption Price, as applicable,
           payable on such date will be made on the next succeeding day that is
           a Business Day except that, if such Business Day falls in the next
           calendar year, such payment will be made on the immediately preceding
           Business Day, in each case with the same force and effect as if made
           on such date fixed for redemption. If payment of the Redemption Price
           or Special Redemption Price, as applicable, in respect of any

                                     A-I-10
<PAGE>

           Securities is improperly withheld or refused and not paid either by
           the Trust or by the Debenture Issuer as guarantor pursuant to the
           Guarantee, Distributions on such Securities will continue to accrue
           at the then applicable rate from the original redemption date to the
           actual date of payment, in which case the actual payment date will be
           considered the date fixed for redemption for purposes of calculating
           the Redemption Price or Special Redemption Price, as applicable. In
           the event of any redemption of the Capital Securities issued by the
           Trust in part, the Trust shall not be required to (i) issue, register
           the transfer of or exchange any Security during a period beginning at
           the opening of business 15 days before any selection for redemption
           of the Capital Securities and ending at the close of business on the
           earliest date on which the relevant notice of redemption is deemed to
           have been given to all Holders of the Capital Securities to be so
           redeemed or (ii) register the transfer of or exchange any Capital
           Securities so selected for redemption, in whole or in part, except
           for the unredeemed portion of any Capital Securities being redeemed
           in part.

                      (iv) Redemption/Distribution Notices shall be sent by the
           Trust (A) in respect of the Capital Securities, to the Holders
           thereof, and (B) in respect of the Common Securities, to the Holder
           thereof.

                      (v) Subject to the foregoing and applicable law
           (including, without limitation, United States federal securities
           laws), and provided, that the acquiror is not the Holder of the
           Common Securities or the obligor under the Indenture, the Sponsor or
           any of its subsidiaries may at any time and from time to time
           purchase outstanding Capital Securities by tender, in the open market
           or by private agreement.

           5. Voting Rights - Capital Securities.

           (a) Except as provided under Sections 5(b) and 7 and as otherwise
required by law and the Declaration, the Holders of the Capital Securities will
have no voting rights. The Administrators are required to call a meeting of the
Holders of the Capital Securities if directed to do so by Holders of not less
than 10% in liquidation amount of the Capital Securities.

           (b) Subject to the requirements of obtaining a tax opinion by the
Institutional Trustee in certain circumstances set forth in the last sentence of
this paragraph, the Holders of a Majority in liquidation amount of the Capital
Securities, voting separately as a class, have the right to direct the time,
method, and place of conducting any proceeding for any remedy available to the
Institutional Trustee, or exercising any trust or power conferred upon the
Institutional Trustee under the Declaration, including the right to direct the
Institutional Trustee, as holder of the Debentures, to (i) exercise the remedies
available under the Indenture as the holder of the Debentures, (ii) waive any
past default that is waivable under the Indenture, (iii) exercise any right to
rescind or annul a declaration that the principal of all the Debentures shall be
due and payable or (iv) consent on behalf of all the Holders of the Capital
Securities to any amendment, modification or termination of the Indenture or the
Debentures where such consent shall be required; provided, however, that, where
a consent or action under the Indenture would require the consent or act of the
holders of greater than a simple majority in principal amount of Debentures (a

                                     A-I-11
<PAGE>

"Super Majority") affected thereby, the Institutional Trustee may only give such
consent or take such action at the written direction of the Holders of not less
than the proportion in liquidation amount of the Capital Securities outstanding
which the relevant Super Majority represents of the aggregate principal amount
of the Debentures outstanding. If the Institutional Trustee fails to enforce its
rights under the Debentures after the Holders of a Majority or Super Majority,
as the case may be, in liquidation amount of such Capital Securities have so
directed the Institutional Trustee, to the fullest extent permitted by law, a
Holder of the Capital Securities may institute a legal proceeding directly
against the Debenture Issuer to enforce the Institutional Trustee's rights under
the Debentures without first instituting any legal proceeding against the
Institutional Trustee or any other person or entity. Notwithstanding the
foregoing, if an Event of Default has occurred and is continuing and such event
is attributable to the failure of the Debenture Issuer to pay interest or
premium, if any, on or principal of the Debentures on the date such interest,
premium, if any, on or principal is payable (or in the case of redemption, the
redemption date), then a Holder of record of the Capital Securities may directly
institute a proceeding for enforcement of payment, on or after the respective
due dates specified in the Debentures, to such Holder directly of the principal
of or premium, if any, or interest on the Debentures having an aggregate
principal amount equal to the aggregate liquidation amount of the Capital
Securities of such Holder. The Institutional Trustee shall notify all Holders of
the Capital Securities of any default actually known to the Institutional
Trustee with respect to the Debentures unless (x) such default has been cured
prior to the giving of such notice or (y) the Institutional Trustee determines
in good faith that the withholding of such notice is in the interest of the
Holders of such Capital Securities, except where the default relates to the
payment of principal of or interest on any of the Debentures. Such notice shall
state that such Indenture Event of Default also constitutes an Event of Default
hereunder. Except with respect to directing the time, method and place of
conducting a proceeding for a remedy, the Institutional Trustee shall not take
any of the actions described in clause (i), (ii) or (iii) above unless the
Institutional Trustee has obtained an opinion of tax counsel to the effect that,
as a result of such action, the Trust will not be classified as other than a
grantor trust for United States federal income tax purposes.

           In the event the consent of the Institutional Trustee, as the holder
of the Debentures is required under the Indenture with respect to any amendment,
modification or termination of the Indenture, the Institutional Trustee may
request the written direction of the Holders of the Securities with respect to
such amendment, modification or termination and shall vote with respect to such
amendment, modification or termination as directed by a Majority in liquidation
amount of the Securities voting together as a single class; provided, however,
that where a consent under the Indenture would require the consent of a Super
Majority, the Institutional Trustee may only give such consent at the written
direction of the Holders of not less than the proportion in liquidation amount
of such Securities outstanding which the relevant Super Majority represents of
the aggregate principal amount of the Debentures outstanding. The Institutional
Trustee shall not take any such action in accordance with the written directions
of the Holders of the Securities unless the Institutional Trustee has obtained
an opinion of tax counsel to the effect that, as a result of such action, the
Trust will not be classified as other than a grantor trust for United States
federal income tax purposes.

           A waiver of an Indenture Event of Default will constitute a waiver of
the corresponding Event of Default hereunder. Any required approval or direction
of Holders of the Capital Securities may be given at a separate meeting of

                                     A-I-12
<PAGE>

Holders of the Capital Securities convened for such purpose, at a meeting of all
of the Holders of the Securities in the Trust or pursuant to written consent.
The Institutional Trustee will cause a notice of any meeting at which Holders of
the Capital Securities are entitled to vote, or of any matter upon which action
by written consent of such Holders is to be taken, to be mailed to each Holder
of record of the Capital Securities. Each such notice will include a statement
setting forth the following information (i) the date of such meeting or the date
by which such action is to be taken, (ii) a description of any resolution
proposed for adoption at such meeting on which such Holders are entitled to vote
or of such matter upon which written consent is sought and (iii) instructions
for the delivery of proxies or consents. No vote or consent of the Holders of
the Capital Securities will be required for the Trust to redeem and cancel
Capital Securities or to distribute the Debentures in accordance with the
Declaration and the terms of the Securities.

           Notwithstanding that Holders of the Capital Securities are entitled
to vote or consent under any of the circumstances described above, any of the
Capital Securities that are owned by the Sponsor or any Affiliate of the Sponsor
shall not entitle the Holder thereof to vote or consent and shall, for purposes
of such vote or consent, be treated as if such Capital Securities were not
outstanding.

           In no event will Holders of the Capital Securities have the right to
vote to appoint, remove or replace the Administrators, which voting rights are
vested exclusively in the Sponsor as the Holder of all of the Common Securities
of the Trust. Under certain circumstances as more fully described in the
Declaration, Holders of Capital Securities have the right to vote to appoint,
remove or replace the Institutional Trustee.

           6. Voting Rights - Common Securities.

           (a) Except as provided under Sections 6(b), 6(c) and 7 and as
otherwise required by law and the Declaration, the Common Securities will have
no voting rights.

           (b) The Holders of the Common Securities are entitled, in accordance
with Article IV of the Declaration, to vote to appoint, remove or replace any
Administrators.

           (c) Subject to Section 6.7 of the Declaration and only after each
Event of Default (if any) with respect to the Capital Securities has been cured,
waived or otherwise eliminated and subject to the requirements of the second to
last sentence of this paragraph, the Holders of a Majority in liquidation amount
of the Common Securities, voting separately as a class, may direct the time,
method, and place of conducting any proceeding for any remedy available to the
Institutional Trustee, or exercising any trust or power conferred upon the
Institutional Trustee under the Declaration, including (i) directing the time,
method, place of conducting any proceeding for any remedy available to the
Debenture Trustee, or exercising any trust or power conferred on the Debenture
Trustee with respect to the Debentures, (ii) waiving any past default and its
consequences that are waivable under the Indenture, or (iii) exercising any
right to rescind or annul a declaration that the principal of all the Debentures
shall be due and payable, provided, however, that, where a consent or action
under the Indenture would require a Super Majority, the Institutional Trustee
may only give such consent or take such action at the written direction of the
Holders of not less than the proportion in liquidation amount of the Common

                                     A-I-13
<PAGE>

Securities which the relevant Super Majority represents of the aggregate
principal amount of the Debentures outstanding. Notwithstanding this Section
6(c), the Institutional Trustee shall not revoke any action previously
authorized or approved by a vote or consent of the Holders of the Capital
Securities. Other than with respect to directing the time, method and place of
conducting any proceeding for any remedy available to the Institutional Trustee
or the Debenture Trustee as set forth above, the Institutional Trustee shall not
take any action described in clause (i), (ii) or (iii) above, unless the
Institutional Trustee has obtained an opinion of tax counsel to the effect that
for the purposes of United States federal income tax the Trust will not be
classified as other than a grantor trust on account of such action. If the
Institutional Trustee fails to enforce its rights under the Declaration, to the
fullest extent permitted by law any Holder of the Common Securities may
institute a legal proceeding directly against any Person to enforce the
Institutional Trustee's rights under the Declaration, without first instituting
a legal proceeding against the Institutional Trustee or any other Person.

           Any approval or direction of Holders of the Common Securities may be
given at a separate meeting of Holders of the Common Securities convened for
such purpose, at a meeting of all of the Holders of the Securities in the Trust
or pursuant to written consent. The Administrators will cause a notice of any
meeting at which Holders of the Common Securities are entitled to vote, or of
any matter upon which action by written consent of such Holders is to be taken,
to be mailed to each Holder of the Common Securities. Each such notice will
include a statement setting forth (i) the date of such meeting or the date by
which such action is to be taken, (ii) a description of any resolution proposed
for adoption at such meeting on which such Holders are entitled to vote or of
such matter upon which written consent is sought and (iii) instructions for the
delivery of proxies or consents.

           No vote or consent of the Holders of the Common Securities will be
required for the Trust to redeem and cancel Common Securities or to distribute
the Debentures in accordance with the Declaration and the terms of the
Securities.

           7. Amendments to Declaration and Indenture.

           (a) In addition to any requirements under Section 11.1 of the
Declaration, if any proposed amendment to the Declaration provides for, or the
Trustees otherwise propose to effect, (i) any action that would adversely affect
the powers, preferences or special rights of the Securities, whether by way of
amendment to the Declaration or otherwise, or (ii) the Liquidation of the Trust,
other than as described in Section 7.1 of the Declaration, then the Holders of
outstanding Securities, voting together as a single class, will be entitled to
vote on such amendment or proposal and such amendment or proposal shall not be
effective except with the approval of the Holders of not less than a Majority in
liquidation amount of the Securities affected thereby; provided, however, if any
amendment or proposal referred to in clause (i) above would adversely affect
only the Capital Securities or only the Common Securities, then only the
affected class will be entitled to vote on such amendment or proposal and such
amendment or proposal shall not be effective except with the approval of a
Majority in liquidation amount of such class of Securities.

           (b) In the event the consent of the Institutional Trustee as the
holder of the Debentures is required under the Indenture with respect to any
amendment, modification or termination of the Indenture or the Debentures, the

                                     A-I-14
<PAGE>

Institutional Trustee shall request the written direction of the Holders of the
Securities with respect to such amendment, modification or termination and shall
vote with respect to such amendment, modification, or termination as directed by
a Majority in liquidation amount of the Securities voting together as a single
class; provided, however, that where a consent under the Indenture would require
a Super Majority, the Institutional Trustee may only give such consent at the
written direction of the Holders of not less than the proportion in liquidation
amount of the Securities which the relevant Super Majority represents of the
aggregate principal amount of the Debentures outstanding.

           (c) Notwithstanding the foregoing, no amendment or modification may
be made to the Declaration if such amendment or modification would (i) cause the
Trust to be classified for purposes of United States federal income taxation as
other than a grantor trust, (ii) reduce or otherwise adversely affect the powers
of the Institutional Trustee or (iii) cause the Trust to be deemed an
"investment company" which is required to be registered under the Investment
Company Act.

           (d) Notwithstanding any provision of the Declaration, the right of
any Holder of the Capital Securities to receive payment of distributions and
other payments upon redemption or otherwise, on or after their respective due
dates, or to institute a suit for the enforcement of any such payment on or
after such respective dates, shall not be impaired or affected without the
consent of such Holder. For the protection and enforcement of the foregoing
provision, each and every Holder of the Capital Securities shall be entitled to
such relief as can be given either at law or equity.

           8. Pro Rata. A reference in these terms of the Securities to any
payment, distribution or treatment as being "Pro Rata" shall mean pro rata to
each Holder of the Securities according to the aggregate liquidation amount of
the Securities held by the relevant Holder in relation to the aggregate
liquidation amount of all Securities outstanding unless, in relation to a
payment, an Event of Default has occurred and is continuing, in which case any
funds available to make such payment shall be paid first to each Holder of the
Capital Securities Pro Rata according to the aggregate liquidation amount of the
Capital Securities held by the relevant Holder relative to the aggregate
liquidation amount of all Capital Securities outstanding, and only after
satisfaction of all amounts owed to the Holders of the Capital Securities, to
each Holder of the Common Securities Pro Rata according to the aggregate
liquidation amount of the Common Securities held by the relevant Holder relative
to the aggregate liquidation amount of all Common Securities outstanding.

           9. Ranking. The Capital Securities rank pari passu with, and payment
thereon shall be made Pro Rata with, the Common Securities except that, where an
Event of Default has occurred and is continuing, the rights of Holders of the
Common Securities to receive payment of Distributions and payments upon
liquidation, redemption and otherwise are subordinated to the rights of the
Holders of the Capital Securities with the result that no payment of any
Distribution on, or Redemption Price or Special Redemption Price of, any Common
Security, and no other payment on account of redemption, liquidation or other
acquisition of Common Securities, shall be made unless payment in full in cash
of all accumulated and unpaid Distributions on all outstanding Capital
Securities for all distribution periods terminating on or prior thereto, or in
the case of payment of the Redemption Price or Special Redemption Price the full

                                     A-I-15
<PAGE>

amount of such Redemption Price or the Special Redemption Price on all
outstanding Capital Securities then called for redemption, shall have been made
or provided for, and all funds immediately available to the Institutional
Trustee shall first be applied to the payment in full in cash of all
Distributions on, or the Redemption Price or the Special Redemption Price of,
the Capital Securities then due and payable.

           10. Acceptance of Guarantee and Indenture. Each Holder of the Capital
Securities and the Common Securities, by the acceptance of such Securities,
agrees to the provisions of the Guarantee, including the subordination
provisions therein and to the provisions of the Indenture.

           11. No Preemptive Rights. The Holders of the Securities shall have
no, and the issuance of the Securities is not subject to, preemptive or similar
rights to subscribe for any additional securities.

           12. Miscellaneous. These terms constitute a part of the Declaration.
The Sponsor will provide a copy of the Declaration, the Guarantee, and the
Indenture to a Holder without charge on written request to the Sponsor at its
principal place of business.

                                     A-I-16
<PAGE>

                                   EXHIBIT A-1

                      FORM OF CAPITAL SECURITY CERTIFICATE

                           [FORM OF FACE OF SECURITY]

           THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS OR ANY
OTHER APPLICABLE SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR
PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR
UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT. THE HOLDER OF THIS SECURITY BY ITS
ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY ONLY
(A) TO THE DEBENTURE ISSUER OR THE TRUST, (B) PURSUANT TO RULE 144A UNDER THE
SECURITIES ACT ("RULE 144A"), TO A PERSON THE HOLDER REASONABLY BELIEVES IS A
"QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS
OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE
IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (C) TO A "NON
U.S. PERSON" IN AN "OFFSHORE TRANSACTION" PURSUANT TO REGULATION S UNDER THE
SECURITIES ACT, (D) PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT TO AN "ACCREDITED INVESTOR" WITHIN THE MEANING OF
SUBPARAGRAPH (a) (1), (2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT THAT
IS ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN
"ACCREDITED INVESTOR," FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR
OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE
SECURITIES ACT, OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE DEBENTURE
ISSUER'S AND THE TRUST'S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER
PURSUANT TO CLAUSES (D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM IN
ACCORDANCE WITH THE AMENDED AND RESTATED DECLARATION OF TRUST, A COPY OF WHICH
MAY BE OBTAINED FROM THE DEBENTURE ISSUER OR THE TRUST. THE HOLDER OF THIS
SECURITY BY ITS ACCEPTANCE HEREOF AGREES THAT IT WILL COMPLY WITH THE FOREGOING
RESTRICTIONS.

           THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES,
REPRESENTS AND WARRANTS THAT IT WILL NOT ENGAGE IN HEDGING TRANSACTIONS
INVOLVING THIS SECURITY UNLESS SUCH TRANSACTIONS ARE IN COMPLIANCE WITH THE
SECURITIES ACT OR AN APPLICABLE EXEMPTION THEREFROM.

                                      A-1-1
<PAGE>

           THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF ALSO AGREES,
REPRESENTS AND WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT, INDIVIDUAL
RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I 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"),
(EACH A "PLAN"), OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY
REASON OF ANY PLAN'S INVESTMENT IN THE ENTITY AND NO PERSON INVESTING "PLAN
ASSETS" OF ANY PLAN MAY ACQUIRE OR HOLD THIS SECURITY OR ANY INTEREST THEREIN,
UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE
UNDER U.S. DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 96-23,
95-60, 91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE EXEMPTION OR ITS PURCHASE AND
HOLDING OF THIS SECURITY IS NOT PROHIBITED BY SECTION 406 OF ERISA OR SECTION
4975 OF THE CODE WITH RESPECT TO SUCH PURCHASE OR HOLDING. ANY PURCHASER OR
HOLDER OF THIS SECURITY OR ANY INTEREST THEREIN WILL BE DEEMED TO HAVE
REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT EITHER (i) IT IS NOT AN
EMPLOYEE BENEFIT PLAN WITHIN THE MEANING OF SECTION 3(3) OF ERISA, OR A PLAN TO
WHICH SECTION 4975 OF THE CODE IS APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING
ON BEHALF OF AN EMPLOYEE BENEFIT PLAN OR PLAN, OR ANY OTHER PERSON OR ENTITY
USING THE ASSETS OF ANY EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE,
OR (ii) SUCH PURCHASE WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER SECTION
406 OF ERISA OR SECTION 4975 OF THE CODE FOR WHICH THERE IS NO APPLICABLE
STATUTORY OR ADMINISTRATIVE EXEMPTION.

           IN CONNECTION WITH ANY TRANSFER, THE HOLDER OF THE CERTIFICATE WILL
DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER
INFORMATION AS MAY BE REQUIRED BY THE AMENDED AND RESTATED DECLARATION OF TRUST
TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

           THIS SECURITY WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS
HAVING A LIQUIDATION AMOUNT OF NOT LESS THAN $100,000 AND MULTIPLES OF $1,000 IN
EXCESS THEREOF. ANY ATTEMPTED TRANSFER OF THIS SECURITY IN A BLOCK HAVING A
LIQUIDATION AMOUNT OF LESS THAN $100,000 SHALL BE DEEMED TO BE VOID AND OF NO
LEGAL EFFECT WHATSOEVER. ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE
THE HOLDER OF THIS SECURITY FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE
RECEIPT OF DISTRIBUTIONS ON THIS SECURITY, AND SUCH PURPORTED TRANSFEREE SHALL
BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN THIS SECURITY.

                                      A-1-2
<PAGE>

Certificate Number   [P-001]               Number of Capital Securities:  5,000

                    Certificate Evidencing Capital Securities

                                       of

                        Monroe Bancorp Statutory Trust II

                                  TP Securities

                (liquidation amount $1,000 per Capital Security)

           Monroe Bancorp Statutory Trust II, a statutory trust created under
the laws of the State of Connecticut (the "Trust"), hereby certifies that
______________ (the "Holder"), is the registered owner of 5,000 capital
securities of the Trust representing undivided beneficial interests in the
assets of the Trust, designated the TP Securities (liquidation amount $1,000 per
Capital Security) (the "Capital Securities"). Subject to the Declaration (as
defined below), the Capital Securities are transferable on the books and records
of the Trust, in person or by a duly authorized attorney, upon surrender of this
Certificate duly endorsed and in proper form for transfer. The Capital
Securities represented hereby are issued pursuant to, and the designation,
rights, privileges, restrictions, preferences and other terms and provisions of
the Capital Securities shall in all respects be subject to, the provisions of
the Amended and Restated Declaration of Trust of the Trust, dated as of March
20, 2007, among Mark D. Bradford and Gordon M. Dyott, as Administrators, U.S.
Bank National Association, as Institutional Trustee, Monroe Bancorp, as Sponsor,
and the holders from time to time of undivided beneficial interests in the
assets of the Trust, including the designation of the terms of the Capital
Securities as set forth in Annex I to the Declaration, as the same may be
amended from time to time (the "Declaration"). Capitalized terms used herein but
not defined shall have the meaning given them in the Declaration. The Holder is
entitled to the benefits of the Guarantee to the extent provided therein. The
Sponsor will provide a copy of the Declaration, the Guarantee, and the Indenture
to the Holder without charge upon written request to the Sponsor at its
principal place of business.

           By acceptance of this Security, the Holder is bound by the
Declaration and is entitled to the benefits thereunder.

           By acceptance of this Security, the Holder agrees to treat, for
United States federal income tax purposes, the Debentures as indebtedness and
the Capital Securities as evidence of beneficial ownership in the Debentures.

           This Capital Security is governed by, and shall be construed in
accordance with, the laws of the State of Connecticut, without regard to
principles of conflict of laws.

                                      A-1-3
<PAGE>

           IN WITNESS WHEREOF, the Trust has duly executed this certificate.

                                        Monroe Bancorp Statutory Trust II

                                        By:
                                            ------------------------------------
                                            Name:
                                                  ------------------------------
                                            Title: Administrator

                                        Dated:
                                               ---------------------------------

                          CERTIFICATE OF AUTHENTICATION

           This is one of the Capital Securities referred to in the
within-mentioned Declaration.

                                        U.S. BANK NATIONAL ASSOCIATION, not
                                        in its individual capacity but solely as
                                        Institutional Trustee

                                        By:
                                            ------------------------------------
                                            Authorized Signatory

                                        Dated:
                                               ---------------------------------

                                     A-1-4
<PAGE>

                          [FORM OF REVERSE OF SECURITY]

           Distributions payable on each Capital Security will be payable at a
fixed rate of 6.5225% (the "Fixed Rate") per annum from March 20, 2007 until
June 15, 2012, (the "Fixed Rate Period") and thereafter at a variable per annum
rate of interest, reset quarterly, equal to LIBOR (as defined in the
Declaration) plus 1.60% (the "Variable Rate") ("Coupon Rate" is defined to
include the Fixed Rate and Variable Rate, as applicable) of the stated
liquidation amount of $1,000 per Capital Security (provided, however, that the
Coupon Rate for any Distribution Payment Period may not exceed the highest rate
permitted by New York law, as the same may be modified by United States law of
general applicability), such Coupon Rate being the rate of interest payable on
the Debentures to be held by the Institutional Trustee. Distributions in arrears
for more than one quarterly period will bear interest thereon compounded
quarterly at the then applicable Coupon Rate for each such quarterly period (to
the extent permitted by applicable law). The term "Distributions" as used herein
includes cash distributions, any such compounded distributions and any
Additional Interest payable on the Debentures unless otherwise stated. A
Distribution is payable only to the extent that payments are made in respect of
the Debentures held by the Institutional Trustee and to the extent the
Institutional Trustee has funds legally available in the Property Account
therefor. During the Fixed Rate Period, the amount of Distributions payable for
any Distribution Payment Period shall be computed for any full quarterly
Distribution Payment Period on the basis of a 360-day year of twelve 30-day
months and the amount payable for any partial period shall be computed on the
basis of the number of days elapsed in a 360-day year of twelve 30-day months.
Upon expiration of the Fixed Rate Period, distributions shall be computed on the
basis of a 360-day year and the actual number of days elapsed in the relevant
Distribution Payment Period.

           Except as otherwise described below, Distributions on the Capital
Securities will be cumulative, will accrue from the date of original issuance
and will be payable quarterly in arrears on March 15, June 15, September 15 and
December 15 of each year, commencing on June 15, 2007 (each, a "Distribution
Payment Date"). Subject to prior submission of Notice (as defined in the
Indenture), and so long as no Event of Default pursuant to paragraphs (c), (e),
(f) or (g) of Section 5.01 of the Indenture has occurred and is continuing, the
Debenture Issuer has the right under the Indenture to defer payments of interest
on the Debentures by extending the interest distribution period for up to 20
consecutive quarterly periods (each, an "Extension Period") at any time and from
time to time on the Debentures, subject to the conditions described below,
during which Extension Period no interest shall be due and payable (except any
Additional Interest that may be due and payable). During any Extension Period,
interest will continue to accrue on the Debentures, and interest on such accrued
interest (such accrued interest and interest thereon referred to herein as
"Deferred Interest") will accrue at an annual rate equal to the Coupon Rate in
effect for each such Extension Period, compounded quarterly from the date such
Deferred Interest would have been payable were it not for the Extension Period,
to the extent permitted by law. No Extension Period may end on a date other than
a Distribution Payment Date. At the end of any such Extension Period, the
Debenture Issuer shall pay all Deferred Interest then accrued and unpaid on the
Debentures; provided, however, that no Extension Period may extend beyond the
Maturity Date, Redemption Date (to the extent redeemed) or Special Redemption
Date. Prior to the termination of any Extension Period, the Debenture Issuer may
further extend such period; provided, that such period together with all such
previous and further consecutive extensions thereof shall not exceed 20

                                     A-1-5
<PAGE>

consecutive quarterly periods, or extend beyond the Maturity Date, Redemption
Date (to the extent redeemed) or Special Redemption Date. Upon the termination
of any Extension Period and upon the payment of all Deferred Interest, the
Debenture Issuer may commence a new Extension Period, subject to the foregoing
requirements. No interest or Deferred Interest (except any Additional Amounts
that may be due and payable) shall be due and payable during an Extension
Period, except at the end thereof, but Deferred Interest shall accrue upon each
installment of interest that would otherwise have been due and payable during
such Extension Period until such installment is paid. If Distributions are
deferred, the Distributions due shall be paid on the date that the related
Extension Period terminates to Holders of the Securities as they appear on the
books and records of the Trust on the record date immediately preceding such
date. Distributions on the Securities must be paid on the dates payable (after
giving effect to any Extension Period) to the extent that the Trust has funds
legally available for the payment of such distributions in the Property Account
of the Trust. The Trust's funds available for Distribution to the Holders of the
Securities will be limited to payments received from the Debenture Issuer. The
payment of Distributions out of moneys held by the Trust is guaranteed by the
Guarantor pursuant to the Guarantee.

           The Capital Securities shall be redeemable as provided in the
Declaration.

                                     A-1-6
<PAGE>

                                   ASSIGNMENT

           FOR VALUE RECEIVED, the undersigned assigns and transfers this
Capital Security Certificate to:

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

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

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

(Insert assignee's social security or tax identification number)

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

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

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

(Insert address and zip code of assignee),

and irrevocably appoints ______________________________________________________
as agent to transfer this Capital Security Certificate on the books of the
Trust. The agent may substitute another to act for it, him or her.

                               Date:
                                    ------------------------------------

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

           (Sign exactly as your name appears on the other side of this Capital
Security Certificate)

                               Signature Guarantee:(1)
                                                    ----------------------------

---------------
           (1) Signature must be guaranteed by an "eligible guarantor
institution" that is a bank, stockbroker, savings and loan association or credit
union meeting the requirements of the Security registrar, which requirements
include membership or participation in the Securities Transfer Agents Medallion
Program ("STAMP") or such other "signature guarantee program" as may be
determined by the Security registrar in addition to, or in substitution for,
STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

                                     A-1-7
<PAGE>

                                   EXHIBIT A-2

                       FORM OF COMMON SECURITY CERTIFICATE

           THIS COMMON SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS OR ANY OTHER APPLICABLE
SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
EXCEPT PURSUANT TO AN EXEMPTION FROM REGISTRATION.

           EXCEPT AS SET FORTH IN SECTION 8.1(b) OF THE DECLARATION (AS DEFINED
BELOW), THIS SECURITY MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED.

                                      A-2-1
<PAGE>

Certificate Number   [C-001]              Number of Common Securities:  155

                    Certificate Evidencing Common Securities
                                       of
                        Monroe Bancorp Statutory Trust II

           Monroe Bancorp Statutory Trust II, a statutory trust created under
the laws of the State of Connecticut (the "Trust"), hereby certifies that Monroe
Bancorp (the "Holder") is the registered owner of 155 common securities of the
Trust representing undivided beneficial interests in the assets of the Trust
(liquidation amount $1,000 per Common Security) (the "Common Securities"). The
Common Securities represented hereby are issued pursuant to, and the
designation, rights, privileges, restrictions, preferences and other terms and
provisions of the Common Securities shall in all respects be subject to, the
provisions of the Amended and Restated Declaration of Trust of the Trust, dated
as of March 20, 2007, among Mark D. Bradford and Gordon M. Dyott, as
Administrators, U.S. Bank National Association, as Institutional Trustee, the
Holder, as Sponsor, and the holders from time to time of undivided beneficial
interests in the assets of the Trust, including the designation of the terms of
the Common Securities as set forth in Annex I to the Declaration, as the same
may be amended from time to time (the "Declaration"). Capitalized terms used
herein but not defined shall have the meaning given them in the Declaration. The
Sponsor will provide a copy of the Declaration and the Indenture to the Holder
without charge upon written request to the Sponsor at its principal place of
business.

           As set forth in the Declaration, when an Event of Default has
occurred and is continuing, the rights of Holders of Common Securities to
payment in respect of Distributions and payments upon Liquidation, redemption or
otherwise are subordinated to the rights of payment of Holders of the Capital
Securities.

           By acceptance of this Certificate, the Holder is bound by the
Declaration and is entitled to the benefits thereunder.

           By acceptance of this Certificate, the Holder agrees to treat, for
United States federal income tax purposes, the Debentures as indebtedness and
the Common Securities as evidence of undivided beneficial ownership in the
Debentures.

           This Common Security is governed by, and shall be construed in
accordance with, the laws of the State of Connecticut, without regard to
principles of conflict of laws.

                                      A-2-2
<PAGE>

           IN WITNESS WHEREOF, the Trust has executed this certificate as of
this ____ day of _____________, 2007.

                                 Monroe Bancorp Statutory Trust II

                                 By:
                                     -------------------------------------------
                                     Name:
                                           -------------------------------------
                                     Title: Administrator

                                      A-2-3
<PAGE>

                          [FORM OF REVERSE OF SECURITY]

           Distributions payable on each Common Security will be identical in
amount to the Distributions payable on each Capital Security, which is at a
fixed rate of 6.5225% (the "Fixed Rate") per annum from March 20, 2007 until
June 15, 2012, (the "Fixed Rate Period") and thereafter at a variable per annum
rate of interest, reset quarterly, equal to LIBOR (as defined in the
Declaration) plus 1.60% (the "Variable Rate") ("Coupon Rate" is defined to
include the Fixed Rate and Variable Rate, as applicable) of the stated
liquidation amount of $1,000 per Capital Security (provided, however, that the
Coupon Rate for any Distribution Payment Period may not exceed the highest rate
permitted by New York law, as the same may be modified by United States law of
general applicability), such Coupon Rate being the rate of interest payable on
the Debentures to be held by the Institutional Trustee. Distributions in arrears
for more than one quarterly period will bear interest thereon compounded
quarterly at the then applicable Coupon Rate for each such quarterly period (to
the extent permitted by applicable law). The term "Distributions" as used herein
includes cash distributions, any such compounded distributions and any
Additional Interest payable on the Debentures unless otherwise stated. A
Distribution is payable only to the extent that payments are made in respect of
the Debentures held by the Institutional Trustee and to the extent the
Institutional Trustee has funds legally available in the Property Account
therefor. During the Fixed Rate Period, the amount of Distributions payable for
any period shall be computed for any full quarterly Distribution period on the
basis of a 360-day year of twelve 30-day months and the amount payable for any
partial period shall be computed on the basis of the number of days elapsed in a
360-day year of twelve 30-day months. Upon expiration of the Fixed Rate Period,
distribution shall be computed on the basis of a 360-day year and the actual
number of days elapsed in the relevant Distribution Payment Period.

           Except as otherwise described below, Distributions on the Common
Securities will be cumulative, will accrue from the date of original issuance
and will be payable quarterly in arrears on March 15, June 15, September 15 and
December 15 of each year, commencing on June 15, 2007 (each, a "Distribution
Payment Date"). Subject to prior submission of Notice (as defined in the
Indenture), and so long as no Event of Default pursuant to paragraphs (c), (e),
(f) or (g) of Section 5.01 of the Indenture has occurred and is continuing, the
Debenture Issuer has the right under the Indenture to defer payments of interest
on the Debentures by extending the interest distribution period for up to 20
consecutive quarterly periods (each, an "Extension Period") at any time and from
time to time on the Debentures, subject to the conditions described below,
during which Extension Period no interest shall be due and payable (except any
Additional Interest that may be due and payable). During any Extension Period,
interest will continue to accrue on the Debentures, and interest on such accrued
interest (such accrued interest and interest thereon referred to herein as
"Deferred Interest") will accrue at an annual rate equal to the Coupon Rate in
effect for each such Extension Period, compounded quarterly from the date such
Deferred Interest would have been payable were it not for the Extension Period,
to the extent permitted by law. No Extension Period may end on a date other than
a Distribution Payment Date. At the end of any such Extension Period, the
Debenture Issuer shall pay all Deferred Interest then accrued and unpaid on the
Debentures; provided, however, that no Extension Period may extend beyond the
Maturity Date, Redemption Date (to the extent redeemed) or Special Redemption
Date. Prior to the termination of any Extension Period, the Debenture Issuer may
further extend such period, provided, that such period together with all such
previous and further consecutive extensions thereof shall not exceed 20

                                      A-2-4
<PAGE>

consecutive quarterly periods, or extend beyond the Maturity Date, Redemption
Date (to the extent redeemed) or Special Redemption Date. Upon the termination
of any Extension Period and upon the payment of all Deferred Interest, the
Debenture Issuer may commence a new Extension Period, subject to the foregoing
requirements. No interest or Deferred Interest (except any Additional Interest
that may be due and payable) shall be due and payable during an Extension
Period, except at the end thereof, but Deferred Interest shall accrue upon each
installment of interest that would otherwise have been due and payable during
such Extension Period until such installment is paid. If Distributions are
deferred, the Distributions due shall be paid on the date that the related
Extension Period terminates to Holders of the Securities as they appear on the
books and records of the Trust on the record date immediately preceding such
date.

           Distributions on the Securities must be paid on the dates payable
(after giving effect to any Extension Period) to the extent that the Trust has
funds legally available for the payment of such distributions in the Property
Account of the Trust. The Trust's funds legally available for Distribution to
the Holders of the Securities will be limited to payments received from the
Debenture Issuer. The payment of Distributions out of moneys held by the Trust
is guaranteed by the Guarantor pursuant to the Guarantee.

           The Common Securities shall be redeemable as provided in the
Declaration.

                                      A-2-5
<PAGE>

                                   ASSIGNMENT

           FOR VALUE RECEIVED, the undersigned assigns and transfers this Common
Security Certificate to:

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

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

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

(Insert assignee's social security or tax identification number)

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

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

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

(Insert address and zip code of assignee),

and irrevocably appoints ________ as agent to transfer this Common Security
Certificate on the books of the Trust. The agent may substitute another to act
for him or her.

                     Date:
                          ------------------------------------

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

           (Sign exactly as your name appears on the other side of this Common
Security Certificate)

                     Signature Guarantee:(1)
                                             ----------------------------------

---------------
           (1) Signature must be guaranteed by an "eligible guarantor
institution" that is a bank, stockbroker, savings and loan association or credit
union, meeting the requirements of the Security registrar, which requirements
include membership or participation in the Securities Transfer Agents Medallion
Program ("STAMP") or such other "signature guarantee program" as may be
determined by the Security registrar in addition to, or in substitution for,
STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

                                      A-2-6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}]]